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Are You Suited to Entrepreneurship

Stop Whining And Start Hustling

Nothing is better than meaningful success, and nothing is worse than regret.

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Everybody knows at least one person who is often complaining about their problems. It seems like the world is completely against this person, and despite their best efforts, the world will continue to hold them back.

There’s a good chance that your friend is just complaining to cover up for their own problems. They’re probably afraid of failure and want to push the blame onto something or someone else, or perhaps they just don’t want to put in the hard work it takes to get to where they want to be.

When it comes to building a business, there’s no room for complaining. Making a business succeed is hard work, and it’s never going to be fair. But this shouldn’t stop you from trying.

The fear of failure

You probably know at least one person that’s been sitting on their million-dollar idea for a number of years. They may have some plan, product or idea that they’re certain is going to change the market and make them more money than they’ve ever had before. Maybe they’ve even shared some of the idea with you, and you agree that this idea has what it takes to succeed.

Related: An Entrepreneurial Mindset – Why And How To Develop One

Then why haven’t they taken his idea to the market?

There are thousands of excellent ideas and innovations that are sitting in people’s minds, just waiting to be tapped. Some of these ideas could truly be revolutionary and could transform the way we interact with other people and with the world. However, an immeasurable number of excellent ideas are never taken to the market. This is because it’s much easier to avoid the risk of failure.

Hindsight can be an entrepreneur’s worst trait. When we look back on everything we’ve done, we will always point back to one moment where we should have done something differently. This type of regret can be stressful and deconstructive to the point that we start to completely give up on ourselves and our ideas.

With this in mind, there’s one common piece of advice from almost every entrepreneur – it’s better to take risks and avoid regret.

While the sting of failure can be painful, there’s nothing worse than the perpetual pain of regret. Windows in the entrepreneurial world open and close quickly. Acting during this moment could be the difference between a life-changing business or a lifetime of regret. Without acting, you won’t give others the chance to shoot down your dream or idea.

However, without acting on your dreams and goals, you’ll never achieve your full potential. When looked at in this way, there’s no excuse not to take risks, and open yourself up to the potential of failure.

Make your idea ready for the world

business-idea-ready-for-the-world

There is usually a window where your business can thrive – if you take it to the market. However, you can’t sit around waiting for a window to open.

Catherine Cook is the co-founder of MyYearbook, a company which was acquired by Quepasa five years back for $100 million. Clearly an entrepreneurial success, Cook shared a piece of advice with any current or prospective entrepreneur. “If you want to do it, do it now. If you don’t you’re going to regret it.”

This statement should ring true with most entrepreneurs who would consider themselves successful. At the end of the day, you’re responsible for bringing your ideas to the world. The world may not be ready to accept what you’re doing, and perhaps it never will be. But this shouldn’t stop you. Make your idea ready for the world, and put it out there. It could fail, but at least you’ll know for sure if this is something that would work or not.

The chance of failure for most ideas can be large, but even a slim chance of success should be encouraging enough for someone to commit to their goals. As an entrepreneur that’s started multiple businesses, I can’t express how satisfying it is to see your goals met and watch your business thrive. I’ve had my fair share of failures as well, but my failures don’t define me; my successes do.

Related: The Unique Challenges Of Senior Entrepreneurship

Nothing trumps hard work

Gary Vaynerchuk, one of the most quotable entrepreneurs in recent history, once said, “stop whining, start hustling.” The whining part is too common. People will complain that they aren’t ready to take their idea to the market or perhaps it isn’t a good time in their life. There’s always an excuse for why their imminent success needs to be postponed another week, month or year.

The truth is that there’s never going to be a good time. Life isn’t just going to be about your business goals or ideas. You have friends, family, personal interests and more that will always take up some of your time. How can you be expected to start a business when there’s always something going on?

Entrepreneurs are just like everyone else. We all have obligations beyond our businesses that take up our time. But the greatest entrepreneurs already understand that creating a successful business is never going to be easy.

It may sound cliche, but hard work is truly its own reward. This is because through hard work, your business is going to get life and purpose. The more you put into your business, the more you’ll understand what you need to do to make it work. The harder you work, the easier the work will start to become.

Related: Before You Quit Your Job, Do These 10 Things

Anyone who has a million-dollar idea needs to stop waiting to take his idea to the market. There will never be a good time, and there’s always a risk of failure. But nothing is better than meaningful success, and nothing is worse than regret.

This article was originally posted here on Entrepreneur.com.

