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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

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Are You Suited to Entrepreneurship

(Podcast) Being An Entrepreneur Is Painful

There is a pain attached to running your own business. It’s time to discuss how tough it is – address the reality and you might just be one of the successful few.

Nicholas Haralambous

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Entrepreneurship is fun. But on the whole, running a business is hard. Far fewer business owners succeed than fail. Statistically your business is going to fail. Those are the hard numbers.

There is a pain attached to running your own business. It’s time to discuss how tough it is – address the reality and you might just be one of the successful few.

Listening time: 5 minutes

Related: (Podcast) Playing To An Audience Of One

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Are You Suited to Entrepreneurship

3 Dangerous Entrepreneurial Myths You Need To Ignore

This terrible advice won’t actually get you anywhere.

Entrepreneur

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Entrepreneurial Myths

We’ve all heard the numbers about how hard it is to build a long-lasting business. While there are many factors at play to get there, without effective marketing and sales a business cannot survive.

Unfortunately, there is a multitude of dangerous and destructive marketing advice swirling around the heads of vulnerable entrepreneurs. Like vultures seeking their next meal, “gurus” pontificate nonsense that these hard-working business owners follow, only to discover that what they tried doesn’t work.

Often, once the damage is done, it is too late for them to do anything else about it.

If you want to not only survive, but thrive, here is some of the terrible advice you need to start ignoring:

1“You need to be everywhere”

I’m sorry, but how do these people sleep at night without the use of narcotics? “Experts” spew out dribble to make headlines saying you need to get on Snapchat, get on Periscope, do YouTube Live … be everywhere! They’ll say you need to get on this platform or that social media network. Oh, and use LinkedIn Live! And make sure to post on Instagram three times a day and Facebook twice a day. And don’t forget those Facebook Lives. Make sure to do them every day.

Related: The Journey Of Entrepreneurship: How The Tough Get Going

ACK! Just writing that paragraph stressed me out. How the heck are you supposed to be on all of those channels, never mind doing it all effectively, and still run your business? Of course you can’t. And you shouldn’t. (Unless self-torture is your thing, in which case have at it. There are books about that, but I’m not giving any titles because I’d have to Google them and then I’d be retargeted by the ads and that would just be gross.)

It is impossible to spend even half an hour on each major network and still get any work done. Forget about focusing on measurement, profit and return on investment. They don’t mention that on purpose, because then these crazy-pants suggestions would really make no sense. But, then these “experts” would stop making the headlines, so they keep serving up spoiled advice for the poor folk who chow down and then get sick on it.

Don’t allow yourself to fall victim to their plots of deception. Demand strategies that value your time and produce results in a significant and measurable way quickly.

2“It takes money to make money”

cash-flow-management

I didn’t take the easy way out. I am part of a group of scrappy entrepreneurs who have a lot of hustle and heart and little/no/negative funds. I didn’t come from family money, and the big banks certainly weren’t lending to businesses like mine.

The only way I was going to get a big pile of cash was if I won the lottery. And since I’ve only played about four times in the last decade, the chances of that happening were slim. What I had to find was the same thing you most likely want – a solution to predictably bring in customers when there is no marketing budget to play with.

3The Schmo-bags

The worst are who I call the “Ferrari Marketers.” They rent a sportscar for an hour or two, hang out in front of it and then sell us shiny object strategies that they haven’t even used in their own business.

Related: 6 Timeless Strategies That Drive Successful Entrepreneurship

They are abhorrent, hideous and dangerous. Not only are they crooks stealing the money of the people who are seeking a solution from them, but they may prevent really talented people who have a gift/service/product/offer to share that can help someone else from ever reaching them.

Did I mention they suck?

But, once you discover a game-changing system, you are responsible for implementing it. You can’t be distracted by shiny objects any longer.

As Jack Welch says, “Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.”

Don’t allow yourself to be enticed or distracted by fads or the “latest and greatest/not greatest” new social media strategy, channel or tactic.

Once you uncover how to truly get results, be strong-willed and stubborn. Repel any idea, strategy or initiative that requires you to keep spending money to make money. If you keep throwing dollars and time at a goal, hoping and wishing that it will work, yet not tracking or measuring the results and scaling accordingly, then you cannot expect results.

Start measuring, tracking and demanding results from your time and money, rising above others and landing in the successful minority that thrives instead of survives.

This article was originally posted here on Entrepreneur.com.

