7 Actionable Tips To Remain Positive As An Entrepreneur

Remain Positive As An EntrepreneurMany people believe the main issue in their life is their income and that by changing their income they will change their life in such a way they will be happy. But first, you must change your mindset, while will then change your income and ultimately your life. It must be done in this particular order, much like planting a garden, to get the results you want.

As an entrepreneur, there will always be setbacks, so you must re-visit these steps on a regular basis.

1. Get Ride Of Your Addiction To The Outcome:
This is probably the most important mindset change you can make. It doesn’t matter what kind of business strategy you are using, when you are no longer dependent on the outcome, you can become more positive. This gives you the appearance of a leader in the eyes of your prospects and is exactly what other people are looking for.

2. Actively Work On Your MindSet:
How you do this is personal to you. You may find it by reading or listening to motivational books, meditating, yoga or exercise. Maybe you feel more positive when you talk to certain people in your life on a regular basis, or it may be a combination of many things. Whatever helps you remain positive, do it on a consistent, regular basis. This is something every successful leader works on all the time.

3. Stop Comparing:
Most everyone is guilty of this. Remember that everyone starts from the beginning. Every successful person goes through their own struggles. If you compare yourself with others, it will hold you back.

4. Keep Focused On Who You Want To Become:
This is slightly different from your why. Keep doing the daily activities that will get you where you want to go.

5. Learn How To Become A Happier Person:
No matter what, if you are generally feeling unhappy, it is impossible to have that positive feeling. You actually can become a happier person in general by developing strategies to overcome this. Learn to see things from another point of view and give up the need to be right all the time.

6. Quit Holding On To The Past:
Accept what has happened in your life and move on. Move forward. Things are going to happen and you must learn to simply move on. Learn to separate your business success from whatever is holding you back.

7. Smile! Laugh! Relax!
Give yourself a much-needed break from time to time. Have some down time and reward yourself when you reach small goals you have set for yourself.

These are actionable tips you can start today.

To become successful as an entrepreneur, you must first change your mindset before you change your income, which will have an impact on your life. Trying to go through these steps out-of-order simply doesn’t work. Once you change your mindset, the rest will follow.

 

Being an Entrepreneur

Being an EntrepreneurAn entrepreneur can be defined as someone who is in control of his or her own destiny and who makes things of economic consequence happen.

To be an entrepreneur you have to have a particular kind of mindset. That is, you have to have; 1) a strong desire, 2) perseverance, 3) initiative, 4) persuasive skills. 5) a winning attitude and 6) a bottom line mentality.

To begin with you should write down your concept as to what you economically want to do as precisely as you can in only one paragraph. But in doing this you have to watch out for the various traps that exist in developing a concept. They are; 1) it won’t work, 2) you can’t make any money on it, 3) there is no market for it, and 4) there can be unpredictable customer behaviour. But also remember this; that the customer has to pay at least 5 times the direct cost of a product.

Now there are three types of Business entries that you should consider. They are; 1) starting from scratch whereby you should be prepared to take 5 to 8 years to start a business, 2) buying an existing business whereby the risks are less by saving time (1 year) for the business to be operational, buying cheaper assets, and by assuming cheaper financing, and/or 3) in buying a franchise whereby the risk would only be about 30%. Also you could be an Entrepreneur within a company as well.

The ideal business actually should have; 1) no investment, 2) an identifiable market, 3) a low cost supply, 4) minimum government regulations, 5) good price-cost ratio, 6) frequent buyers, 7) favourable tax treatment, 8) a good distributing system, 9) news value, 10) technical fashion obsolescence, 11) perishability and, 12) weather proofness

Three types of business plans should be written once your concept of a business starts to materialize. They are; 1) The Feasibility Plan, 2) The Operational Plan and, 3) The Financial Plan. Financing for the business could be accomplished by; 1) cash from customers, 2) sub-contracting, 3) your own money, 4) borrowing (from as few as possible) or 5) by leasing.

The Management team, if you decide to assemble one, should include; 1) the creator, 2) the driving force, 3) the marketer (the marketing strategy should be to find the competitive edge either in quality, price, or service) and, 4) a financial expert. Then you should give each of them part of the rock and teach them to listen to others.

An Entrepreneur, who became a millionaire, suggested on television that the key to his success came from reading just one book: And that was the Book of Proverbs from the Bible.

This article gives information on how one could look at the possibility on how one might become an Entrepreneur.

Four Must Reads for Promising Entrepreneurs

Four Must Reads for Promising EntrepreneursWe read books throughout our lives, but it becomes especially important when we are at the start of the journey to entrepreneurship. Reading the right book can not only point us in the correct direction, it can also give valuable insights and suitable advice. Indeed, a good book can be a much needed good friend in times of need. Listed below are four books to help us on our way, to make this journey a success.

