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Are You Suited to Entrepreneurship

Got What It Takes To Be An Entrepreneur? International Speaker Justin Cohen Tells You How

The life of an entrepreneur is unpredictable. There will be ups, there will be downs. While you can’t always control what happens, you can choose how you respond.

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  • Player: Justin Cohen
  • Claim to fame: International speaker. Author of four books and seven audiobooks. Television host.
  • Visit: justinpresents.com

1Success starts with awareness

You should always be open and honest with yourself about both your strengths and weaknesses. It’s easy (and tempting) to ignore your flaws and not acknowledge them, but if you’re not self-aware, you can’t improve and better yourself. Self-improvement begins with the realisation that improvement is actually needed.

As an entrepreneur, you typically need a multitude of divergent skills. You can’t be an expert in all of them, but acknowledge any large gaps in your knowledge and educate yourself. You don’t need to become an expert in numbers, for example, but you need to be able to have a meaningful conversation with your accountant.

Related: RocoMama’s 7 Lessons To Remain On Top Of Your Game With Customers

2Don’t fear failure

We all know that entrepreneurship is risky. Most new businesses fail. However, you can’t let fear of failure incapacitate you. Instead, try to see failure as an opportunity to learn and grow. Entrepreneurs fail on average 3,8 times before they finally succeed. Those failures are school fees.

That’s the MBE, or Master of Business Experience, probably more valuable than an MBA. The biggest failures never fail, they sit on the sidelines telling you why it’s not going to work and they’re always right.

How can you score a goal if you don’t get on the field? And if you do get on the field and lose, there’s always a lesson to win.

3Don’t blame external causes when things go wrong

justin-cohen-successful-speaker-in-south-africa

It’s easy, for instance, to blame the economy when your business takes a hit, and you might even be justified in doing so, but this sort of mindset doesn’t help you to come up with a solution. As long as you’re pointing fingers, you’re not taking charge of your own destiny.

You can’t control what happens to you, but you can control how you respond. What do Microsoft, Burger King, CNN, and Hyatt have in common? They are just a few of the many companies started during a recession. What’s going on out there is less important than what you do about it.

4As an entrepreneur, you are either in a problem, emerging from a problem or about to go into a problem

The reward for solving problems is we serve our customers, make money, live our calling and get bigger problems to solve. We’ve got to change our attitude to problems. Without problems entrepreneurs couldn’t exist. When we solve them we need to take time to celebrate.

Our caveman brains are wired for survival, that means we focus more on threats than rewards, less on wins than losses. We need to take time to celebrate those wins, however small, so that we stay upbeat and optimistic — a critical mindset for entrepreneurs.

Related: Dream Big, Plan Well, Minimise Risks Says Braam Malherbe

5Optimism and tenacity is crucial to success

As an entrepreneur, you’re going to hear ‘no’ a lot. It typically requires at least five exposures to a new product or business before someone comes on board. Ask just about any successful person what his or her secret to success has been, and they’ll mention persistence.

This requires a kind of ‘smart’ optimism. You’re not naïve in that you just believe that everything will magically work itself out. You remain optimistic that whatever the problem, you’ll find the solution. As mentioned earlier, failure breeds success…

6Money cannot be your sole driver

Of course money is a driver, but it cannot be the only thing that inspires you. Life rewards people who are on a mission. Huge success comes from the dedication to making a real difference.

In my experience most great entrepreneurs are motivated more by making a difference in the world than in their bank balance. But when you’re truly driven to make a difference in the world you’ll feel the difference in your bank balance. When you serve others, you serve yourself.

7Service is key

If you’re dedicated to your mission and optimistic in your outlook, that’ll translate to the service you offer customers and clients.

That’s critical. When people are polled as to why they’ve stopped buying from a particular shop or restaurant, 15% will say price and 15% will say quality. The other 70% will say service.

Great service is very often the difference between failure and success.

Related: If 80 Percent Of Success Is Showing Up Then 20 Percent Is Following up

8Are you able to motivate yourself?

I’m often called a ‘motivational’ speaker, but I don’t like that term very much, because motivation is like a warm bath: It goes cold very quickly. Success lies in self-motivation, especially if you’re an entrepreneur.

If there’s anything you need to accomplish, but you’re struggling to motivate yourself, it’s probably because you’re focused on short-term pleasure instead of long-term gains. You have to actively re-orient yourself. Make a conscious effort to focus on long-term success.

This can be hard at first, but once you get into a healthy habit, you start getting intrinsic pleasure from it. It’s like exercise: It can be torture for the first few weeks, but once you get into the habit, it becomes a crucial and very enjoyable part of your day. Your ultimate motivation is purpose. Continue to remind yourself why you’re doing this; how the world is going to be a little better off because of you.

Take note

Your thoughts are not reality. You have the choice to focus on either failure or success. Or to view events through an optimistic or pessimistic lens.

