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7 Myths About Starting A Business I Used To Believe

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7 Myths

There are some people who can sell you sand in a desert. I’m not one of those people.

I’m not a natural entrepreneur. I did not set up lemonade stands on summer days as a kid, and I did not sell anything until I hit college.

My dad held the same government job until his retirement.

The fundamentals of business that come so easily to so many entrepreneurs took me months and years to grasp.

Unsurprisingly, I believed a lot of myths about starting a business. These myths kept me from taking the plunge sooner.

Today, I want to dispel some of these myths.

 

Myth #1: You need to be business smart to start

In undergrad, I studied English. Then, because I love being unemployed, I followed that up with a Master’s, also in English.

So when I say I don’t have any business skills, I’m really not kidding around. I can analyze a Shakespeare sonnet, but hand me a business plan and I’ll look dazed and confused.

This is important to remember. Entrepreneurs, like writers, do a lot of myth-making.

There is a pervasive myth that you need to be some sort of entrepreneurial genius to start a business or have an MBA and years of business experience.

The truth: anyone can start a business. Anyone!

To create and transact is as fundamentally human as sketching stick figures on a cave wall or falling in love.

Most of the knowledge you need to start a business is easy to acquire. Much of it can be learned on the job.

I’m not saying that an MBA or years of experience won’t help. They will, But the average person reading this doesn’t need them, at least not at the start.

Business experience is good to have, not a need to have.

Learn to identify between the two. It’ll save you a world of trouble later.

 “If you are the kind of person who is waiting for the right thing to happen, you might wait for a long time. It’s like waiting for all the traffic lights to be green for five miles before starting the trip.” – Robert Kiyosaki

Myth #2: You need a flashy website, office, or business card

No, no you don’t. I got my first two clients without a website.

I straight up emailed them. Something like, “Hey, you don’t know me, but your blog sucks. I’ll make it better.”

I was shocked by how many people responded. I had no website, no references, nothing.

What I had was a willingness to start a conversation. You’ll be surprised how far that can take you.

Even now, my website is just a single page of plain text, nothing fancy. I want to make it bigger and better, but that can wait.  Just like the office and the fancy stationery.

 

Myth #3: You need money to start a business

This is true. Then it’s not. It really depends on your business.

You’re not going to start an airline without cash, but you can start a service business.

Anything small, simple. Something that requires only one investment. That investment is time.

Think about some of the most successful service businesses: building a website, writing a blog post, mowing someone’s lawn, taking care of someone’s pets/kids.

Doing any of these professionally doesn’t require a lot of initial investment. Perhaps a domain name and a web host at most. That’s about $15.

Surely you have $15 to spare?

 

Myth #4: You need to have a lot of contacts to start a business

I stalled starting a business because I was convinced you need to have tons of contacts to start.

But I’m an introvert. Networking is alien to me. I walk into a room and freeze.

So I stopped networking. Instead, I started giving.

I found my first client by giving something away (a slide share presentation, made from one of her blog posts) for free.

I did not ask anything in return, but when she needed someone to help her repurpose her content, she turned to me.

I made my first friends online like this. A couple of these friends turned into clients.

It’s a powerful idea. It isn’t transactional. It doesn’t assume a ROI.

You give something because you feel it will add value to someone’s life. Sometimes, that value will come back to you tenfold. Sometimes it won’t, but that’s the very nature of giving.

“Chase the vision not the money. The money will end up following you.” – Tony Hsieh

Myth #5: Your business needs to be perfect before you launch

You don’t need perfection. It’s a good aim to strive for but it can often be a crutch. A crutch that keeps you from launching.

Forget about perfection. Instead, embrace the pivot.

Right now, as I type this, I have a huge whiteboard in my room filled with business ideas.

Some of these are service ideas. Some of these are product ideas. I won’t work on 95% of them but that doesn’t matter.

What matters is that if business A doesn’t work, I can always pivot to business B, C, D, E, or F.

That’s the good thing about being an entrepreneur. Your first iteration of a business doesn’t have to be its final iteration.

There is tremendous room to change in-between.

In other words, build the business you can build today, not the business you want to build tomorrow.

 

Myth #6: You need to be an expert to start a business

Being an expert is great. It means you have knowledge about a narrow topic. You can often sell this knowledge for cold hard cash.

There is one problem though: becoming an expert requires time. Lots of time.

I’m lazy. I’d rather start a business today than spend years becoming an expert.

So I took the anti-expert route. I figured out what problems people had, then I offered them my help for a fee.

I learned how to solve the problem along the way, or hired someone else to do it.

It’s just a faster way to do things.

7 Myths
 

Myth #7: You need to master branding, positioning, marketing, advertising, accounting, and hiring to start

Before I’d even started a business, I worried about hiring the right people. I wondered where I could find the right people.

