startup

12 facts about entrepreneurs that will likely surprise you

Here are some of the points from the report that we found the most interesting about entrepreneurs.

We have a picture in our head of what the average entrepreneur is like. We’d guess pretty young (think Facebook, Twitter, Google, etc.) living the red beans and rice lifestyle and working 80+ hours a week and sleeping under their desk. On some parts, we are probably right – but on many, we are flat-out wrong. This is demonstrated by a recent report from the Kauffman foundation for entrepreneurship. The report is titled “The Anatomy of an Entrepreneur”. It’s based on a survey of 549 company founders across a variety of industries (that’s our first mistake, as it turns out entrepreneurs start companies other than Internet software companies – who knew?)

In any case, here are some of the points from the report that we found the most interesting about entrepreneurs.

1. The average and median age of company founders when they started their current companies was 40.

2. 95.1 percent of respondents themselves had earned bachelor’s degrees, and 47 percent had more advanced degrees.

3. Less than 1 percent came from extremely rich or extremely poor backgrounds.

4. 15.2% of founders had a sibling that previously started a business.

5. 69.9 percent of respondents indicated they were married when they launched their first business. An additional 5.2 percent were divorced, separated, or widowed.

6. 59.7 percent of respondents indicated they had at least one child when they launched their first business, and 43.5 percent had two or more children.

7. The majority of the entrepreneurs in the sample were serial entrepreneurs. The average number of businesses launched by respondents was approximately 2.3.

8. 74.8 percent indicated desire to build wealth as an important motivation in becoming an entrepreneur.

9. Only 4.5 percent said the inability to find traditional employment was an important factor in starting a business.

10. Entrepreneurs are usually better educated than their parents.

Image credit: Dan Pontefract

Rocket Internet sells Foodpanda

German startup juggernaut Rocket Internet announced today it’s selling off the entire global operations of Foodpanda to rival firm Delivery Hero.

Delivery Hero operates an online food delivery service similar to what Rocket Internet did with Foodpanda. It started in May 2011 in Sweden and now serves diners across 33 countries, including Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Oman, and Qatar in Asia.

Rocket Internet will receive Delivery Hero stock in exchange for the deal, propelling its stake in the company to 37.7 percent. The German unicorn paid US$586 million for a 30 percent stake in Delivery Hero in February 2015, part of a consolidation strategy where it acquired rival startups in seven other Asian markets.

Foodpanda is present in 22 countries but has a stronger footprint in Asia. It’s available in India, Thailand, Pakistan, Singapore, Malaysia, Taiwan, Bangladesh, Hong Kong, Philippines, Brunei, Saudi Arabia, United Arab Emirates, and Egypt. It recently closed shop in Indonesia.

Foodpanda raised a total of US$318 million in funding since inception. It last got US$100 million from Goldman Sachs, in what was described as a series F round. In contrast, Delivery Hero is funded to the tune of US$1.33 billion spread across 11 rounds.

A press statement issued by the firm says “the transaction leads to reduced complexity at the group level for Rocket Internet.”

“I am delighted to join forces with Delivery Hero and be part of a global platform that will help us grow and with which we share a common vision,” added Ralf Wenzel, Foodpanda’s CEO.

The deal is expected to close before the end of the year.

This article was originally published in Tech in Asia

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

5 Creative startups from India that you should know about

Creative startups from India that are courageous and innovative in their work.

India’s startup culture is on the rise. Many young entrepreneurs and creative thinkers are starting up as a way of building something new and creative, and relevant. Unlike the earlier times, it’s not the Indian dream anymore to become part of the mainstream or join an established MNC. To start something of their own is the predominant passion for youngsters today. Curious to know a little bit about what the youth brigade has been coming up with off late? Here are five creative startups from India that you should know about.

1. Little Black Book

Little Black Book, based in Delhi, is a lifestyle guide to everything exciting in the city of Delhi. It was started in 2012 by Suchita Salwan who began to document her experiences living in the city of Delhi. Little Black Book has recently launched their website for Bangalore as well. They are a platform for information regarding events, travel, culture, food, shopping, and more. It’s the perfect guide for anyone wanting to keep exploring the city. The LBB team also gives you the opportunity to explore the city along with the LBB crew.

