WHAT IT REALY TAKES TO WIN IN BUSINESS

DONT GIVE UP!!!

By now you’re probably familiar with the fact that only 10% of entrepreneurs achieve business success.

The good news is that there’s really only one reason for this. The reason is: They give up before they achieve success!  But why do 90% of entrepreneurs just give up during the first three years of their start-up?

Well, because starting a business isn’t always easy. Sometimes it can take a year, two, or three until you’re truly up and running…until you’re truly “successful.” And most people don’t have the mental stamina to undergo those first few years of delayed gratification and intense hard work…hence the meager 10% success rate.

Thankfully, 99% of entrepreneurial success is purely mental (ie: not giving up), which means you can simply train and condition your mind to be stronger…so you don’t just give up right before achieving your success.

Here are 3 powerful ways to ensure your mental strength and stamina so you persist (even when the going gets tough) and ultimately achieve the real entrepreneurial success you deserve:

1 – Practice Rational Optimism. Guess what? Optimism has a curvilinear relationship with performance. This means the more optimistic you feel, the better you perform (in anything). However, if you’re too optimistic or irrationally optimistic your levels of performance actually start to decrease.

That’s because when you’re overly optimistic you might not even notice potentially damaging-to-your-business information…which means you don’t strategically address it. Entrepreneurs especially need to watch out for this because studies show that they tend to be more optimistic than non-entrepreneurs to begin with. After all, do you know how many people consider the idea of starting a business outright impossible? …That’s the point.

On the flip side, when you’re not feeling optimistic enough, you’re not even motivated to act because all you see are problems (that often seem bigger than they really are).

So, what’s an incredibly vital key to entrepreneurial success?

Stay rationally optimistic. This enables you to actually perceive potential challenges, problems, and setbacks as they arise, while still giving you the positivity and psychological stamina to effectively address them and grow bigger, better, and more profitable from them.

2 – Keep it honest. Believe it or not, honesty and ethics are gigantic components to business success. Your level of honesty as an entrepreneur influences everything from your corporate culture to the likelihood that you’ll receive repeat business. Studies show that one of the strongest factors to influence entrepreneurial success is actually your honesty factor and the degree to which you act ethically.

Negative values like dishonesty and saying ANYTHING just to get the sale not only harm the global marketplace but they also harm your bottom line…and often (rationally speaking), it’s only a matter of time before negative reputations catch up with business owners.

Solution: Keep your character and business values ethical and honest. Science reassuringly shows us again and again that it literally pays off to be a good person (not a martyr of course, but an honest, ethical, decent person). Now that’s worth millions!

3- Remember, stress and creativity don’t mingle well. As an entrepreneur you probably face tons of stress all the time. Our best advice: don’t sweat ANY of it. Why? Because the more stressed out you feel the less equipped you are to actually come up with creative solutions to the issues stressing you and your business in the first place.

The truth is that once your brain gets stressed it causes a chemical reaction that makes it nearly impossible for you to be creative. This means the more you’re stressed out (a lot or a little), the less you’ll be able to get the competitive, creative edge you need to thrive and succeed and business.

Best advice: Take it easy! Be Rationally Optimistic! Anytime you face a potential stressor in business, ask yourself: What’s beneficial about this for me / my organization? How can we use this to grow and progress ahead? What awesome benefit has this given us that we wouldn’t have received otherwise? These questions get your creative juices flowing in the direction of growth and progress

THE MIND OF A SUCCESSFUL ENTREPRENEUR

Characteristics of a Successful Entrepreneur

Guts: Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to start your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start your own business only to discover that it doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love. Brains: While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important. Capital: To start your own business you will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. In a future session you will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.

How To Start Your Own Business: A Step-by-Step Approach

Decide if you really want to be in business:

You will be putting some (not all, hopefully) of your net worth at risk when you take the plunge and start your own business. You will run the risk of becoming eccentric, meaning creating a life that is out of balance, with working hours taking away from other family or pleasurable activities. There may be levels of stress you have not experienced as an employee.

Decide what business and where:

Once you have decided you have the characteristics of a successful entrepreneur and that you definitely want to be in business, then you must decide which business is best for you and where to locate that business. Selection strategy is covered later on in this Session.

