I can Create Business

Entrepreneurship and How It Makes You a Better Person

Entrepreneurship has traditionally been defined the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale.

The above written lines state the meaning of the word entrepreneurship as per the widest searched platform on the internet, Wikipedia. But, the question is, does it really mean only this much or is there more to entrepreneurship. Let’s explore.

When you design a service or a product and think of launching it in the market, does it really just take that idea and the work is done? We sure know for a fact that this is not and can not be the case. It takes a lot more than just an idea to be running a successful business. The initial few phases of launching a startup are nothing but utter chaos. Also, understanding the responsibility takes some time. With time, the attitude towards life changes and also a sense of how to get things done is developed.

Let’s delve into what transformations you go through when you go from a common man to an entrepreneur. Let’s discuss what changes exactly you face within yourself and how you become a better human being. Being an entrepreneur grows on you, it makes its own personal space inside you or rather turns out to be a shelter and you find yourself engrossed in that space.

1) Value for money

If nothing else, your idea will first teach you what those crispy notes mean. It will make you understand the blood and sweat your forefathers had to shed to earn those sweet moments for you. Managing your product at a competitive price in the already high paced market and that too with some amount as profit margins will teach you how intricate running a business actually is. You will run from one place to another in search for a deal that saves you just another penny on your product because you understand how multiplication of that single penny will increase your profit margins.

On a personal level, you will not spend money on anything you feel you can go ahead without. All your savings from now will only be to fulfil your dream of a successful business.

2) Instinct

Welcome aboard your another board member, your INSTINCT. This is the only one thing that will guide you along in your career from now on. All your decisions will be based only on this. Your friend, your guide, your philosopher, your instinct will take you through all the ups and downs in your career. The only thing you need to do, is trust it and hit the target in the right direction. There will be partners, investors and a lot more people around you with their opinions, but when you get struck, choose to be your own boss and do what your heart says is correct.

3) Clarity of thought

Being the founder, you will be the single point of contact for a lot of people initially. All your teams, investors, partners, customers will seek guidance from you and this will need you to be clear about what you want from them. The process will instill a better picture of how to run your business and gradually you will be able to anticipate the changes in the market and stay ahead of the game.

4) Being practical

It’s all about the numbers in the end. Being practical is the only key to doing your business right. What will make or break your efforts is the reports you’ll generate about how well or swell are you. Practicality will be your best friend and emotions would not stop you from doing what needs to be done. After all, change is the unchangeable law of nature and you too have to adapt to what the circumstances demand.

Are You Willing to Risk Big to Build Your Business

We hire coaches and mentors for a reason; to stretch us, take us where we have yet to go and remind us of the little things that add up to big outcomes.

Personally, I hire experts to push me and encourage me to take risks (and big ones at that). What I fail to understand is when someone hires a coach and either never shows up for their calls, in-person masterminds, VIP Days or whatever is offered as part of the package. This truly boggles my mind.

Then there are the people who do take advantage of what’s being offered, but never take any of the recommendations to heart. What a complete waste of time and money. If you’ve hired someone for their expertise, be willing to put their ideas into action.

One of the greatest benefits of having a really strong mentor is the trickledown effect. What this simply means is: what we learn from someone else, when we apply it and get a result, we are able to teach others.

I’ve been hiring business coaches for years. Although I have a successful business, hiring a mentor gives me the opportunity to bounce ideas around with a trusted advisor.

A few years ago I hired an incredibly successful coach who is all about using the phone, live events and a multipronged approach to generating revenues.

On one of our coaching calls, it was recommended to host an open Q&A call on a Saturday. I got my marching orders and did exactly what my mentor recommended.

Not sure if I would get a result with people showing up, I sent a message out to my list to let them know all they needed to do was hop on the phone. No replay, no opt in, just show up.

Admittedly, I was a bit frustrated with less than 10 people showing up for the call. Yet, I gave those few people my all.

It was a pure Q&A call with one offer at the end; an in person mastermind event limited to 10 people.

One woman on the call jumped at the chance to join in on the mastermind. Not only did she pay for the mastermind, she went on to sign over $37,000 in coaching services with me. All from one small group call.

Here’s the deal… had I decided to ignore my coach’s suggestion, I would not have signed the client.

By being willing to be willing, and knowing this was why I hired this powerhouse coach in the first place (to get me out of my head, into action and stretch myself) I have had some incredible results in areas that I had not been focusing on.

Sometimes we don’t see the immediate results on things we do, but when we do the footwork, something gives.

Yet, how often do people talk themselves out of doing something without giving it 100%? And how much money and opportunity are they leaving on the table as a result?

