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5 Ways for your Startup to Overcome Massive Failure

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It’s often very easy to talk about success but talking about failure can be a lot harder. I recently caught up with an expert in the topic, Dave Nelson. Only a few years ago Dave was broke and in debt, now he is one of the most well-known people in the Australian Network Marketing Industry. So much so, that he has recently released a book called “The New Era of Network Marketing,” which he sees as his biggest personal win. Whilst being in his twenties and driving a Ferrari every day, Dave still remains humble and really wants to share his knowledge.

Whether you believe in Network Marketing or not, it doesn’t really matter, what matters is that it’s an entrepreneurial journey and one of the hardest. When you pick a really hard industry to get into, like network marketing, it’s even easier to fail. There is no money down to join so it becomes “easy in, easy out”. The difference is if you spent $50,000 to get into something then you probably won’t quit as easy.

Dave see’s his biggest failure as having sales in his business go on a downward spiral, even after spending money on marketing and still seeing zero return. He turned this around by doubling his team’s weekly sales in a couple of months, which became the highest point in his business to date. In order to achieve this phenomenal result, Dave’s team believed that “mastery lies in the basics”.

The standards of their basic actions were all over the place initially. It wasn’t about releasing more product lines or a new marketing campaign; it was about raising their standards and doing all the little one percenters.

What is failure?

Failure is quitting. Failure is when something is over, you have quite and you have actually gone under. Perceived failure is where we make the mistake. We often think we are failing when we are not.

Below are Dave’s five ways for your startup to overcome failure.

 

1. It’s not hard it’s just you thought it was going to be easy

Dave spent about $15,000 starting his own juice delivery business, which failed. He ended up with a large number of empty water bottles sitting at his house as well as all the council permits that never got used. He eventually ran out of money and didn’t have any sales coming in so he closed the business. The big lesson that Dave learnt from this early on was that he hadn’t anticipated how much hard work was actually required. Often this can be the biggest mistake for founders who haven’t done a business before.

No startup has ever had an upward curve every month. There’s failure’s every month in some aspect whether it’s retention, new orders or a marketing campaign that doesn’t work. There are thousands of mini failures; you need to look for the lesson within the failure so you can grow from it. This is what will build a strong platform and strong startup. Grant Cardone says, “it’s not that business is ten times harder than what people think, it’s that entrepreneurs think it’s going to be ten times easier than it really is”.

What is so great about failure is that you get stronger with every failure you go through. When you go to the gym and you try and lift heavy weight you usually fail the first time and it really hurts. When you consistently keep trying to lift the same weight, eventually your body stops hurting and you can start looking to lift heavier again.

“A great idea is not enough; you must dedicate the time and energy to it.”

One of the most frustrating things in business is to have a consistent plateau. To overcome this, you have to try and stay positive and find where the glitch is in your own system is. From here you obviously need to fix it before you can move on from the failure. If you’re an entrepreneur that does a lot of reading (and you should be) then you would have read plenty of stories of entrepreneur’s and even successful millionaires, failing multiple times.

There are so many Virgin marketing campaigns that you’ve never even heard about, but it takes all of that failure to have a few that work. Keeping this in mind is what helps keep you positive. If you’re not consciously aware of this then it’s easy to get down and get stuck in a rut.

 

2. Pay no attention to the Naysayers

Fear of judgement is one of the great fears of the human existence. All entrepreneurs have been judged by the naysayers and the critics at some point in their journey. Often these people judge you because your success can highlight their failures and so in turn, they want to see you fail. Understand that this is the dark side of humanity and that it’s normal. You can’t be in control of this you just have to be in control of what you do.

Even if you’re onto your third failed startup you should keep going as long as the desire is still there. The average millionaire has gone through eleven different failures, so if you really want it and it’s in your blood, you should go for it! The only real question though is how long do you keep going on the same venture until you move onto the next one? Only you will know when the time is right but don’t quit too early because a lot of entrepreneurs quit just before they are about to hit momentum and then they never get the reward.

Once you’re an entrepreneur there is no going back. For you to go from being an entrepreneur, back to a day job, would be like prison on earth, so keep persisting.

“Sylvester Stallone was an overnight success in 20 years.”

 

3. Use Personal development, you’re not god

Stories from biographies or leadership experts like Tony Robbins and Robin Sharma help to give you a new perspective. Without self-development, sometimes your perspective is your failure. If you have read the books and you know that everyone has been through it, then now you have a path to follow because someone else has already paved the way. Personal development really helps with your beliefs; putting things in a positive perspective, dealing with problems and helping you manage your emotional state.

You would have to be very godly to make it to the top without a lot of help along the way whether that’s a book, a mentor, seminars, audiobooks or Youtube videos. This is why people are developing so fast these days because we have so much access to these resources. Thanks to platforms like Youtube, you can now watch the most successful people on the planet and the way they use speech and body language. Once you have watched a few videos you can then mirror these traits yourself, for free.

 

philosophy-Tony-Robbins-Picture-Quote
 

 

4. Understand the entrepreneurial traits and mindset you need to win

Your character has to be unyielding, you have to be so strong because it’s hard to be confident and push through the mud when things are not going well but this is the true test of your character. Dave also says “back in the 1500’s you had to be physically a warrior to survive but today the battle is all in the mind”.

A good way to describe how you need to be is “compassionately ruthless” and relentless. You still need to care about people, but you have to be so strong because only the mentally tough will survive. Don’t dwell on things and self-condemn, as this will only cause you to be down on yourself.

The ones that think outside the box, question normality, don’t follow the herd and were even a little bit crazy at school often end up becoming excellent entrepreneurs. Usually, the ones that aren’t a bit crazy tend to quit. All of these traits are great, but you still must be hardworking.

