fbpx
Connect with us

Entrepreneurs

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Published

on

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Tai Lopez came into limelight with his TEDx talk (Why I read a book a day). In his speech,  he explained how one book has the power to change your entire life. Earlier, he was only known in small entrepreneurship circles in Los Angeles. But with his speech on TEDx, he was able to broadcast his ideas to the mainstream audience.

As of 2019, Tai Lopez’s net worth is $60 million. Some of you might recognize him from a video that he made called “Here in my garage”. He compared his Lamborghini with the 2000 new books he had bought at that time; which he kept in his garage. The same video also went viral on youtube. Internet trolls saw an opportunity to make fun of Tai as he valued books more than his fancy sports car.

Moreover, Tai Lopez is also an advisor and partner to more than 20 multi-million dollar companies. His advice has been creating a massive impact in lives of new entrepreneurs and investors. Some of his ideas are seen as rebellious by some people. For instance, once he said, “Ignore more people and you’ll be a lot happier…”. This might sound antisocial or narcissistic to some people.   

In this post, I have compiled a list of 7 tips I picked up from watching Tai Lopez’s videos and reading his recommended books.

1. Work smarter, not harder

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Most of us are taught to work hard and hustle to succeed in life. There are a ton of posts on social media to testify this theory. Open any entrepreneurship account on Instagram and you will find plenty of images with quotes describing how hard-work and grinding is the pathway to success. According to Tai, these quotes project a false reality on people who are new to the entrepreneurship and business world.   

In his video on YouTube, Tai Lopez constantly talks about how people like Warren Buffett spend hours just observing and thinking about their next investment or the next deal they are about to go through. Does this seem like hard work and hustle to you?

Moreover, Tai Lopez also agrees that there is a time when work can suck the soul out of you. All rich people had to work hard in the initial phases of their entrepreneurial journey. But even for a newbie, it doesn’t hurt to find new and better ways to do their work. Smart work always wins over hard work.

2. Depression can be good for you

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Depression is very common among people who are independent and risk-taking. But, sometimes it can take over your life and affect you in negative ways. To protect yourself from these negative effects of depression, you can definitely take some practical steps like physical therapy, engage in social activities and perform meditation.

However, Tai Lopez has a different take on depression. He says feelings of sadness and depression can help a person get out of useless repetitive patterns and help them think in a more rational manner. Moreover, humans are meant to feel all kinds of emotions. Be it sadness or happiness, all emotions play a vital role in keeping your brain healthy.   

In his early days, Tai himself had to go through a tough period. Being raised by a single mom, he had no special privileges like most of us do. In fact, adversity is what motivated him to reach where he is today. So, don’t panic if you feel sad once in a while. Every entrepreneur feels that way.

3. Keep your mind sharp

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

It’s very common for people to get themselves fully engaged in their work life. Likewise, some people also become workaholics and prioritize work over all other things in life. This a good short term strategy and has worked for many people. But is it beneficial in the long term?  

The answer is obviously no. Your mind only remains sharp when you experience new problems and situations. This makes you more creative as you are forced to rack your brains to find better solutions. Also, instead of following fixed rules you become innovative; as each problem is unique and what worked for someone else may not help you.

Tai Lopez, in his 67 Steps Program has discussed the concept of “Evolutionary Stable Strategies”. Understanding these strategies is one of the key steps in the program. Here, Tai talks about how every coin has two sides. He further elaborates how Hawks and Doves coexist together in nature even when one of them is a predator. The population of both these birds should remain equal. There will be a major imbalance if one of these birds outnumber the other.   

4. Invest your money wisely

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Tai’s secret of becoming rich is to make money work for you. Even when you are asleep. He has gone great lengths to find and meet people who know how this works and who themselves have done it successfully.

Most people go to work to earn money. They trade their time and efforts in place of money. Not realizing that this itself is making them poorer, unhealthier and dumber. Tai’s advise to put some time aside and learn how to invest. Be it from books or a digital course, learning to invest can be the beginning of your journey to achieving financial freedom.

