Habits of effective entrepreneur

Entrepreneurs need to have the right set of skills if they’re going to be successful. The fact is that so many people are not focusing on the underlying characteristics they have. They’re focusing on just the hard skills at their disposal. You’ll find that the regardless of the skills successful people have they all come with the same habits and characteristics.

So what are the habits that drive highly effective entrepreneurs forward?

Stop Spending Your Energy On Low-Impact Decisions

Maximize your energy and efficiency through spending your time on making the decisions that really matter. Expending your energy on deciding what to wear that day is a poor use of your mental facilities. One of the best success tips for young and aspiring entrepreneurs is to think about what really makes a difference to your business. What’s going to take your company to the next level?

Think about why Steve Jobs wore exactly the same thing to work every day. He didn’t care to waste a single ounce of mental energy on what he was wearing. It became mechanical and so all his mental power went on the decisions that would change the world.

Never Take No for an Answer

Sometimes you do have to ignore the status quo and have confidence in yourself. Don’t allow others to tell you what’s possible and what isn’t. Gather together some momentum and keep pushing forward. It’s true that 90% of startups fail, though, so when do you have to accept no? 

You only accept no when it no longer makes sense to go on. When the numbers are against you and the facts are staring you in the face it’s time to move on. What people say doesn’t matter, but when your own facts and figures are telling you to stop it’s time to stop.

Go One Step Further Than Your Competitors 

The startup world’s new rich and successful businesses got that way because they went further than their competitors. They took things one step further than everyone else, and eventually that would pay off in a major way. Tenacity, perseverance, and ambition should all come together to encourage you to take things one step further than everyone else.

Make Sure Your Customers Always Come First

Your customers should always come before anything else. Entrepreneurs are not there to give their idea to the world. They’re there to notice a problem and fulfill that problem. You’re here to create a better world. The job title of every entrepreneur is ‘Problem Solver’. 

With that in mind, consider what your business is there for. Think about the problem you’re trying to solve and make that the heart of what you do. That’s how you put your customers first.

Shift Gears When the Need Arises 

You’ll hear entrepreneurs talking about perseverance all the time. The problem with this is so many entrepreneurs persevere too long. They will continue to drive their company into the ground even when the writing is on the wall. That’s how they lose everything. 

You should shift gears when the need arises, and do it with some enthusiasm. Every business leader is passionate about what they do and their ideas, but they’re not married to them. They know when to pivot and they’re not afraid to do it. 

Many successful entrepreneurs have failed more times than they could count, but they’ve always come back because they’re able to pivot and move on to the next thing. 

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Source: Shopify

Money saving tips for business Start up

The failure rate of startup businesses is not news to anyone in the world of entrepreneurship. And it's equally sad to know that if you sift through the carcasses of these dead businesses, you will definitely find startups that were founded on great business ideas.

You may wonder why businesses built on brilliant ideas still fail. The answer is usually fairly simple. Having an idea for a business and having an idea about how to run a business are two entirely different things. The reason most startups fail centers around two things -- management skill and financial skill. A dearth of any of these two can kill your business.

If you are a startup entrepreneur, here are a few tips to help ensure that you maintain your capital base, and enhance your profit margins as soon as possible.

1. Postpone personnel rewards.

Starting and running a business is already a herculean task on its own. Think of how much worse things will be if you start dolling out exorbitant amounts of money on unnecessary employment benefits and expensive salaries. You can avoid depleting your capital by avoiding these practices. Set your employee salaries reasonably and agument it with performance bonuses.

If you must have employee benefits, limit them to only those that are critical to motivating employees to achieving the set goals and objectives. Beyond helping you save money by breaking even and turning profit sooner, this practice will help you develop a culture of frugal and disciplined spending in your business.

2. Keep personal and business finances separate.

You are the founder of your business. This implies that you own the business. The problem comes up when you mistake this to mean that you are the business. No  successful business can be run with such a mindset.

Always keep your personal and your business finances separate. Money made from the business is for the purpose of maintaining and growing the business. If you do not separate these two, you will soon find yourself dipping your hands into the business’ coffers for reasons that are only of personal benefit.

It helps to have you on the payroll of the business like every other employee. This ensures that you are making money from your business while also preventing you from depleting business funds.

3. Spend cheap with coupons.

Don't ever buy stuff because you can afford to. Having enough money to make a purchase does not mean that you should make it. Develop the habit of looking around while shopping -- especially online -- to ensure that you get the best possible deal.

One way to spend cheaply is by using coupons. You will be amazed how much you can save. 

Read more here

Source: ENTREPRENEUR

Traits successful entrepreneurs should have: by Lemonis

An entrepreneur could have the perfect business plan, but if they don't have a few key traits, success is a long shot, according to serial entrepreneur and investor Marcus Lemonis, who rescues failing businesses on CNBC's "The Profit." 

Check out some salient points from Lemonis

1. They put the business first.

"They have to be willing to put the business in front of themselves," Lemonis said.

"If they really believe that they're going to be on this perch, this ivory tower, and they have the appetite or the desire or the ego to do that, it's probably not going to work out," he added.

2. They recognize their team.

"They have to really understand that the people that are around them are ultimately the reason that they are successful," he said.

People leave bosses, not jobs. Some of the most effective management strategies — saying "thank you," showing you care, and providing feedback and praise — don't cost a dime.

3. They are open to new ideas.

"If you want your business to grow," Lemonis said, "you have to have the ability and the appetite to bring on new people with new ideas that may be different from yours."

In fact, he said, this is the most important trait of successful entrepreneurs. 

"They may think about things differently, they may push you," Lemonis said, and that's what will make you and your business better.

SOURCE: CNBC

Here is what some business leaders say about managing stress

Stress seems to be part of every job description. But that doesn’t mean it gets to take over your life. When handled correctly, stress can be contained, minimized and conquered.

Consider these

1. Face it head on. If the source of the stress is something that’s being ignored, deal with directly, like Jeff Bezos.

“Stress primarily comes from not taking action over something that you can have some control over,” the Amazon CEO saidin an interview with Academy of Achievement. “I find as soon as I identify it, and make the first phone call, or send off the first e-mail message, or whatever it is that we’re going to do to start to address that situation — even if it’s not solved — the mere fact that we’re addressing it dramatically reduces any stress that might come from it.”

2. Find a quiet place. When feeling the heat, retreat … to the bathroom? Hey, it works for Oprah Winfrey.

“Some days, I want to scream out loud when dealing with the complexities of getting good shows on the air. But one thing I know for sure: I’m not a screamer. I can count on one hand the number of times when I’ve actually raised my voice at someone,” the media mogul wrote in her book, What I Know for Sure. “I usually go to a quiet place. A bathroom cubicle works wonders. I close my eyes, turn inward, and breathe.”

3. Take a break. Sometimes, stepping away is the best strategy for effectively jumping in. “I think it’s really important to take time off,” YouTube CEO Susan Wojicki told Today. “And I’ve also found that sometimes you get really good insights by taking time off, too.”

4. Get more sleep. An effective day at work actually begins the night before, according to Arianna Huffington, somake sleep a priority.

