Entrepreneurship 02 (Jul 10 - Aug 15)

[winston]

4 Questions You Must Ask Before Starting a Business By Mark Ford,

If you’re tempted to start a business in a field you have never worked in, be aware that much of what you do in the beginning will likely be wrong.

Ask yourself if you have the resources—human, capital, and emotional—to push the business forward after you suffer from your mistakes.

There’s no better foundation than building on what you know. You might be drawn to the rush of something new and exciting, but your chances of success decrease with every step you take away from what you’re familiar with.

To improve your chances of success, I want you to ask yourself the following questions. And be honest, it’s better to discover that your business may not be right for you, or the market, earlier, rather than later.

1. Is my business idea something I truly love? Can I spend 15 hours per day working on it? For the next 20 years?

2. What demand is my idea meeting in the marketplace? Am I sure someone else hasn't already had this idea? If they have, are they making money at it? If not, why? How will my idea be different from theirs?

3. What evidence do I have that anyone will actually spend money to buy my product or service? (Remember, just because you think you have a great idea doesn't mean anyone else will.)

4. Do I actually know the business I'm considering? (Just because you eat at nice restaurants doesn't mean you're able to run a nice restaurant.)

If you want to be a successful entrepreneur, I say go for it. But do your homework and build on what you know.

Source: Palm Beach Letters

[winston]

5 Secrets to Startup Riches By Mark Ford

Mark’s core methodology for creating successful businesses:

1) Limit Your Preparation:

Before you start your business, make sure you understand what is required in terms of time and money. And understand too how you are going to discover your "optimal selling strategy." Do that but not too much more. Most small businesses fail because they never get started. Ready. Fire. Aim.

2) Be Frugal but Not Foolish:

Spend as close to nothing as you can on all the nonessential aspects of the business such as office space, furniture, business cards, and—most importantly—branding. Use 80% of your cash for discovering the optimal selling strategy.

3) Get Operational Fast:

The longer you spend planning your business, the less likely you are to succeed. That is not always true, but it's still a good rule to live by. Don't feel the need to perfect everything—including the product—before you begin. Your goal is to get operational quickly so that you can figure out how to bring in the cash.

Don't be afraid to imitate the marketing strategies and product ideas of other successful companies. But always be sure to have some element in your business that is uniquely your own. In starting your business, you are in a race: Can you develop sustainable cash flow before your capital disappears?

4) Cash Flow First:

Once cash is coming into your business every day, all other problems are soluble, because cash flow gives you the time to solve them. Cash flow is the oxygen of every small business. Do as the flight attendants advise: Get your own oxygen mask working before you do anything else.

5) You Are the Team:

Don't hire a big team at the outset. One or two partners/employees is more than enough. Keeping salaries low in the beginning has two important benefits. It keeps you alive longer, and it allows the core team to learn every important aspect of making the business successful.

And...

Don't quit your day job until your new business is putting more cash in your pocket than your day job. Be proud to be a "chicken entrepreneur."

Source: ETR

[winston]

“Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius…and a lot of courage to move in the opposite direction.”

- E.F. Schumacher

[winston]

"Pretend that every single person you meet has a sign around his or her neck that says, "Make me feel important."

Not only will you succeed in sales, you will succeed in life."

- Mary Kay Ash, Entrepreneur

[winston]

"Three components make an entrepreneur: the person, the idea, and the resources to make it happen."

- Anita Roddick

[winston]

How to Build a Multi-Million Dollar Portfolio By Dave Schools


Rule 1. Multiple Revenue Streams

"If you were to look at just one of the ten businesses I have, it would not be that impressive. It would provide for a simple, decent living for a small family, not much more than that. It’s an unglamorous yet stable, small and focused, profitable operation.

By itself, it’s basic and ordinary. You young, startup-crazy whippersnappers want something so high-profile and instantly viral. My businesses aren’t viral, but they help a specific type of person by providing a quality solution, over and over again.

Multiply a small, quaint, and profitable business by ten and you’ve got a diversified, multi-million dollar portfolio."

https://medium.com/entrepreneur-s-handb ... 8929c4e8c9

[winston]

Two Options for Scaling Up By Craig Ballantyne

Verne Harnish wrote one of the best business books. It’s called Secrets of the Rockefeller Habits, and you better read it.

Verne’s new book is called Scaling Up. You had better read it, too.

Method to our Madness

Here are the key sequences for scaling up a business:

Option #1:
Create products/services people can't live without -- are habit forming Crank up the new tools of sales and marketing to let the right people know
Design lean processes to execute on all the revenue you're generating
Learn from other highly successful people (billionaires) how to do all the above

Option #2:
Create a business model driven by recurring revenues (highest valued firms)
Bring together a brilliant team (that keeps getting smarter)
Craft a viral story that attracts the right % of the market
Execute, execute, execute
You can, and should, succeed with both to maximize profits and scale up.

