Category: Uncategorized

7 Things Entrepreneurs Can Learn From The Pilgrims

With Thanksgiving right around the corner, I decided to learn more about the origins of this great holiday. While I learned a lot about Thanksgiving, I learned even more about the Pilgrims. Here are 7 things entrepreneurs can learn from the Pilgrims.

 

With Thanksgiving right around the corner, I decided to learn more about the origins of this great holiday. While I learned a lot about Thanksgiving, I learned even more about the Pilgrims.

 

 

I was amazed about their move to the USA so much that I began reading all kinds of books to see how they did this. I may seem pretty crazy at the moment, but I was actually learning valuable business lessons from their journey.

 

 

The first Thanksgiving was held in 1621, less than a year after over 100 Pilgrims came over on the Mayflower. Before, during, and after their journey, the Pilgrims did some amazing things.

 

 

Here are 7 things entrepreneurs can learn from the Pilgrims.

 

 

1. Work Hard

 

The Pilgrims ventured into a completely new area not knowing many people. On top of all that, these Pilgrims really had no home and were about to re-create their lives.

 

 

They weren’t able to survive by sitting around. They worked hard regardless of rain or shine. They were willing to put the work in to build a new life for themselves. If they hadn’t done that, there’s no telling what their fate may have been.

 

 

Lesson: You have to work hard to succeed as an entrepreneur. Talent and luck can only take you so far. At some point, you have to work hard to implement luck or talent to be successful like the Pilgrims were.

 

 

2. Be Willing To Learn

 

Entrepreneurs have to learn. No matter how much experience you have, you need to have a thirst for knowledge. The best entrepreneurs never stop learning.

 

 

The pilgrims had to find shelter, gather food, and survive in a whole new world. Instead of relying on their old knowledge, they quickly started learning about survival in this new environment.

 

 

The Pilgrims were willing to learn from the natives. If the Pilgrims weren’t willing to utilize every resource available to survive, chances are many would have died. The natives worked with the Pilgrims to help them find shelter, gather food, and most importantly make it out alive.

 

 

Lesson: Entrepreneurs have to be willing to learn in many different ways. Whether it’s finding a mentor or just reading, knowledge is vital for success. You have to be open to learn from anyone and anything as much as you can.

 

 

3. Take A Risk

 

The Pilgrims left behind their homes, friends, and most of their belongings to find a new life for themselves. While many people would call that foolish, they were willing to take a risk to lead a better life.

 

 

If the Pilgrims didn’t have the courage to make the journey over, there is no telling what America would look like today. Sometimes you have to take a chance and hope for the best, which is exactly what the Pilgrims did.

 

 

Lesson: Entrepreneurs need to take calculated risks to come out successful. Whether it’s quitting your day job or making a risky business decision, taking a chance can pay off big. It’s all about making calculated decisions that have a higher chance of success than fail.

 

 

4. Co-Exist With Your Competition

 

When the Pilgrims were in ‘survival’ mode, instead of killing each other for resources, they chose to work together. They could have began a rampage upon one another, but instead they worked as a team.

 

 

The Pilgrims even co-existed with the natives instead of looking for ways to take over their land. This showed great intelligence and patient from the Pilgrims, which made their survival more possible.

 

 

Lesson: Entrepreneurs often worry too much about their competition. They look for ways to annihilate their competitors rather than finding a way to co-exist. Some of the biggest competitors have formed the most formidable partnerships, which brought huge amounts of success. Entrepreneurs should look to work with the competition to service their customers better.

 

 

5. Never Give Up

 

The Pilgrims that survived the first winter never gave up. If they had given up or stopped trying to survive, they would have all died. Instead, they showed persistence and did whatever possible to make things work.

 

 

Many entrepreneurs want to give up when things aren’t going there way. While that’s the easy thing to do, it won’t make you successful.

 

 

Lesson: If the Pilgrims could survive one of the harshest winters in history by not giving up, we as entrepreneurs can achieve anything. The key is to stay persistent and find a way to make things work no matter how hard times may get.

 

 

6. Be Early Adopters

 

The Pilgrims were the very first group of people to cross the Atlantic Ocean. They were the ‘earliest’ adopters who came across in the Mayflower.

 

 

The Pilgrims didn’t wait for others to make the journey before seeing their fate. They stepped up to the plate and headed out on their own without any knowledge of what was coming next. As entrepreneurs, sometimes success is about taking a chance at the right time.

 

 

Lesson: The greatest opportunities require us to become early adopters. Sometimes the first one through the door is the last one out. As entrepreneurs, we must take chance on products, ideas, and innovations that are new to us.

 

 

7. Be Thankful

 

In the end, Thanksgiving is all about being thankful. The Pilgrims participated in this festive holiday to give thanks to everyone and everything that made their journey a success.

 

 

This Thanksgiving, be thankful to the ones you love. We may not be able to give thanks everyday of the year, but Thanksgiving gives us the opportunity to be really thankful for what we have.

 

Lesson: Entrepreneurs are some of the busiest people around. They work around the clock and thus their relationships with friends and family often get affected negatively. This Thanksgiving, take some time out to thank the people who mean something to you.

 

 

Conclusion

 

As you can see, I learned quite a bit from the Pilgrims. Their fascinating story shows me just how early the basic principles of entrepreneurship date back to. Happy Thanksgiving everyone!

 

 

photo credit: Ian Sane via photopin cc

My New Book – What Is It All About?

If you follow me on Twitter or have talked to me recently, you must know how excited I am about my new book. Many people have asked me what it’s about and why I decided to write it. Instead of explaining it over and over again, I decided to write a blog post to share some more information about my book. The book is called, “The Pursuit of Passion: Entrepreneurs Guide To Turn Hobbies Into Successful Businesses.”

 

If you follow me on Twitter or have talked to me recently, you must know how excited I am about my new book. Many people have asked me what it’s about and why I decided to write it.

 

 

Instead of explaining it over and over again, I decided to write a blog post to share some more information about my book. The book is called, “The Pursuit of Passion: Entrepreneurs Guide To Turn Hobbies Into Successful Businesses.”

 

 

For those of you interested, the book will be available as a PDF on my website (very soon), Amazon Kindle, Barnes N Noble, and as a hard copy (very soon). Here is what the book is about and why I decided to write it now.

 

 

The Story Behind The Book

 

When I got my first job at the age of 15, I worked two miserable years at a job I didn’t like. The only thing that kept me there was the money and a lack of knowing that there were better opportunities out there.

 

 

Just like me, there are millions of other people out there who continue to suffer similarly. It was extremely fortunate that I chose to take a risk and chase other opportunities out there when I turned 17.

 

 

Some others haven’t been so lucky. Many have been working their jobs for years and don’t believe that they can do better. The book is all about showing people how to change their lives through entrepreneurship just as I had been able to.