“There is that special glow after a good night’s sleep when you feel really in the zone,” she said in a 2013 interview. “You feel like, ‘Bring it on — you know I can handle anything!'”

5. Move away from the desk. Take a page from Jack Dorsey and incorporatemorning workouts and out-of-office walks into your daily routine. The co-founder of Twitter and Square wakes up at 5:30 a.m. for meditation and a six-mile jog, and takes breaks during office hours to stroll outside.

6. Sweat it out. Give stress a physical release through exercise, as Michelle Obama does.

“Exercise is really important to me — it’s therapeutic,” the First Lady told Marie Claire. “If I’m ever feeling tense or stressed or like I’m about to have a meltdown, I’ll put on my iPod and head to the gym or out on a bike ride along Lake Michigan with the girls.”

7. Play games. Remember the toys you used to play with in childhood? Try recasting a stressful problem as a Lego project, and take it one brick and a time. Hey, it works for Brad Pitt.

“If I have something that I’m dealing with that’s causing me a lot of stress, my mind goes to architecture. I walk around the yard and start thinking about what I need to do to the house structurally,” the actor and producer told Parade. “It’s similar to puzzles in that way, like a crossword puzzle or anything else I can put my mind into. It’s a relief for me.”

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SOURCE: FORTUNE

Four myths about starting your own business

There are so many myths about starting a business of your own. You would agree with me. Some of these myths gets people scared of being a starter of business thereby being an entrepreneur. Let's look at some myths OLBLOG analyzed which I find interesting. This could also change your view and perhaps save some cash to start yours

Myth No. 1: You Need a Lot of Money to Start a Business

I think this is myth is very common. Do you really need much to start. Not necessarily.According to olblog:" There are plenty of businesses you can start with virtually no money. With most of the many businesses I started, the total investment was less than $2,000. Some I started with literally no money at all. - You can sometimes even get your customers-to-be to finance you.".

Myth No. 2: It Takes a Lot of Time to Start a Business

Olblog says "I conceived the idea for my Cape Cod map business on a Thanksgiving weekend while I was on winter vacation from college. By the time I returned to school after the holidays – just five weeks later – I had produced the mock-up of the map, had sold every square inch of advertising space on the rear of the map, had sent the final version of the map to the printer, and had already made a nice, tidy profit.

If you think this is the only business that you can successfully start in just a few days, think again. Every single summer vacation from college, I started a new business. Some summers, when I was feeling especially bored and restless, I’d start more than one business ". True there are some that may need time but forget the fears and start. You don't need all the time in world.

Myth No. 3: You Need a Lot of Experience to Start a Business

Well, some may say the myth 3 isn't even a myth. Not all Business needs a LOT of experience. Olblog says "I have rarely started a business in which I have had any directly relatable experience. Besides, what fun would that be? It would just be repetitive and boring. I am amused when people tell me that I shouldn’t be starting out in a business I know nothing about. “What a ridiculous idea!” they exclaim, or “Good luck,” inferring they don’t believe I have any chance of all of succeeding.

I quickly found out that by going into a businesses I knew nothing about, I could easily make some very dumb mistakes. But I also found out something else. I discovered that everyone else in business, including all the established players, make plenty of dumb mistakes too. They just made different kinds of mistakes, and maybe not quite as many. Furthermore, they sometimes all make the same mistakes and they consider it “industry standard operating procedure.”

Seriously, it doesn’t hurt to have some experience in any business you go into. But for many businesses, experience is not necessary, and you can usually pick up the experience you really need along the way. Besides, any business can be learned, especially if you break it down into digestible pieces." You agree with that? I do. How many needs to be lot experienced in knowing how to fold a cloth before becoming a dry cleaner?

Myth No. 4: You Shouldn’t Start a Business While You Have a Full-Time Job

For most people, I recommend you keep your current job until your new business becomes established (that is, unless you are starting an unusually complicated business, like a commercial spacecraft engineering firm). Even if your business needs to be staffed throughout the day, you may be better off, initially, keeping your own day job and perhaps hiring hourly help to staff the firm during your working hours, while you do the more critical work at night.

You are usually better off developing a small business slowly and carefully. First, study how to run a small business. Then, plan the specifics of your own business slowly and carefully. When you finally do launch your business, I recommend starting out as small as you possibly can, testing, analyzing, revamping, and testing again, until you are ready to really roll it out. 

So now, I guess you can start yours now. Start with the small you have. With time ,you will expand. It took linda ikeji almost  eight to ten years to get to where she is with blogging. Everyone started somewhere. Do the same and conquer your fears.

Read more here

Source: OLBLOG , ENSABB

Dos and Don'ts of startups

1)Your Office Space Should Be Basic, Functional And Shared

Forbes says "I see this a lot more in Miami than Silicon Valley but you shouldn’t be spending money on an office that screams ‘Look at my nice office! Look at the view!’" says 500 Startups adviser Navid Zolfaghari, one of the original employees at social media startup, Wildfire which sold to Google. You’d be better off in a shared space or subleasing from another company.

2) Don't Buy In To Swag

 “I see this all the time, everyone and everything is offering swag. I don’t see the value of it - why would I put stickers all over my car? What’s the point of giving me a t-shirt when I don’t I don’t know what you do? My dog just ends up playing with them,” says Zolfaghari.

3) You Need A Lawyer, Not A PR Firm.

While you don’t necessarily need a PR firm, working with a great lawyer can prove invaluable. “Don't cause yourself unnecessary headaches down the road due to issues with your incorporation,” says Jared Kim, founder of WeGame, which sold to Tagged in 2011. 

4)Two Screens And Good Chairs

"Don't be cheap when it comes to providing your team with everything it needs to be productive and happy. Multiple large monitors, fast machines, and comfortable chairs are things everyone will appreciate," says Kim.

5)Be Smart About Social Media

"A lot of companies think social media is free. It’s not. You might not see the results right away but long-term engagement will bring returns. Make sure you’re amplifying the organic good responses to your brand," says Zolfaghari. Don't set arbitrary targets though. "A lot of companies come to me and say 'I just want 2,000 

6) Conferences Can Be Pointless

Save money on attendee fees by finding ways to network beyond hitting the conference circuit, says Zolfaghari. “If you reach out to people you admire asking for a quick coffee you’d be surprised at how many people respond.”

“I typically go to a conference if: a) I'm speaking, b) I have meetings that would lead to real business, c) the sessions are actually something I want to learn about,” says Kim. “However, in most cases conferences are an excuse for people to "network", and end up being a waste of time and money.”

7)Focus On Product, Outsource The Backoffice

As the CEO of an early stage company, your primary focus should be figuring out product market fit and actually building the product. You don't want to be wasting hours every week on a never-ending list that includes paying bills, closing the books, quarterly 

Source: FORBES

Mistakes ENTREPRENEURS are making and could be killing

The tips in this article are aimed at small business owners, especially those who have just started their activity or are about to start any minute.

1. Selling to the wrong people

The fact is that sales are important for the survival of any business, but that does not mean you have to promote your business at any cost to everyone you meet, including and in front of friends and family members. Furthermore, a waste of time to try to sell what you offer to people who simply do not need him 

Feel completely free to say "No" to customers who will bring more problems than benefits. Leave competition to sell to such customers. You'll save yourself a lot of headaches and will free up more time to focus on the best customers.

