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Are You Suited to Entrepreneurship

Success Feels Magical But How Entrepreneurs Achieve Their Dreams Is All Common Sense

The techniques are known, but no one can make you use them. Here, root through the toolbox once more and rekindle the need to become great.

Alexander Maasik

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Being an entrepreneur means having a dream, a grand vision about what must be changed in the world to make it better. When those dreams and goals are huge, the entrepreneur can be called ambitious (in the best sense of the word).

Entrepreneurs make promises. To themselves, to their employees and to the community.

Solving some issue, making life easier, making more money – these are just a few of the most popular promises made.

But the difference between a dreamer and a successful ambitious entrepreneur is that they work hard to achieve those goals

How to find the strength to actually do all of this, when the euphoria has gone and work in the office turns into a cold routine?

Related: 8 Ways To Develop Long-Term Focus And Achieve Success

Write it down

The first thing you need to do is make a written contract with yourself. It doesn’t have to be a public blog post telling everyone what you plan to do.

It can be a simple piece of paper that states your resolution and why you’re committed to it.

Studies have shown that people who write down their goals get significantly more done. This study by Dr. Gail Matthews found that “more than 70 percent of the participants who sent weekly updates to a friend reported successful goal achievement.”

Set measurable goals

One of the main reasons people fail their long-term objectives is not adding measurable short-term goals.

The usual dream has two things in common: It’s hard to do and the deadline is far away.

So, naturally, most people postpone it for as long as possible and then fail.

That’s why you need to set milestones along the way. Those milestones should be measurable so you can easily and objectively say if you’ve done them.

A good example here is Mark Zuckerberg’s challenge to run 365 miles in 2016.

Instead of saying: “I’ll run 365 miles sometimes in 2016” he said “I’ll run one mile a day.” This resolution doesn’t allow you to think “I’ll start next week.”

Related: 5 Science-Backed Ways To Be Happier At Work

It’s the same with all big dreams. You need to cut them down to small tasks which you’ll do every week or month.

This method is actually a popular management tool called Objectives and Key Results (OKRs).

OKR’s are widely used in Google, LinkedIn, Zynga and other big companies to keep employee’s goals aligned.

Monitor your progress

Big goals also need daily time management and planning to stay in focus. If you already have a plan for reaching you dream, you need to make sure you keep fulfilling the plan.

For that, you need to track progress and avoid fake work.

There are a lot of good apps for to-do lists or personal time management. Use some of them.

Apps that track time (like Toggl) make sure you spend your time productively and keep the focus on fulfilling your resolutions.

Related: 5 Motivation Blocks Hurting Your Success And How To Transform Them

fear-of-failure

Don’t be afraid to fail

A recent study showed that people who previously took part in a “dry January” challenge generally decreased their overall use of alcohol even if they didn’t manage to last the month.

So even if the goals set seem to high to achieve, you shouldn’t just give up.

The higher the goals, the more you’ll push yourself.

Or as author Norman Vincent Peale said: Shoot for the moon. Even if you miss, you’ll land among the stars.

Trust yourself

There are a lot of people out there who say that you’re gonna fail.

From friends who jokingly say “you’ll never manage to eat healthier” and “come on, you don’t have to quit drinking entirely” to co-workers and bosses who think you shouldn’t start your own start up.

If that happens you need to look back at the paper you wrote your plans on. Let it remind you why you’re doing what you’re doing and believe in yourself.

No one but you

In the end, the only way to achieve great big dreams is to focus on it each day.

The best thing to do is to use every technique possible to hold your focus and keep your eyes on the prize.

This article was originally posted here on Entrepreneur.com.

Alexander Maasik is a communication specialist at Weekdone weekly employee-progress reports. Maasik has a degree in journalism and public relations and a strong passion for internal communications and online collaboration.

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Are You Suited to Entrepreneurship

Build Solid Back-Room Basics For Business Success

What do South African entrepreneurs really know about what goes on behind the scenes building of businesses?

Marc Wachsberger

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South Africa has a vibrant start-up culture with great ideas starting out with a bang, but closing down with a whimper because entrepreneurs picture the glory at the destination, but not the nitty gritty of the journey to get there.

Be smart about scale

When I started out, I literally did everything myself. I negotiated and signed leases, I arranged the furnishing for our apartments and managed the interior décor process. When guests started using our apartments, I signed them in at reception, and then carried their bags.

At that stage, there was no money in my business to pay for attorneys, interior designers and decorators and there certainly wasn’t enough money for porters.

However, when we got to 70 apartments, it didn’t make sense for me to be a porter any longer, so I hired someone to do that job, explaining clearly what I expected of him. Before I did that, though, I spent time designing incentives for him so that he would be more affordable for me, and so that he could earn as much money as possible.

Related: Training Is A Two-Way Trick

Know your talents – and your limitations

There are certain things I’m really good at, but I know without a doubt that sales isn’t one of them – and without sales, you don’t have a business. I couldn’t afford a top-flight salesperson, but I knew that I could attract the right talent with the right business model. I set some high targets for Pamela Niemand, but offered her one third of the business if she met them. We both won: she earned a share in a successful, trend-setting business, and my trend-setting business became successful!

Use your skills – but know when to hand over

My background in corporate finance meant that I had all the accounting skills I needed when we first started out, but I knew that the time would come when I would need someone focused on that side of the business full time. Doing it all myself first meant that I could brief my first full-time accountant clearly and with a deep understanding of what would be required – and that I could help that person find and fix any challenges based on my experience.

