Starting a business is easy. Millions of new businesses are started each year. However, you must do more than create an LLC to become a thriving entrepreneur. Unfortunately, simply starting a new business is all the farther that most get.
Inevitably reality creeps in and the cold hard truth emerges. Creating a business that enables you to generate enough money to truly thrive at life and achieve your wildest dreams is not so easy. Entrepreneurs with the ability to thrive at this highest level are a rare breed.
What makes these elite entrepreneurs different from those still struggling? Here are the top 5 non-negotiables that every new entrepreneur must take action on promptly.
Fear can paralyse and absolutely destroy an entrepreneur’s ambition and confidence, but only if they let it.
When I quit my job and created my own business, I experienced the same fears all entrepreneurs face starting out – the fear of failure, the fear of what others might say, the fear I wasn’t good enough.
As I increased my certainty, and became aware of what limitations were holding me back I started to face my fears head on. When you face your fears, they disappear.
You cannot let your fears control you and you must be willing to take risks despite them. All great leaders and visionaries have realised that being fearless is part of the recipe for success.
In my experience, most of the people who gave in to their fears and quit are eventually employed by those who conquered their fears and never gave up.
Your only fear should be having the exact same life you currently have a year from now. Remember that your dreams will always eclipse your biggest fears. Stay limitless mentally.
2Creating, not waiting
I’ve been fortunate enough to interview dozens of the world’s most successful entrepreneurs and one thing is always abundantly clear – they don’t wait for opportunities to come to them, they create them.
A WANTrepreneur spends their first day designing a logo while the true entrepreneur closes their first 10 clients. If thriving is a goal, you must stop procrastinating, stop creating 100-page business plans, stop researching the perfect website font, and start executing on the things that matter.
Most people spend the first half of their lives saying they are too young, and the second half saying they’re too old. The time is now, and there is no tomorrow for champions.
I promise you that one year from now you will have wished you started today. Wake up early, go to bed late, disable distractions, be relentless, stay intentional, and never give up. It’s simple – if you want it to happen, make it happen. Period. You will make time for things you really care about.
3Focus on continual growth and development
Are you showing up better than you were yesterday? Seriously, is your life better today than yesterday? If not, why not? Create tactical steps for tomorrow to ensure you grow and develop. Ask yourself these 3 questions before starting your day.
- What am I grateful for today?
- What am I committed to making happen today no matter what?
- What am I excited about today?
Most people fail to ask themselves questions that spark their minds, and remind them to maximise each day.
Every day you fail to grow is one less day you have to make your dreams become reality. Once small positive thought can change the outcome of your entire day.
All thriving entrepreneurs know that every year their business must become 365x better than the year before. This is accomplished by focusing on continual growth and development each day.
Just like compound interest, mastering this simple strategy can put you on the fast track to financial freedom. Make growth a part of your daily agenda.
4Making money matter
There has never been a better time in the history of our economy to create businesses that matter. My friend Cole Hatter says,
“Don’t wait to get rich to make a difference, but rather make an impact as you get rich.”
Visionary Tony Robbins has preached on this concept. but it has never been as important and powerful as it is today. Historically, money was a taboo subject few dared to debate.
Culturally, the topic of money has recently gone from being the unspeakable subject to a global obsession, and rightfully so. Money is the great equaliser. Having money is a lot more enjoyable and fulfilling, but most importantly it gives you the power of choices.
One in three Americans believe their best chance of becoming wealthy is winning the lottery. Are you kidding me? This flawed mindset comes from the antiquated curriculum traditional education teaches. To truly understand the concept of mastering money, you must self-educate.
“Traditional education will make you a living; self-education will make you a fortune.”
Those that want to thrive know that money is the one thing that has the instant ability to turn their dreams into reality.
I’m guessing you’d like to be financially free by the time you’re 65 years old? I’m sure everybody does. Let’s deal in reality here.
- 69 percent of Americans who start working at 25 will be dependent on relatives, friends, or charities at age 65.
