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Why All Entrepreneurs Need To Fail Once….

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

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

 

1. Reality check

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

 

2. You must taste the bottom to enjoy the top

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

 

3. You come back stronger, smarter and better

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

 

4. Nobody wants to be remembered as a failure

 

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

 

5. It leads to something bigger

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

 

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

 

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

Characteristics of Successful Entrepreneurs

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

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

 

Can You Do It All?

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

 

Motivated Monster

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

 

Love to Learn

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

 

How Bad Do You Want It?

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

 

Teamwork

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

 

Passion

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

 

Stamina

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

 

Be Realistic

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

 

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

 

photo credit: HowardLake via photopin cc

Do Entrepreneurs Really Need Degrees?

There is so much talk about the importance of college and how it determines your future. As you all know, there really isn’t a specific degree that applies towards entrepreneurship. A lot of debate in recent months has been whether you really should continue going to college while working on your startup company.

 

Do Entrepreneurs Really Need Degrees?

 

There is so much talk about the importance of college and how it determines your future. As you all know, there really isn’t a specific degree that applies towards entrepreneurship.

 

 

A lot of debate in recent months has been whether you really should continue going to college while working on your startup company. As a 19 year old entrepreneur who is attending college simultaneously, I have mixed feelings towards this topic.

 

 

At this point of time, I look at college more as a back up plan for me if entrepreneurship doesn’t work out. It’s true, not many of the things I learn in the classroom have actually helped me in my entrepreneurial endeavors.

 
Being an entrepreneur requires a wide set of skills, which is extremely hard to get under one degree. You need to have the legal, business, communicating, and english skills to successfully tackle all the aspects of a startup company. That would require a minimum of at least 5 different degrees, which can take over a decade to acquire.

 

 

Learning Outside The Classroom

 

Majority of entrepreneurs have to do their learning outside of the classroom. With resources like search engines, online articles, libraries, and other public information available for free, anyone can find answers to their questions. You do not need to be taught by a professor or some other expert.

 
The resources to learn are available anywhere and everywhere with an internet connection. When you create your business, you are your own boss.

 

 

Nobody is going to come knocking at your door and ask you to show a degree or qualifications. As an entrepreneur, you build up credibility based on what you achieve.

 
As a young entrepreneur myself, I really did learn everything I know about business, law and even my industry through self study. I often felt like college was interfering and taking time away from what I could achieve from my startup companies.

 

 

All the information I gathered was from research that I did on my own time or from advice given to me by others.

 

 

What Do You Need A Degree For?

 

I truly thing for specialized practices such as law, engineering, or the medical field, you do need a degree and education before being able to practice. However, entrepreneurship cannot be taught and is something that is circumstance based. You will never hear someone tell a heart surgeon that it is okay if he or she fails in surgery.

 
However, entrepreneurs are always told that it is okay to fail as long as you learn something from the experience. Time and effort are the only things you lose from an entrepreneurial adventure whereas a mistake in the world of surgery can be the difference between life or death.

 

 

Do you think a college degree is important for entrepreneurs?

 

Leave a comment sharing your thoughts below.

Last-Minute Gift Ideas for the Entrepreneur

With Christmas just around the corner, many of us (including myself) are doing some last-minute shopping. As an entrepreneur, most of us typically aren’t interested by the ‘usual’ gifts.

With Christmas just around the corner, many of us (including myself) are doing some last-minute shopping. As an entrepreneur, most of us typically aren’t interested by the ‘usual’ gifts.

 

I was curious to see what other entrepreneurs wanted for the holidays so I decided to find out. After doing a fun survey that got over 100 responses, I was intrigued by the results.

 

Many people wanted exactly the same things! Thus, I decided to share my results to help the friends and loved ones of entrepreneurs.

 

Here are a list of the 10 most popular gifts entrepreneurs wanted this holiday season:

 

1. Apple – iPad

 

Over 95% of entrepreneurs placed the i Pad near the top of their Christmas wish list!

 

2. Flip Cam

 

Video blogging is going to kick into a whole new level in 2013 because 90% of entrepreneurs also had the Flip Cam at the top of their wish list.

 

3. Coffee Gift Cards

Entrepreneurs stay up all night and work all day, so it only makes sense that 75% of them wanted gift cards to their favorite coffee houses.

 

4. Nice Blazer

 

Over 70% of respondents wanted a nice blazer or jacket so that they can elevate their fashion game in 2013.