Then I wondered whether they would even join my company.

When I got over my hiring worries, I worked myself up into a fit over keeping accounts.

Never mind that I did not even have a business yet, or any revenue.

Before launch, I fretted over branding. I worried if my logo looked good, or if the orange on my site was too bright.

In hindsight, all of these are trivial things. Logos can be changed, accountants can be hired, and people will work for you if you pay well and give them interesting challenges.

 

The only thing you need to do is go out there and build.

What myths are stopping you from building your business?

Puranjay Singh is passionate about helping businesses grow their traffic and revenues through content marketing. He currently runs http://growthpub.com where he helps startups create world-class content for their blogs. You can follow him on Twitter @puranjaycom

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4 Comments

4 Comments

  1. Troy Mason

    May 28, 2015 at 10:54 am

    Thanks for writing this Puranjay. There is some really great and actionable advice in here.

    The idea of getting rolling and then pivoting as you move is something that I am really big on!

  2. Puranjay

    May 22, 2015 at 9:47 pm

    @Mayank

    You won’t believe me, but I won my first contract precisely this way – I emailed an important VP of a $1B company that the blog of his new venture was terrible. He asked me how I would change it. I gave him some ideas, and within two days, I had a $1,000 contract. I knew next to nothing about blogging at that time.

    Either way, it never hurts to write an email. NO ONE will think less of you.

    @David

    Thanks for the kind words!

  3. Mayank

    May 18, 2015 at 8:24 pm

    Hi Puranjay
    Loved this article, specially
    “Hey, you don’t know me, but your blog sucks. I’ll make it better.”

    Mayank

  4. David

    May 6, 2015 at 9:55 am

    LOVE this article! If only you could get more people to believe it and realise their potential! Great work!

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Startups

3 Reasons Why It’s a Good Thing Your First Startup Failed

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startup failure

Statistics on business failure are a matter of heated debate. Back in 2014, a study in The Washington Post rubbished the oft-repeated claim that “nine out of ten businesses fail,” saying that it had “no statistical basis.” Even so, a more accurate figure from The Small Business Administration still points to only around half of businesses lasting beyond five years.

As such, there’s still a 50/50 chance that your first startup will fail. If this has happened to you, it’s unlikely to have been a pleasant experience. But does that mean that every bit of the time, money and effort was wasted? Absolutely not. In fact, the value of failing has been discussed on this site before.

As Henry Ford said, “The only real mistake is the one from which we learn nothing.” One thing you can be sure of is that in the wake of a failed start-up, you’ll have a heap of lessons to learn from. Every one of them represents an opportunity to do things better or differently next time and increase the chance of your next business being the one that truly goes the distance.

Here are three big reasons why the failure of your first start-up could prove to have been a blessing:

1. You know which tasks not to expend time and money on

It’s pretty much impossible to get a business off the ground without making some mistakes, especially when it comes to putting time and effort into ideas and activities that don’t move the company forward.

However, it’s easy to forget and write off, for example, a futile Google Ads campaign or a pointless dalliance with Instagram if the business goes on to be a success. However, if the company fails, then these drains on time and money suddenly come into far sharper focus.

This being the case, the chances are you’ll have quite a sizeable “never again” list, even if it’s only stored in your memory. Everything on that list is an opportunity not to make the same mistake again whether it’s a web developer you’ll not be using again or acquired knowledge on which advertising strategies do and don’t work. You have a body of knowledge that’s going to ensure your next venture is leaner, meaner and more focussed.

“You have to work on the business first before it works for you.” –  Idowu Koyenikan

2. You know what did go right

Of course (hopefully) you got some stuff right too? This knowledge is equally valuable. One way of looking at it is that your next start-up business can operate like a carefully edited and curated version of the first one.

All the ideas, working practices and promotional avenues that delivered results the first time around are things you can potentially recreate (albeit obviously only where the business similarities are relevant!) What’s more, because you’ve done these things before, they should take you less time the second time around.

There may even be documents, contracts, databases and various other things you can repurpose for your next company. This can result in big savings in both time and money. Just because the business failed doesn’t mean there aren’t considerable resources you still have to show for your initial efforts.

The same applies to the contacts you made and the suppliers and companies you used. That network is still there, and once again it’s now a “curated” network – you know exactly who to work with again, and who to swerve.

3. You’ve learned a valuable lesson in resilience

Gever Tulley is an American writer, TED talk host, and founder of San Francisco’s Brightworks school. He says that “Persistence and resilience only come from having been given the chance to work through difficult problems.”

This is very relevant in start-up businesses. Entrepreneurs who find huge success with their first business actually miss out on a valuable and crucial part of the learning curve, and this can come back to haunt them when there’s an unexpected bump in the road further down the line.