- Nearly 36 percent of people age 65 to 69, and 21 percent age 70 to 74, are still working.
- Almost 75 percent of single Social Security recipients aged 65+ depend on Social Security for all or most of their monthly income.
I will tell you becoming one of the few who are economically secure starts with urgency now. You MUST have a sense of urgency to thrive.
Do you think those struggling in their 30s, 40s, and 50s told themselves they were going to struggle? Of course not. If you talked to them when they were younger, they were confident they would have their dream house, dream job, have lots of money, and be enjoying life to the fullest. What happened? They never told themselves NOW matters. They didn’t connect their daily actions with their future goals. Don’t fall into that trap.
Realise that now matters more than any other time, and the “someday isle” mentality is killing so many dreams. I know people who have been in the same company for years, but haven’t advanced.
You often hear people say “I have 20 years of experience, I should get paid more,” but in actuality, that person has one year of experience repeated 20 times. If they’re not sharpening their skills, learning better tools, or constantly trying to better themselves, they aren’t becoming more valuable. Why should they expect more money?
Age doesn’t guarantee a higher income, value does. Opportunities are only opportunities if you’re taking full advantage of them. Young millionaires always do, and they are consistently reaching for new goals and ambitions.
You MUST have a sense of urgency that most of society doesn’t have if you’re serious about success. There will NEVER be the right time.
Achieving your wildest dreams and thriving at the highest level is not for everyone. You must be relentless and 100 percent committed to the hustle and grind that is required.
You must believe that not only is it possible for you to have your dream but it is necessary. If you are still reading, you have taken the first step to changing your life and making an impact on the world.
This article was originally posted here on Entrepreneur.com.
How To Have Your Store Run Smoothly Without You (So You Can Take A Well-deserved Break)
Below are some tips that can help ensure the smooth running of your store even when you’re not around, and let you take that break without the stress.
It can be hard for business owners to take time off from their retail stores – whether that’s because they’re too busy, need to be around to make decisions, or simply feel they can’t relax without knowing how the business is tracking. But taking a break can be incredibly important, if not sometimes necessary. And as we head into the busiest retail season of the year, taking a break now before the rush could be the best thing you do – for yourself and even for your business.
Below are some tips that can help ensure the smooth running of your store even when you’re not around, and let you take that break without the stress.
1. Make the most of technology that lets you keep an eye on your store from anywhere
The beauty of living in this modern age is that there’s an abundance of tools that can help you run your store even when you’re away. To do this, cloud-based software is the way to go. Using a cloud-based solution to run your store means that you will no longer have everything housed on your computer server in one place. Instead, you can access files, sales and stock data, financials, business reports, customer and even employee data from anywhere, in real-time, and from any device provided you have an Internet connection.
The other beauty of cloud-technology is that it’s usually relatively inexpensive compared to more traditional systems. If you haven’t done so yet, look into some cloud-based software options, such as point-of-sale and inventory management, accounting and finance, customer management, and employee management and scheduling.
2. Develop a store manual
Create a manual that your staff can turn to when you’re not around. Document procedures, contact information, and anything else that will help your employees to know just what to do in your absence. Some of the sections you may want to include in the manual are:
- General store information – What do you stand for? Who are your target customers? Instil this information in your staff. The more they know (and love) your business, the easier it’ll be for them to make decisions in line with your company values. Include details on personnel conduct, pay and scheduling, store access, conditions of employment, store policies, etc.
- Customer service – Have an entire section dedicated to taking care of customers. Include information on conduct, customer service standards, lost and found procedures, and dealing with difficult customers. Also, provide detailed instructions on how to handle theft and shoplifters.
- Cashier procedures – Include information on the operation of your POS software, the types of payments you accept and how your loyalty program works.
- Contact information – Take note of the tools you use in your store (computer, accounting software, analytics, cameras, etc.), and provide basic instructions on how to operate them. These tools likely come with their own manuals, so make sure that employees know where those documents are and how to contact the vendor if required. Include the contact details for the individuals or entities that your store deals with, including vendors, suppliers, business partners, contractors, etc. Also have a list of emergency contacts, such as the local police and fire department, as well as medical facilities in the area.
