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Start-up Advice

The Most Powerful Advice Entrepreneurs Ignore

Follow these six steps to dropping your ego and finding the right mentor.

Graham Young

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Study any successful entrepreneur and nearly every single one will point to a mentor as the key ingredient to their success.

Getting a mentor is arguably the most powerful piece of advice any budding entrepreneur can receive when embarking on a career in business. Research the wealthiest people in world and you’ll discover that they all had mentors.

Warren Buffett’s mentor was Benjamin Graham. Bill Gates early mentor was his father, then later Warren Buffett. Mark Zuckerburg’s mentor was Steve Jobs. However, if having a mentor is the most important step an entrepreneur can take, then why do so many ignore this advice?

Why ‘get a mentor’ advice goes unheeded

richard-branson

Richard Branson, who’s a huge advocate of mentorship once said, “Understandably there’s a lot of ego, nervous energy and parental pride involved, especially with one- or two-person start-ups…

Going it alone is an admirable, but foolhardy and highly flawed approach to taking on the world.” Branson’s assertion was that ego and pride prevents entrepreneurs from reaching out for help.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

One of the deepest negative beliefs we all have as humans is feeling that we aren’t enough. In the back of your mind you’ve likely questioned whether you are good enough, smart enough, funny enough, attractive enough, successful enough, patient enough etc. to get the things you truly want in life. This belief of not being enough, is so common because it is also linked to our deepest fears.

Our brain knows that when we don’t meet expectations, it often leads to failure at work, rejection in relationships and the feeling of guilt from letting others down.

This is why asking for help can be so hard, because it ultimately is proving this detrimental belief correct.

Seeking mentorship can seem counterintuitive for an entrepreneur. Whether you’re working on your own as a consultant, the founder of a start-up or the CEO of an established company, why would you want to expose your weaknesses? What would happen to your reputation if other people found out where you lacked? What would investors, customers and competitors think?

We often avoid looking for a mentor or seeking help because of our ego. We’re concerned that if we ask for help we’re going to be perceived as weak, like we lack knowledge, experience and the ability to make things happen on our own.

Finding the right mentor

Once your ego, pride and fears are set aside, you can embark on finding the right mentor. But the ideal mentor may not be easy to find. Phil Pustejovsky was in that position 15 years ago.

Phil’s story provides a wonderful case study with many lessons on how you can find the right mentor. His real estate investing start-up was failing and he was so humbled by the experience that he was open to seeking help.

Not knowing any successful business people, being in a small niche of the greater real estate space and having no real connections in an estranged city, Phil had no idea how to find the right mentor.

However through his daily interactions, Phil ran into a successful out-of-state real estate investor that just happened to be in town for a few weeks who was looking to duplicate himself.

Now that Phil was consciously aware of his need for a mentor, he recognised the opportunity. From these experiences Phil now believes that when the student is ready, the teacher arrives.

The arrangement was that Phil would split 50/50 the profits from his next $500,000 with new mentor. Through the tutelage of his mentor, Phil became an extraordinarily successful real estate investor and eventually created the iconic organisation, Freedom Mentor, a company that mentors real estate investors on creative real estate investing.

Related: 8 Secrets Your Business Mentor Won’t Tell You

That’s great news if you’re a budding real estate entrepreneur, but what about everyone else? Here’s some ideas on finding a mentor for yourself.

1Understand your ego

ego

No one likes asking for help. You can blame a deep rooted belief system called your ego for this. It ultimately tells us what needs to happen in our lives in order for us to feel good. It makes us believe that in order to feel confident we need to be self-reliant and competent, and that vulnerability is a sign of weakness. Over time this way of thinking has created a habit that avoids looking for external help.

2Eliminate your ego

To be successful it’s important to feel confident in your vulnerability. To alter any habit, consistency is critical. Start small by reaching out to friends and people close to you for advice.

Literally write this down as a daily or weekly goal. As you get more comfortable with feeling vulnerable and verbalising what you need, you will be preparing yourself to expand beyond your immediate circle. In business, this practice will help you tap into your emotions and enable you to connect with your customers on a deeper level as well.

3Determine the value you bring first

We often perceive mentorship as a one-way street, where the mentor is always guiding the mentee. The reality is that those roles can be reversed depending on what each person needs help with. So before asking for help, determine what value you can provide others in return first. What do you specialise in? What are you most skilled at that could benefit others?

4Online search

You may be able to find a first class mentor in your niche, like Phil Pustejovsky, by simply conducting an online search. However, it’s quite rare to find a mentor type company in most business niches. To discover a particular individual in your field, LinkedIn is a great resource to research and connect.

Remember that when you reach out to someone, you’re not asking them to be your mentor immediately. You’re simply looking for some guidance and advice from a seasoned professional. After that initial connection is made, you can follow the tips in the next step to take your relationship to the next level.

Related: 5 Business Lessons From Billionaire Mentors

5
Daily interactions

Through daily interactions in your business, you may run into an ideal candidate who is open to sharing their wisdom. When reaching out to these people focus on creating a connection first and foremost.

