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What You Need To Know Before Launching A Startup

Launching a new startup is an exciting, but also confusing time. Most entrepreneurs struggle because they are not entirely sure of what to expect. In this post, I share some of my best tips on what you should know before launching your startup.

 

I often get emails from aspiring entrepreneurs asking me what they should know about before launching a startup. If I had the magical formula or answers to everything you need to know before starting a business, I’d be some type of guru. The truth of the matter is that nobody has these answers.

 

Why you ask? Well, it’s fairly simple actually. No two startups, entrepreneurs or launches are ever close to the same. The obstacles, roadblocks and circumstances with every startup is completely different. As a result of these variables, you can never prepare anyone completely for the challenging road ahead.

 

However, looking back to the days of my first startup launch….I definitely wish I knew all that I know about entrepreneurship today. In this post, I’m going to share with you what you need to know before launching a startup so that you can be prepared for the roller coaster ahead.

 

Team 

 

Team is the single-most important thing that will define your rate of success and failure with launching a new business. You cannot do it alone and the sooner you realize that and effectively understand that equity distribution is for the greater good of your business, the better your chances of succeeding will really be.

 

Find a great team that not only compliments your skills, but compliments your personality. It’s great to hire a really smart guy that’s 30 years older than you, but are you guys really going to be able to spend 12 hours a day without ripping each others heads off? When building your team, don’t just access skills but also look for a connection between you and your other partners.

 

Chase The Passion, Not The Paper 

 

Entrepreneurship and being successful is NOT about money. That’s just a reward that you earn for hard work for creating value and really cool sh*t. If you chase the paper, your mindset and focus is on all the wrong things and your startup will inevitably go down a path you’ll probably regret in the future.

 

Making money is a great metric to track success, growth and keep the lights running, but that’s not what your ultimate motive should be. Follow your passion, what is it that you want to change about a certain market, niche or problem? Why are you so passionate about it and why do you believe you’re the right person to do it?

 

Know Your Customer Better Than Yourself

 

Before you go out and build or launch anything, take your idea and know who your ideal customer is and everything about them. Customers make or break your business and if you do not understand who they are, you’re going to fail.

 

Get out there, be social and survey your potential customers. You don’t need money, you just need information from these potential customers. Find out who they are, what they’re looking for, how far they’d be willing to go to get it and if you’re ideas are the right solutions they want.

 

If You Don’t Have Competition, Be Terrified 

 

You’ve probably heard this saying the other way around. If you have competition, be scared. To be honest, competition is great. It shows validation for the space that you’re in and it gives you a massive educational advantage you wouldn’t have otherwise. If there is competition, that means that other people think there’s a problem that needs to be solved as well.

 

If there’s no competition and you believe you’re the only one smart enough to think of it, there’s probably a 99% chance you’re wrong. In most cases, competition is the best thing for you because it provides you validation and you can learn from their mistakes and products. If you have no competition, rethink your ideas numerous times.

 

Nobody Will Understand Your Choices 

 

It’s okay if nobody understands your decision to become an entrepreneur. If this path was so normal and socially acceptable, the world would be filled with entrepreneurs. I’m always  weary when the public is heavy on something and far more intrigued when the public is against something.

 

As an entrepreneur, you have to understand that you’re about to embark on a journey unlike any other. The things you will learn, experience and go through will be unmatched to almost anything else you’ve ever dealt with in your life. You have to be prepared to go against everyone else’s ‘advice’ and follow your self belief.

 

Conclusion 

 

Even with this list of things, you will still face tons of other things that you will never have foreseen in your journey. This is just a short list of some of the things I wish I had known when I first launched my business as it would have definitely helped me in the long run. Share some of the things you wish you knew before launching a startup down below in the comments.

 

What Entrepreneurs Do That Most People Don’t

In this post, I share what entrepreneurs do that most people don’t. As an entrepreneur, you have take a journey far unique to one that most people take and sometimes others don’t really understand what that means.

 

The idea of being an entrepreneur and creating your own businesses is something really foreign to most of the world. Unless you’re highly involved in the entrepreneurial community or have other friends, it’s really hard often times to really share with other people what you do.

 

 

However, it isn’t your fault. The truth is that entrepreneurs do a lot of things that most other people haven’t ever thought of doing or are unwilling to do. Entrepreneurship isn’t easy in any way and it requires a lot of mental toughness to continue pushing forward every single day.