Visit the website: https://lbb.in/

2. Jamun

Jamun is a startup in Delhi that specializes in digital film making. They are located in Hauz Khas Village in New Delhi. Their film making operations range from advertising to political and social work-related production. Ayesha Sood, who is the director, has received many positive reviews for her work, which has been recognized at several film festivals across many countries around the world.

Visit the website: http://www.jamun.net

3. Renomania

Established in 2015, Renomania is a platform that offers people unique and creative ways to design their homes. Ritu Malhotra, the co-founder of Renomania, has nearly 26 years of experience in this field. The content on this platform is a result of years of experience and knowledge that Ritu Malhotra has accumulated during her time in this field.

Visit the website: https://renomania.com/

Related Post: Strategic marketing tips for startups

4. Hatti Kappi

Hatti Kappi began in 2009 with an investment of Rs. 1 lakh. It was started out under the staircase of a building in Gandhi Bazar in Basavangudi, Bangalore. Today, Hatti Kappi sells at nearly 25 outlets and employs about 120 people. US Mahendar, who started this up, says that his intention was not to compete with other coffee brands. Hatti kappi is not meant to be a lounge for people to relax for long, like many other cafes are. Instead, it’s a quick-bite outlet for people to have a refreshing beverage as they pass by it.

Visit the website: http://hattikaapi.in/

5. Culture Machine Media

Culture Machine Media was started in 2013 by Sameer Pitalwalla and Venkat Prasad. Culture Machine Media has many channels on the internet like Being Indian and ‘What’s Trending India’ that have received nearly a million subscriptions on YouTube. Their entertainment platform has become a popular one, especially among the Indian youth.

Visit the website: https://us.culturemachines.com/

10 Movies for entrepreneurs to make the most of their weekend

Incredible movies that will awaken and inspire the entrepreneur in you.

There’s much more to movies than entertainment. They not only act as an excellent source of imagination but also motivation in times of difficulty. That’s why every entrepreneur should watch movies regularly. Whether it’s a true story or a fictional plot, movies can make a difference in anyone’s life. Here are ten must-watch movies for every entrepreneur:

1. The Social Network

Cast: Jesse Eisenberg, Andrew Garfield, Justin Timberlake, Aaron Sorkin and Armie Hammer.

Director: David Fincher

2. Nightcrawler

Cast: Jake Gyllenhaal, Rene Russo, Bill Paxton, Riz Ahmed, Jonathan Coyne and Carolyn Gilroy.

Director: Dan Gilroy

3. The Godfather

Cast: Marlon Brando, Al Pacino, James Caan Richard S. Castellano and Robert Duvall.

Director: Francis Ford Coppola

4. The Pursuit Of Happyness

Cast: Will Smith, Jaden Smith, Thandie Newton, Brian Howe and Dan Castellaneta.

Director: Gabriele Muccino

Related Post: 8 books every entrepreneur must read

5. The Aviator

Cast: Leonardo DiCaprio, Cate Blanchett, Kate Beckinsale, Gwen Stefani Alan Alda and Jude Law.

Director: Martin Scorsese

6. The Shawshank Redemption

Cast: Morgan Freeman, Tim Robbins, Bob Gunton, Clancy Brown and William Sadler.

Director: Frank Darabont

7. Pirates Of Silicon Valley

Cast: Noah Wyle, Anthony Michael Hall, Joey Slotnick, John DiMaggio and Josh Hopkins.

Director: Martyn Burke

8. Boiler Room

Cast: Vin Diesel, Ben Affleck, Giovanni Ribisi, Nia Long, Nicky Katt and Scott Caan.

Director: Ben Younger

Related Post: 5 motivation hacks for entrepreneurs

9. The Wolf Of Wall Street

Cast: Leonardo DiCaprio, Margot Robbie, Jordan Belfort, Jonah Hill and Kyle Chandler.

Director: Martin Scorsese

10. Rocky

Cast: Sylvester Stallone, Talia Shire, Burt Young, Carl Weathers, Burgess Meredith and Lou Filippo.

Director: John G. Avildsen

Related Post: 6 tips for excelling as an entrepreneur

Flipkart launches Fliptech and Hobby Hub to help customers make more informed purchases

To stay ahead in the e-commerce game and in order to ramp up its services, Flipkart has today launched a curated product guide called Fliptech, to help its customers make informed purchases.

This outlines content across the categories of Electronics, Fashion, Mobiles and Home.