 

5. Luggage

 

Entrepreneurs are always traveling and take a LOT of stuff with them so it’s no surprise that 50% of them want some durable luggage.

 

6. Liquor/Wine

 

We work hard and we play hard! 50% of entrepreneurs wouldn’t mind having some liquor and wine to stock up their cabinets.

 

7. Gym Membership

 

40% of entrepreneurs want a gym membership so they can stay fit and keep up with their new years resolutions!

 

8. Watch

 

30% of entrepreneurs responded by saying a new watch was also on the top of their Christmas wish list.

 

9. Comfy Chair

 

15% of entrepreneurs wanted a new chair that would help rid them of back and neck pains.

 

10. Vacation

 

Who can’t use a vacation! 10% of entrepreneurs felt like a nice vacation would help rejuvenate them for the new year.

 

Conclusion

 

As you can see from the list above, entrepreneurs are pretty complicated people to shop for. They aren’t satisfied by the typical holiday gifts most others are! However, this list chimes in to show us what the most popular gifts for entrepreneurs are.

 

The 5 Biggest Myths About Entrepreneurship

It was only about 2 or 3 years ago that I really knew what an entrepreneur was. I was always an entrepreneur at heart, but I didn’t really know about the term until recently.

It was only about 2 or 3 years ago that I really knew what an entrepreneur was. I was always an entrepreneur at heart, but I didn’t really know about the term until recently.

 

 

As the term ‘entrepreneur’ becomes more and more popular, people tend to believe more and more crap about it. As an entrepreneur with a bunch of friends who are in college, I’ve had a lot of people come up to me saying absurd things.

 

 

For some reason, many people believe the title of ‘Entrepreneur’ automatically entitles you to wealth, fame, and fancy parties with nice views. Boy are they wrong!

 

 

Here are the 5 biggest myths about entrepreneurship:

 

 

1. Entrepreneurs Have It Easy

 

Okay seriously, this is not true. When someone says this to me, I literally want to punch them in the face! Spend a day in the life of a true entrepreneur and you will know how difficult it really is.

 

 

Entrepreneurs do not HAVE it easy. They are happy, passionate, and satisfied because they’re doing what they love, but it’s NOT easy. The struggle, obstacles, and grind that people face on a daily basis make it anything but easy.

 

 

2. Entrepreneurs Are All Rich

 

For some reason, all my friends assume I’m rich just because I own a couple companies. However, just because you own a company does NOT mean you’re rich. In fact, most entrepreneurs are on the opposite side.

 

 

As an entrepreneur, you’re typically cash strapped and broke. Mark Cuban often says, “I used to eat ketchup and mustard sandwiches for years as an entrepreneur, it was tough.” Entrepreneurs tend to gamble and put all their money into their businesses. If anything, they barely make it day to day and have very little liquid money.

 

 

3. We Only Care About Money

 

The entrepreneurs who only care about the money typically tend to fail. Entrepreneurs chase dreams, goals, and their vision before they worry about money. I personally love to solve problems that people face with unique solutions.

 

 

Every entrepreneur has a different reason for doing what he/she does on a daily basis. Very few successful entrepreneurs only do it for the money. Most of us care more about helping others, changing the world, doing what we love, and having creative freedom.

 

 

4. Entrepreneurship Is A Last Resort

 

My family in India believes that ‘Entrepreneur’ is a fancy term for unemployed, broke, and future-less. It’s not just them, but many other people feel the same way. However, entrepreneurship to many is a choice.

 

 

I have friends who can get high paying corporate jobs, but choose to be an entrepreneur because it suits them better. If I was ever to be offered a job working under someone, I would reject it in a heartbeat. Entrepreneurship is my first choice and that’s why I do it.

 

 

5. You Can’t Do It Without Venture Capital

 

Venture capitalists have made a name for themselves in recent years. For some reason, everyone thinks you need Venture Capital to succeed as an entrepreneur. I personally think Venture Capital is evil.

 

 

I would do everything possible to succeed without VC money. Many people including new entrepreneurs feel like they HAVE to raise venture capital otherwise their company will fail. Some of the greatest businesses have been angel-funded, self-funded, or bootstrapped and succeeded.

 

 

Bonus – Zuckerburg or Bust

 

I was at a mixer one night talking to a lawyer (who graduated from Harvard, believe it or not) and he was impressed by my ventures. He told me, “You’re going to have to be the next Zuckerburg.” I was perplexed by his response.

