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5 Signs You Should Give Up On Your Business Idea

In this article, I share my own experiences and insight on the 5 signs you should give up on your business idea. If you’re experiencing one of more of these things, it might be time to throw in the towel.

 

Giving up is a word that no entrepreneur should ever use. However, there is this period of time where entrepreneurs think they have the next big idea, but things just don’t up working out no matter how hard they try.

 

 

Even though this means you should give up on your business idea, it does NOT mean that you should give up on your entrepreneurial journey. I started a business in August of 2012 that I thought was a great idea.

 

 

Turns out, it was a great idea. My third startup Vintelli.com had customers, traction and support from people. We ran the company for 1 year, but we eventually knew this company wasn’t going to be successful.

 

 

No matter how much revenue we generated, we spent 1.5x that in customer service/expenses. We quickly realized this business model was flawed and we began trying a few things. After those things failed, it became evident to us that this idea wasn’t the one.

 

 

We dropped the business altogether and decided to move on to bigger and better ideas. In this article, I’m going to share 5 signs you should give up on your business idea:

 

 

1. Your Debt To Asset Ratio Constantly Increases

 

With my startup Vintelli, this was a huge problem. No matter how many assets the company brought in, our debt would exponentially increase with it. That was a huge problem that we were lucky to figure out within the first 12 months of being in business.

 

 

If your business is suffering from subtraction with each addition, there is a flaw in the model. You can try fixing it, but you’ve got to do something quick. Eventually, you’ll burn out of all your cash and be broke.

 

 

2. You Lost The Love For Your Business

 

This is something that is completely normal. I’ve come across numerous entrepreneurs who’ve lost passion for their business after a few years because of the struggles they have had to deal with.

 

 

If you don’t love what you do, don’t continue doing it. Find something you do love. Giving up on a single idea is absolutely okay as long as you don’t give up on the whole journey. It’s all about having career happiness in life.

 

 

3. You’re Shoving Instead of Selling

 

There are times where you think you have a great idea, but your target market doesn’t agree with you. If you find yourself having to shove your products or services down peoples throats, that’s unnatural.

 

 

Great businesses attract customers without doing much work. Good businesses acquire customers by selling. Horrible businesses are forced to shove their ideas, products and services down peoples throats.

 

 

4. A Competitor Is Doing It Better

 

Unfortunately, there are some times that another company or competitor in a space just does better than you can. They may have more money or resources that is enabling them to have that kind of success.

 

 

I had a friend who had a startup that was trying to compete with Uber. With the amount of funding, publicity and resources that Uber had, he knew he didn’t stand a chance. He quickly closed that business down, created another startup and just raised $250,000 in seed funding.

 

 

5. If You Don’t Believe Anymore

 

With Vintelli, I had this gut feeling kicking me inside telling me that this wasn’t going to work. I tried ignoring it for a couple weeks, but it eventually began overwhelming me. As an entrepreneur, it’s crucial to listen to your gut feelings.

 

 

If you don’t believe in the success or vision of your business anymore, there is NO point of trying to save a sinking ship. Ask friends, family members and even your customers for valuable feedback on what direction you should take.

 

 

Conclusion

 

I think a winning quality that successful entrepreneurs share is knowing exactly when to quit. If you are experiencing one or more of the signs mentioned above in this article, it may be time for you to give up on your business idea.

 

Is Your Blog Idiot Proof?

In this article, I ask a very important question to bloggers everywhere. Is your blog idiot proof? If not, I discuss how you can make it idiot proof.

 

When I first built my blog out, I went through a specific process to figure out how I would design and develop my site. After the first few versions were done, I realized that I could barely navigate through my own blog.

 

 

I knew it was time to take a couple steps back. I decided to completely redo my blog from that day forward. I have learned a valuable lesson about building websites over the last few years.

 

 

If a 5 year old can’t figure it out, it’s too complicated. Luckily for me, I have a younger brother who I can use as a testing dummy to figure out various aspects of my website.

 

 

From numerous iterations and specific tests, I am officially able to say that my blog is idiot proof. In this article, I plan on helping you answer the question ‘Is your blog idiot proof’?

 

 

The Blog Itself

 

When I first designed my site, I had too many items I wanted to list on my navigation bar. For some reason, I decided to omit the blog completely from my navigation bar, which made it hard to find.

 

 

Instead, I had it shown on my homepage towards the bottom where I featured a couple of articles and had a click through. I had a couple people test it and the results were NOT promising at all.

 

 

It took 3 people an average of 1 minute and 25 seconds to find my blog. They were my friends so they were willing to look for a long time. A random visitor usually commits 5 seconds before deciding to stay or leave.

 

 

If you have a blog, make sure it is VERY easy to find. Even though my home page isn’t the blog itself, it’s very easy to FIND. I have it displayed at 3 different places.

 

 

I have a blog text shown in my navigation and footer menu as well as leaving the placement towards the bottom of my homepage where I showcase some of my most popular articles. If people cannot find your blog in 5 seconds or less by visiting a web link, you need to make some dramatic changes to your website.

