Category Archives: Entrepreneurship Article

The 7 Secrets to Entrepreneurial Success

Most entrepreneurs spent years working long hours to reach the success they have today. Wonder how you can do that too? Study their best practices, mistakes and key character traits to emulate them and dramatically shorten your own path to success.

Usually, it takes years of trial and error to figure out these secrets. I’ve crushed that excuse of not knowing what to do and am giving them to you right here. But the only real secret is that it’s action, not knowledge, that fosters true accomplishment.

Ready to get started? Here are the seven secrets that I consider vital to any entrepreneur’s success:

1. Hire to succeed despite your limitations.

Everyone has limitations. Maybe you have trouble focusing on one thing at a time, say yes to too many things, have a health condition or don’t know much about technology. Maybe you’re great at ideas but bad at implementation. It doesn’t matter. You can still succeed by bringing the right people onto your team.

Related: 10 Tips That Will Help Launch Your Startup Faster

Billionaire founder of Spanx, Sara Blakely, says the best thing you can do is hire to make up for your weaknesses as soon as you can afford to. Jump past barriers and countless years of indecision by hiring a business partner that gives you the kick you need to stay motivated or a sales representative to get your product out in stores. Whatever your weakness is, identify it and hire it out as soon as possible.

2. Raise more money than you think you need.

Venture capitalist Sam Hogg suggests every founder raise twice the money they think they need, and plan on it taking twice as long as they expect. Founders worry about dilution, but as HelloSign founder Joseph Walla discovered, having enough money meant reaching cash flow positive, and it didn’t mean going out and raising another round during development.

The essential lesson here is that time spent raising money is time you aren’t spending growing your company. There’s a tremendous temptation to ask for less so that you aren’t disappointed if your bigger ask falls short, but curb the impulse for the good of your company. Get it done all at once, and in a way that gives you the working capital you actually need — not just what you think will do.

3. Research the market extensively.

The number-one reason that startups fail is a poor fit in their markets. Identify the value you can provide for your customers and how to reach them fast and effectively.

Do you have a compelling value proposition or short-term event that triggers a customer to make a purchase? Is your market timing finely tuned? Is the group of people whose problem you solve big enough to sustain your success? Forget about success in 30-days, or at all, if you don’t know who you’re trying to reach or if the market is even ready for you.

4. Use the right tools to acquire customers.

Successful entrepreneurs know which tools work despite the hundreds available and conflicting reviews circulating online. Don’t succumb to overwhelm by the sheer thought of available options. Instead, focus on what successful business owners have to say.

I personally recommend several tools such as Wyzowl to create web-ready videos and MailChimp if you’re just getting your feet wet with email marketing. Whether you follow my advice or someone else’s, do your own testing to figure out if tools you’re using are providing a solid return on your investment.

5. Prepare for change.

It’s no surprise that stuff happens and will challenge your business. Business can be unpredictable and throw a serious wrench into your plans.

Maybe a competitor just launched a beta version of the product you’re currently developing. Maybe your supplier has serious problems fulfilling orders and maintaining quality. Maybe your partner wants out to pursue another idea and wants a buy-out. Whatever the case may be, get ready to pivot and implement change quickly regardless of the challenges you’re facing.

Take inventory of issues that could leave your business exposed, then follow suit accordingly, such as putting a shotgun clause in your partnership agreement or investigating new technology.

6. Focus on the 20 percent.

Whether we’re talking about life or business, 80 percent of all results are achieved from 20 percent of your efforts. As a result, successful business owners focus on the 20 percent that matters the most, and many outsource the remainder.

Steli Efti, founder of Close.io, shared the lessons he learned while outsourcing non-essential tasks. Among them? Don’t outsource sales too soon, be hands-on during the onboarding of your contractors, and be sure to follow up with all prospects.

7. Provide customers with amazing service.

Many companies fail to reach their potential because they’re so focused on the sale that they forget to provide a phenomenal customer-service experience. Customer service isn’t just about handling complaints. It also involves loyalty programs, incentives for referrals and other customer-focused activities.

It’s been said that “Sales without service is like putting money into a pocket with a hole in it,” and I wholeheartedly agree. If you aren’t investing in this key area of growth, it’s time to allocate more resources to this critical need. You may find it helpful to spend a day working with your customer-service team to see where issues arise, or you can poll employees working in this department on the biggest challenges they encounter.

