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How to Know When to Move on From a Business Idea

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We all have “lightbulb” moments from time to time. As an entrepreneur, you’ve made your living off of turning these moments into business practices. Whatever the case, every idea has a lifespan. At some point, it’ll either work for you or it won’t. If it’s not working, then you need to know the right time to move on. Otherwise, you’ll pour your time and resources into a bottomless pit.

Sure, there’s something to be said for persistence, but sometimes persistence can just lead you further down the wrong path and cause you to bang your head against the wall. We’d like to help you prevent that!

Here are 4 signs that you should move on from a business idea:

1. You’ve Completely Lost Your Passion for It

You no longer have the fire you used to have for the idea. What started out as a passion has quickly dwindled to the point where everything about it feels like a chore. You can’t see yourself working in the industry or on the idea for much longer – and certainly not for the amount of time it’ll take for it to become a lasting success.

You can keep plowing forward and ignore this lost passion, but it’ll chip away at your happiness and start to sap your energy, even if it has the potential to become profitable.

“Do what you love. Know your own bone; gnaw at it, bury it, unearth it, and gnaw it still.” – Henry David Thoreau

2. The Profit Margin is Too Low

Low profit margins create low margins for error. This becomes even more problematic when you’re dealing with tough competition in a potential “race to the bottom” of pricing. If the profit margin will be too low and you can’t figure out a way to increase it, perhaps through negotiation with potential vendors or cutting out some other part of the cost, then the idea may no longer be worth pursuing.

When calculating profit margin, make sure to calculate the net profit margin. This takes total sales and subtracts it by business expenses. Keep in mind that profit margins will vary from industry to industry.

3. You Can’t Validate It

If you struggle to validate your idea, it’s a sign that people probably don’t want or need it. For example, if you run Facebook ads to a landing page with an email opt-in to learn more about your idea, and it generates hardly any clicks, then people may not be interested.

You can try other mediums for testing and validating your idea. You can even try to “pre-sell” it, so that you get sales before you even move forward with creating it. But if all of your attempts see lackluster results, then listen to what the market is telling you. They don’t want your idea in its current state. You can either pivot and tweak your idea, or move on to something else. Because if you start pouring your resources into an idea like this, you’re bound to lose on that investment.

4. It’s Confusing

Can you easily explain your idea to potential customers and others in few sentences? If not, then it’s probably a little too confusing. Confusing ideas struggle to achieve large customer bases, because they struggle to invoke desire in customers. How can somebody want a product or service if they don’t understand what problem it solves, or what it actually does?

If your idea is confusing, you should work to simplify it and create an “elevator pitch”, then test it out by explaining it to people. If that still doesn’t work, then it may be time to move on to something else.

“Don’t find customers for your products, find products for your customers.” – David Ogilvy

You shouldn’t take every idea and use it. Instead, you should realize when it’s time to move on from one idea so you can devote more resources to your next endeavor.  It’s hard to move on, especially if you’ve invested a lot into your idea. But if you see any of the signs we’ve listed here, then it’s time to move forward.

Have you ever had an idea you thought would be successful but you had to move on from it? Let us know in the comments below so we can all help each other push forward and succeed.

Parker Davis is the CEO of Answer 1, a leader in the virtual receptionist and technology enabled answering services industry.  He believes that the application of data analytics, investment in technology, and fostering a positive company culture together create highly efficient and scalable growth companies.  In 2016, Answer 1 will achieve record revenues while also being awarded the Top Companies to Work For in Arizona award. Parker is also the Managing Partner of Annison Capital Partners, LLC, a private investment partnership.

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  1. AK

    Jul 10, 2018 at 6:17 pm

    very impressive quotes !!!!

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Entrepreneurs

8 Tips for Launching a Business on Amazon

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Launching a business on Amazon can either seem like a breeze or the most daunting goal you’ve ever set for yourself. Neither is entirely true, but it’s safer to think the latter than the former. The market is indeed very competitive, but it’s by no means a gargantuan task to get you started. While there are comprehensive guides available that’ll walk you through each step (see below), there are a few things you should be aware of before you take the plunge.

Here are 8 tips for launching a business on Amazon:

1. Take one step at a time

It’s important to take it one step at a time when it comes to building your business on Amazon. The key to a happy life, according to psychological studies, is to have low expectations. That’s not to say that your ambitions shouldn’t be sky-high. Things will take time.

For example, Rome wasn’t built in a day, and your business on Amazon won’t be either. Fortunately, there are handy online guides that’ll teach you how to build your empire step by step, even if you’re on a budget.

2. Invest in low-ticket products

It’s tempting to go for products with a big price tag because they often yield a large profit margin. Beginners are not advised to take this route, however. Why? Because you can wave goodbye to that large profit margin if you only have a small stock purchase budget to work with.

You need to buy in bulk from the manufacturer if you hope to knock down the price and increase your profit margin. Going for low-ticket items will allow you to negotiate with the manufacturer, as you’ll be buying hundreds of things rather than tens of them. Buy products that match your buying power, and then move up the ladder from there.