 

 

Organization

 

When you go to the blog page itself, are your articles well-organized? People come to a blog for a very specific reason. They are either looking for an article specifically, enjoy your writing in general or are browsing to see if your style of writing will peak their interest.

 

 

For each of those three reasons, you need to give them a simple solution. My blog specifically caters to all three of those visitors.

 

 

For the person looking for a specific article, they can use the search bar to find it quickly. For the loyal readers of mine, I have my articles organized by the date they were published through the stream running down the middle. Lastly, for the completely new visitor just browsing, I break down my articles in various ways. They can check out the most recent articles, view my personal favorites or look at the most popular articles through the side bar.

 

 

The key to every blog is understanding what your vision is and what people expect from you. When you write a blog article, you’re taking some content and contextualizing it for your audience. When it comes to your blog itself, you must do the exact same thing for your various visitors.

 

 

The Article Itself

 

This is extremely easy to do, but I have seen it messed up far too often. When you click through to an article, it needs to be easy for people to understand. If it’s not, people aren’t going to read it.

 

 

Running through the basics, my articles are displayed in a way that even a kindergartener can figure out what it is about. Every article features a huge title at the top, relevant picture below it and lastly the content underneath all of that.

 

 

Instead of writing 500 words without any spaces or line breaks, I choose to write chunks of 50-100 words per paragraph. Not only that, but I utilize bold fonts to highlight the main topic of each section.

 

 

Believe it or not, most people often just read the title of your article followed by the bolded items. Not only that, but you want to display the content to your audience in a manner where they do not feel overwhelmed. They’re not trying to pick up a chapter book, they’re simply looking for some information within a couple of minutes.

 

 

The Shareability

 

How easy is your blog to share? Again, you must ask yourself whether or not a 5 year old can figure out how to share the articles on your website. The fastest way to spread content is through social media.

 

 

For my blog, I try to make it easy for my readers to share my posts. I have a sharing bar on the left side that follows the reader as they read. It doesn’t block the content, however it presents itself in a way that they can share my content easily.

 

 

If someone is sharing your content, they’re really helping you. Don’t make it difficult on them! Make it easy for people to share your content.

 

 

Discussion

 

Blog articles are a great tool for generating conversation. However, people are less likely to  engage in discussion if it’s a pain in the ass for them to do so.

 

 

You need to ask yourself who your target market is. What kind of platforms do they feel most comfortable with engaging in discussion? My audience is entrepreneurs and I realized a lot of them use a platform called Disqus.

 

 

On the other hand, if I had a blog targeting teenagers, I would NEVER use Disqus. Why? It’s for the simple fact that most teenagers have never heard of Disqus. Instead, I would use the Facebook discussion plug-in.

 

 

Creating conversation is a very important tool for your blog. However, making it easy for your audience is just as important. Survey your readers to figure out what the best platforms for starting discussions are.

 

 

Conclusion

 

In this article, I discuss different techniques bloggers should utilize to make their sites idiot proof.

 

 

photo credit: Éole via photopin cc

 

 

6 Bad Reasons To Choose A Career Path

In this article, I share 6 bad reasons to choose a new career path. If you’re guilty of picking a career based on any of these factors, it might be time to reconsider.

 

When I was younger, I was constantly asked what I wanted to do when I grew up. Each time, I had a more creative and elaborate response for the person who asked me.

 

 

However, out of all honesty, I had no clue what I wanted to do. I thought I knew, but boy was I wrong. At a young age, I wanted to be a professional athlete, engineer, lawyer, businessman, astronaut, and race car driver.

 

 

From talking with people and learning from my own experiences, I quickly saw that many people selected a career path for all the wrong reasons.

 

 

In this article, I share 6 bad reasons to choose a career path:

 

 

1. Money

 

When I was in high school, I was pretty oblivious to the world. As you can imagine, I was very money hungry. Every single career path I wanted to pursue had to primarily do with money. I wanted a job that would make me a ton of cash so that I could buy fancy cars and a gigantic house.

 

 

Unfortunately, I’m not the only who thinks with their wallets instead of their hearts. Choosing a career path solely for the money is a terrible idea. Years from now, you’ll be sick of the money and the life you’re living every single day.

 

 

2. Status

 

The only thing that came close to money for me was status. I decided in high school I wanted to become a lawyer because it had amazing status. I remember watching television shows with lawyers sitting in beautiful Manhattan offices with glass windows.

 

 

If you’re pursuing a career just for the status or the money, it’s going to be really hard to be successful at it. Do what you love and the rest is easy. Do what you don’t like and it’ll be a tough task.

 

 

3. Social Acceptance

 

If you’re taking a job or career path in life for social validation, you’re making a big mistake. I have spoken at schools before where I’ve heard a group of friends say they all want to pursue the same career in life.

 

 

I became curious to know why that was the case. Turns out, everyone was doing it because the other person was. I even had a scenario where a girl burst out into tears because she thought she would lose friendships if she didn’t do what her friends were doing.

