Category: Entrepreneurship

 

Good quotes give you appreciation for what others have said. Great quotes have the potential to change your perspective and open your eyes.

 

 

However, quotes are more than just words of wisdom. Quotes can provide inspiration, motivation, or even insight on various topics.

 

 

Over the course of my entrepreneurial journey, I have came across a lot of good quotes and a few great ones. I’m going to share 50 quotes about entrepreneurship that I felt were great.

 

 

The Quotes

 

1. “If you’re not doing the things that you love, then your life is not worth living. What are you here for?” – King Sidharth [Tweet This]

 

2. “Success comes down to hard work plus passion, over time. If you work really, really hard over a long period of time, it will pay off.” – Stanley Tang [Tweet This]

 

3. “If you pursued something that you felt strongly about, then I call that success.” – Adora Svitak [Tweet This]

 

4. “Be a user of your own product. Make it better based on your own desires. But don’t trick yourself into thinking you are the user.” – Evan Williams (Co-Founder, Twitter) [Tweet This]

 

5. “Markets come and go. Good businesses don’t.” – Fred Wilson (Co-Founder, Union Square Ventures). [Tweet This]

6. “Every single person I know who is successful at what they do is successful because they love doing it.” – Joe Penna [Tweet This]

 

8. “Leadership is doing what is right when no one is watching.” – George Van Valkenburg [Tweet This]

 

9. “I’m not a businessman. I’m a business, man.” – Jay-Z [Tweet This]

 

10. “Money and success don’t change people; they merely amplify what is already there.”- Will Smith [Tweet This]

 

11. “An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.” – Roy Ash [Tweet This]

 

12. “The true entrepreneur is a doer, not a dreamer.” – Nolan Bushnell [Tweet This]

 

13. “Yesterday’s home runs don’t win today’s games.” – Babe Ruth [Tweet This]

 

14. “Fall seven times, stand up eight.” – Japanese Proverb [Tweet This]

 

15. “When you cease to dream, you cease to live.” – Malcolm Forbes [Tweet This]

 

16. “I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas Edison [Tweet This]

 

17. “Success is how high you bounce after you hit bottom.” – General George Patton [Tweet This]

 

18. “Genius is 1% inspiration, and 99% perspiration.” – Thomas Edison [Tweet This]

 

19. “What the mind of man can conceive and believe, it can achieve.” – Napoleon Hill [Tweet This]

 

20. “Choose a job you like and you will never have to work a day in your life.” – Confucious [Tweet This]

 

21. “Action is the foundational key to all success.” – Pablo Picasso [Tweet This]

 

22. “Every worthwhile accomplishment, big or little, has its stages of drudgery and triumph: a beginning, a struggle and a victory.” – Mahatma Gandhi [Tweet This]

 

23. “The most valuable thing you can make is a mistake – you can’t learn anything from being perfect.” – Adam Osborne [Tweet This]

 

24. “In order to succeed, your desire for success should be greater than your fear of failure.” – Bill Cosby [Tweet This]

 

25. “You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.” – Zig Ziglar [Tweet This]

 

26. “A goal is a dream with a deadline.” – Napoleon Hill [Tweet This]

 

27. “I’ve always worked very, very hard, and the harder I worked, the luckier I got.” – Alan Bond [Tweet This]

 

28. “Whether I retire to bed early or late, I rise with the sun.” – Thomas Jefferson [Tweet This]

 

29. “Learn to say ‘no’ to the good so you can say ‘yes’ to the best.” – John C. Maxwell [Tweet This]

 

30. “Failure defeats losers, failure inspires winners.” – Robert T. Kiyosaki [Tweet This]

 

31. “Start a business while you are young. You have few commitments and are used to living off Ramen Noodles.” – Dr. Sebora [Tweet This]

 

32. “Follow your passion, not your paycheck. The money will come eventually.” – Anonymous [Tweet This]

 

33. “Ambition is the path to success. Persistence is the vehicle you arrive in.” – Bill Bradley [Tweet This]

 

34. “Winning is a habit. Unfortunately, so is losing.” – Vince Lombardi [Tweet This]

 

35. “If you can’t find the key to success, pick the lock.” – Anonymous [Tweet This]

 

36. “The real risk is doing nothing.” – Denis Waitley [Tweet This]

 

37. “When you think big, your results are big.” – Thomas J. Vilord [Tweet This]

 