Yes, watching a much-loved business fail can be upsetting and demotivating, but coming out the other side still willing to have another go is undoubtedly a bold and determined move to make. It’s almost inevitable that the process will change you, and will certainly change the way you do things.

“I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan

But it’s no bad thing to be more sceptical as to the claims companies make when they sell you something, tougher when it comes to price negotiation, or more cynical about the benefits of jumping onto the latest online bandwagon.

The last quote which I shall use to tie this up is from an unknown source, and it says that “the only person you should try to be better than is who you were yesterday.” If you can stick to that rule and use the failure of a business venture to bounce back with humility and determination, it should set you up well for your next attempt.

All the work that went into that “failed” business still has a huge amount of value. So move forward, concentrate on one thing at a time, and you should stand a good chance of success the second time around.  

What failed venture are you grateful for in your life? Let us know in the comments below!

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3 Powerful Ways to Stay Motivated While Building Your Startup

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building a startup

I hear one particular story being repeated over and over again in the startup world. See if you’ve heard it before. A friend tells me how excited he is about a new business idea. He’s talked to several potential customers who seem really interested, and he’s even contracted folks in the industry to help him build a prototype.

Two months later, I meet with him again. He’s still very excited, working hard at all hours of the day, and he says that they’re actually about to release the prototype. Another 2 or 3 months go by and I check in to ask him how everything is going.

Glumly, he tells me, “Well, we released the prototype to a couple of early adopters, but we didn’t find they were using it on a daily basis.” Or, “We spent like $50 on Facebook ads to spread the word, but nobody signed up.” And on and on it goes.

Just like that, another wantrepreneur’s dreams are crushed. “Maybe this entrepreneurship thing just isn’t for me,” he says. Sound familiar? It happens to all of us. We have that initial burst of excitement and we get super motivated to pursue our business idea, but then when reality hits and things don’t go as planned, we lose that spark and our motivation hits rock bottom.

People don’t realize that building a startup is like a roller coaster – one day you’re on top of the world and the next you’re having the worst day ever. Motivation is like the fuel in your car, when you run out, your company stalls and comes to a complete stop.

People always ask me how I maintain my motivation throughout the ups and downs of startup life. Like any other positive habit, you have to train yourself and you need a few techniques in your back pocket to help you get out of that rut when you (inevitably) fall into it.

Here are a few things that have helped me stay motivated while building my business:

1. Listen to or Read Something Motivational Each Day

This is actually one of my main sources of motivation. Every day, I listen to an entrepreneurship podcast and learn something new.

When you hear an interview with a successful founder, and he says he wakes up every day at 4AM to spend 2 hours writing a chapter of his book before heading into work, it makes you think “Wow! I thought I was working hard!”

I’ll listen to an owner talk about how he lost everything and managed to bring himself back from ruins. That kind of story can motivate anybody to push through the rough times in their own life and business endeavors.

When I hear these types of inspirational interviews during my morning walk, I go home eager to start work for the day!

“Your reputation is more important than your paycheck, and your integrity is worth more than your career.”  – Ryan Freitas

2. Have a Learning Mindset

No matter how excited you are about your startup idea, remember that it’s a learning experience. A year from now, you may end up developing something totally different based on feedback you get from customers. If your first prototype doesn’t get the traction or results you were hoping for, then learn why that is.

Did it not solve the customer’s pain point? Were you solving the wrong problem? Call up the users and ask them why are they’re not using or buying your product! Brice McBeth in his book ‘Salon Chairs Don’t Sell Themselves’, shares his experience with the launch of an e-commerce website that he was trying to promote.

He found that potential customers were just not signing up, even though his team built a visually stunning website. It wasn’t until after he called several customers that he learned they felt the website looked too fancy for them.

They weren’t signing up because they thought the product was too expensive even though they hadn’t even looked at the pricing page. They based their assumption purely on the landing page. He changed the website and the product took off. So don’t get discouraged if your first launch fails. Go out and ask for feedback and correct your mistakes!

3. Sign Up Real Customers

The biggest motivating factor for me so far has been signing up our startup’s first real customers. Not a friend and not someone I met at a networking event who was doing me a favor. A complete stranger who found us on the web and wanted to sign up because she was interested in the product.

When I talked to this customer on the phone, she had no idea we were a startup in the beta stage. She was an office manager of a landscape and lawn service company who was looking for a time tracking software. Having a “real” customer using our application and depending on us to process payroll was a huge responsibility, but it was also motivation for us because we didn’t want to let a customer down.

I’ve found the wantrepreneurs of the world are a little intimidated by the important step of accumulating real customers. When beta customers sign up, they expect to have some issues with the product or software, but when a real, expectant, interested customer signs up and hands over their hard-earned money, it’s a whole different ball game.

But don’t be intimidated! The key is providing excellent customer service. Then your customers will stay with you even if your product is basic and buggy, because they know you will fix it and take care of them down the road. Trust me, waking up every morning knowing people are depending on you is the biggest motivation of all!