 

 

4. For Your Parents

 

This is definitely a tough one. For some reason, many parents think that your career path in life is also passed on through DNA. I know my parents had different dreams for me than a life of entrepreneurship.

 

 

However, my passion for becoming an entrepreneur was so great that I couldn’t hold it in anymore. I told them this was my dream and that I was going to pursue it no matter what. Eventually, you’ll realize that your parents will be accepting of your life choices and will support you. Just give them some time!

 

 

5. The Perks

 

Another reason I really had an interest in becoming a lawyer was because of the perks. I heard they got huge bonuses, tons of vacation days and got to enjoy the luxuries of life.

 

 

However, you cannot choose a career path based on the material factors. When those things fade, you still have to go to work every single day. The material items are ‘very cool’ for the first few years, but what are you going to do after that?

 

 

6. Job Security

 

If you’ve read articles online or been told by people around you that a specific career path is best because of its job security, that isn’t a good enough reason to take a job in that space.

 

 

Your job will be secure in any space if you’re an asset that people can’t live without. In any industry, your job can be taken away from you with the snap of a finger if you lose that value. Pursue interests, not other factors.

 

 

Conclusion

 

In this article, I shared 6 bad reasons to choose a career path. If you’re guilty of choosing a career path based on one or more of these factors, it might be time to reconsider.

 

 

photo credit: Linh H. Nguyen via photopin cc

 

 

5 Signs You Should Drop Out From College

Drawing from my own experiences, I provide an insightful perspective on why college isn’t for everyone. Not only that, but I share 5 signs you should drop out from college.

 

Approximately 1 year ago, I made a bold decision. I decided to drop out of college and pursue the entrepreneurial dream full-time. While I knew it was the right decision at the time, I still had some doubts.

 

 

Teachers, parents and the media have branded this idea of success being a direct correlation to attending college ever since I can remember. I learned early on that success wasn’t connected to a degree whatsoever.

 

 

With that in mind, I decided to drop out and pursue a non-traditional path in life. Even though I went to college for a little over 2 years, I should have dropped out way earlier.

 

 

I had many signs that gave me enough hints that I shouldn’t pursue a college degree. In this article, I share 5 signs you should drop out from college:

 

 

1. You ALREADY Make More Than You Would With A College Degree

 

The average person out of college with the business degree I would have made around $35,000. After working for 3-5 years, they would go on to get a bump up to $50,000. Fast-forward another 5 years and that salary could see a $60,000 to $75,000 value.

 

 

When I put those numbers into perspective compared to the income I was making while attending college, it made no sense to continue pursuing a college degree. College is simply another way to learn. If you’re able to educate yourself outside of college, what is the real value of college?

 

 

If you’re making more money while attending college than the ‘average’ student with your degree does, it’s a pretty big sign that college isn’t probably for you.

 

 

2. You’re Uninspired In The Classroom

 

Ever since high school, I really felt uninspired and unmotivated inside of the classroom. At first, I felt like I was stupid. However, I soon realized that it was completely natural to feel that way.

 

 

Learning in a traditional format inside of a classroom isn’t for everyone. Unfortunately, that’s a big flaw in our education system. If you feel that you can learn better on your own, don’t be afraid to try.

 

 

3. You Know People Doing What You Want To Do Without College Degrees

 

When I decided to pursue entrepreneurship as a high school student, I quickly found out that most of my counterparts didn’t have college degrees. The ones that have did college degrees attributed very little of their success to college.

 

 

This was a glaring sign that I didn’t really need to college to be successful given the career path I was choosing. If you know people who have pursued a similar path as the one you wish to take without college degrees, chances are you don’t even need a degree.

 

 

On the other hand, professions such as lawyers or doctors require a degree. No matter how much you hate school, you have to put the time in at a University if you want to live the dream.

 

 

4. You Have An Opportunity Right Now

 

My parents are extremely traditional when it comes to their thoughts of education. As you can imagine, they were extremely dissatisfied to hear that I was taking time off from college. However, I provided them with a perspective that was hard to argue with.

 

 

Opportunities are really once in a lifetime. However, my college education was something that would always be there. I already had the units/credits I had completed and I could enroll back into school anytime I wanted. I would simply have to re-apply and I’d be able to continue my education from where I left off.

 

 

If you have an opportunity that is once in a lifetime, realize that if it doesn’t work out, you can always come back to school. Sure you’ll be a bit older, but you’ll have stories to tell that most others won’t.

 

 

5. Your Heart Just Isn’t There

 

When I went to class, I’d be doing one of two things. I’d either be daydreaming about something or I’d be running my business out of the classroom. As you can see, I was physically in the classroom but my mind was elsewhere.

 

 

I really dislike how society tells us that you HAVE to go to college. I’ve learned the hard way that college isn’t for everyone and that’s perfectly fine. Some amazing people have achieved some incredible things without the help of a college degree.

 

 

If you don’t love it, you should leave it. Life is too short to be doing shit that you don’t enjoy anyway.