“If you don’t understand the details of your business you are going to fail.” – Jeff Bezos

3. Don’t play the undercutting game

Many entrepreneurs build their business by undercutting the competition. That’s not a good strategy for a budding business, because your budget and sales volume probably won’t allow for it. You’ll be competing with the big boys (sometimes even Amazon themselves) who buy in vast quantities and therefore have very favorable buying and shipping costs.

It would be better if you instead focused on competing on quality of service rather than price. Feel free to knock yourself out in the undercutting game later, once you can afford your warehouse.

4. Avoid branded products

It’s challenging to make a profit out of selling branded products, such as Apple or Nike. The game of branded goods is exceptionally competitive, and you’ll quickly find yourself in the deep end — just like if you compete on price.

While there is a chance you can stumble across branded goods on clearance, even these will be difficult to get rid of on Amazon. It would be better if you instead spent time developing your business brand.

5. Avoid cheap imitations

Don’t be fooled by Chinese factories on Alibaba that claim to sell branded goods. They’re usually cheap knock-offs that’ll only hurt your seller rating on Amazon. It’s no secret that China produces many imitations, and you don’t want to risk being caught up in a criminal case.

Some of the most sought-after fake products are electronics. Ask yourself if you’re going to risk your imitation product blowing up in the face of your customers is worth the extra profit margin.

Big brands are also aware of the fact that factory workers in China are tempted to sneak out a few iPhones to sell for their private gain. Naturally, the companies monitor these factories to make sure that doesn’t happen.

6. Put your money where your mouth is

Anyone who’ve scrolled through the job listings on sites like Craigslist will know that there is an abundance of offers that are too good to be true. Work from home and make all the money in the world with no up-front investment.

Guess what? Cliches like “it takes money to make money” and “there’s no such thing as a free lunch” are all true. Launching a business on Amazon will require you to budget for your products, shipping of your products, your Amazon seller account, product photography, graphic design, online marketing, and other expenses related to running a business.

7. Don’t do everything yourself

It can be tempting to save money by taking your product photos, designing your logo, create your Facebook ads, and filing your accounts. After all, there are loads of free YouTube videos on how to do these things yourself. Don’t do it.

Chances are the result will scream amateur hour. Your friends might be impressed, but your customers won’t be. Your job as an entrepreneur is to work on your business and not in it. If you can’t afford to hire professionals to accomplish these tasks for you, then wait until you can. Your time is better spent working in your field of expertise.

“Position yourself with something that captures your curiosity, something that you’re missionary about.” – Jeff Bezos

8. Commit to lifelong learning

If you think industries are changing rapidly out there in the real world, then wait until you learn about online businesses. Reading this article is just the start of your learning curve.

Amazon is just a platform, but even so, there are many things you have to stay on top of. You have to know about carving out a niche, ranking well on Amazon, advertising your products across social media channels, and improving your online reputation.

Never stop learning because the landscape is changing every year, if not every day. Make sure to read up on basic Amazon business tutorials, and subscribe to relevant blogs to stay up to date.

Starting a business on Amazon is a lot easier and cheaper than starting a business from scratch. The online platform is already built for you, and Amazon has warehouses in which to store your goods. It’s possible to do it from home with a laptop and an Internet connection — but you need capital to get your business off the ground.

Have you thought about or launched a business on Amazon? If so, let us know what your experience is down below!

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7 Skills That Will Make You a Successful Entrepreneur

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Entrepreneurship is all about fitting into various roles and standing as a potential leader to roll in a successful business. What it requires to become an entrepreneur is assessed differently by different people across the globe. Some consider passion as the primary quality, while others take selflessness as a measure. Regardless of this, entrepreneurship is a result of the innate desire to make a change for the better. This desire, when characterized with certain crucial skills, will bring a successful entrepreneur to life.

There are about 400 million entrepreneurs in the world and to stand out from the crowd, here is a list of key skills that an entrepreneur should possess:

1. Thinking outside of the box

Entrepreneurship signifies a creative approach towards work. Successful entrepreneurs think outside of the box and are adept at finding possibilities and value in places where others have lost hope.

In simple words, they begin their journey from where the world stops thinking. Almost anyone can start a business, but turning the tables and creating something out of nothing; that’s how an entrepreneurs mind works.

2. Excellent communication skills

A major part of your business journey will involve communicating and interacting with more and more people. Be it your investors, customers, or your employees, what and how you convey your message to them plays a great role in determining your success as an entrepreneur.

In addition, communication skills also include your potential as a listener. The more you are skilled to listen to others, the better you become at communicating your thoughts and ideas to the crowd. This exchange of ideas and thoughts, in turn, helps to step-up the ladder of success.

“Wise men speak because they have something to say; Fools because they have to say something.” – Plato

3. Power to flip failure into success

Leading a business isn’t a cake walk, and the ups and downs are its never-ending parts. A crucial skill for an entrepreneur is to be prepared to stay calm in failures and take those times as opportunities to become better. They should learn to carve their mindsets to bring the best out of the worst.