If these traits sound like you and you’re not an entrepreneur, maybe its time for a career change?

Everyone’s failed and it’s in everyone’s story. What you will generally find is that the failures will often create the success because the failure creates such a void in their life; so then they have an extra drive to be successful. Sometimes the failure and poverty can actually be your best friend and so many successful people and startups come from this place.

 

5. Make sure you manage your state and learn to deal with fear

From the start of your journey into the business world, you often come in with no emotional strength but then as you experience the failure you start to build it.

Understand that fear, hesitation and thoughts of quitting are very normal. Your state management as an entrepreneur, which includes your charisma, energy and confidence, is very important to turn on even if you’re failing. If you don’t turn these on then your actions become a reaction of your result. This means every time you have a down in your business your energy is not going to be where it needs to be. Be very aware of your state management and stay positive no matter what.

Our world is based on duality (cause and effect) and if your effect is failure then there is some action occurring in your startup that needs to change. Within every failure, there is a lesson to be had and a chance to see where you can improve in your business.

“The only difference between the winners and the losers is that the winners just keep going even though they have the same fear.”

 

Dave’s Favourite story of Success

Everyone assumes with Richard Branson that everything he touches turns to gold. A lot of the businesses Virgin has done have failed badly yet most people don’t realise it. If more people knew this then they would survive longer in the business world, not get so down on themselves and try more things. Generally, a lot of us only see people’s successes and this needs to be something that we become more aware of

Dave Nelson - The New Era of Network Marketing

If you would like to hear more from Dave Nelson then visit davenelson.tv or read his book The New Era of Network Marketing

Tim is best known as a long-time contributor on Addicted2Success. Tim's content has been shared hundreds of thousands of times and he has written multiple viral posts all around success, personal development, motivation, and entrepreneurship. During the day Tim works with the most iconic tech companies in the world, as an adviser, to assist them in expanding into Australia. By night, Tim coaches his students on the principles of personal development and the fundamentals of entrepreneurship. You can connect with Tim through his website www.timdenning.net or through his Facebook.

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4 Comments

4 Comments

  1. Jagdish Kashyap

    Nov 19, 2015 at 8:39 am

    I think failure is the most important thing to be a successful person – Without a failure you can’t access your full potential.
    I’m to a successful person YET but one day I will be! – I just wanted to drop my comment, let me know if i’m not wrong about “Failure”

    #ProudToBeAFailure
    Cheers!

    • Tim Denning

      Dec 30, 2015 at 2:43 am

      Jagdish I totally agree. Failure is an entrepreneurs university education.

  2. Salifu Junior

    Mar 10, 2015 at 9:25 pm

    It is not so difficult to start and nourish a startup. You plan well and act on your plans, however in between there is real work to do and real persistence to endure. Those who become successful are those who manage to stay on when others have abandoned the ship.

    • Tim Denning

      Mar 11, 2015 at 8:17 am

      Really wise words Salifu and so very true. Thanks for your words of wisdom.

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Startups

Your Competition Is Magnificent – Quit Being A Sook

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I’ve got this friend and he’s always crying about the competition. He spends a lot of time sooking about them and coming up with plans to take them down.

I’ve put up with it for a while, but now it’s driving me nuts. I started to think: how can we learn to love our competition in business?

Here are some thoughts I had about your competition:

 

Thought #1 – You say they’re lying. Good!

My friend says his competition is lying. Many businesses lie and that’s fantastic news for you. When a business lies, they are playing the short game.

“The long game in business is about being so vulnerable, authentic and real that it punches your ideal customer in the face every time they hear about your brand”

Trust in business, leads to incredible progress. All those marketing campaigns your competitor’s use are mostly to make them sound like something they are not. When your business is trustworthy, you don’t need to market as much.

Being honest cuts through the hype and because it’s so rare, your ideal customer runs towards you at 110km, with their arms wide open. Right behind them are all of their network who are begging to hear from a business that is a real – a business that is like you and me.

Don’t hate your dishonest competition: learn to love them from the bottom of your heart. See the love in your competition.

 

Thought #2 – There’s enough room for everyone

This scarcity mindset that you have to own 100% of the market in your first three years of operations is bulldust. There’s room for you and your competitors. It’s not a sprint; it’s a marathon to reach the unicorn status that is success/world domination.

Feeling like you’re drowning in competition is exactly that. Focusing on your competition 24/7 makes you feel like absolute garbage after a while. It stops you from having a good night sleep full of dreams that contain growth, prosperity, optimism and triumph towards your businesses mission.

I used to be that guy that couldn’t sleep because of competition. Every time someone brought out the same product that was cheaper than mine, I cracked it. I thought that business was so hard because there were so many people that wanted to cut my lunch.

What I forgot is that despite all the competition, people were still buying. Even if we weren’t the cheapest, it didn’t matter. Some people would find us and buy, and others wouldn’t.

The competition can only cut your lunch for so long. If you stick at it and not let the thoughts of their horrible shadows upset you, you’ll be soon making the lunches and cutting theirs.

 

Thought #3 – It’s ugly

Sooking like a pissed off brown bear with a crown on its head is ugly. You’re showing everyone you work with that you are a sore loser. Winners worry about their own business first.

“Winners know that their business isn’t an immaculate diamond on day one”

Every time my friend complained about his competitors; it made his business seem ugly. I stopped becoming drawn to it as I did at the start. The conversations became more about his competitors than his own business. The focus was lost on competitors which he couldn’t control.

 

Thought #4 – You can’t win every deal

No business wins 100% of the opportunities that are presented. There’s this lie that you have to be always winning to be successful. There’s this belief that some people have that says their business is unique and therefore it’s only normal that when they pitch, they will always win.

