Are you one of those entrepreneurs who truly enjoys your day-to-day work? I know the dream to be your own boss and build a successful business is why you went out on your own in the first place. But somewhere between “I quit” and “now I have to make payroll,” what you want to do was replaced by what you have to do.
A 2004 study published in the Journal of Small Business Management found that entrepreneurs are just slightly more satisfied with their jobs than the average worker. However, what increases that satisfaction is self-efficacy–a confidence in your ability to get your work done–and success. The longer a woman is an entrepreneur, the more satisfaction she finds.
This research supports my own observations: The most satisfied entrepreneurs are the ones who use their experiences to create lifestyles they love. It may not happen in your first or second year in business, but it also doesn’t have to take a decade. As soon as you prove your business concept is sound, you can start planning to create the life you want.
As entrepreneurs, though, we tend to put ourselves last. While we’re go-getters in most every way, we tend to be patient about waiting for our own satisfaction. We’re definitely going to make changes to our work loads, but only after we get that next big customer, land an outside investment, hire the perfect person or sell the company.
But as John Lennon so eloquently put it, “Life is what happens to people while they’re busy making other plans.” Before you know it, years have gone by and you still don’t have the life you dreamed of. And believe me, no one else is going to give you your dream.
Consider these real-life entrepreneurs who made it happen:
- A Washington, DC-based CEO longed to raise her kids in a calmer setting, so she moved with her family to an idyllic town in northern Michigan and now runs her company by commuting twice a month.
- A travel-industry entrepreneur started to focus her networking time on philanthropic causes for children, her personal mission.
- The owner of a 30-person sales training firm who missed working with clients downsized her firm, hired senior consultants and actually increased her profits.
- A marketing executive with a passion for travel started a consulting company teaching U.S. business concepts to developing countries.
The difference between these entrepreneurs and most others is they stopped waiting, developed a plan and executed it. As with any business endeavor, having a plan is the key. Here’s how to create one:
- Figure out what your dream looks like. This takes introspection and feedback from trusted advisors. An executive coach may also help. Figure out what brings you energy in your business and what drains you of it.
- Determine what only you can do. In every business there are certain tasks only the owner can do, such as land large accounts or smooth serious customer concerns. These must be part of your work–even the work of your dreams.
- Hire around your weaknesses. Studies show that people enjoy work that emphasizes their strengths, so hire for the skills you lack. With the advances in homeshoring, offshoring and outsourcing, there are many ways to do this even for the smallest companies.
- Communicate your goal openly. Let your team know what you want your work load to be and by what date. Don’t be embarrassed to state what you want–honesty avoids unnecessary speculation and keeps everyone, including you, moving in the right direction.
- Think incrementally. The first try might not work, but each step gets you closer. If you realize, for instance, you can’t completely give up sales, perhaps hiring a sales assistant frees some time for corporate strategy.
Remember, happy leaders have happy companies. Think it’s not important to be happy in your day-to-day work? Your satisfaction directly translates to the tone of your company. Ever work for a miserable boss? It might be why you went out on your own in the first place.
Rapelang Rabana’s Innovation Formula – 3 Key Ingredients To Innovate
To be a success in today’s fast paced world, you need innovation at the heart of everything you do.
The innovation formula is simple: According to tech entrepreneur Rapelang Rabana, innovation is at its best and greatest when it’s sourced from your unique perspective and accumulated wisdom, combined with shared value and execution.
At this year’s BCX Disrupt Summit, Rapelang broke the process down into the three key ingredients that together shape innovation and success.
1. Prepare your mind
Your ability to innovate and be creative is based on the sum of all of your experiences. Great ideas do not take shape in our minds, they are the result of external stimulus hitting a prepared mind. We don’t think up ideas — we notice them. We connect the dots in new and creative ways. And our ability to do so is based on how prepared we are to notice what’s happening around us, and to tap into that information.
When asked what it takes to be great like Richard Branson, Steve Jobs and Elon Musk, Musk’s ex-wife, Justine Musk had this advice to offer:
“Shift your focus away from what you want (a billion dollars) and get deeply, intensely curious about what the world wants and needs. It helps to have an ego, but you must be in service to something bigger if you are to inspire the people you need to help you.”
So, ask yourself this: What do you have that is so deeply compelling and needed that no one can outsource you or replace you? Until you can answer this question, keep building your mind, your abilities and your knowledge. Work on your repository, and your ability to connect the dots.
2. Create shared value
Thato Kgatlhanye, founder of the Rethaka foundation, an organisation that creates school bags that are also solar panels, and can provide schoolgoers with energy in the evening so that they can do their homework, says that she is money-driven, business-driven, and empathetic towards her people. In other words, her business is created through shared value, and the desire to not only create money for her business, but within her communities as well.
Most successful organisations would never have been launched if their primary focus was for the business to win. People are hungry for things that are inclusive and show positive change.
Consider Airbnb — the founders had the audacity to put a blow-up mattress in their livingroom, and believe that other people would find value in their offering. And they were right, mainly because the business model is all inclusive. The business wins, the hosts win and the customers win.