 

 

Unfortunately, I’ve gotten similar responses like that from so many people. Everyone says that you as an entrepreneur have to be the next Zuckerburg. I will do no such thing. I will be the next Jeet Banerjee. Everyone expects you to be the Next Zuckerburg, but you should be the best you.

 

 

Conclusion

 

Being an entrepreneur has it’s ups and downs. People judge a book by a cover and put labels/identities on you that aren’t always true. However, we as entrepreneurs LOVE what we do and will continue to do it anyway! Share this article around and let the non-entrepreneurs know the real side of entrepreneurship.

 

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Effective Outsourcing: How to get the most out of Virtual Assistants

Outsourcing has become a popular phenomenon in recent years, but many people fear it. When I started my first company at the age of 17, I outsourced everything I did.

Outsourcing has become a popular phenomenon in recent years, but many people fear it. When I started my first company at the age of 17, I outsourced everything I did.

 

 

From the leads I generated to the website design and development, it was all done through streamlined outsourcing. At one point, I had an office/company in another country with over 15 employees working virtually.

 

 

Outsourcing gives you many different options. One of the more common options are virtual assistants. I’ve had the same one for almost 3 years now and he’s one of the main reasons why I’ve been able to grow so rapidly.

 

 

Here are tips and strategies to get the most out of virtual assistants:

 

 

Robotic Focus

 

Typically, people count on assistants to help them with all kinds of different things. Unfortunately, virtual assistants aren’t so dynamic. You have to keep them focused on a few tasks to get the best output.

 

 

My virtual assistant started off as my lead generator. He had a very clear set of instructions and that was his job from 9 AM to 3:30 PM everyday. He did nothing else, but generate leads as per my instructions/technique.

 

 

No matter where I was or what I was doing, I was picking up tons and tons of leads. This was possible because I taught him one thing and had him repeat it every single day. He only got better as time went along!

 

 

It’s very important to keep your virtual assistant focused on a few specific tasks. They are most effective when they are able to learn one thing and implement it for a long period of time.

 

 

Measure Progress

 

With everything I did, I made sure I could monitor my virtual assistant at all times. I never gave him something to do that I couldn’t measure easily. If you sleep on your virtual assistant, they will sleep on you.

 

 

Always delegate tasks or work that you can easily monitor and measure their progress on. When my virtual assistant was generating leads for me, I had a tracker telling me exactly how much time he spent working.

 

 

Clear Communication Channel

 

Communication is tough with a virtual assistant. It’s extremely difficult in the beginning, but it gets easier as time goes along. I HIGHLY recommend you hook your virtual assistant up to an instant messaging program like Google Talk or Skype, so that you can always be in touch with them.

 

 

My virtual assistant is hooked up on Google Talk and we message each other when necessary. It also notifies me if he goes idle or away from the desk, which also helps me monitor him.

 

 

I even used a lot of TeamViewer to show my virtual assistant exactly how I wanted him to do things. Instead of talking to him on the phone about what I wanted done, I showed him live. I felt like the time spent with my virtual assistant on TeamViewer really expedited his learning curve.

 

 

Reward Performance

 

My virtual assistant gets additional bonuses and rewards for performing. When he was generating leads, I gave him an extra $50 for every lead I converted into a customer. That gave him motivation to work before and after hours to generate as many leads as possible.

 

 

Currently, I give my virtual assistant a new gift of his choice each month if he meets my monthly goals. Just a month ago, he earned himself a video camera for hitting the monthly goals and it was only possible because he spent weekends finishing things up.

 

 

If your virtual assistant is working hard, you need to reward them. Not only that, but take some time out of your busy day to acknowledge it and thank them! They are human beings after all and enjoy the same compliments anyone else would.

 

 

Explain Why

 

I used to give my virtual assistants things to do, but I never told him why. I just assumed he understood and never cared to dive in deeper. Turns out, he really had no clue why he was doing it so the effort he put in was very minimal.

 

 

I took some time out to explain to him why he was doing what he was doing and he was ecstatic. Virtual assistants like to feel like they’re important and bring value to the company.

 

 

Always take some time to explain why you’re making them do it and how it benefits the company. The level of effort will be much higher and you’ll be happier for it!

 

 

Make Them Work In Your Hours

 

Many virtual assistants are weary of staying up all night working, but it’s best for the both of you. I started off by hiring a virtual assistant who worked in Indian Standard Time (12.5 hours ahead of my time) and things went horribly.