Source: ETR

[winston]

"When you innovate, you've got to be prepared for everyone telling you you're nuts."

-- Larry Ellison

[winston]

How to build a “freedom machine” by Glen

The #1 complaint I hear from most new internet entrepreneurs is that their online business feels more like a JOB than a producing asset.

Many of them quit their day jobs with high hopes of living the dream, traveling the world, working whenever and wherever they want…

Yet the reality is, most are working longer hours and WAAAY harder than ever before.

Don’t get me wrong, this is 1000% worth it when you’re building something that inspires you and has the potential to make unlimited income…

BUT, it doesn’t have to be painstakingly difficult.

Your business really can be the ultimate “freedom machine” you hoped it would be.

So, in honor of this 4th of July, here are my 4 tips for creating more freedom in your business. After all, it’s what Independence Day is all about!


Tip #1: Avoid “Progress Paralysis”

As entrepreneurs, it’s common to focus A LOT on the grand vision of your business.

Chances are, you’ve spent months working on a new program, website, or some tech wizardry that will set you apart from the rest.

There’s nothing wrong with this mindset, in fact, being a visionary is absolutely critical to your long term success…

But you may be missing opportunities for immediate abundance right in front of you.

While it’s great to stay focused on the major milestones that will move you towards your vision, it can be very discouraging when you don’t see progress right away…

And this will stop you dead in your tracks at the first sign of a hiccup (which is bound to happen!).

Avoid “progress paralysis” but identifying where there is low hanging fruit in your business. These are the tasks that can be implemented quickly and are likely to have positive results – for both your bank account and confidence.

Maybe it’s running a promotion to your list, finding a new affiliate partner or testing a new traffic source…

Or, if you’re just getting started, look for ways to start building a list while you work on your bigger goals in the background.

Whatever it is, just keep moving!


Tip #2: Have A “Measurement Mindset”

One of my favorite business principles comes from Dan Sullivan of Strategic Coach. It’s called the Horizon Principle.

“Have you ever stared off into the distance? Maybe on the beach where the sea meets the sky, or on a wide open plain where the land stretches to meet sunset? Did you ever stop to think that though we’ve internalized the idea that the horizon itself exists, in reality, if you started walking toward it, you’d never reach it? The horizon is real, but only in our minds. It’s a mental construct that can never be physically reached."

The Horizon Principle is a metaphor for the ideals we often create in our lives and businesses…

And use to establish goals, motivate ourselves and measure our success.

However, just like the horizon, these ideals are impossible to reach because they are always shifting ahead. The result is a sense of constantly “falling short”.

In this scenario, how can we ever measure up?

The trick is looking BACK at the goals you’ve accomplished and celebrating your wins along the way – even the small ones!

Adopting a “measurement mindset” will shift your goal-setting experience to one of satisfaction, optimism, and confidence, rather than frustration…

And it will set you free.


Tip #3: Let It Go!

Another habit of type-A entrepreneurs is the belief that no one can do it better than you. Ever had that thought?

If so, it probably means you are working WAY too hard. No wonder your business feels more like a job.

The fastest way to success is to let go of perfection and delegate tasks you don’t NEED to do. Even if a virtual assistant could only complete the task at 80% of your proficiency, you’re still better off.

Not only will you have more time to focus on the big “needle movers” that actually require your time and attention…

But you’ll get to work ON your business, rather than in it.

Start by outsourcing the smaller tasks: calendar management, customer support, social media, technical tasks, administrative work, and local errands.

Once you’re comfortable with that, try bringing in team members to take over larger roles, like writing, blog editing, and project management.

You will be amazed by how much of your time opens up for creativity and strategy – the stuff that really moves your business forward.

Can you smell the freedom?


Tip #4: Have A Routine & Set Boundaries

When you can work anywhere, anytime… be careful NOT to work everywhere, all the time!

Running your own online business can be tricky for people who aren’t used to saying ‘NO’ and setting healthy boundaries.

Developing a routine and clear-cut rules around your work schedule is critical if you want to experience the true freedom your business can offer you.

Decide when you’ll work, and when you won’t…

When you’re available for meetings and when you’re not.

Part of this is actually scheduling time in your calendar for you! This could be time you spend at the gym, playing with your kids after school, or taking weekend trips with friends and family.

When starting a new business (or pushing to take your current business to the next level), your personal life can often play second fiddle to what brings home the bacon… and while this may be tolerable in the short term, I can promise you it will only lead to burn-out, resentment, and guilt.

So work hard, play hard, and rest hard.

Alright, there you have it…

My 4 tips for turning your business into a freedom machine, and just in time for the holiday long weekend.

Source: Abundant Entrepreneur

[winston]

8 Entrepreneurial Lessons From Chatime Malaysia CEO Bryan Loo That Will Get You Thinking

https://vulcanpost.com/315641/8-lessons ... bryan-loo/