 

 

In this post, I share what entrepreneurs do that most people don’t:

 

 

They Obsess

 

This is a really hard concept for many outsiders to understand. Entrepreneurs love the that they do so much that they become obsessed with it and sometimes they’d rather keep building their business instead of going out. See, everyone has one or more things that they’re obsessed with.

 

 

Entrepreneurs are different because they are obsessed with their vision, ideas or businesses. Other people might be obsessed with music events, drinking, sports, building model rockets or whatever else it is. While it isn’t bad to have other passions and obsessions, many people can’t fathom how someone can enjoy working over doing something else that others might see as more ‘fun’.

 

 

They’re Always Recruiting 

 

Good entrepreneurs know that they can’t carry out their mission alone. They need a team of really reputable individuals around them that can help carry out their vision. Thus, they’re always recruiting.

 

 

Usually, you don’t ever think about recruiting other people or even surrounding yourself with people who are better than you due to jealousy or simply being threatened by someone else’s superiority in a specific domain. However, entrepreneurs are the opposite. They’re constantly recruiting others and selling others on their vision in hopes of surrounding themselves with a strong group of people.

 

 

They Are A Jack-of-All-Trades

 

If you were asked one day to do the accounting for your company and the next day to clean up the entire warehouse, would you do it with a smile on your face at minimum wage? Most people really wouldn’t. That’s what separates entrepreneurs from others.

 

 

Entrepreneurs are jack-of-all-trades and they DO whatever is required of them on any given day without a single complaint. Not only that, but most entrepreneurs at this stage aren’t getting paid a dollar. When I started my first company, I was putting on 7-8 different hats every single day and I loved every minute of it.

 

 

They Question Everything

 

At some core level, every entrepreneur questioned something that led them to follow the path that they are following today. It can be as simple as asking why there isn’t a better solution to a problem that they experience?

 

 

Not only do they question everything, but they take action on things that they discover. Most people would never in a million years question a problem only to go on and solve that problem. Most of the world lives with the ‘who cares’ mentality and they’ll experience an issue, but remind themselves that they don’t care enough to question it or fix it.

 

 

They’re Thirsty For Knowledge

 

I love learning. If you give me any opportunity where I can learn something new that interests me, I will jump on it. Entrepreneurs understand how important education is and they also understand the different forms of education available. Entrepreneurs don’t solely rely on a classroom with a professor to learn, they take any and every opportunity available to them.

 

 

Most people think that they just need to finish the bare minimum requirements of schooling and they will have a solid educational foundation. While you do develop the foundation, you don’t continue improving your knowledge and skills. As a result of that, you get left in the dust as those who are constantly learning end up going the furthest.

 

 

Conclusion 

 

In this post, I shared what entrepreneurs do that most people don’t. What are some things that you do as an entrepreneur that you haven’t seen many other people do?

 

 

How To Stop Being A Wantrepreneur And Take Action On Your Ideas

In this post, I share how to stop being a wantrepreneur and take action on your ideas. There is no better time to launch a business than today and it’s time you took action on it. This is the post to get you from planning to building.

 

As many of you may have noticed, I took a hiatus from blogging without really saying much in regards to it. I apologize for that as I got extremely busy with some things and I wanted to handle those things before finally returning.

 

 

Well, the good news is that I am back and here to stay this time. The best part is that I learned a ton of things over the last few months and I can’t wait to share all of this awesome information with all of you.

 

 

One of the biggest things I recently saw is the number of Wantrepreneurs out there. What’s even worse is that many of these individuals know they aren’t a real entrepreneur and they are lost on what they can do to really change things up.

 

 

In this post, I want to show you how to stop being a Wantrepreneur and take action on your ideas before it’s TOO late. Here’s what entrepreneurs do:

 

 

They are compelled to take action.

 

I remember when I was 17 years old and I had this big idea of creating a multimedia agency. At many points, I really thought I should drop all of these crazy ideas and just focus on school and wait a few years. However, something kept clawing at me every time I did this.

