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.
My dad used to say, "No one ever got rich working for someone else." Then, he'd pack up his lunch, put on his boots and go to work -- for someone else.
He did this because he felt he had a responsibility to his family, and I deeply respect that commitment; but my parents wanted more for me. In their minds, that meant a college education -- something that's long been touted as a lever to social and financial mobility.
A February 2018 report by RTI International backs that idea. After comparing the salaries and rates of first-generation college graduates with those whose parents attended at least some college, RTI's researchers found the results statistically identical.
So, off to college I went. As the first person in my family to earn a bachelor's (and master's) degree, I can say definitively that education has been an indispensable tool to my becoming a successful entrepreneur.
Yet I would say the same about my working-class background. After all, what separates the best entrepreneurs from the rest is usually their character; and nothing builds character better than hard work. So, here I'll describe the four lessons my hardworking parents taught me about entrepreneurship.
1. Don't let your background determine your success.
Just because you weren't born to an Ivy League legacy doesn't mean you won't be successful. Your unique experiences make you strong in ways that others with different experiences don't. If you've read The Pursuit of Happyness (or seen the Will Smith movie), you know that Chris Gardner's hard work paid off with a dream job despite his background in poverty and homelessness. By the way, Gardner is now the multimillionaire founder and CEO of Gardner Rich & Co.
So, how do you get started as an entrepreneur if family money isn't an option? A big loan from family or venture capitalists isn't a requirement. My own first company was bootstrapped, as many others, including Grasshopper and Survey Monkey, have been. So, don't be intimidated if your company's category is an area you aren't an expert in, either. You can learn new skills until the day you die.
I myself learned how to pour concrete and run electric lines by the time I was a teenager; but no one was there to teach me about stocks, passive income or long-term investing. I had to fill in those gaps myself. Even if you're an expert in one area, you'll need to learn new skills in other areas to be a successful entrepreneur.
2. Lead with honesty and integrity -- no matter what.
One of my parents' greatest qualities when I was growing up was their honesty. They never played corporate politics at the office. The idea of throwing someone under the bus to get the upper hand never crossed their minds. Instead, they worked hard, treated people fairly and let the chips fall where they may.
Some people seek to gain an advantage by gaming the system, but real leaders are honest. In Robert Half's 2016 survey of employees and executives, both groups ranked "integrity" and "fairness" as the most important traits of business leaders. Work ethic and fair dealing creates leaders, and the best entrepreneurs are exceptional at both.
3. Run toward those difficult conversations.
When I was 10, I wanted to quit baseball in the middle of the season. My parents weren't happy. We had plenty of discussions about finishing what you start, but eventually, they told me I could quit -- on one condition. I had to tell the coach myself. As my mom put it: She wasn't quitting, so why should she have to talk to the coach?
I was terrified, but that experience turned out to be an important one for me. I had to have a conversation with my adult coach, one on one, and deliver some news he didn't want to hear. Entrepreneurs have to have those types of conversations all the time. Whether they're to get a negligent client to pay, let an employee go or tell a customer about a big problem, difficult talks are part of the job. There's no mom to hide behind.
Still, many managers avoid tough conversations for as long as possible -- only 15 percent of managers polled, in a survey by consulting firm VitalSmarts, said they tackle them immediately. In most cases, it's best to just face up to the tough talks and get them over with. Waiting or completely avoiding those conversations only makes the situation worse.
4. Sit down with your family or friends at the end of the day.
My parents worked like crazy -- and that's an understatement. During the summer months, my dad often clocked 60-plus hours a week, and my mom put herself through a nursing program when I was a kid. But no matter what, we always ate dinner together as a family. Thirty years later, that still stands out to me.
Entrepreneurs are no less busy. According to a survey by The Alternative Board, about one-third of small-business owners polled said they worked more than 50 hours a week, and one in five worked over 60 hours. In a survey from NodeSource, almost half of the entrepreneur participants said that their biggest problem was finding work-life balance.
If my parents could find the time for family dinners, today's entrepreneurs can, too. I've learned that skipping family time to do more work won't relieve any stress; it's just time I'll lose with my wife and kids that I'll never get back.
Tapping into your roots
My dad broke his neck and shattered three vertebrae when I was 12. He was out of work for more than a year and racked up the type of medical bills you'd expect from such a traumatic injury. Clearly, he'd caught a very bad break, but I never remember him complaining or feeling sorry for himself. That attitude has had a profound impact on my life as an entrepreneur.
When I started my first business, I had no idea what I was doing -- and I certainly made plenty of mistakes along the way. But if every entrepreneur quit after a big setback, there would be very few great companies.
So, take a deep breath and do the only thing you can do: Put your boots back on and go to work.
These skills can go a long way in helping all of us but i want to make this point and i want you to keep it at the back of your mind. No One can give you the exact key to open your door of success, we are all on a different path and we have different locks, all we can do is give you some of the combination that can help you but not the very key. Finding the key is your quest and when you do find it, you will love every bit of the journey. Wish us all more success ahead. Please drop your comment and share. Thanks
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 …
Mark Elliot Zuckerberg is an American computer
programmer and Internet entrepreneur. He is a co-founder of Facebook, and is currently its chairman and chief
executive officer. Zuckerberg
launched Facebook from his Harvard
University dormitory room on February 4, 2004 with college
roommates and fellow Harvard students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The group then introduced Facebook to other college
campuses. Facebook expanded rapidly, reaching one billion users by 2012. During
this time, Zuckerberg became involved in various legal disputes brought by his
friends and cofounders, who claimed they were due a share of the company based
upon their involvement during its development phase. Early
Life Mark Elliot Zuckerberg was born on May 14, 1984, and
grew up in the suburbs of New York, Dobbs Ferry. He was the second of four
children and the only son in the educated family. Mark’s father, Edward
Zuckerberg, is a dentist and mother, Karen Zuckerberg, is …
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…
Gates is an American business magnate, who co-founded Microsoft, the world’s
largest personal computer software company. He consistently rank in the top
list of the world wealthiest people, he is one of the world best known
entrepreneur of the personal computer revolution. He is also the world most
generous philanthropist, who has donated over $28 billion to charity. Here are
his top 10 rules for success. 1.Have
you are going to start a company you need so much energy that you use to
overcome your feeling of risk. At the beginning it’s going to look so scary
especially given that you don’t have any experience as in the case for most
startups, you are going to make a lot of mistakes but if you have so much
energy rushing through you, you will be able to overcome your mistakes and that
of your team, you will also be able to guide your team into achieving the
desired result because energy is contagious. 2. Have
a Bad Experience: Bill
Gates is a college dropout who d…
We were just about to start our meeting on what next to post when one of our colleague came in with Forefront magazine and showed us this very inspiring story about overcoming problems in life. Here is the content of the story.
As hard as it may be, more problems might actually mean a
closer window of opportunity. There is a saying that every single thing happens
for a reason and whatever does not kill us makes us stronger. A story by Alijo Sylvester.
The story goes like this: A young woman went to meet her mom to tell her about her life
and how things are so hard for her. She was about giving up and had no idea how
she was going to make it. She was fed up of fighting and struggling. She complained
of how after a problem, straight comes another one. Her mom called her to the kitchen. She filled three pots with
water and put them on fire. The first pot, she placed carrot, the second she
placed egg and the third she placed ground coffee bean. She let them boil without saying a word. In abou…