38. “You can get everything you want if you help enough others get what they want.” – Zig Ziglar [Tweet This]

 

39. “Entrepreneurs average 3.8 failures before final success. What sets the successful ones apart is their amazing persistence.” – Lisa M. Amos [Tweet This]

 

40. “Some people dream of great accomplishments, while others stay awake and do them.” – Anonymous [Tweet This]

 

41. “The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities.” – Michael Gerber [Tweet This]

 

42. “Business opportunities are like buses, there’s always another one coming.”
– Richard Branson [Tweet This]

 

43. “Difficulties mastered are opportunities won.” – Winston Churchill [Tweet This]

 

44. “Wise men make more opportunities than they find.” – Francis Bacon [Tweet This]

 

45. “We are really competing against ourselves, we have no control over how other people perform.” – Pete Cashmore [Tweet This]

 

46. “I don’t know the key to success, but the key to failure is trying to please everybody.” – Bill Cosby [Tweet This]

 

47. “Leadership is the art of getting someone else to do something you want done because he wants to do it.” – Dwight D. Eisenhower [Tweet This]

 

48. “Discipline is the bridge between goals and accomplishment.” – Jim Rohn [Tweet This]

 

49. “Formal education will make you a living. Self education will make you a fortune.” – Jim Rohn [Tweet This]

 

50. “You take on the responsibility for making your dream a reality.” – Les Brown [Tweet This]

 

 

Do you have a favorite quote about entrepreneurship that was not mentioned here? Share your thoughts about the quotes used above as well as any other comments or additions you may have!

 

 

 

When you start your own business, it is natural to have competitors. A competitor is any business who offers similar services, products, or ideas to the same demographics you are reaching out to. In order to dominate your competitors, you need to grab more market share than they do.

 

 

Just because you have more market share than your competitors do, it does not mean you will always stay on top. That’s why you have to keep your eyes on the competition at all times.

 

 

I am going to share some strategies you won’t learn in college that you can utilize to make sure you stay ahead of the competition for good.

 

 

 

Desk Research

 

 

You can learn a lot about your competitors without ever getting up from your desk. I would recommend using your computer to check out their website every 1-2 weeks to see if they are doing anything new.

 

 

Not only that, but you should subscribe to any newsletter or other forms of updates they offer. Most companies now a days are active on social networking sites like Facebook or Twitter.

 

 

Whether you choose to follow them using your business account or a made up name, I highly recommend keeping a tab on your competition. These social networks can often provide you news about their team/office, future plans, or anything else that may be of importance to you.

 

 

A simple Google search on your competitors is an effective way to see what they are up to. If you do frequent Google searches, you will be able to immediately notice when a new result shows up. If they are in the news or other media outlets, you can see exactly why they are there.

 

 

 

Customer Surveys

 

 

A great source for information about your competitors can be your customers themselves. Customers usually shop around and contemplate between multiple products or services before choosing a particular one.

 

You can ask your customers which other services or products they considered before selecting yours. If your customer happens to mention the name of a competitor, you can ask them in detail about their experience with that company.

 

 

Not only that, but you can go in to detail and ask them why they liked you more than the other companies. This gives you the ability to focus on your strengths to acquire more customers in the future.

 

 

Often times, a competitor may come out with a new update or exceptional discount. When this happens, you may find a lot of your customers leaving to join them. Regardless of what your competitor is doing, you should always get in touch with “old” customers and ask them why they left.

 

 

Even if you may not be able to get all your customers back, you can figure out why they are leaving and what your competition is really doing. Once you understand that, you can go on damage control and find a solution to keep all your customers from leaving. Customers old and new can provide you much needed insight on your competitors.

 

 

 

Analysis

 

 

This is probably the hardest or most tedious method of acquiring intelligence reports on your competitors. You have to spend a lot of time using as many sources as possible to learn more about your competition.

 

 

This is a great way to find out who you’re competitors really are. You need to start from the day company was open for business and see if you can find trends, patterns, or even clues about their methods of operation.

 

 

Often times, business have common patterns of hiring, updating, or unveiling news. If you know when your competition is going to do something, you are far more prepared to combat their next move.

 

 

 

Spying Time

 

 

I want to start off by saying that this method should only be used if you have tried and failed at everything else. If you cannot find out anything about your competitors, it may be time to send a spy to help you out.