Again, this is total BS. Your business might have some unique strengths, but there’s always competition. Some deals you’ll win and some deals you won’t. You don’t need to win all the time to put food on the table and be successful.

I’m also competitive by nature and I’ve had to settle sometimes for the simple fact that I won’t win all the time. Sometimes losing a deal is only the beginning. The opportunities you lose are where all the lessons are.

“Your lost opportunities are what strengthen your entire value proposition to the market”

 

Thought #5 – Seeing your competitors suck is inspiring

When a competitor of yours has a major failure, you should be inspired. What I mean is that you should never want your own client base to suffer the same gunshot to the head. Instead of trash talking your competitors for their mistakes, use them as inspiration to not be like them.

Your competitors should form part of the reason why you exist. You should exist not to make the same dumb mistakes they do. You should exist so your customers have a better alternative. Having horrendous companies within the same industry has inspired many businesses like Uber and Airbnb.

Being a business full of inspiring people is easier when everyone else sucks.

 

Thought #6 – Complaining shows insecurity

By my friend complaining about his competition, what he revealed to me was his insecurity. He was showing me that he lacked the confidence in his own product and so it made sense for him to talk down everyone else’s.

The thing is when you love your product and genuinely believe it’s the best in its field, you forget about everyone else’s. Believing in your product offering comes from the confidence that as a business you believe in yourselves.

If you believe, your ideal customer will believe. Bagging your competition may make you feel better in the short term, but it will never make your business grow.

Thought #7 – You only have so much thinking space

Don’t waste it thinking about your competitors. Use your thinking space to come up with new ideas, to innovate and to WOW your customers. These habits will stop you from living in the scarcity that comes with being obsessed by your competition.

Thinking about your competitors is not going to make them go away. Complaining about them will not improve your product or service. To have a good business, you have to operate from a place of creativity. Being creative is hard work and so you don’t want throw away your thinking space.

Dreaming about your competitors puts you in a spiral of negative thoughts. These thoughts start to overtake the positive ones and pretty soon you can’t be relentlessly optimistic anymore. It’s this optimism that helps you come up with ideas that will change the world.

Much like we compare ourselves to the lives we live through looking at other people’s social media, focusing on your competitor’s forces you to always believe you don’t have enough.

I’m here to say you are good enough. Your business is good enough. Your business can be one of the great’s.

 

Thought #8 – You can actually do business with your competitors

Here’s the really stupid thing: You can actually do business with your competitors. See, your business can’t fulfill every customer need. Instead of saying “We don’t do that,” use your competitors as referral partners.

I can remember in a business that I was a part of, where we used our competitors over the road to supply us with stock when we ran out and had items on back order. We would do the same thing for them when they ran out of stock. As a result, we always had stock.

“Our competitors over the road taught us lots of things we would have never known if we tried to play the solo game. Business is a team sport”

 

***Final thought***

Your competition is not the problem. They’re not the reason why you are losing sales. The real reason you are focused on your competition is because something is wrong with the way you are thinking. Your competitors can force you to sabotage your own success if you don’t stop focusing on them.

Complaining about your competitors never get’s you anywhere. The way to fast-track your success is to get intimate with your competitors and find a way to be uniquely you. Find a way to be bold, authentic, real, sexy and unwavering in your businesses values. Be the honest, cool company that is friends with everybody. That’s how you go from being a sook to being the best in your field.

I want you to use your competition to be world-class. You deserve it.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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5 Ways to Avoid Burning Out While Building Your Business

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how to avoid burnout

Isn’t it strange how mundane things can bring back really vivid memories? As the burnt toast hit the trash, I remembered how burn out meant my first online business ended up on the scrapheap (nearly taking me with it). 

Juggling a full-time job, family, volunteering and running an online business left me physically, emotionally and psychologically exhausted. Just like toast, the burn creeps in slowly and when complete, you’re left unable to nourish yourself or anything else.

You may have already heard run-of-the-mill advice like taking regular breaks to prevent burn out. But what’s the point of stepping away from work only to be stressed that things will fall apart?

Here are five not-so-obvious ways to become burn out proof:

1. Create the right systems

Having no systems (or the wrong systems) is a recipe for disaster. Unfortunately, systems get a bad rap because they can be seen as snooze fests. Who’s ever heard of a sexy system? I sure haven’t!

To make matters worse, traditional systems have a sterile and stuffy image that can make some entrepreneurs feel boxed into something that’s unsuitable for their needs.

The key to making systems work for your business is to design them with flexibility, so your creativity isn’t stifled. Systems that curb burn out are those that account for the ‘secret sauce’ of how you do business. This ensures authenticity, even when your business grows. I call these flexible and personalized systems ‘productivity recipes.’ Because, just like normal recipes, you have the core ingredients and you can make tweaks to suit your business taste.

We’re all different, so there’s no one-size-fits-all business system. Productivity recipes focus on the human side of systems. They bring order to repetitive tasks while taking into account the quirks that make your business unique.

Productivity recipes stop burn out by preventing you from biting off more than you can chew, especially when your business is growing.

2. Get apps ‘talking’ to each other

Automation is another way to hand over repetitive and stressful work. Services like IFTTT and Zapier connect the apps you use to automate your workflow. In other words, they get rid of the biggest time sucks in your business.

Part of creating productivity recipes is to spot tasks you can automate. This will help your business run like a well-oiled machine and save you money when outsourcing.

Start out automating everyday tasks, like social media and email management, by finding out how the apps can ‘talk’ to each other.

Do yourself (and your health) a favour and start to create productivity recipes to see what you can automate. The aim is to drop repetitive tasks like a hot potato to reduce the risk of burnt out. Get your apps communicating to free up time to chat with friends and family.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

3. Outsource

Outsourcing should be done when you already have productivity recipes in place. It’s tempting to hand over parts of your business to a VA or freelancer and forget about it, but this approach could land you in hot water.