Fliptech is a complete gadget guide covering latest launches from cameras to laptops. With this feature, customers can check all the recommendations for a product and see the best buy for the day. With this latest addition, Flipkart’s objective is to help customers discover relevant products and decode high-value purchases and also encourage adoption of online commerce.

Additionally, in an attempt to familiarise and engage with customers across various products of interest, Flipkart introduced ‘Hobby Hub’. It will help customers learn more about their interests, likes and hobbies and will direct them to make purchases based on their preferences.

The customer-friendly Hobby Hub allows customers to deep-dive into a hobby of their choice. Showcasing the different facets of each hobby (eg: photography broken down into wildlife, food, people and nature), Hobby Hub simplifies purchases based on one’s hobby and directs them to the best deals on the must-have products.

Adarsh Menon – VP, Electronics and Auto said, “Studying the customer-buying patterns, we observed that more than 50 percent buyers believe in background research before finalising on a product, and this trend is across all categories. With these two new features, Flipkart aims to offer an end-to-end shopping experience right from discovering content to check-out.”

Fliptech and Hobby Hub is currently operational and can be located under the store section on Android and iOS across app and website.

There have been quite a number of changes at Flipkart after Binny Bansal took over as CEO. The e-commerce business, which heavily relies on discounting and luring customers, strengthened its logistics business and had also said that if its other categories did not turn profitable, they will be shut down in the next six months. Recently, it shut down Ping, a social commerce feature that allowed users to interact in real time and decide better. Notably, it had also shut down Nearbuy, its groceries delivery app after piloting it for six months.

Its payment gateway PayZippy, which was launched in July 2013, shut down in August 2014. Flipkart also stopped the sale of its e-books in December 2015.

The e-commerce pioneer, after facing a series of markdowns,, recently received a mark-up from Fidelity Rutland Square Trust II, a mutual fund investor in Flipkart. On the other hand, the firm again faced a markdown from T Rowe Price and now stands at a valuation of around $10 billion.

This article was originally published in YourStory

8 beneficial social media marketing tools every company should use

Platforms like Facebook, Twitter, LinkedIn, Instagram etc have proved to be the best to promote products or services.

Social media marketing is an important form of marketing for all ventures today as the audiences on social media are growing and sharing content on the platforms is a good way to make people aware about products and services. Social media marketing allows a marketer to target his audience and keep them engaged for a long time. Platforms like Facebook, Twitter, LinkedIn, Instagram etc have proved to be the best to promote products or services.

Here are 8 social media tools a marketer could use:

1. PostPlanner

PostPlanner is an app built in Facebook which allows free flow of your strategy without hindrances. It offers a dashboard which allows you to manage and increase the value of your Facebook page or group. PostPlanner also gives you a list of status ideas, access to the most viral posts on Facebook and insights on trending content based on your industry.

2. Followerwonk

Through this brilliant tool, you can find analyse the growth of your followers on Twitter. Along with that, it gives you a fair idea of your follower demographics for more comprehensive understanding and lets you know what time they’re online at so that you can tweet accordingly. Also, if most of your followers are online at one time, you get an idea of when to engage them in a discussion with the use of this tool.

3. Inforgr.am

This tool allows to make simple yet very professional and great-looking charts or graphs of various infographics. The free version of this tool allows to you to choose from various designs and embed the infographics onto your website. To down the infographic, you need to use the paid version.

4. Buzzsumo

Buzzsumo is a very handy and cool tool which all social media marketer need to know about and use. This tool gives you all the information about “most shared content and the key influencers” on social media. There’s a free and a paid version of this tool. The paid version allows you to export data and access domain reports.

5. Bit.ly

Bit.ly is a very important and handy social media tool which allows marketers to shorten URLs. They can take a long URL and shorten it into something remembrable and more feasible for platforms like Twitter which allow 140 characters. Also, Bit.ly allows you to see how many times the link has actually been clicked on and from which network platform.

6. Iconosquare

Iconosquare is a useful tool on instagram which helps the marketer to analyse the followers’ statistics. Through this tool, they can learn about the followers’ engagement as well as track lost and new followers on Instagram.

7. Tagboard

Hashtags are a huge phenomenon on social media currently. Tagboard is a hashtag-based search engine that lets you monitor mentions and related content on all platforms. If you have a custom hashtag for your venture, all you need to do is register it on Tagboard and add a description. When anyone uses Tagboard to search your hashtag, your description and image will pop up immediately.

