Connect with us

Entrepreneurs

Why 50 Cent Is So Successful

Published

on

50 Cent entrepreneur

An amazing hunger for more has driven Curtis ‘50 Cent‘ Jackson to leave behind a negative lifestyle to become a multi-platinum selling rapper, an actor and a serial entrepreneur.

50 continues to build his business empire as well as 50 Cent the brand. Building on his success in the music industry 50 continues to branch out into an ever increasing amount of businesses.

50 Cent’s estimated net worth is $140 Million.

 

50 Cent’s Musical Success

50 cent entrepreneurAfter a difficult childhood, adolescence and an early adulthood consisting of his mother’s death, drug dealing and being shot 9 times 50 Cent turned his attention to his rap career. After being shot, 50 released the mixtape Guess Who’s Back and was consequently discovered  by Rapper Eminem who orchestrated the signing of 50 to Shady Records, Aftermath Entertainment and Interscope Records. Eminem teamed up with Dr. Dre to help 50 become one of the best selling rappers in the world with the release of his first album Get Rich or Die Tryin’ . This success was compounded by the success of his subsequent albums and the success of his Hip Hop collective, G-Unit. As well as winning multiple awards 50’s global record sales have exceeded 30 Million.

 

50 Cent The Entrepreneur

50 cent entrepreneurSuccessful musicians are no longer with happy with their royalties being their only source of income. 50 Cent has taken the idea of being a multi-talented mogul with a large business empire to the next level.

He has used his popularity and his brand to leverage his talents as a serial entrepreneur. 50 says “once you’re well known there is no time to slow down, you have to market the hell out of yourself and get more exposure.” 50 has made multiple millions of Dollars off the back of his global brand,. From books to vitamin water, 50 has money coming in from a lot of sources.

 

Vitamin Water

One of 50’s most lucrative earners was his deal with Vitamin Water.  When he signed a deal to endorse the Formula 50 beverage, the parent company Energy Bands gave him a stake in the business.

In the Spring of 2007 the company was purchased by Coca-Cola with 50’s share of the deal being $100 Million after taxes.

 

Headphones

50 cent entrepreneurIn 2011 50 Cent founded the headphones company SMS Audio with SMS standing for Studio Mastered Sound. In the summer of that year 50 purchased KonoAudio for an undisclosed amount.

The Headphone business continues to be a growth area for 50 with his company being a pioneer in wireless headphones and recent partnerships with Basketball Star Carmelo Anthony and Intel suggest further growth.

 

Books

50’s ghost written autobiography From Pieces to Weight reportedly sold somewhere in the region of 100,000 copies with total sales of $1.9 Million.

His latest book, The 50TH Law sees him collaborate with The 48 Laws of Power author, Robert Greene.

“I didn’t go to Harvard but the people that work for me did” – 50 Cent

Energy Shots

50 cent entrepreneur50 has partnered with Pure Growth Partners to create the flavoured energy drink Street King, now known as SK Energy. The energy drink has had several high profile backers including Floyd Mayweather, Mike Tyson and Joan Rivers leading to an increased profile for the company.

50 Cent also uses the profits from every shot purchased to contribute  a meal abroad through the World Food Programme.

 

Clothing

In 2003, 50 joined forces with Mark Ecko Enterprises to create clothes that were to be sold through Ecko Limited. Before parting ways in 2008 G-Unit Clothing was responsible for 15% of Ecko’s revenue. With the clothes and hats bringing in $75 Million in 2006 50’s 8% royalty meant that he made $6 Million that year alone.

 

The Rest of 50’s Empire

50 cent entrepreneurMusic, books, vitamin water, headphones, energy drinks and clothing just isn’t enough for 50. Believe it or not, there’s more.  50 cent has acted alongside Al Pacino, Robert De Niro and Forest Whittaker in his developing career as an actor and has even started his own movie production company.

50 has also sold $125 Million+ worth of video games after the title, Bulletproof sold in excess of 2.5 Million Copies.  As well as clothes, 50 was paid $20 Million by Reebok in 2003 to design and be the face of a new line of sneakers. The sneakers ended up being a hit, generating more than $320 Million. 50 Cent has made no secret of his desire to be a Billionaire and conducive to this he also continues to build his Real Estate and Financial Portfolios.

“I was born alone and I will die alone. I’ve got to do what’s right for me and not live my life the way anybody else wants it.” – 50 Cent

Philanthropy

50 cent philanthropyWith the view of tackling the growing problem in the USA  50 Cent has teamed up with Feeding America through his SMS Audio brand.

50 is committed to helping provide 1 Million million meals to the charity through local food banks in an effort to solve domestic hunger. This was a logical progression from 50’s philanthropic work through his Energy Drink company SK energy where profits help to feed children overseas.  50 has publicly stated that he wants to feed 1 Billion People in Africa.

 

Conclusion

50 Cent teaches us that aggressive business growth and forward thinking decision making can be amazing attributes when becoming a successful entrepreneur. 50 also reminds us that we can gain a lot of motivation and success by giving back what we can when we can.

A person that just seems like a hard, gangster rapper from the outset is actually a lot more. He is an inspiring, caring, driven entrepreneur who will make a real difference whilst he is here or Die Tryin’.