Learn to say "No" to the wrong opportunities you remain capacity to say 'Yes' to the golden opportunities.

2. Do you spend too much money

Until we manage to establish a stable cash flow does not spend valuable start-up capital, unless it is absolutely indispensable.
An entrepreneur relates her experience "Start a computer business with around 20,000 dollars in cash (equity) and everything started to develop quickly. Soon after that I had to use credit to finance operations. Unfortunately, the original business model did not work and my business took him five years before they start generating positive cash flow. I soon learned that every dollar invested in business is another dollar to be back by sales.

In 2004. I started a business in the field of personal development with only 9 dollars in cash, although you can spend a lot more about it. I had no modern logo attractive web design, business cards or office. I paid for a domain registration site, and that was all. So I wanted to spend before you start generating positive cash flow. All the rest of my business expenses incurred as a result of this cash flow. -

Business you have to carry your money in your pocket, so before you "invest" money in it, be aware of how you will restore them back.

Obviously some types of businesses require a lot more money to run, but in the era of Internet business can more easily start a profitable business with minimal funds.

3. To spend too little money

It is a mistake and too stingy in terms of cost. Do not let your thrift interfering with the efficiency you.

Take advantage of the services of the best professionals to do certain tasks better than you.

Buy good equipment or technique, it is obvious that it is worth and that will benefit from this.

No need to spend too much for the beautiful furniture, but instead furnished with functional furniture to help you more productive.

Do not use an antique computer with outdated software that they constantly delayed, if you can afford something better.

It takes time to build accurate assessment when too tight or too slack in terms of costs.

4. To go against your intuition

Intuition is important in business. You'll be amazed how many transactions in giant companies happen because this gut their executives. You might think that logic is the language of business, but this is far from reality. If you based all your business activities of the iron logic and ignore your intuition, most likely you will enter the world of pain.

Read more here

SOURCE: Olblog

HOW TO LAND BIG CONTRACTS IRRESPECTIVE OF THE SIZE OF YOUR BUSINESS

The secret to landing big contracts isn’t deeper pockets or more manpower—it’s getting prospects to trust you. Understanding this fact has not only helped our startup marketing company land on the Inc. 5000 list, but it has helped the roughly 2,000. Based on experience, here are some ways you can jump-start your credibility.

Pay Attention to Branding

Branding lends an air of credibility and professionalism to any company. Small businesses can implement a successful branding strategy from the outset by ensuring that all visual assets, such as company colors and logos, are complementary and present across all marketing communications. I suggest working with an experienced web or graphic designer who can help you achieve a consistent look. Social media profiles, in particular, should be custom tailored to match your professional website. To date, our design department has rebranded over 230 separate companies, and in every case, there has been a measurable increase in their lead volume as a result.

Apart from consistency in design, large companies understand the importance of using a specific tone in all marketing copy. With a bit of research, small businesses can adopt this practice just as effectively. Whether your company’s tone is hip, informative, corporate, or otherwise will be dictated by your target demographic and the language they speak.

Partner With Established Businesses

One of the greatest advantages large companies have over small businesses is longevity. Fortunately, late bloomers don’t have to be left in the dust—they can borrow some of this credibility by teaming up with businesses that have already earned the trust of customers.

It’s not necessary to enter into partnerships that are long-term or legally complicated. Instead, focus on targeting established companies that complement your product line and offer to promote their products or services in exchange for an endorsement.

Besides cross-promotion, other partnership opportunities exist, particularly online. For instance, it’s common for influencers to team up and publish an opinion post or a special report on a trending issue. These posts have a tendency to go viral, and everyone involved benefits from the publicity.

Alternately, you can form partnerships with trusted nonprofits by volunteering services or helping to raise funds for community initiative

Source: Black enterprise

Reasons entrepreneurs Should cut back on caffeine

Here’s why you should think about quelling your caffeine intake today – particularly if you’re an entrepreneur.

1. Save Money

Before I get into any of the health benefits of quitting caffeine, let’s first establish that caffeine – in all its forms – is an expensive treat.

I recently tallied up the money I’d spent on coffee over a thirty day period, and I was utterly shocked. I’d spent a worryingly large amount of money on something which was potentially more trouble than it was worth.

Go ahead and do the sums for your own coffee expenditure. if you dare.

2. Sleep Better

A poor sleeping schedule could be disastrous for any entrepreneur, and it’s no secret that caffeine stops you from snoozing (even when you really want to).

And if you think you can make up for that lack of sleep with yet more coffee, you’re wrong.Studies have shown that after just three sleep-deprived nights, coffee can no longer make you feel more alert.

3. Hydrate Quicker

Hydration is the key to having a productive and headache-free day.

Ironically, although coffee is often served with a big dose of water, studies have shown that caffeine is a diuretic when consumed in large doses, making your body flush out fluids more often.

4. Fewer Headaches

Speaking of being headache-free, caffeine headaches are a thing.

As mentioned above, hydration should be your first concern if you suffer from regular headaches, but caffeine should be a close second.

5. Lower Blood Pressure

Studies have found that regular doses of caffeine can heighten your blood pressure, forcing your heart to work harder.

That’s not healthy for your heart in the long term, and it’s also bad news for your brain in the short term, as high blood pressure restricts blood from flowing to the brain as it should. In other words, you’re literally starving your brain of its fuel. That’s gotta’ be bad for business.

6. A Slimmer Waistline

As an entrepreneur, you may not have time to hit the gym every day. Thus, a healthy diet is absolutely essential.

If we put the side effects of caffeine aside for just a moment, we can uncover the substance that so often accompanies it – sugar.

By cutting out the coffee coolers, energy drinks, and heavily-sugared espressos, you’ll be slashing your calorie intake, too.

How to Replace Caffeine (In 3 Steps)

Three step plan to cut back on caffeine:

a) Water and club soda instead of soft drinks

b)Freshly squeezed fruit juice instead of energy drinks

c)More orders of decaf coffee, particularly after lunch

It’s a simple and balanced approach to the problem. This doesn't mean you should stop coffee totally. Rather, it aims at creating a balance

Source: SHOPIFY

Inspirational quotes for entrepreneurs that could relieve you when you feel down

Entreprenuership has its ups and downs. What keeps an Entrepreneur moving through this exciting yet tiring ride is inspiration, that can be drawn from simple things in life. These simple yet highly inspirational quotes from some wise men and women will help you gather your self back at times when you feel down or giving up

1. “Whatever the mind can conceive and believe, the mind can achieve.” – Napoleon Hill

2. “I have not failed. I’ve just found 10,000 ways that won’t work.” –Thomas Edison

3. “Choose a job that you like, and you will never have to work a day in your life.” – Confucius
4. “Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.” –Anonymous

5. “It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates

6. “What is not started will never get finished” – Johann Wolfgang von Goethe
7. “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” – Mark Twain

8. “Success is walking from failure to failure with no loss of enthusiasm.” – Winston Churchill

9. “When you cease to dream, you cease to live.” – Malcolm Forbes

10. “Your most unhappy customers are your greatest source of learning.” –Bill Gates

11. “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” –Reid Hoffman

12. “Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain

Source: KNOWSTARTUP

Signs You're Too Emotional to Decide What's Best for Your Business

Decision making is one of the biggest responsibilities of an entrepreneur or business owner.