4. Leadership qualities

Running a business is not just about monitoring the sales and profits, but it is more about leading a diversely skilled workforce to put their abilities to best use. True entrepreneurs possess exceptional leadership qualities and know how to lead by example. They are self-driven and act as sources of motivation and inspiration for others.

This way they help in building a potential team by guiding them throughout their projects. Further empathy, passion, the ability to support their co-workers and a desire to keep learning are some of the entrepreneurial leadership qualities that one should possess to become a successful leader.   

5. Potential to change hats – ‘multitask’

Entrepreneurs are their own bosses, and being your own boss implies handling multiple tasks single-handedly. From the pettiest issue to something serious, everything has to be looked at by an entrepreneur.

The key skill of a successful entrepreneur is changing hats swiftly and transitioning from one role to the other without making a big deal of it. You may also call this as ‘organizational skill’- a skill that entrepreneurs should possess to manage and organize multiple tasks without being overwhelmed to streamline business operations.  

6. Money-management skills

How you manage your financial ins and outs matters a great deal in your success as an entrepreneur. According to recent studies, 29% of startups that failed stated ‘out of cash’ as their reason for it.

Entrepreneurs need to be well-versed in knowing how much, when, where, and why they are spending money. Keeping an accurate analysis of all your expenses is another crucial skill entrepreneurs should be adept at.

“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” – Will Rogers

7. Ability to take calculated risks

One of the many qualities that contribute to running a successful venture is the ability to take calculated risks. Whether it is making a new investment or seeking a loan, entrepreneurs need to assess if their next step would bring a change for better or turn into a huge loss for their business.

Successful entrepreneurs understand that taking risks is a part and parcel of their life. Hence, they know that in what circumstances taking chances will be beneficial to them.

If reading out all those skills made you resonate with your personality, then tighten up your shoe-lace to run the entrepreneurial race with the world.

Richard Branson, founder of Virgin Group once said: “No two successful entrepreneurs are the same.” Hence, there’s a lot more to explore to set your future as a entrepreneur.

You need to find your way towards success, but the seven skills mentioned above are what you can use as the base or foundation to proceed further.

Which one of the above skills resonates most with you to succeed as an entrepreneur?

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5 Motivating Tips for Mompreneurs to Balance Work and Motherhood

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Being a woman entrepreneur may be one of the most challenging jobs in the world, but being a mompreneur (mom and entrepreneur) is more so. You have to live two demanding roles, that of a mother and an entrepreneur, simultaneously.

Choosing between breastfeeding a baby and taking an urgent client call is never easy. It may bring you down on your knees sometimes, urging you to trade one dream for the other. Nonetheless, you must hold on! Many successful businesswomen believe you can balance motherhood and entrepreneurship perfectly.

As you can’t give up contributing to the household income, you must find a way to balance the two roles. Here are five tips that will prove helpful:

1. Keep Honing Your Time Management Skills

As you will need to live a double life, you have to function at your maximum efficiency almost 24/7. Without impeccable time management skills, you will be wasting the time you don’t have. So, you need to keep improving your time management skills forever.

You should have a well-planned daily schedule every day, even on weekends. Also, make sure to plan your next day the day before. Thus, you will be able to distribute your time to all the tasks at hand. Make a to-do list using a planner that suits you.

How much time and energy will you require for completing a particular task? Will you have enough energy left to tend to the subsequent responsibility? Consider these two factors when planning the day. However, know that you can’t get it all done, and that is okay. No one can do it all to perfection. Perfectionism can be disastrous. That’s why you need to set realistic goals and have realistic expectations as well.

If you try to do it all yourself, you will probably end up messing it up and putting everyone else under a lot of stress. Because of this, include only the amount of tasks that are humanly possible to handle in a day, both, as a mother and an entrepreneur.

“The key is in not spending time, but in investing it.” – Stephen R. Covey

2. Avoid Mom-Guilt at All Costs

For many women entrepreneurs, mom-guilt is the biggest concern. Sometimes, you may not have the time to attend a soccer match on account of a string of important business meetings, or you may not be able to make time to bake cookies.

No one wants to flaunt dirty dishes and messy floors. However, all moms have kids that disobey or get in all sorts of trouble; and there’s always a pile of dirty laundry sitting in the corner. Even most full-time moms are unable to make it to every soccer game or bake cookies. Your life as a mompreneur isn’t going to be any different.

Guilt is a toxic emotion that can impair your performance on all fronts. However, as all your struggles are in your head, it is up to you to learn to say no to mom-guilt. Getting rid of mom guilt is not easy, but it is doable. The moment you stop thinking about it, you will not feel guilty as a mom nor as an entrepreneur.

3. Delegate Responsibilities

As mentioned in the first point, you can’t do it all. That’s why you should delegate personal as well as professional responsibilities to others.

For example, if you need some mommy time, you can hand over a few of your entrepreneurial duties to your deputy for the day. You can also delegate some responsibilities to your deputies on a daily basis. This will allow you to have more family time or concentrate on the most crucial tasks at work.

