Entrepreneurship and How It Makes You a Better Person

EntrepreneurshipEntrepreneurship has traditionally been defined the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale.

The above written lines state the meaning of the word entrepreneurship as per the widest searched platform on the internet, Wikipedia. But, the question is, does it really mean only this much or is there more to entrepreneurship. Let’s explore.

When you design a service or a product and think of launching it in the market, does it really just take that idea and the work is done? We sure know for a fact that this is not and can not be the case. It takes a lot more than just an idea to be running a successful business. The initial few phases of launching a startup are nothing but utter chaos. Also, understanding the responsibility takes some time. With time, the attitude towards life changes and also a sense of how to get things done is developed.

Let’s delve into what transformations you go through when you go from a common man to an entrepreneur. Let’s discuss what changes exactly you face within yourself and how you become a better human being. Being an entrepreneur grows on you, it makes its own personal space inside you or rather turns out to be a shelter and you find yourself engrossed in that space.

1) Value for money

If nothing else, your idea will first teach you what those crispy notes mean. It will make you understand the blood and sweat your forefathers had to shed to earn those sweet moments for you. Managing your product at a competitive price in the already high paced market and that too with some amount as profit margins will teach you how intricate running a business actually is. You will run from one place to another in search for a deal that saves you just another penny on your product because you understand how multiplication of that single penny will increase your profit margins.

On a personal level, you will not spend money on anything you feel you can go ahead without. All your savings from now will only be to fulfil your dream of a successful business.

2) Instinct

Welcome aboard your another board member, your INSTINCT. This is the only one thing that will guide you along in your career from now on. All your decisions will be based only on this. Your friend, your guide, your philosopher, your instinct will take you through all the ups and downs in your career. The only thing you need to do, is trust it and hit the target in the right direction. There will be partners, investors and a lot more people around you with their opinions, but when you get struck, choose to be your own boss and do what your heart says is correct.

3) Clarity of thought

Being the founder, you will be the single point of contact for a lot of people initially. All your teams, investors, partners, customers will seek guidance from you and this will need you to be clear about what you want from them. The process will instill a better picture of how to run your business and gradually you will be able to anticipate the changes in the market and stay ahead of the game.

4) Being practical

It’s all about the numbers in the end. Being practical is the only key to doing your business right. What will make or break your efforts is the reports you’ll generate about how well or swell are you. Practicality will be your best friend and emotions would not stop you from doing what needs to be done. After all, change is the unchangeable law of nature and you too have to adapt to what the circumstances demand.

Your 5 Step Success Plan to Six Figures

Success PlanFirst understand this is a process and not everyone is at the same place. A great analogy to use is a football field. Maybe you have been in business for some time and are just 10 yards away from the goal, but just need 1-2 tweaks to propel you forward. Or you may be on the other end of the field, just getting started and have 90 yards to goal. For some, they are not even on the field yet, and are just getting started.

Wherever you are in the process, understand it is a process for everyone. We have all been there.

1. Be The Person

Become the person that people want to follow and do business with. It really comes down to personal development. Don’t be the whiner, complainer or negative person nobody wants to be around. Work on yourself to become the people you want to attract to your business and work with.

Believe in what is possible even if you can’t see it yet. This can be a huge obstacle for many because there are a lot of cynical people out there. So when you know you are on the right track, and aren’t seeing the results you are looking for, keep your belief.

Your effort will take you where you want to go. Not many are born with natural marketing talent.

2. Create Free Content and Build Your List

When you learn something new, turn around and teach it to someone else. Take them with you on your journey. When you start solving problems, then you have a business.

Be sure and provide value. Don’t make your offer just a sales pitch, but look to first build authority and trust. The money will come later. This is a continuous process throughout your business life no matter how successful you are.

Most people stop too soon!

3. Connect With Your Leads

Don’t be a phone-hater. Your phone is one of the best business assets you have. You are not trying to get someone to buy something, but to determine what they need. Truly listen to them. Don’t go into this with a preconceived notion to sell.

One of the most powerful questions you can ask is, “How can I best help you?”

4. Create Massive Results One Step At A Time

This comes from doing steps 1-3 consistently over and over again. Then rinse and repeat. This process may take months to years depending on where you are. It’s the way every top earner has gotten to where they are today.

5. Find An Exposure Agent

What is this? A person, company or system that has a much greater reach and audience than you do. Find one in your niche and go from there. Get good at the above steps, and when you get enough results, you get on someone’s radar. That is when things will blow up fast because now you are exposed to a much bigger audience.

Nothing about these steps is fancy or sexy – it takes time, hard work and effort, but by following these 5 steps in order, you will see massive results in your business.

