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3 Principles Every Entrepreneur Needs to Know

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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:

1. Focus on What Actually Matters

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.”

Wrapping Up

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!

Sam Boghigian is a long-time businessman, who started his first company at 11 years old. He is also a dedicated bodybuilder who believes being both mentally and physically fit translates into being successful in many other aspects of life, especially business. Sam currently runs an online blog for young business people where he documents his own lessons learned in business and in life. You can follow Sam on Instagram to learn more.

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2 Comments

2 Comments

  1. Timo

    Apr 23, 2018 at 9:20 am

    Eff yeah! Great article as usual!

    • Sam

      Apr 25, 2018 at 6:14 am

      Thanks so much, Timo!

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Entrepreneurs

What if Elon Musk Ran Your Business? 4 Lessons From the Real Life Iron Man

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The story of Iron man and Elon Musk starts when Robert Downey Jr. visited SpaceX headquarters miles away from the setting of the first Iron Man movie back in 2007. The actor was inspired to base his character on Elon Musk’s personality. Ashlee Vance writes in Elon’s biographyboth Musk and Stark were the type of men, according to Downey, who ‘had seized an idea to live by and something to dedicate themselves to’ and were not going to waste a moment.” (more…)

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5 Ways to Prepare for Your Entrepreneurial Journey

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There are many ways to get ready for entrepreneurship regardless of whether you’re ready or not. The migration to the unknown will take you through many places, emotions, and people. Your journey will be both easy and difficult, but hopefully in between, you prepare yourself with an expectation of helping people by solving problems. The quest that you are about to enter will be one to remember if you are willing to adapt quickly and not give up.

Arranging for this huge change in your life should be one of the most memorable expeditions that you will ever experience. Looking into the future and being able to lay out a road map for your entrepreneurial journey will definitely be beneficial. Though there will be challenges every step of the way, being prepared will help you achieve your goals more efficiently.

To help you get started, here are 5 ways to plan an entrepreneurial expedition:

1. Form Ideas By Visualizing And Writing Them Down

Before beginning your entrepreneurial quest, brainstorm to come up with many amazing ideas even if you never act upon each of them. It’s always a good thing to write them down on paper, computer or via a mobile device app such as Google Docs. An abundance of suggestions about your processes is better than none or even a few objectives that can possibly help in some way.

The key is to breakdown those ideas to come up with better solutions to move forward in your voyage. See what’s more in line with your mission and values to be effective for your core audience, products or services that you may want to create. Whether you categorize those ideas or check them off one by one, coming up with different concepts will be a great start to your journey.

“Creativity is contagious – pass it on.” – Albert Einstein

2. Begin A Pattern Of Consistency By Quitting Bad Habits

Repetitive actions can present their challenges but if there’s a way to make progress and eliminate bad habits that aren’t hindering your itinerary then keep doing them. Have you ever noticed that negative thoughts, lack of confidence, and no exercise regimen could negate persistence of not only your entrepreneurial journey but other goals as well?

Get your mojo or swagger back by committing to a life of constant and everlasting consistency by stopping eating bad foods, wasting your time with hours of playing video games, watching television and other things that will stall your progress. When you get rid of actions that are slowing down aspects of your life, you’ll begin to pursuing things to help you lay the groundwork for success.

3. Be Disciplined While Listening More

Another way to prepare for your entrepreneurial journey is by being in control of yourself while paying more attention to everything else. It’s quite common to focus on things outside of your realm and instantly become something other than what you see fit. Difficulties can arise if your focal point isn’t there and somehow an opportunity pass right by you.

Mentorship even from a distance from someone that you don’t know can be a key element as you learn the importance of your mission. Listening to podcasts and watching YouTube videos of someone that has validated your idea is a great starting point as well. Mimicking them on some level can help you understand different phases that are ahead and how to deal with them.

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” – Henry Ford

4. Work Effortlessly And Prioritize Your Time

You will have to work extremely hard with an emphasis on actual time value before pursuing your pilgrimage. We often hear about the results of hard work and it sounds cliche but when many other things are happening outside of your control, finding a way to manage your time can become difficult.

Most people will start off alone with zero help in terms of having a partner and putting in 100% effort. You will likely wear multiple hats as the visionary, programmer, marketer, content creator and so on. You may have to function with only 3 or 4 hours of sleep or even none at times while being respectful and cognitive of the time of others as well.

5. Persist Like There’s No Tomorrow While Planning For The Future

What’s in you? Nobody knows the answer to that question but you and the determination for reaching your destination as an entrepreneur. Whatever the answer is, you should be driven with an undaunted passion to pursue your expedition. Go after your dreams with a tenacity that you didn’t know was within your soul and keep pushing no matter what.

Be mindful that your strong pursuit can be done all while determining the proper destination of where you want to eventually end up. Never lose your focus admist numerous distractions that will happen. The emphasis comes from experience along with talking to other entrepreneurs who had similar occurrences at multiple stages of the process.

Put in the work early with the mindset of expecting obstacles and pushing forward pass them.  It will be tedious and preparing for a grind will make your entrepreneurial journey more understandable through tough times. You will be a lot wiser and better after all of the hard work whether it’s considered a failure or success.

Which one of the above 5 ways to prepare for your entrepreneurial journey resonated most with you and why? Share your thoughts below!

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7 Things You Need to Do to Grow as an Entrepreneur

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Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.

Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.

Here are the seven must-learn tips to grow as an entrepreneur:

1. Read Books and Articles

For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.

Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.

My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.

“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato

2. Perform SWOT Analysis

Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.

In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.

3. Be Willing to Take Risks

It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.

4. Open Your Eyes Wide

Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.

Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.

Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.

5. Lead the Way for Your Team

Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:

  • Honest
  • Ambitious
  • Courage and Risk Taking
  • Dedicated
  • A Team-player
  • An effective listener
  • An effective communicator
  • Able to inspire confidence
  • Positive

An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

6. Learn How to Keep Initial Success at Bay

Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:

  • Utilize local and online channels to make hype for the services
  • Start expanding by hiring employees to enhance productivity
  • Cater to a good segment of the audience by providing various services
  • Re-invest the profitable revenue into new business efforts

Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.

7. Find and Keep Business Partners

You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.

Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.

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Transitioning From Employee to Entrepreneur? Try Intrapreneurship First

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Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.

Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.

How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.

If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.

By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.

Here are four reasons why intrapreneurship can work for you:

1. See a problem. Solve a problem

All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.

2. Creatively capitalize on skills and talents gained outside your employer

In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.

If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.

3. Intrapreneurship is for all employment levels

If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.

4. Experiencing failure is inevitable. Move forward anyway.

All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.

Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.

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