According to Nielsen, 40% more social entrepreneurs are growing compared to other SMEs, and they’re showing greater profit. In addition, people say they are more likely to purchase from ethical and sustainable businesses. The cynics might say this is what people say, not how they buy. This may be true, but it’s also a leading indicator of how we will behave in the future. We’re trying to get there, and our behaviour will catch up to the sentiment.
Always be cognisant of how responsive the market is. Learn to leverage public sentiment and get attention through the ideal of shared value. Winning with others is the fastest way to create value today.
3. Get stuff done
When we start a project or idea, we try to project into the future. We want to draw a linear picture between now and then. The problem is that creation is far more chaotic.
Instead, minute variations over time create profound changes. It’s a journey. There are no defining moments of success or failure; just a series of events strung together over time. To make the necessary minute variations though, you need data points and you need to take action. Often this starts with just beginning. If you start, you can move forward, slowly but surely. Progress is far more evolutionary than simply trying to imagine the end.
The problem is that the mind blocks us. We essentially block ourselves from success. How? Building anything and trying to be innovative requires a series of many, many decisions made over years and years. Many of those decisions are made — or not made — from a place of fear. Our instincts tell us to do something, and then our minds stop us. The most incredible things can happen if we learn to follow our instincts though.
In her book, The Five Second Rule, Mel Robbins unpacks the skill of acting on your instincts. In essence, the space between your instinct and the moment of hesitation that stops you from acting is five seconds. This means you have five seconds to make things happen, and the way to utilise that time and to make things happen is to count down from five: 5, 4, 3, 2, 1. At one, move. Get up, take action, call the client, speak to your boss — don’t let fear come in and crush the instinct.
Why a countdown? A countdown suspends — for a moment — the self-doubt that gives you space to move before the brain kills it. I started using the rule for small stuff at first. A countdown in the morning to get out of bed and go to gym. Then I started using it for the harder stuff, like not losing my temper. If you can be aware enough to make the countdown, you can change your behaviour.
The ability to execute and turn innovation into profit comes down to a series of five-second moments over years. Push yourself. Get past your mental blocks and act on your instinct.
Combine this with building on your knowledge, connecting the dots around you, and understanding that value is not given or taken, but is created through shared value, and you have the recipe for innovation and success.
IN YOUR TOOLKIT
Focus on learning new stuff
FACT: The super-successful focus heavily on learning new skills, reading practical books and listening or watching podcasts, interviews and informational courses.
Take best-selling author and leadership coach Simon Sinek, who said:
“My work is never complete, we wake up with a hunger to learn, and no one is ever truly an expert. Anyone who says, ‘I’m an expert at anything’ has closed their mind to the idea that they might not know everything. There’s always more to learn. I’ve never considered myself an expert. I’m always a student of leadership. All the work is imperfect and all the learning is continuous.”
Action Step: If you can read 20 full pages a day, or even listen to an hour-long audio/podcast, you will accumulate more than 36+ books a year of new knowledge.
Start here: If you’re not sure where to start, download the audible app (audible.com) and browse the business books available, or subscribe to podcasts. Three great places to begin are:
- Trailblazers with Walter Isaacson, a show focused on disruption and hosted by the biographer of Steve Jobs, Albert Einstein and Benjamin Franklin amongst others.
- The Tim Ferriss Show, hosted by Tim Ferriss and one of the biggest podcasts on the planet.
- Masters of Scale, hosted by LinkedIn founder Reid Hoffman, who chats to some of the worlds biggest and most successful entrepreneurs.
From Buffy To Business: Sarah Michelle Gellar Opens Up About How Hollywood Helped Prepare Her for Launching A Company
Sarah Michelle Gellar and her co-founders share lessons learned and how acting helped her deal with rejection and how being a celebrity in the startup world can have its drawbacks.
Everyone wants to be an entrepreneur. With a turbulent economy, companies cutting jobs and employees fearful they’ll be replaced by robots, people of all backgrounds are looking to take control of their financial future and pursue their passion, including celebrities.
Jessica Alba, Gwyneth Paltrow, George Clooney and Victoria Beckham are just some of the stars who decided to transition from La La land to entrepreneurial land.
And now Sarah Michelle Gellar, best known as the star of Buffy the Vampire Slayer, is also part of the startup world. The actress-turned-entrepreneur joined forces with friends who are also parents, Galit Laibow and Greg Fleishman, to launch Foodstirs in 2015. The DIY baking company, which sells kits and mixes, wants to provide parents fun, yet simple desserts for their children, with a focus on organic, ethically and sustainably-sourced ingredients.
“We’re determined to help bakers around the world take pride in their pantries, joy in their treats, and time together in the heart of the home,” is part of their mission.
After raising a reported $5 million, the company has expanded beyond just ecommerce; Foodstirs is now in approximately 7,500 stores, including Whole Foods.
We caught up with her before the event to chat about finding success, her journey and lessons she learned.
Before you got into the world of entrepreneurship, you were best known for your acting. Why did you decide to jump into this world?
