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If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons

While everyone seems to have a good business concept, few ever execute their ideas successfully.
If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons
By: Alejandro Saracho

One of the main objectives of creating a business is related to the generation of wealth: for the environment, for society, and for the business owner.

The generation of wealth is related to money and its correct management. Many entrepreneurs start their business as operators or technicians and never delve into money management. That makes their businesses stay small or not survive over time.

That is why I decided to write this article entitled “7 secrets of money to undertake successfully”:

1. Entrepreneurial Mindset

Many people think that all they need to start is a good idea. Unfortunately, it is not like that, good ideas abound everywhere and are destined to die if you do not have an entrepreneurial mindset.

Creating a new business requires hard work, high tolerance for frustration, being willing to carry on when it seems like all is lost, implementation, implementation, and more implementation. But above all, it requires an obsession to achieve your dreams, more than an obsession to generate money.

If you look for money, your chances of success will decrease (because at the beginning you won’t have it). If you seek to transform people’s lives and make a change on the planet, money will come as a consequence.

So do you or do you not have an entrepreneurial mindset?

2. Viable Business Model

Most people who start a business become obsessed with their brand and their product, and this is one of the most common mistakes I see in entrepreneurs. Your brand and your product are worth nothing unless they show that they are capable of generating money.

  • First: you need to make sure that someone is willing to buy your product/service. Describe who your valuable customer would be, approach people who meet the characteristics, and see if they are willing to buy.
  • Second: you need to develop your business model — that is, know how to interconnect all parts of your business. You need to know how you are going to attract prospects, how you are going to convert them into customers, how you are going to produce and deliver your product or service, how you are going to charge, and how you are going to pay. When you have it assembled, you will realize that your model requires money to function. Those are your costs and your expenses.
  • Third: you need to make your financial statements or your numbers and make sure that your business is profitable and scalable. You find profitability when you calculate your sales minus your costs and minus your expenses. You find scalability when you validate that there are many people who meet the characteristics of your valued customer, that you can serve them through your business model, and that you have enough money to start and maintain it.

If you meet these three points, we can say that your business is viable. If you realize that it is not, you can adjust your business model as long as you validate that someone is willing to buy what you offer.

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3. Absolute Austerity

One of the mistakes people make when starting their business is that they buy and overspend. They look for the best computer, the best offices, the best car or they use their money on things that are not directly related to generating sales.

A principle that Carlos Slim uses that I highly recommend is called Absolute Austerity. When you buy something, make sure that it is directly related to the generation of sales.

If you need a computer, ask yourself which computer meets your basic needs (not which one meets the needs of your ego). And ask yourself, if I buy a more expensive computer, will this increase my sales?

4. Cash Flow

Cash flow is the gasoline that drives businesses. Many businesses that are highly profitable (that is, that generate profit), die because the entrepreneur or business owner did not know how to manage their cash flow.

There are three levers that I recommend to manage your cash flow well:

  • The first: charge before and pay later. In this way, you can finance your business with the money of your clients, instead of you becoming their bank.
  • The second: handle low inventories. One of the places where your money gets stuck is in inventories if you have too much of it. Try not to give in to the temptation to buy too high a volume for a discount.
  • The third: reserve of protection. Try to have enough backup money to pay for one to two months of business. There are always fat cows and skinny cows. When you don’t have the money to pay for the lean operation, a profitable business ends up going out of business.

5. Reinvest Your Profits

One of the temptations of the entrepreneur is to spend his earnings as soon as they arrive. My suggestion is to reinvest them in the same business. You can use them to attract more prospects with marketing and sales or to streamline your operation and lower your costs and expenses.

Until when should you reinvest your earnings? Until you have reached a good critical mass and the business can operate even without you.

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6. Plan Your Transition

One of the questions that I get asked the most is: when is the right time to quit my job and dedicate myself fully to my business?

The answer is when your business is able to generate enough money (consistently and constantly) to replace the salary that your work generates.

