When it comes to being an entrepreneur, there is often no “roadmap” or “blueprint” to get you exactly where you want to go, especially if you are just starting out. When I first began my entrepreneurial journey, I remember always trying to figure out what the “perfect” move was. I kept looking for the one thing that would make me massively successful right away. Instead, I learned that there is rarely one move that gets you where you want to be all at once. Most of the time, it’s a series of smaller steps that add up to your ultimate goal over time.
Sure, you will mess up at some point along the way, but all that matters is how you adjust and move forward. One strategy that can help you speed up the process is by learning from other more seasoned entrepreneurs and then applying those lessons to your own path.
Below are 3 key lessons that can help you put yourself in the best position to succeed as an entrepreneur:
As an entrepreneur, you are constantly bombarded by endless tasks, goals, people and problems that all seem to need attention at the same time. It is easy to feel overwhelmed. Most people will try to balance everything at once, and as a result, they rarely get anything meaningful done.
The truth is, in the grand scheme of things, most of the problems you face do not really matter as much as you think they do. There will always be an unhappy customer, employees will fail at times or the product or service that you originally created may change. That is just part of the game. All that matters in those situations is how you move forward. If you get emotional, stressed out, and upset over every problem, you will never be able to move fast enough to overcome them. Eventually, they will eat you up.
Instead, you have to have the mindset of expecting things to go wrong. Understand that problems are inevitable and the faster you can identify the ones that matter, the faster you will be able to move forward. For instance, spending days debating a small design change in a new app is not important if you have not yet determined if there is a product/market fit first.
In other words, if you do not know if there is demand for what you are building, small design issues on the product itself should not be what you focus on. No successful entrepreneur got to where they are because they solved every little problem that they were faced with. They were just able to solve enough of the problems that mattered most in the long-run.
“Problems are not stop signs; they are guidelines.” – Robert Schuller
2. Learn to be Self-Aware
You have to know yourself before you can be successful. Time is money and speed does matter, but making sure your business aligns with who you are trumps everything. Building a business around something you do not enjoy or are not good at is a losing battle no matter how fast you move.
As an entrepreneur especially, it is critical to know what you are passionate about. What would you actually like to do if you could do it all day? What are you best at? When you are able to understand those things and can combine them into something other people value, that is what makes you unstoppable.
This is not about loving what you do so it “doesn’t feel like work,” it is about loving what you do so you have the will to push past every obstacle that comes your way. Loving what you do makes the business worth it to you even when every external voice is telling you to stop. If you do not love it, you will eventually burn out. Plus, you will have wasted a lot of time going through the motions of doing something you resent, instead of building an empire based on something you love.
3. Stop Comparing Yourself to Others
Comparing yourself to anyone else is a complete waste of time, but we have all done it at some point in our lives. You think you should have that car or have received that funding or deserve that house. There’s nothing wrong with admiring a nice car or beautiful house, but comparing your life to someone else’s takes energy away from your own goals and only slows you down.
When you are just starting out, your time and energy are your biggest assets. Spending them looking at what other people have is wasting resources that you could be using to build your own dreams. That is why it’s important to understand what you want in life. Are you looking for short-term gains or long-term wealth? Do you want to have a job or own a business?
There is no right or wrong answer, it just comes down to who you are as a person. Once you figure out what you want, you have to be laser focused on whatever will get you there. Odds are, very few people in the world will want the same things as you, therefore, comparing yourself to them is useless. It wastes time and energy, creates distractions, and causes far more problems than solutions.
“The only person you should try to be better than is who you were yesterday.”
The specific tactics to be successful are different in every business. The principles of successful entrepreneurs, however, are very similar across the board. You have to be able to recognize what matters and what doesn’t. You have to know yourself and understand what you are best at in life.
Knowing yourself will allow you to build a sustainable business that is aligned with who you are. Plus, it will also help you figure out what positions you need to hire for first to compensate for your weaknesses.
Most of all, you have to avoid comparing yourself to anyone else no matter how green the grass on the other side looks. Doing so is easy but is also detrimental to your own success. Time is our biggest asset. It’s a finite resource that we can never get more of thus the more time you spend envying other people the less you will have to build what you want in life.