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Are You Suited to Entrepreneurship

5 Mindset Changes You Must Make When Going From Employee To Entrepreneur

As one prominent author wrote, “Entrepreneurs don’t finish when we are tired. We finish when we are done.”

Sujan Patel

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Thousands of people dream of the day they can quit their jobs and escape the 9-to-5 life. In fact, Gallup found that 87 percent of the employees it surveyed worldwide did not see themselves as engaged.

But quitting your job and starting your own business is only half the battle. You need to prepare to be an entrepreneur. Besides getting your finances in order and having a plan in place, you also need to prepare your mind.

Your habits dictate your success, and if you’re still stuck in that 9-to-5 mindset, your endeavors will fail. You must adopt an entrepreneurial mindset and start thinking the way the world’s top leaders do.

Being an entrepreneur is very different than being an employee, and the way you envision it may be completely off base. Here are five changes you must make to your thinking in order to prepare yourself for the realities of being an entrepreneur.

1Train your mind to think outside the box

Once you leave your office job, you’re no longer confined by corporate life. That means you need to open your mind to new possibilities – possibilities that may not have been an option in your old life.

Related: For Shatty Mashego Success Lies In Maintaining A Positive Mindset

In an article for TIME magazineWarren Buffett, CEO of Berkshire Hathaway, said, “People will always try to stop you doing the right thing if it is unconventional.” In short, others may not see your vision, but you can’t let that stop you. You need to be creative with your business, offer something new and be different to be successful.

2Develop both short-term and long-term vision

Albert Einstein once told the New York Times, “A new type of thinking is essential if mankind is to survive and move toward higher levels.”

That new type of thinking needs to be focused on a strategic goal. You must have a vision for your company – an idea of where you’re going and how you’ll get there.

As an entrepreneur, you are the leader of your company, and your team members are looking to you to show them the path to success.

What’s your plan? You should be able to see the big picture as well as all of the steps it will take to reach your main goal. Then, you must communicate that vision to those on your team and ensure they each understand their individual roles in the plan.

3Let it all fall on your shoulders

stress-on-shoulders

Becoming an entrepreneur can be scary. Your success is now completely dependent on the work that you do. You can no longer fall back on a salary or benefits.

As an employee, if you had a bad day at work, you were still paid your salary, regardless. But as an entrepreneur, if your business isn’t successful, you won’t make any money. Plus, you now have others relying on you for their livelihood.

Ryan Farley is a typical example of corporate employee-turned-entrepreneur, quitting a fast-paced finance job to start lawn care marketplace LawnStarter Lawn Care. “I was used to working extremely long hours in the corporate finance world,” Farley told me. “I thought that would have conditioned me well, but nothing can prepare you for this amount of stress.

“It’s pretty common for founders to have the stress get so bad it affects your physical and mental health,” Farley continued. “But you have to press on, and you’re better off for it.” Prominent entrepreneurs like Brad Feld and Mark Suster, have expressed similar sentiments.

Working for yourself also means you need to be your own motivator. You no longer have a boss hounding you to get your work done. You need to stay organised and focused, and you’re going to have to be comfortable with hard work and long hours.

Related: 8 Mindsets That Will Set You On The Path To Success

4Get ready to be a jack of all trades

As an entrepreneur, you can’t say “That’s not my job.” Every job is your job now. There’s no one else to pick up the slack but you. You need to make sure everything in your business continues to run on track, and that may mean doing work you aren’t used to doing. You may need to be the accounting department, IT, marketing and more in addition to leading your company.

Entrepreneurs wear many different hats and are constantly learning new skills and working hard. If you think becoming an entrepreneur means you get to sit back and kick your feet up, you’d better stick to your day job.

As entrepreneur, author and investor Robert Kiyosaki has written on Twitter, “Entrepreneurs don’t finish when we are tired. We finish when we are done.”

5Be flexible, focused and positive

Attitude is everything in business. You can’t let challenges get in the way of your dream. Entrepreneurs need to be optimistic and stay focused on their goals. Your passion must drive you.

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

As Steve Jobs once said in an interview with the Smithsonian Institution, “Unless you have a lot of passion about this, you’re not going to survive. You’re going to give it up. So, you’ve got to have an idea, or a problem or a wrong that you want to right that you’re passionate about; otherwise you’re not going to have the perseverance to stick it through. I think that’s half the battle right there.”

This article was originally posted here on Entrepreneur.com.

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