 

 

This spy should not do anything that is illegal, damaging to your brand/company, or harmful to anyone else. I would recommend having someone you know contact your competitor as if they are interested in purchasing their product or service.

 

 

This will allow you to learn about their sales methods as well as their approach to potential customers. You can have your spy to ask them particular questions about their services or products that you may be curious about.

 

 

This technique usually works every time because no sane company will pass down the opportunity to acquire a new customer. However, I would like to remind you again the importance of participating in ethical behaviors when using a spy.

 

 

 

Conclusion

 

 

For any business to be successful, they need to know what their competitors are up to. It is highly important to pay attention to the finer details and check up on your competitors every few weeks so that you do not get left behind.

 

 

Keeping a tab on my competitors has helped me have the upper hand with my companies, StatFuse and JB Media Force. As great as it is to gain new customers, it is equally important to retain your existing customers.

 

 

Share your thoughts and comments about this topic below.

 

 

photo credit: Mukumbura via photopin cc

 

If you work hard, you have to drive in style. If you don’t have enough money to throw it away on an expensive car, don’t worry your time will come. Below I have compiled a list of the top 10 cars businessmen drive. In business, you always want luxury and speed. These cars provide just that.

 

 

 

1. Mercedes E-350

 

This car is all about style, luxury and elegance. Everything about the car just yells business. The car has a very stylish body with a very comfortable interior. The car is very spacious on the inside and has a great design on the inside and outside. This is one of the most popular business vehicles that men and women enjoy driving.

 

 

Horsepower: 302

 

MPG (City/Highway): 20/30

 

Engine: V6 – 3.5L Gasoline

 

Price: Starting at $51,000 MSRP (New)

 

 

 

 

 

2. BMW 528i Sedan

 

 

This car has a really simple look to it but is yet so advanced. BMW always does a great job in designing stunning vehicles and this one is absolutely gorgeous. This car is very comfortable and has very good fuel efficiency for a car this size.

 

 

Horsepower: 240

 

MPG (City/Highway): 24/34

 

Engine: 4 Cylinder Engine, 2.0 Liter

 

Price: Starting from $47,500 MSRP (New)

 

 

 

 

 

3. Audi A4 Sedan

 

This car is one of my personal favorites. The Audi A4 is a sexy and smooth car that grabs attention on the road. This car is sleek and extremely comfortable while having all the features of far more expensive vehicles. The Audi A4 comes at a very low price and is simply stunning.

 

 

Horsepower: 211

 

MPG (City/Highway): 24/31

 

Engine: 4 Cylinder, 2.0 Liter Turbocharged

 

Price: Starting at $32,500 MSRP (New)

 

 

 

 

 

4. Lexus IS250

 

This is a smaller car than the others mentioned above, but it still packs a strong punch. Not only does this car have a beautiful look to it, but it’s as comfortable as they get. It may be small on the outside, but it has plenty of room on the inside.

 

 

Horsepower: 204

 

MPG (City/Highway): 20/27

 

Engine: 2.5 Liter V6

 

Price: Starting at $33,595 MSRP (New)

 

 

 

 

 

5. Chrysler 300C

 

 

This car is part of the luxury series and for good reason. This car takes luxury to a whole NEW level. Chrysler may not be a very popular brand, but this vehicle should be ranked amongst the top.

 

 

Horsepower: 292

 

MPG (City/Highway): 27/21

 

Engine: 6 Cylinder, 3.7 Liter

 

Price: Starting at $28,670 MSRP (New)

 

 

 

 

 

6. Range Rover Sport

 

 

How can you not like the Range Rover? This car has a commanding look and feel to it. When you drive it, you feel like you are totally in charge of the road. This car has a stunning design and a glorious interior that you can fall asleep in.

 

 

Horsepower: 375

 

MPG (City/Highway): 14/17

 

Engine: 8 Cylinder, 5.0 Liter

 

Price: Starting at $60,895 MSRP (New)

 

 

 

 

 

7. Cadillac XTS

 

How can you look at a Cadillac and not think of business? For some reason, this car has developed the stereotype of being the perfect business vehicle. This car brings luxury, comfort and a stylish design at a very affordable price.

 

 

Horsepower: 300

 

MPG (City/Highway): 17/28

 

Engine: 3.6 Liter, V6

 

Price: Starting at $44,075 MSRP (New)

 

 

 

 

 

8. Chevrolet Corvette

 

Forget about the family and kids! The Corvette is all about speed and showing off. The car is absolutely beautiful and is a head turner on the streets. Although the car doesn’t have much of a backseat, it sure is one hell of a ride.

