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The Worlds Newest Billionaire – GoPro’s Inventor Nick Woodman

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When Nick Woodman developed the GoPro camera, he had no idea that the brand would one day make him a billionaire. What was special about this lover of adventure sports that made him a highly successful entrepreneur? Was it just about being lucky, about being at the right place with the right product at the right time, or were there other qualities that went into the making of this new billionaire?

Read on to see how a brilliant mind’s ability to recognize opportunities in ordinary life situations and translate them into great business ideas made all the difference.

Nick Woodman – The New Innovative Billionaire

 

The GoPro story:

GoPro Camera

GoPro cameras manufactured by Nick’s company Woodman Labs are very useful gadgets for adventure sports enthusiasts like surfers and skydivers. These high quality video cameras can be worn by the user in several different ways. They have the ability to shoot high quality video footage or still photographs at predefined intervals. The fact that popular nature channels like National Geographic and The Discovery Channel make use of GoPro cameras speaks a lot about the quality, utility and popularity of these products. Felix Baumgartner used several GoPro cameras during his supersonic record-breaking skydive from a height of 39 kilometres.

Foxconn, the manufacturer for several reputed products such as the Sony Playstation and the Apple iPhone recently bought 8.88% stake in Woodman Labs for $200 million. The valuation of Woodman Labs thus works out to about $ 2.25 billion.

Nick being a majority stake holder, owns at least 51% of the company and that means his net worth is at least $ 1.15 billion. Let us take a closer look at the qualities of this new billionaire.

 

A need becomes an opportunity:

Nick Woodman Go Pro SurfingNick first got the idea about a camera that could be worn by the user in the late 1990s. However, he began thinking about it more seriously while on a surf trip in Australia with a few friends in 2002. It was a great trip with several memorable moments, but sadly it was impossible to take quality pictures of those wonderful moments.

A friend with a camera on the beach could hope to get a few stills, but from the distance they were a far cry from the type of pictures which would befit those thrilling moments. A wearable camera is the solution, but the only options available in those days were disposable waterproof cameras. Apart from poor results, they were neither comfortable to wear nor easy to use.

That trip finally made Nick translate his idea about the wearable camera into a serious project – GoPro. A chance event allowed Nick to see the need and that paved the way for a great opportunity. Most people on the other hand are not likely to take notice when these opportunities present themselves. You will see this ability of spotting opportunities and generating ideas in action in many other places in Nick’s success story. Take a look at how the brand name GoPro was coined.

 

Naming the brand:

In the days before GoPro cameras became available, only a professional surfer was able to get quality photographs of themselves in action. These photos were taken by a photographer who went out into the water with the surfer. When amateur surfers experienced great moments, they would often wish from the bottom of their hearts that they could go professional just to have those moments recorded. That gave Nick the idea for the brand name GoPro, something he thought that most surfers would identify with and he was bang on target. The idea that the camera made the wearer feel like a hero gave the model its name – Hero.

 

Product development:

Initially Hero was only a wrist camera. Nick’s enthusiasm for racing gave the next big idea for further development of the product. A Hero camera strapped to the roll bar of a race car came back with some amazing footage. Nick realized that GoPro should not restrict itself to wrist worn cameras and that it should be possible to wear it in many different ways and be mountable on equipment.

 

Checkout Nicks new invention, the GoPro Hero3:

 

Project funding:

Can belts made of shells and beads pay for the starting capital of a billion dollar company? The way Nick Woodman got the idea for generating the starting capital for his company is as amazing as the rest of his story and once again demonstrates his ability of finding opportunities in situations where most people would see nothing of importance.

Behind every successful man is a strong woman. One day while on a surf trip to Bali,Indonesia, Nick’s girlfriend Jill (now his wife) came back to their place wearing a nice looking belt made from shells and beads. It looked much better than the price she paid for it. Nick seized the opportunity and bought 600 of those belts which he later sold for a neat profit in about two months time. That was how the starting capital for GoPro was raised.

 

Product development:

Go Pro Camera Cool

The first model was a 35 mm film camera capable of taking still pictures. Next came the 10 second digital video camera without audio capability. The 3 mega-pixel cameras which could take both still pictures and video footage with audio and save them to a memory card was a major improvement. From then on it was one innovation after another and today with the right Hero camera you can record professional quality HD video. You get all this in a lightweight product that costs only a few hundred dollars.