However you approach the issue, take action on your findings. Don’t just say you need to provide better service — do it. Follow through, and be sure you’re measuring the impact of your actions. If you don’t see a measurable improvement in the key performance indicators you’ve associated with your service metrics, keep iterating your process until you come across the winning combination.

No matter who you are or what you’re trying to do as an entrepreneur, you can find success by emulating the techniques entrepreneurs before you have used and personalizing them for your own business. Are you ready to take action?

Entrepreneurial Mindset 101 – A Positive Mindset Is A Powerful Skill To Develop

How often have we heard motivational speakers say that an entrepreneur must have a positive mindset?

Before I go any further, I want to discuss the idea of a mindset. We all have a brain. In that brain, we place our thoughts, feelings, ideas and our concepts. When you start your own business, your business will take a lot of your time. In addition, you will have to sustain that business for as long as maybe 3 years before you see a return on investment.

Their will be many times in which you will want to quit and you will not want to invest any more capital to keep your company afloat. To give yourself the best chance of sticking it through, you must develop a positive mindset. Developing a positive mindset can be acquired by:

1. Listening to powerful gurus or motivational speakers

2. Listening to uplifting music or music that makes you happy

3. Read positive books or quotes

4. Hang around positive people and strong-minded people

Once your mind is conditioned to focus on the positive perspective on any situation, you will be able to get through the tough and negative times easier.

Me personally, I have had my share of negative moments and times I wanted to quit. However, because of my positive mindset, I was able to get through the tough time and start collecting a lot of returns on my investments.

I started out as a broke college student with a dead end job. I worked on week-ends because I was a full time college student majoring in computer engineering. I had to keep my company afloat on the little paycheck I was collecting every two weeks. However, because I hanged around positive people and only surrounded myself with positive quotes on my walls, the negative times did not crush me.

Bonus Tip For Developing A Positive Mindset!

You must get educated. I recommend doing some research and educating yourself on the type of business or industry you will like to be a part of. If you are able to find out all the requirements it will take for you to succeed in your business, you will be able to brace yourself when the tough times happen.

Luckily for you, there are organizations of powerful business experts who offer free pieces of advise and information to those who are interested in building their own brand from scratch.

6 Simple Tips To Help Entrepreneurs Handle Challenges

It’s not that entrepreneurs are born with it, but the mindset of becoming one and doing things differently is what makes them a different breed.

Life of an entrepreneur is not easy. Every step towards success requires a lot of hard work, planning, perseverance and persistence.

Nothing comes by luck. Leadership, Patience, time management and of course a positive attitude is a must for them.

A famous quote from Picasso “it took me a lifetime to become a master” clearly explains what it takes for entrepreneurs to become a success.

Every day is full of Struggles. Luxurious things are far gone. They live in the world where the opportunity if doesn’t knock on the door, they build one. That’s how entrepreneurs think and go on.

The challenges they face and how they handle them is worth understanding.

At times being an entrepreneur has its challenges. You find yourself sitting in a corner finding it difficult to come up with simple solutions to the challenges in hand.

I have had a chance to work with quite a few entrepreneurs and have seen them handle challenges using simplest of techniques.

Here are 6 simple tips which will help any entrepreneurs handle challenges:

1. You Can’t Walk Alone

See, the question is not how they handle the problem but what creates the problem.

Is it the team? Is the team doing the job properly? Or, something is not fitting?

A team’s performance can very well be the difference in between success and failure of an Entrepreneur. Proper team with positive thinking can lead you to the top of stairs.

If you are an entrepreneur and spending most of your time in a negative environment you are landing nowhere. Finding good team is a key factor to handle the challenges faced. With a good team you can delegate work and make them a part of your struggle, where every struggle leads to positive results.

2. Approach Problems with Positive Thinking and a Proper Strategy

Problems are a part of daily routine for startups. Nothing can be accomplished without positive thinking and strength to face those problems.

Focus and think of the positive things in life. A simple thought related to past successes or the very reason you started your company are well enough to take you out of negativity.

Take your time, think and get your act together.

There is no way you cannot overcome the challenge at hand.