“The value of an idea lies in the using of it.” – Thomas Edison

Maintaining motivation while you’re working on your startup, especially at the beginning, is like anything else important in your life – you have to work at it! Listen to or read something inspirational every day, maintain the mindset that everything is a learning experience, and take that plunge to find real customers.

Then, use your system to be accountable for your work and provide great service, and you’ll discover the motivation to move forward even in the toughest of times.

How do you stay motivated while building your startup or running your business? Comment below!

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3 Highly Successful Startups and the Lessons You Can Learn From Them

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successful startups

To get success in life, it doesn’t always about having a university degree with top class. These days, successful businesses and entrepreneurs come from different walks of life.

When you will consider some of the successful startups of the world and entrepreneurs, who lead them, you can notice that they can also represent varied products, brands, generations, industries, and cultures.

Keeping aside diversity and backgrounds, successful entrepreneurs, businessmen and leaders have at least one thing in common, and that is the wide learning curves that they have had to undergo along the way on the road to their success.

However, the way to startup success is not always a predictable one because only 30% of seeded startups are securing some additional funding. In order to know why some of the startups thrive or some stagnate or fail, it is important to examine successful startups and different lessons to learn from them.

Here are 3 Successful Startups & Lessons That Can be Learnt From Them

1. Airbnb – Build a Product or Service That Customers Fall in love With

One of the leading American startups, Airbnb offers an online marketplace and hospitality service for people worldwide to lease or rent short-term lodging, including hostel beds, holiday cottages and apartments through its application. When the company was struggling in its initial stage in 2008, Paul Graham, a founder of the well-known incubator startup, Y Combinator, gave  advice to the CEO of Airbnb.

The CEO of Y Combinator asked Brian Chesky to focus on building a product that people fall-in-love with. Instead of building a product that people like, you should give attention to building a product that people truly love.

If most people are loving your product rather than liking it, they will recommend it to their friends and relatives. The word of mouth marketing for your product or service will play a more important role than any other marketing ways. With word of mouth marketing, it is enough to propel most businesses to new heights.

Lesson to learn: It would be a great choice to develop a product or service that people love instead of liking it. Your potential customers will indirectly help to get many new customers and expand your business.

“Ideas are commodity. Execution of them is not.” – Michael Dell

2. Uber – Always Think of Solving a Problem  

To achieve vivid success like Uber, it is a must that you think for one such service or product that gives a solution to your customers’ problem. Let’s consider Uber, a leading on-demand taxi booking app service provider, delivering on-demand taxi services to people worldwide, ensuring that they do not have to wait too long for a taxi.

Likewise, Uber has solved a problem of people that they were facing while hiring a taxi. Even it could start with just one problem and probably, your startup could deliver a holistic solution. So, whenever you get an idea, ensure that you start analyzing the idea and think about how it can solve a problem of people.

Lesson to Learn: Always think of your customers’ problems and try to solve it through your services or products. Give them a reliable solution that makes their daily life easier.

3. Atlassian – Have a Mission-driven Company Culture

Atlassian Corporation is an enterprise software company that is well-known for making business software, helping different teams of all sizes work faster and better together. A highly popular creator or products like Jiri and Confluence among others.

The company announced that they had spent $425 million to purchase another business-software company called Trello in early 2017. It is one of the biggest lessons that startups can learn from Atlassian as they have a mission-driven company culture.

Lesson to Learn: Do you know that the right culture can lead your company to success? You can realize the significant performance improvements. Build a culture, where people just love to work, expanding your business from one level to next.

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh

These are three highly successful startups and different lessons that can be learnt from them. These above-mentioned startups have a different success story, however, an organization that mainly focuses on customer-centric and mission-driven culture along with delivering a world-class product, tend to be successful.

Moreover, the companies that found solutions to customers’ problems and improve their daily lives, can lead to success. So, follow the hard-earned lessons that I mentioned above and it may help you to join the ranks of the unicorns.

What are some of your favorite & successful startups? Comment below!

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The 5 Most Common Myths Associated With Starting a Business

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business myths

We live in a world of opportunities. I can remember growing up and always dreaming of wearing a suit and tie to work. It was my absolute dream. I was maybe 14 years old at the time and my grades in school were awful and I didn’t exactly have the brightest future ahead of me. I always had these misconceptions about success and what it took to achieve it.

After almost a decade of putting my head down and investing the time, I can finally say I have a profitable business. However, this isn’t about me and my business. This is about the myths that most people are allowing to rule their lives and hold them back from their greatness.

Running a business isn’t about making millions of dollars. When you own a business you’re making the world a better place. You’re providing a solution to a problem. You’re giving others an opportunity to earn money by becoming an employee. You’re doing so much more than making money. It’s good for the economy. So don’t let these common myths about starting a business fool you.