It is important to plan the transition with clear goals and objectives. In such a way that you say: in six months the business must leave me this amount of money. When I reach this amount of money I will quit my job. This way you will know where to focus and when the transition will occur.

And I know that many entrepreneurs are kamikazes and are willing to quit right now.

Can you do it and achieve it successfully? Of course. However, if you want to avoid or lessen the impact of entrepreneurial trauma and emotional crises, I recommend planning your transition.

7. Continuous Learning

This part is essential for any entrepreneur. You need to be willing to continually learn if you want to be successful. If you don’t like learning, maybe entrepreneurship is not for you because, in a short time, you will become obsolete and the business will end up failing.

Now, there is a type of education for every purpose.

  1. If you want to learn to be a better collaborator in a company, you need to consider academic education (such as masters, diplomas, specialties).
  2. If what you want is to learn how to generate better results in your business, what you need is focused education (such as conferences, seminars, workshops).

The difference between the two is that the first gives you a lot of theory (and takes a lot of time) and teaches you how to run someone else’s business and the second teaches you implementable principles (in a short time) and teaches you how to run your business.

What is the first thing that I recommend you learn? To manage your money. To manage your personal finances.

Business money is a reflection of how you handle your money. If you learn to do it, you will achieve that your business generates sustainable results.

Related:

30 Ways to Become a More Successful Entrepreneur (neilpatel.com)


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How To Change Your Life

The Two Meetings with Gary Vaynerchuk That Changed My Life

Four lessons in life and business with one of the world’s savviest marketers.

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The Two Meetings with Gary Vaynerchuk That Changed My Life
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ENTREPRENEUR LEADERSHIP NETWORK CONTRIBUTORCEO of SJECGlobal.com

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September 21, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.


Savvy entrepreneurs are familiar with Gary Vaynerchuk books like #AskGaryVeeCrush It and Crushing It. Those in the social media world know Gary Vaynerchuk as a brilliant marketer and entrepreneur. I had the opportunity to see Vaynerchuk speak before he was a social media phenomenon with eight million Instagram followers, and the lessons he taught that day are ones I still reference today.  

It was 2007, and I was one of a group of 300 entrepreneurs who saw Vaynerchuk at his very first public speaking appearance. We had heard of this crazy Russian with the funny name, but none of us knew what to expect. I remember sitting there listening to Vaynerchuk speak and thinking, “This guy is amazing – but I have no idea what he’s talking about.”

Social media was still a burgeoning industry in 2007, and frankly, pretty much his entire talk went right over my head. So he finishes with his speech (no notes or PowerPoint, of course) and then says to the audience: “Any questions?”

I looked around the room, and there was an awkward silence. No one raised their hand. So I slowly put my hand up. Vaynerchuk calls on me. I gulp.

I said, “Well Gary, everything you just said was brilliant. But I have no idea what you just said.”

The audience burst into spontaneous laughter and applause. I think a lot of other people were thinking what I was thinking and were glad I spoke up. Vaynerchuk’s response is just one of the brilliant lessons he’s taught me in the decade-plus since then. 

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Give away your content for free

When I asked the question, Vaynerchuk didn’t miss a beat. He says to me: “What do you do?”

I said, “I’m a business coach. I help entrepreneurs grow their business and have more financial freedom and time freedom.”

He says, “Perfect! Do you sell books, online courses and coaching programs?”

I said yes.

He says, “Great! Now I want you to start giving away all that stuff for free.”

I sat there, dumbfounded. Remember, this was back in 2007. Today, everyone gives away content to bring attention to their brands and companies. But back then, it seemed like a new concept, at least the way he was saying it. 

Long story short: I followed Vaynerchuk’s advice. (My momma didn’t raise no dummy.) I started giving away my content on platforms like FacebookYouTube, in videos, on my blog and on podcasts. Following his advice has become one of the cornerstones of my customer acquisition model, arguably the most important one.

Related: The Headline That Made Gary Vaynerchuk’s Head Explode

Put family first

Soon after that first life-changing meeting with Vaynerchuk, I had a second opportunity to spend time with him — this time, when I hosted him in my car. Vaynerchuk was about to go on his very first book tour, so I called his office, asked for his assistant and told them: “Hey, I’m a huge Gary Vee fan, and I’d love to host him while he’s here in Ohio.”