 

 

Before I knew it, I felt like I would lose my mind if I didn’t take action on these ideas I had. I knew I had to do something about it in order to stay sane. That’s how entrepreneurs are. They get a big idea, they’ll draw it out on the napkin wherever they’re at. Then, they’ll go find someone else who can make this dream a reality and do whatever it takes to get them on board. The biggest thing about entrepreneurs is that they put some kind of PRODUCT into the market.

 

 

They are scrappy.

 

If you do not like getting down and dirty, you’re probably not fit to be an entrepreneur. If you’re comfortable with your office, paid lunches, administrative support and other comfortable things in life, entrepreneurship is not for you. You need to stop reading this now and go back to your leather chair.

 

 

However, if you don’t mind giving these things up for a few years to achieve something greater, continue reading. If you’re scrappy enough, you can reap the rewards of entrepreneurship through some hard work. Being scrappy simply means finding a way to get something done at all costs.

 

 

They solve problems. 

 

Every big company that you know today had a simple goal or mission that they were obsessed with. As a wantrepreneur, you need to find a problem to solve that you are obsessed with. Forget about the money, the cars, the fame, and anything else that comes to mind with success.

 

 

Think about just one thing. If you could solve anything in the world, what would it be? How happy would it make you and what would you be willing to do to get it done? If you can answer these things with real depth, entrepreneurship will work for you. Find a problem, come up with a better solution and create it. Start small, scale fast.

 

 

They are impatient. 

 

Impatience is a virtue. You can quote me on that, because that’s what I have believed since day one. When I was young, my mother always said to be patient and good things would come to me. I disagreed and I’m very happy I did. Good things don’t come to those that wait, leftovers come to them.

 

 

Good things come to those who go out and hustle their asses off until they have what they want. If you want something bad enough, you’ll do whatever it takes to get it. Most importantly, you aren’t going to wait for the perfect day. Today is just as fine of a day to get it as any other day.

 

 

They have a desire to learn.

 

The first thing you need to admit to yourself is how little you know. Whether it’s my employees or my 9 year old brother, I am constantly telling them how important it is to learn. Both of these individuals will come to me asking me questions and expecting me to educate them.

 

 

My favorite answer to them is, “I don’t know. Figure it out and look it up. Come back to me and tell me what you LEARNED.” Education is crucial for success as an entrepreneur. Otherwise, you’ll be a wantrepreneur forever and that’s never any good. Learn and apply your learning to your work. The results are truly magical.

 

 

They look at opportunity instead of risk.

 

Wantrepreneurs love giving me a hundred reasons why their business won’t work or why this is a horrible time to start. It’s BULLSHIT. Stop looking at the risks because there is a risk in everything you do. Who cares if you fail? At least you got to go through a memorable journey and learn something new.

 

 

Focus on what can happen if you are successful. That picture is far more beautiful than just thinking of all the risks and negatives. Envision success and you will be one step closer to actually achieving it.

 

 

Conclusion 

 

No matter what you have to say, there is no better time to start a business than right now. It’s never been easier to access capital, learning, information, markets and resources ever before. Stop planning and being infatuated with your ideas, they mean very little. Instead, start building.

 

 

5 Ways Young People Can Get Wealthy

In this post, I share 5 ways young people can get wealthy. I share the tips and strategies that can help guide you to the top at a young age.

 

In the past, earning a million dollars or more has always been associated with being at least in your 30’s. However, if you open your eyes and look at the world today, something known as the new rich really does exist.

 

 

More people than ever have the opportunity to become a millionaire in their 20’s and that’s because of the advantages that young people have today that didn’t exist back in the day. In this post, I am going to share with you 5 ways that young people can get wealthy.

 

 

1. Investing Instead of Saving

 

The younger you are, the less you should save. Tucking your money into a savings account or under your mattress is the stupidest thing you can do. Look to take extra cash that you can invest. It only takes one really good investment to bring you incredible returns, patience and strategic investing pays off.

 

 

When you are younger, you have less responsibilities to worry about. Hopefully, you don’t have kids or any big payments so that you have the leisure to play around with your money. This gives you the opportunity to throw some cash around and invest it however you want.

 

 

2. Beat The System

 

If you’re trying to graduate college with a degree and earn a job in the real world, I’m sorry to say but the likelihood of you becoming a millionaire before you turn 30 is very unlikely. It’ just how the system is set up and how the world works.

