Tag Archives: successful entrepreneurs

6 Signs You’re Going To Be Successful

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1.) You hate average

When you hate being an average person, then, the only way is to go ‘up’. This mentality sets yourself to higher standards in terms of the way you look at life.

It shapes the way you think when faced with adversity. You start to enjoy what life throws at you because you know,

While most would succumb to difficult challenges – like every average person does, you don’t.

Instead,

2. You practice discipline and self control

No matter how smart or brilliant your ideas are, if there is no self-discipline, nothing can be gained.

Discipline is important, but to become a successful entrepreneur, discipline becomes essential to ‘survival’.

Once you’re the owner of a business, there will be no one to tell you what to do, or what you need to get done.

You have to constantly find that motivation and eagerness to get things done; and without discipline, you’ll end up a failure.

It’s all on you now.

3. Failure doesn’t scare you

Let’s be honest, the fear of failure gets to you as an entrepreneur. There’s no denying.

What you do instead is, to manage that fear.

Elon Musk has a great strategy when managing fear. He always create a contingency plan in case things go bad.

When he started SpaceX, Musk set a target of $100 million for the rocket launch. If he fails, he’ll bail out of the space venture.

What’s so great about this move? It sets Musk’s mind that failure is a viable option. This helps managing that fear.

He also knows when to quite, which is also important for every entrepreneur so not to get dragged into much higher debt.

4. You wake up early

Most successful people love to start their days early.

This is because, they find mornings are the best time to get as many difficult tasks done as the brain is fresh and able to perform at higher degree.

If you start in the morning, you’ll also find that you get to get things done earlier – so you can spend the rest of the day doing other activities.

5. You surround yourself with great people

You are who you surround yourself with.

I believe this makes sense just by reading the title.

If your friends like to talk or do things that waste time; you’ll end up like one.

If your friends like to talk about ideas, opportunities, or investment; you’ll end up like one.

Start networking with people who are better than you today to get started.

6. You don’t complain

Complaining or whining is a waste of time and breath.

And yet, people still do it – because some supposedly experts on mental health issues say that it’s actually a good thing to vent your anger or frustration.

Guess what? This makes people who listen to them more of a whiner.

By the way, if these mental health experts are correct, then, how come we’re seeing increase in chronic mental health problems – whereas the mental health experts are at its most advanced stage in human history.

My advise? Stop complaining and carry on with life. You need to do something to take your mind off your worldly problems. Everyone’s got problems – deal with it like every other human being in mankind’s history.

There’s a saying “An idle mind is the devil’s playground.”

What are some common mindset of every entrepreneur?

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The common mindset of an entrepreneur for their business how they can accomplish goals and maximize business growth. It is important for every entrepreneur to remember that the ways they can accomplish their business goals and achieve the targets.

Sell dreams, not products

What is the first reaction of people when they see you trying to sell you something? Most would reject you but that’s okay – it’s part of sales process.

But what if you come to a person with an idea or a dream of how you can fix his or her life. What if you tell her that you have a solution to our everyday lives?

Your chances of grabbing people’s attention are much higher isn’t it?

People are tired of sales people. Quite frankly, sales often get the bad rep despite of its importance to every company.

But, if you come with a solution, people might perceive you differently and become more accepting of what you have to say.

So, stop selling your products. Sell a dream.

Planning

What is the important equipment or technology that is important to manage the information? Efficient business can always qualify to give better results. Make sure to manage CRM, communication, data, inventory, and more in an automated way, minimizing the mistakes and maximizing efficiency.

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Expense

Before moving ahead you need to be clear in your budget and what are the important financial planning. Make sure the budget and technology have a good balance. Deploying the technology can be one time investment for your business and using it a efficient way can give long term benefits.

Implementation

Implementation of the techniques or plan for your business. The implementation of technology efficiently can help to improve your business performance. This stage you check how your business is performing, this way can calculate the changes before and after implementation.

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Manage your business with good Ideas

Now you can manage your business, and apply ideas to get better results. Keep doing quality work and get quality results with upgrade technology.

Upgrading your business e.g retail business, hotel management, Restaurants operation, eCommerce and more with technology is always the best idea to grow your business ahead

7 Signs You’re Going To Be Successful

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You’ve put in the effort. And you have yet to see the result. You become fearful and your mind starts to wonder “Am I gonna make it?”. Don’t worry, in today’s video, I’m gonna share with you the 7 major signs you’re going to be successful.

1.) You hate average.

“Life begins at the end of your comfort zone.”