 

 

Most other perspectives usually come from the old, rich, and bored. However, my perspective is completely different and that’s why I felt compelled to share my strategies to turn hobbies into successful businesses.

 

 

What The Book Is All About

 

As an entrepreneur with no formal education, no experience, and very little capital, I really only had one thing going for me. I was filled with passion and was determined to succeed at all costs.

 

 

Not everybody can find that passion and spark right away. Even for me, it turned out my first business didn’t excite me as much as it should have. The book is all about helping people turn their hobbies, passions, and likes into successful businesses.

 

 

I have heard stories from all sorts of people who turned their passions into businesses. I remember this group of college graduates loved drinking beer and decided to start a brewery and became millionaires within a few years.

 

 

I wrote this book with hopes of helping you turn your passions into successes. It’s not easy turning a hobby into a successful business, but it’s very possible. Once you have an idea and know what you want love, I give step by step strategies on how to make your dream a reality.

 

 

The book isn’t about sharing my story or the stories of others because I don’t think that will help you on your journey very much. The book is all about using the experiences of mine and others to give strategies, lessons, and tips to create your own entrepreneurial journey.

 

 

From the day you are ready to start your business, I give insight and advice on how to do things right. Learning from my mistakes, the mistakes of others, and my experiences as an entrepreneur, the book is a step by step guide to create a successful business.

 

 

Why Now

 

I do not consider myself a success at this point of the time. I have created a lot of great products, achieved some pretty cool things, but am not close to what I want to accomplish in my career.

 

 

My standard of success is extremely high. I will not consider my successful until I have built a billion dollar company or collaboration of companies. Not only that, but my businesses need to help others through innovation somehow. When all this has been achieved, I can look in the mirror and say I was successful.

 

 

However, I have created businesses that have turned profits and I have even sold a company. I screwed a lot of things up, learned a lot more, and even created my own way of thinking. Entrepreneurship was really a whole new world to me.

 

 

The amazing part about entrepreneurship was that it changed my life for the better. I finally knew my purpose and found something I loved to do. I never woke up in the morning saying, “Damn I have another day of work ahead of me.”

 

 

In fact, I spent hours and hours on my businesses without ever realizing how much time went by. Becoming an entrepreneur who followed his passions was the greatest decision I ever made in my life.

 

 

I chose to write this book now because I have created businesses that have made money and I want to help others do the same. After creating 1 business and selling it, I created another business and saw it doing just as well. I finally knew that my formula for creating businesses around my hobbies was working.

 

 

It was finally time to share my formula with others. I wanted to write this book as soon as possible because I do not want people wasting their days away at a shitty job. This was why I chose to write the book when I did.

 

 

Conclusion

 

The book for me is all about helping others. For the next few weeks, I am giving out free copies of my eBook to people who reach out to me. Once that period closes, I will be donating a good portion of the book sales to a charity (not sure which one yet).

 

 

If you have any questions, want a free copy, or are even interested in sharing your thoughts on the topic, feel free to leave a comment.

 

 

Stay Simple – My Most Valuable Business Lesson

Creating a startup company with very little experience is a tough challenge. You’re bound to make small mistakes, screw some big things up, and even possibly fail. When I created my second startup company, I made a pretty big mistake many entrepreneurs make. Find out as I share in detail what this mistake was and why it was so valuable.

 

Creating a startup company with very little experience is a tough challenge. You’re bound to make small mistakes, screw some big things up, and buy cheap viagra soft

 

 

When my partner & I created StatFuse, it was only our second venture ever. Not only that, but it was our first web application and we didn’t have much guidance.

 

 

The whole episode taught me a very valuable lesson that I want to share with all of you today. We couldn’t keep the project, website, and vision simple. We wanted to do too much and didn’t really know what our own vision was.

 

 

The Problem

 

 

With StatFuse, we wanted to help students in every aspect of the college admissions process. While that was a very inspirational dream to have, it really wasn’t possible.

 

 

Why? Because we couldn’t do all this before launching. Not only that, but we couldn’t explain to others what our vision really was without taking up half their day.

 

 

When launching, we had a bunch of different things our website did, but we as the visionaries didn’t really know what our goal was. That was a pretty scary moment.

 

 

Businesses want to come out of the gates doing as much as possible. However, that’s the wrong thing to do. It only takes one great product, service, or piece of information to win your customers over.

 

 

The Lesson

 

This taught me a few things about creating a startup. Before you even start working on it, you need to have a distinct vision and goal you want to achieve.

 

 

Once you have a goal, build around that goal and do not change that goal unless it is absolutely necessary. Not only that, but instead of finding thousands of ways to fulfill the goal, find the best one.

 

 

Create one simple strategy and approach to achieve your goals before launching your business. Simplicity shouldn’t just be in the approach, but also in the overall execution of the project.

 

 

You want to find the simplest way to explain, market, and sell your product to customers. Take a look at DropBox.

 

 

DropBox is one of the most successful online applications out there. What do they do? They store your files on a cloud server making it easy for you to view them from different computers.

 

 

That’s it. DropBox’s vision is to actually simplify your lives. Did they achieve that? Yes, now you do not need flash drives, CD’s, or even a laptop to carry files from place A to place B.

 

 

Think simple, clean, and smooth. You do not need to change the world from day 1, you just need to make a dent in it. Simplicity sells and I learned that the hard way.

 

 

The Advantages

 

When you stay simple, your sales pitches are shorter, your customers are more engaged, and getting your vision across is much easier. Not only that, but you get to focus more on sales/marketing and less on maintaining your products.

 

 

When your business takes off, you start to create a community and generate awareness for your brand, which now allows you to expand your vision further. Companies like SalesForce, HubSpot, and others came into the market with just one goal.

 

 

Their first goal worked and that’s when they decided to expand and create new products. They could now charge a premium for these products (which they couldn’t have done had they launched all this together) and they had a base of satisfied customers.

 

 

Simplicity also makes it easy for you to tweak and change your product/business/service as necessary. You can never know for sure whether your ideas will be successful. Instead of building the worlds greatest ‘prototype’, build something simple and get feedback before going any further.

 

 

Conclusion

 

It is very easy to get caught up in the ‘do it all’ mentality when developing your ideas. Instead of trying to solve every problem, focus on one and do a great job at it.

 

 

I may not have learned this valuable lesson at first, but lucky for you I can share this with you today. Are there any another valuable lessons you have learned? Feel free to share it in the comments section below.

 

 

photo credit: Yogendra174 via photopin cc

How To Boss Around People Older Than You

More and more young entrepreneurs are employing people older than them. People were shocked, confused, and really didn’t know how to handle the situation well. Instead of expecting others to adapt, I decided to adapt myself. Want to know how to boss around older people than you? Here are a few things I did to significantly drop the attrition rate, build long-term relationships with my employees, and make the workplace better.