 

 

If you want to be a young millionaire, you’ve got to find a way to beat the system. To beat the system, you have to do two things. You have to find an income stream that is higher paying than what your college degree provides and you need to get on that path before you waste too much time at school or working jobs.

 

 

3. Network With Everyone

 

In business, it’s not just what you know. The people you know can have a huge impact on you and your goals as well. If you can surround yourself with people who are not only smarter than you but on a similar path as you, it will help you reach your goals.

 

 

When I started out as an entrepreneur, I was seen at networking events at least 2 times a week. I wanted to surround myself with likeminded individuals so I could build up my network and get motivation by seeing others pursuing similar goals as I was. Networking is a great resource available to youngsters all over the world today.

 

 

4. Study Others Who Already Did It

 

So many people have managed to become millionaires and billionaires in their youth recently that you have a ton of resources and individuals to study. Self-education is the single most important skill that you can have at an early age if you really want to beat the system.

 

 

If you read and listen to the success stories of others, you can research them to see what helped them get where they are today and how they did it. Not only is this a great motivator, but you can learn a lot from the daily habits and mindsets of other highly successfully individuals.

 

 

5. Utilize Your Youth To Your Advantage

 

The younger you are, the bigger advantage you have. You have the energy and the ability to grind away day and night to make your dreams a reality. When you’re young, you have the edge since you can spend more time working and you have a completely new perspective on the world that the older generation doesn’t have.

 

 

If you need to work 18 hours to get something done and survive on 5 hours of sleep, you can do it. If you need to fly to the other side of the world to close a deal, you can do it. Relying on your youth can help you learn from experience and bring you farther than you could have ever imagined.

 

 

Conclusion

 

In this post, I shared 5 ways how young people can get wealthy. What are some strategies that may have worked for you to help make you successful at a young age?

 

5 Life Lessons I Learned From Working Minimum Wage Jobs Early In My Life

In this post, I share the 5 life lessons I learned from working minimum wage jobs early in my life. Check out the valuable advice I share in this post.

 

Believe it or not, I had one of hell of a resume by the time I was 17. I had worked between 10-12 jobs. Well, it was so many different jobs in a span of two years that I actually ended up losing count.

 

 

The real fact of the matter was that I couldn’t keep jobs longer than a month at most. I was either quitting or getting fired from every single job I did. It’s also not that I was doing the same job over and over again. Instead, I was trying jobs in all different industries and spectrums.

 

 

The jobs I worked included being an assistant, tutor, coach, telemarketer, door to door sales, project manager, secretary and so much more. Most of these jobs paid me minimum wage, but they taught me the most valuable lessons of my life. The best part was that I was learning all this stuff from the age of 15-17.

 

 

In this post, I share 5 life lessons I learned from working minimum wage jobs early in my life:

 

 

1. You get paid what you think you’re worth.

 

I would go looking for jobs on Craigslist or through job boards and I would particularly seek out jobs that paid minimum wage. If I saw something that was offering $12 or $15 an hour, I wouldn’t even make the call. The saying is true, you are what you think you’re worth.

 

 

I thought I was worth the minimum and that’s why I got paid the minimum. Who knows if I could have gotten those $12 or $15 jobs, but I never gave myself the chance. When I gave up on the jobs and started my own business….it became really evident what I was worth.

 

 

2. Take nothing for granted.

 

When I was young, I didn’t understand the value of a dollar. I saw my dad go to work, come home and everything was paid for. When I finally took my first job, I realized how much of a pain in the ass it really was to make money. That stuff isn’t easy.

 

 

My big lesson was that I should never take anything for granted. The life you have and the comforts that you enjoy are blessings. Never forget that and you truly only learn what the real world is like when you step inside of it.

 

 

3. You can hate your situation for the rest of your life or you can do something about it.

 

When I went and worked my jobs, it seemed like none of my co-workers loved what they did. One in fact told me this, “I have to do it if I want to pay my bills and take care of my family.”

 
That quote really hit me. He looked at it as something he was forced to do such as prison time. That was a horrible mindset to have and that terrified me. As soon as I saw that, I realized I could be comfortable with my horrifying situation or I could get off my ass and do something to change it. Change and comfort do not go together, you have to pick one.