I always knew I wanted to do more than just be an actor for hire. I thought producing might be enough, but I realised I still desired more. That’s when I realised I could utilise my great existing platform and actually be a part of creating something tangible. It’s been such an interesting process, learning how much of my existing skill set is applicable to being an entrepreneur.
Why did you decide to have a focus on food?
Food has always been an important part of my life, as it should be for everyone, but that magnified once I had children. Our kids were so interested in baking, yet there was no readily available brand that had the attributes we would want and expect – organic, ethically sourced, easy and affordable that also tasted amazing.
What has been the mantra that has helped you find success as an entrepreneur?
The one thing being an actor prepares you for is rejection. I spent the better part of my life facing and dealing with rejection, and I have never let it stop me from achieving something I was passionate about. When it comes to business, for me the word “no” is just the first step to yes. That rejection inspires me to work harder, and prove those no’s to be a mistake.
What is something that would surprise people about your entrepreneurial journey?
I think people assume that being a celebrity makes it easier to raise money and achieve mass distribution and that is not the case. Maybe it gets you in a door, as a novelty, but then you have so much more to prove.
What is one piece of advice you will share ?
This piece of advice came from Galit Laibow – one of my two amazing partners along with Greg Fleishman. Always surround yourself with people who are smarter and know more than you do. We have such an incredible group of advisors with vast experience in all areas of business that we can call on at all times. Their knowledge is invaluable.
What is on the horizon for you?
We just achieved wide retail distribution (in over 7,500 stores) so our main focus at the moment is supporting our stores through quarter four and at the same time dialing in our innovation pipeline for 2018.
This article was originally posted here on Entrepreneur.com.
Farah Fortune Of African Star Communications On Choosing The Right Clients
Publicist extraordinaire Farah Fortune of African Star Communications built her business not by courting big clients, but by backing young up-and-comers, and growing her brand right alongside theirs.
- Player: Farah Fortune
- Company: African Star Communications
- Established: 2008
- Contact: +27 (0)79 826 1955, email@example.com
The 36-year-old publicist launched her celebrity PR business in 2008, with R1 000 in her pocket — she spent R589 of that on registering a CC and the rest on business cards.
From working on her bedroom floor and sharing two-minute noodles with her daughter as she struggled to survive, today African Star Communications represents high-profile rappers such as K.O and Solo, and stand-up comedians Loyiso Gola and Jason Goliath.
She has an office in Nigeria and plans to open two new offices in Botswana and Ghana.
You pulled yourself up by your bootstraps. How did you overcome the hurdles?
I lost my first business to a crooked partner in 2006. I was determined to try again and I went in search of funding, but no-one would give me money.
When the last thing I had to feed my child was a mouldy piece of cheese, I went back to work for a PR company, earning R12 000 a month, managing accounts worth millions. I hated every minute of it. In June 2008, when my CC registration came through, I walked out the door.
My first pitch was for a small charity day that AIG hosted for Manchester United in Johannesburg. I was the only woman in the reception area, but my offer to do the job for R10 000 was irresistible and I signed my first client. That was just the beginning of a long struggle. I was broke for the next three years.
Friends bought my groceries, and I would feed my daughter and have her leftovers for dinner.
I couldn’t afford petrol so I walked from my house in Randburg to do pitches in Sandton in my takkies, and then changed my shoes at the client’s office. The only thing that kept me going was the belief that I could somehow make it work.
What was your big break?
In year three rapper AKA was about to release his first album. He pursued me for four months. Initially, I didn’t want to work with him, but his ambition won me over.
I’ve never regretted the decision. We signed a contract, and shortly after that more clients came my way, mostly for small events.
Working with AKA made me realise that my passion was for music and I decided to channel my energies into promoting South Africa hip-hop stars. That’s how I ended up specialising and finding my own niche in the crowded PR sector.
Our team convinced 8ta/Telkom to look at AKA for their ads and it worked. I branched into corporate PR after the celebrity side took off.
What made your business stand out from other PR companies?
First was affordability. Publicists do not come cheap. I signed up many young artists who had not yet hit the big time, and charged them as little as R4 000 a month to manage their publicity and help make them famous.
Taking on lots of small clients meant that I could spread the risk. We still structure our packages according to what clients can afford and I’ve kept the overheads low. To this day, I’ve never advertised.
Second was my focus on hip-hop. Before 2011, corporates were not interested in rappers and the scene was very much underground. I convinced Vodacom to sponsor a big hip-hop party with AKA as the star attraction.
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After that, many other corporates woke up and took advantage of the popularity of the local rap scene. I like to think I played a part in mainstreaming South African hip-hop.
How have you stayed relevant in a fickle industry?
Once the business was pumping, I built my own brand. I never planned to be in the spotlight, but the more I appeared in the media, the more I was able to build my clients’ profiles, and get bigger accounts.
I focused only on doing business-related interviews and people started to take me more seriously. I could not believe how many corporate contracts I did not win because I refused to sleep with the client.
It’s a disappointing reality of this business when you are young and female. Developing my own brand helped me to build a career based on respect and professionalism.
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