One of the things that we should all learn from Nick is the hunger for innovation. He has a long list of innovations in line for his products, and the next step will be a dual Hero camera that can record the action in 3D. It is expected to take the product into an entirely new level and it is likely to hit the market in a few months.

 

The hunger for success:

Nick said at an interview that he was confident about the success of his business when his first camera model generated a revenue of $ 2000 at his very first trade show. When you are looking for success, you should not think about failure. If you want to learn swimming, you should never think about drowning. This quality is essential to keep fears and doubts in control and stay on the track to success. Nick showed ample evidence of this quality and according to him, the thought of failure never crossed his mind. Sometimes not having any clue about the future is a boon in disguise for the entrepreneur.

 

A few great shots taken on a GoPro camera:

 Skiing-GoPro-picture

Dirtbike GoPro Extreme Picture

Paragliding with birds GoPro Photo

Hot Air Ballooning

 

 

 

 

 

 

 

 

 

 

The story of Nick Woodman, this year’s new billionaire and his brand GoPro reads like a book which demonstrates the key ingredients for success. It shows how the ability to find opportunities in ordinary situations in life together with some great ideas and constant innovation take people to great heights. Luck is always good to have, but as the saying goes, fortune favors the brave.

 

Get your hands on a GoPro HD Hero2 Outdoor Camera

 

Article By Joel Brown | Addicted2Success.com

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances. I'm proud to say through my podcast and through this website we have impacted over 60 million lives in the last 4 and a half years.

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9 Comments

9 Comments

  1. pawan

    Jan 2, 2014 at 3:21 am

    Great article thanks.

    Joel

  2. ilikesomuch

    Dec 2, 2013 at 11:10 pm

    so, where are the cameras made from? or, are the cameras consider product of usa? made in elsewhere?

  3. Leonardo

    Jul 1, 2013 at 11:17 pm

    Good for him! 😀 I own a GoPro Hero 2

  4. b

    Jan 29, 2013 at 6:58 pm

    It reminds, of something similar to what i once did, out of the blue, dept store closing, bought 30 qualitybaseball gloves for $10, sold for $60..saw opportunity, acted, profited.he is a genius.go go pro

  5. HowieW

    Jan 15, 2013 at 11:42 pm

    A BILLIONAIRE?

    WOW!

    That’s AWESOME!

    Never knew ‘gopro’ was that mainstream! Where have I been living? LOL!

  6. Rob Martirosian

    Dec 29, 2012 at 11:59 pm

    Great story. Best part is flipping shells and beads for start up capital, what a hustler!

  7. Cindy

    Dec 29, 2012 at 10:49 pm

    I would like to see posts and updates! THANKS and Happy Holidays!

  8. Deji R Yusuf

    Dec 28, 2012 at 10:29 pm

    wow! i am happy for him!

  9. Matthew Insardi

    Dec 28, 2012 at 4:20 am

    That is awesome… I’m not sure what to buy first… ducati, snowboard, surfboard… but I will be getting a gopro

Leave a Reply

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

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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startup failure

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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7 Essential Email Marketing Tips You Need to Implement Into Your Business Today

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email marketing tips

While Email might seem like a fading beauty, this technological dinosaur continues to be the preferred method of communication for the digital age. The rise of smartphones and mobile devices has only added to emails popularity by putting constant communication right in the palm of our hands.

In fact, According to Custora, Email marketing was the biggest driver of Black Friday transactions last fall, with 25.1% of sales originating from email promotions.

With that in mind, here are some tips that are guaranteed to take your Email Marketing to a whole new level:

1. One Element, One Job

Most people try and do way too much with their emails, and you may be guilty of this as well. Follow the simple rule of making each element of your email do just one job, and your emails will become much more effective. The subject line of your email, for example, exists for one reason only: To get your email opened. Your subject line doesn’t need to explain what’s in the email. It doesn’t need to sell, or get clicks. It JUST needs to get your email opened.

That’s it’s job. The body copy of your email exists just for the purposes of getting clicks. That’s it. Each element has its proper place, and if you just make sure they do their job, you’ll see great results.

2. Keep It Short And Sweet

People are busy, and their attention span is limited…So always remember that you’re writing an email, not Homer’s Odyssey. Remember, the body of your email has one job: To get the reader to click. So say what you have to say, keep it short and sweet, and get them to click away from the inbox, and moving along the path towards where you want them.

“Good content is a commodity, great content is a scarcity.”