His assistant said, “Great! We were actually looking for somebody to do that.”

“I’m your man!” I said.

I remember how focused and driven Vaynerchuk was, but the thing that stood out to me the most was how he put family first. Vaynerchuk would take phone call after phone call — with CEOs, celebrities, his staff. Because he was in my car, I couldn’t help hearing his end of the conversation. During many of these important phone calls, he’d say this: “Sorry man, I gotta call you back. My wife’s calling.” Then he would click over to speak with his wife, and without the slightest hint of irritation, he’d say: “Hi honey, what’s up?”

Vaynerchuk’s Twitter profile says “Family First,” but that’s something many people in our industry say without actually following through. But I can tell you from firsthand experience that Vaynerchuk does indeed put his family first. 

Related: Gary Vaynerchuk and 8 Business Moguls Reveal Their Secrets for Building an Unstoppable Brand

Be present

One of the other things I noticed during that trip was how Vaynerchuk never hurried anyone. He was exactly the opposite of many of the divas you see on social media today. For example, after his book signing, I took him to a party that was held in his honor and filled with “Vayniacs” (passionate Gary Vaynerchuk fans).

You might expect the guest of honor to be “too busy” or “too important” to talk to everyone. Well, in many cases, you’d be right. But not our man Gary Vee.

Nope, Vaynerchuk took the time to talk with every single person who wanted to talk with him, no matter how long it took. He was completely present with each person. He looked them in the eyes and really listened to what they were saying. 

Related: Gary Vaynerchuk Is Showing Us How to Make It as an Entrepreneur

Be yourself

One big lesson I learned from spending time with Vaynerchuk is that you have to be yourself (as cliché as it sounds). I swear I’m not making this up, but in the two days I spent with him, I never once saw him go to the bathroom; he ate about enough to fill a hummingbird; and according to his schedule, he slept maybe four hours a night.

I finally asked him about that, and he admitted, “I’ve always had a weird metabolism. I don’t need to eat or sleep much.” (I didn’t press him about the bathroom part.)

That might work for him, but I eat like a horse and need sleep, like a LOT of sleep. Don’t try to be like Vaynerchuk if that’s not your body or your metabolism. 

I’ll always be grateful for the opportunity to spend time with Vaynerchuk and learn from him, as well as for the life and business lessons he taught me that I continue to use today. 


How To Let Your Inner Leader Out

The 5 Ways On How To Let Your Inner Leader Out

Dateline: September 10th, 2020

By: Ben Grant


For some reason, many people think that such words as “leadership” or “leadership qualities” refer only to extraordinary people. But these words are not as special as they might seem to many. What is more, every person has the potential to become a leader, the only thing you need to do is wake certain qualities up. If you are doubting your skills, then our tips will help you reboot your inner leader. Below you will find out about the most common problems that prevent you from enhancing your inner leader, and the top five tips to help you solve them.

Why Don’t Most People Show Leadership in Life?

There are several common reasons that prevent many people from becoming leaders.

  • Unwillingness to Stand Out From the Crowd – Most people like to “live like everyone else” and go with the flow. In most cases, this is the result of their childhood experience. After showing an initiative at an early age, they received rejection or criticism. Therefore, the majority strive not to stand out from society, and calmly do what they are asked or ordered to do.
  • Internal Fears – Many people cannot reveal their inner leader due to the presence of fears and low self-esteem. The most common fear is the fear of failure. By the way, all this interferes not only with the manifestation of leadership qualities but also with living the way they really want to live. It is extremely difficult for many to cope with these fears on their own, but it is even more difficult to decide to fix these problems with the help of psychologists. Therefore, only a few become successful and can show their leadership potential.
  • The Misconception About Inner Leaders – Some people think that they will be able to show their leadership talent when needed. But in practice, they never reveal their potential. What is more, such people purposefully miss many opportunities and think that they will prove themselves next time.
  • Disbelief in Your Own Leadership Qualities – Many people think that leaders are born, not made. This stops them from awakening their inner leader and somehow expressing their individuality. Such people admire their successful peers but do not even know that they can do the same.