You don’t want to be average, and you believe that you are made for greatness; to achieve great things. You believe anything less is not an option for you.

This is where the importance of ‘mind over matter’ is emphasized. You want to do great things. You want to serve in a great way. You want to take care of those who are important to you.

This mentality will play essential role to make you a success. It will drive your will to become a master of what you want to achieve in.

Below are some of the qualities you need to focus on in order to beat ‘average’:

  1. Willing to sacrifice short term to achieve long term success
  2. Master self discipline
  3. Self control
  4. Critical thinking
  5. Product development
  6. Public speaking
  7. Networking
  8. Specific skills related to your industry

2.) You practice discipline and self-control.

“Discipline is the bridge between goals and successes.”

I know I’ve listed these earlier but I’d like to talk a little in depth about it.

It’s obvious one of the basics of being an entrepreneur is to master self discipline and self control. Everybody wants to buy things right now, but nobody is willing to take a look at the bigger picture and take actions.

Being your own boss, there is no one to tell you to work. No one is there to appraise your performance. You only answer to yourself. This sounds great, but could potentially become a trap if you do not have the discipline and control over yourself.

Without these qualities, you tend to procrastinate, you become lazy, you take things for granted; and above all, you neglect mountains of responsibilities. Let’s not ignore that while being a boss is great, with it, comes a lot of responsibilities.

Practice self-control and discipline on a regular basis. Become better at it. Remember, sacrifice today so you can live a better life tomorrow!

3.) Failure doesn’t scare you.

“Failure is not the opposite of success. It’s part of success.”

Jack Ma comes into mind whenever I write or talk about failures. The Alibaba founder once said he sent multiple applications to Harvard only to be rejected. He did it purposely because he wanted to learn to overcome fear of failure.

This is one of the best way to practice facing your failure – in my opinion. What better way to learn handling failure other than facing rejection by one of the best institution in the world.

The people who are not scared of failure are the ones who become massively successful. On the other hand, people who take the ‘safe’ route becomes another average individual.

Also, failure is not permanent. It should not scare you out of action. Mark Cuban once said “All it takes is to become right once and you’ve made it.”

4.) You wake up early.

“If you don’t develop the habit of waking up early than others, you won’t be able to change the world.”

Our brain functions the best after waking up. Surveys have indicated our brains work at optimal capacity as soon you open those eyes in the morning.

Since our brains work best during this time, it’s best to get most things done within the hours. Starting your day early increases your productivity level – and every entrepreneur knows the importance of it.

Some even vouch that it’s easier to work during these hours too since it tends to be very quiet enabling them to work without much distractions.

Even if you’re not getting up at 5AM now, at least you have the awareness that getting up early is a powerful tool for your success.

5.) You surround yourself with great people.

“If you hang around nine people who are down, you will be the 10th one, if you hang around nine people who are broke, you will be the 10th one.”

We can’t control our family, where we grow up, or what we’re born into. But we can control who we spend our time with.

Successful people understand the influence of their peers. Who they spend most of their time with can some what determines who they’ll become in the future.

This is because, successful people has an aura that can be intriguing. If you spend more time with them, you tend to behave and become just like them.

You’ll start to have better attitude. You’ll improve your work ethics. You’ll start communicating better. You start reading similar books. You get the idea.

People who are a massive success know that you can only surround yourself with folks who want to be extraordinary. Eventually, you’ll try to ‘out-compete’ among yourselves and we all know how competition is good.

6.) You don’t complain.

“I think some people enjoy complaining as much as they enjoy doing nothing about it.”

Yes, entrepreneurs can be very critical – but some tend to deviate and starts to complain too much. Of course, being honest and truthful have its merits – but you need to be careful as there are setbacks too.

I used to be one, always complaining about life. Both of my parents diagnosed with chronic diseases at the same time – so I had to slow down my pursuit of success. You get the idea.

Long story-short, with time, I adapted. I still complain, but it always ends with searching for opportunities behind that complain.

Instead of just looking at the problem, I look at both the problem and the solution. This attitude completely changed the outlook of my life forever.

So, stop complaining too much. It’s a waste of time. Start looking for opportunities behind it. Execute!

7.) You are patient.

“Be in a rush to be patient. The only thing you should be rushing towards is greater patience.”

Patience is another key to becoming a massive success. Many people give up on their dreams simply because they are not willing to wait for it to happen.

Every successful entrepreneur knows that good things take time. It’s like a marathon, not a sprint. Success is not a get-rich quick scheme. It requires hardwork and countless amount of sacrifices for future gains. So, keep hustling and be patient.