 

 

Not only was it hard to communicate, but I really didn’t know what she was up to. I asked her to work during my hours and she quit. While many virtual assistants are going to be against it, it’s best for you!

 

 

Find someone willing to work during your office hours (even if it costs a little more) and hire them. A virtual assistant is most effective when you can stay in direct contact with them, which is typically during the daytime.

 

 

Conclusion

 

Managing a virtual assistant isn’t a piece of cake. However, when you need to cut costs and get work done, they are the most viable option. Feel free to share your best tips on how to get the most out of virtual assistants.

 

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12 Ways To Be A Memorable Startup CEO

Nowadays, everyone wants to be a startup CEO, but how do you become a great one? That was my question this week and I sought out to find an answer.

Nowadays, everyone wants to be a startup CEO, but how do you become a great one? That was my question this week and I sought out to find an answer.

 

 

CEO is a whole lot more than a title, which is something everyone should know. CEO is a title that comes with great responsibility. After reading numerous books, studying the greatest CEO’s in history, and getting advice from others……..I truly know what makes a memorable startup CEO.

 

 

Here are 12 ways to be a memorable startup CEO:

 

 

1. Live and Breathe the Vision

 

The CEO’s job is to make sure everyone is sticking to the vision. Startups that stray away from their vision lose focus and often end up failing. Great CEO’s know what the vision is and makes sure everyone else in the building is executing the vision.

 

 

2. Be Open and Honest

 

A memorable startup CEO is one that is brutally honest regardless of the situation. Honesty is something every startup needs in order to be successful. You cannot build a thriving startup on lies and it’s the CEO’s job to give out that message from his/her own actions.

 

 

3. Learn to Trust Others

 

Even though there are a lot of crooked people in the world, there are equally as many good people out there. Startup CEO’s must understand they cannot conquer the world on their own and must put trust in the hands of others. Set limits, but be willing to share responsibilities with others.

 

 

4. Be Respectable

 

What you say and what you do clearly defines you and your business. As the CEO of a startup, people look up to you. If you lose the respect of your team, you lose everything. A good CEO knows that his actions, decisions, and words must be respectable and genuine for others to believe in them.

 

5. Say No To Everything

 

Most startups have very little money to throw around. Good CEO’s know what the company needs and doesn’t need. If anything deters from the ultimate vision, the CEO knows how to say ‘No’, regardless of how good the offer may sound.

 

 

6. Be Tough

 

I’m a perfectionist and my developers, designers, and team hate me for it very often. Even though they dislike me for the constant changes, I strive for perfection because my startups must have the very best. CEO’s have to be tough and need to do everything possible to get the best output.

 

 

7. Carry the Company Through Lows

 

It’s tough to put on a smile when your business isn’t doing great. Even though CEO’s don’t always need to put on a ‘fake’ smile, they need to motivate and inspire their team to continue working hard. A great CEO knows how to manage and motivate their employees through despair.

 

 

8. Give a Damn About People

 

Most CEO’s are strictly focused on work and how much money they can make. While that will get you good results at first, eventually things will fall apart. You have to care about your team, employees, and partners. It’s important for a CEO to have a heart to heart conversation with their team from time to time.

 

 

9. Be Open-Minded

 

Great CEO’s understand they aren’t always right. The toughest thing for a leader to do is to admit they’re wrong. You need to hear out others and do what’s best for the company even if it’ll hurt your ego a bit. Be willing to listen to others and make decisions based on the benefit of the company.

 

 

10. Be a Great Communicator

 

CEO’s are leaders and visionaries of a startup. They have to convey so many different messages in order to be successful. Whether it’s sharing your message to the public, customers, or your team, everyone looks upon the CEO to be a great communicator.

 

 

11. Know When Change Is Needed

 

CEO’s need to understand when something is not working. There always comes a time where a change needs to be made. The quicker you understand and react, the smoother your business moves. A memorable CEO is one who can predict a cloudy day and act on it, before it ever happens.

 

 

12. Don’t Take All The Credit

 

As a CEO, all the attention (good or bad) falls upon you. When times are good, CEO’s take all the credit and forget about their team. A respectable CEO is one who understands that he/she could not have accomplished anything without others. Give credit to others when credit is due.

 

 

Conclusion

As you can see, some of the greatest entrepreneurial leaders have been able to manage the fort. In order to manage the fort and be a memorable startup CEO, you need to do a lot of the following things. basta online casino bonus