 

 

4. Freedom, not money is the greatest motivator. 

 

I always thought money would be the only thing I would need in my life to be happy. That is until I got my jobs and realized how the world really works. Turns out, I valued my freedom a lot more than I did money. I’d rather be broke and free than be paid well and held captive.

 

 

People often times overhype what money really is. Money can get you a nice house, a nice car and even sometimes a nice life-mate but it cannot make you happy. Happiness is sought by doing fulfilling things and sometimes you need to be free to do those things.

 

 

5. If you’re punished for making mistakes, you’re at the wrong place.

 

When I first worked jobs, every time that I made a mistake….I was ridiculed and punished for it. Making mistakes felt horrible and it really made the working environment even worse. When I became an entrepreneur, I was making mistakes but nobody was punishing me for it.

 

 

In fact, people were applauding me for it. I quickly learned that making mistakes were the greatest ways to educate yourself. Quicker than ever, I was picking up new things just from the mistakes I was making. Never be in an environment where mistakes are considered negative.

 

 

Conclusion

 

In this post, I shared 5 life lessons I learned from working minimum wage jobs early in my life. What have you learned from the jobs that you have worked?

 

 

photo credit: Lake Point Tower, Chicago via photopin (license)

 

5 Big Differences Between The Middle Class And Wealthy People

In this post, I shared 5 big differences between the middle class and wealthy people. If you want to be successful, you need to learn from the rich.

 

The top 1% has more combined wealth than all of the remaining 99% of the population according to numerous surveys. However, people often times forget that our world isn’t just separated by poor and wealthy people.

 

 

We have something in the middle, which is subsequently known as the middle class. As of late, the middle class has been shrinking which means most people may end up falling in the category of either poor or wealthy. Which side do you want to fall in?

 

 

Most people probably want to be in the wealthy category. In order to do so, you’re going to have to differentiate the way you think quite a bit. Here are 5 big differences between the middle class and wealthy people:

 

 

1. The middle class lives above their means, while the rich live below it.

 

Wealthy people didn’t get rich by buying expensive things the moment a little bit of money came their way. Instead, they look for ways to invest their money so that they can grow it even further. The middle class on the other hand is running to buy the next great car or item as soon as a little bit of money comes their way.

 

 

Have you wondered why so many athletes earn millions of dollars in their career but still end up being bankrupt a few years after they retire? Well, it’s simply because of poor money management. If you earn $2 million dollars and spend $2 million dollars a year, you’re still broke as hell.

 

 

2. The middle class cares about saving, the rich cares about investing.

 

Every dollar that a middle class person usually gets either goes in their savings account or pays off a credit card. In the meantime, the rich are constantly looking for the next great investment opportunity. They understand that money is a tool that allows you to grow your money even further.

 

 

Instead of hiding their money in a bank account, the wealthy are constantly looking for ways to create even more assets. Stop hiding your money and start investing it. That’s a key to long-term monetary success.

 

 

3. The middle class tries to be friends with everyone, the rich are extremely picky.

 

Your income will usually end up being the average income of your four closest friends. If you want to earn more money, find more successful people to surround yourself with. It’s about having a similar mindset as others who are on a similar path as you.

 

 

The wealthy don’t give a shit if you’re going to be their friend or not. They understand that they want to surround themselves with the right people so that they can be successful. If you want to become wealthy, pick your friends very wisely.

 

 

4. The middle class finds jobs, while the rich create jobs.

 

When you find a job, you are essentially looking for an employer that will pay you a fixed amount of salary. When you create jobs, you are looking for employees that are going to increase your net profits by a certain percentage. That is the biggest difference between the wealthy and middle class mindset.

 

 

Instead of looking for jobs, try to create something where you can create jobs. Working for someone else isn’t safe. Anyone that tells you that is absolutely wrong. Someone else controls your future and can fire you over just about anything. Someone who runs their own business controls their future because their own decisions can lead to their success or demise.

 

 

5. The middle class has goals with flexible deadlines, while the wealthy have ‘do or die’ goals. 

 

How you prioritize your life and goals truly determine how successful you can be. If you set a goal for yourself, are you willing to budge or make an excuse to buy yourself time? If so, you’re going to be in the middle class.

 

 

Wealthy people live and die by their goals. If they set out a goal for themselves, they will do whatever it takes to make sure they complete that goal. The way you prioritize and schedule out your day is crucial to your success in life.

