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Start-up Advice

14 Leaders Share Their Inspirational Advice On Starting A Business

2. Focus on what machines can’t do

Entrepreneur

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Tim Leberecht

Author Tim Leberecht in his TED Talk “Four Ways to Build a Human Company in the Age of Machines

Tim Leberecht

Tim Leberecht

“As machines take our jobs and do them more efficiently, soon the only work left for us humans will be the kind of work that must be done beautifully rather than efficiently.”

Mark Cuban

Mark Cuban

Mark Cuban

“The world’s first trillionaires are going to come from somebody who masters AI and all its derivatives and applies it in ways we never thought of.”

Related: 50 Inspirational Quotes To Help You Achieve Your Goals

Elon Musk, on the question he asks every job applicant

Elon Musk

Elon Musk

“Tell me the story of your life, and the decisions that you made along the way, and why you made them.”

From Sprint, by Jake Knapp 

Jake Knapp

Jake Knapp

“[At Google Ventures] we’ve found that magic happens when we use big whiteboards to solve problems.. As humans, our short-term memory is not all that good, but our spatial memory is awesome. A room plastered with notes, diagrams, printouts and more takes advantage of that spatial memory. The room itself becomes a sort of shared brain.”

Tools of Titans, by Tim Ferriss

Tim Ferriss

Tim Ferriss

“Wake up at least one hour before you have to be at a computer screen. Make a cup of tea and sit down with a pen and paper. Write down the three to five things – and no more – that are making you the most anxious or uncomfortable… Block out two to three hours to focus on one of them.”

Option B, by Sheryl Sandberg

Sheryl Sandberg

Sheryl Sandberg

“Avoiding feelings isn’t the same as protecting feelings… Managers wait too long to break the news that people are being fired.”

Related: Woke Up With A Dark Cloud Today? Read These 10 Pieces Of Inspiration From Entrepreneurs

Warren Buffett, in his 2017 letter to shareholders

Warren Buffett

Warren Buffett

“I’ll repeat what I’ve both said in the past and expect to say in future years: Babies born in America today are the luckiest crop in history.”

Olivier Scalabre, in his TED Talk “The Next Manufacturing Revolution Is Here

Olivier Scalabre

Olivier Scalabre

“In the next five years, the next billion consumers in China will inject more growth in our economies than the top five European markets together… If we play it right, we’ll see sustainable growth in all our economies.”

Time, Talent, Energy, by Eric Garton and Michael Mankins

Eric Garton

Eric Garton

“Total global capital has more than tripled over the past two decades… Any reasonably profitable enterprise can readily obtain the capital it needs… For most companies, the truly scarce resources are the time, talent and energy of their people.”

Deep Work: Rules for Focused Success in a Distracted World, by Cal Newport

Cal Newport

Cal Newport

“If you keep interrupting your evening to check and respond to email, or put aside a few hours after dinner to catch up on an approaching deadline, you’re robbing your directed attention centers of the uninterrupted rest they need for restoration… Put another way: Trying to squeeze a little more work out of your evenings might reduce your effectiveness the next day.”

Related: 10 Inspirational African Entrepreneurs

Truth at Work: The Science of Delivering Tough Messages, by Mark Murphy

Mark Murphy Truth at Work

Mark Murphy

“Sign that you’re too soft: a five-minute conversation turns into 50 minutes… Sign that you’re too tough: You walk into a room and people stop talking.”

Thank You for Being Late: An Optimist’s Guide to Thriving in the Age of Accelerations, by Thomas L. Friedman

Thomas L. Friedman

Thomas L. Friedman

“When you press the pause button on a machine, it stops. But when you press the pause button on human beings, they start. You start to reflect, you start to rethink your assumptions, you start to reimagine what is possible and, most importantly, you start to reconnect.”