Are You Suited to Entrepreneurship

Going It Alone In Business? 5 Reasons That’s A Really Bad Idea

Being a solopreneur sounds great, but it’s actually a poor choice for your business.

Luis Congdon

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When we read about Elon Musk, Richard Branson, Arianna Huffington and all the other business giants – we immediately see a single champion. Much like old literature traditions where the hero triumphantly wins alone, our legends in business are often portrayed as the singular hero.

Steve Jobs reigning over Apple, Bill Gates towering over the giant that is Microsoft and Richard Branson stylised in his cape throughout the veins of Virgin – this kind of mythology and idealisation of the single hero in business has spurred a new wave of entrepreneurs who call themselves “solopreneurs.” We idealise the entrepreneur who does it alone and doesn’t need a team or support.

If you’ve been doing it alone or aspire to become a solopreneur, let me share with you five reasons to not be a solopreneur – and why the myth of any singular hero, whether in literature or business, is a misnomer and will only hold you back from having the most significant successes.

1. You’ll become a jack of all trades and a master of none

When you are a solopreneur, it’s practically impossible for you to master every skill needed to substantially grow.

Running a business takes a lot of capabilities: Mapping out content, creating it, sharing it, building a tribe, sending out emails, doing sales, attending events and growing the network, coaching, consulting and building out products is a small list of what a profitable business requires.

If you’re weak in some of these areas, it will hamper your business growth and fun.

Related: The Foundations Of Growth

Trying to do it all will soon see you doing low-level activities that pull you away you from making sales, doing projects for your high-end clients and doing the things that help keep the business growing.

2. You can’t scale or grow

business-strategist-jay-abrahamBusiness strategist Jay Abraham says there are only three ways to grow a business. You either get more clients, increase the cost of each transaction or you service your clients with more products. Two of these methods will mean more work.

If you increase clients or increase the number of products you sell, you will most likely need to increase your output.

Since there are only so many hours in a day, you’ll either become your own bottleneck and slow business down – or decide to outsource some of the tasks to your team and ensure business runs smoothly.

3. You won’t have time to do everything you want to do

When you’re overworked and doing it alone, you have no one to relieve the pressure. You have no team to support you, and you have no partners who can take some work off your plate. That means when there are emergencies, you won’t be available.

If a client needs you, your kids need you and a new client wants to pay you a lot for a new project – you’ll have to decide which is most important.

While having a team may not save you from making hard decisions, ideally you aren’t so thinly spread out that you find yourself saying no to more clients, family emergencies and serving current clients to the best of your abilities.With a team, you’ll be able to free yourself more, and you can say yes to more opportunities.

4. You’re more vulnerable to mistakes

Imagine if didn’t have spell check your documents and emails. Or what if this magazine didn’t have editors and any article got through? I’m sure you’d agree, the quality would be lost, and it’d likely result in many lost customers.

Related: The Case For A Business Partner Who Makes You Uncomfortable

In my life, I’m lucky to run a business with my wife and my team. Having a team helps me to not only “cut once and measure twice,” it also relieves some of the pressure to be perfect. It helps me to do my work, knowing my team will help me, and that inspires me. Doing it alone would be too stressful.

Having a team will allow you to call upon a support network, hand off jobs and have an extra set of eyeballs when you’re delivering a service.

If you’ve aspired to be like Elon Musk, Richard Branson, Arianna Huffington or any highly successful entrepreneur – take some time and study them and you’ll find they love building and being a part of a team. Soon you’ll find out all these legends have a team, an incredible support system, and they don’t do it alone.

5. You can’t ever sell your business

In most entrepreneurs’ minds, the idea of selling isn’t there until decades after starting the business. But, it’s something that if given the opportunity most of us would do.

Related: Why Partnerships Will Make Or Break Your Business

Even if you wouldn’t sell your business, isn’t nice to know that if you wanted you could take your business and get paid one lump sum equaling years of work?

Or if you don’t want to sell your business, maybe you want to step out of business but collect payments and keep it in the family – well, if you’re a solopreneur it’s tough to ever to work yourself out of a job.

This article was originally posted here on Entrepreneur.com.

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Are You Suited to Entrepreneurship

Start This Business With Zero Advertising Budget And No Need For Premises

What do we need to do to make our chances of entrepreneurial success as high as possible? Is it possible to build and position a business that has the highest statistical chances of survival? How would we even go about building such a business? Financial Freedom Project seems to have the answer.

Financial Freedom Project

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What are the causes of most business failures?

When it comes to business failure in South Africa, the numbers aren’t optimistic. Some of the more common reasons for business failure include:

  • Start-up funding
  • Ongoing support
  • Lack of new business to sustain growth
  • Admin time / costs associated with running a business
  • High cost of equipment / premises
  • Advertising budget
  • Cost of personnel labor
  • Legalities of employment contracts
  • Costs of credit
  • Market experience
  • Competition within the industry
  • Current market conditions.