Decide whether to start full-time or moonlight:

There are some interesting advantages and some pitfalls in starting as a moonlight business. (That is, a business you start in your off hours while still working at your current job.) More often than not, the advantages of starting your business as a moonlighter outweigh the risks:

• You avoid burning your bridges of earnings, including retirement, health and fringe benefits and vacations.
• Your full-time job won't suffer if you maintain certain conflict of interest disciplines, including compartmentalizing your job and business into completely separate worlds.
• You can avoid conflict of interest with your job by choosing a business that is appropriate for moonlighting, such as: single products, real estate, specialized food, e-commerce, direct marketing or family-run operations.
• There are great advantages for operating a family business. The family can run the business while you are at work. You have a built-in organizational structure. You can teach your kids the benefits of being in business.

But there are also some pitfalls to consider in starting a moonlight business:

• There is a temptation to spend time at your job working on your moonlight business. That is unfair to your employer and should not be done under any circumstances. (You may need a family member or some trusted person to cover emergencies when you are at your job.)
• Another problem may be competing with your employer, which, again, is not right. Think of how you would feel or handle this employee if you were the boss.
• Any kind of conflict with your regular work can jeopardize your job and your moonlight business.
• Overwork and mental and physical exhaustion can also become a very real problem for moonlight entrepreneurs.

Selection Strategy

Selecting the wrong business is the most frequent mistake that start-up entrepreneurs make. Here is a checklist to help you select a successful one:

• Take your time and wait for the business that is just right for you. You will not be penalized for missing opportunities. The selection process takes a lot of planning and your experience and complete knowledge is vital for your success when learning how to start your own business.
• Don't tackle businesses that may be too challenging. It is better to identify a one-foot hurdle than try to jump a seven-footer.
• Try to identify a business that has long-term economic potential. Follow Wayne Gretzky's advice, "Go to where the puck is going, not to where it is."
• A big mistake can be an error of omission. This means you may fail to see an opportunity that is right in front of you.
• Look for a business that will grow in today's and tomorrow's markets. Many small retail stores are no longer in business because huge stores such as Wal-Mart and Home Depot provide more choices to the customer and often at a cheaper price.
• Follow the advice of Warren Buffett, Chairman of Berkshire-Hathaway Inc. and the most successful business picker in American history: Mr. Buffett looks for businesses that focus on a "consumer monopoly" with pricing power and long-term predictable growth prospects. Examples include: See's Candy's, Coca-Cola and Gillette Razors. Can you copycat this philosophy in a small way?
• Businesses to avoid are "commodity" businesses where you must compete entirely on price and in which you must have the lowest cost to survive. As Mr. Buffett has said, "In a commodity type business you're only as smart as your dumbest competitor."
• Most service businesses have pricing power.
• Should you bet on a business you don't know when you can bet on a business you do know?
• If you intend to manufacture a product, consider the pros and cons of contracting out production to a low-cost supplier. In other words, operate a "hollow corporation." A "hollow corporation" is a company that subcontracts manufacturing and packaging.

Things to Watch Out For:

Impatience Do not let overconfidence short-circuit you from analyzing your selection of businesses carefully. You must not fear of hearing the negative aspects; it is much better to be aware of them and face them early on. Be realistic. Do not become lured by high rewards. They will come if you choose the right business and if you understand every aspect of the business before you open its doors.

 Seven things you need to know before starting your business

"If I knew then what I know now, I would have done things differently."
Sound familiar? Many small business owners say this over and over again. like those of us that started roughly, it has become experience. No child would wish a child to take same rough route he/she took. Thats why you are having this expert advice. Some people will quote steve Jobs when he said"give you customers a products and make them like it" Yes its true, but not for a starter. As a budding entrepreneuer, always have it in mind that before your arival,many people have been there. So you are fighting a war to gain relevance. Business decisions is a very witty one. It should be calculated, and when its fair to you,its called success. Take a look at this list of things to think about before you get started.

1. Sell what your customers want.
Don't focus only on what you want. If you don't think about your customers, chances are they won't buy your product. Make sure you research your market to find out if your service or product makes sense and has a potential customer base.

2. Write a business plan.
This is the best way to attract investors and lenders for your business. A good business plan also helps you keep detailed records of your vision and goals. Write your business plan.

3. Know your strengths.
Focus on what you do well and leave the rest. You don't have to know all the answers and you don't have to cover all the bases. Be realistic about what you can and can't do. Remember, it's better to ask for help when you don't know something.

4. Do your research.
Use classes, seminars, books, and tapes to learn all you can before you start. If you don't know anything about running a business, there are plenty of free and low-cost classes, books, and tapes. Try your local library or bookstore, and ask around. Find out all you can about your market, your competition, possible locations, and what people want.