In addition, he also agrees that you are not going to hit big every time you invest. Sometimes you will even miss out on good opportunities. But a good investor never gives up and continues to his analysis without any regrets.

5. Set up your office

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

The environment you work in matters a lot when it comes to productivity. With the availability of basic amenities like an air conditioner, ergonomic chairs, etc along with positive people around you can increase your productivity by twofold. This is what works for most successful people. But, Tai takes a very different approach when it comes to setting up his office or workplace.

In his own office, he has a treadmill desk, some free weights, and a television. In a YouTube video, he showed how his office looks like and most people including were shocked. It didn’t look like the typical corporate office that most people are familiar with. But, one is for sure, it looked a fun place to work and hang out.

6. Read books and continually grow your knowledge.

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Tai Lopez has thousands of books at his house; even his garage is filled with them. Being an avid reader, he has created many videos explaining how books helped him transition from poverty to becoming one of the most popular digital products creator and a successful investor.

He chooses what book to read based on how he is feeling at that time. If he is sad, he picks up a book that he knows will leave him feeling happy and content. Moreover, he calls the morning time the “soap of the brain”. Because that is the time when he clears his mind and prepares for the day ahead. Tai prefers to read a classic book in the morning.

Later on, post lunch, he reads the how-to book. As this is the time when he feels a bit slumberous from the food. And before going to bed, he browses through a biography. It’s not a surprise that reading is a big part of Tai’s life.

7. Always be physically fit

7 Tips For Entrepreneurs From Tai Lopez That Are Actually Useful

Long work hours and a poor diet can make it difficult to create time for exercise. Even you do create space in your tight schedule, you will be more likely tired to workout and then recover in time. Don’t worry. You are not alone. Most entrepreneurs and business owners do not work out regularly. In fact, they don’t care about their physical appearance that much.

But regular physical exercise can also benefit in ways other than just improving your aesthetics. This is something Tai Lopez takes very seriously. He believes if you don’t take care of your body than you will breakdown and give up at some point in your entrepreneurial journey.

Apart from weight lifting, Tai is also well versed with martial arts. He has a personal Brazilian Jiu-Jitsu trainer. Moreover, Tai prefers having a team of people who can help him stay fit. A team consists of nutritionist, physios, general physician and a dietician.

A lot of people doubt Tai Lopez and his legitimacy. But his growing popularity amongst successful people like All-Star Chris Paul from the Los Angeles Clippers and NFL superstar Odell Beckham Jr have left no doubts in my mind.

I hope these 7 tips will help you in your entrepreneurial career and make your road to success bump-free. Of course, there is a lot more to learn. I suggest you also check out his recommended books. I am sure you will find some books useful.  

Continue Reading

Entrepreneurs

Why Starting an Online Business is a Good Idea in Current Times

Published

on

Why Starting an Online Business is a Good Idea in Current Times

We live in a digital age. Everything, from socializing, to office work, to shopping is shifting to the online space. The advent of inexpensive (and fast) internet and smartphones has meant that now no matter where you go, you are always connected to the cloud. And, that invariably, you end up turning to this messianic network to satiate your every need.

Smart companies are busy embracing this very change. The workplace of the future is not one of a unified brick-and-mortar structure. Employees can now sit thousands of miles away and still collaborate successfully on a project. This is not just something I’m pulling out of thin air. Dave Coplin, Chief Envisioning Officer at Microsoft, postulates that if only more organizations embrace the immense power of the internet, they would be able to streamline their operations and ensure a happier and more productive workplace. You can listen to his amazing, thought-provoking and insightful talk in the video given below. 

Personally, I have always been an advocate of the work from anywhere culture. Partly because of the time it saves me (which I can then spend on any one of my myriad other hobbies), and partly because it frees me up to travel the world. 