You’re in charge of determining the strategic direction for the business, hiring people, coordinating plans and responding to changes and crises as they emerge. Because businesses are logical, numbers-driven organizations, your decisions need to be as logical as possible if you want to succeed.

The problem is, it’s hard to remain completely logical when making decisions in a business you’re emotionally invested in. You’re going to feel sentimental attachments and have emotional reactions to events, but it’s important to prevent these feelings from obscuring your logical decision making processes.

Keep an eye out for the following signs that your emotions are clouding your ability to make grounded, sensible decisions.

1. You consider personal relationships.

Personal relationships can be important, especially in a startup environment, when you’re working with a small team.

You need to know how your teammates work with and engage with one another, and you need to be on friendly terms with them to keep morale high. However, if your personal relationships start dominating your decision making, it could spell eventual trouble for your organization.

For example, let’s say you have an employee, who has become a close personal friend of yours, but this employee has been failing to meet your expectations when it comes to productivity and contributions. Your personal attachments to him or her may prevent you from making the right decision and firing him or her, which could cause harm to your organization

2. You hold tightly onto your own ideas.

It’s natural to treat your ideas with a bit of favoritism, but it’s easy for this tendency to balloon into something that’s not only illogical, but straight-up counterproductive.

For example, if you come up with a new idea for a sales strategy that you’re especially proud of, you might become overly attached to it once you put it into action.

If you don’t see results from it, you might rationalize that it’s because it hasn’t been given a long enough time to take effect, or you might use alternative data points to support its existence. Try to look at the data from an outside perspective, as objectively as possible, to compensate for this. Trust the numbers.

3. You bounce back and forth on your position.

Do you ever find yourself going back and forth excessively on a decision? If you’re facing a truly difficult decision, with legitimate merits and drawbacks to both sides, this is natural.

However, it could be an indication that your emotions are influencing your position. For example, if you feel especially exhausted or pessimistic, you might lean toward a safer, easier option. On the other hand, if you feel excited or optimistic, you might lean toward a riskier one with a higher potential payoff. Consider what you’re feeling, and how those feelings are affecting your switchbacks.

4. You can’t identify why you made a decision.

This is a retrospective strategy, but it’s one of the most important ones on this list. Think back to the last decision you made, and try to summarize why you made that decision in a sentence or two.

You can also apply this to a decision you’re about to make by justifying why you’re making this decision. If you’re answer is “I don’t know,” or if it takes you a while to find a logical justification, it could be because your decision was driven by emotion.

Read more here

Source: Fox

Gov Ambode approves N15.5m for varsity entrepreneurs

Governor Akinwunmi Ambode of Lagos on Monday approved N15.5 million as seed funding and grants for final year students enrolled in the state’s graduate employment and entrepreneurs scheme

Ambode’s Special Adviser on Education, Mr Obafela Bank-Olemoh, said in a statement that the initiative is aimed at providing final year students of the state’s tertiary institutions with the tools and knowledge to become effective employees or job creators.

Bank-Olemoh said that 500 final year students from the state’s tertiary institutions had been enrolled in a curriculum, either in the employability track or the entrepreneurship track, since its commencement in June.

He said that at the end of the programme, over 90 top performing students in the employability track would be placed on six-month internship training with high ranking organisations.

The special adviser said that 80 students in the entrepreneurship track would also take part in three to six months entrepreneur apprenticeships.

Bank-Olemoh said that with this, they could learn the tricks of the trade, understand and develop processes for various businesses and build a network of vendors, industry peers, and mentors.

He said, “We already secured 90 internship slots for students in the employability track of the program.

“We also realised that students in the entrepreneurship track can also benefit from experience in a structured, supervised work setting, where they can learn the rudiments of running a business effectively.”

Bank-Olemoh said that the graduation of the 13-week programme had been scheduled for September to celebrate the achievements of students who successfully complete their courses

Source: Adelove

How to tackle your decisions

Every entrepreneur makes tough calls—it comes with the job. And the toughest calls come in the gray areas—situations where you and your team have worked hard to gather the facts and done the best analysis you can, but you still don’t know what to do. It’s easy to become paralyzed in the face of such challenges. Yet as a leader, you have to make a decision and move forward. Your judgment becomes critical.

Judgment is hard to define. It is a fusion of your thinking, feelings, experience, imagination, and character. But five practical questions can improve your odds of making sound judgments, even when the data is incomplete or unclear, opinions are divided, and the answers are far from obvious.

Where do these questions come from? Over many centuries and across many cultures, they have emerged as men and women with serious responsibilities have struggled with difficult problems. They express the insights of the most penetrating minds and compassionate spirits of human history. I have relied on them for years, in teaching MBA candidates and counseling executives, and I believe that they can help you, your team, and your organization navigate the grayest of gray areas.

This article explains the five questions and illustrates them with a disguised case study involving a manager who must decide what to do about a persistently underperforming employee who has failed to respond to suggestions for improvement. He deserves a bad review, if not dismissal, but higher-ups at the company want to overlook his failings.

How should the manager approach this situation? Not by following her gut instinct. Not by simply falling into line. Instead, she needs to systematically work through the five questions:

What are the net, net consequences of all my options?
What are my core obligations?
What will work in the world as it is?
Who are we?
What can I live with?

To grapple with these questions, you must rely on the best information and expertise available. But in the end you have to answer them for yourself. With gray-area decisions, you can never be certain you’ve made the right call. But if you follow this process, you’ll know that you worked on the problem in the right way—not just as a good manager but as a thoughtful human being.

Net, Net Consequences

The first question asks you to thoroughly and analytically consider every course of action available to you, along with the full, real-world, human consequences of each. Gray-area problems are rarely resolved in a flash of intuitive brilliance from one person; as a very successful CEO told me, “The lonely leader on Olympus is really a bad model.” So your job is to put aside your initial assumption about what you shoulddo, gather a group of trusted advisers and experts, and ask yourself and them, “Whatcould we do? And who will be hurt or helped, short-term and long-term, by each option?”

Don’t confuse this with cost-benefit analysis, or focus solely on what you can count or price. Of course, you should get the best data you can and apply the relevant frameworks. But gray-area problems require you to think more broadly, deeply, concretely, imaginatively, and objectively about the full impact of your choices. In the words of the ancient Chinese philosopher Mozi, “It is the business of the benevolent man to seek to promote what is beneficial to the world and to eliminate what is harmful.”

In today’s complex, fluid, interdependent world, none of us can predict the future with total accuracy. And it’s sometimes hard to think clearly about gray-area issues. What’s important is taking the time to open your mind, assemble the right team, and analyze your options through a humanist lens. You might sketch out a rough decision tree, listing all potential moves and all probable outcomes, or designate certain people to act as devil’s advocates to find holes in your thinking and prevent you from rushing to conclusions or succumbing to groupthink.