With the odds stacked against you, what type of business could you start that offers you:

1. Minimal start-up funding

Consider minimal start-up funding requirements to mitigate as much risk as possible and make start-up as easy and quick as possible.

We need to go as low as less than one month of one month’s average salary as so to be able to start this business on the spot. Let’s make our criteria less than R10 000.

Related: 15 Things Every Newbie Needs to Know About Starting a Business

2. Mentor/ Trainer support

For support and experience we need to have easily accessible communication methods with a mentor / trainer i.e. WhatsApp and skype.

3. Access to a market full of customers with unlimited spending ability

Want a colossal market, how about an estimated 5.3 Trillion Dollars a day?

4. No need for an advertising budget

Maybe a business where customers come to you without advertising because they want what you have. Let’s be ridiculous and put a zero advertising budget.

5. Minimum paper work / admin requirements before and after sales

Let’s aim for no admin and have everything processed and stored online for absolute minimal ongoing costs.

6. No premises required

You can work from anywhere at minimal cost and only need one computer.

Related: Why Build a Business Just to Close It?

7. No employees required

This business must be able to run as a “one man show” as to exclude all labor costs and employment legalities. As in previous point, let’s aim for one person to run this business and internet to stay connected to the world.

8. Little competition

This industry offers the least possible competition between participants.

9. A industry with no “seasonal times” so you can make money all the time

To get a never ending supply of opportunity we absolutely have to be a part of the global supply and demand system.

10. A proven concept

This will be outlined below.

What’s the business?

Financial Freedom Project provides you with a long-term financial freedom by utilising financial markets. The Financial Freedom Project is a results-based wealth creation training and mentorship programme that has start-up capital requirements of only R4 000 to begin accessing markets.  The course requires only 3 days of your time and offers unlimited course re-sits.

For more information about how you can work with Financial Freedom Project visit financialfreedomproject.net or call them on 010 020 5699 for further info.

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Are You Suited to Entrepreneurship

BrightRock’s 5 Entrepreneurial Tips For Start-ups

Schalk Malan, co-founder and executive director, shares five tips that he says were instrumental to BrightRock’s success thus far.

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After six years in business, needs-matched life insurance player BrightRock is widely regarded as the fastest growing player in its segment. By the end of 2017, they have achieved an annualised premium income of of over R1.1 billion and a year-on-year growth of 62%, relative to the industry’s growth of 8%. Schalk Malan, co-founder and executive director, shares five tips that he says were instrumental to BrightRock’s success thus far:

1. Get the right people together

It all starts with a shared goal to make a difference – in our instance, we shared a vision to change the life insurance industry through a unique, needs-matched product that would make BrightRock stand out from the crowd. We ensure that this vision is embedded in the actions of each and every one of our employees by encouraging a collaborative and entrepreneurial spirit, which in turn continues to enable us to drive the business forward.

Related: How BrightRock Is Rocking The (Industry) Boat In Only 5 Years Since Launch

2. Always put your clients’ interests first or build products that really create value for your clients

We put clients’ interests first by designing a product that tracks the changes in clients’ financial needs over time, so they pay only for the cover they actually need. It’s more cost-efficient and sustainable, because we strip out wasted cover to deliver premium savings. In doing so, we also create more value for our clients. But it’s not just the product that puts clients’ interests first:

By communicating our cover in simple, plain language without intricate terminology and clauses, our clients are empowered to understand what they signed up for. This principle of client-centric design can be applied in any business.

3. Play on a differentiated playing field >>> Stand out from the crowd, create your own niche

BrightRock operates in a competitive and well-established market, so we understood we couldn’t compete if we simply did things the way they’d always been done. We created our own playing field with new rules, where we differentiate what we do in every facet of our business. This is done on various levels – from our highly advanced product and systems architecture; to having the best claims definitions in the market; to offering a high touch; personal claims experience; personalised documentation; various initiatives offering support for independent financial advice; to our content-led consumer marketing strategy.

Related: Bright Futures

4. There will be twists and turns, no new business perfectly follows the original business plan

Any successful entrepreneur will tell you that you will need to constantly adapt and make changes to your business plan to stay at the top of your game. This needs to be done without compromising on the reasons why you started your business. One of many examples of this in the BrightRock story is that we originally had envisaged a Johannesburg-based head office. These days, we have a large contingent of our staff based in Port Elizabeth – delivering cost efficiencies and service improvement to our servicing model, much to the benefit of our clients.

5. Never give up

In the beginning of any new venture, it is hard because many people doubt you. We were told we were nuts to leave successful careers to start something new and take on the big boys. That doubt can be crippling if you let it be. You’re constantly watching the cash flow and new business numbers and need to recruit and motivate people based on a promise of what the business will become. There will be many sleepless nights and dark-hours-of-the-morning butterflies-in-the-stomach, but just keep going – your perseverance will eventually pay off.

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