5 Really Effective Tips for Burgeoning Entrepreneurs

EntrepreneursDone with your graduation and now you want to set up your own business. Not a bad idea because if you want to walk an extra mile, you have to start early. Really Early… Here are 5 effective tips which would keep your business on the right track and help you nurture growth at a rapid pace.

Trust Your Instincts & Have a Belief In Your Business Idea

When starting a business with a new idea, the ultimate thing which matters the most is do you trust in your idea? Do you trust in yourself to make it happen? This will form the building block of your business. For any business to taste success, it should have a strong foundation. Your belief will serve as an inspiration to your team, which will further reflect on their performance.

Capital Funding

Running a business requires a lot of money. Literally, a lot of money and you should prepare yourself for it. You should have a strong credit line of your family and if this is not the case, then you must look for investors at the initial stages of your business. One very good option could be equity crowdfunding.

Guidance From Somebody Experienced

No doubt, you are extremely talented and you have the capability to rock the world, but there are lot of things for which talent does not prepare you and for those critical things experience come into play. A guidance from an experienced person who have already done wonders in the same industry may be of great value to your business. If you can find an experienced mentor who can guide you and prepare your business for uncalled difficulties/hardships, then this would make your way a lot easier.

Don’t Do Everything Yourself

Yes, it’s a good sign that you have multitasking skills, but if you are running a business, then you should have professionals for every task and every project. A wise owner knows that a business can’t be run by a single man and he cannot do everything on his own. You may be having a small budget, but encouraging volunteers to help at the initial stage with a promise to pay off once you are an established organization is not a big task.

Client Satisfaction

Your first client is your first step towards success. Get to know him personally as well as professionally. Do a comprehensive research on everything before presenting it to him. Try to deliver him with your best service possible. Prepare a brief marketing plan for his online/offline business, a full proof and effective content for advertising or branding purposes or anything else; just try to give your best shot.

What to Keep in Mind When Looking for Investors

Looking for InvestorsCongratulations, you’ve decided to launch your company! You have an exciting business idea; you’ve thought through all the necessary steps to start and run your enterprise. If your venture requires more money than you have, the next move will be finding investors. This part is the most challenging. Admit it; you don’t have a habit of speaking with 50+ investors who get dozens of pitches like yours every day. The investors want to know why they should trust you, so show them that your business is worth their hard-earned cash. Every investor has his/her own approach to the evaluation of pitches. “Some do substantial due diligence before meeting (reading a plan, talking to people they know) and others granting a meeting without even looking at the plan at all. Some investors rely on their intuition while others crunch a lot of numbers. Almost all of them source carefully, make good use of co-investors, and focus on the entrepreneur and team” [1]. But, if you are a first-time entrepreneur and never dealt with investors, you may not know some factors that can be decisive for them. Let’s enlarge upon that point, following ideas of John Rampton [2].

1. The first factor that can discourage investors to give you money is a lack of potential success. Investors will be interested in your previous business experience such as launching a startup and whether it was a success, or not.

2. Trust is a must-have between you and investors. If they don’t trust your character, judgment, or leadership skills, it’s better not to start any mutual business at all. As the entrepreneur, be open to discussing issues and concerns regarding the company with investors. They want to know everything about your startup. Don’t worry; nobody is going to steal your business idea!

3. Character and professional skills of the members of your team play an important role in the business growth. Every investor will pay close attention to the team personnel.

4. A good business plan is crucial. An investor has to be impressed with it to invest.

5. A company that creates something new or has a new business model can easily attract investment.

6. Make sure you’ve chosen the right investors. Do research and locate those who are involved in your field before contacting them.

7. It is important for an investor to see that other investors are also interested in supporting your business and believe in your startup’s potential.

8. You’ve got “No” from an investor. Handle it properly. Think, what went wrong and make adjustments. Even after refusal, investors are watching you.

Remember, investors invest in people, not the idea. So, don’t pretend to be someone you’re not. Know your weaknesses and work on them. For example, if you’re afraid of speaking in front of people – learn the skill! You’ll need to present an interesting and clear presentation to attract capital investment. A denial from an investor doesn’t mean you’re a loser; this is just a temporary hitch. If an investor tells you: “Come back when you have more traction” he means exactly that. But, before you decide to come back to the same investor, know that there are 250,000 others in the United States alone.

References:

1. “Winning Angels: The 7 Fundamentals of Early Stage Investing” David Amis, Howard Stevenson 2001
2. Entrepreneur.com: “25 Reasons I Will Not Invest in Your Startup” John Rampton, September 2014