Read more here

Source: Harvard business review

Three parts to success

Many people still desire to author a book. Yet, more people are questioning the profitability of an author’s career nowadays.

The truth is that most authors will not sell more than 500 books. Typically, their book stops selling after their family and friends have already bought it. The reality is that many authors do not have a following, which will halt the sales of their book.

An engaged following is crucial to the success of an author’s book. Although, if your book does not sell 5,000 copies, it does not mean that you should surrender as a failure.

This is why the author needs to become entrepreneurial if they want long-term success. Once the author starts thinking like an entrepreneur, he/she eventually becomes an authorpreneur.

There are three paths that you should consider to become a successful authorpreneur. There is a path for everybody. The sensible way is to choose the path that falls within your capacity.

1. Traditional publisher.

Many people desire a traditional publisher because of their international distribution in physical bookstores.
It can be even more important if your intent is to target an American or German audience.

Ninety-two percent of American university students and 95 percent of German students prefer print books over ebooks, as discovered in a recent international study.

This study is quite encouraging if your plan is to get your book in all the big box stores, airports, and major bookstores. Although, it is worth noting that traditional publishers will not do a lot of marketing for your book. However, their network of connections can open up an abundant amount of opportunities for you. With those connections, you can partner with some cool organizations like Habitat for Humanity, Amtrak and JetBlue.

It is these partnerships that can help you sell more books and attract potential clients.

2. Independent publisher.

More people are learning that they can make more money with their books elsewhere. Some aspiring and struggling authors do not care about the fame, but rather on making a sustainable living as an author.

Independent publishers offer an advantage -- better terms. They do not offer the typical terms that you will get from a traditional publisher (10 percent royalty for print books and 25 percent royalty for ebooks and audiobooks).

Independent publishers also offer the convenience of allowing you to keep the rights to your book. Often, with a traditional publisher, you commit to an agreement for a duration of five to seven years.

The only potential disadvantage that may dissuade authors is the book advance. Some independent publishers offer a small book advance, usually between $2,000 to $5,000. However, some others will not offer any book advance, especially if they are a small press or new publisher.

As an indie author, you will make more money from your books, but you will not have the privilege of leveraging a major publisher’s connections. While your indie publisher may have a network of connections, it is likely that it will not be enough for you to be dependent on them

Read  more here

Source: ENTREPRENEUR

11 Budgeting skills you should know

If you've never budgeted before, it can seem like a gargantuan task that only produces something that will make you miserable. And if you consider yourself bad with money or find that you have a difficult time living within your means, budgeting can feel like one more way to fail financially.Consider the following steps

1. See Money as a Tool

We tend to think of money in a lot of different ways. Money can be freedom, it can be despair, it can mean power or significance, or any one of a number of things. The point is, to be good at budgeting, develop the mindset that money is a tool. It helps you do the things that you want and need to do. No matter how much or how little you have, your money can help you achieve your goals.

2. Record Your Transactions

On a practical level, you will need a record of your transactions to start a budget, and you will need to keep recording them to continue budgeting. You can do this by hand, via an app, or once a week on a spreadsheet. Do it however works for you, but learn to record your transactions and you will be well on your way to budgeting.

3. Assess Your Spending

Recording your transactions won't help if you never think about them. Learn to categorize your transactions in whatever way is meaningful for you, so you can see how much you're spending in different areas. This can help you decide where to spend more, where to spend less, and what cutting back might look like in your everyday life.

4. Make a Budget

This might be the most obvious skill in this list, but it's also one of the most important. There are spreadsheets you can download, programs that can help you see your spending in different ways, and more. Some things to think about before you choose a method involve deciding whether you want to go old school or online, and whether you want to store it on your personal computer or in the cloud.

5. Write It Out

Throughout the budgeting and recording process, it will help if you actually write things out. This can be on a computer, though there is something about the act of writing something and then seeing it there in your own handwriting that helps you remember. Whatever you do, don't keep your budget in your head. It's easy for numbers to become fuzzy and for you to forget about your budget entirely. Instead, put your budget where you can see it often, so that it feels real and you remember your goals.

6. Plan

When you make your budget, don't just think about what you need right now, or even your monthly expenses. Think, too, about expenses that only come around every so often. Car insurance, life insurance and property taxes are a few line items that can fall into these categories. Then, save a little bit of money every month toward these items so you can pay them without worry when that bill shows up.

7. Include Spending Money

If you don't have spending money, you will feel like your budget is a cage you need to break out of, rather than a structure supporting you and your goals. Even if all you can afford is $5, give yourself something. This can go against the grain, especially if you have a lot of debt or very little income. However, you are important. And you will be happier keeping your budget if you know you have a little money you can spend however you want.

8. Make a System That Works for You

It's easy to get sucked into a system that doesn't work for you. For instance, you may not be able to track your spending every day. If that's you, then don't buy into a budgeting system that requires this. There are plenty of systems where you can record once a week or so. If the system doesn't work for you, you won't do it, and there won't be any value to budgeting. Keep trying things until you find something you like.

9. Live With Discipline

This is a huge skill and one that won't happen overnight. Living a disciplined life, though, will go far toward helping you make and keep your budget. Pay attention to your budget. Update it. And when you don't have any money left for something, stop spending! It can help to breathe through your desires, to remind yourself of your bigger goals and to give yourself a waiting period before you buy things.

10. Know When to Splurge

This is a tricky skill, especially in light of the one above. However, there are times in every life when it's right to splurge. This doesn't have to be a huge spending binge — it can be something as small as a coffee with a friend. A lot of times, this comes into play when you choose to buy something of a higher quality even though it costs more. It's up to you to decide when to splurge, but make sure there's some room for it in your financial life.

11. Ask Yourself Hard Questions

When you're budgeting alone or you are the one in charge of the budget, it can be easy to let things slide. Get into the habit of asking yourself hard questions, like, "Why do I always spend too much on entertainment?" and "Am I realistically able to take that vacation this year?" You may not like the answers you find, but being honest with yourself will ultimately help you become more aware of who you are and how things work inside of you — which will help you meet your goals, financial and otherwise.

Source: Kiplinger

7 Do's and Don'ts for Success

James Altucher is a serial entrepreneur that has founded or co-founded more than 20 businesses, including Reset Inc. andStockPickr. He is also the author of 17 books, including Choose Yourself! and the Wall Street Journal best-seller The Power of No.

Altucher's work can also be fo
und on hisblog and in online publications sites such asThe Financial Times, TheStreet, The New York Observer and The Huffington Post. Most recently, he has become known for his popular podcasts, The James Altucher Show,Ask Altucher and Question of the Day.

With a resume like his, I expected Altucher to dispense standard, heard-before business advice, but he definitely did not. Read on for seven unique perspectives on achieving success in business and in life.

1. Don’t take giant risks.

The word entrepreneur has almost become synonymous with risk-taker or adventure-seeker. But Altucher took the adventurous route and it lead him to bankruptcy -- twice. Now, he advises entrepreneurs to do what he did in the early days: Build a business on the side.
"People think, 'I'm gonna start the Uber for maids,' or whatever," he says. "That's risky." Altucher had about a dozen employees, a dozen clients and an office 20 blocks away from his day job.