 

 

Conclusion

 

In this article, I shared 5 signs you should drop out from college. Have you been successful without college or know of someone who has? Feel free to share more about it in the comments below.

 

 

photo credit: Solipsism Prism via photopin cc

 

 

How To Deal With Stress As An Entrepreneur

In this article, I share my top tricks and tips for dealing with stress as an entrepreneur. It’s natural to have stress in your life, but there are many ways you can get rid of it.

 

Lets be honest, entrepreneurs do what they love but they also deal with a lot of stress simultaneously. I’d be lying if I told you that entrepreneurship was all about fancy cars, tons of wealth and working in the sand.

 

 

In reality, entrepreneurship has a lot of stress associated with it. You’re not only in charge of a company of your own, but your success is dependent on your own actions.

 

 

Each day presents a new challenge for entrepreneurs. This results in a lot of frustration and stress that entrepreneurs have to deal with. Early on, I was curious to see how other successful entrepreneurs managed stress in their lives.

 

 

From there, I applied what I learned from others and found a handful of techniques that worked extremely well for me. In this article, I share how to deal with stress as an entrepreneur:

 

 

Think Positive

 

As an entrepreneur, you have to be extremely positive. If the people around you are spreading negative vibes, you need to cut them out of your life. The happier vibes you surround yourself with, the better you perform as an entrepreneur.

 

 

When you’re feeling stressed, it’s easy to get caught up in all the negativity. However, it’s crucial that you find the positive in every situation.

 

 

Laugh

 

One of my best friends always told me, laughter is the key to success. As ridiculous as it sounds, keeping things humorous can go a long way. It can help you deal with stress and maneuver through a tough situation.

 

 

Again, you should surround yourself with people who can make you laugh and make you feel good. During times where you are stressed out, a little laughter will reenergize you later on.

 

 

Exercise

 

Even if exercising isn’t your thing, it can really help you get out of a funk. Whether it’s playing a sport you enjoy or simply hitting the gym hard, exercise is a great stress reliever.

 

 

Take some time out of your day to take your mind off work. Hit the gym, get your blood pumping and allow your body to release toxins. By doing some physical activity, you’ll be able to think a lot more clearly.

 

 

Ask Friends & Family

 

In my most stressful moments, my friends and family are always there to help me get back on track. It makes me feel a lot better when I’m able to discuss my problems with someone I can trust who then gives me advice.

 

 

Sometimes the advice sucks while other times it’s extremely useful. It’s great to see other peoples perspectives on how they would handle a situation. Not only can they help you with your dilemma, but you may find inspiration from their words of wisdom.

 

 

Go Out

 

Sometimes, the best stress reliever is simply going out with friends. What is it that you love to do? Whether it’s hitting the closest bar or going out to dinner, do something that will help you take your mind off of your problems.

 

 

Leave all your stress and problems at work when you do decide to go out. Use this time to enjoy yourself so that you can come back with a free mind. This has been a great solution for me during my most stressful moments.

 

 

Take A Vacation

 

If you’re having stress issues that are lasting for a lot longer than few days or a week, it might be time to take a big break. The best way to take a big break is by taking a relaxing vacation.

 

 

During this time, unplug yourself from your work and enjoy yourself. Find a place you’ve always wanted to vacation to and reward yourself for all the hard work you do. Vacations are great because you get to enjoy new experiences and see new places while taking your mind off of the stressful things in life.

 

 

Conclusion

 

As you can see from the list above, there are many ways to deal with stress as an entrepreneur. In this article, I shared some of my top tips on how to deal with stress as an entrepreneur.

 

 

Do you have some tips that have worked well for you? Please feel free to share them in the comments below.

 

 

photo credit: Victoria Nevland via photopin cc

 

5 of the Best New Business Ideas for 2014

In this article, I share 5 of the best new business ideas for 2014 from my own experiences, observations and thoughts. Take a look to see what I think will be emerging this year!

 

Each year brings about tons of new opportunities and new industries that entrepreneurs can capitalize on. 2014 has been just the same as other years creating numerous markets for others to enter.

 

 

From my own observations, experiences and knowledge, I have to come notice a lot of growing trends that are here to stay. These new markets have the opportunity to explode, which can make some entrepreneurs very wealthy.

 

 

In this article, I share 5 of the best new business ideas for 2014:

 

 

1. Wearable Technology

 

The big companies such as Samsung, Google, Apple, and others have all engaged in a race to put out the best wearable technology in the market. With that said, it seems as if wearable technology really is the future.

 

 

Just because the competition in this space involves some massive players doesn’t mean that there isn’t tons of opportunity for entrepreneurs to capitalize on. Many Kickstarter campaigns have found massive success with campaigns on wearable technology over the last few months.

 

 

The possibilities with wearable technology are endless. This not only excites consumers, but this should have entrepreneurs jumping for joy. With tons of niches and markets to explore, entrepreneurs can make a KILLING by capitalizing on wearable technology.