 

50 Cent Picture Quote

50 cent entrepreneur
 

Jermaine Harris is a Coach, Trader, Author and Speaker. He is passionate about human potential and empowering others to change their lives in the same way he did. Jermaine believes that the opposite of being 'stuck in a rut' is possible and explains how in his book, The Rut Buster. Get to know Jermaine better at: jermaine-harris.com

Advertisement
3 Comments

3 Comments

  1. Danii Turnbull

    Feb 17, 2015 at 11:43 am

    It is inspiring to see that it doesn’t matter what your background is, or what your claim to fame is, the urge to help those that cannot help themselves is still a driving force. It is humbling to see that people with as much influence as 50 Cent can see the importance of giving food to the hungry in Africa as well as making a difference in his own community. Thank you Curtis Jackson you are an inspiring man xo

  2. Natasha B

    Feb 15, 2015 at 5:47 pm

    This was a really great read.

  3. Garrett Barry

    Feb 15, 2015 at 2:48 am

    I found this post to be hugely motivating and inspiring. 50 Cent is a true model when it comes to not letting anything stop you. Coming from struggles in his childhood to worth millions and in such diverse markets, he is an inspiration. Love the contribution with the charities also. Will definitely use these learnings and motivation to propel be to help even more people live a life of wealth and passion through my business. Great read!

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

4 Ways to Overcome Entrepreneurial Anxiety

Published

on

entrepreneurial anxiety
Image Credit: Unsplash

It’s natural to feel nervous about your business when you’ve poured everything into it, including time, money, and other resources. Your nerves, however, can escalate into crippling anxiety if not managed effectively.

Below are 4 ways for you to either manage or overcome entrepreneurial anxiety:

1. Know that your net-worth is different than your self-worth

You are not defined by the amount of money in your bank account. Cash flow is the lifeblood of your business, but that doesn’t mean that you have to define who you are by the amount of money that you have.

We live in an age where we subconsciously compare ourselves to others all day long through social media or in the midst of social interactions. Please don’t do this to yourself.

There are so many entrepreneurs online showing off flashy cars, homes, and first-class tickets. It can create anxiety to feel like you’re so much further behind than other entrepreneurs, but the truth is that entrepreneurship doesn’t have to only be about making money.

Entrepreneurship is also about solving problems and creating value with your idea, product, or service in society. Plus, how many of the entrepreneurs online posting images of luxury cars and homes are even legitimate?

“I’ve never been a conceited person or cocky, never felt boastful, but I always had a sense of self-worth; I always had a real sense of myself.” – Will Ferrell

2. Surround yourself with a tribe that loves and supports you

When issues arise in business, which they always do, it can feel like you’re alone. The pressure to handle everything on your own can be too much, and that’s why it’s important to develop a support system. It is not weakness to ask for help from others during difficult times.

Support systems come in may forms. You can build a team within your business that you can rely on to solve problems as they arise, or you can even create an external board of advisors.

You can seek out mentors who can help guide you at various crossroads in your business, or you can build a network of other entrepreneurs who may have experienced similar challenges.

Finally, never underestimate the importance of staying close to your family and friends. In many cases, true family and friends loved you before you started your business, and even if you don’t succeed, they’ll still be there for you.

3. Quit the 24/7/365 mentality

The hustle 24/7/365 mentality may work for some people, but taking time to recharge is healthy for your mind, body, soul and business. Whether that means taking a vacation or a day off, don’t feel guilty about taking time to reset.

Always remember that you are the most important asset in your business, and if you don’t take care of yourself, you create a massive risk for your business in the form of burnout.

To prevent burnout, take time to do things that you love other than working on your business. You can work out, eat healthy, spend time with family and friends, and more. You will likely notice that you feel more creative and motivated once you return to work.

“Take care of your body. It’s the only place you have to live.” – Jim Rohn

4. Learn to love failure as much as you love success

The fear of failure is enough to keep most entrepreneurs up at night, but the fact is that almost all of the entrepreneurs that society looks up to today have failed several times before achieving the success that they are now renowned for.

Failure is not the opposite of success, it is the stepping stone towards success, so you need to learn to embrace it.

Read up on your favorite entrepreneurs to see what their journey to success looked like. Know that if you fail, you can and should get back up and try again. See your short-term failures as learning lessons instead of obstacles and grow from them. This builds mental resilience, which is fundamental to long-term success.

Conclusion

Entrepreneurial anxiety is common, and there’s nothing wrong with feeling nervous about your business venture, regardless of which stage your business might be in. You can, however, take measures to help manage or overcome entrepreneurial anxiety.

Cultivating your mindset to embrace failure, not comparing yourself to other entrepreneurs, knowing the difference between your net-worth and self-worth, and maintaining at least some work-life balance can help establish the mental resilience you need to succeed.

Which one of these 4 ways resonated most with you and why?