 

Horsepower: 430

 

MPG (City/Highway): 14/17

 

Engine: V8

 

Price: Starting at $49,600 MSRP (New)

 

 

 

 

 

9. Jaguar XF

 

Okay, you are going to have to break the bank a little bit for this beauty! The only word that comes to mind when I try to describe this car is “sexy”. This car is fast, beautiful and as luxurious as they come.

 

Horsepower: 385

 

MPG (City/Highway): 15/21

 

Engine: 5.0 Liter, V8

 

Price: Starting at $53,000 MSRP (New)

 

 

 

 

 

10. Hyundai Genesis Coupe

 

Before I go any further, I want to let you know that I am biased to this car because this is what I own. Nevertheless, this is a great car. You don’t have to break your bank as badly as you do for the other cars and it has great performance and luxury.

 

 

Horsepower: 274

 

MPG (City/Highway): 20/31 (I do not get 20 on the City though.)

 

Engine: 4 Cylinder, 2.0 Liter Turbo

 

Price: Starting at $24,250 MSRP (New)

 

 

 

 

No matter what kind of business you are in, you must have some sort of appreciation for a nice car. If you think a car is missing from the list or would like to add your thoughts, please feel free to comment below.

I have 1 startup company launched already, 2 coming very soon and plans for others in the near future. Not only that, but I am working on my second book while attending college full time and still somehow manage to have time for somewhat of a social life. A question I get asked very often is, “How do you manage to do all these things? Do you sleep?” I’m going to share some of the strategies I use to balance my many activities while staying sane.

 

Business

 

I’m going to start off by letting everyone know that I do sleep every night and get at least 5 hours a night (usually more). I do have a lot of businesses in the pipeline which do require a lot of time and attention. However, I still manage to take care of my startups while doing everything else I need to. Here are some of my balancing strategies that I apply to the business world.

 

Strategy #1: I work smarter, not harder. Let me explain what I mean by this strategy. When you run many different companies and work on various projects, a lot of tasks need your attention. Instead of trying to tackle every task at hand, I divide them up based on the things that need me or don’t need me. Then, I work on the tasks that need my special attention in order of urgency. With the tasks that don’t need all or any of my attention, I let someone else take care of it (with close guidance).

 

Value your skills and time. Focus on the big deals and tasks that really need your attention.

 

Strategy #2: Staying organized is a necessity. I organize everything business-related so that they are easily accessible and easy to use. If you can stay organized on a consistent basis, you can save years of time in the future. Documents or files from the past almost always need to be reopened months later for some reason. Thankfully, organizing all my companies files and documents make it extremely easy for me to go back and track down old information.

 

Organize yourself, your tasks and your business to save time later.

 

Strategy #3: An early start really helps. Believe it or not, I try to wake up as early as possible every morning to get my day started. For some reason, I perform a lot better in the early morning than I do later on in the day. In the morning, your mind is fresh and you are eager to get started on things. This allows you to be the most productive and efficient, which is why I try to handle all my business as early as possible.

 

The early bird gets the worm. Try to start working as early as possible to be as efficient as possible.

 

College

 

College does use up a lot of my time. Not only do I have to go to classes and listen to lectures, but I also have to do work for these classes. I’m going to be completely honest and tell you right now that I’m not the best student. I get by and pass my classes, but I am far from an A student. It isn’t because I have so much else going on, but for some reason I have been horrible at school ever since Kindergarten. However, I do have some strategies I use that help me pass my classes while balancing everything else.

 

Strategy #1: I used to be the biggest procrastinator in high school. While my friends would do their big projects the night before, I would do it the morning it was due. As you can imagine, that did not work out very well. However, when I started having larger responsibilities and more things to do, I simply could not procrastinate anymore. Instead of prolonging work that is due, I try to get them done as soon as possible.

 

Do not procrastinate, you never know what may come up later.

 

Strategy #2: From using Rate My Professor to asking all my friends, I look for the easiest professors before enrolling. My goal is to pass my classes and get a degree, not challenge myself by taking the hardest classes. Unfortunately, college does not teach you much about entrepreneurship as I explained extensively a while back. I look for the classes where I can spend the least amount of time while garnering the same outcome (which is credit for that class). Essentially, this strategy helps me get the most out of my time.