"Finally, 18 months later, I quit my job at HBO," he says. "Kept them as a client, by the way ... So it's all about mitigating risk."

2. Don’t worry about your purpose.

Almost every day, Altucher gets emails from people asking him about how to find their passion or their purpose in life. That question is the problem, he says, leading many people to disappointment and frustration. Instead, he says he believes we are happier if we are flexible

3. Don’t worry about the numbers.

At the start, many entrepreneurs are focused on their first round of capital and the amount of equity they can keep, as any episode of Shark Tank will demonstrate. Instead, Altucher says, if they focus on being the best at solving problems, the money will come.

4. Do create a destination.

In today's digital culture, everyone wants to find and build traffic. Rightfully so. But Altucher cautions that you have to build a traffic-worthy destination. Many record stores and book stores, he explains, failed to transition from stores to destinations, so they went out of business.

Altucher boosted traffic with StockPickr, the “Facebook of Finance” that he created in 2006 and sold for $10 million in 2007. The platform was profitable from day one, so Altucher arranged to give away a percentage of the business to TheStreet.com in exchange for ads and four daily articles, written by him.

"Each article would link three times to my site," he says, "so suddenly, I was getting an enormous amount of traffic."

As momentum picked up, Altucher decided to sell his half of the business.

"I called AOL, Reuters, Yahoo, InterActiveCorp, Forbes ... TheStreet.com, of course, and Google, and I said, 'Okay, we launched. I can't do this myself.'" And that, he explains, is how you create a frenzy around your buyout.

5. Do turn customers into friends.

Business today is often the opposite of friendly. People prefer forms over emails, emails over phone calls, phone calls over in-person meetings. But Altucher believes that you need to be in contact with a new client every day for your first 100 days. Clients don’t want a vendor-customer relationship, he says, explaining that you should over-promise and over-deliver for them.  

"You kind of want a friend, so part of building a customer relationship is also building a real friendship," he says. "That's what life's about, let alone business. Business is just a subset of life."

6. Do stay grateful.

Altucher emphasizes that one of the most important things entrepreneurs can do is practice daily gratitude. Go deeper than the easy thoughts, like gratitude for your children. When you’re in a difficult situation, such as losing your biggest customer or a large amount of money, flex the gratitude muscle. Altucher calls that a difficult gratitude problem, and he tries to solve one every day.

"No one thinks, 'Oh, how can I be good at gratitude?'" he says. "It's actually really hard. And to exercise, to make that muscle sweat, is incredibly valuable."

7. Don’t neglect the basics.

In terms of his creativity habits, health habits and daily routines, Altucher focuses on the basics. To him, the basics are eating well, sleeping well and light exercise. People obsess about methods and trends, but the details, he says, don’t matter that much.

"'Should I be paleo? Should I eat plants? Should I do this? Should I do that?' That's the final five percent," he says. "Worry about that after you get the basics done.”

He also makes sure he exercises his creative muscles, which he believes otherwise atrophy. He does this by coming up with 10 ideas to solve problems -- any and all kinds of problems -- every day.

Another basic principle? Surround yourself with great people. We have a short life, Altucher says, and we’re the average of the five people we spend the most time with. "Choose yourself by choosing to spend time with the best people."

Source: ENTREPRENEUR

Not Just Nigeria but Venezuela Oil Exports Seen Falling as Economic Woes Worsen

The long decline in Venezuela’s oil production is becoming a supply risk for international markets, according to a report by Columbia University’s Center on Global Energy Policy.

Exports from the holder of the world’s largest crude reserves fell more than 300,000 barrels a day in June, compared with the 2015 average, according to the report written by Luisa Palacios, a senior managing director at Medley Global Advisors LLC. While Venezuela’s output has been declining all year, the impact is only now being felt on international markets because previous losses were offset by slumping domestic oil demand amid an unprecedented economic recession.

“Venezuela will represent a growing supply risk for oil markets in 2017,” the report said. “While on average crude oil exports in the first half do not yet show an important decline from the same period a year ago, the latest data point to a deteriorating trend.”

Venezuela has been hit hard by the two-year slump in crude prices. Its economy is expected to shrink 10 percent this year, the largest contraction in more than a decade, while consumer prices rise more than 700 percent, according to the International Monetary Fund. The nation’s output dropped to a 13-year low in July as international oil services companies scaled back their activities after state-run Petroleos de Venezuela SA fell more than $1 billion behind in debt repayments.

Falling Consumption

Venezuela’s crude production in July dropped to 2.15 million barrels a day, compared with an average 2.4 million last year, the International Energy Agency said on Aug. 11.

As the nation’s economy contracted, domestic demand for oil dropped by more than 100,000 barrels a day last year compared with 2014, the Columbia University report said, citing data from the Ministry of Oil and Mining. While it’s possible that Venezuela’s domestic consumption will keep falling, there are signs the lower production is now affecting exports, it said.

Venezuela’s strategy of focusing on the expansion of oil production in a region called the Orinoco belt is also bringing in fewer dollars. The heavy crude is less desirable to refiners and typically sells for less than lighter grades of oil that are easier to process into fuels such as gasoline.

The Venezuelan crude basket, based on an average of all crudes handled by the state oil company, widened its discount to West Texas Intermediate, the U.S. benchmark, to about $9 a barrel on Aug. 12, compared with about $1 a year earlier.

Blending the heavy oil with higher-priced light crudes purchased from other exporters can make it more marketable, but is a costly option for a country that’s on the brink of debt default, the report said. Should credit concerns prevent Venezuela from importing the light oil it needs, net exports could fall by another 300,000 barrels a day, the Columbia report said.

“The continuation of this strategy will significantly eat into the government’s oil rent, and thus its ability to export its way out of this crisis,” the report said.

Venezuela’s is renewing efforts to get the Organization of Petroleum Exporting Countries and nations outside the group to cooperate. Oil minister Eulogio del Pino met his Iranian counterpart in Tehran Sunday, although the Persian Gulf nation hasn’t decided if it will attend a meeting of producers to discuss stabilizing prices on the sidelines of an energy forum in Algiers next month.

“Venezuela was already having economic problems when the oil price was at $100 per barrel,” so a price recovery is unlikely to solve its predicament, according to Columbia’s report.

Source: Bloomberg

Ways to Go From Adequate to Exceptional in the Office

Image credit : genalpha

There are professionals who seem to benatural leaders, who stand out from the crowd at every level of their careers. Whether as an intern or a CEO, they seem to have a certain strength of character and savvy that helps elevate them above other employees who do a perfectly adequate job.

These individuals are so effective that they make being exceptional look easy. Their high level of performance is the result of a series of actions that they have incorporated into their daily routine to the point where it's as natural as taking a breath.

The good news is that many of the qualities that make employees extraordinary are habit-driven behaviors. That means that they can be learned, adopted and strengthened, even if you aren't currently a one-in-a-million superstar. There is still a lot you can do to make the leap from fine to fantastic.