Gerard Adams is The Millennial Mentor™, inspiring the generation to leverage their passions for success and create the lifestyle they dream of. A serial entrepreneur, angel investor, self-made millionaire by the age of 24 and millennial himself, he is most popularly known as the co-founder of Elite Daily. To date, he has built, backed or invested in nine businesses across multiple industries that have all delivered over seven-figure profits. Gerard has recently developed a video series, Leaders Create Leaders, to offer a behind-the-scenes look at what it takes to be a successful entrepreneur. Learn more at GerardAdams.com

Are You Suited to Entrepreneurship

Are You Building A Business Or Creating A Job For Yourself?

Is it just you behind a desk or are you delegating the work? The distinction is an important one.

Doug and Polly White

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We recently spoke with a member of our co-working space who owns a PR/marketing company and is the only employee of his company. His firm is successful and has been in business for more than three years since he left a large organisation where he was the head of PR.

Our conversation got around to the issue of extra help. When he needs additional skills to fulfill assignments, this man told us, he contracts with other professionals. That was interesting, we thought. Because, although our PR friend is talented and able to support his growing family, his comment about contracting out work raised a question for us.

“Was he trying to build a company or create a job for himself?” we wanted to know. It was a question that struck a chord with this man – one that he later came back to discuss.

In that context, we want to state that we think that we consider either choice a valid one, but one that should be a specific choice, nonethless. We work with and mentor dozens of small start-ups. And many start as single-person firms completing short assignments for a variety of other small or midsized companies.

 Most of these individuals used to hold positions with larger organisations doing essentially what they do now. Some left their jobs for the chance to build a company; some wanted more flexibility or the autonomy to choose their own assignments. Others lost their jobs and turned to freelance work out of necessity. Either way, they are now part of what we know as the gig economy.

There are more than 28 million small business in the United States. Of these, single-person companies are in the majority, representing three-quarters of all small businesses. These individuals, whether they planned it or not, have created a job for themselves. They will not hire employees or scale their businesses. Of course, this need not be negative.

Done right, a one-person business can actually make good money. It can give the owner the flexibility to choose assignments that are interesting and fulfilling, and to enjoy the flexibility of working when and where he or she chooses.

The “micro-business” category

A person working alone, or essentially alone, is a business category we call a “microbusiness.” The defining characteristic of a micro business is that the owner or principal is doing the primary work of the business, whether that means providing PR services or baking cookies. He or she may have helpers in the form of other freelancers, vendors or assistants, but the preponderance of the revenue comes directly from the work of this principal.

The key to the success of a micro business is how well the principal does its primary work, which includes selling. We find that the biggest challenge in a micro business is finding a steady stream of work. By the way, our consulting practice is a successful micro business. We have one paid full-time employee, our marketing assistant, but we do the primary work of our business – consulting.

The small business structure

Many people who own micro-businesses choose to stay at this size. However, if you want to build a business, you will need to grow, at least to what we call a small business structure, where the primary work is delegated to others. The owner might keep his or her hand in it, but others do the preponderance of the work. At this point, how well the principal does the primary work of the business is not nearly as important as it was when the enterprise was a micro business.

Personally, we found it difficult to transition to a small business structure in our consulting business for a couple of reasons. First, when people hire Doug and Polly to consult to their small business, they want Doug and Polly, not an associate. Second, we are limited in the amount we can charge to the very small businesses we serve. The fees we charge are not high enough to pay talent at the level we would want and still provide a sufficient markup for our firm. Therefore, Whitestone Partners has stayed a micro business.

Related: 4 Tips To Secure Funding For Your Start-up

It’s important to note that the role of the entrepreneur changes dramatically as a business moves from micro to small. In fact, at the point of transition, the principal has to let go of doing the very thing that made the company successful at the prior step. In a micro business, the business lives or dies based on how well the owner performs the primary work of the business. This makes sense. You have created a job, and you keep it or lose it based on how well you do the work.

But, if you choose to grow to a small business structure, success depends on how well the principal hires and manages workers. If you are the principal, your role will change. If you want to bake cakes, stay a micro business. If you want to run a bakery, you need to build a business. This is a scary step and one that can cause the principal sleepless nights.

Many people we mentor balk at this transition when they realise they will be responsible for the livelihood of others. However, to grow a business, yourself,, eventually, you will need to hire and manage employees.

Next . . . the midsize business

If you’re successful at the small business stage and choose to continue to grow, you will become a midsize business. The business has transitioned from small to midsize when at least one layer of management has been inserted between the principal and those doing the primary work. The principal has gone from managing workers to managing managers. This might sound like a small change. It is not.