Top 5 Female Entrepreneurs You Must Know

1. Denise Coates

Denise-Coates

Company: Bet365

Age: 51

Net worth: $3.9 billion (£3 billion) (2018)

Denise Coates owns the site Bet365. It’s a betting site which took her a year to develop and launch. She bought the Bet365.com domain name back in January 2000 and looked poised to success.

She raised a whopping £15 million loan from Royal Bank of Scotland to help fund her run the business.

Today, Bet365 has grown into one of the world’s largest online gambling sites.

Today, Denise’s net worth is an astonishing $3.0 billion.

 

2. Cher Wang

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Company: HTC Corporation

Age: 60

Net worth: $1.6 billion (£1.2 billion) (2018)

Cher Wang is one of the pioneers at producing new and innovative smartphones in China.

She founded the tech company HTC – which quickly grew placing itself next to other tech powerhouses such as Apple, Samsung and Huawei.

Cher Wang was born in 1958. She received her degree in economics from the University of California in 1981.

About a year later, she joined the company ‘First International Computer. Later on, she co-founded VIA in 1987 and HTC in 1997.

Cher has been featured on Forbes world’s billionaires numerous times in 2010, 2011 and 2012 – having a net worth of 1.6 billion.

3. Folorunsho Alakija

Famous Female Entrepreneurs - Folorunsho Alakija

Net Worth: $2.5 Billion

Folorunsho Alakija is an unknown to many. She’s actually the richest female entrepreneur in Nigeria. She may not be as popular as other female entrepreneurs, but she has a net worth of around $2.5 billion

She started out founding a tailoring company called Supreme Stitches. She founded the company after being employed at Sijuade Enterprises in Nigeria; and the First National Bank of Chicago.

Later down the line, Alakija started looking to various industries for investments once Supreme Stitches started to become very successful.

She’s also named as Forbes’ 96th most powerful woman in the world.

4. Gina Rinehart

Famous Female Entrepreneurs - Gina Rinehart

Net Worth: $11.7 Billion

Gina Rinehart is considered to own a personal fortune of $11.7 billion.

This makes the Australian billionaire not only the richest person in Australia, but also places her 6th riches woman in the world.

She’s the chairman of Hancock Prospecting Group; a giant mining company which produces up to 30 million tonnes of iron ore per year!

Rinehart took over the mantle as chairman of the company when her father passed away in 1992, and has become one of the riches female entrepreneurs in the world ever since.

5. Wang Laichun

Wang Laichun Famous Female Entrepreneur

Net Worth: $1.5 Billion

Wang Laichun, is another pioneer in the Chinese electronics manufacturing industry. She’s the chairman of the company which supplies Apple much of its parts.

She is also known as one of the world’s youngest self made female billionaires once the company becomes a success.

It’s been estimated Laichun’s net worth is around the $1.5 billion.

5 Weaknesses That You Need to Get Rid to Become an Entrepreneur.

Yes, running new business is exciting. The idea of success and the bountiful benefits which come with it are truly desirable. But, can anyone just do it? Can anyone who dives into this achieves success?

Recent report that 90% startup in USA fail is enough to scare away people from venturing into the entrepreneurial world. Apart from the distinct weaknesses in the technical department, what the article fail to realize is also the required mindset in order to achieve the difficulties and challenges of entrepreneurial world.

Having said that, here’s a list of weaknesses you need to get rid of in order to make the entrepreneurial journey less difficult:

1. Escape from your 9-5pm job

Majority of my clients began startup as a mean to escape from their 9-5pm job. I caution you if that is what you’re looking for. Starting your own business is just as difficult, if not more.

You are no longer just working at a company. You are running it which means every business activity needs to be at your fingertips. Your responsibility becomes broadened. You no longer check in and out at 5pm.

As an entrepreneur, your work continues making sure your budget is balanced. That you have enough money to pay salaries, rent and utility bills. You’ll begin to worry ‘what if’ you can’t afford to pay your employees end of the week if business not going well. You also need to consider your loan repayment and its interests (if you did take one).

Once done, only then you start thinking about getting your pay – unless you are a dishonest person, taking the share early leaving everyone else who worked for you ‘dry’. Something which I do not advocate and strongly condemns.

I’m hopeful that I did not scare you away with those rants, I was just stating the truth. This is the reality of starting an honest business from scratch and I have barely scratched the surface.