Continue Reading

Entrepreneurs

Are Addicts and Entrepreneurs Synonymous? The Answer Might Surprise You

Published

on

entrepreneurship
Image Credit: Unsplash

Have you ever thought about what the term addict means in relation to entrepreneurship? When we examine that word, many of us think about a person addicted to a substance, unable to function. But addiction can have different meanings—it seems—in a society that speaks out of both sides of its mouth. Yes, it may denote a functional drug addict, for example. However, it can also describe a person who is vigorously driven to succeed against all odds and at any cost.

Are addicts and entrepreneurs synonymous?

In the case of choosing entrepreneurship, is being an addict necessary? Can you succeed without the manic mindset that yanks your hand and pulls you down the road of progress? Maybe you’ll have a different opinion, but I don’t think so! Ask yourself: What would your life be like without the fire for wanting more…no matter what “more” happens to be? I know my business would not be where it is as a marketer or the founder of a non-profit, without insatiable passion.

I HAD to be addicted to surrender to the mad urges to stay up late/early. To create websites and emails and articles and banners and a podcast and to network and collaborate and write millions of words. I’ve edited roughly 50 books by myself in the past couple of years as well as published most of them.

I’ve asked, bartered, been coached, have coached, purchased technology, applications, storage, high-speed everything, authored a book, hosted columns and learned to fly as I am whisked through the airport in a wheelchair. (A fact that shouldn’t be laudatory, but it is!) The more milestones I pass, the longer the distance I want to run.

“There is a powerful driving force inside every human being that once unleashed can make any vision, dream or desire a reality.” – Tony Robbins

Where would you be without your drive?

When you let your mind roam down the passageways of memory and into the pockets of time where you have been the most productive, obsessed, on the cusp of achievement, could you have done it with a meh attitude?

What is it inside us that is more powerful than hunger and defies explanation for even the most aggressive entrepreneur? Are we born this way or are we preened and primed by our environment? By lack? By affluence? By self-challenge or the need to shed self-doubt? And do we even need to understand what drives us? Or are we called simply to answer the restless ache to make something new, to leave a legacy that others can follow and improve upon?

Where were you when the epiphany of your life’s calling hit? I was paying bills. For so long, I had been operating from a necessity mindset. Planning what was needed to pay for our monthly debts. Separating myself from six-figure copywriters because I hadn’t yet identified my “why not.” And then like a streak into my brain, within mere minutes, I understood.

My realization wasn’t “what do I need to do to succeed?” It was and is “what can I do?” “How much can I do?” It was comprehending, at last, that I was in charge of my limited or limitless aim. I could build an empire. I could scale a company.

My past, sickness, and perceptions of my shortcomings couldn’t compete with the sparkling illumination that I was in charge of me and everything I ever wanted. Of everything I had ever dreamed of when I saw my father fail at serial entrepreneurship. I could beat all the bad memories and all the toxic mojo holding my dreams hostage. I did and I am.

Where do you fall prey to raw spontaneity?

I hate flying. Sometimes, I don’t understand this fear that charges at me when the wheels fold up. But I do it anyway. Every time I’m in the air, I tell myself this is the last time I will travel by plane and when I land, all is right with the world. But then justification and compulsion get me to the next trip. And the next. And the one after that. I can’t wait to hit the air as I simultaneously loathe the engines roaring and rattling my psyche.

This is the same fierce streak that led me to a take-no-prisoners attitude when I lost my job due to a rare neurological disease and had to start over…again. Which was the best thing that ever happened to me. If you have the ability to focus and tear up your goals like the tarmac under a jet, it will carry you all over the world and allow you to accomplish your every desire. It will enable you to catapult past any setback.

“Passion equals drive, drive equals determination, and enough determination equals success.” – Anette Sandberg

The miles logged eclipse the destination

Sure, there may be turbulent moments; the best trips are punctuated by them, but this is when we know how best to navigate. We STILL stay the course despite the pain, the doubt, the pressure, the terror and the exhaustion as we hurtle ahead, addiction the tailwind of our dreams. We know, as addicts do, the next fix will take us closer to what we have long envisioned grasping with straining fingers. Please keep your seatbelts fastened for the “bumpy air” but know every leg of the trip will be worth the destination.

Continue Reading

Entrepreneurs

The 5 Step Framework Every Business Owner Should Be Following

Published

on

business owners
Image Credit: Unsplash

Every new business owner wants to gain business, yet most do not have the right perception on how to gain business the right way. Oftentimes, our ego prevents us from fostering the proper relationships that will allow us to build a strong foundation that we can grow on. You need to drop your ego and provide value first.

In this article I will share a 5-step framework that you can replicate in your own life and business in order to gain your first clients and then grow with those clients as you scale to a 6 or 7-figure business.

The biggest pitfall with new business owners is that they over-price themselves because they are thinking short-term instead of realizing that the delayed gratification and long-term perspective is what they need to grow the business that they envision.

For example, David Zhao, serial entrepreneur and rising millennial leader, is a great example of someone who started from nothing and has built a networth of over $10 million dollars at the age of 23 by dropping his ego and providing value first, for less.

Here’s the secret that no one is telling you:Work for free. Execute. Get case studies. Leverage case studies for new business referrals. Then charge full price. Most people do not tell you that it’s okay to work for free early on because they do not understand the long-term perspective of business.