Here are 5 common myths you need to let go of once and for all:

1. You must be intelligent and good in school

Have you ever thought that it’s a basic requirement to graduate college with a business degree? It makes sense if you look at it from a distance. You go to school. You learn how to run a business. You start a business.

The flip side? Business school doesn’t teach you how to handle failure. School will never teach you how to adapt to the market place and make split second decisions that could impact millions of people’s daily lives. School can’t teach you to be you. Although school may not hurt, it’s 100% not required to run a successful business.

“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau

2. You need money

Almost everyone I’ve asked about starting a business has brought up the concept of needing money to get started. I’m here to tell you that you can start thousands of different businesses without money. The most practical piece of advice I can give here is to go out and sell your service, collect the money, then invest a portion or all of that money into the tools needed to complete the job.

If you’re dead set on a business model that requires a lot of cash upfront, use resources like kickstarter or angel investors to get going. You personally don’t need to have any money to start any business ever. You just have to be willing to get creative when it comes to finding the necessary money required.

3. You need experience

As entrepreneurs, we are actually innovators. A lot of the things we are doing have never been done before. We’re constantly experimenting with new ideas and that comes with a lot of failures. You gain the necessary experience needed to run a business while you run your business. You’ll never learn everything you need to know and not a single day will go by where you don’t gain more experience. So dive in, have fun, and don’t give up.

4. You need a following

With all of these mega influencers on social media, it can be challenging to believe you can do anything without a massive following. This isn’t true at all. Everyone on this planet starts with the same following. ZERO. No one knows who you are until you put yourself out there.

Sure you may not have thousands of subscribers, you may not even have ten subscribers. The point is that if you put out good content and provide a service or product that actually helps make the world a better place and solves a problem for your customer, you will win. Just keep putting in the time and energy.

“If you are not willing to risk the usual, you will have to settle for the ordinary.” – Jim Rohn

5. There’s too much competition

Everyday you wait there will be more and more competition. If it was easy everyone would be doing it right? Your product or service is the difference. If you provide a better experience you will win. If you put in the work for the long haul and ignore the short term gains, you will win. Business is a massive competition and if you’re doing it right your competitors will become your friends, mentors, and possibly customers.

This article was written specifically for you. To help you overcome some of the fears of taking that leap of becoming an entrepreneur. Don’t get me wrong, it’s challenging. However, if you truly believe in your idea, there should be nothing on this planet that can stop you from bringing it to life.

What tips have you used to start your business? Comment below!

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Early Success: 7 Entrepreneurs Who Got Rich During or After College

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Not all entrepreneurs wait until they have years of experience to start out on their own. Many have the confidence in their abilities and ideas to get an early start. The seven entrepreneurs below did just that. They either dropped out of school and found success quickly, or did so shortly after graduation. (more…)

Jessica Fender, pro writer and blogger at Online Writers Rating, a platform for the customers who want to find the best writing companies on the web.

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4 Comments

4 Comments

  1. Troy Mason

    May 28, 2015 at 10:54 am

    Thanks for writing this Puranjay. There is some really great and actionable advice in here.

    The idea of getting rolling and then pivoting as you move is something that I am really big on!

  2. Puranjay

    May 22, 2015 at 9:47 pm

    @Mayank

    You won’t believe me, but I won my first contract precisely this way – I emailed an important VP of a $1B company that the blog of his new venture was terrible. He asked me how I would change it. I gave him some ideas, and within two days, I had a $1,000 contract. I knew next to nothing about blogging at that time.

    Either way, it never hurts to write an email. NO ONE will think less of you.

    @David

    Thanks for the kind words!

  3. Mayank

    May 18, 2015 at 8:24 pm

    Hi Puranjay
    Loved this article, specially
    “Hey, you don’t know me, but your blog sucks. I’ll make it better.”

    Mayank

  4. David

    May 6, 2015 at 9:55 am

    LOVE this article! If only you could get more people to believe it and realise their potential! Great work!

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3 Reasons Why It’s a Good Thing Your First Startup Failed

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startup failure

Statistics on business failure are a matter of heated debate. Back in 2014, a study in The Washington Post rubbished the oft-repeated claim that “nine out of ten businesses fail,” saying that it had “no statistical basis.” Even so, a more accurate figure from The Small Business Administration still points to only around half of businesses lasting beyond five years.

As such, there’s still a 50/50 chance that your first startup will fail. If this has happened to you, it’s unlikely to have been a pleasant experience. But does that mean that every bit of the time, money and effort was wasted? Absolutely not. In fact, the value of failing has been discussed on this site before.

As Henry Ford said, “The only real mistake is the one from which we learn nothing.” One thing you can be sure of is that in the wake of a failed start-up, you’ll have a heap of lessons to learn from. Every one of them represents an opportunity to do things better or differently next time and increase the chance of your next business being the one that truly goes the distance.