3. Appoint a second-in-command
Pick a second-in-command (or 2IC) to take charge of the store in your absence. This person should be someone you trust who knows the business.
It’s best to hire someone from the inside — ideally an individual who’s been in the business for a few years (this demonstrates loyalty) and has shown strong leadership skills or initiative.
4. Empower your staff
Of course, the success of your store doesn’t depend on your 2IC alone, which is why it’s important to empower all your employees always do their best, even when you’re not around. This can be accomplished by giving them adequate training and by fostering an open environment that recognises the efforts of each team member. Encourage questions and be sure to give them specific as well as big picture answers so they know exactly how their actions affect the company.
It is important that you clearly define the roles of each staff member. Establish who’s in charge of what and require your employees to be accountable for their actions. Finally, believe in your employees and show them that you do. Trust you did your job right when you hired and trained them and that they’ll be fine even when you’re not there.
5. Do a test run
When should you start planning for your absence? That depends on the nature of your leave and how long you’ll be away. If you’re planning to be out of the office for a few days, then giving your staff a heads up a week or two before would be enough. But if you’re planning for maternity or paternity leave, then obviously your team needs to be notified months in advance.
Still worried? Implement a test run by consciously getting out of the staff’s way for a day or two. Work from home for a while or stay in your office instead of the sales floor and tell your 2IC to handle the store. Consider hiring secret shoppers who can put your staff’s skills to the test and have them report the findings, so you can figure out ways to improve.
With Christmas and holiday season fast-approaching, now is a great time to start empowering your team so you can find the time for a well-deserved break.
Stop Surviving And Start Thriving In Business
It will inform your operations, which will inform your human and asset capital and lastly, the financial investments you make.
To thrive – and not just survive – in business you need three basic building blocks: 1) attract more customers and clients; 2) who spend more; and 3) buy more often. But how do we make this happen in the tight, recessionary environment we find ourselves in South Africa?
Despite the tough economic conditions, businesses can still thrive. In fact, many small businesses have been found to thrive in difficult economic conditions and are known as counter-cyclical businesses.
So how do you turn the tide from surviving, to thriving? You need to start thinking creatively, making informed decisions and being agile in the business environment. Always start with your marketing strategy. It will inform your operations, which will inform your human and asset capital and lastly, the financial investments you make.
Ansoff Growth Matrix
Business leaders continuously explore various growth strategies to retain and grow market share. One of most respected and often used is the Ansoff Growth Matrix. It was first published in the Harvard Business Review in 1957, written by strategist Igor Ansoff to help management focus on the options for business growth. Ansoff suggested that an effective strategy considers four growth areas, varying in risk. This strategic planning tool guides us to understand our current situation, contemplate strategic options and consider the associated risks.
- Market Penetration: Market penetration has the least risk of the four options. Here you are selling more of the same things to the same market. You know your product and market well. The question is, how can you defend your market share and sell more to your existing customer? You may consider special promotions or introduce a loyalty scheme.
- Product/ Service Development: Product and service development is slightly riskier as you introduce a new component into your existing market. The advantage is that you sell to a customer/ client that you know, and they trust you. Ask yourself how to grow your product and service portfolio? You may consider adding new services and products or modifying your existing offering.
- Market Development: With market development you target new customers and clients with your existing products and services. You sell more of the same things to a different market. You can consider new sales channels, online or direct sales. Do a proper market dissection to target different groups of people, considering different age groups, gender and demographics.
- Diversification: Diversification is very risky. Here you consider introducing a new, unproven product or service into an entirely new market that you may not fully understand. You may need new expertise, acquiring another business or venturing into another sector. The main benefit of diversification is that during difficult times only one component or element of the business may suffer.
Related: My Business Is Growing… What Now?