You are not going to work for free forever

When you are just starting out you NEED to get wins under your belt and there is no better way to do this than by providing value to your ideal customer for less than your normal price. Think long term and realize how much more money you can bring in once you’ve successfully helped your first clients.

For example, when David Zhao started his business between the ages of 15-17, he helped his teachers and local clinics with their websites. In fact, his first client was his Orthodontist whom he only charged $200 dollars for a website that could have easily been worth 5x that amount.

David continued to create websites for small to medium-sized businesses and leveraged his Chinese roots to connect with Chinese business owners who were not great at speaking English because he realized he could provide a lot of value to these people.

You need to identify who you can provide the most value to. Once you identify them you can approach them with an offer that makes sense.

You’ll see immediate growth and traction in your business by implementing this 5-step framework:

1. Give first

Find someone in your niche and in your hot/warm market because the cold market is too distant with no foundation. Focus on Win-Win situations. In this case, doing work for cheaper allows you to build your credibility and get some wins under your belt.

2. Build relationships

Do not be greedy early on because that distracts you from the mission of completing the work so that you can gain a new client. David used this principle to raise his first investment fund of $5 million dollars.

For example, for the first couple of investors in his fund he did not charge any management fees. Other people may have charged a management fee + 20% – 30%, but instead David charged less in order to provide more value and get himself the opportunity.

Because his bigger goal is to raise a $100 million fund, this initial $5 million fund is just a stepping stone. What are the stepping stones you need to take to get where you want to go? Do not prevent yourself from getting the opportunity by overcharging. Think about what you are willing to give.

“I believe that you can get everything in life you want if you will just help enough other people get what they want.” – Zig Ziglar

3. Execute on your product or service

Executing and providing great work is the most important part of the equation. If you don’t execute then there is no way you can build relationships and scale. Trust is built once you complete the things you say you can do. Your reputation is built around your work. Be open-minded with no ego and always ask for feedback.

Remember, you are leveraging these early clients to close higher ticket clients later on. Therefore, it’s in your benefit to ask for as much feedback as possible to ensure they have the best experience that you can leverage for new business later on. Always underpromise and overdeliver. Become so useful that you will get paid your full value later.

4. Gain referrals and case studies

After you’ve executed, it’s time to turn the experience into a case study and ask for a referral. Simply asking goes a long way. David was able to use this strategy to become one of the first members in Yelp’s marketing partnership program. Initially, David offered his time for free to build Yelp’s partnership program. He would go in to help the team for 20-30 hours a week, for free.

During this time he met the COO and Regional Account Executive and built a relationship with them. Obviously, these people are usually pretty difficult to get in contact with, yet because David provided value first, he was able to get passed any gatekeepers and build a direct relationship with them. His 7-figure digital marketing agency, NXT Factor, became the first NY agency partner of Yelp. Now he has spent $1 million+ in ad spend for his clients by wholesaling Yelp marketing.

“One customer, well taken care of, could be more valuable than $10,000 worth of advertising.”  – Jim Rohn

5. Use case studies to gain new credibility and leverage for new business

After you see success, you need to have a plan on how to use the case study to attract new business. Most business owners think that referrals just come. This is not true.

As Dan Kennedy and Shaun Buck state in their book “No B.S. Guide to Maximum Referrals and Customer Retention”, you need to have this system set in place. David has been able to leverage his past successes with his early clients to work with brands like Google, Apple, PayPal, Amex, Visa, Blade, and JetSmarter.

Using this framework will bring you new business and allow you to scale to the next level. Stop making things harder for yourself by seeing things short-term and instead change to a long-term perspective in your business. Give more than you take and focus on building relationships. Execute on your work and use the case studies to attract new business and referrals. You can do it.

How can this 5 step framework help your business in becoming more successful? Let us know in the comments below!

Continue Reading

Entrepreneurs

4 Things All Healthy Entrepreneurial Businesses Have in Common

Published

on

entrepreneurial businesses
Image Credit: Unsplash

All healthy businesses are profitable, but all profitable businesses are not healthy. Health is the #1 thing to strive for when running and operating a business, especially when you’re building it from scratch as a “solopreneur.”

The particular reason for it being this way is because as soon as you are, you will have a better cash flow, more satisfied clients and customers, better relationships with co-workers, a more performance-based culture and most importantly, you are happier.

The business landscape and the fast-paced environments we work in gives you and your business only one guarantee- continuous change. Therefore, it is vital that you measure the performance of your business on a regular basis, knowing your KPI, and continually readapting to the new set of rules produced by technology and other variables. To not only survive, but thrive in your business, it is first and foremost essential for it to be healthy.

Here are the 4 things that all healthy business have in common:

1. A hot product/service

Is there a demand or a need for what you have to sell? By the way, this is a question you should have asked yourself before you even started your venture! Gary Halbert talks about going into a market that has demonstrated to be starving (or at least hungry) for your product or service. That said, it is essential to understand that a healthy business, no matter the economic situation, will still make sales.

People will spend money on your product or service if there is a substantial need for it. As long as you solve peoples’ or businesses’ problems and reduce their pain points, you have created a solid foundation of a healthy business through your core offer.