With productivity recipes, anyone you hire will have the blueprint of how you expect things to be done. You’ll also save time getting new hires up to speed. Most importantly, your clients won’t get any nasty surprises or unwelcome changes when you grow your team.

You’ll be able to take time out to recharge your batteries, having all the confidence that your business will continue to function properly in your absence.

4. Find some cheerleaders

Being part of a supportive group is crucial to making yourself burn out proof. Informal groups, like Facebook communities, are helpful networks that can prevent you going down the burn out road.

If you’ve been working non-stop and your brain feels as limp as the lettuce in the sandwich you’ve been too busy to eat, connect with people who can identify with where you are and encourage you to take a step back.

The best groups are those that aren’t strictly business. Look for a group with dedicated days for sharing things like inspirational quotes and jokes to lighten things up a little.

Feeling like you’re the only one who experiences overwhelm can be a lonely place. Being part of a community where people share their struggles helps to provide perspective that you can achieve your goals without compromising your health.

“Be strong, be fearless, be beautiful. And believe that anything is possible when you have the right people there to support you.” – Misty Copeland

5. Inject your personality into your passion

When you’re passionate about your work, it seems like you can work day and night without ever feeling tired. Of course, it’s advisable to make time for proper rest. I’ve found that, the more I enjoy work, the more I look after myself to reduce the risks of becoming ill. I’m passionate about helping entrepreneurs be more productive to avoid burn out. I’m also a huge foodie. That’s why I incorporate food and drink analogies in my work because being fed and watered is something we can all relate to.

Injecting your personality into your work makes everything easier. It’s very draining pretending to be someone you’re not. If you’re already pursuing your passion, add a splash of your personality to reduce the chance of burn out.

Suffering from burn out is a serious setback to your health and business. It’s a relief to know that, unlike the burnt toast that ends up in the trash, you can make a full recovery from burn out. But why take the risk in the first place? Put in place practical measures to avoid getting burnt when the heat is turned up in your business.

It’s good to share. What do you put in place to make sure you don’t burn out? Leave a comment below and share your thoughts.

How do you avoid burning out when things get tough? Let us know by commenting below!

Image courtesy of Twenty20.com

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3 Lessons I Learned From the Failure of My First Startup

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You’re exhausted. You’ve put countless of hours into an idea that you believed in so much. Literally almost blood, sweat and tears were sacrificed for this vision to be accomplished. You had hoped and expected for a lot of things, and was excited to have plans for the future.

A few months ago, I wrote an article here titled, “What I Learned After Opening My First Business at 21.” My restaurant was doing well that time, and writing that article made me feel on top of the world. I thought that it was going to be that way for a long time, yet not so long after that, sales started to become stagnant and then declined.

As I write this today, my restaurant has already stopped operations. It stopped a few days ago, but a couple months back, I knew it was bound to happen. We couldn’t keep up with the bills we needed to pay, and they kept accumulating day by day. With a heavy heart and chaotic mind, we knew we had to close it down.

I couldn’t believe this was happening barely one year after starting operations. But if you were to ask me that if I had the chance to start over, would I do it again? I would still say yes. Despite its failure, there were still very important (also expensive) lessons that I learned that I would never have acquired otherwise if I didn’t start the business.

Here are a few lessons I learned after failing my first startup:

1. Entrepreneurship requires resilience

You cannot ever be successful if you haven’t developed resilience. Whether you like it or not, something will turn out wrong in your business. Maybe sometimes not to the point that it needs to be shut down, but something that could make your decisions critical to your organization goals.

You could give yourself time to grieve, but it shouldn’t stop there. Life goes on. And you need to get back on your feet if you still want to make a difference. The biggest companies that are successful right now all experienced a massive amount of failure.

But they never stopped trying. Because with every failure comes a lesson. Anyone with common sense would learn from that failure, and start again with more knowledge on what to do and what not to do.

Whenever I thought about the accumulated debts of my restaurant, I would have this sinking feeling in my chest and stomach. I knew that I would have to liquidate the assets. So I continued to search for buyers of the assets.

Instead of grieving for a much longer period, I knew I’d have to pick myself back up again so I could pay the debt. It might be hard at first, but if you call yourself an entrepreneur, quitting is not an option. We fail, we learn, then get back up.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

2. Learn to listen

Being a first-time founder, I had a very idealistic attitude. I had no experience in the food industry and established the business with only the belief that my partners and I would make it. I was wrong.

Aside from not being able to make it with that business, I realized what the naysayers had been telling me all along. But you have to be careful here. There are naysayers who have no credibility to back up what they say and want to bring you down. But there are also ones who speak from experience and are genuinely concerned for you. You must learn to discern the right voices to listen to if you want to succeed.

Taking risks is good, but make sure those risks are calculated and not reckless. We took a risk that wasn’t entirely reckless, but not all aspects of them were calculated. We were unsure of some parts of the business, and just “winged” it. Look at what happened to winging it!

Know when you need to jump with both feet or just one, but also listen to the voices who tell you when to put your feet in the water. Trust me, you never know when you will value their input.

3. Your failures do not define you

I never thought this would take a toll on my self-esteem, even when I knew I had to get back up. On the outside I looked normal. Going to school, work, and social settings looking like nothing had happened. But inside I was a wreck and didn’t want to admit it.

I would feel guilty whenever people would praise me about how “successful” I was at such a young age but that wasn’t true. For a while I thought that I was the failure. My insecurities started haunting me again and my browser history was filled with questions on what to do.

That was when I discovered that successful people failed more often than they succeeded. Even the ones with smaller businesses had their fair share of failures before finding an idea that worked for them.