To effectively utilise managers, the principal must delegate decision-making authority to them. This means giving up a measure of control, which is often difficult for entrepreneurs who are used to making every significant decision in the company.

This also is the transition with which growing companies most often struggle. Letting go of some control is a scary thing for entrepreneurs, and they are right to feel trepidation. Ineffective delegation can lead to the ruin of the business – we’ve seen it too often. To enable effective delegation, the principal will need to ensure that the appropriate infrastructure is in place. This means making certain that the business has the right managers, that processes are well-documented and that appropriate metrics are in place.

Meanwhile, if you want to create a life that has flexibility and autonomy and allows you to work when and where you like, you should probably choose to stay a micro business. As we like to say, you can create a great job for yourself. If you want to build something more, you will need to move to a small business structure. You will know that you have transitioned from micro to small when you have delegated most of the primary work of the business to others.

Related: 7 Strategies For Development As An Entrepreneur

To truly scale a business, you will need to transition to midsize or larger. You will have done this once you’ve delegated day-to-day decision-making authority to a layer of managers that is between you and those doing the primary work of the businesses.

Each choice is valid and comes with its own challenges. However, we believe that it should be a conscious and specific choice. If you are unsure which direction to take, find an experienced consultant or mentor with whom to explore your options, skill sets, and desires. Then move forward with purpose in the direction that works for you.

This article was originally posted here on Entrepreneur.com.

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Are You Suited to Entrepreneurship

Why Optimism Isn’t Enough – You Need To Also Accept The Brutal Facts

Entrepreneurs tend to depend on optimism in the same way that fish depend on water. It’s absolutely crucial for survival. In fact, it’s arguably the single most important character trait that a successful entrepreneur can have, but it also has a dark side…

GG van Rooyen

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A realistic path to success

  • Lead with questions, not answers
  • Engage in dialogue and debate, not coercion
  • Conduct autopsies without blame
  • Build red flag mechanisms.

No matter how bad your day’s going, it’s probably nothing compared to your average day at the ‘Hanoi Hilton’. This was the euphemistically-named prisoner-of-war camp (actually called Hoa Lo Prison) where American soldiers were interned during the Vietnam War. Pilot Jim Stockdale was shot down on 9 September 1965 and sent to the prison. While there, he was tortured, denied medical attention, kept in a windowless cell and locked in leg irons at night. Stockdale spent almost eight years in the prison, and while many other American soldiers died there, he survived.

This brings us to the topic of optimism. You don’t survive eight years in a prison camp by giving up hope. Despite almost impossible conditions (and odds), you need to stay optimistic. Stockdale never lost hope.

“I never lost faith in the end of the story. I never doubted not only that I would get out, but also that I would prevail in the end and turn the experience into the defining event of my life, which, in retrospect, I would not trade,” Stockdale later said about his time in the prison.

Related: Shark Tank Funded Start-up Native Decor’s Founder on Investment, Mentorship And Dreaming Big

The Stockdale paradox

So, Stockdale was an optimist right? Yes, but it’s a bit more complicated than that. Jim Collins interviewed him while writing his seminal book Good to Great: Why Some Companies Make the Leap… and Others Don’t. After hearing how Stockdale refused to give up hope and stayed optimistic throughout his internment, Collins asked him who didn’t make it out alive.

“Oh, that’s easy,” he replied. “The optimists. They were the ones who said: ‘We’re going to be out by Christmas.’ And Christmas would come, and Christmas would go. Then they’d say: ’We’re going to be out by Easter.’ And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again. And they died of a broken heart.

“This is a very important lesson. You must never confuse faith that you will prevail in the end — which you can never afford to lose — with the discipline to confront the most brutal facts of your current reality, whatever they might be.”

From this, Collins identified one of the key things that differentiated great companies from others: The ability to accept brutal facts. Greatness demands optimism, but not in the face of obvious disaster. Collins called this the Stockdale Paradox.

Too much optimism

What happens when a bunch of executives enter a boardroom with their charismatic founder? The founder is optimistic, inspiring… and demanding. He has absurd expectations. He wants the impossible. (Steve Jobs was a good example, who employees said had a ‘reality distortion field’ around him). The executives are eager to seem equally gung-ho, of course, even those who know that a crucial deadline won’t be met, so the brutal facts are ignored.