“I think we’re having fun. I think our customers really like our products. And we’re always trying to do better.” – Steve Jobs

2. Having a pipeline in place

What does it mean having a pipeline in place? It’s asking the question: Can you consistently bring in new business, whenever you need and want it? Do you have a reliable system in place that can be automated to generate new clients and customers for your product/service that can be turned on and off with a push of a button?

Healthy things typically attract attention, however, before you can tell someone how good your product or service is, you need your prospects’ attention.

There are several ways to do that; Conner Burt outlines a few good tricks. For a business to be flourishing, you are not allowed under any circumstances to base your decisions upon fear, scarcity, or emotional desperation like many entrepreneurs do. Instead, what you’d rather want is to make your decisions out of abundance and a position of power.

A growing business that scales at large has a pipeline and unless you want to get stuck, start putting a system in place. Using gained forward momentum is the single most powerful strategy for growth.

A common misconception amongst entrepreneurs is not to grow too fast, but there is no such thing if you’re well prepared and have a system in place.

3. Cash reserves

Every healthy business has cash reserves. Looking at all the successful companies that are unicorns in their respected market like Southwest, Uber, and Tesla. They all have cash (admittedly- a ton of it).

However, the point being, it just makes sense to be able to rely on liquid assets when the market crashes, shifts or a recession period comes along. Building up your war chest for the bad times will be a reason for not going bankrupt.

In fact, Southwest was the only airline during 9/11 who didn’t suffer a significant loss money wise and didn’t lay off employees. Why? Because they had 3.6 Billion Dollars in cash sitting around.

Cash reserves are directly correlated to your pipeline since it won’t make any difference to have money on hand if you don’t have the required skill set to grow your previously mentioned pipeline.

“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.” M.K. Soni

4. A vision for other people

Business is about other people, never about yourself. The ability to grow relies on your vision you deploy for other people. What do you provide for other people? It has to be more than money, right? Every healthy business has resistance and challenges. Being healthy doesn’t mean you never struggle with anything.

Being healthy means that you are equipped to deal with the struggle and grow through it, and this requires a vision for other people that is way bigger than yourself.

Having a vision that goes beyond yourself and being authentic, doing what’s right for the prospect or client over doing what is best for you and your business will ultimately determine your business’s health.

Building a healthy business as an entrepreneur is tough when being unprepared. Knowing what will keep you on track, primarily through growth and scaling periods helps you build up sustainably, without the fear of a free fall to rock bottom.

Share with us a little about your business and if there’s anything we can do to help you grow. Comment below!

Continue Reading

Trending

Success Advice

Positivity & Self-Ownership: Your #1 Factor for Success

Published

on

positivity
Image Credit: Twenty20.com

Leaving a reliable 9-5 job and risking a steady, biweekly paycheck to live out a dream and pursue a totally different lifestyle can be terrifying. However, there is no reason to fear, aspiring entrepreneur! (more…)

Cory Young is the founder of BCC Interactive, a Philadelphia digital marketing agency with expertise in expanding businesses through search engine marketing. Cory has 10+ years experience crafting successful customized digital marketing strategies for Fortune 500 companies and small businesses alike.

Advertisement
3 Comments

3 Comments

  1. Danii Turnbull

    Feb 17, 2015 at 11:43 am

    It is inspiring to see that it doesn’t matter what your background is, or what your claim to fame is, the urge to help those that cannot help themselves is still a driving force. It is humbling to see that people with as much influence as 50 Cent can see the importance of giving food to the hungry in Africa as well as making a difference in his own community. Thank you Curtis Jackson you are an inspiring man xo

  2. Natasha B

    Feb 15, 2015 at 5:47 pm

    This was a really great read.

  3. Garrett Barry

    Feb 15, 2015 at 2:48 am

    I found this post to be hugely motivating and inspiring. 50 Cent is a true model when it comes to not letting anything stop you. Coming from struggles in his childhood to worth millions and in such diverse markets, he is an inspiration. Love the contribution with the charities also. Will definitely use these learnings and motivation to propel be to help even more people live a life of wealth and passion through my business. Great read!

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

4 Ways to Overcome Entrepreneurial Anxiety

Published

on

entrepreneurial anxiety
Image Credit: Unsplash

It’s natural to feel nervous about your business when you’ve poured everything into it, including time, money, and other resources. Your nerves, however, can escalate into crippling anxiety if not managed effectively.

Below are 4 ways for you to either manage or overcome entrepreneurial anxiety:

1. Know that your net-worth is different than your self-worth

You are not defined by the amount of money in your bank account. Cash flow is the lifeblood of your business, but that doesn’t mean that you have to define who you are by the amount of money that you have.

We live in an age where we subconsciously compare ourselves to others all day long through social media or in the midst of social interactions. Please don’t do this to yourself.

There are so many entrepreneurs online showing off flashy cars, homes, and first-class tickets. It can create anxiety to feel like you’re so much further behind than other entrepreneurs, but the truth is that entrepreneurship doesn’t have to only be about making money.

Entrepreneurship is also about solving problems and creating value with your idea, product, or service in society. Plus, how many of the entrepreneurs online posting images of luxury cars and homes are even legitimate?