But their failures never got to their heart. They weren’t the failures. The business failed, not them. So they tried again until they got it right. Maybe this business didn’t work out for me, but that doesn’t mean I’ll never be successful. The sooner you believe your failures don’t define you, the more the weight will be lifted off your shoulders.

People fail every single day. The difference between the ones who succeed and those who don’t is persistence and the drive to continue even after failing. It’s much better to try and fail than never having to start and learn nothing.

“Success is not a good teacher, failure makes you humble.” – Shah Rukh Khan

Have you ever started a business that eventually failed? What did you learn from it? Please leave your experiences below!
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Want A Business Idea That’s Guaranteed To Make You Money? Here’s How You Should Start.

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business ideas

Let’s first start off with the “why”. When you know why you’re doing something, it can create clarity in your tasks, and direct your efforts. So, grab a sheet of paper, or a notebook and let’s get started.

Answer this question: Why do I want to start a business? Here are some common answers.

  • to do something I love
  • to create financial freedom so I can, “fill in the blank” (travel, pay off debts, buy expensive things, etc.)
  • to have the freedom to set my hours, choose when I work and what I work on
  • to help others, using my skills
  • I hate my job

Once you know why you’re doing it, you’ll have a better idea of what your goals are.

“The two most important days of your life are the day you were born and the day you discover why you were born.” – Mark Twain

Start With Your Skills

At the heart of every business, and profession is the solution to a problem. If you can identify a problem that a group of people are having and solve it for them, you have the makings of a successful business.

Start with your current skill set. Everyone has skills, passions and talents in one area or another. What we fail to sometimes see is the ability for those skills to solve a problem for others in a meaningful way.

You can also ask family and friends to help you identify your skills. They may point out strengths you never considered. Keep in mind you don’t need to have mastered that skill yet, you can continue to learn and develop it as you go along. Ray Higdon a successful business man says to “Invest, learn then teach”.

Invest in yourself and improving your skills, learn more about your niche, and creating solutions to their problems, then teach others what you’ve learned.

Once you’ve got that down, the next step is doing some research. What problems are people having that you could use your current skill set to help solve? This is where picking a niche comes in handy. A niche refers to a small specialized portion of the population.

Let’s say, you’re a stay at home parent, and one of your skills is cooking healthy family meals that your kids enjoy. Your niche will likely be stay at home parents. You can then narrow down your search by checking forums and website or magazines that target stay at home parents.

“If you do what you love, it is the best way to relax.” – Christian Louboutin

What To Look For in Your Research?

Look for pain points and problems, especially those that are recurring. You may find that cooking healthy meals is not necessarily where parents are struggling, maybe it’s with purchasing healthy foods or the cost (money and time) of healthy meals. You want to look at the questions people are asking, and take note of the language they use to describe their problems. Nutritious vs. healthy. Quick vs. easy.

Finally, take note of products that offer solutions to those problems. These offer ideas to you about ways in which you can present your solution; Youtube channels, specialized cookbooks, how-to guides, online courses, etc.

By the time you’ve followed all these steps, you would have established 3 things:

  1. A monetizable skill set — You know what your skills are and how you can use them
  2. Proof of a Need — People have a problem that you can solve, and now you know who they are.
  3. A Profitable Market — If people are buying said cookbooks, or paying for products, this shows you that they are willing to put their money where their mouth is.

This is the beginning of any business. Fast Food restaurants offer quick meals on the go, Walmart puts everything in one place so people don’t have to travel to different stores, books entertain or instruct, cars transport and save time. At the heart of every product and business is a need, and you are now on your way to creating a solution that people are already looking for!

What is a business you want to start? Share your thoughts below!

Image courtesy of Twenty20.com

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Motivation

5 Important Facts You Need to Know About Motivation

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motivation

Whether you are trying to lead a team of employees, teach a child, or even get through your own workday, staying motivated is key. Nonetheless, this isn’t always as easy as waking up and deciding to be motivated. (more…)

Kurtis Brase is a professional journalist. Now, she works at EssayPro as a writer and editor.

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4 Comments

4 Comments

  1. Jagdish Kashyap

    Nov 19, 2015 at 8:39 am

    I think failure is the most important thing to be a successful person – Without a failure you can’t access your full potential.
    I’m to a successful person YET but one day I will be! – I just wanted to drop my comment, let me know if i’m not wrong about “Failure”

    #ProudToBeAFailure
    Cheers!

    • Tim Denning

      Dec 30, 2015 at 2:43 am

      Jagdish I totally agree. Failure is an entrepreneurs university education.

  2. Salifu Junior

    Mar 10, 2015 at 9:25 pm

    It is not so difficult to start and nourish a startup. You plan well and act on your plans, however in between there is real work to do and real persistence to endure. Those who become successful are those who manage to stay on when others have abandoned the ship.

    • Tim Denning

      Mar 11, 2015 at 8:17 am

      Really wise words Salifu and so very true. Thanks for your words of wisdom.

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Startups

Your Competition Is Magnificent – Quit Being A Sook

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I’ve got this friend and he’s always crying about the competition. He spends a lot of time sooking about them and coming up with plans to take them down.

I’ve put up with it for a while, but now it’s driving me nuts. I started to think: how can we learn to love our competition in business?

Here are some thoughts I had about your competition:

 

Thought #1 – You say they’re lying. Good!

My friend says his competition is lying. Many businesses lie and that’s fantastic news for you. When a business lies, they are playing the short game.

“The long game in business is about being so vulnerable, authentic and real that it punches your ideal customer in the face every time they hear about your brand”

Trust in business, leads to incredible progress. All those marketing campaigns your competitor’s use are mostly to make them sound like something they are not. When your business is trustworthy, you don’t need to market as much.