I will admit, these principles are not always easy to apply. When it comes down to it, you will still make mistakes along the way. That is just part of human nature. Nonetheless, if you can start understanding these principles now, you will put yourself in a much stronger position to succeed and have a better chance of living life on your terms in the future.
Which one of these principles do you need to work on most and why? Let us know in the comments below!
Want to Be an Entrepreneur? It’s Impossible Without These 3 Characteristics
They go by many names: self-employed, 1099 Contractor, Side Hustle, CEO, Business Owner, or Agency Owner, but our favorite term is Entrepreneur. No more working for the “man!” Be your own boss, set your own hours, answer to no one is the cry of everyone that has ever had to punch a clock, ask to take a bathroom break or be elated with a 5% raise. Why would anyone want to work for someone else for 40 years when they can work for themselves and make millions?
If you could only will things into existence by belief, we’d all be the boss. With over 300 Million people living in America today, only 15 million of those are self-employed full time.
We’ve all heard of the Pareto Principle, right? The 80/20 rule? In sales, business ownership, and entrepreneurship that means only 20% have the right skills, masteries and characteristics to succeed. My personal experience in observing thousands of other entrepreneurs makes me think Pareto might have under-promised and over-delivered. Seems as if only 5% have what it takes.
So what does it take to be a successful entrepreneur? I believe all the books, podcasts, blogs, webinars, and self-help seminars on this subject could be summed up with the following three simple characteristics:
1. Working Smarter and Harder than Mark Zuckerberg presenting before Congress
At the end of the day, a millionaire mindset cannot be paired with a part-time work ethic. I wholeheartedly believe that there are two types of entrepreneurs in the world: the work horses and the lame ducks.
Entrepreneurs put in more hours than anyone else. It’s mandatory to succeed. Yet, they are not empty hours wasted on non-productive activities. You have to be efficient with your time.
The lame duck entrepreneur can be described as continually using their time to do something well, that needs not to be done at all, as Brian Tracy says. They’re busy doing mundane tasks that are not sales generating activities. While a work horse entrepreneur has developed a system that focuses only on the most important sales generating activities and either eliminates everything else or delegates the rest to an assistant.
You have to have an extraordinary work ethic to make it as an entrepreneur these days. There are 1000 other guys right behind you clawing and scraping to win. Do you have the smart, dialed-in, planned out work ethic required to succeed? Do you have that drive to succeed? I hope so.
“When I was young, I observed that nine out of ten things I did were failures. So I did ten times more work.” – George Bernard Shaw
2. Downloading more Data than the IBM Watson Artificial Intelligence
“Always be closing” is the mantra at the sales seminar. It should be scrapped and changed to “always be learning.” Closing is easy, but if you stop learning, you won’t have the right product or service for long.
Some studies say that knowledge is doubling every 12 months. Think about that for a second. If you had truly gained mastery in a subject and waited a year or two, you’d now be a dinosaur. It’s been said that most people don’t have 20 years’ experience, but one year of experience repeated 20 times.
You have to continually be learning and staying at the forefront of your niche. Watch the early adopters, test the waters and figure out a way to improve upon what they’ve done. Find someone that has mastered an area that you want to excel in and buy their course, attend their seminar, or read their book.
Experience is a teacher, but it’s a difficult way to learn. Find those that have trail blazed the path before you and implement what they tell you to do. Every successful entrepreneur has had dozens if not hundreds of mentors over their lifetime. It’s been said that your net worth is equal to your network. To succeed you have to continually hit the books.
3. Treat your Finances like you are Warren Buffet’s Hedge Fund Manager
Guess what? You can have the strongest work ethic in the world, you can watch every YouTube video and listen to every podcast created for your niche, but if you’re broke all the time, you’ll never succeed. You have to have some money to make money.
Now what I’m about to tell you used to be common sense because it’s very basic, but balancing a checkbook, creating a budget, spending your money wisely is no longer common knowledge. If you do not have a budget written out, that accounts for every dollar coming in and every dollar going out, then you are doing life wrong! Look up a simple online budget and put it all on paper.
