Entrepreneurs
7 Ways To Become A Better Entrepreneur
We all want it don’t we? We want to get better every day!
No one wants to be the same for their whole life. In fact, if we do, we’ll just fall behind. We all know that friend who didn’t know as much as we did but got ahead of us quickly. It’s not because they were smarter, but it was because they improved themselves every day.
You too, can improve yourself if you follow these tested methods:
1. Jump outside
Not literally, but outside your comfort zone. You need to get a bit anxious. Without anxiety, you’ll just fall asleep from boredom. I’m sure you can relate.
On the other hand, too much anxiety hinders your performance levels. It will cause you to overthink, overreact and just ruin everything. I’ve seen this to be true in driving too; anxious people make dumb mistakes while driving. They panic over nothing, hit the brakes so hard over something that’s miles away. They swerve into the wrong lanes, and drive too slow which makes them become as dangerous as an idle obstacle in the road.
What you should do is have an optimal amount of stress. Enough to keep you alert and active but not too much as to ruin your performance – somewhere in the middle. Make sure to get out of your comfort zone and try new things. You will perform better and learn more.
“A dream is your creative vision for your life in the future. You must break out of your current comfort zone and become comfortable with the unfamiliar and the unknown.” – Denis Waitley
2. Hang one of those “Do not disturb” door signs
One minute distractions are longer than you think! You’ve most likely been in the same situation, someone knocks on your door while you’re in the middle of something and asks you for just a minute. The “minute” turns out to be 5 minutes.
Once that’s over, you take another 2 minutes to remember where you stopped. Then you get back to work and you’re still thinking of what they told you for another 5 minutes. In fact, you’re probably thinking about what they said for another hour and there goes your working time.
When working, make sure you lock your door, tell everyone not to distract you when you hang your “Do Not Disturb” sign on the office door. Also, make sure to put your phone on silent (not vibrate), flight mode or off.
3. Build a super team
Today’s most successful startups seem to be built by one person in the beginning but that’s not the case. Startups like Facebook, Twitter, Slack, Uber, Airbnb were actually built by a team of talented people. Although for Facebook you may see Mark Zuckerberg in the front, that’s just how the media makes it look.
But in reality there was a powerful team behind it. Facebook wouldn’t be where it is if Mark was the only person working on it, same with all the others.
Look for talented people who share the same vision. Vision isn’t enough to build a solid team and one person isn’t enough to build a successful startup.
4. Outsource like a maniac
Just because you have a team, doesn’t mean you should do everything. Even the best teams can’t do everything. Things like branding, copywriting, legal services, need to be outsourced. With the internet, you can now find a load of talented cheap freelancers online. When there’s something out of your skillset, just outsource it and let your team focus on what they’re good at.
5. Use a calendar, not a to-do list
Why not? Because to-do lists are actually procrastination tools! Let me ask you something, when you use a to-do list, what tasks do you usually do first? The easiest right? Because of the way to-do lists are structured, it makes you want to tick off tasks. It doesn’t differentiate between high priority and low priority.
You’ll check off those easy tasks and then leave the hard tasks in the end. The only problem is your energy levels are down now. It’s getting late so you put it on the next days to-do list and the process repeats.
What you should use is a calendar like billionaires do. Everything you write down on your to-do list should be transferred to your calendar as events. Make sure to schedule tasks that require mental effort first and physical later on. When you do this, you’ll know exactly what time you’ll work on each task and how much free time you have left.
6. Check if you’re on track
Are you sure you’re on the right track? Did you make sure your plan is working or are you just mindlessly executing? The problem with most people is that they don’t review their progress. They just plan out a “solid” strategy and then mindlessly execute it without checking whether it’s working or not.
If you want to be better than most entrepreneurs, then you should review your progress at least every month – preferably every week. Look at the data and ask yourself, “Am I getting the results I expected?” then take action accordingly.
7. Learn from other’s mistakes
Learning from your own mistakes should be an automatic response. But that’s not what I’m talking about here. I’m talking about learning from mistakes that other people made. Why? Because, you can’t afford to make every mistake in your life.
Your time in this world is limited and there are so many mistakes you could make. You can’t experiment everything and you shouldn’t experiment everything. It’s a waste of time especially when other people have done those experiments before you.
It’s all documented on blogs, books, lectures, courses, videos and forums. There’s no reason why you shouldn’t learn from other’s mistakes. Walking through the minefield of life will be a lot easier when you have a map with the mines you should avoid. Not to say you won’t trip, but life will still be a lot easier than if you didn’t have one.
“Do not fear mistakes. You will know failure. Continue to reach out.” – Benjamin Franklin
Now it’s up to you whether you apply this stuff and improve or just hit the back button. It’s time to differentiate the true action takers from the readers. It’s time to improve and get better in a world where most people just talk and do little.
That leaves us with one question, Are you a reader or a doer? Please leave your thoughts in the comment section below!
Entrepreneurs
How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups
LLCs have unique advantages for starting up and growing a successful business
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.
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
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…)
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
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…)
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
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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