 

More and more young entrepreneurs are employing people older than them. While this is a great phenomenon, many young entrepreneurs have a hard time handling the situation properly.

 

 

When I created my first company at the age of 17, my team at one point had over 15 employees. Can you imagine a 17 year old bossing around 15 others, all of whom were older than me?

 

 

While it did help that most of my developers and designers were virtually being bossed around, I saw a lot of employees come and go. Even though the employees said they found a better job or were looking for something else, my insiders told me they couldn’t handle being bossed around by a 17 year old kid.

 

 

Many of the same things happened when I put together my first sales team for JB Media Force. People were shocked, confused, and really didn’t know how to handle the situation well. Instead of expecting others to adapt, I decided to adapt.

 

 

Here are a few things I did to significantly drop the attrition rate, build long-term relationships with my employees, and make the workplace better.

 

 

Have Fun

 

I hear from a lot of my friends that their bosses (who are older) are always yelling and are no fun. I didn’t want to be the 17 year old kid constantly raging at my employees, so I decided to have more fun.

 

 

Whether it was going out with my team for lunch or cracking jokes, I did whatever possible to make them feel comfortable. Humor is the best tool to bring people closer together and that’s exactly what it did. I made the workplace more fun.

 

 

Just Talk

 

I would be all about work when I first started working with my employees. Instead, I decided to spend some time everyday talking about stuff that would build a friendship.

 

 

Whether it was the sports, the weather, current events, or what they were doing that night……people really opened up to me. Best of all, they realized that I was very similar to them and relationships began to develop.

 

 

I learned very early on that a strong relationship is the most important part of a strong team. You cannot expect efficient and pro-active employees from day one. Teams are about finding the right pieces that gel together.

 

 

Stop Enforcing “I’m The Boss” Mentality

 

Many bosses love to constantly stress their dominance and authority in the workplace. I was 17 and I really didn’t care too much about that. As long as we were able to get things done right, I was a happy boss.

 

 

Instead of going around with a ‘boss’ mentality, I asked everyone to treat me like a colleague. No more calling me ‘Sir’ or ‘Boss’ or ‘Mr. Banerjee’. I asked them to simply call me Jeet and that made a big difference.

 

 

People knew I was their boss, but it just didn’t feel like it. Now employees were comfortable cracking jokes, working the way they like too, and best of all…..we were more productive than ever.

 

 

Know What You’re Doing

 

Many employees become very nervous when they enter a workplace run by individuals younger than them. They worry about job security, the maturity of the owners, and what the companies goals are.

 

 

Being young, many people indirectly questioned my ‘know-how’. Instead of answering them, I showed them I knew what I was doing. Anytime an employee had given me the opportunity to work with them for a few months, they immediately began to realize I knew what I was doing.

 

 

As an employer, you need to make your employees feel comfortable. Bringing peoples comfort levels to sync took time, but it was well-worth it. When people began to trust me and the organization, things went very smoothly.

 

 

You Can’t Please Everyone

 

I quickly learned that it was impossible to please everyone. Instead of trying to please others, I chose to please the company. Decisions were based around what would benefit the company instead of what John wanted.

 

 

As a business owner, sometimes you have to make the right decision for your company. You can try to please everyone, but it’s not always possible. If an employer didn’t believe in the same vision as me, I wasn’t going to change my vision just for him/her.

 

 

If you know what you want out of your company, stick to it and make the employer adapt or move on. You cannot please everyone and sometimes it’s better to let go of those who do not comply with the vision to find someone who will.

 

 

Value Their Opinions

 

I never pretended to know everything about business, the internet, or even managing others. I let others have a voice in the company, which was very important.

 

 

Every week, I would ask employers to give me feedback on what we can do to become a better business and if they had any general suggestions or comments. Many bosses believe that nobody is right besides them.

 

 

That’s a horrible mentality to have. It will just leave your employees resenting you and your business stuck in a rut. By keeping an open mind and letting others voice their opinions, I got some great advice that really propelled the success of my business.

 

 

Conclusion

 

Managing a team of employees who are all older than you can definitely be a challenge. It’s not about enforcing your dominance or showing others how smart you are.

 

 

You hired employees because you need help. Value their skills, talents, and work. Creating a strong relationship with your team will not happen overnight. It takes months to build a positive rapport with your team.

 

More and more young entrepreneurs are employing people older than them. While this is a great phenomenon, many young entrepreneurs have a hard time handling the situation properly.

When I created my first company at the age of 17, my team at one point had over 15 employees. Can you imagine a 17 year old bossing around 15 others, all of whom were older than me?

While it did help that most of my developers and designers were virtually being bossed around, I saw a lot of employees come and go. Even though the employees said they found a better job or were looking for something else, my insiders told me they couldn’t handle being bossed around by a 17 year old kid.

Many of the same things happened when I put together my first sales team for JB Media Force. People were shocked, confused, and really didn’t know how to handle the situation well. Instead of expecting others to adapt, I decided to adapt.

Here are a few things I did to significantly drop the attrition rate, build long-term relationships with my employees, and make the workplace better.

Have Fun

I hear from a lot of my friends that their bosses (who are older) are always yelling and are no fun. I didn’t want to be the 17 year old kid constantly raging at my employees, so I decided to have more fun.

Whether it was going out with my team for lunch or cracking jokes, I did whatever possible to make them feel comfortable. Humor is the best tool to bring people closer together and that’s exactly what it did. I made the workplace more fun.

Just Talk

I would be all about work when I first started working with my employees. Instead, I decided to spend some time everyday talking about stuff that would build a friendship.

Whether it was the sports, the weather, current events, or what they were doing that night……people really opened up to me. Best of all, they realized that I was very similar to them and relationships began to develop.

I learned very early on that a strong relationship is the most important part of a strong team. You cannot expect efficient and pro-active employees from day one. Teams are about finding the right pieces that gel together.

Stop Enforcing “I’m The Boss” Mentality

Many bosses love to constantly stress their dominance and authority in the workplace. I was 17 and I really didn’t care too much about that. As long as we were able to get things done right, I was a happy boss.

Instead of going around with a ‘boss’ mentality, I asked everyone to treat me like a colleague. No more calling me ‘Sir’ or ‘Boss’ or ‘Mr. Banerjee’. I asked them to simply call me Jeet and that made a big difference.

People knew I was their boss, but it just didn’t feel like it. Now employees were comfortable cracking jokes, working the way they like too, and best of all…..we were more productive than ever.

Know What You’re Doing

Many employees become very nervous when they enter a workplace run by individuals younger than them. They worry about job security, the maturity of the owners, and what the companies goals are.