3. Train Your Subscribers To Click

Every email you write – Every single one – Should have a link in it that your readers can click on, and a call to action encouraging them to do so. If you’re selling something, obviously you would include a link, but if you are sharing content, or telling a story (which is fine, because people love stories) make sure to tell SOME of the story, then offer a link to read the conclusion on a web page or blog.

Link to videos, or other things the reader might find inspiring. Link to your help desk! Whatever it is, you want to train your readers to see your emails, open them, read them, and then CLICK.

4. Be Consistent

Consistency breeds familiarity, and familiarity breeds comfort and trust. And comfortable, trusting people buy stuff! Try opening and closing all your emails with the same introduction and the same sign off. Create a mailing calendar and try emailing the same days every week, or mailing at the same time everyday.

Much like bars offer a happy hour at the same time everyday, maybe you can send a “daily deal” email every afternoon or a weekly summary email. Whatever it is you decide to do, once you decide to do it, be CONSISTENT.

5. Personalize, {name}

Personalization fields are extremely powerful. Multiple studies have shown that the single most powerful word in any language is someone’s OWN name. And so of course, personalization fields that allow you to address your reader by name are incredibly effective. Campaign Monitor has reported that Marketers who use personalization in their subject lines see 26% more opens.

You can also use personalization fields to mention what time it is (no matter where someone is) what city or country someone is in. Even what they’ve bought in previous transactions!

“Email Acquisition is like cutting hair, must happen regularly, can be done well, but one bad experience can scar forever.” – David Baker

6. Segment Your Lists

Modern autoresponders are a miracle of analytical data and automation opportunities. You now have the ability to easily segment your lists, and you should. Separate your prospects from your buyers. Separate buyers by product or category, so you can follow up with smart emails that sell upgrades or related products! You can even separate people who opened and read previous emails from those who haven’t, so you can follow up with people who opened your emails, read them, and clicked, from those who didn’t.

7. Tell Stories

Storytelling is one of the oldest forms of communication known to man. Stories have been used throughout time to pass lore and culture down from generation to generation. And from a marketing standpoint, stories offer a glimpse into who you are, or what your business stands for and how it works.

This information might seem mundane to you, but an outsider will find it fascinating. And as a result, the ability to tell stories will dramatically improve your marketing. If you’re new to storytelling, start by finding friends or co-workers who are particularly fun or engaging. Pay attention to how they command a room through stories and anecdotes. Look for local storytelling events so you can attend, and listen in as master storytellers share their craft.

These 7 tips should drastically improve your email marketing. Start implementing them and be sure to share your results.

What other email marketing strategies would you add to this list? Leave your thoughts below!

Image courtesy of Twenty20.com

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4 Traits Successful Entrepreneurs Have in Common That Sets Them Apart From Everyone Else

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successful entrepreneurs

Entrepreneurs are currently in high demand in the world today. As the world progresses in population, there are basic necessities that are needed to curtail this growing population such as the creation of jobs and providing a means of livelihood to accommodate this growth. (more…)

Aisosa Lebarty is the Founder and CEO of geeflix.com - a motivational website aimed at providing success tips, advice and motivation. She is an agriculturist, orator and writer. You can follow her on Twitter @AisosaLebarty.

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9 Comments

9 Comments

  1. pawan

    Jan 2, 2014 at 3:21 am

    Great article thanks.

    Joel

  2. ilikesomuch

    Dec 2, 2013 at 11:10 pm

    so, where are the cameras made from? or, are the cameras consider product of usa? made in elsewhere?

  3. Leonardo

    Jul 1, 2013 at 11:17 pm

    Good for him! 😀 I own a GoPro Hero 2

  4. b

    Jan 29, 2013 at 6:58 pm

    It reminds, of something similar to what i once did, out of the blue, dept store closing, bought 30 qualitybaseball gloves for $10, sold for $60..saw opportunity, acted, profited.he is a genius.go go pro

  5. HowieW

    Jan 15, 2013 at 11:42 pm

    A BILLIONAIRE?

    WOW!

    That’s AWESOME!

    Never knew ‘gopro’ was that mainstream! Where have I been living? LOL!

  6. Rob Martirosian

    Dec 29, 2012 at 11:59 pm

    Great story. Best part is flipping shells and beads for start up capital, what a hustler!

  7. Cindy

    Dec 29, 2012 at 10:49 pm

    I would like to see posts and updates! THANKS and Happy Holidays!