On the family front, you can get help from your partner. Talk to your better half about how he can help you. Chances are he will have a full-time job too. So, you will need to sit down and figure out how to share chores and parenting duties.

You can also have an extended help network from other family members and friends. Don’t forget to show your appreciation for the help you are getting from your partner or other family members. A simple “thank you” after they have put the kids to bed can go a long way.

“When you delegate work to a member of the team, your job is to clearly frame success and describe the objectives.” – Steven Sinofsky

4. Learn to Roll with It

Leading the life of a mompreneur is often messy and unpredictable. Despite your perfect planning, things may spiral out of control occasionally. You will fail to meet your daily goals from time to time, even though they are realistic. Being a mompreneur isn’t always glamorous.

You have to learn to roll with the punches life throws at you. Accept that you will miss a deadline occasionally or have your baby spit-up on your blouse while attending a client call. Once you accept this reality, you can eliminate a lot of stress.

Doing this will make not only your life easier, but also of those around you. Remember, acceptance is the key to professional and personal success.

5. Mompreneurs Need Me-Time Too

One can easily get lost in their attempt to find balance between being a mother and an entrepreneur. If you are working from home, the lack of separation between these two roles often makes it difficult to set aside some me-time.

However, you can’t afford to compromise your mental or physical health. You not only need enough sleep, exercise, and nutrition to keep you going, but also solace whenever time permits. You can take up a hobby, visit a nearby spa or relax for a few minutes while sipping a cup of hot coffee. Just make sure to do it regularly. Make time for self-care in your busy schedule.

Being a mompreneur is no easy task. From keeping your time management skills up-to-date to setting aside some me-time, these five tips will help you become a successful mother as well as an entrepreneur. They will help you create a balance between these two critical roles.

Are you a mompreneur? What did you do to set up a successful business while changing diapers? Share your experiences in your comments.

Image courtesy of Twenty20.com

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Millennial Multi-Millionaires Share Their Best 6 Tips on Starting a Successful Company

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It’s been known that millennials get a bad rep for being lazy and feeling as though they deserve success without putting in the work. This isn’t the case for Santiago Nestares Lampo and Benedict Dohmen. Both Santiago and Benedict are millennial multi-millionaires at the ripe age of 21.

The two friends had been coding until the late hours of the night while attending Dartmouth College. While working late into the night, they discovered a common problem, they both had aching backs.

Instead of brushing it off and pushing through the pain, the millennials decided to do something about it and ended up developing a pillow to help them sit with better posture and experience little to no back pain, thus the start of their million dollar brand.

Since expanding the back pain brand to 25 products and 8 figures in revenue, the two have applied these six tips to continue to expand their business:

1. Vision

Every great idea starts with a vision. For their company, Benedict and Santiago listened to what their customers said right from the start. They didn’t want to be another company churning out products for the heck of it.

Just because you think your customers will like a product doesn’t mean that they will. You need to make sure that when you’re creating a product or adding products to your current line that you ask your customers what they want. This is will help to create a product that people will actually want, saving you tons of headaches.

2. Engineer Profitability From The Beginning

While there are successful companies who got their start from venture capitalists, this doesn’t mean this is the case for all companies and certainly not the Benitago Group.

They wanted to know if they would be profitable from the beginning because it can be hard to measure when you’re using someone’s money. When you use someone else’s money, you may have to make a decision that brings in capital for the short term but isn’t beneficial for the long term growth of your company.

To grow their company, they also haven’t taken out a penny for themselves. They firmly believe in the concept of investing everything you make back into the company. This is paramount to fast growth as they’ve achieved it with Benitago Group.

“Don’t give up on your dreams, or your dreams will give up on you.” – John Wooden

3. Direct Impact

For Benedict and Santiago they wanted their company to have a direct impact right from the beginning. Money was a part of their success but it wasn’t what was driving the duo.

Combined with their vision, they wanted to start a company that would have a direct impact on millions of people. By creating products they’re constantly refining and going directly to the consumer, they can have a direct impact on people’s lives.

When you start your company, are you doing it to make money or are you doing it to help others? While the money is good, if you only start your company for the money and it gets rocky, you’re more apt to quit because you won’t care enough to stick with your company through the bad times. Money is bipartisan of any successful company.

If you build a product that can impact millions, the money will come.

4. Data-Driven Decision Making

It wouldn’t be a smart idea to make decisions for your company without backing it up with rational information. Benedict and Santiago run their company like a startup firm instead of Corporate America where ideas have to pass through the ranks and can take weeks or even months before being implemented.

When you decide to track the statistics on your company, you’re able to get a sense of what move you should make next. Your emotions won’t be attached to your decisions because they will be backed up with logic and economic rationale.

5. Focus

As you grow, many distractions come along in terms of other business areas to expand to, etc. Dohmen and Nestares have both received many requests for consulting from smaller private companies to big conglomerates such as P&G, even at consulting rates far higher than top consulting firms like McKinsey. However, they’ve turned all such requests down with a commitment to focus all their energy on building Benitago Group.