 

There’s nothing wrong with taking shortcuts as long as you get the same results.

 

Strategy #3: I work the system better than anyone else. I am not necessarily proud about saying this, but I know how to work the college system pretty well. If a class doesn’t take attendance, you probably won’t find me there ever aside from test days. I get a good grasp about each class and try to find the best ways to get around them as much as I can. While this isn’t a great habit, it has definitely helped me manage my time very well.

 

Sometimes you have to work the system to make the most out of your time.

 

Social Life

 

Ever since the founding of my companies, the amount of time I spend with friends has definitely gone down. However, I still do have friends and a beautiful girlfriend who I am able to have fun with. I believe that you can only work a certain amount of hours a day/week before your productivity tanks. Thus, you have to work hard and play hard.

 

Strategy #1: People might find this extremely strange, but every Saturday is dedicated to my girlfriend. I make sure to plan nothing on that day and she does the same. Saturday is the one day of the week that we can guarantee to see each other. This is great because I have something to look forward to throughout the week and I get a day to relax. Don’t get me wrong, I do see her more than just once a week but Saturday is completely dedicated to her no matter how busy our lives may be.

 

Set aside a day where you plan to do nothing but relax.

 

 

Strategy #2: I’m not scared to have a good time. Sometimes even when I have work that needs to be done, I’ll just stop and go have a good time with my friends. Life is all about doing what you like and making memories that last a lifetime. My friends play a big role in the memories I make and sometimes I’ll get off the computer and go enjoy myself! The day after I have a good time, I work 2x as hard just because I’m in a great mood!

 

Life shouldn’t be all about work, introduce some fun in to your life. You will be surprised by the results you can achieve when you are in a good mood.

 

All in all, balancing a lot of things can be difficult and hectic. However, using some of the strategies explained above, you can make the most out of your time and pursue a lot of things. This is my personal story on how I balance my life with all the things that are going on.

 

Do you have a specific strategy to balance your many activities? Feel free to comment on my strategies or to share some of your own below.

 

photo credit: shehan365 via photopin cc

ABC’s hit show Shark Tank is coming back back for another season on September 14th. After three successful seasons, people are raving about the return of Shark Tank. The sharks, the show and the entrepreneurs featured on the show have taught the world a lot about entrepreneurship.

 

 

You Are As Important As Your Business

 

Numerous times, I have seen the sharks invest in an individual more than their business. While Kevin O’ Leary will always remind you about the money, some of the other sharks can be won over by you. I have seen hard-working, motivated and driven individuals come into the tank with a half-decent business idea and come out with an investment. The sharks do this because they want to invest in YOU more than the business.

 

When the sharks invest in an individual more than the business, they are counting on more business opportunities with you to generate them a return on their investment. If you are to ever pitch to investors, you need to keep in mind that they are investing just as much in you as they are in the business. On the same token, there are many entrepreneurs that come to the tank with amazing business ideas but still get sent home.

 

While the sharks are compelled by their idea, they decide against the investment for obvious reasons. Some of these obvious reasons include the entrepreneur being arrogant, hard to work with or even lazy. Even if you have a business that can be the next Facebook, you need to ensure that you show your investors you as an individual are worth the investment.

 

 

Presentation is Everything

 

Speaking in front of others is hard. Getting a great pitch together while speaking in front of others is even harder. To have a great presentation, you have to practice a LOT. The better presentations in the tank always manage to catch the eyes of the sharks. There have been a few entrepreneurs who gave bad presentations and the sharks were not shy to let them know.

 

The more you speak, present and pitch your business, the better you get. Over time, you will gain confidence in yourself and the delivery of your ideas will be much more fluid. The confident and prepared entrepreneurs that enter the tank walk out with an investment more often than not.

 

 

Know Your Numbers

 

On every episode of Shark Tank, you will notice one or more entrepreneurs who over-value their business. The sharks hate it and almost always consider themselves “out” the moment a business is over-valued. Nobody wants to be ripped off on a deal. In hopes of obtaining a better deal, do not value your business to be more than it really is.

 

 

Value The Shark

 

A lot of people come into the tank looking for a mentor along with their investment. While there is nothing wrong with trying to kill two birds with one stone, you must value the sharks time. If you expect the sharks to work for you, you need to compensate them greatly, which requires you to offer them larger equity in your business.