Then in your initial meeting make sure you are honest about where you need help, and at the end ask if it is ok for you to reach out to them in the future for assistance. When you reconnect with them weeks or months down the road, this is where that mentorship relationship can begin to be established.

6Hero reach

Think of the heroes in your niche. Although they may be hard to get a hold of, reach out to them. If you knock loud enough and long enough, you’ll eventually wake someone up. Successful entrepreneurs will appreciate your ambition and determination to learn.

As you probably already knew, having the right mentor is one of the most powerful pieces of advice anyone can give you in business. However, ego, pride and fear can prevent someone from heeding that life transforming tip. Therefore, humble yourself and when the student is ready, the teacher will arrive.

Finding the right mentor may vary in difficulty depending on your niche so choose wisely, because the wrong mentor could lead down a frustrating path. With the right mentor though, you will achieve far more than you ever dreamed possible.

This article was originally posted here on Entrepreneur.com.

Graham Young is a performance strategist who simplifies the science behind human achievement. He works with leaders of companies and business professionals to shift human behavior by breaking through personal obstacles, enhancing emotional intelligence and creating strategies that lead to extraordinary performance. He is the vice chairman of an investment holding company, a former Microsoft consultant and former personal trainer to corporate executives. Connect with him at GYstrategies.com.

Company Posts

3 Companies With Memorable Slogans, And How To Create Your Own

Three companies that have enjoyed these benefits as a result of creating memorable business slogans are Nike, Carlsberg, and Apple. Let’s look at each one now.

Jeff Broth

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A good slogan serves many valuable roles in business. First, it reinforces recognition of your brand. After hearing it a few times, your consumer instantly thinks of you when hearing it again. If it’s catchy enough, they may even find themselves saying or singing it in their head, reinforcing your brand even more.

Slogans also share a little bit about your company. For instance, if your slogan is funny, it says you have a sense of humor. If it contains your goal or mission, it tells the consumer what is important to you. Some slogans share the problems the company is trying to solve or the consumer its trying to help, making it easier to identify the target market.

Finally, a slogan sets you apart from your competitors. It differentiates you from all of the other companies who offer similar services to you. And if it’s memorable enough, it puts you ahead of them in your consumer’s minds.

Three companies that have enjoyed these benefits as a result of creating memorable business slogans are Nike, Carlsberg, and Apple. Let’s look at each one now.

Company #1: Nike – Just Do It

nike

Though many people use Nike’s ‘Just Do It’ slogan as a reminder that they can do amazing things if they just put their mind to it, its author, Dan Wieden, reports that this line actually has a grim beginning.

In fact, it was an idea he derived from a statement made by Gary Gilmore, a double murderer who, before being executed by a firing squad exclaimed, “Let’s do it!” Still, it has stuck in consumer’s minds and is undoubtedly one of the most memorable slogans of all time.

Related: Registering a Trademark

Company #2: Carlsberg – That Calls for a Carlsberg

Carlsberg

Initially, Carlsberg’s slogan was ‘probably the best beer in the world.’ Many consumers came to know and love this slogan; however, in 2011, the company rebranded and created a new slogan: ‘That Calls for a Carlsberg.” The goal of this new slogan, according to CEO Jorgen Buhl Rasmussen, was to encourage the consumer to do good things and then enjoy a Carlsberg after as a reward for a job well done. Both have stuck in the minds of consumers, albeit with some discrepancy as to which one is most preferred.

Company #3: Apple – Think Different

apple

Apple is a company known for thinking (and creating) outside the lines, so its ‘Think Different’ slogan fits it perfectly. According to Rob Siltanen, creative director and managing partner at the company that helped design this Apple pitch, though there are many accounts of how this slogan was created, its true inventor is Craig Tanimoto. Siltanen says that Tanimoto came up with the idea to use black and white photos of some of the most revolutionary people and events of all time and, atop each one, simply display the words ‘Think Different.’ Catchy, right?

Related: Smart Marketing Ideas For Small Businesses

How to Create Your Own Memorable Slogan

These are just three examples of how creating a memorable slogan can help your company get — and stay — in the minds of your consumer. So, how do you come up with this type of campaign?

One option is to get some of your company’s best talent together and see what slogans you can come up with. Have everyone submit one or two ideas and talk them out. See if any jump out at you and, if not, use them to inspire you to come up with even more possible ideas.

Another alternative is using a slogan generator. This enables you to come up with a simple, memorable slogan using keywords related to your brand. Just go through the list and of results and see which ones stand out. You could even pick your top two or three and let your social media followers vote as to which one you should select.

If you find yourself at a dead end and unable to come up with a memorable slogan, or if you lack the creativity or the time, you can also hire a marketing firm to help. Give them a little insight about your company and see what slogans they create. It may cost you some money to take this route but, as companies like Nike, Carlsberg, and Apple have taught us, a good slogan can really propel your brand.

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Start-up Advice

Dear Family And Friends Of Entrepreneurs…

Young entrepreneurs often struggle to establish their businesses as they are not getting the support they need. Sometimes it is not only the obvious support of financiers and supply change developers which is lacking –but also not having that critical “home-ground support” can negatively affect the success of your venture. How can family and friends support entrepreneurs?