3. A Healthy Routine Leads to a Healthy Mind

Some of the most neglected things by entrepreneurs are the most essential elements to help them succeed. Every day you meet entrepreneurs who have back trouble, sleeping disorder which adversely affects their work. The simplest things in life-like sleep, exercise, healthy diet and time management are the most neglected ones.

Entrepreneurs forget that the best way to deal with the challenges they face in day today life involves a healthy body and a healthy mind frame. To dedicate your self to work requires a dedicated mind, which can only be possible if you are well fed, well slept and follow a daily routine of exercises.

Entrepreneurs are all about dedication. Trust me, working all day and night without proper food proper sleep does not allow your body to work with 100% efficiency. It inadvertently leads to health-related issues and stress.

4. Learning to Handle Multi-Tasking

Multi-tasking is a challenge. Entrepreneurs must multi task every minute, every hour.

Inability to multi task effectively takes a toll on the work entrepreneurs do. Don’t mix up everything or you will end up sitting in the corner of your field. It is impossible to focus on one particular thing at a time, there is team handling, money management, business plans creation, etc, etc.

But if you mix up everything thing, there will be no work happening as per the plan. Try making a timetable or a schedule your week. Follow your routine, it’s a slow process but working likewise will help you longterm.

Also, usage of scheduling, task management apps or simple schedules like Google calendar can help you plan your work and handle the challenges of work in a smart way.

5. If You Don’t Understand, Ask

Over the time of entrepreneurship, entrepreneurs at times turn in to aloof creatures who are afraid of asking their team for help or owning up to mistakes.

To ask someone for help is a difficult job for them which at times, makes their life more difficult.

There can be challenging tasks which their team members can do better than them but they being the boss will find it hard to own up and do the job themselves.

Asking queries to someone who works under you does you no harm. In fact, it shows you as a mature personality who has no qualms in asking what they do not understand.

6. Add Challenges To Your Daily Routine

It’s for sure that you as an Entrepreneur will have challenges, problems every time you take a new step. Don’t try to run from them or avoid. Do not let Procrastination become a part of your life.

Avoiding challenging tasks and putting them for a later date will only make them more difficult for you.

These are some lessons for those trying to setup startups.

Mistakes are a part of our day today life but learning from them and ensuring they are not repeated in future is what makes successful Entrepreneurs.

Entrepreneurs think differently, work differently as they are busy building something out of the box, disrupting existing marketspace and building innovative products.

A positive attitude and discipline is all they need to handle day to day challenges.

How To Find A Mentor Online For Your Business Start Up?

Getting a good business mentor online is not as easy as cakewalk. You know that in order to bring your business to the amazing level, you do need a good mentor who will give you relevant information and direct you in the right direction. But, do you know how to find a mentor online for your business start up? Well, you need not worry since an easy guide is being provided to you below. This guide will help you immensely in order to get a good mentor online.

First, you need to lay focus on those people, who have the same values as you have. It is natural that you will not need a mentor who is dull and dunce as such type of mentor can create lots of problems for you. Your mentor needs to have lots of experience and a successful business. In fact, you need someone who has their own flourishing business so that you are able to pursue their footsteps. Your mentor should have many years experience and has remained stoic in many pitfalls in which you will get into. In this way, your mentor will be capable of warning you so that you do not get to face those pitfalls altogether.

With the help of Internet, you will be able to access the customers throughout the world. So, it is very important to know how to have your business marketed online. It is not as easy as most of the people opine and there is a right way as well as a wrong way to go about it. Another pertinent thing to search for in a business mentor is accessibility. You need to ensure that they are easily available to you. There is hardly any point in hiring a mentor who takes weeks to hear back from you. So, as a result much can happen to your business in some days.

You can search even Google for mentor. You can search their name and see what they have been up to and what other people have to say about such mentor. This is the added advantage of the internet. You can get things regarding companies and people. Go through thoroughly and check out that the business mentor, who you are going to choose, is one who fulfills all the conditions as per requirement. By this way, you will get chance to flourish with your business.

How You Can Become an Internet Entrepreneur

Earning Money From Comfort Of Home

A most delightful aspect regarding earning money online is that you can do it from your own home. Obviously, it is not that easy and it majorly depends on what industry are you operating in. However, generally speaking, working from home gives you a lot of flexibility when you are working over web as compared to the traditional approach of working.