Here are three big reasons why the failure of your first start-up could prove to have been a blessing:

1. You know which tasks not to expend time and money on

It’s pretty much impossible to get a business off the ground without making some mistakes, especially when it comes to putting time and effort into ideas and activities that don’t move the company forward.

However, it’s easy to forget and write off, for example, a futile Google Ads campaign or a pointless dalliance with Instagram if the business goes on to be a success. However, if the company fails, then these drains on time and money suddenly come into far sharper focus.

This being the case, the chances are you’ll have quite a sizeable “never again” list, even if it’s only stored in your memory. Everything on that list is an opportunity not to make the same mistake again whether it’s a web developer you’ll not be using again or acquired knowledge on which advertising strategies do and don’t work. You have a body of knowledge that’s going to ensure your next venture is leaner, meaner and more focussed.

“You have to work on the business first before it works for you.” –  Idowu Koyenikan

2. You know what did go right

Of course (hopefully) you got some stuff right too? This knowledge is equally valuable. One way of looking at it is that your next start-up business can operate like a carefully edited and curated version of the first one.

All the ideas, working practices and promotional avenues that delivered results the first time around are things you can potentially recreate (albeit obviously only where the business similarities are relevant!) What’s more, because you’ve done these things before, they should take you less time the second time around.

There may even be documents, contracts, databases and various other things you can repurpose for your next company. This can result in big savings in both time and money. Just because the business failed doesn’t mean there aren’t considerable resources you still have to show for your initial efforts.

The same applies to the contacts you made and the suppliers and companies you used. That network is still there, and once again it’s now a “curated” network – you know exactly who to work with again, and who to swerve.

3. You’ve learned a valuable lesson in resilience

Gever Tulley is an American writer, TED talk host, and founder of San Francisco’s Brightworks school. He says that “Persistence and resilience only come from having been given the chance to work through difficult problems.”

This is very relevant in start-up businesses. Entrepreneurs who find huge success with their first business actually miss out on a valuable and crucial part of the learning curve, and this can come back to haunt them when there’s an unexpected bump in the road further down the line.

Yes, watching a much-loved business fail can be upsetting and demotivating, but coming out the other side still willing to have another go is undoubtedly a bold and determined move to make. It’s almost inevitable that the process will change you, and will certainly change the way you do things.

“I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan

But it’s no bad thing to be more sceptical as to the claims companies make when they sell you something, tougher when it comes to price negotiation, or more cynical about the benefits of jumping onto the latest online bandwagon.

The last quote which I shall use to tie this up is from an unknown source, and it says that “the only person you should try to be better than is who you were yesterday.” If you can stick to that rule and use the failure of a business venture to bounce back with humility and determination, it should set you up well for your next attempt.

All the work that went into that “failed” business still has a huge amount of value. So move forward, concentrate on one thing at a time, and you should stand a good chance of success the second time around.  

What failed venture are you grateful for in your life? Let us know in the comments below!

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3 Powerful Ways to Stay Motivated While Building Your Startup

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I hear one particular story being repeated over and over again in the startup world. See if you’ve heard it before. A friend tells me how excited he is about a new business idea. He’s talked to several potential customers who seem really interested, and he’s even contracted folks in the industry to help him build a prototype.

Two months later, I meet with him again. He’s still very excited, working hard at all hours of the day, and he says that they’re actually about to release the prototype. Another 2 or 3 months go by and I check in to ask him how everything is going.

Glumly, he tells me, “Well, we released the prototype to a couple of early adopters, but we didn’t find they were using it on a daily basis.” Or, “We spent like $50 on Facebook ads to spread the word, but nobody signed up.” And on and on it goes.

Just like that, another wantrepreneur’s dreams are crushed. “Maybe this entrepreneurship thing just isn’t for me,” he says. Sound familiar? It happens to all of us. We have that initial burst of excitement and we get super motivated to pursue our business idea, but then when reality hits and things don’t go as planned, we lose that spark and our motivation hits rock bottom.

People don’t realize that building a startup is like a roller coaster – one day you’re on top of the world and the next you’re having the worst day ever. Motivation is like the fuel in your car, when you run out, your company stalls and comes to a complete stop.

People always ask me how I maintain my motivation throughout the ups and downs of startup life. Like any other positive habit, you have to train yourself and you need a few techniques in your back pocket to help you get out of that rut when you (inevitably) fall into it.

Here are a few things that have helped me stay motivated while building my business:

1. Listen to or Read Something Motivational Each Day

This is actually one of my main sources of motivation. Every day, I listen to an entrepreneurship podcast and learn something new.