 

 

2. Cryptocurrency

 

Another market that gained a lot of traction in 2013 was Cryptocurrency. Bitcoins, Dogecoins, Litecoins, and numerous other virtual currencies exploded on to the scene.

 

 

Regardless, the idea of cryptocurrency is becoming extremely popular. Not only that, but this market is just starting to take off. Entrepreneurs don’t necessarily have to create their own currency or buy/sell existing currencies to make money.

 

 

Any types of products or services that can ease the pain or solve problems that come with cryptocurrency can do very well. Cryptocurrencies seem to be here to stay so it’s just a matter of creating products/services that create value for others.

 

 

3. Apps

 

Mobile applications have been popularized for the last few years. However, apps are still a growing market and there is a TON of opportunity for entrepreneurs.

 

 

Not only that, but new devices such as Google Glass are inviting developers to build new apps for their platform. The barrier to entry is definitely a challenge, but the reward for those who try is worthwhile.

 

 

4. Facial Recognition

 

In Finland, there was a new platform that allowed customers to pay using their faces. It seems as if people are getting lazier and lazier, which is a great thing for those seeking new opportunities.

 

 

Facial recognition seems to be a very popular area of emphasis amongst consumer needs. Finding various uses for facial recognition that can make things faster or solve a problem can create a massive opportunity for an entrepreneur willing to journey through that path.

 

 

5. 3D Printing

 

In 2013, we heard a lot about 3D printing. However, I still believe there was just a lot of buzz and hype surrounding it. I still think the market is very untapped leaving tons of opportunity for others to capitalize on.

 

 

While very few businesses and homes currently have 3D printers, this trend can change in 2014. With that said, there are tons of opportunities that entrepreneurs can capitalize on knowing these facts.

 

 

Conclusion

 

In this article, I shared 5 of the best new business ideas for 2014. Feel free to share your thoughts on what the big new ideas for 2014 are in the comments section below.

 

 

photo credit: Cayusa via photopin cc

 

 

5 Signs You Really Need To Quit Your Job

In this article, I share 5 signs you really need to quit you job. I draw from my personal experiences and the discoveries I have by talking with others to write this post.

 

At the ripe age of 15, my father walked into my room one day and told me you have to get a job. I put down my headphones, paused the game I was playing and gave him a perplexed look.

 

 

He said, “All those games I’ve been buying for you and all that money I’ve given you to go out with friends isn’t going to come from me anymore. It’s time you learned the value of a dollar.” That was it.

 

 

The next couple weeks were followed by me looking for a job. Between the ages of 15 to 17, I worked more jobs than the usual teenager did. I did sales, project management, customer service, tutoring, coaching, billing, telemarketing, and just about any other odd job that would hire me.

 

 

I would last a month or two at each of these jobs before quitting. This pattern continued throughout those two years and I finally realized that something wasn’t right. I couldn’t possibly try every single job in numerous different fields only to hate every single one of them equally.

 

 

It was at this moment I realized that I hated the whole idea of working a job. It wasn’t for me and I had to find a new career path. From there, I jumped into entrepreneurship and found a career I love.

 

 

In this article, I share 5 signs you really need to quit your job:

 

 

1. The Whole Experience Is Toxic

 

When I worked jobs, I dreaded the commute to the establishment and I counted down every single minute until I was free. I felt like a prisoner and these were some really toxic conditions.

 

 

If you totally dislike going to work, being at work and cannot wait to get out, it’s a sign that you really should quit your job. Your quality of life can be improved dramatically if you decide to work on something that will actually make you feel good.

 

 

2. Your Heart Is Somewhere Else

 

You may physically be at the place of work, but your heart and mind are really somewhere else. If this is the case, working a job isn’t for you. When I worked those mundane jobs, I was constantly daydreaming about other things.

 

 

Listen to your instincts. If you do what you love, money will always come. It’s worth taking the risk to do something meaningful that will make you happy for the rest of your life. Don’t force yourself to work a job that isn’t right for you.

 

 

3. You Don’t Feel Appreciated

 

Being appreciated and getting respect from your co-workers and bosses is extremely crucial for a healthy relationship in the workplace. If people do not appreciate the services and work you do for their organization, you have no reason being there.

 

 

I remember coming up with really creative ideas at a specific job, but not getting my voice heard. I would try sharing it with my bosses or managers and they would simply ignore me as if I didn’t exist. If you don’t have an active voice and role in the organization, it’s a sign you should move on.

 

 

4. You Think You Can Do Better

 

Do not EVER limit yourself. If you feel that you can get a better job or do something superior, do it!

 

 

Do not let fear hold you down from achieving your full potential. Not only must you think limitless thoughts, but you must act on these thoughts limitlessly as well. If you think you can do better, you’ll never know unless you try.

 

 

5. You Don’t Learn Anything

 

Every day is successful one if I go to bed knowing a little bit more than I did the day before. If you’re working at a job where you do not learn anything new, it’s really time for a change. Let me explain why.