8. BulkBuffer

BulkBuffer is a brilliant tool one needs to know to use if they’re uploading content in bulk on the platforms as it allows you to upload a huge load of content without any hassle. For weekly schedules or videos to be uploaded with minimal ease, BulkBuffer is the way to go.

9. PosterMyWall

PosterMyWall is a simple, end-to-end solution for social media marketers that helps them promote their brand effortlessly, efficiently and affordably by creating eye-catching social media graphics using its free online editor in minutes. Not just that, you can repurpose your social media graphics by resizing each design into as many different sizes as needed in a single click with the free Resize button. Once all your content is ready, you can directly publish your designs to your Facebook or Twitter pages without even leaving the platform, or even better, upgrade to the Premium plan and schedule all your posts at once.

Image credit: sellorelse.ogilvy.com

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.

Image credit: mylifeatail.com

How will the GST impact your startup business?

GST is deemed to benefit all businesses in India, but small businesses can rejoice for the following reasons.

The Goods and Services Tax (GST) Bill, introduced in the Lok Sabha in December, 2014, is finally passed in this monsoon session. A decision on GST has been held off for a long time due to the Opposition’s disagreement in the Rajya Sabha, where the ruling government has no majority.

A huge change like GST requires a constitutional amendment, which requires a bill to passed in both houses of Parliament.

What is GST?

The biggest indirect tax reform since 1947, GST bill is expected to bring about an economic integration of the Indian economy. GST will help consolidate and streamline the process of indirect taxation and make it easier and more effective. The tax payers will pay one consolidated tax instead of the plethora of taxes including State Value-Added Tax (VAT), Central Excise, Service Tax, Entry Tax or Octroi and a few other indirect taxes.

“The challenges faced due to a complicated tax system on business transactions has been debated for a long time,” said R Narayan, Founder and CEO, Power 2SME. This tax will be levied on manufacture, sale and consumption of goods as well as services at the Central and State government levels. “The distinction between Goods and Services will be reduced gradually, thereby making tax compliances easier,” he added. Most of the developed countries use this form of taxation for ease and convenience and to avoid double taxation.

GST would be payable on price actually paid or payable, termed as “transaction value”, which will include packing cost, commission, and all other expenses incurred for sales. This tax will be payable at the final point of the consumption. The GST will have two components – the Central GST and the State GST, thus, empowering both the State and Central government to legislate and administer their respective taxes.

Except the Tamil Nadu government, which believes that this bill will take away the autonomy of the State government, all other States are in support of the bill.

Why are startups and SMEs so excited about GST?

GST is deemed to benefit all businesses in India, but small businesses can rejoice for the following reasons:

1. Ease of starting business

Any new business needs to have a VAT registration from sales tax department. A business operating in many States has to face a lot of issues regarding the different procedures and fees in each state. GST will bring about a uniformity in process and centralised registration that will make starting business and expanding in different States much simpler.

2. Higher exemptions to new businesses

As per the current structure, any business with a turnover of more than Rs five lakh has to get VAT registration and pay VAT. GST will make this limit higher, to upto Rs 10 lakh and, further to it, businesses with turnover between Rs 10 and 50 lakh will be taxed at a lower rates. This will bring respite from tax burdens to newly established businesses.

3. Simple taxation

Currently, a startup spends a lot of time and energy to manage the various taxes at various points. Adhering to different regulations at different States make the process very complex. GST will simplify the process by integrating all taxes, making the process of paying tax simpler.

4. Respite for businesses in both sales and services

Businesses like restaurants, which fall under both sales and service taxation, have to calculate the VAT and service tax on both items separately. This makes the calculations process very complex. GST will not distinguish between sales and services, and thus the tax calculation will be done on total.

5. Reduction in logistics cost and time across States

Many transport vehicles get delayed during movement across States due to small border tax and checkpost issues. Interstate movement will become cheaper and less time consuming, as these taxes will be eliminated. “The whole Indian market opens up for manufacturers as interstate supply becomes tax-neutral,” explained Narayan. This will also bring down costs associated with maintaining high stocks, as there will be undisrupted movement of goods. As per a CRISIL analysis, GST can reduce logistics costs of companies producing non-bulk goods (comprising all goods besides the primary bulk commodities transported by railways – coal, iron ore, cement, steel, food grains, fertilisers) by as much as 20 percent.