Lusanele Mahlutshana

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Entering the market as a newbie entrepreneur is a brave step, and having your family and friends share in your vision for success is critical.  Once you have convinced them that being an entrepreneur is in fact “a real job” – one that requires a lot more sacrifices and hard work than a salaried worker – you can continue to encourage them to support your journey, to ultimately share in your success.

Get a job

In some communities, being an entrepreneur is not recognised as a profession. Therefore, those who pursue enterprise development are seen as irresponsible or lazy as it is not regarded as ‘real’ employment. Societal pressure to attain certain material possessions thus prevents them from pursuing their true passion.

This kind of resistance discourages a lot of entrepreneurs, making their pursuit for success even more difficult.

Related: How To Deal With Unsupportive Friends And Family

Finding out who your real friends are

Financial support is the most obvious support needed by entrepreneurs due to a lack of capital and start-up funding, as well as irregular payments and long periods of being cashless due to procurement holdups and fluctuation in the market for your product or service. Not everyone will stick with you in these times – and that’s OK. You may end up finding out who your real friends are, and these are the people who will give you emotional and social support to keep you focused and motivated.

“I know a guy….”

Another issue is friends and family looking for discounted prices as they know the owner. This means that they don’t see the value of the product or service, nor do they respect the owner. By asking for products and services for free, or at a reduced price, they end up taking advantage of their relationship with the entrepreneur and do not financially support his/her the business.

Related: How To Immigrate With Your Family By Starting A Business In The UK

So, if you have friends or family who are business owners, set an example by supporting them in the following ways:

  • Be willing to pay the full price of the product or service offered.
  • Be kind when giving negative feedback – make sure it is constructive.
  • Compliment them on good products or service. Share positive reviews on your social media pages.
  • Share and promote their business among other people.
  • Be patient and willing to help them establish their businesses.

Be prepared to listen to their dreams, hopes and frustrations. Sometimes, they just need an ear to vent about a bad day. Support them with a word of encouragement to keep going.

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Start-up Advice

Why Embrace The Struggle?

Entrepreneurial success hinges on your ability to approach challenges with the right mindset.

Gil Sperling

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Self-help and business coaching advice is littered with platitudes, which makes it difficult for entrepreneurs to know what they should take to heart. However, one universal truism that most successful entrepreneurs attribute to their success is their willingness and ability to endure the struggle.

It’s a lesson I learnt first-hand when building our ad-tech and Facebook Marketing Partner business, Popimedia. One of our sternest tests came when we moved into new premises and took on more staff to accommodate our exponential growth. Then, amid new and significant financial commitments, some of our pipeline never materialised.

It was at this time that my son was born, and our family had just moved into a new house. To preserve the business, we were forced into retrenchments and directors didn’t take a salary for a while. And, with a lower head count it became difficult to deliver on client deadlines. Needless to say, my personal and professional level of discomfort was at an all-time high.

We reviewed our operations and streamlined where we could. More importantly, though, the experience taught us a number of invaluable lessons.

Lesson #1: Reframe your context

Our leadership approach, our business mindset and our attitude needed to be drastically reframed.

There is a quote that has always stuck with me, which is: “The antithesis of comfort is struggle.”

Related: 6 Of The Most Profitable Small Businesses In South Africa

I believe a person is moulded by the way they deal with struggle. That’s why I’ve always been inclined to welcome a proverbial punch to the face, and use as a mantra the phrase, “comfortable being uncomfortable”.

Being “uncomfortable” forced Popimedia into rapid innovation – and it was this innovation that led to a sea-change in the business. We learned how to scale, how to improve service levels, how to do what we do better, faster, more efficiently.

As a result, and without increasing our staff complement, our year-on-year growth has topped 100%. What was, at the time, the business’s greatest challenge became its greatest ally, and our biggest lesson.

Lesson #2: Fail fast, and learn from it

Obviously, this approach is not about making life difficult for the sake of personal and professional growth. It’s about understanding what is: expecting it to be difficult and taking a constructive approach towards failure and struggle.

There is one guarantee in business: you will experience failures, and you will struggle.

Central to this is your ability to recognise your failures for what they are, and quickly. This allows for a rejigging of processes, attitudes, operations, and sometimes even objectives.

My personal attitude to failure was reframed by simple sales stats. I came to understand that rejection was inevitable – but when it does happen, it brings with it opportunities. I always ask: “Why don’t you want my product? How is it not meeting your needs?” This way, “failure” is transformed into an opportunity to better understand the market and my clients.

This feedback loop has proved crucial, and allowed us to become what we are.

As an entrepreneur, the pressure never ends and you’ll never ‘arrive’. At Popimedia, we’ve come to embrace every opportunity that takes us out of our comfort zone. Working through failure is the foundation on which the entrepreneurial spirit is forged. It is the willingness to try again following a rejection, or to keep grafting knowing that there’s no guarantee of a pay cheque at the end of the month.

And doing so with the ‘chutzpah’ – the sheer audacity – to endure the hardship through mental toughness and a passion for what you do, becomes your greatest asset, because when you get comfortable, you become complacent… and complacency will work you into irrelevance.

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