The fifth element: Passion
In addition, I would add one more element critical to business growth: Passion. It is the single component most critical to business success and, combined with any one or combination of the four areas of the Ansoff Growth Matric, it can equip small business owners with all they need to thrive in their business environment. Passion determines your business success, so make sure you have it in heaps to reap the rewards of your hard work.
6 Common Decision-Making Blunders That Could Kill Your Business
Among the logical errors nearly everybody makes is thinking only everybody else makes logical errors.
Humans are often very irrational. If you’ve ever explored behavioural economics or psychology, you may have found a host of examples demonstrating situations when we make objectively bad decisions.
Below are six of the largest decision-making blunders we all make. Avoiding them will dramatically improve your decision-making, your quality of life and success.
1. Sunk-cost fallacy
Of all the ones on this list, the sunk-cost fallacy is the most common. Many of the decisions we make are final or difficult to change. For example, let’s say you invest R1 000 in Facebook, and the price of the stock goes down to R600 the following day. The fact that you put in R1 000 initially is irrelevant to the situation at hand; you now have R600 worth of Facebook shares.
What this means is that once the decision is made and our cost is incurred, there’s no point thinking back. You already put in the time, money or other form of investment. Considering that in any future decision is illogical, despite how tempting it is. Instead, present yourself with the new options at hand — without considering the sunk cost.
2. Narrow framing
Would you take this bet? You pay me R1 000 if a flipped coin lands on heads and I pay you R1 200 if it lands on tails. Most people would say no. We tend to be risk-averse, unwilling to risk something like R1 000, despite the reward being a bit greater.
Now, what if I offered you that bet, but I promised we would flip 100 coins? Each time, the loser pays up. Would you take it then?
Almost certainly, right? The chances that you lose money, overall, are extremely slim. This idea can be applied throughout life. When we’re in situations that will repeat themselves over time, we should take a step back and play a game of averages.
3. Confirmation bias
Another common one in the worlds of psychological and behavioural economy is confirmation bias. It hurts our ability to keep an open mind and shift our opinion. When we have a held belief, we typically look for information that confirms our opinion while ignoring data points that tell the opposite story.
For example, if I’m really excited about a new software product that I just integrated into my business, with ten of my employees as users, I might have made up my mind about the quality of the service before we put it to use. I would then be more likely to listen to the three employees who enjoy it, not the seven who don’t.
There’s almost always information that will validate our opinions, no matter how wrong they might be. That means we need to always look for conflicting evidence and, from there, make judgements based on more well-rounded information.
4. Emotionally driven decisions
When we’re angry or upset, we’re much worse decision-makers. When you have to make an important decision and happen to be in a bad mood, you should hold off. Instead, wait until you cool down and can think more clearly. It will remove the outside influences and let you think more rationally.
5. Ego depletion
This one makes intuitive sense, but it’s one of the most common ways to make bad decisions. The idea of ego depletion is that when we’re drained, physically or mentally, we’re less likely to think critically. Think about the times you’ve been exhausted after a long day of work. In those moments, you don’t want to have to think hard about anything. Instead, you want your brain to work automatically.
What that means is that when you’re tired and faced with challenging choices, you’ll rely more on your instinct or automatic processes as opposed to analysis and thought. That can be extremely problematic in situations that require effort.
6. Halo effect
The halo effect says that once we like somebody, we’re more likely to look for his or her positive characteristics and avoid the negative ones. This is similar to confirmation bias, but it’s oriented around people.
Related: 10 Stupid Mistakes Smart People Make
For example, let’s say I just hired someone named John, who was great during his interviews. Through his first few weeks, John does a few things well at work, but he also does many things poorly. The halo effect — brought on by his wonderful interview persona — could cause me to ignore his poor attributes and emphasise his good traits.
This can be detrimental to our ability to make judgements about others. We have to realise our biases toward certain people and eliminate them.
These are a handful of the many decision-making errors we’re all prone to. Although it’s challenging to scrutinise your preconceived notions, doing so is worthwhile. It gets easier over time and will, ultimately, make you a more effective decision-maker — personally and as a business owner.
This article was originally posted here on Entrepreneur.com.
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