1. The Founder’s Dilemmas: Anticipating & avoiding the pitfalls that can sink a Startup by Noam Wasserman

Noam Wasserman teaches a class called ‘Founder’s Dilemmas’ at Harvard Business School. This book is the culmination of Noam’s actual research and that class. He mainly focuses on the key dilemmas that a startup founder will face when starting a company. All the information related to founder dynamics, solo founders, optimal number of founders and their roles and relationships, equity allocations between founders is covered in the book.

2. The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Business by Eric Reis

Eric Reis talks about the lean startup approach that is being adopted across the globe, changing the way companies are built and new products are launched. It fosters companies that are not only capital efficient but also focus human creativity more effectively. The book also highlights the current trend toward quick, low-cost startups that prefer action over research. The impressive insights that Reis provides can be applied to any startup, making this book a must read for all promising entrepreneurs.

3. Peter Principle: Why Things Always Go Wrong by Laurence J. Peter and Raymond Hull

This book contains made-up stories about administrative and business hierarchies. The idea of the Peter Principle has been explained very lucidly. “In a hierarchy every employee tends to rise to his/her level of incompetence.” When people perform well at their job, they are eligible for promotion. This cycle continues until they are promoted to a role for which they are incompetent to perform the duties. At that point they have reached their ‘final placement’. They are no longer eligible for further promotions because they have reached their level of incompetence. The authors have tried to address the question of incompetence in the work force today. Entrepreneurs may get to understand staffing issues from a whole new perspective.

4. Disney Way: Harnessing the Management Secrets of Disney in Your Company by Bill Capodagli and Lynn Jackson

This book is full of success stories, from dream to execution. It provides excellent insights, incorporating the best practices, tools and strategies that have made Disney what it is today. It explores the concept of dynamic leadership that plays a powerful role in making any organization successful. At the end of each chapter are examples and questions which make this book hard to put down. Through these, one can learn to create the most productive, effective and positive environment for employees and customers alike.

Are You Willing to Risk Big to Build Your Business

Risk Big to Build Your BusinessWe hire coaches and mentors for a reason; to stretch us, take us where we have yet to go and remind us of the little things that add up to big outcomes.

Personally, I hire experts to push me and encourage me to take risks (and big ones at that). What I fail to understand is when someone hires a coach and either never shows up for their calls, in-person masterminds, VIP Days or whatever is offered as part of the package. This truly boggles my mind.

Then there are the people who do take advantage of what’s being offered, but never take any of the recommendations to heart. What a complete waste of time and money. If you’ve hired someone for their expertise, be willing to put their ideas into action.

One of the greatest benefits of having a really strong mentor is the trickledown effect. What this simply means is: what we learn from someone else, when we apply it and get a result, we are able to teach others.

I’ve been hiring business coaches for years. Although I have a successful business, hiring a mentor gives me the opportunity to bounce ideas around with a trusted advisor.

A few years ago I hired an incredibly successful coach who is all about using the phone, live events and a multipronged approach to generating revenues.

On one of our coaching calls, it was recommended to host an open Q&A call on a Saturday. I got my marching orders and did exactly what my mentor recommended.

Not sure if I would get a result with people showing up, I sent a message out to my list to let them know all they needed to do was hop on the phone. No replay, no opt in, just show up.

Admittedly, I was a bit frustrated with less than 10 people showing up for the call. Yet, I gave those few people my all.

It was a pure Q&A call with one offer at the end; an in person mastermind event limited to 10 people.

One woman on the call jumped at the chance to join in on the mastermind. Not only did she pay for the mastermind, she went on to sign over $37,000 in coaching services with me. All from one small group call.

Here’s the deal… had I decided to ignore my coach’s suggestion, I would not have signed the client.

By being willing to be willing, and knowing this was why I hired this powerhouse coach in the first place (to get me out of my head, into action and stretch myself) I have had some incredible results in areas that I had not been focusing on.

Sometimes we don’t see the immediate results on things we do, but when we do the footwork, something gives.

Yet, how often do people talk themselves out of doing something without giving it 100%? And how much money and opportunity are they leaving on the table as a result?

Bottom-line is this; we have to be willing to take risks, have a multipronged approach to how we market our products and services and more than one way to generate revenue.

To have one, and only one way to bring in business is a huge mistake. To not risk keeps us safe… and broke.

The best thing to do is have short-term and long-term goals. With the short-term goals, make a commitment and stick with it.

Are you willing to do things differently? Are you willing to step out of your comfort zone? Are you willing to risk big to realize big rewards?

If you said no, maybe you are not cut out to be an entrepreneur. If you said yes, way to go. That’s what it takes to win big.

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

Here Is the Biggest Industry Where Your Next Business Is

The warehouse and storage sectorIt is really a good time to have your own business. Emerging marketplaces with a rich growth potential, a steady economy and an improved consumer spending have set the groundwork for a prosperous future for small-sized businesses within America.