 

 

Conclusion

 

In this post, I shared 5 big differences between the middle class and wealthy people. What are some large differences that you have noticed?

 

 

photo credit: Mercedes AMG via photopin (license)

 

How To Approach Someone To Become Your Mentor

In this post, I share my secrets on how to approach someone to become your mentor. From receiving requests from others to asking others to become my mentor, I’ve learned a lot about this topic.

 

When I started out as an entrepreneur, I had a million questions. However, I wanted answers from the most successful people. I didn’t want to put my questions up on a forum and wait for some random person to answer it.

 

 

Fast-forward to today and I see that many new entrepreneurs go through the same dilemma I once did. Nowadays, I get 5-10 emails a day from others either asking me questions or asking me to be their mentors.

 

 

Out of these 5-10 emails, I tend to respond to most of them as long as they aren’t selling something or being overly annoying. However, it is very rare that I take someone under my wing and actually become their mentor.

 

 

The reason being, I don’t have that much time. I wish I could mentor everyone, but I only have 24 hours in a day. Instead, the emails or individuals that really catch my eye are the ones I end up considering to mentor.

 

 

In this post, I’m going to share the proper steps on how to approach someone to become your mentor:

 

 

Give Before Asking

 

I quickly found out the secret for finding mentors or answers to your questions. Stop asking and start giving. No matter who it is in the world, they too need something. Turns out, people even needed a favor or something from me.

 

 

Before you ask someone to become your mentor and help you with a thousand questions you have, share a little bit about who you are, why they interest you and ask them what you can do to help them out. You’ll be surprised how much more open people are when they aren’t being asked to do something.

 

 

Don’t Ask For Mentorship From The First Email

 

Another mistake people make is that they ask someone to be their mentor before having any real conversation with them. Half of the emails I get, I don’t know who the person is or why they think I’d be a good mentor or if we could even work together.

 

 

Nevertheless, they still ask me to be their mentor just because of my resume. A mentor-mentee relationship is a lot more than a pretty resume. It’s about having a connection and a mutual vision with someone else. It takes time to establish that.

 

 

Don’t Be Demanding

 

Just like myself, I’m sure other successful people have a tough time carving out time. If you want someone to be your mentor, the last thing you can do is be demanding. You should be working around their schedule, not vice-versa.

 

 

You won’t believe how many people have gone up to me and said, I would love for you to be my mentor and I only need 10 hours of your time a month. Just some emails, phone calls, Skype calls, and sitting into our bi-weekly meetings. These kinds of individuals scare the shit out of me, I’m happy to help but I’m not looking for a part-time job.

 

 

Be Specific

 

When you do want someone to become your mentor, you can’t beat around the bush. Asking me how do I become successful as an entrepreneur is so goddamn broad. Come to me with precise problems and obstacles you are dealing with if you want real help.

 

 

If someone comes to me and says, we are marketing using Facebook advertisements but our costs are too high now, what should we do…..that is something I can help with. I can ask to look at your products, pricing and help you come up with a solution to either continue your Facebook marketing effort or by telling you to find a new method. Be specific on what you want!

 

 

Conclusion

 

Having a mentor is a very important part of being successful. Share some tips that have worked well for you when approaching someone to become your mentor.

 

 

photo credit: breezy421 via photopin cc

 

10 Questions To Ask Yourself Before Starting A Business

In this post, I shared 10 questions to ask yourself before starting a business. What are some of the questions you would ask yourself before starting your next business?

 

Starting a business isn’t an easy task. Some people are made for it while others can’t last a month. Whether it’s your first time starting a business or not, there are a ton of things that you should consider.

 

 

Here are 10 questions to ask yourself before starting a business:

 

 

1. Can I see myself doing this for the rest of my life?

 

If a business becomes extremely successful, more often then not….you have to stick to it for the rest of your life. If you see yourself starting a business just to make some cash for a year or two, it isn’t the right business for you. Only start something that you can see yourself doing for the rest of your life.

 

 

2. Am I willing to work without getting paid for however long necessary?

 

This is the toughest question for new entrepreneurs to ask themselves. If you’ve worked a job especially, you are used to trading hours for dollars. When you start a business, you can work all the hours you want, but that doesn’t mean you’ll get paid for it. If you have the patience and bank account necessary to survive a few rainy months, then you might be ready.