 

 

Don’t Piss The Sharks Off

 

There are a lot of things you can do to piss the sharks off. I can list all of them, but that will take too long. Be courteous to the sharks and respect their time and advice. If the sharks are offering you a deal, don’t nickel and dime there for 2-3%. I have seen a few entrepreneurs do that and that does not endear them to the sharks.

 

 

Review

 

If you are an entrepreneur, you NEED to watch Shark Tank. Not only do you learn so much about investors, but you also get a chance to see what other creative ideas are on the rise. Even if you aren’t an entrepreneur, the Shark Tank is a fun show for you to watch. Over the seasons, I have to credit the Shark Tank for teaching me so much.

 

Share your thoughts or lessons that you have learned from watching the Shark Tank below.

 

 

 

Curt Schilling was a former major league baseball pitcher who had one of the highest playoff winning percentages. As great of a baseball player he was, he made some horrible decisions of the field that lead to his demise today. Once he retired from baseball, he decided to take his giant paychecks from baseball and create a gaming company.

 

38 Studios, the gaming company created by Curt Schilling just recently filed for bankruptcy. He invested more than $50 million on his video game company without paying himself any salary. The video game company completed faltered and he essentially lost all the money he had earned and saved throughout his baseball career.

 

As unfortunate as his circumstance is, I learned a few things from Curt Schilling’s mistakes. Here are 5 things I learned from his mistake:

 

Lesson #1: Never Put All Your Eggs In One Basket

 

Okay this one’s kind of obvious, how could someone invest all the money they have into something without any backup plan? Curt Schilling essentially risked a care-free retirement by committing all his cash to this video game company without any guarantee of return. If you plan on investing a huge sum of cash into a project, be sure to create a plan that you can fall back on.

 

Curt Schilling put all his chips on his video game company and came out completely empty handed. Thankfully, he was able to admit his mistake and is moving forward from the mishap. No matter what you do in life, you never want to put all your eggs in one basket. If you do, you better hope that basket is rock solid.

 

Lesson #2: Grow In Stages, Not All At Once

 

Curt Schilling decided to invest $50 million almost entirely at once into the video game company. Instead of surveying the market by launching smaller games, he decided to go big from the get-go without any knowledge of the market. That was a large mistake because he had to invest all his capital in that one game and really had no alternative route.

 

This teaches us to grow slowly and in stages instead of going all in from the very beginning. Thinking big is always a great mindset to have but at the end of the day, we must stay realistic. Grow your business when it’s ready to grow and you will find much better results.

 

Lesson #3: Passion Alone Isn’t Enough

 

Curt Schilling has said on many interviews that he absolutely loved video games. While his teammates would be on the road doing other “questionable” activities, he would sit in his room and play video games. According to him, his love for video games was more than just a hobby. Based on this strong passion for video games, the moment he retired, he decided to start his own gaming company.

 

Curt had no prior experience in the gaming industry and had never really create a business before. Unexperienced and clueless, he started the company solely on his passion for video games. He created a game he knew he would love without ever thinking about the general public. Passion is a great thing to have when starting a business, but you must have a balance of other qualities as well.

 

Lesson #4: Your Name Can Only Take You So Far

 

Curt Schilling is a baseball legend and it’s hard to believe that people would not be in love with his venture. However, your name is important, but it can only take you so far. You can be the most popular person in the world, but people are going to buy your product, not you.

 

You cannot solely rely on your name to take you to the top. A well branded name can definitely increase your sales or get you more opportunities, but your business has to be solid enough to acquire customers. Create a name for your business instead of attempting to piggyback your own name.

 

Lesson #5: Starting A New Business Is Risky

 

If you hadn’t known already, let Curt Schilling’s experiences as an entrepreneur remind you about the risks of starting a business. No matter what kind of business you start, the risks are always high when starting out. Nothing is a sure shot.

 

Curt Schilling’s experiences teach us really how bad the risks of a business can be. Even after investing over $50 million, you would think the business would be able to make some sort of money. It was so bad for him that he had to simply file for bankruptcy. His losses were at a point where they could not be recovered.

 

What do you think about Curt Schilling’s stories and the lessons I shared? Please share your comments below.

 

Alright, I admit that this article sounds a bit harsh when you look at it first. However, I do have a good point with this. I’m going to explain to everyone why I think every entrepreneur needs to fail once in their endeavors. Here are the reasons why:

 

1. Reality check

When most entrepreneurs start out, they are on cloud nine. They tend to seem like they are invincible and even think they know it all. Until this entrepreneur fails, they stay on this magical “high” thinking they are the best of the best. Confidence is great, but being realistic is extremely important. Failing once makes everyone level headed and takes them out of their “know it all” stage.