Being young, many people indirectly questioned my ‘know-how’. Instead of answering them, I showed them I knew what I was doing. Anytime an employee had given me the opportunity to work with them for a few months, they immediately began to realize I knew what I was doing.

As an employer, you need to make your employees feel comfortable. Bringing peoples comfort levels to sync took time, but it was well-worth it. When people began to trust me and the organization, things went very smoothly.

You Can’t Please Everyone

I quickly learned that it was impossible to please everyone. Instead of trying to please others, I chose to please the company. Decisions were based around what would benefit the company instead of what John wanted.

As a business owner, sometimes you have to make the right decision for your company. You can try to please everyone, but it’s not always possible. If an employer didn’t believe in the same vision as me, I wasn’t going to change my vision just for him/her.

If you know what you want out of your company, stick to it and make the employer adapt or move on. You cannot please everyone and sometimes it’s better to let go of those who do not comply with the vision to find someone who will.

Value Their Opinions

I never pretended to know everything about business, the internet, or even managing others. I let others have a voice in the company, which was very important.

Every week, I would ask employers to give me feedback on what we can do to become a better business and if they had any general suggestions or comments. Many bosses believe that nobody is right besides them.

That’s a horrible mentality to have. It will just leave your employees resenting you and your business stuck in a rut. By keeping an open mind and letting others voice their opinions, I got some great advice that really propelled the success of my business.

Conclusion

Managing a team of employees who are all older than you can definitely be a challenge. It’s not about enforcing your dominance or showing others how smart you are.

You hired employees because you need help. Value their skills, talents, and work. Creating a strong relationship with your team will not happen overnight. It takes months to build a positive rapport with your team.

Path:

 

 

photo credit: plewicki via photopin cc

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

5 Things I Learned About Our Future From Other College Entrepreneurs

Since Thursday of this week, I have been blessed with the opportunity to connect with college entrepreneurs all over the country at the CEO Conference in Chicago, Illinois. CEO is a great organization that promotes college entrepreneurship and helps orchestrate it throughout the year. I just finished a speech about Online Marketing strategies for startups and have met many great speakers, mentors, and college entrepreneurs. From meeting so many college entrepreneurs, I learned a lot about our future. Here’s what I learned.

 

Since Thursday of this week, I have been blessed with the opportunity to connect with college entrepreneurs from all over the world at the CEO Conference in Chicago, Illinois,Order Viagra.

 

 

CEO is a great organization that promotes college entrepreneurship and helps orchestrate it throughout the year.

 

 

I just finished a speech about Online Marketing strategies for startups and have met many great speakers, mentors, and college entrepreneurs. From meeting so many college entrepreneurs, I learned a lot about our future.

 

 

Here’s what I learned:

 

 

1. We’re in great hands.

 

Even though the elderly say our generation is forever ‘screwed’, I don’t believe it. Just because our generation has different perspectives and parties hard does NOT mean they will not take care of the country.

 

 

As hard as all college students party, they work just as much. I was surprised to see how many other college entrepreneurs there really were. Whether they had established businesses or were tossing around ideas, they all shared similar goals.

 

 

They all wanted to succeed and live life their way. That’s great! The motivation and passion I saw in the faces of thousands of entrepreneurs was amazing. They want to succeed and that’s why they will!

 

 

2. Innovation will never die.

 

Whether these college students had their own businesses or were working elsewhere, they all wanted to be a part of something great. They wanted to implement their ideas into some sort of product, idea, website, or application.

 

 

To see so many entrepreneurs striving to learn more about innovation, technology, and marketing, it showed me that innovation will never die. Innovation is great because it helps businesses, countries, and people as a whole move forward.

 

 

3. It’s not all about money.

 

A chunk of cash is always great, but these entrepreneurs showed me that they really cared about more than just money. They were interested in building businesses focused around their passions or doing something to help the environment, society, or people.

 

 

If you have a generation who is interested in doing what they love and helping others, that has great implications on the world. Many have said that the old generation was money and power hungry, but our generation is more about helping others than doing it for monetary gain.

 

 

4. Technology will run us.

 

Even though I met many people with very different ideas, it somehow always revolved or connected to technology in some way. It has become clearly evident that technology will be the center-point for all innovations in the future.

 

 

Is this a bad thing? No, it’s actually great. The more technologically solid we become, the more connected our world becomes. The similarity between almost all innovators is their love for technology.

 

 

5. It’s going to be competitive.

 

I’m a firm believer of friendly competition. After speaking with entrepreneurs and watching pitch competitions, I realized that our generation is more competitive than ever.

 

 

Everyone wants to win, myself included. The competitive nature of our generation will be great because people will work twice as hard to beat others. Success will not be easy, but it will be well-earned.

 

 

Conclusion

 

Overall, the CEO conference in Chicago was amazing. I got to meet tons of great aspiring college entrepreneurs, innovators, speakers/mentors, and even CEO team members.

 

 

The connections, experiences, and friendships made during these few days was priceless. I feel like our future is in better hands than ever before and have decided to stop listening to the older generations ‘negative’ critiques.

 

Since Thursday of this week, I have been blessed with the opportunity to connect with college entrepreneurs from all over the world at the CEO Conference in Chicago, Illinois. CEO is a great organization that promotes college entrepreneurship and helps orchestrate it throughout the year.

I just finished a speech about Online Marketing strategies for startups and have met many great speakers, mentors, and college entrepreneurs. From meeting so many college entrepreneurs, I learned a lot about our future.

Here’s what I learned:

1. We’re in great hands.

Even though the elderly say our generation is forever ‘screwed’, I don’t believe it. Just because our generation has different perspectives and parties hard does NOT mean they will not take care of the country.

As hard as all college students party, they work just as much. I was surprised to see how many other college entrepreneurs there really were. Whether they had established businesses or were tossing around ideas, they all shared similar goals.

They all wanted to succeed and live life their way. That’s great! The motivation and passion I saw in the faces of thousands of entrepreneurs was amazing. They want to succeed and that’s why they will!

2. Innovation will never die.

Whether these college students had their own businesses or were working elsewhere, they all wanted to be a part of something great. They wanted to implement their ideas into some sort of product, idea, website, or application.

To see so many entrepreneurs striving to learn more about innovation, technology, and marketing, it showed me that innovation will never die. Innovation is great because it helps businesses, countries, and people as a whole move forward.

3. It’s not all about money.

A chunk of cash is always great, but these entrepreneurs showed me that they really cared about more than just money. They were interested in building businesses focused around their passions or doing something to help the environment, society, or people.

If you have a generation who is interested in doing what they love and helping others, that has great implications on the world. Many have said that the old generation was money and power hungry, but our generation is more about helping others than doing it for monetary gain.

4. Technology will run us.

Even though I met many people with very different ideas, it somehow always revolved or connected to technology in some way. It has become clearly evident that technology will be the center-point for all innovations in the future.