 

 

3. Am I able to let other people down when necessary?

 

As an entrepreneur, you have to make decisions that are best for the company. Your company always comes first regardless of the situation. When that happens, you’re going to have to make some tough decisions in your personal and business life. If you have trouble being honest and being the barer of bad news, then entrepreneurship might be wrong for you.

 

 

4. Do you jump right back up when you fall down?

 

Everyone tends to handle setbacks differently. Some people give up, others find it hard to recover while some people simply jump right back up on the horse. The way you handle adversity and obstacles is key as an entrepreneur. If you have the wrong mentality from the beginning, your business will be destined for failure.

 

 

5. Why am I the best person for this business?

 

Every time you start a business and look for funding, investors will ask you one question. Why are you the best person to run this business? That’s an important question. Anyone can take an idea and run with it, but what makes you so special. Is this an industry you know a lot about, is it a problem you dealt with or is it because you have connections that others don’t?

 

 

6. Are you willing to wear numerous hats?

 

As an entrepreneur, you have to wear different hats. As an employee, you have one job that is outlined in the contract you sign with your employer once you are hired. As an entrepreneur, you sign no contracts. You have to do whatever is asked of you on any given day.

 

 

7. Do you want to be comfortable or do you want to change your life?

 

Change and comfort are two things that do not go well with one another. If you want to be comfortable and get your 8 hours of sleep every night, don’t become an entrepreneur. Get a day job. If you want to change your life and are really committed to it, then you have a chance to make it out as an entrepreneur.

 

 

8. How much of what I do is actually needed?

 

There are businesses that are needed and other businesses that are nice to have. If you’re in the category of nice to have, it’s going to be a struggle being successful. Businesses that are a necessity that people must have are the ones that end up being the most successful. You can’t create a need that doesn’t exist. You can only fulfill an existing need in the market.

 

 

9. Am I just looking to make a lot of money or do I actually care?

 

Money is the most illusive object in the world. If you’re becoming an entrepreneur because you heard the stories of Mark Zuckerberg and Bill Gates, you’re doing it for all of the wrong reasons. When you chase money, it becomes really hard to get. The projects that originate with passion and purpose end up making the most money.

 

 

10. Can I momentarily pause my social life for my business?

 

Another tough thing people have to figure out is whether or not they are willing to pause their social life for their business. If you love going out and partying with friends, starting a business is tough. You have to make some sacrifices along the way. If you always choose your social life over your business, you won’t be successful.

 

 

Conclusion 

 

In this article, I shared 10 questions to ask yourself before starting a business. What are some things you wish you asked yourself before starting your business?

 

 

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5 Things Everyone Wish They Knew About Investing By The Age Of 30

Being surrounded by wealthy individuals at a young age helped me understand and value the important of investing as soon as I could. In this post, I shared 5 things everyone wish they knew about investing by the age of 30.

 

If you haven’t heard about it yet, investing is the secret to wealth and financial success. It’s very difficult to make a ton of money doing just one thing, that’s why most millionaires have dabbled with quite a few different things.

 

 

Investing your money can be a scary thing, but it can also be a really satisfying feeling when you do end up being successful. In this post, I share 5 things everyone wish they knew about investing by the age of 30.

 

 

1. Create a rainy day fund before anything. 

 

Before you can invest, you need to protect yourself from tomorrow. The first step to being a successful investor is using money that you can live without. Thus, you must create an emergency fund where you store money that can last you 6-12 months.

 

 

A rainy day fund insures you against emergencies and other casualties that life can throw at you. Once you have this fund built up, you’re ready to become an investor with the remainder of the money that you earn.

 

 

2. Understand why investing is important.

 

Most people think investing is just another one of those things that everyone is always telling people about. However, you really have to get it. If you put your money in the bank, that bank is taking that money and investing it without giving you any of the returns. They give you pennies on thousands of dollars.

 

 

If you end up taking your money instead of stuffing it in the bank, you can capitalize on inflation and the yearly increase that takes place and make a decent amount of cash. Think about why banks are able to offer you interest and want your money so bad. It’s so that they can make money.

 

 

3. It doesn’t take hundreds of thousands of dollars.

 

Most people think that they can’t invest with the salary or income that they make. However, that isn’t true. The first investment I ever made was of $500. It’s all about starting small and scaling fast when certain types of investments give you great returns.