 

2. You must taste the bottom to enjoy the top

When entrepreneurs fail for the first time, they really get some time to think about the whole experience. Most of the time they sulk for a bit before regaining the momentum and energy to go again. To really enjoy success, you must know what failure feels like. Otherwise, you won’t really have the same appreciation for success that others do

 

3. You come back stronger, smarter and better

After failing, you really get to learn a lot through the whole experience. Hopefully, you understand why you failed and what things could have been done much better. You also have redemption on your mind, which makes you much more motivated. Failing once helps prepare your mind and body as you fight the upward battle to success.

 

4. Nobody wants to be remembered as a failure

 

Nobody wants to be known as the guy who failed and never succeeded. Failure puts a label on you that you want to remove as quickly as possible. Failing keeps you focused, driven and determined to succeed. Some qualities that every successful entrepreneur needs at some point. Many times, you have to fail to develop that “winning is everything” attitude.

 

5. It leads to something bigger

There are many stories that have circulated over the years where someones failure brought them to their biggest success. Often times your failure can uncover something much bigger than your original plans. A lot of successful individuals have admitted that their failures played a huge role in their success. When you fail, you may wonder away and land yourself in something much bigger.

 

Failure has always been looked down upon, but I never understood why. Everyone fails at something or another. Instead of looking at failure as something negative, it should be hailed as something good. Without failure, lots of things would not happen the way they do. Entrepreneurs really need to fail at least once to reach the pinnacle of their success.

 

Do you agree or disagree with my thoughts? Share your comments and thoughts below.

Successful entrepreneurs usually have a certain mix of characteristics that make them so damn good. In this competitive world, you have to be the best of the best to come out successful. Being an entrepreneur is no easy task, but having some of these qualities will definitely give you a boost.

 

Can You Do It All?

Entrepreneurs have to really do a little bit of everything for their startup company to be successful. Some days you have to be the salesman, the manager or even the errand boy. Entrepreneurs must put their egos aside and even do the dirty work sometimes. Individuals who are willing to do it all get a lot farther than those who don’t.

 

Motivated Monster

You really have to be motivated around the clock. Your motivation should resonate through your partners or employees and really get them in the hard working spirit. The more motivated and persistent you are, the better your chances for success are. Successful entrepreneurs are always focused and motivated to do the best they can for themselves and their business.

 

Love to Learn

When you are the do it all kind of guy, you need to teach yourself a lot. Frankly, the learning never really stops. Successful entrepreneurs are those that are not only willing to learn but understand that learning will play a large role in their success. Educating yourself with knowledge and the latest happenings can be crucial in your entrepreneurial path.

 

How Bad Do You Want It?

Entrepreneurs need to have drive and desire to be successful. Success isn’t just going to come you. You need to go and get it regardless of how difficult the path may be. Entrepreneurs need a strong drive to continue through thick and thin while having the desire to succeed. Seeing your startup company succeed should be the single most important thing on your mind.

 

Teamwork

At some point you are going to have to find help for your startup company. You cannot do it yourself forever and teamwork plays a massive role in the success of businesses. You need to be a team player who is willing to share the work at hand with others. Not only that, but you need to set goals that you and your team will meet.

 

Passion

Entrepreneurs really need to love what they do. Their is no real pay in the beginning, the work load is immense and it’s extremely stressful. If you are not passionate about your business, it will be a very difficult climb to the top. In fact, the “work” you do in your business should not even feel like “work”.

 

Stamina

All entrepreneurs must prepare for the long haul. Building the next great company is not an easy task. You need to be prepared to fight battles for years to come. All entrepreneurs need the stamina to survive and retaliate from challenges and obstacles they face. As an entrepreneur, you cannot give up for any reason.

 

Be Realistic

Entrepreneurs cannot live in a fairytale world. They need to face the harsh realities and make wise decisions that benefit their business. Nobody ever said it was easy being an entrepreneur, but you have to make the tough decisions. If you cannot be realistic and think prudently, your business and you will suffer indefinitely.

 

Are there any other qualities that a successful entrepreneur should possess? Share your thoughts by leaving a comment below.

 

photo credit: HowardLake via photopin cc