Laura Vanderkam, author, in her TED Talk “How to Gain Control of Your Free Time”

Laura Vanderkam

Laura Vanderkam

“The idea is we’ll save bits of time here and there, add it up, and finally get to everything we want to do. But after studying how successful people spend their time and looking at their schedules hour by hour, I think this idea has it completely backward. We don’t build the lives we want by saving time. We build the lives we want, and then time saves itself.”

Related: Inspiration From 7 Legendary Business Titans

This article was originally posted here on Entrepreneur.com.

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Start-up Advice

Put On Your Wellies: It’s Time To Wade Into Risk

Entrepreneurs aren’t all leaping into the unknown like lemmings off a cliff, but they do need to consider it…

Chris Ogden

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You’ve had a great idea. You’ve looked into its development. You’ve recognised that it has potential beyond just what Auntie Mabel and Mike From The Grocer think. And you’ve clearly nailed a pain point that can make money. Now it is time to take the risk of running with it.

Every big idea comes with risk. You can’t step out into the world of entrepreneurial thinking and business development without it. Your idea may fail. It will also be time consuming, demanding, hungry for money, and hard work. It is unrealistic to expect that your project will leap out into the world and be an unmitigated success.

It is also unrealistic to assume that it isn’t worth taking this risk.

There are steps that you can follow to ensure that your risk is managed so you aren’t blindly leaping off that cliff…

Step 01: Do your research

No, canvassing your neighbours, friends and family is not doing research. You need to know that your idea will appeal to a broad market and that it will have significant legs. This may sound like daft advice, but you would be surprised how many people think an idea will take off just because Susan in Accounting said so.

Step 02: Understand the costs

Projects are hungry for money and investment. Realistically work out your budgets and how much it will cost to take your project off the ground and then stick to it.

A calculated risk is a far better bet than one that shoots from the hip and hopes for the best. You can also use this as an opportunity to draw a clear line under where you will stop investing and end the project. If it keeps eating money and isn’t getting anywhere with results you need to be able to walk away.

Step 03: Know when to walk away

As mentioned before, this can be defined by a line you’ve drawn in the proverbial sand (and budget) but no matter where you draw this line, you have to stick to it. Often, when time, money and energy have been poured into a project it can be incredibly hard to walk away.

You think ‘but I have put so much into this, just one more’ and then it gets to a point where the ‘just one more’ has taken you so far down the line that walking away feels impossible. Leave. Learn the lessons. Apply them to your next project.

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Start-up Advice

Mind The Gap

The entrepreneur’s guide to finding the gaps and building the right solutions.

Chris Ogden

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entrepreneurship-gap

Innovation may very well be the key to business success but finding the gap into which your innovative thinking can fit is often a lot harder than people realise. Some may be struck by inspiration in the shower, others by that moment of blinding insight in a meeting, however, for most people finding that big idea isn’t that simple. They want to be an entrepreneur and start their own high-growth business, but they need some ideas on how to find that big idea.

Here are five…

1. Network

It sounds trite but networking is actually an excellent way of picking up on patterns and trends in conversation and business problems. The trick is to note them down and pay attention. Soon, you will find patterns emerging and ideas forming.

2. Look for pain

Just as networking can reveal trends in the market, so can spending time reading. The latter will also help you find common business pain points. These are the touchpoints that frustrate people, annoy business owners, affect productivity, or impact employee engagement.

Be the Panado that fixes these pains.

3. Luck

luck

This is probably the most annoying of the ideas, but it is unfortunately (or fortunately) very true. Luck does play a role in helping you capture that big idea. However, luck isn’t just standing around and random people offering you opportunities. Luck is found at networking events, it is found in research and it is found in conversations with other entrepreneurs.

4. Luck needs courage

You may have found the big idea through your network, a pain point or pure blind luck, but if you don’t have the courage to take it and run with it, you will lose it to someone else.