Here are 10 key traits that set exceptional employees apart:

1. They take the initiative.

Outstanding employees don't wait to be asked or tasked with an assignment. They see what needs to be done, and they do it. While anyone can criticize or identify problems, they develop solid ideas for solutions.

They are proactive with communication, keeping others updated and asking for the resources they need rather than only responding when others inquire about a project.

2. They are always learning.

Whether it's pursuing additional education by taking professional development classes or simply having a nightstand full of books, they are hungry for knowledge.

They are avid readers who are interested in an array of subjects. They stay informed on a variety of topics and current events.

3. They prioritize their well-being.

They understand the benefits of taking care of themselves physically. They don't complain about how busy they are or how little sleep they get; instead, they set boundaries and enforce them to ensure they are well-rested and ready to function at their best.

They know the value of healthful eating and are dedicated to the physical and mental benefits of regular exercise.

4. Curiosity is one of their trademarks.

This is one of the core values that Facebooklooks for when hiring. At work, this translates into an instinct to continuously think of ways to do things better; they see challenges as opportunities.

5. Failure isn't a bad word.

Phenomenal employees aren't those who never fail, because never failing means never trying anything new. Instead, truly outstanding professionals think of failure as a chance to grow.

They aren't averse to taking a well-calculated, carefully considered risk. They adhere to a philosophy espoused by C.S. Lewis: "Failures are finger posts on the road to achievement."

6. They strive to create a win for everyone.

These are not forceful "my way or the highway" types who demand to get their way all the time and view compromise as a defeat. They are masterful at finding solutions that don't just benefit them, but offer something to all parties.

They have the vision and flexibility to seek out creative ways to solve a problem instead of doing things the way they've always been done.

7. Clarity is a defining characteristic.

They have a gift for zeroing in on what is important in any situation. They have a sense of mission, keeping a sharp focus on a few core principles rather than trying to take on dozens of tasks and be all things to all people. You know where they stand because they are experts at clear communication.

8. They embody both confidence and humility.

They are decisive, and once they commit to something, they have the courage and strength of conviction to stand up for their decision. However, they are not cocky.
Their humility takes the form of an ability to admit when they are wrong or own up to a mistake. It also manifests as a genuine interest in others that aids in forging connections and bringing a diversity of perspectives to any situation.

9. They look for ways to lift others up.

Truly phenomenal employees not only want to do well for themselves, but they also want others to excel. They are committed to the success of their company and those around them. They know that success isn't a zero sum game in which they win only if others lose.

They are collaborative and help in fostering a cohesive team through communication and focusing on the strengths of those around them.

Read more here

Source: INC

To Achieve Your Goals Need To Be Attractive On the Inside

Half of this year is gone. Have you reached 50 percent of your goals? 

If one of your goals is to be successful -- in any area of your life or career -- before 2016 comes to an end, the one thing you must to do is to become an attractive person. I'm not talking about external attractiveness, but rather the internal kind. As the late motivational speaker Jim Rohn once said, “Success is something you attract by the person you become.” 

If you want success and all that it brings, you have to become a better, more attractive person. Period. “Your level of success will rarely exceed your level of personal development,” Rohn once said. The personal development he referred to can be knowledge, experience, mindset or beliefs.

You become attractive by developing yourself into the person you know you need to be in order to attract, create and sustain the level of success you want in your life. Well, how in the world do you do that? I'm glad you asked.

Life will always be a struggle, Rohn said, because our outer world will always be a reflection of our inner world. Your level of success -- or lack thereof -- will always parallel your level of personal development

The process.

If you are going to be successful in any area of your life, you first have to believe that you are capable of making it happen. I start with this as a groundwork because self-esteem is the single most significant key to your behavior. Motivational speaker Zig Ziglar said, “It’s impossible to consistently behave in a manner inconsistent with how we see ourselves.” You have to believe you can do it. You have to believe you have the knowledge, skills and abilities to create the results you desire. If you believe you are worthless, you will not be motivated to add value to yourself.

It all comes down to your attitude. Believing in yourself is an attitude. The great part about it is that you have a choice. When you were a kid, you couldn’t choose your parents or environment. But now that you are an adult, the choice of how you see and talk to yourself is yours. You must now choose to believe that anything you set your mind to, you can achieve. “It’s not your aptitude, but your attitude, that determines your altitude,” Ziglar said.

If you will just believe it's possible, then you will do what it takes to bring about your desired result. If you think it is impossible, you will not do what is necessary, and you will continue to get zero results. Because in life, you hit what you aim for. If you aim at nothing, you will hit it every time

Step 1: Examine your self-talk.

“You are the most influential person you will talk to all day.” -- Ziglar

If I was to record how you talk to yourself all day, would I be pleased at how thoughtful and loving you are to yourself? Or would I hear you berate and tear yourself down all day?

Whether you know it or not, you have a running conversation with yourself all day, every day. Do you encourage or criticize yourself? Are you positive or negative with yourself? How you talk to yourself really does make a difference because if you want to change your life, you have to change not only the way you think about yourself, but more importantly, how you talk to yourself

Step 2: Banish your limiting beliefs.

“When a man has put a limit on what he will do, he has put a limit on what he can do.” -- Charles Schwab

The greatest prison is the prison we create for ourselves. When we tell ourselves that we can’t do something or we are not good enough, this distances us from our true value and worth as a human being. You are worthy simply because you exist

In the book Success Principles, Jack Canfield outlines four steps to transforming your limiting beliefs into empowering ones.

1) Identify the limiting belief.
2) Write down how the belief limits you.
3)Decide how you want to be, act or feel.4)Create a turnabout statement that affirms or gives you permission to be, act or feel this way

Step 3: Add value.

One of the quickest ways to change your negativity into positivity is to add value, or simply help someone else. Making a difference in the life of someone else invariably lifts your own self-esteem. It’s difficult to feel bad about yourself when you’re doing something nice for someone else. There is also a reciprocal effect.

When you add value to others, they value you more. You get to have more love in your life. That’s the beauty in giving. When you give to others, you benefit. If you want more love in your life, then be more loving to others. If you want more support, be more supportive to others. If you want more understanding, understand others better. It’s really that simple.

Read more here

Source: ENTREPRENEUR

Reshape Negative Thinking to achieve Success

You lose your biggest client. Your dream team begins to crumble. Something has gone terribly wrong. This is the point when many entrepreneurs throw in the towel and call it quits. These trials are the make-or-break moments that business owners have to push through in order to succeed.

As entrepreneurs, we’re so focused on solutions and reaching our goals. We’re putting in all of our energy, and we’re working hard. We’re working long hours. We have all these hopes and expectations, and we risk feeling defeated, when things are not happening as fast as we want.

I'm not suggesting that we can stop these fears from piling up, when things go wrong. However, it is possible to reframe your thinking, and move forward without letting fear win. Things will go wrong occasionally. That’s just one of the realities of being in business. The more you grow and the bigger you grow, the more you open yourself up to challenging situations. The key is to see it as just part of the process on your road to success.

In my early years as an entrepreneur, I had many low-cashflow, panic moments and sleepless nights wondering how it was all going to come together. I realize now, looking back, that those times were necessary to get me to where I am today. I don’t sweat the small stuff anymore, and I know now that ultimately, everything always works out.