Is this a bad thing? No, it’s actually great. The more technologically solid we become, the more connected our world becomes. The similarity between almost all innovators is their love for technology.

5. It’s going to be competitive.

I’m a firm believer of friendly competition. After speaking with entrepreneurs and watching pitch competitions, I realized that our generation is more competitive than ever.

Everyone wants to win, myself included. The competitive nature of our generation will be great because people will work twice as hard to beat others. Success will not be easy, but it will be well-earned.

Conclusion

Overall, the CEO conference in Chicago was amazing. I got to meet tons of great aspiring college entrepreneurs, innovators, speakers/mentors, and even CEO team members.

The connections, experiences, and friendships made during these few days was priceless. I feel like our future is in better hands than ever before and have decided to stop listening to the older generations ‘negative’ critiques.

Path:

 

photo credit: maebmij via photopin cc

10 Reasons Why Most Startups Fail

9/10 startups fail. While that’s a pretty high rate of failure, why do so many startups fail? Watching your new business fail is extremely saddening. It’s even worst if you don’t really know why it failed. Here are 10 reasons why most startups fail.

 

9/10 startups fail. While that’s a pretty high rate of failure, why do so many startups fail?

 

 

Most founders never really understand why their startups fail. Some play the blame game, others blame the economy, and a very few others take the blame themselves.

 

 

Watching your new business fail is extremely sad. It’s even worst if you don’t really know why it failed. Here are 10 reasons why most startups fail:

 

 

1. Nothing is Tested

 

Many innovators think they have a great idea and decide to create a business out of it. However, what’s a great idea to you isn’t always so great to others.

 

 

Before executing your ideas, you need to talk to your ideal customers. Get their thoughts on the idea and see if they have any resistance to it. Ask them to openly criticize the product and provide any input they can so that you can create a stronger product.

 

 

I have seen so many startups fail over the years simply because two people thought it was a great idea. They never tested their business model, pricing, or even marketing strategies. A few months later, they were not making any money and were disappointed.

 

 

McDonald has spent over 6 figures in testing the chairs they have at their fast-food restaurants. They wanted to create a chair that was comfortable for ONLY 15 minutes so that people would not stay too long. It took years of testing, thousands of dollars, and a lot of customer feedback to get the right chair.

 

 

2. Lack of Discipline

 

Most entrepreneurs usually worked for someone else their whole life. Without having someone to tell them what to do, they lose focus. Discipline is extremely important in creating a successful startup.

 

 

You need to have a clearly defined schedule and strong work ethic that will compliment your business. Many startups fail because the founders lose focus within a few months. Follow a routine and never lose sight of the big picture.

 

 

3. Small Niche

 

At the end of the day, a startup is only successful if they are able to generate revenue. Most small businesses compete with larger companies by specializing in specific niches. However, the more specific your niche, the smaller the market.

 

 

If you’re creating a product that only appeals to thousands of individuals, it’s going to be a challenge to break even. Find the specific market you want to approach and do the appropriate research.

 

 

You need to figure out how many individuals exist in your niche, where they live, and how you plan to market yourself to them. Not doing so can be disastrous to the success of your startup.

 

 

4. Grow Too Quickly

 

Many startups want to grow, grow, and grow some more! Growth is great for a business, but only if it comes at the right time. Uncontrolled growth can be detrimental to the success of your company.

 

 

You need to completely dominate your original plan of action before expanding. Many businesses see a short string of success and decide to expand right away. It’s always good to plan for expansion, but you should wait until the time is right.

 

 

Expanding the business rapidly causes an increase in costs which most businesses cannot sustain for a long period of time. Not only that, but the individuals within the organization are forced to shift focuses, which can be dangerous.

 

 

5. Horrible Pricing

 

It can take years to find the successful price points for your products or services. If you price your product too low, people think it’s cheap and therefore lacks quality. If you price your product too high, people are skeptical to pay so much and look for a cheaper alternative.

 

 

Pleasing your customers is an extremely difficult task, but there is nothing better than a loyal customer. Even if a pricing model seems to be working, it never hurts to continue experimenting. Improvements can be made on anything.

 

 

6. Don’t Discount, Add Value

 

Many business owners feel the urge to discount their products or services. Unless you are selling something pricey, try to avoid discounting your products.

 

 

Instead of giving them a discount, find a way to give them something along with their purchase. When I was selling websites, I often gave them a free online marketing guide to close the deal.

 

 

People love freebies. Find a creative way to keep more money in your pockets while giving your customers more to take home. Many startups are not sustainable for a long period of time because their margins are too low.

 

 

7. Giving Up Easily

 

For some reason, many entrepreneurs feel like they have to be successful overnight. The moment their startup doesn’t work out as planned, they begin to panic and get discouraged.

 

 

Creating a successful startup is a daunting challenge. You cannot create something amazing overnight and you need to stay persistent in order to succeed. Many brilliant innovators like Steve Jobs and Thomas Edison struggled for years until they were able to successfully execute their vision.

 

 

8. Lack of Planning

 

Launching isn’t everything. It’s actually only the beginning of your journey. Many people tend to plan until the launch date and expect results to magically appear. Unfortunately, that rarely happens.

 

 

Before you begin any work on your project, you should have a roadmap of how you plan to execute your business for the next 12 months. Preparation plays a vital role in the success of a business.

 

 

If you have a concrete plan on how to achieve success for your business, you are more likely to accomplish just that. Never ‘go with the flow’ in business as you will end up wasting time and hitting tough road blocks.

 

 

9. Make Money Later

 

After watching the ‘Social Network’, many people want to take a Mark Zuckerburg-like approach in monetizing their business. Unless you feel comfortable in acquiring millions of users with little marketing efforts, you should really come out of the gates with a plan to make money.

 

 

One of the biggest mistakes I made as a young entrepreneur was not worrying about making money. Even though my passion towards my ideas were great, it was horrible to come up with a monetization plan later.

 

 

Till this day, I have had challenges on finding the proper way to make money for that company. Even though I believe it is at a good place now, I could have avoided all that trouble had I created a monetization plan before launching.

 

 

Eventually, your business has to make money for it to be a business. Even non-profits are making money. Never lose sight of how important making money really is for your startup.

 

 

10. Poor Management

 

The driving force behind any business is the team that makes it all happen. Entrepreneurs don’t always make the best managers. Creating great products and managing people are two very different qualities.

 

 

Many times, entrepreneurs want to avoid costs and decide to manage the team. If you cannot get your team to perform at a high level of efficiency, you’re losing money. Not only that, but retaining a group of loyal employees can be extremely hard if people don’t like the manager.

 

 

Find someone who is good with people. Put them in charge and do what you do best. You will have a team of people performing at a much higher level while keeping your head sane.

