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6 Things Remarkably Successful Entrepreneurs Do

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things successful entrepreneurs do
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While at Harvard, Mark Zuckerberg founded Facebook and made his first billion before reaching 30. The 35-year-old is worth $71.3 billion, $20 billion more than at the beginning of 2019. Sergey Brin and Larry Page founded Google when they were both 25. The list of successful entrepreneurs goes on and on.

Well, each entrepreneurial success story is different. It’s a constant roller coaster and there are many ups and downs. It’s impressive to think of how they got their start. These are the ones who didn’t give up instead and kept on hustling. But, what exactly are these entrepreneurs doing that make them wildly successful.

The rule for business has changed in recent times. Here is a quick list of 6 things that successful entrepreneurs do:

1. Validate Their Ideas In The Real World

You can live in a dream world always—Successful entrepreneurs DO. Successful entrepreneurs approve their ideas – their ideas are not just worthy of being scratched on the napkin – they prove it. You know the only way a dream moves from scribbled text to reality is through a plan.

In order to make your dream a reality, you must have a plan. Make a plan in the form of a checklist tied to timeframes. In case an idea fails, they are not deterred by failure. In fact, they are on the lookout for why it failed and try to shape the next idea into something great.

“Either You Run the Day, or the Day Runs You.” – Jim Rohn

2. Embrace New Challenges

Entrepreneurship is a challenging endeavor. When challenges arise, successful entrepreneurs take on the responsibility of addressing and handling it intelligently. This helps them overcome the most troubling obstacle to success.

Challenges are always present, but successful entrepreneurs consider them incredible opportunities. These are times when you should move ahead and do what no one else will to achieve success. When you’re excited about an opportunity but you think you’re likely to face risks, ask yourself “What are the potential shortcomings?” It can help you become more conscious.

3. When it Comes to Taking Risks, They Just Do It

When it comes to taking risks, entrepreneurs trust their gut. From venturing into new industries to taking up a new business opportunity, they are risk-takers.

Don’t let fear paralyze you from doing what you want. When you are too afraid to take any risks, talk to someone to hear some words of wisdom to take the leap. There is no way to eliminate the risk of entrepreneurship, but the best way to handle it is by allowing it to fuel you.

4. ‘Work-Life Balance’ is ‘Work-Life Integration’

I’m sure you’ve had many thoughts about the alleged term work-life balance. For entrepreneurs, it isn’t possible to have this when you are building your business. Therefore, entrepreneurs embrace work-life integration with the help of time management strategies and task delegation.

Work and life is a synergy, not a balance. Instead of longing for work-life balance, try a healthier attitude related to work-life integration by making friends at work, finding your most productive hours, and staying active in networking groups. Work-life integration is the holistic betterment of life.

“We Need To Do A Better Job Of Putting Ourselves Higher On Our Own ‘To Do’ List.” – Michelle Obama

5. Stay Prepared to Shift Gears

The game of entrepreneurship is tough. Those who are successful absolutely understood that their first idea they try might sink. It’s just that they have to be on the lookout for why it stinks and be willing to shift course. 

When you think you’ve reached a new level, everything can suddenly take a turn and you’ll have to either toughen it out or let it all go. They meet the need in the market and as the needs shift, they shift as well.

Just as Instagram co-founders Kevin Systrom and Mike Krieger decided to separate from their cyber baby and move on to their next innovation. This was a piece of shocking news, but it’s uncommon for business people to shift gears to have something new. Your idea may fail just as those of many successful entrepreneurs, but don’t be deterred by failure. Be able to recognize and shape the next idea into something truly great.

6. Cultivate “an External Brain”

Having an external brain clears the mind of juggling tasks, to-dos, and non-essential tasks. If you rely completely on your memory, you can’t keep everything straight. Entrepreneurs who are creating an external brain through journals, note-taking apps, or any other tool are doing better in entrepreneurship.

As an entrepreneur, you have to capture your ideas. Write it down on a tool to keep all notes in one place organized, transfer the thoughts onto paper, decide what the next action is and organize your reminders. This will keep you out of unnecessary stress. Also, bullet journaling helps entrepreneurs stay in control of the day.

Bonus Tip: Nurturing Your Business’ Entrepreneurial Spirit

The so-called “entrepreneurial spirit” should be clearly defined. It is a mindset that embraces critical questioning, an attitude that actively seeks out changes, and continuous improvement. The entrepreneurial spirit is helping entrepreneurs keep hustling with excessive growth at the right pace that keeps peers engaged.

If you genuinely want to keep the entrepreneurial spirit alive, you need measurable points you can incorporate in your culture. Always keep a healthy and motivated team, be curious about everything, hire people who share your values, allow your people to learn, reward your top people for what they contribute, and develop a high endurance to risks.

So now that you’ve understood what the road looks like, are you ready to take the plunge? So many people hold onto their dream of entering entrepreneurship because it’s challenging, but the truth is, there is no limit on success. 

Have you thought about becoming your own boss by being an entrepreneur? Share your stories and thoughts with us below!

Vartika Kashyap is the Marketing Manager at ProofHub and has been one of the LinkedIn Top Voices in 2017 and 2018. Her articles are inspired by office situations and work-related events. She likes to write about productivity, team building, work culture, leadership, entrepreneurship among others and contributing to a better workplace is what makes her click.

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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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why you should set up an LLC

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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