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3 Things Entrepreneurs Are Terrible at and How You Can Fix Them

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bad entrepreneurs

I’ve noticed something. And I’m curious if you’ve noticed it, too. It seems like just about every time I scroll through my news feed to see what’s a buzz in the world of entrepreneurship, I get totally bombarded with a hoard of inspirational articles like “7 things successful entrepreneurs do every morning” or “12 unconventional entrepreneurs who made it big”. Does that happen to you too?

Don’t get me wrong; I love reading these types of articles just as much as anyone (that’s why I love Addicted2Success). It’s kind of fun to find the similarities between yourself and the inspiring business leaders you see on the page in front of you. And hey, it gives you a nice little ego boost as well.

But it’s also good to take a reality check every now and then, and realize that us entrepreneurs– we’re people too. Behind that bold, strong, fearless facade we put on every day, we’ve got our Achilles’ heel just like anyone else. But there are things that we need to get better at.

Here are the 3 things that we, as entrepreneurs, are notoriously bad at (and how to fix them):

1. Admitting that you’re already successful

Tell me if you’ve ever had this thought before: “Always pushing myself is what’s gotten me to where I am today. If I ever ease up, I’ll never be successful.”

I have, too. It’s human nature to cling to that underlying, subconscious belief of “I am not enough”. But let’s take a closer look and investigate what’s buried inside of this little fear: “Always pushing myself is what’s gotten me to where I am today” … the implication being that you’re actually proud of where you are today! Who knew?

Most of us are able to sing the praises of other successful entrepreneurs with ease, but when we retreat back into the depths of our subconscious, we beat ourselves up relentlessly.

It’s healthy to feel that innate desire to improve and become the best versions of ourselves, that’s what’s gotten you to where you are today, right? But when you’re struggling to see the light at the end of the tunnel, or you start to feel yourself suffocating under that never-ending pile of work, it’s time for you to take a step back.

Walk away, look at the bigger picture, and realize that where you’re at today is already pretty darn good.

“The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey

2. Rewarding yourself

Let’s get back to the basics of human psychology here. We all know about Pavlov’s famous experiment on classical conditioning, right? Reward “good” behavior, and you’ll start to see more of it. It’s Psychology 101. When you look at it this way, rewarding yourself on your wins, no matter how big or small, is a no-brainer.

Even so, entrepreneurs are notorious for being type-A, hustling, go-getters, (as I sit here typing this at 5 AM on a Saturday…) but it’s easy to forget our little wins, and even our big ones, when we’re constantly grinding, pushing ourselves, and replenishing our to-do-lists.

Use these 2 steps to spark an immediate sense of accomplishment from just about anything:

  1. Make checklists. Just the simple act of crossing something off a list sparks an instant sense of achievement. Even if it’s something as little as sending an email or outlining a blog post, write it down and check it off!
  2. Tell someone else. When it’s a big victory that you’re dangerously close to ignoring, just post on social media, or tell a friend or family member (preferably a loud one) and watch what happens. They’ll make sure you celebrate appropriately.

 

3. Asking for help

Easily the quickest and most powerful way to accelerate your progress at anything, asking for help is… well, it’s scary. Entrepreneurs hate to show even a hint of weakness, uncertainty, or vulnerability, especially when they think it could jeopardize the credibility of their business.

What do high-performing athletes, CEOs, and celebrities alike all have in common? They have coaches. They have mentors. And they understand that the sooner that you pinpoint your weakness, and find someone who can help you, the sooner you’ll reach your goals.

It’s scary to admit that you need help to get where you want to go. But the second I finally did, I felt like I was lifting an immense weight off of my shoulders.

When I finally hired a  business coach, within days of our very first call, I started seeing real, tangible results. It completely blew my mind. But a coach who’s been where you want to go has this ability to see around corners that you just can’t, no matter how hard you try.

It’s scary to question your own success, but when it comes to your business, the sooner that you admit that you need help, and find someone who’s been where you want to go, that’s when you’ll accelerate your progress and results in unimaginable ways.

 “The strong individual is the one who asks for help when he needs it.” – Rona Barrett

As an entrepreneur, what do you need to start getting better at? Leave your thoughts below!

Nico Moreno is a Conversion Copywriter and human psychology connoisseur. He has an odd obsession for creating Snapsterpieces of his yellow lab Yoshi, and teaches bloggers and entrepreneurs how to write high-converting email copy. Say hello to him here.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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