 

 

Conclusion

 

Creating a successful business is a lot more than a good idea. For some reason, many entrepreneurs believe that all good ideas succeed. Unfortunately, it’s not that easy.

 

 

If it was, there would be a lot more millionaires than there are today. However, if you avoid making some of the mistakes listed above, your chances at success increase drastically.

 

 

photo credit: plewicki via photopin cc

Best Advice For Young Entrepreneurs From Successful Business Owners

Being a young entrepreneur is really tough. Not only do you face a lot of the same challenges other entrepreneurs do, but you are also unexperienced and quite often overlooked by others. I decided to find some of the most successful entrepreneurs who started young and asked them to share their best piece of advice for young entrepreneurs.

 

Being a young entrepreneur is really tough. Not only do you face a lot of the same challenges online ordering other entrepreneurs do, but you are also unexperienced and quite often overlooked by others.

 

 

Mix all this together and it may end up being a recipe for disaster. Instead of hitting the panic button and jumping off the ship, you should take some time to learn from other successful entrepreneurs.

 

 

Not only can these people mentor you to become a better entrepreneur, but they can really shape your perspective. I decided to find some of the most successful entrepreneurs who started young and asked them to share their best piece of advice for young entrepreneurs.

 

 

Many entrepreneurs did not respond, while a few others did. Even from the ones that did respond, I decided to take the advice that I felt would be most helpful for young entrepreneurs.

 

 

The Advice

 

 

 

Amber Rae – @HeyAmberRae

 

“To experiment boldly is to try and err. To fully throw yourself into something simply to experience the answers and lessons. It’s to embrace uncertainty, to live for the question of what’s possible, and to experience the answer. It’s about thinking less, taking action, and being okay with fucking up along the way.”

 

 

 

 

Nihal Mehta – @NihalMehta

 

“Find your passion, what i define as ‘what you think of before you go to sleep, the same thought that you have when you wake up.’ This is the hardest thing to do, people often live their whole lives before finding out what they are passionate about.”

 

 

 

 

Suraj Sodha – @SurajSodha

 

“My best advice to young entrepreneurs is to build a passionate team around you as quickly as possible who share your vision and goals for your business. Trying to do everything yourself and being over-protective of your business makes it harder for you to grow and expand your business. It’s always a good idea to have other people around you to share ideas with and who can do certain tasks better than you can.”

 

 

 

 

James Tudsbury – @JamesTudsbury

 

“Advice for young entrepreneurs – unproven ideas and people are okay, stick to proven business models though.”

 

 

 

 

Corey Kossack – Sprouter Profile

 

“Talk to everyone you can about what you are doing and ask for help. Don’t be guarded with your idea. You need input from everyday people as well as more experienced entrepreneurs who can help point you in the right direction.”

 

 

 

 

Ben Huh – @BenHuh

 

“Be honest and open about your successes as well as struggles. And communicate consistently without the flowery marketing lingo we’re all sick of hearing. But most of all, create a product or service your users can love.”

 

 

 

 

Paul Kedrosky – @Pkedrosky

 

“Why me? Why now? Why this? Entrepreneurs get bolloxed up in a billion other things, when those are the questions investors are asking themselves as they listen to the pitch.”

 

 

 

 

Bob Davis – @BobDavisHCP

 

“Do your work – once inspired do your research, be sure you understand the market and the competitors, be sure you understand the capital costs to succeed and be sure you have the team necessary to prevail.”

 

 

Bonus

 

 

I thought I’d share my best advice for young entrepreneurs in addition to the responses provided by everyone else on this article.

 

 

 

Jeet Banerjee – @TheJeetBanerjee

 

“If you’re passionate about something and are willing to put the work in, go for it! Do not let the fear of failing stop you from trying to build the business of your dreams. Take small steps, find help, and turn your dreams into a reality through hard work.”

 

 

 

Conclusion

 

There you have it! These are what other successful entrepreneurs think play an important role in the success of young entrepreneurs.

 

 

Here is a great video that shares some more tidbits and advice for striving young entrepreneurs. If you have any advice for young entrepreneurs yourself, feel free to share it below.

 

 

 

 

photo credit: Fernando X. Sanchez via photopin cc

10 Entrepreneurs Who Made It Big Without A College Degree

With so much focus on the importance of college education, many people forget how many self-made entrepreneurs have made it without a college degree. Whether or not you agree about the importance of a degree, there are tons of entrepreneurs who have defied the odds. This article discusses puts a spotlight on 10 entrepreneurs who made it big without a college degree.

 

With so much focus on the importance of college education, many people forget how many self-made entrepreneurs have made it without a college degree. Whether or not you agree about buy generic soft tab cialis the importance of a degree, there are tons of entrepreneurs who have defied the odds.

 

 

Using simply their dreams and dedication, many entrepreneurs have been able to pave their way to success without any formal education. Out of the millions of entrepreneurs who have achieved great things without a degree, I have selected 10 of the biggest names.

 

 

Here are the list of entrepreneurs.

 

 

1. Richard Branson

 

Richard Branson is very well known for his outside-the-box thinking and thrill seeking spirit. Many people don’t know this, but Richard Branson dropped out at the age of 16 to start Student Magazine.

 

 

After that, he would become the owner of the Virgin brand and over 360 of its other companies. Currently, Richard Branson is worth over $4.2 billion. Not too bad for a dropout huh?

 

 

2. Michael Dell

 

Michael Dell has a very remarkable story. He had $1,000 and a dream when he dropped out of college at the age of 19 to start PC’s Limited. The company would later be renamed to Dell, Inc.

 

 

In 1996, Dell was considered the most profitable PC manufacturer in the world. It seemed like Michael’s crazy risks paid off big time. He is currently estimated to be worth over $15.9 billion.

 

 

3. Bill Gates

 

Bill Gates was given the rare opportunity to use a computer at a very young age. The computer was new and luckily his school library had one. He believed in the computer so much that he dropped out in college.

 

 

From 1995 to 2006, Bill Gates was ranked as the world’s richest person. His computer software company Microsoft was a big hit and is now a household brand all over the world. Bill Gates is estimated to be worth over $66 billion as of 2012.

 

 

4. Oprah Winfrey

 

Oprah didn’t have a great life as a kid. However, she was able to overcome adversity and received a full scholarship to Tennessee State University. However, in 1976, Oprah dropped out to pursue a career in media.

 

 

That may have been one of the best decisions she has made because Oprah got a lot of her big breaks during this time. Today, Oprah is estimated to be worth over $2.7 billion and is seen as an icon by many.

 

 

5. Steve Jobs

 

Steve Jobs attended one semester of college before calling it quits. He got a job with Atari and would go on to become the co-founder of Apple Computers. Apple has created some of the most innovative products over the years and Steve has been considered one of the greatest visionaries of all time.