When you hear an interview with a successful founder, and he says he wakes up every day at 4AM to spend 2 hours writing a chapter of his book before heading into work, it makes you think “Wow! I thought I was working hard!”

I’ll listen to an owner talk about how he lost everything and managed to bring himself back from ruins. That kind of story can motivate anybody to push through the rough times in their own life and business endeavors.

When I hear these types of inspirational interviews during my morning walk, I go home eager to start work for the day!

“Your reputation is more important than your paycheck, and your integrity is worth more than your career.”  – Ryan Freitas

2. Have a Learning Mindset

No matter how excited you are about your startup idea, remember that it’s a learning experience. A year from now, you may end up developing something totally different based on feedback you get from customers. If your first prototype doesn’t get the traction or results you were hoping for, then learn why that is.

Did it not solve the customer’s pain point? Were you solving the wrong problem? Call up the users and ask them why are they’re not using or buying your product! Brice McBeth in his book ‘Salon Chairs Don’t Sell Themselves’, shares his experience with the launch of an e-commerce website that he was trying to promote.

He found that potential customers were just not signing up, even though his team built a visually stunning website. It wasn’t until after he called several customers that he learned they felt the website looked too fancy for them.

They weren’t signing up because they thought the product was too expensive even though they hadn’t even looked at the pricing page. They based their assumption purely on the landing page. He changed the website and the product took off. So don’t get discouraged if your first launch fails. Go out and ask for feedback and correct your mistakes!

3. Sign Up Real Customers

The biggest motivating factor for me so far has been signing up our startup’s first real customers. Not a friend and not someone I met at a networking event who was doing me a favor. A complete stranger who found us on the web and wanted to sign up because she was interested in the product.

When I talked to this customer on the phone, she had no idea we were a startup in the beta stage. She was an office manager of a landscape and lawn service company who was looking for a time tracking software. Having a “real” customer using our application and depending on us to process payroll was a huge responsibility, but it was also motivation for us because we didn’t want to let a customer down.

I’ve found the wantrepreneurs of the world are a little intimidated by the important step of accumulating real customers. When beta customers sign up, they expect to have some issues with the product or software, but when a real, expectant, interested customer signs up and hands over their hard-earned money, it’s a whole different ball game.

But don’t be intimidated! The key is providing excellent customer service. Then your customers will stay with you even if your product is basic and buggy, because they know you will fix it and take care of them down the road. Trust me, waking up every morning knowing people are depending on you is the biggest motivation of all!

“The value of an idea lies in the using of it.” – Thomas Edison

Maintaining motivation while you’re working on your startup, especially at the beginning, is like anything else important in your life – you have to work at it! Listen to or read something inspirational every day, maintain the mindset that everything is a learning experience, and take that plunge to find real customers.

Then, use your system to be accountable for your work and provide great service, and you’ll discover the motivation to move forward even in the toughest of times.

How do you stay motivated while building your startup or running your business? Comment below!

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3 Highly Successful Startups and the Lessons You Can Learn From Them

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To get success in life, it doesn’t always about having a university degree with top class. These days, successful businesses and entrepreneurs come from different walks of life.

When you will consider some of the successful startups of the world and entrepreneurs, who lead them, you can notice that they can also represent varied products, brands, generations, industries, and cultures.

Keeping aside diversity and backgrounds, successful entrepreneurs, businessmen and leaders have at least one thing in common, and that is the wide learning curves that they have had to undergo along the way on the road to their success.

However, the way to startup success is not always a predictable one because only 30% of seeded startups are securing some additional funding. In order to know why some of the startups thrive or some stagnate or fail, it is important to examine successful startups and different lessons to learn from them.

Here are 3 Successful Startups & Lessons That Can be Learnt From Them

1. Airbnb – Build a Product or Service That Customers Fall in love With

One of the leading American startups, Airbnb offers an online marketplace and hospitality service for people worldwide to lease or rent short-term lodging, including hostel beds, holiday cottages and apartments through its application. When the company was struggling in its initial stage in 2008, Paul Graham, a founder of the well-known incubator startup, Y Combinator, gave  advice to the CEO of Airbnb.

The CEO of Y Combinator asked Brian Chesky to focus on building a product that people fall-in-love with. Instead of building a product that people like, you should give attention to building a product that people truly love.

If most people are loving your product rather than liking it, they will recommend it to their friends and relatives. The word of mouth marketing for your product or service will play a more important role than any other marketing ways. With word of mouth marketing, it is enough to propel most businesses to new heights.

Lesson to learn: It would be a great choice to develop a product or service that people love instead of liking it. Your potential customers will indirectly help to get many new customers and expand your business.

“Ideas are commodity. Execution of them is not.” – Michael Dell

2. Uber – Always Think of Solving a Problem  

To achieve vivid success like Uber, it is a must that you think for one such service or product that gives a solution to your customers’ problem. Let’s consider Uber, a leading on-demand taxi booking app service provider, delivering on-demand taxi services to people worldwide, ensuring that they do not have to wait too long for a taxi.