5. Live within your means.
You need to keep a close eye on your budget or you'll end up in serious debt or out of business very quickly. If you can't get everything you think you need right away, stop and rethink your plan.

6. Create a marketing plan.This is your key to attracting new customers. Map out how you want to get new customers to use your product or service and how you'll keep them coming back. You have to sell yourself to get people to come to you.

7. You can't do it all by yourself.
The more people you have helping you with the "little things," the more time you can spend growing your business. Don't be afraid to ask for help and advice from friends and family.
  
I am always ready to guide you to the river,just get your fishing tools lets go. Good luck.

Seven things you need to know before starting your business

 

"If I knew then what I know now, I would have done things differently."
Sound familiar? Many small business owners say this over and over again. like those of us that started roughly, it has become experience. No child would wish a child to take same rough route he/she took. Thats why you are having this expert advice. Some people will quote steve Jobs when he said"give you customers a products and make them like it" Yes its true, but not for a starter. As a budding entrepreneuer, always have it in mind that before your arival,many people have been there. So you are fighting a war to gain relevance. Business decisions is a very witty one. It should be calculated, and when its fair to you,its called success. Take a look at this list of things to think about before you get started.

1. Sell what your customers want.
Don't focus only on what you want. If you don't think about your customers, chances are they won't buy your product. Make sure you research your market to find out if your service or product makes sense and has a potential customer base.

2. Write a business plan.
This is the best way to attract investors and lenders for your business. A good business plan also helps you keep detailed records of your vision and goals. Write your business plan.

3. Know your strengths.
Focus on what you do well and leave the rest. You don't have to know all the answers and you don't have to cover all the bases. Be realistic about what you can and can't do. Remember, it's better to ask for help when you don't know something.

4. Do your research.
Use classes, seminars, books, and tapes to learn all you can before you start. If you don't know anything about running a business, there are plenty of free and low-cost classes, books, and tapes. Try your local library or bookstore, and ask around. Find out all you can about your market, your competition, possible locations, and what people want.

5. Live within your means.
You need to keep a close eye on your budget or you'll end up in serious debt or out of business very quickly. If you can't get everything you think you need right away, stop and rethink your plan.

6. Create a marketing plan.This is your key to attracting new customers. Map out how you want to get new customers to use your product or service and how you'll keep them coming back. You have to sell yourself to get people to come to you.

7. You can't do it all by yourself.
The more people you have helping you with the "little things," the more time you can spend growing your business. Don't be afraid to ask for help and advice from friends and family.
  
I am always ready to guide you to the river,just get your fishing tools lets go. Good luck.

Seven things you need to know before starting your business

 

"If I knew then what I know now, I would have done things differently."
Sound familiar? Many small business owners say this over and over again. like those of us that started roughly, it has become experience. No child would wish a child to take same rough route he/she took. Thats why you are having this expert advice. Some people will quote steve Jobs when he said"give you customers a products and make them like it" Yes its true, but not for a starter. As a budding entrepreneuer, always have it in mind that before your arival,many people have been there. So you are fighting a war to gain relevance. Business decisions is a very witty one. It should be calculated, and when its fair to you,its called success. Take a look at this list of things to think about before you get started.

1. Sell what your customers want.
Don't focus only on what you want. If you don't think about your customers, chances are they won't buy your product. Make sure you research your market to find out if your service or product makes sense and has a potential customer base.

2. Write a business plan.
This is the best way to attract investors and lenders for your business. A good business plan also helps you keep detailed records of your vision and goals. Write your business plan.

3. Know your strengths.
Focus on what you do well and leave the rest. You don't have to know all the answers and you don't have to cover all the bases. Be realistic about what you can and can't do. Remember, it's better to ask for help when you don't know something.

4. Do your research.
Use classes, seminars, books, and tapes to learn all you can before you start. If you don't know anything about running a business, there are plenty of free and low-cost classes, books, and tapes. Try your local library or bookstore, and ask around. Find out all you can about your market, your competition, possible locations, and what people want.

5. Live within your means.
You need to keep a close eye on your budget or you'll end up in serious debt or out of business very quickly. If you can't get everything you think you need right away, stop and rethink your plan.

6. Create a marketing plan.This is your key to attracting new customers. Map out how you want to get new customers to use your product or service and how you'll keep them coming back. You have to sell yourself to get people to come to you.

7. You can't do it all by yourself.
The more people you have helping you with the "little things," the more time you can spend growing your business. Don't be afraid to ask for help and advice from friends and family.
  
I am always ready to guide you to the river,just get your fishing tools lets go. Good luck.