Being honest cuts through the hype and because it’s so rare, your ideal customer runs towards you at 110km, with their arms wide open. Right behind them are all of their network who are begging to hear from a business that is a real – a business that is like you and me.

Don’t hate your dishonest competition: learn to love them from the bottom of your heart. See the love in your competition.

 

Thought #2 – There’s enough room for everyone

This scarcity mindset that you have to own 100% of the market in your first three years of operations is bulldust. There’s room for you and your competitors. It’s not a sprint; it’s a marathon to reach the unicorn status that is success/world domination.

Feeling like you’re drowning in competition is exactly that. Focusing on your competition 24/7 makes you feel like absolute garbage after a while. It stops you from having a good night sleep full of dreams that contain growth, prosperity, optimism and triumph towards your businesses mission.

I used to be that guy that couldn’t sleep because of competition. Every time someone brought out the same product that was cheaper than mine, I cracked it. I thought that business was so hard because there were so many people that wanted to cut my lunch.

What I forgot is that despite all the competition, people were still buying. Even if we weren’t the cheapest, it didn’t matter. Some people would find us and buy, and others wouldn’t.

The competition can only cut your lunch for so long. If you stick at it and not let the thoughts of their horrible shadows upset you, you’ll be soon making the lunches and cutting theirs.

 

Thought #3 – It’s ugly

Sooking like a pissed off brown bear with a crown on its head is ugly. You’re showing everyone you work with that you are a sore loser. Winners worry about their own business first.

“Winners know that their business isn’t an immaculate diamond on day one”

Every time my friend complained about his competitors; it made his business seem ugly. I stopped becoming drawn to it as I did at the start. The conversations became more about his competitors than his own business. The focus was lost on competitors which he couldn’t control.

 

Thought #4 – You can’t win every deal

No business wins 100% of the opportunities that are presented. There’s this lie that you have to be always winning to be successful. There’s this belief that some people have that says their business is unique and therefore it’s only normal that when they pitch, they will always win.

Again, this is total BS. Your business might have some unique strengths, but there’s always competition. Some deals you’ll win and some deals you won’t. You don’t need to win all the time to put food on the table and be successful.

I’m also competitive by nature and I’ve had to settle sometimes for the simple fact that I won’t win all the time. Sometimes losing a deal is only the beginning. The opportunities you lose are where all the lessons are.

“Your lost opportunities are what strengthen your entire value proposition to the market”

 

Thought #5 – Seeing your competitors suck is inspiring

When a competitor of yours has a major failure, you should be inspired. What I mean is that you should never want your own client base to suffer the same gunshot to the head. Instead of trash talking your competitors for their mistakes, use them as inspiration to not be like them.

Your competitors should form part of the reason why you exist. You should exist not to make the same dumb mistakes they do. You should exist so your customers have a better alternative. Having horrendous companies within the same industry has inspired many businesses like Uber and Airbnb.

Being a business full of inspiring people is easier when everyone else sucks.

 

Thought #6 – Complaining shows insecurity

By my friend complaining about his competition, what he revealed to me was his insecurity. He was showing me that he lacked the confidence in his own product and so it made sense for him to talk down everyone else’s.

The thing is when you love your product and genuinely believe it’s the best in its field, you forget about everyone else’s. Believing in your product offering comes from the confidence that as a business you believe in yourselves.

If you believe, your ideal customer will believe. Bagging your competition may make you feel better in the short term, but it will never make your business grow.

Thought #7 – You only have so much thinking space

Don’t waste it thinking about your competitors. Use your thinking space to come up with new ideas, to innovate and to WOW your customers. These habits will stop you from living in the scarcity that comes with being obsessed by your competition.

Thinking about your competitors is not going to make them go away. Complaining about them will not improve your product or service. To have a good business, you have to operate from a place of creativity. Being creative is hard work and so you don’t want throw away your thinking space.

Dreaming about your competitors puts you in a spiral of negative thoughts. These thoughts start to overtake the positive ones and pretty soon you can’t be relentlessly optimistic anymore. It’s this optimism that helps you come up with ideas that will change the world.

Much like we compare ourselves to the lives we live through looking at other people’s social media, focusing on your competitor’s forces you to always believe you don’t have enough.

I’m here to say you are good enough. Your business is good enough. Your business can be one of the great’s.

 

Thought #8 – You can actually do business with your competitors

Here’s the really stupid thing: You can actually do business with your competitors. See, your business can’t fulfill every customer need. Instead of saying “We don’t do that,” use your competitors as referral partners.

I can remember in a business that I was a part of, where we used our competitors over the road to supply us with stock when we ran out and had items on back order. We would do the same thing for them when they ran out of stock. As a result, we always had stock.

“Our competitors over the road taught us lots of things we would have never known if we tried to play the solo game. Business is a team sport”

 

***Final thought***

Your competition is not the problem. They’re not the reason why you are losing sales. The real reason you are focused on your competition is because something is wrong with the way you are thinking. Your competitors can force you to sabotage your own success if you don’t stop focusing on them.

Complaining about your competitors never get’s you anywhere. The way to fast-track your success is to get intimate with your competitors and find a way to be uniquely you. Find a way to be bold, authentic, real, sexy and unwavering in your businesses values. Be the honest, cool company that is friends with everybody. That’s how you go from being a sook to being the best in your field.

I want you to use your competition to be world-class. You deserve it.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Startups

5 Ways to Avoid Burning Out While Building Your Business

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how to avoid burnout

Isn’t it strange how mundane things can bring back really vivid memories? As the burnt toast hit the trash, I remembered how burn out meant my first online business ended up on the scrapheap (nearly taking me with it). 