 

 

Steve Jobs said, “Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?” He would change the world forever and leave a ding in the way entrepreneurs think. Before his passing, he was estimated to be worth over $3.1 billion.

 

 

6. Walt Disney

 

Walt Disney has an astounding career that is filled with accomplishments all over the board. Disney is a magical place that has captured the hearts of children and adults for years.

 

 

Disney has received the most records and nominations in history. The Disney brand is known for its delightful imagination and creativity. Today the Walt Disney Company is said to have annual revenues over $300 billion.

 

 

7. Sean “P Diddy” Combs

 

P Diddy is a renowned entertainer, producer, fashion designer, and entrepreneur. He dropped out of college when his internship at Uptown Records turned into a job as a Talent Director.

 

 

Since then, P Diddy was able to build an empire all on his own in multiple industries. Without a college degree, Sean Combs has been able to amass a net worth estimated to be approximately $250 Million.

 

 

8. Kirk Kerkorian

 

Kirk Kerkorian is probably one of the less known individuals on this list. However, his accomplishments are seriously amazing. He dropped out in eighth grade and is now the owner of Mandalay Bay, Mirage Resorts, and the MGM Movie Studio.

 

 

It’s hard to believe someone can drop out so early in their age and create such a magnificent career. Kirk was able to do that and is estimated to be worth over $3 billion today.

 

 

9. Gurbaksh Chahal

 

When I heard of his story from a friend at a mixer, I was simply blown away. Gurbaksh dropped out at the age of 16 and was able to become a multimillionaire almost instantly after.

 

 

He was the founder of ad networks such as Click Again and BlueLithium. He was able to sell Click Again for $40 million and BlueLithium for a whopping $300 million to Yahoo. Today, he is ONLY 30 years old and estimated to be worth over $200 million.

 

 

10. Mark Zuckerburg

 

Mark Zuckerburg has a story that is very well known. Everyone wishes at some point they can do what Mark has been able to do in his young career. He is one of the founders of Facebook and has created one of the most valuable social networks ever.

 

 

Mark Zuckerburg dropped out of Harvard in his sophomore year to fully pursue Facebook. That was a great decision on his part because he is now estimated to be worth over $12.1 billion. That’s unbelievable, especially considering how his IPO hasn’t been going as well as he planned.

 

 

Conclusion

 

The names on this list surely show us that a college education isn’t everything. It may not even be anything considering how these individuals have broken barriers on every level.

 

 

These accomplished entrepreneurs show us that a vision, dream, and motivation can help you amount to achieve anything. If you know any other dropouts who made it big, feel free to share below.

 

With so much focus on the importance of college education, many people forget how many self-made entrepreneurs have made it without a college degree. Whether or not you agree about the importance of a degree, there are tons of entrepreneurs who have defied the odds.

Using simply their dreams and dedication, many entrepreneurs have been able to pave their way to success without any formal education. Out of the millions of entrepreneurs who have achieved great things without a degree, I have selected 10 of the biggest names.

Here are the list of entrepreneurs.

1. Richard Branson

Richard Branson is very well known for his outside-the-box thinking and thrill seeking spirit. Many people don’t know this, but Richard Branson dropped out at the age of 16 to start Student Magazine.

After that, he would become the owner of the Virgin brand and over 360 of its other companies. Currently, Richard Branson is worth over $4.2 billion. Not too bad for a dropout huh?

2. Michael Dell

Michael Dell has a very remarkable story. He had $1,000 and a dream when he dropped out of college at the age of 19 to start PC’s Limited. The company would later be renamed to Dell, Inc.

In 1996, Dell was considered the most profitable PC manufacturer in the world. It seemed like Michael’s crazy risks paid off big time. He is currently estimated to be worth over $15.9 billion.

3. Bill Gates

Bill Gates was given the rare opportunity to use a computer at a very young age. The computer was new and luckily his school library had one. He believed in the computer so much that he dropped out in college.

From 1995 to 2006, Bill Gates was ranked as the world’s richest person. His computer software company Microsoft was a big hit and is now a household brand all over the world. Bill Gates is estimated to be worth over $66 billion as of 2012.

4. Oprah Winfrey

Oprah didn’t have a great life as a kid. However, she was able to overcome adversity and received a full scholarship to Tennessee State University. However, in 1976, Oprah dropped out to pursue a career in media.

That may have been one of the best decisions she has made because Oprah got a lot of her big breaks during this time. Today, Oprah is estimated to be worth over $2.7 billion and is seen as an icon by many.

5. Steve Jobs

Steve Jobs attended one semester of college before calling it quits. He got a job with Atari and would go on to become the co-founder of Apple Computers. Apple has created some of the most innovative products over the years and Steve has been considered one of the greatest visionaries of all time.

Steve Jobs said, “Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?” He would change the world forever and leave a ding in the way entrepreneurs think. Before his passing, he was estimated to be worth over $3.1 billion.

6. Walt Disney

Walt Disney has an astounding career that is filled with accomplishments all over the board. Disney is a magical place that has captured the hearts of children and adults for years.

Disney has received the most records and nominations in history. The Disney brand is known for its delightful imagination and creativity. Today the Walt Disney Company is said to have annual revenues over $300 billion.

7. Sean “P Diddy” Combs

P Diddy is a renowned entertainer, producer, fashion designer, and entrepreneur. He dropped out of college when his internship at Uptown Records turned into a job as a Talent Director.

Since then, P Diddy was able to build an empire all on his own in multiple industries. Without a college degree, Sean Combs has been able to amass a net worth estimated to be approximately $250 Million.

8. Kirk Kerkorian

Kirk Kerkorian is probably one of the less known individuals on this list. However, his accomplishments are seriously amazing. He dropped out in eighth grade and is now the owner of Mandalay Bay, Mirage Resorts, and the MGM Movie Studio.

It’s hard to believe someone can drop out so early in their age and create such a magnificent career. Kirk was able to do that and is estimated to be worth over $3 billion today.

9. Gurbaksh Chahal

When I heard of his story from a friend at a mixer, I was simply blown away. Gurbaksh dropped out at the age of 16 and was able to become a multimillionaire almost instantly after.

He was the founder of ad networks such as Click Again and BlueLithium. He was able to sell Click Again for $40 million and BlueLithium for a whopping $300 million to Yahoo. Today, he is ONLY 30 years old and estimated to be worth over $200 million.

10. Mark Zuckerburg

Mark Zuckerburg has a story that is very well known. Everyone wishes at some point they can do what Mark has been able to do in his young career. He is one of the founders of Facebook and has created one of the most valuable social networks ever.

Mark Zuckerburg dropped out of Harvard in his sophomore year to fully pursue Facebook. That was a great decision on his part because he is now estimated to be worth over $12.1 billion. That’s unbelievable, especially considering how his IPO hasn’t been going as well as he planned.