  8. Deji R Yusuf

    Dec 28, 2012 at 10:29 pm

    wow! i am happy for him!

  9. Matthew Insardi

    Dec 28, 2012 at 4:20 am

    That is awesome… I’m not sure what to buy first… ducati, snowboard, surfboard… but I will be getting a gopro

Leave a Reply

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

Startups

5 Ways to Avoid Burning Out While Building Your Business

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on

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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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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7 Essential Email Marketing Tips You Need to Implement Into Your Business Today

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While Email might seem like a fading beauty, this technological dinosaur continues to be the preferred method of communication for the digital age. The rise of smartphones and mobile devices has only added to emails popularity by putting constant communication right in the palm of our hands.

In fact, According to Custora, Email marketing was the biggest driver of Black Friday transactions last fall, with 25.1% of sales originating from email promotions.

With that in mind, here are some tips that are guaranteed to take your Email Marketing to a whole new level:

1. One Element, One Job

Most people try and do way too much with their emails, and you may be guilty of this as well. Follow the simple rule of making each element of your email do just one job, and your emails will become much more effective. The subject line of your email, for example, exists for one reason only: To get your email opened. Your subject line doesn’t need to explain what’s in the email. It doesn’t need to sell, or get clicks. It JUST needs to get your email opened.

That’s it’s job. The body copy of your email exists just for the purposes of getting clicks. That’s it. Each element has its proper place, and if you just make sure they do their job, you’ll see great results.

2. Keep It Short And Sweet

People are busy, and their attention span is limited…So always remember that you’re writing an email, not Homer’s Odyssey. Remember, the body of your email has one job: To get the reader to click. So say what you have to say, keep it short and sweet, and get them to click away from the inbox, and moving along the path towards where you want them.

“Good content is a commodity, great content is a scarcity.”

3. Train Your Subscribers To Click

Every email you write – Every single one – Should have a link in it that your readers can click on, and a call to action encouraging them to do so. If you’re selling something, obviously you would include a link, but if you are sharing content, or telling a story (which is fine, because people love stories) make sure to tell SOME of the story, then offer a link to read the conclusion on a web page or blog.

Link to videos, or other things the reader might find inspiring. Link to your help desk! Whatever it is, you want to train your readers to see your emails, open them, read them, and then CLICK.

4. Be Consistent

Consistency breeds familiarity, and familiarity breeds comfort and trust. And comfortable, trusting people buy stuff! Try opening and closing all your emails with the same introduction and the same sign off. Create a mailing calendar and try emailing the same days every week, or mailing at the same time everyday.

Much like bars offer a happy hour at the same time everyday, maybe you can send a “daily deal” email every afternoon or a weekly summary email. Whatever it is you decide to do, once you decide to do it, be CONSISTENT.

5. Personalize, {name}

Personalization fields are extremely powerful. Multiple studies have shown that the single most powerful word in any language is someone’s OWN name. And so of course, personalization fields that allow you to address your reader by name are incredibly effective. Campaign Monitor has reported that Marketers who use personalization in their subject lines see 26% more opens.

You can also use personalization fields to mention what time it is (no matter where someone is) what city or country someone is in. Even what they’ve bought in previous transactions!

“Email Acquisition is like cutting hair, must happen regularly, can be done well, but one bad experience can scar forever.” – David Baker

6. Segment Your Lists

Modern autoresponders are a miracle of analytical data and automation opportunities. You now have the ability to easily segment your lists, and you should. Separate your prospects from your buyers. Separate buyers by product or category, so you can follow up with smart emails that sell upgrades or related products! You can even separate people who opened and read previous emails from those who haven’t, so you can follow up with people who opened your emails, read them, and clicked, from those who didn’t.

7. Tell Stories

Storytelling is one of the oldest forms of communication known to man. Stories have been used throughout time to pass lore and culture down from generation to generation. And from a marketing standpoint, stories offer a glimpse into who you are, or what your business stands for and how it works.

This information might seem mundane to you, but an outsider will find it fascinating. And as a result, the ability to tell stories will dramatically improve your marketing. If you’re new to storytelling, start by finding friends or co-workers who are particularly fun or engaging. Pay attention to how they command a room through stories and anecdotes. Look for local storytelling events so you can attend, and listen in as master storytellers share their craft.

These 7 tips should drastically improve your email marketing. Start implementing them and be sure to share your results.

What other email marketing strategies would you add to this list? Leave your thoughts below!

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