Make a budget for your personal finances. Then start a business checking account. Drop in as much operating capital as you can. Then, create your budget for your business. Write it all down. Take what you’ve learned from your mentors and apply your exemplary work ethic and go make some money.
Pay yourself a meager salary until you have enough money saved in your business account to pay cash for a mid-sized sedan. Then give yourself a raise! Learn what your cost per acquisition is and pull that lever over and over again.
Be willing to invest in your business. Buy the courses and materials needed to grow in your niche. Investing in your business wisely and prudently is the only way to scale up your business and be truly successful.
“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” – Will Rogers
There’s a reason that the richest 1% own half the world’s wealth. They have the drive to work harder and smarter than anyone else, they’ve invested in the best mentors and coaches, and are continually learning to stay on the cutting edge in their field. Additionally, they’ve mastered the simple money management skills that are necessary to fund the whole endeavor. Do you have what it takes?
Which one of the above 3 characteristics do you think is the most important to succeed? Share your thoughts below!
9 Reasons Why Attending Networking Events is Crucial for Entrepreneurial Success
No matter how big or small your business is, as an entrepreneur, you must attend as many industry-relevant networking events and conferences as possible. Communicating with other like-minded and motivated people can take your business to the next level and lead to startup success.
Shockingly, 30% of new businesses don’t make it past the first 24 months. By attending networking events and conferences, you can acquire the tools required to ensure your business doesn’t fall into this percentage. Essentially, attending events could save your business. What’s more, most networking events and conferences are free or incredibly low budget.
If you’re still on the fence about attending events, here are 9 of the most notable benefits for your startup:
1. To learn from the best
No entrepreneur, no matter how talented they are, can possibly know everything about everything. Attending networking and conference events is a chance to learn from other entrepreneurs who have been in similar positions and learn from their gains and their loses.
2. To create contacts
In today’s digital world, where most communication happens online, there’s nothing more valuable than face-to-face interaction. Networking events allow for these valuable interactions and to create contacts. The good thing about networking events is that they often allow for speed networking, allowing for multiple interactions in a set period of time. By partaking, you can massively extend your network base.
3. To generate customers
Depending on the type of networking or conference event, and the services you offer, you may find customers. A good way to generate customers at an event is by engaging in discussions about your services and by presenting in front of the crowds.
“Everyone you will ever meet knows something you don’t.” – Bill Nye
4. To learn about the industry
Often, entrepreneurs are too busy growing their business that they forget to see the wider industry and disruption can come as a major surprise. As an entrepreneur, it’s important to be prepared and attending events can shine a light on any industry changes, giving you time to plan and prepare ahead.
5. To find partners
Networking and conference events often have a specific topic and theme. Therefore, the people that attend the event are usually in a similar industry and have much in common. These events are perfect for finding new business partners by finding people that complement the services you offer. It can be useful talking to competitors too as you can potentially work together for an optimised version of a project.
6. To meet investors
The best way to engage the attention of an investor is by speaking directly to them. Face-to-face conversations can build trust and begin the foundation for a future relationship. Investors often attend networking and conference events to get to know the up-and-coming businesses in the industry.
7. To be inspired
Once you start networking with like-minded people it’s easy to find creativity, be inspired and come up with new ways to advance your business. You will come away from the event with new ideas and a new lease of life on your business.
8. To build recognition
Recognition can be one of the biggest obstacles for a start-up. Online marketing may not have the desired outcome if you don’t spread the word effectively. Networking is a great opportunity to meet potential customers and build recognition by engaging on your product or services. Most networking events allow for startups to stand or pitch in front of attendees which is a great opportunity to build recognition around your product or service.
9. Because you’ve got nothing to lose
No matter what industry you’re in, you’re guaranteed to pick up something when attending a networking or conference event. From making valuable connections to finding out what customers think of your product, there are many benefits to events.
“Behind every successful person there are many successful relationships.” – Joe Apfelbaum
From gaining inspiration to learning about the industry, building recognition to generating valuable connections, networking and conference events are crucial for event success. However, turning up to an event is simply not enough. You must put as much effort in as possible by talking to as many people as you can.
