Business

15 Ugly Truths About Entrepreneurship Everyone Should Know Before Starting a Business

Published

2 months ago

May 9, 2019

Becoming an entrepreneur isn't everything you see on Instagram or what you see in most interviews. There's no map and what has worked for another company may not work for you. You'll constantly find yourself in a state of despair and hopelessness but still have to keep your head above water in order to not look like a failure to everyone who has believed in you.

1. Most things don't work the first try

Just about everything you do seems to somehow "not work". If you're developing an App or software, expect it to turn out completely different than how you explained it to your developers. If you're running an online store or business, expect emails to your customers to go straight to spam for some reason. Things never seem to work the first, second, or sometime the 50th times. But you keep going and keep fixing until it works!

2. The REAL stressor that breaks you

You obviously expected a certain level of stress. But we bet you never expected WHERE it will come from. Your startup will without a doubt give you plenty of stress to deal with, however most of that is eustress and good for you. Solving business related stress makes you feel good. The stress of dealing with everything else around you is what will ultimately wear you out. Your business is starting to grow and now moving higher up your ladder of priorities. Other things are starting to become less important but you still need to take care of them. And taking care of them starts to become more stressful and mundane without yielding much reward.

3. Losing friends

Expect to lose the majority of your friends. Being an entrepreneur is hard and making time for your friends will gradually become harder. You can only bail on your friends and families so often before they stop inviting you out.

4. It's a REALLY long journey

Don’t expect your business to take off overnight. Most entrepreneurs expect their idea to take off and exit within a year or two. Having that kind of expectation will often lead to feeling like a failure and losing faith in your business. Tony Robin says, "Most people overestimate what they can do in a year and underestimate what they can do in a decade."

5. Regrets

Oh yea...expect this to happen real soon. And expect it to happen often. You will regret all the sacrifices you've ever made for this business when you start considering choosing tofu over chicken just to save a few bucks at Shoprite.

6. Anxiety Competition

It's normal to worry that somebody out there is executing the same idea. Having anxiety over potential competition is natural. Don’t let this drag you down. Let it inspire you to work harder and become better than your imaginary competitors.

7. Other People Depend On You

It's not just about you anymore. It's not just your life and your future that's at risk. Once your business starts taking off and you become an employer, you're responsible for everyone you employ.

8. You'll see people's true colors

Will Smith once said, "If you’re absent during my struggle, don’t expect to be present during my success." Unfortunately those closest to you may act differently depending on where you are in life. Those who are true to themselves are worth their weight in gold.

9. It never gets better for those closest to you

This is a strange one because it's both a good and a bad thing. You'll eventually make promises to either yourself or a significant other that things will get better and you'll take them on some exotic vacation etc. Unfortunately it never truly gets better. At first you'll struggle to get your FIRST client. After that, you'll stress out on getting your 10th client. And before you know it, you're constantly chasing bigger and bigger things. That's your nature as an entrepreneur, you'll always want more.

10. Leadership is hard

Once you start having people work for you, you'll quickly realize how difficult it is to get a group of people to work productively together to achieve a common goal. Leadership is a lot harder than you think because it's not just doing a few things. True leadership require years of commitment, hard work, and self discipline to prove yourself a competent leader to your team.

11. No Appreciation

If you're a good leader, then you'll know that appreciation is what YOU give to others, not what you expect to receive in return for your hard work. No matter what you've done and what you've sacrificed, you won't be appreciated for it. But it will be demanded of you.

12. Meditation becomes your best friend

As silly as it was in your teens, meditation now becomes a ritual you can't live without. It becomes the only few minutes in your day where you can think clearly and not be bombarded at every angle.

13. Dealing with being sick

At first you'll be invincible and can do just about anything to your body and deprive it of sleep for days on end. After a while...you'll actually get sick. It's a weird feeling being sick and not having insurance because your company isn't quite there yet. But this will be one of the many challenges you'll have to overcome as an early stage founder.

14. Realizing that you're actually "stupid"

This may or may not come as a shock to you but you'll eventually realize how stupid you are or have been with your business. There will be plenty of "Aha!" moments where you asked yourself "how could I have been so stupid?!" These are character defining moments that you need to cherish and take notes of for your future self. After all...if you know everything, why aren't you rich yet?

15. You're going to look back and cringe

These are the best moments. At some point in your business you will look back at posts, photos, tweets, text messages, and notes and just...cringe. Similar to feeling stupid, these are also character defining moments that you should cherish. What's the difference between this and #14? This is absolutely hilarious and your fellow team mates will die of laughter while you die on the inside.