GST to assist curb the fiscal deficit

GST is expected to bring economic integration in the country and a boost in GDP growth, bringing down the fiscal deficit. According to a CRISIL analysis, GST will boost the GDP growth and push the tax revenue of the government higher to work in a dual way to bring down the fiscal deficit.

GST will boost the GDP. “By eliminating the cascading effect of multiple Central and State taxes, GST would reduce the cost of doing business and increase profitability, which in turn, would attract investments and ultimately help GDP growth,” the report stated.

How does GST reduce the cost of doing business? Unlike VAT and service tax, GST is essentially a tax on value addition at each stage, and levied at point of sale and not purchase. This means that the consumer bears the GST charged by only the last dealer in the supply chain, thus making it cheaper for the consumer and increasing the profitability of his business.

Secondly, there are various other taxes levied by the Central and State government on production, manufacture and distributive trade, where no set-off is available in the form of input tax credit. These taxes accumulate and lead to increasing the cost of final product which the consumer has to bear. GST subsumes all these taxes which are set off at each stage starting from producer and ending at the retailer, thus easing the burden on final consumer.

GST will assist in bringing down fiscal deficit by boosting tax collection and simplifying the tax regime, which is expected to bring about better compliance.

“The impact on fiscal deficit might be negative in short term as States are expecting a dip in revenues, but GST will definitely bring down the fiscal deficit over a period of time,” says Rahul Agarwalla, Senior Consultant at Taxmantra.

Thus, a win-win situation both for the government and the tax payers, a situation quite unheard of.

Conclusion

Critics of GST argue that implementation of this tax will lead to losing the fiscal autonomy of the States and cause permanent revenue loss. For a manufacturing State like Tamil Nadu, if taxes are levied at the point of purchase (point of destination) and not on point of sale (point of origin), it can lead to permanent losses close to the tune of Rs 9,270 crore. However, the government has offered to pay compensations to States for the losses borne by them for a transition period.

“Also, the government could not bring complete amendment in the bill. The separate State and Central GST system will not completely eliminate the irregular and double taxation problem and only bring it down,” said Rahul, adding, “The States will be presenting their policies in the upcoming monsoon session, thus it remains to be seen how uniform these policies will turn out to be”.

Related Post: 8 Start-up ideas for Indian entrepreneurs

This article was originally published in YourStory

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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.

Image credit: www.lifehack.org

13 inspiring things successful people do to be extra productive

Check out these ingenious things millionaires do to be more productive – but don’t just read them. Apply them in your own routines and thought processes and see what happens

If only there were some magic formula to help us be our most productive, successful selves.

Of course, no such elixir exists, but we can learn plenty from the example set by millionaires. How do they manage their time so efficiently, learning to focus in just the right areas for critical impact? How do they know where to invest time for the greatest rewards?

Check out these ingenious things millionaires do to be more productive – but don’t just read them. Apply them in your own routines and thought processes and see what happens:

1. “Start with good people, lay out the rules, communicate with your employees, motivate them, and reward them. If you do all those things effectively, you can’t miss.” -Lee Iacocca, American automobile exec and developer of the Ford Mustang

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

3. “Formula for success: Rise early, work hard, strike oil.” -J. Paul Getty, American industrialist and oil magnate

4. “Hard work certainly goes a long way. These days a lot of people work hard, so you have to make sure you work even harder and really dedicate yourself to what you are doing and setting out to achieve.” -Lakshmi Mittal, CEO of ArcelorMittal, the world’s largest steel-making company

5. “It’s not knowing what to do, it’s doing what you know.” -Tony Robbins, entrepreneur and bestselling author

6. “Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.” -Paul J. Meyer, top-selling author of personal development materials in the world

7. “No hours, nor amount of labor, nor amount of money would deter me from giving the best that there was in me.” -Colonel Harland Sanders, founder of KFC restaurant chain

8. “Each time you make a good decision or do something nice or take care of yourself; each time you show up to work and work hard and do your best at everything you can do, you’re planting seeds for a life that you can only hope will grow beyond your wildest dreams. Take care of the little things – even the little things that you hate – and treat them as promises to your own future. Soon you’ll see that fortune favors the bold who get shit done.” -Sophia Amoruso, CEO of Nasty Gal