“We’re going to be shipping product by Christmas,” they all say. And Christmas comes, and Christmas goes. Then they say: “We’re going to ship by Easter. And Easter comes, and Easter goes. And then Thanksgiving, and then it’s Christmas again…

Related: 10 SA Entrepreneurs Who Built Their Businesses From Nothing

An overdose of optimism is a dangerous thing. While optimism is a crucial tool in the entrepreneurial kit (especially when it comes to motivating employees), it can lead to disaster if administered too liberally. Like morphine, a sensible amount can take the edge off a scary reality, but too much will distort reality to such an extent that you become oblivious to existential threats.

And how do you keep your company off the morphine? Collins suggests four things: Lead with questions, not answers. Engage in dialogue and debate, not coercion. Conduct autopsies without blame. Build red flag mechanisms. If you do this, optimism becomes a powerful tool, and not a ticking time-bomb.

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Are You Suited to Entrepreneurship

Alan Knott-Craig Weigh In On Living Your Entrepreneurial Dream

From raising capital to getting the most from your employees, business ownership is all about living your dream.

Alan Knott-Craig

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How do I chase my dream? — Sam

First, you need money. Moola. Cash. Capital.

Chasing your dream without enough capital is akin to having a premature baby. All the baby’s energy goes into survival rather than growth. Start-ups are not about survival (paying the bills). They’re about growth (getting rich).

Before you chase your dream, make sure you have enough capital. Keep your lifestyle simple and living costs down. Save up enough to last two years. Or marry rich.

I’m considering selling my business. I need help. — Clark

Before you enter M&A conversations, first decide: “Am I a seller?”

You won’t find it easy backing out during negotiations. Don’t start a process you can’t finish. Don’t look for buyers if you don’t want to sell.

Most people I know that sold their business regret it, unless they had a very specific reason: i.e. the business was about to die, or the business can’t grow without a big brother, or they want to leave the country. If that’s your reason, go ahead and sell. If it’s simply to have a pile of cash, reconsider.

Related: Your Questions Answered With Alan Knott-Craig

What are you going to do with the money? Put it in your bathtub and wash yourself with notes? Buy fancy cars? Buy a fancy spouse?

Lots of money in your pocket can only tempt you to the dark side. Eventually you’ll get bored and you’ll want to start a business again, and you’ll start all over. If you don’t need to, don’t sell.

How do you instil an ownership mindset in your staff? — Johan

It’s hard to work with people that have no drive. Some people just come to work and go home with no planning or vision or energy. Start with getting rid of the bad apples, then start fine-tuning recruitment to only let in the folks with a good attitude.

Use some of these methods to motivate and encourage buy-in from staff:

  • Ask staff for feedback.
  • Do not tolerate mediocrity.
  • Make sure everyone knows their job.
  • Share information. Keep everyone in the loop.
  • Look after your staff and they’ll look after you.
  • Lead by example. Pick up litter. Be first to office. Be last to leave.

How do I determine what venture to dedicate my energy to and when do I know when to stop pursuing one of the opportunities? — Mike

Go with whatever gets traction first. Ruthlessly scratch everything else off your to-do list. Generally speaking, go with the business with the most tried-and-tested business model. 

I left my former employer to move away from the legal side of things. I know that I have the technical skills in this area and I have used that in completely running the legal side of the micro lending venture, but the ultimate aim is to be an entrepreneur/businessman rather than constantly seen as the ‘lawyer’. Do I discontinue the legal consulting or slowly taper off? — Mike

If you can live without the sideline income, do so. Focus 100% on business. If you need the money, keep selling hours on the side.

Related: Alan Knott-Craig’s Answers On Selling Internationally And Researching Your Idea

I have a very successful farm store. I’m considering expanding countrywide. Any advice? — Elo

Ask yourself “why?”

If the answer is to get rich, that doesn’t necessarily mean you need to scale your successful farm store.

Maybe a better option is to take the free cashflow of your farm store and invest it in a different business. An annuity revenue business. A business that will make money while you sleep, rather than only when you’re behind the till. Cash cows are hard to come by. If you don’t want to lose your cow, don’t try to scale it unless you’re 100% sure you never have to sell it.

Can you help me flesh out the detail of a pitch to investors? — Mamkhele

There’s only so much you can rely on others for. At some point, you need to man up and do the work yourself. You need to answer the questions yourself. The answers for all pitch-related questions are on the Internet. Google it. No one will save you, only you will save you.


Listen to this

Alan’s audible book Be a Hero: Make Life an Adventure is now available on amazon.com and Audible.com

Read by Alan himself, Be a Hero is a collection of stories on how to make your life an adventure by changing your mindset and tackling adversity.

Go to amazon.com or audible.com to download your copy. Be a Hero is also available in Kindle and paperback through Amazon.com.


Read ‘Be A Hero’ today

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