In summary, my simple advice to anyone starting out would be to bootstrap your business yourself without investors or staff for as long as you can, but don’t over-extend yourself. Know when to delegate tasks away so that you can focus on what you’re really good at – but don’t do it before you have a solid understanding of what’s required. Know what you’ll never be able to do, and bring in that resource from the beginning – but do it based on performance-based incentives, so that your fledgling business doesn’t lose out if your early hires don’t perform.

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Are You Suited to Entrepreneurship

The Myth About The Relationship Between Entrepreneurs And Taking Risks

This is the true relationship between entrepreneurs and the apparent illusion of risk.

Lisa Illingworth

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“I can’t be an entrepreneur or start a business. I don’t have the appetite for risk.” This line is spoken regularly to brave few that leave the perceived safety of a job, take the plunge and venture into the unknown world of being an entrepreneur. However, there is a gross misunderstanding in the appetite for risk that entrepreneurs are believed to have innately inside of them.

The little-known truth is that the majority of entrepreneurs don’t like taking risks and according to Luca Rigotti and Mathew Ryan in their paper that explores a model for quantifying risk and its translation into enterprising action, the results were very interesting.

Risk is explained by these theorists as taking action where the outcomes are unpredictable as well the factors leading to that outcome are unknown. One of the theorists in this area, Saraswati, who coined the term “tolerance for ambiguity” has a more accurate description of what the outside world deems taking a risk.

In simple terms, entrepreneurs don’t go head-first into the shark infested water because they like the idea of danger and potentially being eaten alive; or the thrill of being able to say that they survived whilst others perished in a pool of maimed flesh. They carefully calculate that the sharks have been fed recently, some of the sharks are ragged tooth sharks that whilst looking like they are set to devour a human being, are actually incapable of opening their jaws wide enough to bite. For those sharks that still have space or who smell blood and can’t resist the urge to kill, the entrepreneur has a cage set up that he can retreat into quickly and a knife with which to protect himself.

Related: 5 Infamous Risks Every Entrepreneur Must Face

Tolerance for ambiguity is the careful evaluation of what is known at the moment where a decision must be made and an open-mindedness for what is not known. This, coupled with the agility to change course when new information is presented, has earned the label of high risk appetite. The appetite is not for the risk, but it is the ability to move down a path, when all the information is not known.

I likened it to a person moving around in the dark holding a candle. The candle casts a light that illuminates a limited parameter around the person holding the candle. What is beyond the light that the candle casts, is unknown and potentially a risk. But as the person moves forward, the light reveals what was unknown and in the shadows. As the light reveals new information and new challenges added to what they have already learnt, the person can make better informed decisions. The tolerance is in not knowing what lies in the shadows yet to be illuminated by the candle and then the confidence in his or her own ability to act on what new information is discovered.

None of this behaviour is risky or irresponsible. There is careful consideration for what is known and a tolerance for what is unknown. And once there is more information available, a calculated next step is taken and more information is assimilated into what is now known. This is the true relationship between entrepreneurs and the apparent illusion of risk.

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Are You Suited to Entrepreneurship

7 Skills Every Entrepreneur Needs To Adopt Today

Want to know what skills can help you build confidence and your business? Here are seven…

Nicholas Bell

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For some people, becoming an entrepreneur is as easy as stepping off a bus. They have a big idea, they bring it to life, they hire employees and the next thing they are in a building smothered in branding and living the business dream. For others, the idea and the passion are there but they are unsure as to how they can make these into a sustainable reality. Entrepreneurial spirit isn’t like instant coffee – you don’t add ideas and suddenly get all the skills you need to thrive.

Want to know what skills can help you build confidence and your business? Here are seven…

1. Believable vision

Make sure that your vision is believable and achievable. It has to live in the realms of possibility, not as a blue-sky idea that looks good on paper but wouldn’t work in reality. You need to be able to live this vision so make it realistic and achievable. This will not only keep you on track, but your employees as well.

2. Be inclusive

You need to ensure that every person who works with you feels as if they are part of your vision and understand it. They need to relate to where the business is going and how it plans to get there. Many leaders don’t understand why employees are not engaged with their business and it’s because many of them don’t actually understand what the business does.

Related: 4 Ways To Improve Your Budgeting Skills

3. Communication is critical

If you don’t have fantastic communication skills, then now is the time to hone them. When it comes to building employee morale, commitment and engagement, nothing works as effectively as constant communication. The same applies to client relationships. You need to repeat the vision and ethos of the company at every opportunity and you need to be part of the team that does this communication.

4. Be visible and transparent

You are communicating, now you need to make that communication genuine by being both open and clear. People respond incredibly well to transparency. They feel as if they are part of something that recognises their value and contribution and it fosters a more inclusive company culture. Often toxic cultures come about thanks to a lack of communication and visibility. People know when things are being kept secret and react negatively to it, regardless of whether they’re an employee, a customer or a manager.

5. Be practical

You aren’t going to build an empire in a fortnight so focus on a realistic and practical business strategy that has clear benchmarks and even clearer goals. Communicate these with the company and keep everybody on the same page. Practical and achievable means long-term success.

Related: Crucial Skills You Need To Be An Entrepreneur

6. Build opportunities

As people become immersed in your company and part of its growth they will also need opportunities to grow. You need to tie their careers to the business and create opportunities for them.

7. Be human

It takes people to build a culture, a company and a future. It’s essential that you are human in your interactions and your treatment of others. The impact that a down to earth and authentic attitude can have on a company is extraordinary.

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