“I’ve never been a conceited person or cocky, never felt boastful, but I always had a sense of self-worth; I always had a real sense of myself.” – Will Ferrell

2. Surround yourself with a tribe that loves and supports you

When issues arise in business, which they always do, it can feel like you’re alone. The pressure to handle everything on your own can be too much, and that’s why it’s important to develop a support system. It is not weakness to ask for help from others during difficult times.

Support systems come in may forms. You can build a team within your business that you can rely on to solve problems as they arise, or you can even create an external board of advisors.

You can seek out mentors who can help guide you at various crossroads in your business, or you can build a network of other entrepreneurs who may have experienced similar challenges.

Finally, never underestimate the importance of staying close to your family and friends. In many cases, true family and friends loved you before you started your business, and even if you don’t succeed, they’ll still be there for you.

3. Quit the 24/7/365 mentality

The hustle 24/7/365 mentality may work for some people, but taking time to recharge is healthy for your mind, body, soul and business. Whether that means taking a vacation or a day off, don’t feel guilty about taking time to reset.

Always remember that you are the most important asset in your business, and if you don’t take care of yourself, you create a massive risk for your business in the form of burnout.

To prevent burnout, take time to do things that you love other than working on your business. You can work out, eat healthy, spend time with family and friends, and more. You will likely notice that you feel more creative and motivated once you return to work.

“Take care of your body. It’s the only place you have to live.” – Jim Rohn

4. Learn to love failure as much as you love success

The fear of failure is enough to keep most entrepreneurs up at night, but the fact is that almost all of the entrepreneurs that society looks up to today have failed several times before achieving the success that they are now renowned for.

Failure is not the opposite of success, it is the stepping stone towards success, so you need to learn to embrace it.

Read up on your favorite entrepreneurs to see what their journey to success looked like. Know that if you fail, you can and should get back up and try again. See your short-term failures as learning lessons instead of obstacles and grow from them. This builds mental resilience, which is fundamental to long-term success.

Conclusion

Entrepreneurial anxiety is common, and there’s nothing wrong with feeling nervous about your business venture, regardless of which stage your business might be in. You can, however, take measures to help manage or overcome entrepreneurial anxiety.

Cultivating your mindset to embrace failure, not comparing yourself to other entrepreneurs, knowing the difference between your net-worth and self-worth, and maintaining at least some work-life balance can help establish the mental resilience you need to succeed.

Which one of these 4 ways resonated most with you and why?

Continue Reading

Entrepreneurs

Are Addicts and Entrepreneurs Synonymous? The Answer Might Surprise You

Published

on

entrepreneurship
Image Credit: Unsplash

Have you ever thought about what the term addict means in relation to entrepreneurship? When we examine that word, many of us think about a person addicted to a substance, unable to function. But addiction can have different meanings—it seems—in a society that speaks out of both sides of its mouth. Yes, it may denote a functional drug addict, for example. However, it can also describe a person who is vigorously driven to succeed against all odds and at any cost.

Are addicts and entrepreneurs synonymous?

In the case of choosing entrepreneurship, is being an addict necessary? Can you succeed without the manic mindset that yanks your hand and pulls you down the road of progress? Maybe you’ll have a different opinion, but I don’t think so! Ask yourself: What would your life be like without the fire for wanting more…no matter what “more” happens to be? I know my business would not be where it is as a marketer or the founder of a non-profit, without insatiable passion.

I HAD to be addicted to surrender to the mad urges to stay up late/early. To create websites and emails and articles and banners and a podcast and to network and collaborate and write millions of words. I’ve edited roughly 50 books by myself in the past couple of years as well as published most of them.

I’ve asked, bartered, been coached, have coached, purchased technology, applications, storage, high-speed everything, authored a book, hosted columns and learned to fly as I am whisked through the airport in a wheelchair. (A fact that shouldn’t be laudatory, but it is!) The more milestones I pass, the longer the distance I want to run.

“There is a powerful driving force inside every human being that once unleashed can make any vision, dream or desire a reality.” – Tony Robbins

Where would you be without your drive?

When you let your mind roam down the passageways of memory and into the pockets of time where you have been the most productive, obsessed, on the cusp of achievement, could you have done it with a meh attitude?

What is it inside us that is more powerful than hunger and defies explanation for even the most aggressive entrepreneur? Are we born this way or are we preened and primed by our environment? By lack? By affluence? By self-challenge or the need to shed self-doubt? And do we even need to understand what drives us? Or are we called simply to answer the restless ache to make something new, to leave a legacy that others can follow and improve upon?

Where were you when the epiphany of your life’s calling hit? I was paying bills. For so long, I had been operating from a necessity mindset. Planning what was needed to pay for our monthly debts. Separating myself from six-figure copywriters because I hadn’t yet identified my “why not.” And then like a streak into my brain, within mere minutes, I understood.

My realization wasn’t “what do I need to do to succeed?” It was and is “what can I do?” “How much can I do?” It was comprehending, at last, that I was in charge of my limited or limitless aim. I could build an empire. I could scale a company.