If at least one of the reasons seems to be about you, then it’s time to work on yourself and awaken your inner leader. It is important to remember that you have to follow the road to success day after day, since you cannot arrive at your final destination instantly. Therefore, the following tips will help you change your life.

“Do not follow where the path may lead. Go instead where there is no path and leave a trail.” – Ralph Waldo Emerson

Five Simple but Effective Tips to Awaken the Inner Leader:

 

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1. Look Inside Yourself

In order to become a leader, you need to start working on your personality. To lead other people and make them listen to you, you need to learn to lead yourself and be able to hear yourself first. It is a lot of work, but it is the key to success. The ability to lead yourself will allow you to become a leader for others. Consider the following 3 questions:

  • Why do I want to be a leader?
  • What will the development of leadership potential bring?
  • How do I need to act and think?

When you start to understand yourself, learn to listen to yourself, and put everything on the shelves, then you can start to act. Therefore, the first thing to do is to begin to understand what leadership means to you. 

Try to return to the above questions as often as possible, since, as soon as you start working hard in order to better yourself, your answers will change. These responses will guide you towards unlocking your inner leader.

2. Find and Accept Your Uniqueness

It is extremely important for you to bring out your uniqueness. Most people think that they are not that different from other people but, in fact, this is not at all the case. 

List your strengths and unique abilities. Each leader knows his or her strengths, and each person has them. Most people think that it’s necessary to work on weaknesses, taking your strengths for granted. But to awaken leadership qualities, you need to start by working out the strengths. This does not mean that you shouldn’t pay attention to weaknesses at all, surely, you should work on fixing the critical ones too. But keeping the focus on your strengths will help you to boost your self-esteem and awaken your inner leadership potential.

3. Leverage Your Public Speaking Skills

Unfortunately, many people have a fear of engaging in discussions, and this may be the result of negative experiences. If this is familiar to you, then you need to learn how to fix it. Perhaps people are not listening to you because you speak incoherently or not clearly. Therefore, reading classical literature and video recording your speeches will become paramount in solving these problems.

Whilst everything is obvious with the first, the questions may arise about the second one. Pick a topic and start talking about it on video. After that, see what you have done, and your mistakes in your speech will immediately become apparent to you. Be sure to write down each problem, and the next time you do this exercise, try to fix it. By the way, this exercise will help not only improve your speech but also help to cope with the barrier of starting a conversation.

“It usually takes me more than three weeks to prepare a good impromptu speech.” – Mark Twain

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4. Learn to Control Emotions

Most likely, you paid attention to the fact that you are more engaged when listening to those people who are emotionally balanced. Often such people emit positive emotions, but they never overplay them. So the next challenge will be to learn to control your emotions, calmly respond to criticism and always keep your emotional state under control. Real leaders are hard to drive mad. The previously mentioned exercise with video recording can help you with this too. For example, you may start a private video blog, and make a short video every day analyzing situations that happened, your emotions, and the ways you responded to them. 

5. Be Yourself

Staying true to yourself and your principles is an essential skill of every leader. Most likely, in the early stages of working on your inner leader enhancement, you begin to follow the example of some famous leaders and copy their demeanor. Hence, the best thing is to reveal your strong sides and be authentic. Of course, you can and should take examples from great leaders, but you don’t need to copy them. Be unique and true to yourself!

Now you know what you need to do to become a leader for yourself and for other people. The main thing to remember is that leadership is what you make of it. When you learn to control yourself, understand your actions, improve your speaking skills, then you begin to develop as a leader further. Implement these five tips, and get a solid chance to succeed.

What do you think is the most defining characteristic of a great leader? Share your thoughts with us below!