Business

5 Behaviors That Separate The Successful From The Average

Published

23 hours ago

July 16, 2019

Yvonette Sanchez

Many of us wish to be Bill Gates, Warren Buffet or even Mark Zuckerberg. These people are some of the most successful Americans today. They are worth billions of dollars and are at the helm of successful companies. Aside from wanting to be like them, many are also asking what they did to become successful. We want to know what behaviors and characteristics they have that helped them succeed. Here are behaviors of successful people you will want to emulate to help you become triumphant.

1. They Initiate

Successful people are not happy with the bare minimum. They like going the extra mile. For example, aside from knowing how much an item costs to acquire, they also want to learn about better products, discounts or how they can save. They do not wait for other people to tell them information. They initiate and ask questions because they want to learn, make recommendations, pitch ideas or offer to help. This is because success requires people to become proactive. Successful people are on the offense not defense all the time.Initiation takes risk. By putting yourself out there you could fail. Conversely, you can also fail by not doing anything.

2. Thrift

Frugality or thrift is defined as "the quality of using money and other resources carefully and not wastefully". They don’t live beyond their means or try to keep up with the Joneses because they know that there will always be other people who are more successful than they are. Successful people also know the value of money which is why they are not too keen on burning it quickly. They know the hard work they put in earning that money and wasting it on frivolous items is counterproductive.Successful people like Mark Zuckerberg do not flaunt what they have. He drives a $30,000 Acura and Michelle Obama wears Target and recycles her wardrobe.

3. Persistent

Thomas A. Edison said he did not fail 10,000 times. He just found 10,000 ways it did not work. Many people are willing to accept failure, but successful people embrace these failures and learn from it. They use it as a stepping stones that can help them reach that "aha" moment. Successful people are adaptable and do not give up immediately which is a big reason for their success. These behaviors help you progress as you try to reach your goals.The same is true for bestselling author JK Rowling. She got 12 rejection letters and was told "not to quit her day job" before the daughter of a Bloomsbury editor demanded the rest of Harry Potter and the Philosopher's Stone. The series is now the fastest selling book in history and has a combined sales of $450 million.

4. Intuition

Successful people listen to their gut instinct. Even if other people told them not to do it, they did so anyway because it felt right to them. Intuition goes hand-in-hand with fearlessness and not doubting yourself which are traits that keep people in low-paying jobs. So listen to your instincts. Do what you think and feel is right.

5. Passion

Passion is believing in something that is sometimes impossible. Successful people are passionate and they use this drive to do things other people have not thought of. They love what they do and it is this drive that pushes them to become the best in their field which in turn makes them financially successful. When you don’t love what you’re doing it shows in the results of your work which in turn affects your pay.People who are inspired and passionate create new opportunities which can open new doors that lead to success. Steve Jobs for example, was often labeled as "crazy" or "eccentric", but there is no doubt to everybody that he is passionate in what he did which in turn made him a very successful and wealthy man.The difference between successful people is not just old fashioned luck. Successful people have behavior that helps them tackle mediocrity and stay on top of their game while other people complain about money. Success is the result of hard work; dedication and gratitude for people who helped them achieve it. Hopefully you can nurture these behaviors and let them grow to help you become successful in your own right.

Business

8 Bad Career Tips That Keep You From Being Successful

Published

1 day ago

July 16, 2019

Nilay Mahanty

Every human strives for success in his or her respective fields. Achieving success is not magic. You need to work sincerely to achieve wealth, respect, and security for the entire life. Anyone can attain success, but you need to make wise decisions for your career. Some successful people can give you some valuable tips, but all may not be effective for your career path. So, be cautious about what you hear. Accept the right career tips, and you can be a winner.

1. Asking for a raise and promotion

Do not believe that if you work hard, you will be noticed by the management. However, this is not the reality. No matter how many hours you spend at the office, that does not necessarily promise you a reward. You need to take the initiative to show your performance to the management. Make yourself visible to the authority. Ask for the raise you are worth.

2. Too much useless information

You may receive many kinds of career tips that you may think may come handy. Check the source of information you receive and then decide if it is worthy for you. There are many kinds of training programs available in the market. Some of the training are useful for a section. It may not be useful for your career. So, choose wisely.