My past, sickness, and perceptions of my shortcomings couldn’t compete with the sparkling illumination that I was in charge of me and everything I ever wanted. Of everything I had ever dreamed of when I saw my father fail at serial entrepreneurship. I could beat all the bad memories and all the toxic mojo holding my dreams hostage. I did and I am.

Where do you fall prey to raw spontaneity?

I hate flying. Sometimes, I don’t understand this fear that charges at me when the wheels fold up. But I do it anyway. Every time I’m in the air, I tell myself this is the last time I will travel by plane and when I land, all is right with the world. But then justification and compulsion get me to the next trip. And the next. And the one after that. I can’t wait to hit the air as I simultaneously loathe the engines roaring and rattling my psyche.

This is the same fierce streak that led me to a take-no-prisoners attitude when I lost my job due to a rare neurological disease and had to start over…again. Which was the best thing that ever happened to me. If you have the ability to focus and tear up your goals like the tarmac under a jet, it will carry you all over the world and allow you to accomplish your every desire. It will enable you to catapult past any setback.

“Passion equals drive, drive equals determination, and enough determination equals success.” – Anette Sandberg

The miles logged eclipse the destination

Sure, there may be turbulent moments; the best trips are punctuated by them, but this is when we know how best to navigate. We STILL stay the course despite the pain, the doubt, the pressure, the terror and the exhaustion as we hurtle ahead, addiction the tailwind of our dreams. We know, as addicts do, the next fix will take us closer to what we have long envisioned grasping with straining fingers. Please keep your seatbelts fastened for the “bumpy air” but know every leg of the trip will be worth the destination.

Continue Reading

Entrepreneurs

The 5 Step Framework Every Business Owner Should Be Following

Published

on

business owners
Image Credit: Unsplash

Every new business owner wants to gain business, yet most do not have the right perception on how to gain business the right way. Oftentimes, our ego prevents us from fostering the proper relationships that will allow us to build a strong foundation that we can grow on. You need to drop your ego and provide value first.

In this article I will share a 5-step framework that you can replicate in your own life and business in order to gain your first clients and then grow with those clients as you scale to a 6 or 7-figure business.

The biggest pitfall with new business owners is that they over-price themselves because they are thinking short-term instead of realizing that the delayed gratification and long-term perspective is what they need to grow the business that they envision.

For example, David Zhao, serial entrepreneur and rising millennial leader, is a great example of someone who started from nothing and has built a networth of over $10 million dollars at the age of 23 by dropping his ego and providing value first, for less.

Here’s the secret that no one is telling you:Work for free. Execute. Get case studies. Leverage case studies for new business referrals. Then charge full price. Most people do not tell you that it’s okay to work for free early on because they do not understand the long-term perspective of business.

You are not going to work for free forever

When you are just starting out you NEED to get wins under your belt and there is no better way to do this than by providing value to your ideal customer for less than your normal price. Think long term and realize how much more money you can bring in once you’ve successfully helped your first clients.

For example, when David Zhao started his business between the ages of 15-17, he helped his teachers and local clinics with their websites. In fact, his first client was his Orthodontist whom he only charged $200 dollars for a website that could have easily been worth 5x that amount.

David continued to create websites for small to medium-sized businesses and leveraged his Chinese roots to connect with Chinese business owners who were not great at speaking English because he realized he could provide a lot of value to these people.

You need to identify who you can provide the most value to. Once you identify them you can approach them with an offer that makes sense.

You’ll see immediate growth and traction in your business by implementing this 5-step framework:

1. Give first

Find someone in your niche and in your hot/warm market because the cold market is too distant with no foundation. Focus on Win-Win situations. In this case, doing work for cheaper allows you to build your credibility and get some wins under your belt.

2. Build relationships

Do not be greedy early on because that distracts you from the mission of completing the work so that you can gain a new client. David used this principle to raise his first investment fund of $5 million dollars.

For example, for the first couple of investors in his fund he did not charge any management fees. Other people may have charged a management fee + 20% – 30%, but instead David charged less in order to provide more value and get himself the opportunity.

Because his bigger goal is to raise a $100 million fund, this initial $5 million fund is just a stepping stone. What are the stepping stones you need to take to get where you want to go? Do not prevent yourself from getting the opportunity by overcharging. Think about what you are willing to give.

“I believe that you can get everything in life you want if you will just help enough other people get what they want.” – Zig Ziglar

3. Execute on your product or service

Executing and providing great work is the most important part of the equation. If you don’t execute then there is no way you can build relationships and scale. Trust is built once you complete the things you say you can do. Your reputation is built around your work. Be open-minded with no ego and always ask for feedback.

Remember, you are leveraging these early clients to close higher ticket clients later on. Therefore, it’s in your benefit to ask for as much feedback as possible to ensure they have the best experience that you can leverage for new business later on. Always underpromise and overdeliver. Become so useful that you will get paid your full value later.

4. Gain referrals and case studies

After you’ve executed, it’s time to turn the experience into a case study and ask for a referral. Simply asking goes a long way. David was able to use this strategy to become one of the first members in Yelp’s marketing partnership program. Initially, David offered his time for free to build Yelp’s partnership program. He would go in to help the team for 20-30 hours a week, for free.