9. “Don’t spend time beating on a wall, hoping to transform it into a door.” -Coco Chanel, millionaire fashion mogul

10. “People don’t understand that when I grew up, I was never the most talented. I was never the biggest. I was never the fastest. I certainly was never the strongest. The only thing I had was my work ethic, and that’s been what has gotten me this far.” -Tiger Woods, golfer and spokesman

11. “The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it.” -Ray Kroc, millionaire entrepreneur

12. “Hard work keeps the wrinkles out of the mind and spirit.” -Helena Rubinstein, millionaire cosmetics entrepreneur

13. “Efficiency is doing things right; effectiveness is doing the right things.” -Peter Drucker, management consultant and author

This article was originally published in I Am Wire

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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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6 ways to become a mentally strong person

For an entrepreneur to keep pushing forward and achieving his goal further needs to be a very mentally tough person.

It is a known fact that an entrepreneur doesn’t have it easy. Amidst the kaleidoscope of risk-taking, organising, managing and constantly innovating, it is very common for an entrepreneur to have a mental breakdown. However, an entrepreneur to keep pushing forward and achieving his goal further needs to be a very mentally tough person.

Climbing the corporate ladder and still looking after a team might seem taxing but the fruits achieved out of the hard labour are definitely rewarding.

Here are a few ways in which one can become a mentally strong person:

1. Be happy for others

“Dost first aaye toh bahut dukh hota hai”, stands true for the Indian crowd. It is very easy to envy and rant about co-workers who are doing well for themselves. But, this kind of attitude is just unhealthy and is getting you nowhere. Competition is a reality and to get to the winning spot, you need to work harder than before. The more you hate people, the more negativity you preach.

Also, try and congratulate your peers on their success and learn the tricks of trade from them. Their mistakes could teach you a lot about business.

2. Learn to give feedback to yourself

Don’t wait for validation from others regarding everything in life. If you think an idea is good enough, go ahead with it. Your belief and validation are all that counts. If you think you did well and believe aren’t getting praised enough, don’t feel bad. Instead, buck up and try and make yourself feel better. You are your own critique and use that power to the maximum.

3. Discontentment and whining will get you nowhere

As an entrepreneur, you need to accept that life is never fair and not everything is going to work out in your favour. And, whining about an unfavourable situation isn’t going to get you anywhere. You’ve chosen your life, so why not try and use time more constructively and not whine about things not going your way.

You need to learn to be positive and accept everything that comes your way. The challenge might seem complicated but a fresh and focused approach is bound to do wonders.

4. A calm and composed approach is essential

In the hustle bustle of a busy life, it is very easy to get bogged down with heaps of work and lose your composure. Screaming at employees will just dampen their spirits and cause rifts in the internal situation. A serene approach to important matters is the key to succeeding. If you think things aren’t going your way, take a deep breath and begin again.

If you’re a naturally hot-headed person, try practicing yoga or meditate daily for a composed inner self.

5. Do not forecast results

Mentally strong people never make the mistake of forecasting results as soon as a decision is made. What is even worse is that some people already think of an idea as a failure before thinking of the possibilities of making it work. If you dwell on the idea that it is not going to work, it probably won’t. Instead, if you put in efforts and try to make it work, you might actually succeed.

Hence, predicting negative or unfavourable outcomes is dangerous and partly why your end result is a failure.

6. Money isn’t everything

Earning money is essential for survival but your life shouldn’t revolve around how much earn. As an entrepreneur, you should value the growth and achievements of your company more than the profits you are making. It is easy to earn money but what’s the use if you aren’t getting job satisfaction out of earning that money.

You chose entrepreneurship for freedom and because you love what you do. Once you work with dedication and sincerity, money is bound to pour in. Pump back these profits into your company and watch it grow with pride.

Image credit: lifehack.org

17 Inspiring quotes by Steve Jobs every entrepreneur should live by

According to most modern entrepreneurs and management gurus, Steve Jobs was the perfect entrepreneur. Here are a few quotes by him every entrepreneur should live by.

Born in 1955, Jobs experimented with a lot of stuff before actually developing the Apple computer with Steve Wozniak. Under his guidance, the company reached great heights with iPad, iPhone and the iPad. However, he was thrown out of his own company and that is when he came up with the concept of neXt which was bought by Apple in 1996. Because the company was sinking without him, he decided to join Apple again..