There comes a point in any successful business where there won’t be enough time in the day. You have to decide what your focus is going to be on. The decision on what to focus on will ultimately come down to, “Am I growing my business?” If you’re not growing your business, the task isn’t worth your time.

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.” – Zig Ziglar

6. Strong Work Ethic

Benedict and Santiago don’t believe in the typical 9-5 work ethic. They mostly work 7 days a week from morning until the late evening. They expect full commitment from anyone who works for them.

Within their company, people who perform also get rewarded accordingly. It’s the perfect environment for the driven individuals who want to place a bet on themselves and want to see what they’re able to accomplish. The goal is to make people feel more human by giving them all the freedom and trust to achieve their potential.

By working extra hours per week, it allows them to get a leg up on the competition. If you want to start a multi-eight figure and beyond company, you can’t expect to work the same hours as everyone else and become successful.

A strong work ethic will take you to wherever you desire. Nothing can stop the person who has a strong work ethic with the resilience to overcome failure. It doesn’t matter who you are, if you’re willing to work smarter and harder than your competition, you will become successful.

Starting multi-million dollar companies with these tips should be simpler. Nonetheless, it’s not easy and at times you’ll want to give up. If you continue at it and continue to grind day after day, year after year, you can accomplish amazing things. Age knows no boundaries. It doesn’t matter if you’re twenty-one or sixty-five!

What’s the best tip for success you’ve heard? Share it with us below!

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8 Tips for Launching a Business on Amazon

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Amazon business
Image Credit: Unsplash

Launching a business on Amazon can either seem like a breeze or the most daunting goal you’ve ever set for yourself. Neither is entirely true, but it’s safer to think the latter than the former. The market is indeed very competitive, but it’s by no means a gargantuan task to get you started. While there are comprehensive guides available that’ll walk you through each step (see below), there are a few things you should be aware of before you take the plunge. (more…)

Brandon Stapper is the Chief Executive Officer of www.NonstopSigns.com, a Los Angeles Printing Company.  At 20 years old, with no formal education and only a few hundred dollars, Stapper turned a $400 custom decal machine in a garage into a printing powerhouse. Nonstop Signs & Graphics has made the Forbes Fastest Growing Companies Award 4 years in a row and services 10,000 clients yearly.

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1 Comment

1 Comment

  1. AK

    Jul 10, 2018 at 6:17 pm

    very impressive quotes !!!!

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Entrepreneurs

8 Tips for Launching a Business on Amazon

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Amazon business
Image Credit: Unsplash

Launching a business on Amazon can either seem like a breeze or the most daunting goal you’ve ever set for yourself. Neither is entirely true, but it’s safer to think the latter than the former. The market is indeed very competitive, but it’s by no means a gargantuan task to get you started. While there are comprehensive guides available that’ll walk you through each step (see below), there are a few things you should be aware of before you take the plunge.

Here are 8 tips for launching a business on Amazon:

1. Take one step at a time

It’s important to take it one step at a time when it comes to building your business on Amazon. The key to a happy life, according to psychological studies, is to have low expectations. That’s not to say that your ambitions shouldn’t be sky-high. Things will take time.

For example, Rome wasn’t built in a day, and your business on Amazon won’t be either. Fortunately, there are handy online guides that’ll teach you how to build your empire step by step, even if you’re on a budget.

2. Invest in low-ticket products

It’s tempting to go for products with a big price tag because they often yield a large profit margin. Beginners are not advised to take this route, however. Why? Because you can wave goodbye to that large profit margin if you only have a small stock purchase budget to work with.

You need to buy in bulk from the manufacturer if you hope to knock down the price and increase your profit margin. Going for low-ticket items will allow you to negotiate with the manufacturer, as you’ll be buying hundreds of things rather than tens of them. Buy products that match your buying power, and then move up the ladder from there.

“If you don’t understand the details of your business you are going to fail.” – Jeff Bezos

3. Don’t play the undercutting game

Many entrepreneurs build their business by undercutting the competition. That’s not a good strategy for a budding business, because your budget and sales volume probably won’t allow for it. You’ll be competing with the big boys (sometimes even Amazon themselves) who buy in vast quantities and therefore have very favorable buying and shipping costs.

It would be better if you instead focused on competing on quality of service rather than price. Feel free to knock yourself out in the undercutting game later, once you can afford your warehouse.

4. Avoid branded products

It’s challenging to make a profit out of selling branded products, such as Apple or Nike. The game of branded goods is exceptionally competitive, and you’ll quickly find yourself in the deep end — just like if you compete on price.

While there is a chance you can stumble across branded goods on clearance, even these will be difficult to get rid of on Amazon. It would be better if you instead spent time developing your business brand.

5. Avoid cheap imitations

Don’t be fooled by Chinese factories on Alibaba that claim to sell branded goods. They’re usually cheap knock-offs that’ll only hurt your seller rating on Amazon. It’s no secret that China produces many imitations, and you don’t want to risk being caught up in a criminal case.

Some of the most sought-after fake products are electronics. Ask yourself if you’re going to risk your imitation product blowing up in the face of your customers is worth the extra profit margin.