To top it all, working online permits you to choose the sort of work you would like to do. Imagine working from home on a subject that you like and enjoy doing?

Putting Plans Into Actions

Generally the idea of making money online sounds good and, however it is just not enough. Rather you have to look at the ways as to how you are going to work it out, what will be the plan of action and how you are going to execute it. Working online does not need to be diligent work yet you do need to comprehend what you need to attain and how you mean to get there.

Internet Entrepreneur Benefits

There is nothing better than becoming an entrepreneur, that too of an online business. There is truly nothing like taking control of your future, being your own manager and obviously having the capacity to work from home. In today’s world, a significant number of individuals are simply thankful to have proper jobs but at times you must feel increased melancholy at the end of the month as you get same stipend or wage irrespective of how hard you have worked for the whole day or month.

When you make yourself ready to work from home and earn money through an online channel, you get an innate motivation that you can earn more if you work hard, which is the best approach for doing a business. In case you’re not anxious about diligent work then you will realize that your hard work is going to pay off and you’ll be compensated.

What You Need To Do?

There are loads of small e-enterprises that you can run online or approaches you can use to earn revenue over the web. You can set yourself up as a consultant through websites, for example, people per hour, offer your artworks through Etsy or download an aide for turning into an online entrepreneur and see what plans and impulse that provides for you.

Want to be an Entrepreneur?

Entrepreneurship involves giving life to an idea without the help of anyone else and developing it into and maintaining it as a successful business.

In recent times of ups and downs in the business market and most importantly, the depression of 2008, has prompted the great requirement of competent, skilled and smart entrepreneurs that are flexible and malleable when it comes to building new policies and ideas for the growth of a business venture that continues even through the toughest of times.

Another important aspect of entrepreneurship is that it is one of the most reliable and also the most used determiner of the near future of the country. By analyzing the entrepreneur industry one can determine the availability and creation of jobs, turnover, opportunities to succeed and more in the future.

Entrepreneurships are classified in multiple ways and thus, into several categories. Some of them entail:

  • First classification
  1. Opportunity-based entrepreneurship
  2. Necessity-based entrepreneurship
  • Second classification
  1. Technological
  2. Geographical
  3. Sociological
  • Third classification
  1. Business – Business entrepreneurship revolves around raising revenues and the inflow of money.
  2. Social – Social entrepreneurship incorporates the making of strategies that aid in improving the society and focuses on its betterment.

Apart from the requisite qualifications for entrepreneurship, an individual is required to have a passion for working hard with determination and positivity. They must be dedicated to their craft. Being bold and brave enough to take risks would be added bonuses that can help them progress even on the rockiest of terrains. It would be helpful if they come from a business background. Furthermore, shrewdness in business as well as the business market can give them an edge in the field.

The best part about entrepreneurship is that there is no age for this profession. One can acquire as much knowledge as they wish to and jump into this field. However, the minimum requirement to join even a certificate course for entrepreneurship is the passing certificate of level 10+2 or grade twelfth. At the same time, the aspirant’s knowledge, experience and the requirements of the course they are opting for are also considered in case of which the 10+2 rule may be revoked. Today, an array of institutions including the top B Schools in Rajasthan offer a wide range of options for budding entrepreneurs and aspirants. These courses include several short term courses stretching from 6 months to a year or more. Getting a degree from a reputed B.Com college in India is very important to establish a strong and valuable foundation for a future entrepreneur. A good course can help inculcate in them the qualities necessary to not only launch a new start-up but also to manage it well enough to transform it into a leading entrepreneurial venture.

The best thing about entrepreneurship is that an entrepreneur does not have to wait for any good opportunities or opportune time to initiate their company or to build an already existing one. An entrepreneur carves his or her own future. All they need to do is gather funds which, on the other hand, are quite the task. Nevertheless, the good news is that in India, the government is more than ready to fund new start-ups and fresh entrepreneurs. There are several schemes from the f=government that provide support in the form of funding, tax incentives and building infrastructure to facilitate new ventures. Moreover, there are many private as well as public institutions that provide education along with scholarships and funds to aspiring entrepreneurs wishing to start a new business.