Likewise, Uber has solved a problem of people that they were facing while hiring a taxi. Even it could start with just one problem and probably, your startup could deliver a holistic solution. So, whenever you get an idea, ensure that you start analyzing the idea and think about how it can solve a problem of people.

Lesson to Learn: Always think of your customers’ problems and try to solve it through your services or products. Give them a reliable solution that makes their daily life easier.

3. Atlassian – Have a Mission-driven Company Culture

Atlassian Corporation is an enterprise software company that is well-known for making business software, helping different teams of all sizes work faster and better together. A highly popular creator or products like Jiri and Confluence among others.

The company announced that they had spent $425 million to purchase another business-software company called Trello in early 2017. It is one of the biggest lessons that startups can learn from Atlassian as they have a mission-driven company culture.

Lesson to Learn: Do you know that the right culture can lead your company to success? You can realize the significant performance improvements. Build a culture, where people just love to work, expanding your business from one level to next.

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh

These are three highly successful startups and different lessons that can be learnt from them. These above-mentioned startups have a different success story, however, an organization that mainly focuses on customer-centric and mission-driven culture along with delivering a world-class product, tend to be successful.

Moreover, the companies that found solutions to customers’ problems and improve their daily lives, can lead to success. So, follow the hard-earned lessons that I mentioned above and it may help you to join the ranks of the unicorns.

What are some of your favorite & successful startups? Comment below!

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The 5 Most Common Myths Associated With Starting a Business

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We live in a world of opportunities. I can remember growing up and always dreaming of wearing a suit and tie to work. It was my absolute dream. I was maybe 14 years old at the time and my grades in school were awful and I didn’t exactly have the brightest future ahead of me. I always had these misconceptions about success and what it took to achieve it.

After almost a decade of putting my head down and investing the time, I can finally say I have a profitable business. However, this isn’t about me and my business. This is about the myths that most people are allowing to rule their lives and hold them back from their greatness.

Running a business isn’t about making millions of dollars. When you own a business you’re making the world a better place. You’re providing a solution to a problem. You’re giving others an opportunity to earn money by becoming an employee. You’re doing so much more than making money. It’s good for the economy. So don’t let these common myths about starting a business fool you.

Here are 5 common myths you need to let go of once and for all:

1. You must be intelligent and good in school

Have you ever thought that it’s a basic requirement to graduate college with a business degree? It makes sense if you look at it from a distance. You go to school. You learn how to run a business. You start a business.

The flip side? Business school doesn’t teach you how to handle failure. School will never teach you how to adapt to the market place and make split second decisions that could impact millions of people’s daily lives. School can’t teach you to be you. Although school may not hurt, it’s 100% not required to run a successful business.

“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau

2. You need money

Almost everyone I’ve asked about starting a business has brought up the concept of needing money to get started. I’m here to tell you that you can start thousands of different businesses without money. The most practical piece of advice I can give here is to go out and sell your service, collect the money, then invest a portion or all of that money into the tools needed to complete the job.

If you’re dead set on a business model that requires a lot of cash upfront, use resources like kickstarter or angel investors to get going. You personally don’t need to have any money to start any business ever. You just have to be willing to get creative when it comes to finding the necessary money required.

3. You need experience

As entrepreneurs, we are actually innovators. A lot of the things we are doing have never been done before. We’re constantly experimenting with new ideas and that comes with a lot of failures. You gain the necessary experience needed to run a business while you run your business. You’ll never learn everything you need to know and not a single day will go by where you don’t gain more experience. So dive in, have fun, and don’t give up.

4. You need a following

With all of these mega influencers on social media, it can be challenging to believe you can do anything without a massive following. This isn’t true at all. Everyone on this planet starts with the same following. ZERO. No one knows who you are until you put yourself out there.

Sure you may not have thousands of subscribers, you may not even have ten subscribers. The point is that if you put out good content and provide a service or product that actually helps make the world a better place and solves a problem for your customer, you will win. Just keep putting in the time and energy.

“If you are not willing to risk the usual, you will have to settle for the ordinary.” – Jim Rohn

5. There’s too much competition

Everyday you wait there will be more and more competition. If it was easy everyone would be doing it right? Your product or service is the difference. If you provide a better experience you will win. If you put in the work for the long haul and ignore the short term gains, you will win. Business is a massive competition and if you’re doing it right your competitors will become your friends, mentors, and possibly customers.

This article was written specifically for you. To help you overcome some of the fears of taking that leap of becoming an entrepreneur. Don’t get me wrong, it’s challenging. However, if you truly believe in your idea, there should be nothing on this planet that can stop you from bringing it to life.

What tips have you used to start your business? Comment below!

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