 

 

If you’ve heard the myths that you need a ton of money to make a lot of money, that is true but that doesn’t mean you can’t start investing now. Start with whatever you can afford and move your way up over time.

 

 

4. Save for retirement now.

 

Last year, I created a 401K for myself. When I looked at the conservative projections of how much money I could save up by making a simple deposit of $5,000 a year into my 401K, I was shocked. We’re talking in the millions by the time I turn 60-70 years old.

 

 

The biggest thing youngsters forget to think about is their retirement. They feel as if they are way too young to worry about. Most people who do start a 401K are usually in their 40’s or 50’s, which only allows them to accumulate a fraction of the income that others who started younger are making.

 

 

5. You’re going to lose more than you win.

 

The thing with investing is that it isn’t a sure shot. If it was, everyone would be doing it. Most  younger people try one investment, see a loss and never invest in anything else ever again. Just because your first experience wasn’t good doesn’t mean you should completely give up.

 

 

With investing, you might end up losing more often than you win. However, your goal is to make more money than you lose. Your wins end up usually covering 4-5 of your losses so the odds are in your favor if you play the game long-term.

 

 

Conclusion

 

Being surrounded by wealthy individuals at a young age helped me understand and value the important of investing as soon as I could. In this post, I shared 5 things everyone wish they knew about investing by the age of 30.

 

 

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5 Wild Qualities That Many Successful Entrepreneurs Share

In this post, I share 5 wild qualities that many successful entrepreneurs share. Which of these do you attribute to your success as an entrepreneur?

 

If you were to ask any parent about some of these qualities listed below, they would probably start ripping their hairs out just thinking about it. However, some of these qualities are shared by some of the most successful entrepreneurs in the world.

 

 

They are perceived as wild and reckless qualities, but they actually help a ton in the world of entrepreneurship. In this post, I share the 5 wild qualities that many successful entrepreneurs share:

 

 

1. They hate sleep.

 

If you like being comfortable, it’s tough being successful. Change and comfort are two things that absolutely do not go with one another. Successful people have sacrificed many things, one of the most popular being their sleep.

 

 

If you don’t like sleeping and tend to stay up late, use the time for something productive. How about a business venture where you can use all of your creative juices to make money? Entrepreneurs don’t sleep, they just dream.

 

 

2. They care more about their passions than making money.

 

Up top! If you’re an entrepreneur and you care all about the money, you have a much tougher time becoming successful. You either make a lot of money and hate what you do or you are stuck forever chasing the money.

 

 

Money is an illusive object. Never sacrifice your dreams and desires for a wad of cash. Instead, focus on doing something that has purpose and meaning to you. If you’ve always been the type to focus on your passions more than other material things, entrepreneurship will be a breeze for you.

 

 

3. They aren’t scared of taking risks.

 

If you’ve always been the adventurous type, entrepreneurship will suit you well. Successful entrepreneurs usually tend to accredit their massive success to some big risk they took that ended up paying off.

 

 

The old saying goes, “You got to risk it for the biscuit.” As an entrepreneur, that is very true. Whether it’s investing some money/time or simply dropping your current obligations to chase the dream, you sometimes have to make a risky decision like this to see your entrepreneurial career through.

 

 

4. They aren’t worried about the consequences.

 

Growing up, I never thought about the consequences. I only thought about how awesome it would be to do something. As a young kid, that got me a lot of detentions and time spent alone in my room.

 

 

As I got older and I began applying this principle to entrepreneurship, I quickly saw myself getting ahead of everyone else. While everyone else was planning and worrying about the “what if’s”, I was just doing it and learning some awesome things along the way.

 

 

5. They know they’re going to be successful.

 

The biggest quality entrepreneurs that are successful share is their approach to the game. If you believe it, you can achieve it. Entrepreneurs are cocky individuals who know they will be successful, it’s just a matter of time.

 

 

If you’ve always had a positive approach to things, entrepreneurship will suit you very well. Keep your head up high and have an awesome level of self-confidence. That’s really what it takes to tough it out in this world.

 

 

Conclusion 

 

In this post, I shared 5 wild qualities that many successful entrepreneurs share. Which of these qualities do you attribute to your success?

 

 

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