During this time he met the COO and Regional Account Executive and built a relationship with them. Obviously, these people are usually pretty difficult to get in contact with, yet because David provided value first, he was able to get passed any gatekeepers and build a direct relationship with them. His 7-figure digital marketing agency, NXT Factor, became the first NY agency partner of Yelp. Now he has spent $1 million+ in ad spend for his clients by wholesaling Yelp marketing.

“One customer, well taken care of, could be more valuable than $10,000 worth of advertising.”  – Jim Rohn

5. Use case studies to gain new credibility and leverage for new business

After you see success, you need to have a plan on how to use the case study to attract new business. Most business owners think that referrals just come. This is not true.

As Dan Kennedy and Shaun Buck state in their book “No B.S. Guide to Maximum Referrals and Customer Retention”, you need to have this system set in place. David has been able to leverage his past successes with his early clients to work with brands like Google, Apple, PayPal, Amex, Visa, Blade, and JetSmarter.

Using this framework will bring you new business and allow you to scale to the next level. Stop making things harder for yourself by seeing things short-term and instead change to a long-term perspective in your business. Give more than you take and focus on building relationships. Execute on your work and use the case studies to attract new business and referrals. You can do it.

How can this 5 step framework help your business in becoming more successful? Let us know in the comments below!

Continue Reading

Entrepreneurs

4 Things All Healthy Entrepreneurial Businesses Have in Common

Published

on

entrepreneurial businesses
Image Credit: Unsplash

All healthy businesses are profitable, but all profitable businesses are not healthy. Health is the #1 thing to strive for when running and operating a business, especially when you’re building it from scratch as a “solopreneur.”

The particular reason for it being this way is because as soon as you are, you will have a better cash flow, more satisfied clients and customers, better relationships with co-workers, a more performance-based culture and most importantly, you are happier.

The business landscape and the fast-paced environments we work in gives you and your business only one guarantee- continuous change. Therefore, it is vital that you measure the performance of your business on a regular basis, knowing your KPI, and continually readapting to the new set of rules produced by technology and other variables. To not only survive, but thrive in your business, it is first and foremost essential for it to be healthy.

Here are the 4 things that all healthy business have in common:

1. A hot product/service

Is there a demand or a need for what you have to sell? By the way, this is a question you should have asked yourself before you even started your venture! Gary Halbert talks about going into a market that has demonstrated to be starving (or at least hungry) for your product or service. That said, it is essential to understand that a healthy business, no matter the economic situation, will still make sales.

People will spend money on your product or service if there is a substantial need for it. As long as you solve peoples’ or businesses’ problems and reduce their pain points, you have created a solid foundation of a healthy business through your core offer.

“I think we’re having fun. I think our customers really like our products. And we’re always trying to do better.” – Steve Jobs

2. Having a pipeline in place

What does it mean having a pipeline in place? It’s asking the question: Can you consistently bring in new business, whenever you need and want it? Do you have a reliable system in place that can be automated to generate new clients and customers for your product/service that can be turned on and off with a push of a button?

Healthy things typically attract attention, however, before you can tell someone how good your product or service is, you need your prospects’ attention.

There are several ways to do that; Conner Burt outlines a few good tricks. For a business to be flourishing, you are not allowed under any circumstances to base your decisions upon fear, scarcity, or emotional desperation like many entrepreneurs do. Instead, what you’d rather want is to make your decisions out of abundance and a position of power.

A growing business that scales at large has a pipeline and unless you want to get stuck, start putting a system in place. Using gained forward momentum is the single most powerful strategy for growth.

A common misconception amongst entrepreneurs is not to grow too fast, but there is no such thing if you’re well prepared and have a system in place.

3. Cash reserves

Every healthy business has cash reserves. Looking at all the successful companies that are unicorns in their respected market like Southwest, Uber, and Tesla. They all have cash (admittedly- a ton of it).

However, the point being, it just makes sense to be able to rely on liquid assets when the market crashes, shifts or a recession period comes along. Building up your war chest for the bad times will be a reason for not going bankrupt.

In fact, Southwest was the only airline during 9/11 who didn’t suffer a significant loss money wise and didn’t lay off employees. Why? Because they had 3.6 Billion Dollars in cash sitting around.

Cash reserves are directly correlated to your pipeline since it won’t make any difference to have money on hand if you don’t have the required skill set to grow your previously mentioned pipeline.

“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.” M.K. Soni

4. A vision for other people

Business is about other people, never about yourself. The ability to grow relies on your vision you deploy for other people. What do you provide for other people? It has to be more than money, right? Every healthy business has resistance and challenges. Being healthy doesn’t mean you never struggle with anything.

Being healthy means that you are equipped to deal with the struggle and grow through it, and this requires a vision for other people that is way bigger than yourself.

Having a vision that goes beyond yourself and being authentic, doing what’s right for the prospect or client over doing what is best for you and your business will ultimately determine your business’s health.

Building a healthy business as an entrepreneur is tough when being unprepared. Knowing what will keep you on track, primarily through growth and scaling periods helps you build up sustainably, without the fear of a free fall to rock bottom.

Share with us a little about your business and if there’s anything we can do to help you grow. Comment below!

Continue Reading

Trending