Being bold in business is highly underrated because most people assume that everyone is bold and prepared to take big leaps into the unknown. However, not all brilliant entrepreneurs were ready to throw their family funds to the wind and leap into an idea – they were courageous enough to figure out a way of harnessing their ideas realistically.

5. Pay attention

This is probably one of the most vital ways of finding a gap in the market. Often, people are so busy that they don’t really pay attention to that niggling issue that always bothers them on a commute, or in a mall, or at a meeting. This niggling issue could very well be the next big business opportunity. Pay attention to it and find out if that issue can be solved with your innovative thinking.

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Start-up Advice

5 Things To Know About Your “Toddler” Business

As you navigate this new toddler phase of your business, here are five things to bear in mind.

Catherine Black

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small-business-start-up

Ah, toddlers. Those irresistible bundles of joy bring a huge amount of energy, curiosity and fun to any family – but there’s also frustration and worry that comes with their unpredictability, as they grow and start to become more independent. If you own a business and it’s successfully past its “infancy” of the first year or so, it’s likely it will also go through a toddler stage of its lifecycle.

Pete Hammond, founder of luxury safari company SafariScapes, agrees with this. “Our business is now three and a half years old, and we’ve found that we’re not yet big enough to justify employing a large team of people to handle the day-to-day admin tasks, yet we still need to grow the business as well,” he says. “As a result, our main challenge is finding the time to step back and see the bigger picture. Kind of like when you are raising a busy toddler and you spend most of your time running after them!”

As you navigate this new toddler phase of your business, here are five things to bear in mind:

1. This too shall pass

Everything in life is temporary – and that goes for both the good and the bad. It’s as helpful to remember this when you’re facing the might of a toddler temper tantrum, as it is when you’re facing throws of uncertainty in your business. If your new(ish) venture is going through a rough patch in its first few years, it can be easy to think about giving up – but don’t. As long as you have an overall big idea that you believe can add value to your customers, keep pushing through the rough parts until you come out the other side.

2. Appreciate what this phase brings

The toddler years mean that the initial newborn joy is officially behind you. But these small humans also bring their own kinds of joy, as you watch them learn new skills, say funny things, and give affection back to you. While your two-year-old business may not hold the same exhilaration for you as it did during those first few months, there are now different things to appreciate about it: Maybe you’re expanding your product range, or employing new people who can take the workload off you.

3. Establish boundaries

Toddlers thrive on boundary and routine – and your toddler business will too. As it grows into a new phase, try and establish limits in terms of the type of clients you want to work with and the type of work you’ll do. It’s also a good idea to make a decision about the hours you’ll work and when you’ll switch off, which will help you establish a good work-life balance.

4. Take a break

Every parent with a toddler needs a break every now and then, even if that means a walk around the block (on your own!), a dinner out with friends, or even a few days away. The same is true for a demanding small business: every so often, remember to take time out to rest properly, where you switch off your laptop and completely unplug. You’ll return much more inspired and resilient to deal with the everyday uncertainty that it brings.

5. Give it space to make mistakes

While the unpredictability of a young business can be stressful and tiring, it’s also a time for trying new things without the risk of huge consequences if they don’t quite work. After all, it’s much simpler to change your USP if you’re a small business employing a few people, rather than a big company where 50 people are relying on you for their salary, or where you’ve received a huge amount of investment capital. While you may fail in some of the things you try with your business (in fact, this is almost guaranteed), see it as a toddler that’s resilient enough to pick itself up, dust its knees and keep moving forward.

During this phase of business growth it’s also essential to have the right type of medical aid cover. There are medical schemes such as Fedhealth which has a number of medical aid options and value-added benefits to ensure that your health and wellness is taken care of too. After all, the healthier you and your staff are, the more productive your business will be – during the toddler (business) stage and beyond.

While this phase can be frustrating, it’s a sign that your business is growing and adapting, rather than remaining in its infancy, and that can only be a good thing! So embrace the difficulties, learn from them, and watch as your business strides forward confidently into the next exciting phase.

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