Juggling a full-time job, family, volunteering and running an online business left me physically, emotionally and psychologically exhausted. Just like toast, the burn creeps in slowly and when complete, you’re left unable to nourish yourself or anything else.

You may have already heard run-of-the-mill advice like taking regular breaks to prevent burn out. But what’s the point of stepping away from work only to be stressed that things will fall apart?

Here are five not-so-obvious ways to become burn out proof:

1. Create the right systems

Having no systems (or the wrong systems) is a recipe for disaster. Unfortunately, systems get a bad rap because they can be seen as snooze fests. Who’s ever heard of a sexy system? I sure haven’t!

To make matters worse, traditional systems have a sterile and stuffy image that can make some entrepreneurs feel boxed into something that’s unsuitable for their needs.

The key to making systems work for your business is to design them with flexibility, so your creativity isn’t stifled. Systems that curb burn out are those that account for the ‘secret sauce’ of how you do business. This ensures authenticity, even when your business grows. I call these flexible and personalized systems ‘productivity recipes.’ Because, just like normal recipes, you have the core ingredients and you can make tweaks to suit your business taste.

We’re all different, so there’s no one-size-fits-all business system. Productivity recipes focus on the human side of systems. They bring order to repetitive tasks while taking into account the quirks that make your business unique.

Productivity recipes stop burn out by preventing you from biting off more than you can chew, especially when your business is growing.

2. Get apps ‘talking’ to each other

Automation is another way to hand over repetitive and stressful work. Services like IFTTT and Zapier connect the apps you use to automate your workflow. In other words, they get rid of the biggest time sucks in your business.

Part of creating productivity recipes is to spot tasks you can automate. This will help your business run like a well-oiled machine and save you money when outsourcing.

Start out automating everyday tasks, like social media and email management, by finding out how the apps can ‘talk’ to each other.

Do yourself (and your health) a favour and start to create productivity recipes to see what you can automate. The aim is to drop repetitive tasks like a hot potato to reduce the risk of burnt out. Get your apps communicating to free up time to chat with friends and family.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

3. Outsource

Outsourcing should be done when you already have productivity recipes in place. It’s tempting to hand over parts of your business to a VA or freelancer and forget about it, but this approach could land you in hot water.

With productivity recipes, anyone you hire will have the blueprint of how you expect things to be done. You’ll also save time getting new hires up to speed. Most importantly, your clients won’t get any nasty surprises or unwelcome changes when you grow your team.

You’ll be able to take time out to recharge your batteries, having all the confidence that your business will continue to function properly in your absence.

4. Find some cheerleaders

Being part of a supportive group is crucial to making yourself burn out proof. Informal groups, like Facebook communities, are helpful networks that can prevent you going down the burn out road.

If you’ve been working non-stop and your brain feels as limp as the lettuce in the sandwich you’ve been too busy to eat, connect with people who can identify with where you are and encourage you to take a step back.

The best groups are those that aren’t strictly business. Look for a group with dedicated days for sharing things like inspirational quotes and jokes to lighten things up a little.

Feeling like you’re the only one who experiences overwhelm can be a lonely place. Being part of a community where people share their struggles helps to provide perspective that you can achieve your goals without compromising your health.

“Be strong, be fearless, be beautiful. And believe that anything is possible when you have the right people there to support you.” – Misty Copeland

5. Inject your personality into your passion

When you’re passionate about your work, it seems like you can work day and night without ever feeling tired. Of course, it’s advisable to make time for proper rest. I’ve found that, the more I enjoy work, the more I look after myself to reduce the risks of becoming ill. I’m passionate about helping entrepreneurs be more productive to avoid burn out. I’m also a huge foodie. That’s why I incorporate food and drink analogies in my work because being fed and watered is something we can all relate to.

Injecting your personality into your work makes everything easier. It’s very draining pretending to be someone you’re not. If you’re already pursuing your passion, add a splash of your personality to reduce the chance of burn out.

Suffering from burn out is a serious setback to your health and business. It’s a relief to know that, unlike the burnt toast that ends up in the trash, you can make a full recovery from burn out. But why take the risk in the first place? Put in place practical measures to avoid getting burnt when the heat is turned up in your business.

It’s good to share. What do you put in place to make sure you don’t burn out? Leave a comment below and share your thoughts.

How do you avoid burning out when things get tough? Let us know by commenting below!

Image courtesy of Twenty20.com

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3 Lessons I Learned From the Failure of My First Startup

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You’re exhausted. You’ve put countless of hours into an idea that you believed in so much. Literally almost blood, sweat and tears were sacrificed for this vision to be accomplished. You had hoped and expected for a lot of things, and was excited to have plans for the future.

A few months ago, I wrote an article here titled, “What I Learned After Opening My First Business at 21.” My restaurant was doing well that time, and writing that article made me feel on top of the world. I thought that it was going to be that way for a long time, yet not so long after that, sales started to become stagnant and then declined.

As I write this today, my restaurant has already stopped operations. It stopped a few days ago, but a couple months back, I knew it was bound to happen. We couldn’t keep up with the bills we needed to pay, and they kept accumulating day by day. With a heavy heart and chaotic mind, we knew we had to close it down.

I couldn’t believe this was happening barely one year after starting operations. But if you were to ask me that if I had the chance to start over, would I do it again? I would still say yes. Despite its failure, there were still very important (also expensive) lessons that I learned that I would never have acquired otherwise if I didn’t start the business.

Here are a few lessons I learned after failing my first startup:

1. Entrepreneurship requires resilience

You cannot ever be successful if you haven’t developed resilience. Whether you like it or not, something will turn out wrong in your business. Maybe sometimes not to the point that it needs to be shut down, but something that could make your decisions critical to your organization goals.