3. Resisting change

It is an old school of thought that any kind of change is bad. If you want to be successful, you need to go with the flow. Flexibility is the key to success. Accept what is in front of you and improvise per your requirement. Do not get stuck with old theories. You need to be balanced when you accept your responsibilities at work.

4. Do not underestimate yourself

‘Below the line’ thinking is the greatest barrier to achieving success. Never lose your confidence. People will not always encourage your high thinking, but you should not doubt your capability. Overcome the challenges and move forward. You need to see study the obstacles in the true light and find ways to overcome it.

5. Manage your emotions

Challenges and pressures are a part of work life. Your attitude towards life can make or break the situation for you. You need clear thinking. You should act objectively to challenge the obstacles. Fear can make you weak. Fear makes you accept wrong advice. You suffer when you make rash decisions. Keep calm and evaluate the situation rationally.

6. Increase your productivity

People always advise to overwork. Too much work makes you dull and exhausted. The harder you work, the less productive you become in the long term. Losing one hour of sleep every day can noticeably decrease your productivity. Proper rest is very much required to get rid of work-related stress. If you want to reach the pinnacle of success, take frequent breaks.

7. Do not say ‘yes’ too often

The more you deliver, the more people expect from you. Everyone believes that if you accept all the duties, the management will notice your efforts. However, that is always not true. You know your limits and do not go beyond that. One of the best career tips is learning to say ‘no.’

8. Do not yearn to be a perfectionist

Perfectionists spend more time on every work to make it perfect. If you put too much effort on smaller things, you miss out the bigger perspective. It reduces your productivity. Be sincere towards your work. You have limited time to finish your work. So, do not waste time to make it perfect.

Business

7 Things Successful People Are Doing That You’re Not

Published

2 days ago

July 15, 2019

OM Contributor

Success comes in many shapes, sizes, and form. When it comes to entrepreneurship or running a business, you'll often see the ultra successful soar past all of their peers with relative easy and in a relatively short amount of time. One can't help but wonder what exactly do these individuals possess that others don't that allowed them to be so successful. Although it's not fair to generalize their success into a few bullet points, these ultra successful entrepreneurs all inherently have 10 things in common that the rest of us don't.

Know What They Want

Successful people know exactly what they want. They can tell you in vivid details the life they imagine for themselves and how they will get there. They rarely question their own ability or their own path. If anything, they're more likely to tread the unknown in pursuit of what they want.

Inherent Self Confidence

You know confidence when you're around it. And you also can smell arrogance and insecurities from a mile away. Successful people don't need to be arrogant. They never flaunt or brag about things they have to make others believe they're more successful than they really are. Being around them, you get a sense of their stability and security that's inherent in every action and word that comes from them.

Decisiveness

Man and woman shaking hands in front of coworkers

They're decisive individuals. In addition to knowing what they want, they also know how to get what they want, and they're certain they will get there. They don't procrastinate making decisions. When enough facts and evidence presents itself, they'll make a decision to keep the ball moving instead of sitting around waiting for stars to align

High Level Of Certainty

Man drinking coffee in front of laptop confidently

They possess an intoxicating level of certainty. Whatever it is they're doing, they're certain it's the right one. Whatever they're ordering at a restaurant, they're CERTAIN it's the best damn thing on the menu. No matter what the decision is, they're always certain of it and confident that they will get what they want. You'll rarely hear these individuals utter "I think that's a good idea." Instead, they're likely to command, "That's a good idea. I like it!"

Planning Everything

Although they're quick to make decisions, they're not reckless. Highly successful individuals plan out everything meticulously in order to guarantee their results. But don't confuse them with someone who plans everything, overthinks every situation, and never takes action. They're meticulous in terms of how thorough their plans are, and how far down the thought-branch they go. But they certainly don't overthink or over-complicates their plan.

Completing Everything

They're not perfectionist. They're completionist. Whatever they start, they plan to finish. And their ability to see things through create opportunities that otherwise wouldn't exist. Their ability to complete everything they start stems from their ability to control their enthusiasm. It's easy to start things when you're excited and can see the future clearly. It's much more difficult to maintain the same level of excitement once the endorphins are gone. For the ultra successful, they don't need the excitement to fuel their productivity.

Positive Mental Attitude

They're incredibly positive individuals who can always see an opportunity in any situation. They're not oblivious or blinded to obstacles or things that go wrong in their business. But more so, they have an ability to see past the negative and salvage something positive from it. This trait makes them difficult to discouraged and resilient to setbacks.