When networking, get out of your comfort zone and engage with people of all job levels and all industries. When it comes to business, it’s not about what you know, it’s about who you know.
Once the event has ended, always follow up with your new connections via an email, phone call or LinkedIn message. It’s important to get in touch while you’re fresh in the mind of your connection to lay the foundation of future cooperation. Lastly, always remember events are fun and never take them too seriously.
6 Creative Ways to Hype Up a New Product on Social Media
It’s the week before the big product launch, and you’ve been asked to help with a big marketing splash. The problem is despite brainstorming for a few weeks and pushing out a few tweets to build the pre-launch buzz, you’re out of ideas. But merely wondering how to help the new product capture the minds of prospects and customers doesn’t really help.
Here are 6 creative things you should consider to generate excitement for your product in the target market:
1. Create a goal
Don’t limit your awareness program to merely “make people aware” of the product. Go beyond the ideal definition and expand it. There has to be a goal that assists you to measure the success of your program.
This goal can be the number of followers you drive to your webpage, or probably the ones who sign up for more updates. Find out what other options work best for you and let them guide you through the awareness campaign. The key is to make it measurable and ensure if your website is any good; it is fully geared to be not much more than a giant lead magnet.
2. Sell smart, not hard
No matter how much effort you put in, if you don’t do it smart, they’ll lead you to failure. Just because you are leveraging social media, doesn’t imply you can aim in the dark and wait for the arrow to hit the target miraculously. Make sure you very well know the problems that you are trying to solve.
Analyze the people affected by those issues and what attracts them. Leverage social media, but target your buyer personas. New products are often a great time to reconnect with existing clients and prospects. A fantastic way to do this is by getting your sales team to share the content and measure the engagements and click-through rate. Once you have the comparative view handy, you can make the most of social platforms.
“Working hard is very important. You are not going to get anywhere without working extremely hard.” – George Lucas
3. Strike a chord
Personalization is the key to hit the sweet spot in the hearts of buyers. Have the sales team personalize the message. Give your employees the chance to explain the value to their networks.
Write high-level social copy for the various vertical markets you serve and then set the team lose in honing the conversation online. Done effectively, the click-through rate can go through the roof!
4. Build engaging content
Consider buyer personas while drafting the social copy of your content. And take note, we are referring to buyer personas, not a persona. It includes more than one streak of your ideal buyers.
Invest time in understanding the critical aspect of each of them. Make sure you know what your product has to offer to each of them and translate that understanding to explain this value proposition. The better you do at segmenting the message, the more clicks and engagements your content will produce.
5. Don’t reveal too much
Sometimes, marketers get carried away and unveil too much of the information in the pre-launch phase itself. What is left for the final big reveal? Apparently nothing but the product itself. And mind you, dear friend, curiosity killed the cat because she could not withhold it. Why not leverage this mentality for your product marketing as well?
Build anticipation and create mystery around the product. Drop hints, create hype but make sure you have some excitement reserved for the actual launch. Don’t disclose every significant twist.
“Content builds relationships. Relationships are built on trust. Trust drives revenue.” – Andrew Davis
6. Narrate a story
Compelling narratives are a powerful way to engage people with your product even before it hits the shelves. Let the existing buyers talk about their experience with your current products. Not only will it talk about your offerings, but it’ll also highlight the positive relationship with existing clients. That’s something that can pay dividends when building a bond with the new ones. Additionally, you receive attention from followers of the customers you are showcasing.
Is your product launch is just a few days ahead, and you need to create product hype on social media? Well, it is quite a task to make the pre-launch ripples. But these six creative strategies can help you get the job done effectively. Use these ideas to showcase the hard work your product team has done and ensure a successful product launch.
Which one of the above 6 ways to market a product do you believe is most important and why? Share your thoughts below!
5 Skills I Learned in the Military That Helped Me Become a Successful Entrepreneur
The moves I’ve made in my career from the military, to the mining industry, to running a multinational business in Latin America, aren’t linear. It’s not every day an ex-Australian military officer finds their niche in Latin American business.