You could give yourself time to grieve, but it shouldn’t stop there. Life goes on. And you need to get back on your feet if you still want to make a difference. The biggest companies that are successful right now all experienced a massive amount of failure.

But they never stopped trying. Because with every failure comes a lesson. Anyone with common sense would learn from that failure, and start again with more knowledge on what to do and what not to do.

Whenever I thought about the accumulated debts of my restaurant, I would have this sinking feeling in my chest and stomach. I knew that I would have to liquidate the assets. So I continued to search for buyers of the assets.

Instead of grieving for a much longer period, I knew I’d have to pick myself back up again so I could pay the debt. It might be hard at first, but if you call yourself an entrepreneur, quitting is not an option. We fail, we learn, then get back up.

“Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

2. Learn to listen

Being a first-time founder, I had a very idealistic attitude. I had no experience in the food industry and established the business with only the belief that my partners and I would make it. I was wrong.

Aside from not being able to make it with that business, I realized what the naysayers had been telling me all along. But you have to be careful here. There are naysayers who have no credibility to back up what they say and want to bring you down. But there are also ones who speak from experience and are genuinely concerned for you. You must learn to discern the right voices to listen to if you want to succeed.

Taking risks is good, but make sure those risks are calculated and not reckless. We took a risk that wasn’t entirely reckless, but not all aspects of them were calculated. We were unsure of some parts of the business, and just “winged” it. Look at what happened to winging it!

Know when you need to jump with both feet or just one, but also listen to the voices who tell you when to put your feet in the water. Trust me, you never know when you will value their input.

3. Your failures do not define you

I never thought this would take a toll on my self-esteem, even when I knew I had to get back up. On the outside I looked normal. Going to school, work, and social settings looking like nothing had happened. But inside I was a wreck and didn’t want to admit it.

I would feel guilty whenever people would praise me about how “successful” I was at such a young age but that wasn’t true. For a while I thought that I was the failure. My insecurities started haunting me again and my browser history was filled with questions on what to do.

That was when I discovered that successful people failed more often than they succeeded. Even the ones with smaller businesses had their fair share of failures before finding an idea that worked for them.

But their failures never got to their heart. They weren’t the failures. The business failed, not them. So they tried again until they got it right. Maybe this business didn’t work out for me, but that doesn’t mean I’ll never be successful. The sooner you believe your failures don’t define you, the more the weight will be lifted off your shoulders.

People fail every single day. The difference between the ones who succeed and those who don’t is persistence and the drive to continue even after failing. It’s much better to try and fail than never having to start and learn nothing.

“Success is not a good teacher, failure makes you humble.” – Shah Rukh Khan

Have you ever started a business that eventually failed? What did you learn from it? Please leave your experiences below!
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Want A Business Idea That’s Guaranteed To Make You Money? Here’s How You Should Start.

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business ideas

Let’s first start off with the “why”. When you know why you’re doing something, it can create clarity in your tasks, and direct your efforts. So, grab a sheet of paper, or a notebook and let’s get started.

Answer this question: Why do I want to start a business? Here are some common answers.

  • to do something I love
  • to create financial freedom so I can, “fill in the blank” (travel, pay off debts, buy expensive things, etc.)
  • to have the freedom to set my hours, choose when I work and what I work on
  • to help others, using my skills
  • I hate my job

Once you know why you’re doing it, you’ll have a better idea of what your goals are.

“The two most important days of your life are the day you were born and the day you discover why you were born.” – Mark Twain

Start With Your Skills

At the heart of every business, and profession is the solution to a problem. If you can identify a problem that a group of people are having and solve it for them, you have the makings of a successful business.

Start with your current skill set. Everyone has skills, passions and talents in one area or another. What we fail to sometimes see is the ability for those skills to solve a problem for others in a meaningful way.

You can also ask family and friends to help you identify your skills. They may point out strengths you never considered. Keep in mind you don’t need to have mastered that skill yet, you can continue to learn and develop it as you go along. Ray Higdon a successful business man says to “Invest, learn then teach”.

Invest in yourself and improving your skills, learn more about your niche, and creating solutions to their problems, then teach others what you’ve learned.

Once you’ve got that down, the next step is doing some research. What problems are people having that you could use your current skill set to help solve? This is where picking a niche comes in handy. A niche refers to a small specialized portion of the population.

Let’s say, you’re a stay at home parent, and one of your skills is cooking healthy family meals that your kids enjoy. Your niche will likely be stay at home parents. You can then narrow down your search by checking forums and website or magazines that target stay at home parents.

“If you do what you love, it is the best way to relax.” – Christian Louboutin

What To Look For in Your Research?

Look for pain points and problems, especially those that are recurring. You may find that cooking healthy meals is not necessarily where parents are struggling, maybe it’s with purchasing healthy foods or the cost (money and time) of healthy meals. You want to look at the questions people are asking, and take note of the language they use to describe their problems. Nutritious vs. healthy. Quick vs. easy.

Finally, take note of products that offer solutions to those problems. These offer ideas to you about ways in which you can present your solution; Youtube channels, specialized cookbooks, how-to guides, online courses, etc.

By the time you’ve followed all these steps, you would have established 3 things:

  1. A monetizable skill set — You know what your skills are and how you can use them
  2. Proof of a Need — People have a problem that you can solve, and now you know who they are.
  3. A Profitable Market — If people are buying said cookbooks, or paying for products, this shows you that they are willing to put their money where their mouth is.

This is the beginning of any business. Fast Food restaurants offer quick meals on the go, Walmart puts everything in one place so people don’t have to travel to different stores, books entertain or instruct, cars transport and save time. At the heart of every product and business is a need, and you are now on your way to creating a solution that people are already looking for!

What is a business you want to start? Share your thoughts below!

Image courtesy of Twenty20.com

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