RELATED TOPICS:BE A LEADERCHARACTERISTICS OF A LEADERHOW TO BE A LEADERHOW TO LEAD PEOPLELEADERSHIPLEADERSHIP TRAITSLEARN TO BE A LEADERPUBLIC SPEAKINGSELF-CONFIDENCESELF-ESTEEM

 

 


 

 

 

 


How To Be A Successful Leader From Home

Before the pandemic, working from home was something that a few people did and a lot more were interested in trying out.

Before the pandemic, working from home was something that a few people did and a lot more were interested in trying out. Now it’s rather suddenly become a fact of life for entire workplaces and teams, and many of us are still working to adapt. If you’re finding it difficult to manage some elements of working with your team or even staying on top of your own workflow and habits in this new normal, here’s some great advice compiled from my clients who are experienced in successfully working and leading from home

For Your Team:

Overcommunicate, especially when things are uncertain. Provide additional detail and context to make up for the information people can no longer pick up organically in casual conversations. Be as clear and consistent as possible to keep everyone moving in the same direction.

Raise the flag if something looks off. It’s important to speak up, because it’s harder to spot things that have gone awry when everyone is working separately. If you have a concern, check in to see if what others think . And if you’re spinning your wheels on a project, let your colleagues know. Identify problems early so you can start working toward solutions.

Create inner circles of collaboration. If you do your best work in collaboration with a work partner or small group, block a few hours to share a virtual room. Use technology to see each other, view each other’s screens and set up a virtual whiteboard to share ideas and work through problems.

Check in with others. Find the structure that works best for maintaining open channels with each member of your team, making sure you check in regularly. It’s more important than ever that you ask lots of questions and listen to the answers.

Recognize effort as well as accomplishments. There are fewer opportunities for recognition when everyone is working separately, so make an extra effort. In addition to celebrating wins, recognize those who are contributing extra effort and longer hours, those who are working through stressful situations, and those who have taken a risk or tried something new—even if it didn’t work out.

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For Yourself:

Start and end the work day at a specific time. Those who are new to working from home often experience burnout because they feel they never leave work. Set a schedule for the beginning and end of every work day. Of course there will be some nights you work late, but make them the exception, not the rule.

Work with your peak hours and low-energy moments. We all have times when we’re more focused and productive and times when our energy is lower and we’re more prone to distraction. An advantage of working from home is that it’s easier to balance your time, energy and productivity around your individual rhythm.

Remove as many distractions as possible. When you’re working from home, it’s easy to realize you’ve just spent an hour on social media or down an internet rabbit hole. Take social media off your work computer. Leave your phone in another room and get rid of any distractions that you know will get in the way of your productivity.

Create breaks during the day. No one can sit at a desk for 12 hours straight and do their best work. Even 15 to 30 minutes a couple of times a day can make a big difference in your focus and clarity. Treat it like a meeting and make yourself unavailable.

Exercise or do something vigorous at least four days a week. Aside from the physical benefits, exercise increases mental sharpness and makes you better at handling stress. It’s harder to fit exercise in, especially if you’re used to the routine of going to a gym, but your productivity and mental attitude—not to mention your health—depend on it.

Pay attention to your mindset. Working from home makes it extra important that you stay on top of your thoughts and mental attitude. It can be harder to find ways to clear your head, and there are fewer interactions with others to keep you grounded. Find things that nourish you—take your laptop out on the porch, play some music, read an author whose work inspires you.

Fight loneliness and isolation. Working from home, you miss out on camaraderie, companionship and interacting with others. But you don’t have to feel you’re on an island. Set up a virtual lunch date or happy hour, or create chat channels for topics of interest. Spend a bit of time every day connecting with co-workers about nonwork topics- think of it as the online version of stopping by their desk to chat.

Lead from within: Successfully working from home is a skill; it takes time and commitment and dedication to develop that skill. But with a great leader at the helm, people and teams can find their way and be as successful as ever.


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The Leadership Gap
What Gets Between You and Your Greatness

 

After decades of coaching powerful executives around the world, Lolly Daskal has observed that leaders rise to their positions relying on a specific set of values and traits. But in time, every executive reaches a point when their performance suffers and failure persists. Very few understand why or how to prevent it.

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