It has been witnessed that the SBA loans are granted frequently; now along with the low interest rates and the Baby Boomers inching toward their retiring age, it is a pretty good time to realize your long-cherished dreams of entrepreneurship. These factors combine together to form a really excellent atmosphere for entrepreneurs who are looking forward to living their dreams of owing small-sized businesses.

Buying or acquiring or merging with a business is a crucial life decision that should be done only after performing extensive research works and after considering all the internal and external business factors. However, whenever a business is being bought, the most important part is to pick an industry; this point will become ever more important if an entrepreneur is making this decision. For this reason, here is the low-down on the top industry that has displayed remarkable potential as well as stability for investing money and for embarking on the eventful journey of becoming a small business owner.

The warehouse and storage sector

Quick facts

· The Net Profit Margin for 2015: 36.8 percent

· The projected growth for 2016: 5 percent

The self-storage industry is becoming one of the topmost growing sectors within the U.S. economy. For the past four decades, this sector has grown by leaps and bounds and has been termed as “recession-proof” by many trade analysts.

During tough economic times, many Americans gave up their everyday luxuries before getting employed within the countless storage units that dot the American continent. In a fluctuating economy, doing a business that does not change much and even carries great financial tides is a key bonus for any business owner.

Close to 9 percent of Americans have their space earmarked within a storage unit-even if they are having an attic or a garage. One more interesting fact-if you happen to combine all the storage spaces within the nation, it will easily equate to more than 2.3 billion sq. ft. of space-that is, indeed, expansive! More than 6 percent of the storage units are often leased to the military personnel, too. That is, by investing in the business, you will not only let the nation’s military contribute to the business’s bottom line but also earn its precious loyalty. Last but not least, this sector is having a high profit margin (close to 36 percent) and has an admirable annual growth rate (nearly 5 percent).

Because of all these factors, it is justified to state that this industry is the biggest sector in America where every new entrepreneur can think of speculating. For more information, we would recommend you to get in touch with merger & acquisition consultants.

 

How to Make the Perfect Entrepreneurial Soup

Make the Perfect Entrepreneurial SoupToday is story day, where we reveal a wonderful story that all entrepreneurs love. It’s a story about coming together, about creation, about creating the perfect Entrepreneurial Soup.

Some travelers came to a village, carrying nothing more than an empty cooking pot. Upon their arrival, the villagers were unwilling to share any of their food stores with the hungry travelers.

In realizing no one was going to help feed them, the travelers went to the nearest stream, filled a pot with water and dropped a large stone into it. They then placed it over a fire.

One of the villagers became curious and asked what they were doing. The travelers answered that they were making “stone soup,” which tastes wonderful.

Before taking his first taste of the soup, the traveler stated that it needed a little bit of garnish to improve the flavor, which they are missing.

The villager, not minding to part with a few carrots to help them out, added them to the soup. Another villager walked by inquiring about the pot and the travelers again mentioned their stone soup, which had not yet reached its full potential.

Another villager walked by inquiring about the pot and the travelers again mentioned their stone soup, which had not yet reached its full potential.

The villager handed them a little bit of seasoning to help them out.

Soon, more and more villagers walked by, each adding another ingredient. Finally, a delicious and nourishing pot of soup was ready and enjoyed by all.

Take a moment to think of making stone soup as the only way an entrepreneur can succeed.

The stones are, of course, your big bold ideas.

The contribution from the villagers is your investments from supporters and partners.

The end product is, of course, something everybody radically benefits from.

What are you making, creating, sharing that will add value to everyone? What resources, people, companies can you work with that will help you bring your bold ideas to light?

What human emotions are you catering to and what Mental Triggers are you incorporating?

When it comes to online marketing, some of you may have heard of coin phrases like Persuasion Tactics or even Automatic Response Triggers. Whether it be to capture leads, share your service virally, or to help your customers make a purchase, these Mental Triggers definitely work. I’d like to share an excerpt from the book Influence, by Robert Cialdini, that will give you a perfect example.

“I just read a newspaper article on how a restaurant owner used public commitments to solve a big problem for customers who didn’t show-up for their table reservations.

He told his receptionists to stop saying, ‘Please call us if you change your plans,’ and to start asking, ‘Will you please call us if you change your plans?’ and to wait for a response.

His no-show rate immediately dropped from 30 percent to 10 percent!

Author’s note: What was it about this subtle shift that led to such a dramatic difference? For me, it was the receptionist’s request for (and pause for) the caller’s

For me, it was the receptionist’s request for (and pause for) the caller’s promise. By spurring patrons to make a public commitment, this approach increased the chance that they would follow through on it.”

Pretty amazing how powerful mental triggers are! With that said, we want to fulfill our promise by giving you the link to download the guide on the 7 proven steps for attracting visitors to your site – and getting them to buy.