Bottom-line is this; we have to be willing to take risks, have a multipronged approach to how we market our products and services and more than one way to generate revenue.

To have one, and only one way to bring in business is a huge mistake. To not risk keeps us safe… and broke.

The best thing to do is have short-term and long-term goals. With the short-term goals, make a commitment and stick with it.

Are you willing to do things differently? Are you willing to step out of your comfort zone? Are you willing to risk big to realize big rewards?

If you said no, maybe you are not cut out to be an entrepreneur. If you said yes, way to go. That’s what it takes to win big.

Actionable Tips To Remain Positive As An Entrepreneur

Actionable Tips To Remain Positive As An EntrepreneurMany people believe the main issue in their life is their income and that by changing their income they will change their life in such a way they will be happy. But first, you must change your mindset, while will then change your income and ultimately your life. It must be done in this particular order, much like planting a garden, to get the results you want.

As an entrepreneur, there will always be setbacks, so you must re-visit these steps on a regular basis.

1. Get Ride Of Your Addiction To The Outcome:
This is probably the most important mindset change you can make. It doesn’t matter what kind of business strategy you are using, when you are no longer dependent on the outcome, you can become more positive. This gives you the appearance of a leader in the eyes of your prospects and is exactly what other people are looking for.

2. Actively Work On Your MindSet:
How you do this is personal to you. You may find it by reading or listening to motivational books, meditating, yoga or exercise. Maybe you feel more positive when you talk to certain people in your life on a regular basis, or it may be a combination of many things. Whatever helps you remain positive, do it on a consistent, regular basis. This is something every successful leader works on all the time.

3. Stop Comparing:
Most everyone is guilty of this. Remember that everyone starts from the beginning. Every successful person goes through their own struggles. If you compare yourself with others, it will hold you back.

4. Keep Focused On Who You Want To Become:
This is slightly different from your why. Keep doing the daily activities that will get you where you want to go.

5. Learn How To Become A Happier Person:
No matter what, if you are generally feeling unhappy, it is impossible to have that positive feeling. You actually can become a happier person in general by developing strategies to overcome this. Learn to see things from another point of view and give up the need to be right all the time.

6. Quit Holding On To The Past:
Accept what has happened in your life and move on. Move forward. Things are going to happen and you must learn to simply move on. Learn to separate your business success from whatever is holding you back.

7. Smile! Laugh! Relax!
Give yourself a much-needed break from time to time. Have some down time and reward yourself when you reach small goals you have set for yourself.

These are actionable tips you can start today.

To become successful as an entrepreneur, you must first change your mindset before you change your income, which will have an impact on your life. Trying to go through these steps out-of-order simply doesn’t work. Once you change your mindset, the rest will follow.

Being an Entrepreneur

An entrepreneur can be defined as someone who is in control of his or her own destiny and who makes things of economic consequence happen.

To be an entrepreneur you have to have a particular kind of mindset. That is, you have to have; 1) a strong desire, 2) perseverance, 3) initiative, 4) persuasive skills. 5) a winning attitude and 6) a bottom line mentality.

To begin with you should write down your concept as to what you economically want to do as precisely as you can in only one paragraph. But in doing this you have to watch out for the various traps that exist in developing a concept. They are; 1) it won’t work, 2) you can’t make any money on it, 3) there is no market for it, and 4) there can be unpredictable customer behaviour. But also remember this; that the customer has to pay at least 5 times the direct cost of a product.

Now there are three types of Business entries that you should consider. They are; 1) starting from scratch whereby you should be prepared to take 5 to 8 years to start a business, 2) buying an existing business whereby the risks are less by saving time (1 year) for the business to be operational, buying cheaper assets, and by assuming cheaper financing, and/or 3) in buying a franchise whereby the risk would only be about 30%. Also you could be an Entrepreneur within a company as well.

The ideal business actually should have; 1) no investment, 2) an identifiable market, 3) a low cost supply, 4) minimum government regulations, 5) good price-cost ratio, 6) frequent buyers, 7) favourable tax treatment, 8) a good distributing system, 9) news value, 10) technical fashion obsolescence, 11) perishability and, 12) weather proofness

Three types of business plans should be written once your concept of a business starts to materialize. They are; 1) The Feasibility Plan, 2) The Operational Plan and, 3) The Financial Plan. Financing for the business could be accomplished by; 1) cash from customers, 2) sub-contracting, 3) your own money, 4) borrowing (from as few as possible) or 5) by leasing.

The Management team, if you decide to assemble one, should include; 1) the creator, 2) the driving force, 3) the marketer (the marketing strategy should be to find the competitive edge either in quality, price, or service) and, 4) a financial expert. Then you should give each of them part of the rock and teach them to listen to others.

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