Rather than getting into stress mode, get into solution mode. What creative idea can you implement to elevate your company? Your confidence grows through these experiences, and you gain thicker skin. So the next time a challenge rolls around, say to yourself, “I’ve got this!"

Look back to a tough moment in your life - whether in your career or personal life -- that resulted in pivotal growth for you in spite of any initial negative feelings or difficulties. We hear a lot about how our experiences shape us and make us who we are, and it's true. The caveat is to own our personal power, and make sure we’re learning all we can from the tough times so we can have better times ahead. This is true for business and in life.

Consider the possibility that failure doesn’t exist. The overarching mark of successful people isn’t how many times they have failed, it’s how often and how quickly they get back up, and keep moving forward. The word failure implies an ending, but it is only that if you make it so. Instead, take the opportunity to dig deep, and see what went wrong and how you can tweak things to create a better outcome next time.

Like attracts like.

The other thing to remember is that the more we focus on negativity, the more negativity we attract. Focus on positivity and solutions though, and you’ll bring better energy into your business.

Negative thinking has a tendency to snowball, rolling one worry into another until fear and worry are larger than life. Imagine gathering all those worries up and putting them in a box on a shelf. Then, focus your energy on creating the solutions that will help you deal with the issues that arise. Before you know it, these worries will be handled or will dissolve on their own due to your positive forward momentum.

Training your mind to focus on positivity and solutions is like training a muscle. It takes time, effort and dedication, but it is well worth it. Here's a few ways to train your brain to reframe negative thinking.

Catch yourself in the moment.Replace negatives with positives.Listen to uplifting messages.Work with self-improvement materials.Surround yourself with positive people.Work with a coach to keep you focused on moving forward.Examine old stories that may be holding you back.Speak positively.Smile more, even when you don’t feel like it.

In the moment when things are going wrong, it can feel very dire. The outlook can feel bleak, and the challenges may seem insurmountable.

Let that moment pass. Don’t react, and make decisions based out of a place of fear. Give yourself the time you need to get to a place of gratitude for what is working and to find solutions to what isn't working. If you can reframe your negative thinking, you can achieve greater success than you ever imagined possible.

Source: ENTREPRENEUR

How to overcome your fear of public speaking as an entrepreneur and as anyone

As you can imagine, former journalist turned TED curator Chris Anderson has seen TED speakers who are all over the spectrum of fear of public speaking. Some are terrified and shaking, and others are just slightly nervous. You may think that if you’re on the terrified end of the spectrum that you’re probably not going to be able to give a good speech.

Anyone can give a talk – and not just a talk, but an amazing talk. Once you learn the tools to connect with the audience, explain your topic and persuade them, you’re halfway there. All you have to do is practice until you’re blue in the face and you’ll have a winner on your hands.

But first, you want to know how to get over your fear of giving the speech in the first place. In his course, Anderson has you covered with few easy steps:

Embrace your fear. Yes, you read that right. Your fear is there to help motivate you to prevent that thing that you’re worried about – say, tripping over the stairs on the way up to the stage or forgetting your next sentence.

Prepare. Practice is required to do just about anything as well as you want to, so why should giving your speech be any different? If you prepare enough, you’ll feel your fear slowly transform into excitement.

Be honest. If you want to tell your audience you’re a bit nervous, or you just need a moment to look at your notes, then go for it. People embrace honest, and even nervous, speakers. There are countless speeches Anderson has watched where the speaker took a moment to let the audience know it was their first time in front of such a big audience, or that they were a bit nervous, and the response is overwhelmingly positive. 

What’s Next?

In Anderson's course, in addition to learning how to overcome your public speaking fear, you’ll get five crucial tools to build your perfect speech:

Connection
Narration
Explanation
Persuasion
Revelation

Source: ENTREPRENEUR

What you need to have in mind when starting a business

Startup Development is a concept created to search for long-lasting, profitable and expandable business opportunities.  It takes adaptability to deal with a significant amount of risk and diversity.  Only a few startups survive and become profitable or somewhat self-supporting while others miserably fail.

It’s actually quite difficult to find a niche that works let alone a product that might or might not reach the targeted audience you need.  Other difficulties include not having the finances or able to secure a loan on your investment.  The overall idea is to find a way to make your product a success with a plan.

Also, unless you are highly technical, it’s difficult to find a really good technical expert to help out due to  a lack of resources or because qualified people are few and far between.  It will take a good amount of time to pull together a team of qualified developers, making it very difficult to get a product out and seen quickly.

Almost all startups go through the same processes to create a successful product. Here are steps that must be implemented in order to create  a startup development plan:

First and foremost, you must focus on a thorough market research.  Most startups look for commercial products that work.  Through research, you must determine what products are out there and what will work for you.  Through research you will also find out if your product idea will work or not. 

 Understanding customers and whether your product will solve their problems is staring reality in the face.

Branding is one of the most important steps in startup development.  The significance of a brand should never be overlooked.  You must understand a customer’s thought pattern, many customers will buy branded products instead of the best product for their needs.    Branding includes finding the right name and what your product represents to a consumer.  Once you have established this phase, you must secure your website domain name and marketing materials and this is done through trademarks and copyrights.

At this point, you must incorporate your business, making it a legal entity and how you will structure it.  Corporations receive special tax exemptions depending on how it’s formed.  Many startups are incorporated as an LLC, C corporation, S corporation or DBA.  DBA (doing business as) simply allows a company to carryout business under a different name and is usually by state or county. All of these options have advantages as well as disadvantages.  You should get some legal advice before making a final decision.

As much as your company is your brainstorm and you want to own the entire operation, startup companies run a high risk of failure unless they have a good team of co-founders.  Many investors will look into a founding team before considering any investments.  Team up with someone you know or has collaborated with you on a product idea.  For example: Ben & Jerry’s Ice Cream.

A business plan is crucial for success.  Create a plan that details your focus, your method for success and how you are going to carry it out.  Lay out your anticipation of expenses and income from your product.  Look to business consultants and other professionals to help you layout an effective business plan.

Next, location is another important step.  What business environment is important for your startup?  Do you need a specific type of facility for operations?  How much will it cost to rent out your work space?  You need to have answers to these questions before getting your business off the ground.

Do you have financial resources to start your business from the ground level?  If not, have you looked into loans and investors to make it happen?  Keep in mind, you will have to pay the loans back or share in the profits.  Again, your business plan should give you a clear idea of money in and money out.  You need to decide how you are going to raise funds for your business.  There are various ways including investors, through tradition venture capital firms or through fund raising.

You might want to seek out a mentor to improve your management skills, offer insight and knowledge within a given industry and help you through the ups and downs you will run into.  Mentors are extremely important people and should not be underestimated.  These people are here to teach you how to be a successful business owner, not to take over the reins.  An accelerator company will help increase your business growth by offering counselors, networking and in some cases, small investments.  This is a step that is worth looking into.

Startup companies are always risky, but considering the above suggestions, you will have a foot up toward success like many other profitable startups have done.

Source: Know-techie