Conclusion

The names on this list surely show us that a college education isn’t everything. It may not even be anything considering how these individuals have broken barriers on every level.

These accomplished entrepreneurs show us that a vision, dream, and motivation can help you amount to achieve anything. If you know any other dropouts who made it big, feel free to share below.

Path:

 

photo credit: Nastassia Davis [www.nastassiadavis.com] via photopin cc

How To Walk Away With An Investment in 3 Minutes

3 minute pitches have become extremely popular among investors. Many entrepreneurs find it extremely difficult to talk about their business in 3 minutes. Investors want you to address numerous different things, but entrepreneurs do not know how to summarize it all in 3 minutes. This blog article helps entrepreneurs walk away with an investment in 3 minutes.

 

Recently, I’ve been getting more connected with investors around my area. The last time I was at an event filled with investors, I decided to capitalize on the opportunity.

 

 

It was a small event by the beach and the investors wanted 5 entrepreneurs to pitch their product or service in 3 minutes or less. With hundreds of entrepreneurs trying to present themselves, only 5 were given the opportunity to go up there and do it.

 

 

Lucky for me, I somehow maneuvered my way on stage as I was 1 of the 5 people picked to go on stage. They gave us less than 5 minutes to prepare our elevator pitch. There were hundreds of entrepreneurs, dozens of investors, and a few very nervous presenters in the audience.

 

 

Even though I did not walk away with an investment in 3 minutes, my presentation got a lot of praise from the investors and other entrepreneurs in the building. Not only that, but there was an elderly lady who was able to walk away with a 6 figure investment in 3 minutes.

 

 

I was able to talk first hand with each of the investors and was able to get some really good information out of them. They told me why the lady won the investment in 3 minutes and how anyone can do the same. Here’s what I learned from my day at the beach:

 

 

Bring It

 

When you’re pitching in a 3 minute setting, it’s more likely that you need the investors money and help than they need you. Your whole presentation needs to be upbeat and show them how passionate you are about your product.

 

 

If you cannot get excited about your own product, don’t expect others to do the same. Even though the investors or panel may be watching you during the 3 minutes, it doesn’t mean they are really listening.

 

 

You need to go out there and catch their attention by bringing it. Show them the potential of the product or service through your own passion and delivery. Catch their attention by being energetic and exciting them about your business.

 

 

Connect The Dots

 

3 minutes isn’t a lot of time. However, investors want to know what personally drew you to the product or service that you have created. You should take 30 seconds to give them a brief summary of your background and how it led to the creation of what you are presenting.

 

 

If you have a compelling story or reason why you created the business, you can really emotionally appeal to the investors. At some point, you need to make a connection with the investors on a personal level because that’s what really sells them to invest.

 

 

Say What You Do, Without Saying It

 

One of the biggest reasons why entrepreneurs do not walk away with an investment in 3 minutes is simply because they cannot simplify their product or service. When you have 3 minutes, it should not take you more than 1 minute to clearly summarize what your company does.

 

 

You don’t need to tell them every nitty gritty detail about how things work. You simply need to address the need or problem in the world and give a clear answer on how your business solves that pressing issue.

 

 

In your 3 minute pitch, you need to answer many different questions that the investors want to know. You cannot bore the audience by explaining everything about your product or service. Keep it short, sweet, and most importantly, simple.

 

 

Talk Numbers

 

If you have ever watched Shark Tank, you know that investors love money. They want to know why their investment in your product is going to net them a large return. You need to talk numbers, show statistics, and give factual data that backs your presentation.

 

 

The best way to talk numbers with an investor is to give them the numbers that matter. They don’t care about the problems you have faced, they want to know how long your business has been out and how much revenue/profit you have generated.

 

 

If your business is an early stage company, don’t give them profit or revenue numbers. You may want to talk about things like a ‘patent’ that you may have on the innovation or the size of the market, which would make it appealing to investors.

 

 

At the end of the day, the investors are sitting in that room listening to you because they want $10 back for every $1 they give you. While most companies cannot net them a large return like that, they need to believe that your company is different.

 

 

Data is the biggest way to move an audience. If you can shock the audience by providing factual evidence that really backs your product, you have a better chance of walking away with an investment.

 

 

Think Past Today

 

Investors care about the future, you should too. Stop flexing your muscles and saying what you have already accomplished. The money that you have made will not make the investors any wealthier.

 

 

They want to know what your exit strategy is, future plans for growth, and how they can trust that your business is stable. You need to show them in less than 30 seconds that you have put considerable thought into the future and how you will leverage it.

 

 

Investors want to know they are making a secure investment. The greatest way to show security is to prepare a plan for the future. If you can show the investors you not only have a plan for the future, but you can bail them out if things do fail, their chances of investing are much higher.

 

 

Scale or Fail

 

If your business cannot scale fairly quickly, you have a lot of issues. Investors want businesses that can scale rapidly. You need to show your investors in about 15 seconds that you have plans for using their investment to scale the business.

 

 

One of the mistakes I made during my presentation was focusing too much on how their money would be used to sell what we have already created. However, one of the investors told me he would have been far more interested if I could have shown him ways to scale the product within the next 6 months using his money.

 

 

If a product is not scalable, it’s a very risky investment. Risky investments are the last thing investors want to make unless the numbers are really favorable. Before you begin pitching, create crystal-clear ways to scale your product or service.

 

 

Punch Line

 

At the end of your presentation, you need to do two key things. First, you need to tell them how much money you are asking for and what equity you are willing to give them. Before you value your business at a ridiculous amount, be realistic.

 

 

Investors know what your company is worth and so do you. Don’t go into an elevator pitch unless you are serious about acquiring an investment. If you’re business is worth $100,000 and you’re looking for a $40,000 investment, expect 40% of your business to be taken.

 

 

It’s real simple math. The biggest reason why investors say no is because the entrepreneur tries to rip them off. Before you go into the presentation, know how much money you want, what you will do with their money, and what they will get in return.

 

 

Lastly, before ending the presentation you need to drop a punch line. Something that will make them remember you, your product, and why they should invest in you. Everything you have said for the last 2 minutes and 50 seconds is splendid, but the last thing you say needs to keep them up at night for not investing in you.

 

 

The last thing you say on the stage is what everyone will remember about your presentation. Finish strong and give everyone something to think about after you leave.

 

 

Conclusion

 

Walking away with an investment in 3 minutes is really an art. It’s more than just being a great salesman, you actually have to show value in what you say.

 

 

If you’re serious about locking in an investor in a short pitch, you need to employ a lot of the strategies mentioned above. You may not be successful the first few times because it takes a lot of practice to become good at pitching.

 

 

However, using the techniques mentioned above and a ton of practice, you can get an investment in less than 3 minutes like many others have. Good luck!

 

 

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