Big brands are also aware of the fact that factory workers in China are tempted to sneak out a few iPhones to sell for their private gain. Naturally, the companies monitor these factories to make sure that doesn’t happen.

6. Put your money where your mouth is

Anyone who’ve scrolled through the job listings on sites like Craigslist will know that there is an abundance of offers that are too good to be true. Work from home and make all the money in the world with no up-front investment.

Guess what? Cliches like “it takes money to make money” and “there’s no such thing as a free lunch” are all true. Launching a business on Amazon will require you to budget for your products, shipping of your products, your Amazon seller account, product photography, graphic design, online marketing, and other expenses related to running a business.

7. Don’t do everything yourself

It can be tempting to save money by taking your product photos, designing your logo, create your Facebook ads, and filing your accounts. After all, there are loads of free YouTube videos on how to do these things yourself. Don’t do it.

Chances are the result will scream amateur hour. Your friends might be impressed, but your customers won’t be. Your job as an entrepreneur is to work on your business and not in it. If you can’t afford to hire professionals to accomplish these tasks for you, then wait until you can. Your time is better spent working in your field of expertise.

“Position yourself with something that captures your curiosity, something that you’re missionary about.” – Jeff Bezos

8. Commit to lifelong learning

If you think industries are changing rapidly out there in the real world, then wait until you learn about online businesses. Reading this article is just the start of your learning curve.

Amazon is just a platform, but even so, there are many things you have to stay on top of. You have to know about carving out a niche, ranking well on Amazon, advertising your products across social media channels, and improving your online reputation.

Never stop learning because the landscape is changing every year, if not every day. Make sure to read up on basic Amazon business tutorials, and subscribe to relevant blogs to stay up to date.

Starting a business on Amazon is a lot easier and cheaper than starting a business from scratch. The online platform is already built for you, and Amazon has warehouses in which to store your goods. It’s possible to do it from home with a laptop and an Internet connection — but you need capital to get your business off the ground.

Have you thought about or launched a business on Amazon? If so, let us know what your experience is down below!

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7 Skills That Will Make You a Successful Entrepreneur

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Entrepreneurship is all about fitting into various roles and standing as a potential leader to roll in a successful business. What it requires to become an entrepreneur is assessed differently by different people across the globe. Some consider passion as the primary quality, while others take selflessness as a measure. Regardless of this, entrepreneurship is a result of the innate desire to make a change for the better. This desire, when characterized with certain crucial skills, will bring a successful entrepreneur to life.

There are about 400 million entrepreneurs in the world and to stand out from the crowd, here is a list of key skills that an entrepreneur should possess:

1. Thinking outside of the box

Entrepreneurship signifies a creative approach towards work. Successful entrepreneurs think outside of the box and are adept at finding possibilities and value in places where others have lost hope.

In simple words, they begin their journey from where the world stops thinking. Almost anyone can start a business, but turning the tables and creating something out of nothing; that’s how an entrepreneurs mind works.

2. Excellent communication skills

A major part of your business journey will involve communicating and interacting with more and more people. Be it your investors, customers, or your employees, what and how you convey your message to them plays a great role in determining your success as an entrepreneur.

In addition, communication skills also include your potential as a listener. The more you are skilled to listen to others, the better you become at communicating your thoughts and ideas to the crowd. This exchange of ideas and thoughts, in turn, helps to step-up the ladder of success.

“Wise men speak because they have something to say; Fools because they have to say something.” – Plato

3. Power to flip failure into success

Leading a business isn’t a cake walk, and the ups and downs are its never-ending parts. A crucial skill for an entrepreneur is to be prepared to stay calm in failures and take those times as opportunities to become better. They should learn to carve their mindsets to bring the best out of the worst.

4. Leadership qualities

Running a business is not just about monitoring the sales and profits, but it is more about leading a diversely skilled workforce to put their abilities to best use. True entrepreneurs possess exceptional leadership qualities and know how to lead by example. They are self-driven and act as sources of motivation and inspiration for others.

This way they help in building a potential team by guiding them throughout their projects. Further empathy, passion, the ability to support their co-workers and a desire to keep learning are some of the entrepreneurial leadership qualities that one should possess to become a successful leader.   

5. Potential to change hats – ‘multitask’

Entrepreneurs are their own bosses, and being your own boss implies handling multiple tasks single-handedly. From the pettiest issue to something serious, everything has to be looked at by an entrepreneur.

The key skill of a successful entrepreneur is changing hats swiftly and transitioning from one role to the other without making a big deal of it. You may also call this as ‘organizational skill’- a skill that entrepreneurs should possess to manage and organize multiple tasks without being overwhelmed to streamline business operations.  

6. Money-management skills

How you manage your financial ins and outs matters a great deal in your success as an entrepreneur. According to recent studies, 29% of startups that failed stated ‘out of cash’ as their reason for it.

Entrepreneurs need to be well-versed in knowing how much, when, where, and why they are spending money. Keeping an accurate analysis of all your expenses is another crucial skill entrepreneurs should be adept at.