According to most modern entrepreneurs and management gurus, Steve Jobs was the perfect entrepreneur. He passed away in 2011 as he was suffering from pancreatic cancer.

Here are a few quotes by him every entrepreneur should live by:

1. “Stay hungry. Stay foolish.”

2. “I was worth about over a million dollars when I was 23 and over ten million dollars when I was 24, and over a hundred million dollars when I was 25 and… it wasn’t that important – because I never did it for the money.”

3. “We don’t get a chance to do that many things, and everyone should be really excellent. Because this is our life. Life is brief, and then you die, you know? And we’ve all chosen to do this with our lives. So it better be damn good. It better be worth it.”

4. “Your time is limited, don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living the result of other people’s thinking. Don’t let the noise of other opinions drown your own inner voice. And most important, have the courage to follow your heart and intuition, they somehow already know what you truly want to become. Everything else is secondary.”

5. “Quality is much better than quantity. One home run is much better than two doubles.”

6. “My favourite things in life don’t cost any money. It’s really clear that the most precious resource we all have is time.”

7. “Getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again. It freed me to enter one of the most creative periods of my life.”

8. “You’ve got to start with the customer experience and work back toward the technology – not the other way around.”

9. “Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… The ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… They push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.”

10. “My model for business is The Beatles. They were four guys who kept each other’s kind of negative tendencies in check. They balanced each other and the total was greater than the sum of the parts. That’s how I see business: great things in business are never done by one person, they’re done by a team of people.”

11. “Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”

12. “If you want to live your life in a creative way, as an artist, you have to not look back too much. You have to be willing to take whatever you’ve done and whoever you were and throw them away.”

13. I’m as proud of many of the things we haven’t done as the things we have done. Innovation is saying no to a thousand things.

14. “Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while.”

15. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

16. “Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful … that’s what matters to me.”

17. “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.

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 new startup mantra: “learn, try, fail, and repeat”

What if Steve Jobs never created Apple? What if Bill Gates decided to keep his Microsoft idea to himself?

“Change is the only constant” is repeatedly taught to us as children and this stands true for one’s professional life as well. We are often caught in a world of possibilities where there are a million options to explore. So, while one is unsatisfied with the current positioning in life and wants to jump from one level to another, the most sensible thing to do is have an extended period of deep learning.

Earlier, even to switch from one thing to the other, people preferred learning the tricks and dos and don’ts while trying to master the craft. They underwent periods of intense study which was known as an “apprenticeship”. However, people now have realised the worth of practical application and hands-on which are the two times when a person can actually master the craft. Through trial and error methods, one can learn everything there is to.
For instance, a journalist learns about beats and stringers during his job. The practicalities and presence of mind cannot be taught in theory.

This system of trial and error consists of four major steps:
– learn
– try
– fail
– repeat

This method cannot be taught to an individual theoretically. One has to actually go out and do what s/he likes to. By no means, will it be easy in the beginning. Even after one tries really hard, one is likely to fail. This shouldn’t deter an individual from trying again and again. In fact, to achieve success, one has to encounter failure because of the invaluable results it holds. A true understanding of any task can come only from practical application. Thomas Alva Edison, the inventor of the light bulb failed over 1000 times before actually inventing the bulb. He claims that whilst most people would look at it as over 900 failures, he sees it as learning 900 ways a light bulb could never work. Two things everyone can learn from Edison are to keep trying and seek the positive points and to never give up.

We need to understand that successful people do not achieve everything overnight. There is a lot of hard work and determination that goes into such achievements. This mantra can be applied to entrepreneurs as well. If you think you have a brilliant and completely innovative idea, instead of closeting it, you should be embracing it and trying to make it work. The process of the idea materialising into a successful product or service will be challenging from looking for VCs to marketing but the end result will definitely be satisfying.

Related Post: Strategic marketing tips for startups

If one never tries, the regret will linger on forever as your idea could have been the one which changed the world. What if Ford never tried out his concept of assembly line? What if Steve Jobs never created Apple? What if Bill Gates decided to keep his Microsoft idea to himself?

The leaps that great entrepreneurs took are what led them to success. Similarly, you need to believe in your idea and yourself to make it work. Going out there and actually trying to change the world is what will count after you achieve success. If it doesn’t work, you can try again; if you don’t want to, you can always draw life lessons from it. You should always keep in mind “One who never tries has already failed”.

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