Graduating from Australia’s Royal Military College and Defense Force Academy, I served as a commissioned officer in the Australian Army for nearly 11 years, completing operational tours to Central Asia and the Middle East.
The transition from various Army engineering and infantry roles through to managing a team of legal and financial executives was neither quick nor painless. But, as I entered the company formation process, I found my military service played a significant role in shaping my entrepreneurial fitness. The skills I developed in the Australian Defense Force supported me through several commercial iterations more than once.
Here are some of the key connections I drew between core military values and those I apply to the boardroom environment:
1. Be calculated and decisive
Unsurprisingly, a crucial requisite of military functionality is working quickly and effectively under pressure. This rings especially true for the strategic planners of operations: the commissioned and non-commissioned officers.
My military role made tough demands on me to decide on the best course of action for myself and my team. When deployed overseas, making the wrong decision or not making a decision fast enough could mean failing our mission, and putting people in danger.
In business, it’s vital to understand, analyze and communicate the risks involved in the options laid out before you at various stages. Making offers to clients, moving into a new market, investing large amounts of money into projects. And decisions need to be made based on this analysis before these opportunities pass by.
I can confidently draw on my experiences in service to act fast and capitalize on opportunities as they become available, and make tough decisions in high-pressure situations.
“You cannot make progress without making decisions.” – Jim Rohn
2. Resilience is key
Resilience is fundamental to success in any military career. In training and on operations, one soldier’s spiralling morale could put an entire section in danger. Military personnel are vetted for their adaptability and mental strength from day one, using tried-and-true techniques to push people to their limits.
Having a high level of resilience allows you to cope when things don’t go to plan in business. Investments might not show returns as quickly as hoped, a competitor snatches up an important client, or a difficult situation arises between staff that needs careful management.
I can confidently draw on military-learned techniques to support my own and others’ resilience in the office. Being able to maintain a high level of morale among teams fosters productivity and a willingness to ‘soldier on’ in challenging situations.
3. Leadership and cooperation
People in leadership positions are those that others turn to for advice and support. As a leader, you have to be prepared to make tough decisions that others can’t or won’t. A high-performing team has a courageous, empowering, and communicative leader at its helm.
This is as true in the military as it is in business. Building the right team and driving them to success is both challenging and rewarding – whether the outcome is securing a key logistical foothold to allow aid and other supplies to travel into a war-torn area, or seeing a newly-opened office secure its first major client.
Not every soldier has an easy time appreciating the ubiquity of drills in their military workplace, nor their role in underpinning the success of a smooth operation. But a lack of discipline is tantamount to putting oneself and others at risk. Ignoring lawful orders, or not applying proper first-aid to a fellow soldier, are a couple of examples of this.
To me, commercial discipline means being professional always, even in stressful or frustrating situations. Maintain integrity in everything you do, and don’t cut corners. Carrying out proper legal and financial procedures means staying compliant under local law, and avoiding complications with authorities.
Staying committed to an objective and refusing to drop standards enables you to build a credible reputation for your business that clients hold in high regard.
“We don’t have to be smarter than the rest, we have to be more disciplined than the rest.” – Warren Buffett
5. Cultural awareness
Finally, but no less importantly, showing respect for cultural customs in business is essential for cultivating strong professional relationships. Being aware of your cultural background, and sensitive to those of others, will help build social connections, and make you more relatable to others.
Foreign militaries operating in troubled parts of the world understand that building trust with local individuals and communities is imperative. Without that trust, moving around becomes difficult and more dangerous. To gain trust, soldiers must show respect for people’s culture and way of life.
The same is true in business. A small hiccup such as not shaking hands, or giving an air-kiss to a new acquaintance here in Latin America could start an entire working relationship off on the wrong foot. Cultural sensitivity shows a willingness to embrace people and their society. Never underestimate the significance people place on this element when evaluating your suitability as a professional partner.
It’s no secret that commercial success requires passion, hard work, and dedication. Don’t be afraid to call upon your own and others’ previous experiences to find solutions to problems or forge ahead with complex projects. For military personnel considering testing out their business acumen, be confident that your years of service to your country have also set you up for success in the world of business.
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