“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” – Will Rogers

7. Ability to take calculated risks

One of the many qualities that contribute to running a successful venture is the ability to take calculated risks. Whether it is making a new investment or seeking a loan, entrepreneurs need to assess if their next step would bring a change for better or turn into a huge loss for their business.

Successful entrepreneurs understand that taking risks is a part and parcel of their life. Hence, they know that in what circumstances taking chances will be beneficial to them.

If reading out all those skills made you resonate with your personality, then tighten up your shoe-lace to run the entrepreneurial race with the world.

Richard Branson, founder of Virgin Group once said: “No two successful entrepreneurs are the same.” Hence, there’s a lot more to explore to set your future as a entrepreneur.

You need to find your way towards success, but the seven skills mentioned above are what you can use as the base or foundation to proceed further.

Which one of the above skills resonates most with you to succeed as an entrepreneur?

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5 Motivating Tips for Mompreneurs to Balance Work and Motherhood

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Being a woman entrepreneur may be one of the most challenging jobs in the world, but being a mompreneur (mom and entrepreneur) is more so. You have to live two demanding roles, that of a mother and an entrepreneur, simultaneously.

Choosing between breastfeeding a baby and taking an urgent client call is never easy. It may bring you down on your knees sometimes, urging you to trade one dream for the other. Nonetheless, you must hold on! Many successful businesswomen believe you can balance motherhood and entrepreneurship perfectly.

As you can’t give up contributing to the household income, you must find a way to balance the two roles. Here are five tips that will prove helpful:

1. Keep Honing Your Time Management Skills

As you will need to live a double life, you have to function at your maximum efficiency almost 24/7. Without impeccable time management skills, you will be wasting the time you don’t have. So, you need to keep improving your time management skills forever.

You should have a well-planned daily schedule every day, even on weekends. Also, make sure to plan your next day the day before. Thus, you will be able to distribute your time to all the tasks at hand. Make a to-do list using a planner that suits you.

How much time and energy will you require for completing a particular task? Will you have enough energy left to tend to the subsequent responsibility? Consider these two factors when planning the day. However, know that you can’t get it all done, and that is okay. No one can do it all to perfection. Perfectionism can be disastrous. That’s why you need to set realistic goals and have realistic expectations as well.

If you try to do it all yourself, you will probably end up messing it up and putting everyone else under a lot of stress. Because of this, include only the amount of tasks that are humanly possible to handle in a day, both, as a mother and an entrepreneur.

“The key is in not spending time, but in investing it.” – Stephen R. Covey

2. Avoid Mom-Guilt at All Costs

For many women entrepreneurs, mom-guilt is the biggest concern. Sometimes, you may not have the time to attend a soccer match on account of a string of important business meetings, or you may not be able to make time to bake cookies.

No one wants to flaunt dirty dishes and messy floors. However, all moms have kids that disobey or get in all sorts of trouble; and there’s always a pile of dirty laundry sitting in the corner. Even most full-time moms are unable to make it to every soccer game or bake cookies. Your life as a mompreneur isn’t going to be any different.

Guilt is a toxic emotion that can impair your performance on all fronts. However, as all your struggles are in your head, it is up to you to learn to say no to mom-guilt. Getting rid of mom guilt is not easy, but it is doable. The moment you stop thinking about it, you will not feel guilty as a mom nor as an entrepreneur.

3. Delegate Responsibilities

As mentioned in the first point, you can’t do it all. That’s why you should delegate personal as well as professional responsibilities to others.

For example, if you need some mommy time, you can hand over a few of your entrepreneurial duties to your deputy for the day. You can also delegate some responsibilities to your deputies on a daily basis. This will allow you to have more family time or concentrate on the most crucial tasks at work.

On the family front, you can get help from your partner. Talk to your better half about how he can help you. Chances are he will have a full-time job too. So, you will need to sit down and figure out how to share chores and parenting duties.

You can also have an extended help network from other family members and friends. Don’t forget to show your appreciation for the help you are getting from your partner or other family members. A simple “thank you” after they have put the kids to bed can go a long way.

“When you delegate work to a member of the team, your job is to clearly frame success and describe the objectives.” – Steven Sinofsky

4. Learn to Roll with It

Leading the life of a mompreneur is often messy and unpredictable. Despite your perfect planning, things may spiral out of control occasionally. You will fail to meet your daily goals from time to time, even though they are realistic. Being a mompreneur isn’t always glamorous.

You have to learn to roll with the punches life throws at you. Accept that you will miss a deadline occasionally or have your baby spit-up on your blouse while attending a client call. Once you accept this reality, you can eliminate a lot of stress.

Doing this will make not only your life easier, but also of those around you. Remember, acceptance is the key to professional and personal success.

5. Mompreneurs Need Me-Time Too

One can easily get lost in their attempt to find balance between being a mother and an entrepreneur. If you are working from home, the lack of separation between these two roles often makes it difficult to set aside some me-time.

However, you can’t afford to compromise your mental or physical health. You not only need enough sleep, exercise, and nutrition to keep you going, but also solace whenever time permits. You can take up a hobby, visit a nearby spa or relax for a few minutes while sipping a cup of hot coffee. Just make sure to do it regularly. Make time for self-care in your busy schedule.