Another great development in the field of entrepreneurship is the advent of a number of women entrepreneurs and businesswomen. Not only have a great number of Women’s MBA Colleges cropped in India, but these B-schools have seen a considerable surge in the number of female students taking admission in them. Female entrepreneurs are immensely encouraged by such colleges, social organizations, NGOs as well as the Government of India. This is a great step ahead for the Indian socio-economy as not only will this uplift the female population in the country, but poor families too. Such families usually have a female bread earner and entrepreneurship is probably the best way to benefit these families financially.

3 Success Keys For Startup Entrepreneurs

An entrepreneur is a person who sets up a business or a chain of business, in hope for profit from it..As an entrepreneur you need to take risks, try out new methods and you need other qualities as well. But, there is always a cheat sheet for a lot of things in the market. If not a cheat sheet, then there are surely some practices that will put you in a better spot than others around you.

Surely there is no shortcut to success. You cannot hope to achieve success overnight. You cannot hope to have everything running in your favour within a few minutes of you starting your business. Nothing is that easy, period. Because if it were that easy, everyone would be doing it. But, it is not as difficult as you think it might be. As mentioned in our numerous posts (go read them, if you haven’t already), you need to do your homework before getting into anything. You wouldn’t want to invest in a company without researching about their foundation, their ideals, their methods and their production’s profit or loss in the past year.

Entrepreneurship is vaguely similar to being a detective. How is that, you might ask. Let us break it down into basic forms to make it a little clear. What does a detective do? Solve cases? Well, entrepreneur does not solve cases, so does it make both the professions same? A detective observes various things and viewpoints in order to solve a case, that you all can accept, correct? Being an entrepreneur is same. Before starting or investing in a business, you look at various aspects like how much profit did it make or will make, what is the main objective of this business and such questions, as I mentioned earlier in this post.

We have compiled 3 Success keys for startup entrepreneurs that will help you set your feet in the business and set your record straight up in a longer run.

1.) Be passionate about your dreams :

This goes without saying and should be the very first key to achieve success. If you love what you are doing, then there is no stopping it. Put your heart and soul into it, just like Eminem does into rapping. Eminem loves music, he loves rapping and he does only that and there is no arguing whether he is one of the bests or not. Do you see him running other business ventures? Do you see him doing anything else besides making music? He puts his 100% in what he does and we all should take that as an example and do the same. Put your 100% efforts into what business you are doing. If you do it half heartedly, you will never achieve what you aspire to be. So, give it all you have and just dive into it deep. Fall for it head to toe.

2.) Be patient and believe in yourself :

As an entrepreneur, one other very important skill you need to have with you is “patience”. You need to have some tolerance as well. But, patience will come in handy a lot. Starting and running a business is not a child’s play for sure and it needs time as much as it needs dedication towards it. You will not gain customers overnight, you will not create a Microsoft or Apple in one day. You just can’t, period. You have to give it your all and keep working on it. There may be a time when a customer might leave and you might hit the rock bottom. It is that time which breaks a person inside out and you might even want to shut your business down. This is the time to be patient and have faith in yourself and your team, if any. Always strive to be the best. Even Eminem has bad Albums and have had a rough time. But, did he give up? Nope, because he believes in himself and you should believe in yourself as well. This point cannot be stressed enough.

3.) Walk, don’t run :

Don’t take it literally– well, you can take it literally as well because it’ll help you out with your health problems. A healthy body yields a healthy mind, which in turn gives positive results in business or work. But, that is not the point we want to make here. A lot of new entrepreneurs make a very basic mistake most of the time, they try to achieve success overnight. Most of us don’t have patience and we try to hurry everything and get it done ASAP. But, that should not be the case. Just like they say “Chew properly, don’t swallow, eat properly in order to utilize food and its nutrients properly”, you should try to take one step at a time and not cover the whole ground as soon as you start walking. Every field has a thing or two to teach you and you can learn a lot from pretty much everyone and everything. So, take your time and slow down a little and don’t run.

You do need other skills to become a successful entrepreneur, but these 3 are very basic keys to become a successful entrepreneur. Read them and understand carefully and let these sink in. When you try relating these with actual life, you will see that you apply these 3 keys anywhere, in any field and in any work you want. These are the 3 universal keys to success. Love what you do, have patience and walk, don’t run!