No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
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4 Things I Wish I Knew Before Starting a Small Business
My initial optimism was always tempered by that
little voice in the back of my head that said I couldn’t do it. Don’t
underestimate the power of self-confidence. Think back to your childhood when
your parents told you that you could do something. Didn’t it give you the
strength to move forward?
That doesn’t change when you become an adult. You can
do it and you do have the power. Make sure you’re confident, and if you can’t
be confident approach someone you look up to for reassurance.
It won't take as long as you think.
Conventional wisdom says that it takes at least
five years for you to achieve a profit when
running a small business. This couldn’t be further from the truth. You can
achieve big profits without putting everything on the line within the first
year. It’s certainly not uncommon.
Don’t be put off by the people who say it’s not
going to happen anytime soon. I achieved tremendous success with some of my
small businesses within the first year, and sometimes within the first six
Concentrate on your key milestones.
You must have a firm direction. It’s the same
principle for any new venture. Create realistic goals and track your progress.
Do the same with your small business.
Create daily goals, weekly goals, monthly
goals and annual goals. Don’t be afraid to get ambitious with them. Push
yourself at all times to greater heights.
You need help.
Probably the most important thing I ever learned
from starting a small business is that everyone needs help. Everyone needs a
mentor. Ninety percent of all successful business people had help from someone
else. That could be a family member, friend, or just a mentor they met at a
Seek out the help of those who's more successful
than you. Be willing to humble yourself and don’t assume you know it all
because you don’t.
When I first started it was easy for me to want to
keep control and to want to do everything myself. That was a dumb idea and my
progress was much slower because of it.
Open your mind and leave your ego at the door.
Last Word – Start Your Small Business
Your small business lives or dies on the decisions
you make and the attitudes you hold from the very beginning. I’d always say
that you should leave your ego at the door, create a firm direction, and then
just do it.
Being a young entrepreneur is difficult, no matter where
you are from. But in Africa, the challenges are often far more emphasised.
Resources, financing, mentorship and supporting services are even scarcer. Yet
despite this, the continent’s youth unemployment is higher than elsewhere,
and for many young Africans, entrepreneurship is less of a choice, and more of
a requisite for survival.
year the Anzisha Prize, Africa’s premier award for entrepreneurs between the
ages of 15-22, identified a handful of young entrepreneurs who are
making it in Africa. Here are some of their tips for success. 1. The most important step is the first one
Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur
behind GiftedMom, an e-content platform for pregnant women.
says having an idea is easy, but turning it into reality is a whole different
story. The wall of challenges an entrepreneur faces can quickly de-motivate
someone from following through on their vision. …
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
We often talk a good
game in the world about how entrepreneurship is a global phenomenon. In
the last week of October, we lived it.
Headlined by Bill gates, the Microsoft giant drew some of the biggest
names in technology together with more than 1,200 entrepreneurs from 170
countries, government leaders and Silicon Valley executives to Stanford
University to put a spotlight on expanding entrepreneurship around the globe.
From the start, the call was for championing entrepreneurship to help
reduce global tensions and demonstrate a different path for youth living in
We don't often enough
connect the bottom line to efforts to make a safer world. I applaud Gates
call to action for this next generation of entrepreneurs, and those in the
current generation, to support them.
Gates proposed that the young entrepreneurs focus on three
"generational challenges": creating education tools to excite
youth who may be at risk of radicalization, build…
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Cletus M. Ibeto (born November 6, 1952) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the
largest business enterprise from Nnewi, a city unique for its entrepreneurial
spirit. In the early 1980s, when the oil
crash and a
controversial importlicensing system was making a dent on the
Nigerian manufacturingenvironment, Nnewi went through a growth
period. The Ibeto Group under the Ibeto's leadership was a pace setter in the
region and nation's trading and later manufacturing development. His story
teaches that no matter how your financial situation seems at any point in life,
seeing and taking opportunities when others don’t, smart-hard work,
perseverance, and the right network can change your status for good. EARLY LIFE
22, 1966, at age 13, the highly spirited Ibeto got his school box and
provisions all packed and set for school. Unknown to him, the
academic phase of his life was about to crash, as his father decided that