Being a mompreneur is no easy task. From keeping your time management skills up-to-date to setting aside some me-time, these five tips will help you become a successful mother as well as an entrepreneur. They will help you create a balance between these two critical roles.

Are you a mompreneur? What did you do to set up a successful business while changing diapers? Share your experiences in your comments.

Image courtesy of Twenty20.com

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Millennial Multi-Millionaires Share Their Best 6 Tips on Starting a Successful Company

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It’s been known that millennials get a bad rep for being lazy and feeling as though they deserve success without putting in the work. This isn’t the case for Santiago Nestares Lampo and Benedict Dohmen. Both Santiago and Benedict are millennial multi-millionaires at the ripe age of 21.

The two friends had been coding until the late hours of the night while attending Dartmouth College. While working late into the night, they discovered a common problem, they both had aching backs.

Instead of brushing it off and pushing through the pain, the millennials decided to do something about it and ended up developing a pillow to help them sit with better posture and experience little to no back pain, thus the start of their million dollar brand.

Since expanding the back pain brand to 25 products and 8 figures in revenue, the two have applied these six tips to continue to expand their business:

1. Vision

Every great idea starts with a vision. For their company, Benedict and Santiago listened to what their customers said right from the start. They didn’t want to be another company churning out products for the heck of it.

Just because you think your customers will like a product doesn’t mean that they will. You need to make sure that when you’re creating a product or adding products to your current line that you ask your customers what they want. This is will help to create a product that people will actually want, saving you tons of headaches.

2. Engineer Profitability From The Beginning

While there are successful companies who got their start from venture capitalists, this doesn’t mean this is the case for all companies and certainly not the Benitago Group.

They wanted to know if they would be profitable from the beginning because it can be hard to measure when you’re using someone’s money. When you use someone else’s money, you may have to make a decision that brings in capital for the short term but isn’t beneficial for the long term growth of your company.

To grow their company, they also haven’t taken out a penny for themselves. They firmly believe in the concept of investing everything you make back into the company. This is paramount to fast growth as they’ve achieved it with Benitago Group.

“Don’t give up on your dreams, or your dreams will give up on you.” – John Wooden

3. Direct Impact

For Benedict and Santiago they wanted their company to have a direct impact right from the beginning. Money was a part of their success but it wasn’t what was driving the duo.

Combined with their vision, they wanted to start a company that would have a direct impact on millions of people. By creating products they’re constantly refining and going directly to the consumer, they can have a direct impact on people’s lives.

When you start your company, are you doing it to make money or are you doing it to help others? While the money is good, if you only start your company for the money and it gets rocky, you’re more apt to quit because you won’t care enough to stick with your company through the bad times. Money is bipartisan of any successful company.

If you build a product that can impact millions, the money will come.

4. Data-Driven Decision Making

It wouldn’t be a smart idea to make decisions for your company without backing it up with rational information. Benedict and Santiago run their company like a startup firm instead of Corporate America where ideas have to pass through the ranks and can take weeks or even months before being implemented.

When you decide to track the statistics on your company, you’re able to get a sense of what move you should make next. Your emotions won’t be attached to your decisions because they will be backed up with logic and economic rationale.

5. Focus

As you grow, many distractions come along in terms of other business areas to expand to, etc. Dohmen and Nestares have both received many requests for consulting from smaller private companies to big conglomerates such as P&G, even at consulting rates far higher than top consulting firms like McKinsey. However, they’ve turned all such requests down with a commitment to focus all their energy on building Benitago Group.

There comes a point in any successful business where there won’t be enough time in the day. You have to decide what your focus is going to be on. The decision on what to focus on will ultimately come down to, “Am I growing my business?” If you’re not growing your business, the task isn’t worth your time.

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.” – Zig Ziglar

6. Strong Work Ethic

Benedict and Santiago don’t believe in the typical 9-5 work ethic. They mostly work 7 days a week from morning until the late evening. They expect full commitment from anyone who works for them.

Within their company, people who perform also get rewarded accordingly. It’s the perfect environment for the driven individuals who want to place a bet on themselves and want to see what they’re able to accomplish. The goal is to make people feel more human by giving them all the freedom and trust to achieve their potential.

By working extra hours per week, it allows them to get a leg up on the competition. If you want to start a multi-eight figure and beyond company, you can’t expect to work the same hours as everyone else and become successful.

A strong work ethic will take you to wherever you desire. Nothing can stop the person who has a strong work ethic with the resilience to overcome failure. It doesn’t matter who you are, if you’re willing to work smarter and harder than your competition, you will become successful.

Starting multi-million dollar companies with these tips should be simpler. Nonetheless, it’s not easy and at times you’ll want to give up. If you continue at it and continue to grind day after day, year after year, you can accomplish amazing things. Age knows no boundaries. It doesn’t matter if you’re twenty-one or sixty-five!

What’s the best tip for success you’ve heard? Share it with us below!

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