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How Letting Go of Perfection Can Help You Build a Strong Company

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perfectionism

The word “perfect” has a nice ring to it. After all, isn’t that what we should all strive for? We should be straight A students, be perfect at our jobs, raise perfect kids and have perfect bodies. The idea of being a perfectionist initially sounds like a good personality trait to possess. These are people who refuse to accept any standard short of perfection. They must have perfect lives and successful businesses, right?

If you answered “yes,” you’d be wrong. Those people who claim to be perfectionists most often do not have a perfect life and definitely do not have successful businesses. Studies have shown that perfectionism causes depression and holds people back from achieving big things in their lives and businesses.

Ibrahim Al-Haidos, founder of Fursan, has had lots of experience with perfectionism in his life. He was raised by a family of perfectionists, and he had the tendency to live his life that way himself for a long time. Now that he has shed those unrealistic expectations of himself and others, he shares his experience with perfectionism and the 5 lessons he has learned from it to build a strong and successful company.

1. Don’t Strive for Perfection

Perfect doesn’t exist. No one and nothing can ever be perfect. And you cannot succeed 100% of the time. It is perfectly acceptable to not achieve the results you were after all of the time. Strive for excellence and do the best you can. If you miss the mark, learn from it and apply those lessons the next time around.

Ibrahim’s family was full of perfectionists. His mother even measured the distance between the plate and cutlery. Initially, Ibrahim believed he couldn’t accept anything less than perfect in his own life and business. But striving for perfection slowed him down in the beginning. “Perfection simply is not possible, but you can achieve excellence. I needed to understand that it is ok not to get it right on the first try.”

“Looking for perfection is the only way to motivate yourself.” – Ronnie O’Sullivan

2. Embrace Diversity

Each employee you hire has his own set of unique skills. Each person will bring her own strengths and weaknesses to the table. Just like you and everything else in this world, your employees are not perfect. Some will be excellent speakers while others struggle with public presentations. Some will excel at learning new technology while others struggle. Never assume that your employees are all equally skilled at everything, and never expect perfection from anyone.

“One of my MBA professors at HEC Paris gave me some brilliant advice. She told me to always treat my employees the way I would want them to treat our customers. What I’ve found is that if you invest heavily in your employees, they will help you build an amazing company.”

3. Always Just Be Yourself

If you own your own business or are a leader within one, remember that you got into that position because of your unique strengths and abilities. Instead of attempting to be someone you are not, be yourself.

Your coworkers and employees don’t expect you to be perfect so never try to be someone you aren’t. They genuinely want to hear your own words, thoughts and feelings. And it is okay to be vulnerable when you don’t have all the answers. People respect you.

4. Put People First

Perfectionists have a tendency to focus on “stuff” rather than the people in their lives. Instead, put your heart and efforts into connecting with the people in your life.  You are a human being, just like your lowest paid employee. You put on your pants the same way as everyone else, act like it. Don’t be afraid to show your human side to people. Be humble. Not only will you get more respect, your employees will work harder for you. People respect people, not machines.

“Being a part of human to human interaction is something I’ve enjoyed immensely.”

5. Trust your People

If you don’t trust the people you hired, you shouldn’t have hired them. And if you do trust your people, show it. Micromanaging your employees will only make them feel unwanted and unnecessary. You hired them to do a job, so let them do it their way.

Accept people as they are. Being flawed is a part of being a human being, and they will get it wrong from time to time. Again, let go of perfectionism and trust that your employees have your best interest at heart.

There is a big difference between perfect and excellent. You can always strive for excellence, but you should never chase perfection nor should you expect it from others. It is a race that cannot be won. Embrace failure. Trust yourself and your employees. Apply this to your life and business, and you will be successful.

How have you embraced, or let go, of perfection? Comment below!

Ben Walker is a CEO, entrepreneur, and visionary leader that enjoys helping others become successful in business. Ben’s company Transcription Outsourcing (www.transcriptionoutsourcing.net)  provides user-friendly and cost effective transcription services for the medical, legal, law enforcement, and financial industries for organizations all over the world. Ben is a sought-after thought leader and has made contributions to publications like Entrepreneur Magazine, The Associated Press, Inc. Magazine and Forbes. Follow Ben’s Tweets: @benjaminkwalker.

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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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