 

 

A relationship between an employee and a company goes far beyond just a paycheck being exchanged for time. Employers are expected to create strong culture, help their employees learn and to foster growth in the workplace. If you aren’t constantly evolving with your job, you’re going to be screwed 10 years from now.

 

 

Conclusion

 

For all the dreamers out there, this article is targeted to you. I recently delivered a TEDx talk asking the important question – If not now, when? In this article, I shared 5 signs you really need to quit you job!

 

 

photo credit: katiew via photopin cc

 

 

What Every Entrepreneur Must Know Before Taking The Leap of Faith

In this article, I share lessons every entrepreneur must know before they take a leap of faith. Before starting a business, there are numerous things you should consider.

 

When I decided to take a leap into entrepreneurship, I had no idea what to expect. Turns out, becoming an entrepreneur wasn’t anything I thought it would have been. From 4 years of twists and turns as an entrepreneur, I’ve learned quite a lot.

 

 

In this article, I’m going to share what every entrepreneur must know before taking the leap of faith:

 

 

Balancing work and life is very tough

 

I became an entrepreneur at the age of 17. While my friends were out partying and enjoying their teenage years, I was meeting with clients and working through the night to make my business successful.

 

 

I often did wish that I could go out and do all the fun things my friends were doing, but I couldn’t always be there. Turns out entrepreneurship isn’t a job, it’s a lifestyle. Everyone believes they’ll have enough time for both, but reality sets in after just a few months.

 

 

If you want to be truly successful as an entrepreneur, it’s going to be very tough balancing life and work simultaneously. If you had a lot of free time before, expect that to be cut down dramatically if you plan to start a business.

 

 

Fancy cars and fame don’t come with the title 

 

I learned about entrepreneurship when I became extremely frustrated with the various odd jobs I had taken. They made me miserable and I knew there had to be a better way to make some cash.

 

 

I came across this idea of entrepreneurship and read stories of people who were rich and famous. They had fancy cars, tons of cash and were looked up to by people of all ages. I thought by starting my own business, I would be entitled to the same thing.

 

 

Unfortunately, that wasn’t the case. The perks of entrepreneurship only come to you after you work your ass off and achieve results. Success is attainable, but don’t think it just comes with the title.

 

 

Action trumps everything

 

It’s one thing to talk about your ideas, but it’s something else to put them into action. You’re a wantrepreneur until you implement your thoughts.

 

 

When I became an entrepreneur, I was able to find success so quickly simply because I took action. I wasn’t scared of making mistakes or failing. I hit tons of barriers and made mistakes, but I learned quickly because I took action.

 

 

Test, test, test

 

When I first started my business, I was very foolish with the way I launched products. Instead of testing things or asking potential customers about it, I pushed out what I thought was right. This was a very poor approach.

 

 

Don’t waste a ton of money and resources until you’ve tested everything. Test the market, the product and the need before you go all in. Many principles such as the lean startup and my course share these tactics in much more depth. Instead of doing what you think is best, collect feedback and use those metrics to make decisions.

 

 

4 hour workweeks aren’t enough

 

I hadn’t heard about Tim Ferris until last year, but I was really disappointed to see how many entrepreneurs believed they only had to work 4 hours a week to be successful. If you’re just starting a business, expecting to work a few hours a week is simply insane.

 

 

If you really want to be a successful entrepreneur and build something worth millions or billions of dollars, you’re going to have work way more than 4 hours a week. A 4 hour workweek is possible when you’ve made a lot of money and can substitute your effort by hiring others.

 

 

It’s not about how much money your business makes

 

When I started out as an entrepreneur, the only metrics I focused on revolved around the amount of money the business was making. I ran my multimedia agency for a few years only to realize I was just a businessman. I was disgusted by that thought and decided I wanted to become an entrepreneur.

 

 

I put my business up for sale and focused on creating startups that had a purpose deeper than money. I’ve always said that money is the prize, but not the purpose. If you’re ONLY focused on making money, it’ll never come to you.

 

 

Money is an illusive object. Instead of chasing it, focus on a deeper purpose and the money will find you. What drives you and makes you want to become an entrepreneur? My ‘why’ was that I had the opportunity to be happy, do something I loved and create change in the world with my startups.

 

 

Conclusion

 

These are just a handful of lessons entrepreneurs should know before they take the leap of faith. Starting a business is very rewarding, but you have to be well-prepared for the journey ahead.

 

 

photo credit: Frankenspotter Photography via photopin cc

 

 

8 Secrets Self-Made Millionaires Know That You Don’t

Want a million dollars but just can’t get it? Well, that’s how everyone feels until they know the secrets of millionaires. Becoming a self-made millionaire is NOT easy, but these secrets can put you on the right track. Here are 5 secrets self-made millionaires know that you don’t.

 

So you want to be a self-made millionaire? Yeah, you and almost every other person in the world want the same thing. However, only a tiny percentage of people are actually able to accomplish this feat.

 

 

Luckily, someone was kind enough to share some secrets of self-made millionaires to me at a young age. Around the age of 15, I met a guy who had all the luxuries of life and was still in his early 30’s. I envied everything about him and wanted to live his life.