If you feel this person is you, then I’d recommend you to eliminate this thinking and prep yourself in facing more challenges as an entrepreneur. Otherwise, I’d recommend you keep your job until you are mentally and physically prepare for it.

2. You Look for Quick Results

I’ll be honest. Every millennials (myself included) fancy the idea of making quick buck. We mistook the idea of internet available everywhere enables us to reap results fast – along came Mr Zuckerberg’s Facebook and Systrom’s & Kriger’s Instagram which were considered as an ‘overnight’ success at the time.

Ever since then, we take pride in the idea that ‘if Zuckerberg can do it, so can I’ often leads to impatient approach and taking shortcuts even if it means to lie and cheat. We also start making ridiculous short-term business objectives for the purpose of making it ‘big and quick’.

And whenever we don’t get the results we set out, we falter. We began questioning ourselves and raise doubts over the business. These are the setbacks of looking quick results or in other words, an instant success.

This particular characteristic is dangerous as I have seen quite a number of young entrepreneurs who fell for the ‘quick buck’ mentality. They went down not only at the expense of being demonised by their unpaid staff, but also at the cost of owing more money to the bank at a very young age.     

3. Quick Diversification

At a certain point, entrepreneurs have always been reminded to diversify their business activities. This is true, but needs to be applied the correct way at the right time.

Diversification somewhat implies your business is growing. However, quick diversification could cost your business too. Businesses that grow rapidly could cause strain to activities that support your growth. Once a business’ growth exceeds its supporting functions, it will cause a reaction to its failure.

For example, your business grows quick till it does not give enough time and support to its departments which drives growth in the organisation. The quick and large diversification of business activities will strain them and eventually will lead to organisational failure due to lack of support and time to recover.

In short, quick diversification overloads your departments from functioning properly due to lack of support and time to recuperate.

I’d recommend you to diversify your business, but only when your business is ready to grow. Take your time, understand the market you intend to enter and; implement new principles to your business and its staff patiently.

4. You’re Connecting for Sales, not Relationship

This is somewhat related to ‘looking to get quick results’ section mentioned above. Making sales is fun and great. However, it does not guarantee customer retention and referrals.

Entrepreneurs can be very financially-driven – at least from my experience consulting. Whilst it is great to see our sales performance skyrocket, it does not ensure that next annual performance could maintain, if not better.

Many entrepreneurs tend to forget that building relationship with your customers is just as crucial. They would normally spend a lot of time and money on selling their product to customers and less on customer relationship. This could end up to confusion and dissatisfaction in the customer service department. And sometimes deceit.

The barrier between the business and customers will likely have the latter ends up not supporting due to lack of confidence and trust. You can forget about customer retention and referrals – two of the most sought after customers in business.

At the end, building relationship is just as crucial as making sales. It requires more work especially dealing with demanding customers, but the outcome of these relationships is long-term. By communicating and resolving their issues, customers will be more willing to support you and don’t mind referring peers to your business which they truly feel honest and trustworthy.

5. ‘Maverick-Lead’

Maverick leadership is an old concept of team management which is no longer applicable in this century. Exchange of information is quick and there will always be people smarter than you. You can no longer make decisions based on your ‘hunch’ alone without any supporting evidence to back you up. You are just going to get heckled by your staff when things go wrong.

In this modern era, even the slightest mistake will have you ruined. One man or woman can’t run the organisation alone. You need to be good at management, delegation, teamwork and inclusive decision-making process.

A true leader sees leadership as a responsibility, not a privilege in which anything can be done as pleased without reasoning. You need to listen, have open discussions and accepting criticisms.

The more you listen, the better your decisions will be having to consider wealth of information from bottom-top of your organisation.

Having said that, also learn to accept the amount of information gathered is enough and not more is needed – which purpose is to prevent information overload.     

6. Final Two Cent

While all these weaknesses or misconceptions sound easy to deal with, doing it practically is far more difficult. Aspiring entrepreneurs have the tendency to ‘make it big quick’. I guess everyone does. This is where your long term business plan is crucial. Stick to it. You have done the homework, now is the time you learn to trust it.  

Top Seven Deadly Reasons of Business Failures and How to Avoid?

A survey by CB Insights has compiled ranges of study on businesses that failed. The report found 20 top reasons, naming absence of market, lack of capital and a startup team which did not fit for the job in the top three.

Whilst the report listed 20 reasons, I decided to only focus on 7 most deadly reasons you need to pay more attention to and how to overcome it:

Continue reading Top Seven Deadly Reasons of Business Failures and How to Avoid?