 

 

I told him this and he gave me some advice, which at the time didn’t make much sense. However, the advice now makes all the sense in the world. It’s been validated and verified by other self-made millionaires I’ve came in contact with as well.

 

 

Becoming a self-made millionaire is NOT easy, but these secrets can put you on the right track. Here are 5 secrets self-made millionaires know that you don’t.

 

 

1. You Are Who Your Friends Are

 

How many self-made millionaires do you hang out with? If that number is close to zero, change is necessary. I don’t know what the exact formula is, but it’s been proven that your friends decipher your net worth.

 

 

Self-made millionaires learned early on that they need to hang with the people they want to become. Hanging with other self-made millionaires gives you constant motivation, knowledge, and many opportunities others don’t get.

 

 

2. Stop Spending, Start Investing

 

If your goal is to make a million dollars and buy a Ferrari, you won’t be wealthy for very long. Millionaires understand how important it is to invest instead of spend.

 

 

I’ve met people who took their high school graduation money and made strings of great investments that enabled them to make millions of dollars. When you make money, your first thought should be, “How can I invest this money to make more?” instead of “What fancy thing should I buy today?”

 

 

3. Change Your Mindset

 

Before you can become a millionaire, you must believe it. Set a target, how you plan to achieve this goal, and then do everything in your power to accomplish it. Millionaires know what they want before they go and get it.

 

 

There is no shortage of money in the world for those willing to earn it. Stop thinking negatively and start thinking about how you will be a millionaire regardless of the obstacles you may face.

 

 

4. Don’t Put All Your Eggs In One Basket

 

Millionaires make money from a variety of different income streams. You should do the same. Making millions of dollars from one thing is very hard, but it’s much easier to make a million from many different channels.

 

 

As a serial entrepreneur, I know how important it is to create multiple streams of revenue. I understand that my basket can be crushed at any time so I’ve created multiple baskets for insurance. You should do the same!

 

 

5. Chase Anything But The Money

 

The idea of being a millionaire is great, I fell in love with it at 15. However, I knew that chasing money doesn’t get you anywhere. My wealthy friend told me, “Never chase the money son, chase something else and the money will come.”

 

 

That’s when I knew that the concept of being a self-made millionaire was amazing, but money couldn’t be my motivation. My motivation was found years later, which was creating innovations that solve problems. Now that I have a purpose, money just comes to me.

 

 

6. Work Harder Than Everyone Else

 

For some reason, everybody assumes that self-made millionaires don’t work very hard. People want to attribute their success to luck or scams, but it’s really not that. Millionaires worked harder than everyone else to get where they are today.

 

 

It’s all about work ethic. I’ve talked to millionaires who shared their work ethics with me and made mine look like shit. Not to mention, I work 16 hour days while attending school. Nevertheless, if you want to be a millionaire, work harder at it than everyone else!

 

 

7. Make A Plan

 

Before you can become a self-made millionaire, you really need a strong plan on how you’re going to make that happen. What’s my plan?

 

 

Well, I want to create a passive income stream that makes me a couple thousand dollars a month (so that I can stay afloat). From there, I want to build a variety of different tech companies. Once I find success in my tech companies, I want to invest in other startups, funds, and start my own restaurant. I’ve had this plan since I was about 17 years old and have begun executing it ever since!

 

 

8. No Guts, No Glory

 

Self-made millionaires take big boy risks. They probably don’t tell everyone what their big risk was, but almost all of them do it. At some point, you have to take a risk to reap the rewards.

 

 

Self-made millionaires don’t just take any risks though. They take calculated risks, which usually end up having larger upside than downsides. Nevertheless, you must take some chances and roll the dice to be successful.

 

 

Conclusion

 

As you can see from the list above, just wanting a million dollars isn’t enough. Self-made millionaires almost live a special lifestyle long before they make all their money. By doing some of the things listed above, you can put yourself on the right path to achieve more!

 

 

10 Habits of Highly Successful Entrepreneurs

A habit is traditionally defined as a regular tendency or practice, especially one that is habit. As entrepreneurs, what the hell does that really mean? I define a habit as the things an entrepreneur must do to stay in business and succeed. More than that, it’s really the things a natural hustler must do to make it to the next day. The most successful entrepreneurs, past and present, all share many of the same qualities. Here are 10 habits of highly successful entrepreneurs.

 

A habit is traditionally defined as a regular tendency or practice, especially one that is habit. As entrepreneurs, what the hell does that really mean?

 

 

That definition is crap. Forget it and never think about it again.

 

 

I define a habit as the things an entrepreneur must do to stay in business and succeed. More than that, it’s really the things a natural hustler must do to make it to the next day.

 

 

The most successful entrepreneurs, past and present, all share many of the same qualities. Here are 10 habits of highly successful entrepreneurs:

 

 

1. Live and breathe goals.

 

“A goal is just a dream with a deadline.” – Napoleon Hill

 

Entrepreneurs often have many goals they must achieve. Some are long-term, some are short-term, and others don’t have a deadline. Whatever your goals may be, successful entrepreneurs not only set goals constantly, but they conquer them.

 

 

By conquering them, I mean they really do whatever necessary to achieve their goals. They eat their goals alive and make sure they do everything they possibly can to accomplish it.

 

 

2. It’s my fault.

 

“If you take responsibility for yourself, you will develop a hunger to accomplish your dreams.” – Les Brown

 

Successful entrepreneurs don’t play the blame game. If they screw up, they will openly let people know that they messed up. Not only that, but they take accountability for what goes wrong and reassures everyone around them.

 

 

Everyone makes mistakes, it’s okay to screw up. Instead of worrying about all the things you did wrong, acknowledge the mistake, and improve in the future.

 

 

3. Failure doesn’t stop them.

 

“Failure is the key to success; each mistake teaches us something.” – Morihei Ueshiba

 

There are very few entrepreneurs out there who can say they made it to the top without any failures. The truth is, everyone fails. As I like to say, it doesn’t matter how many times you fail as long as you are successful in the end.

 

 

Instead of stressing about failures, successful entrepreneurs learn from their mistakes and strive to do better. Greats like Steve Jobs or Bill Gates each failed at some point in their careers, but they stayed focused and achieved amazing things.

 

 

4. Know their strengths and weaknesses.

 

“Build upon strengths, and the weaknesses will gradually take care of themselves.” – Joyce C. Lock

 

Every great entrepreneur knows what they can and can’t do. The sooner you learn about your strengths and weaknesses, the quicker you are able to succeed.

 

 

We as entrepreneurs cannot do it all. Nobody can be perfect in every area of a business. The great entrepreneurs always know when they cannot do something and they are wise to find others who can.

 

 

5. Play hard, work hard.

 

“All work and no play is not good for the soul.” – Felix Sabates

 

Successful entrepreneurs draw a fine line between fun and work. They understand that they must work more than they play, but they also know that they need some fun in their lives.

 

 

Nobody sits tediously around the clock working on their startup and you shouldn’t either. You should find days or times when you will go out and have a good time to escape the workplace. Find a strong balance between work and play in order to succeed.

 

 

6. Listen more than they talk.

 

“The ear of the leader must ring through the voices of the people.” – Woodrow Wilson

 

As an aspiring entrepreneur, you need to listen to your customers, mentors, and even your competition. As entrepreneurs, we’re often driven to talk, talk, and talk some more.

 

 

However, the successful entrepreneurs have always listened more than they have talked. They hear everything, but say very little. When they do talk, their words of wisdom blows the room away. By listening to others, you can learn a lot.

 

 

7. It’s not work, it’s a passion.

 

“If you go to bed every night anxious to relive your day all over again, you have found your passion.” – Jeet Banerjee

 

If you don’t love what you do, you’re going to call it work. Work isn’t glamorous, sexy, or fun. Do what you love and it turns into a hobby or something you spend countless hours on because you’re having fun!

 

 

Passion is a strong driving force that can help lead you to a path of success. If you are passionate about what you do and how you do it, you will be driven to work harder without every knowing it. Almost all successful entrepreneurs have loved their job.

 

 

8. They can sell anything.

 

“Sales are contingent upon the attitude of the salesman – not the attitude of the prospect.” – W. Clement Stone

 

Being an entrepreneur, you’re not really in business until you make your first sale. All successful entrepreneurs know that sales and cash flow are important to a businesses success.

 

 

If you cannot sell, you simply will not succeed in the world of entrepreneurship. You are constantly selling your vision to investors, customers, partners, and even employees. Successful entrepreneurs can all sell under any situation.

 

 

9. They believe in the crazy.

 

“A question that sometimes drives me hazy: am I or are the others crazy?” – Albert Einstein

 

Many successful entrepreneurs have had a big idea or vision only to be completely shut down by others. People say things like, “You’re absolutely crazy” or “That’s the dumbest thing I have ever heard.”

 

 

Instead of going into a state of depression, they laughed and said “We’ll see who’s crazy in 3 years.” They truly believed in their product, no matter how crazy it was. All successful entrepreneurs believe in themselves and most importantly in their vision.

 

 

10. They build around what they know.

 

“Trust yourself, you know more than what you give yourself credit for.” – Anonymous

 

If you do not have any extensive experience in an industry, it’s going to be tough to create a killer product or service. Many successful entrepreneurs took what they knew or what they had to build a billion dollar brand.

 

 

There is no need to reinvent the wheel or learn a whole new industry on your own. If you have prior knowledge about something, use it to your advantage. That’s what some of the greatest entrepreneurs have done which has fueled their success today.

 

 

Conclusion

 

The 10 habits listed above are habits that entrepreneurs of all levels should somehow integrate into their pedigree. These qualities are proven techniques that have worked for some of the biggest entrepreneurs this world has ever seen.

 

 

photo credit: davidkosmos via photopin cc