What does one have to do with the other? Well frankly, the kind of location independence afforded by the advent of Skype has made it possible for anyone to interact with their colleagues no matter where they are. Like I pointed out earlier, not being restricted by a physical office means you can be just about anywhere in the world, and still get work done.

However, there is another facet of this digital revolution which has fascinated me even more. Honestly, it is something which seems to be staring you right in the face, but it is surprising how many people still fail to (or is it a refusal to?) connect the dots and use technology to their advantage. What is this facet I talk about? Well, it is the ability for just about anyone (yes, I mean anyone) to become an entrepreneur.

“But,” you contend, “entrepreneurship isn’t really for me. It takes time and money, and really, where’s the job security in entrepreneurship?”

I would have agreed with you if I myself didn’t know better. For the past many years, I have bet big on online entrepreneurship and reaped great rewards. Frustrated and sensing the endless possibilities afforded by the internet, I quit my regular 9-to-5 job and decided to start my own online business. As an added challenge, I left just about enough money in my savings account to last me one year. The very fact that I’m happier than ever right now bears testament to the fact that, when done well, online entrepreneurship can give you the freedom you deserve.

Why Starting an Online Business is a Good Idea in Current Times

When you come to think of it, the market hasn’t ever been better for an online business. It is now possible to get your own website started for less than $50/year. And even if you don’t know a single word of coding, you can have your very own, professional-looking front-end, thanks to the power of content management systems like Drupal, WordPress and Joomla. Don’t like the plain vanilla look they offer? One Google search, and hey bingo! Thousands of themes and skins to choose from! Are you into e-commerce? No worries, mate! Payment gateways like PayPal and its ilk have you covered. Don’t have money to invest? That’s alright. Start a free website on Wix.com. Or, just start hawking your wares on Facebook.

My point is that in this day and age, there really is no excuse to not have your own business. You don’t even have to have the next big Facebook killer to be successful as an e-entrepreneur. I know of enough people selling junk jewelry (sourced from their local flea market) on Facebook/eBay/Etsy. And guess what? All of them seem to be doing really well for themselves. How well? Well enough to not have to work for anyone else to earn their living.

Why Starting an Online Business is a Good Idea in Current Times

All that you really need to succeed online, in essence, is the will to actually take the plunge and just start something. It really is as easy as that. I’m sure even you have a killer interest you’ve always wanted to exploit. A love for movies perhaps? Or expertise in minting long-form articles your current job has no use for. Or, even an insane desire to turn every song you listen to into a minimalistic poster. Yep, I just gave you three solid ideas for online businesses. Yep, you don’t necessarily have to sell something to be an online entrepreneur. Even Google AdSense revenue from your movie blog counts. Or, commissioned works your Facebook and Behance design pages fetch you.

If you still aren’t really sold on the entire concept and ease of online entrepreneurship, maybe you should actually ask yourself whether you’re actually happy with your day job; whether it fulfils you. If you, like me, happen to be like the majority of the working population, chances are you aren’t really satisfied with what you’re doing. 

Maybe, ok, it manages to pay your bills, but it’s either the rigidity of the corporate world, or a bad boss, or the endless commute to-and-fro, or even the nature of the work itself, which gets to you. And, I also know that much like the majority of the workforce today, you too have a secret desire to be your own boss and just do something for yourself. It’s all about the right day.

The right day, frankly, is on us. We are firmly in the middle of the small and medium enterprise revolution. The parity of opportunity between the big fish and the startup has never been greater. In the coming weeks, I will guide you through the various kinds of online businesses you can start and how to actually go about setting them up. Like me, you too can earn a good living running your own business.
Welcome to the age of the e-entrepreneur. Welcome to the best time in human history to start your own business and be your own boss in the true sense – the good and the bad.

Continue Reading

Entrepreneurs

Be an Entrepreneur: Be Your Own Boss

Published

on

Be an Entrepreneur: Be Your Own Boss

Being your own boss fascinates a lot of people, but a few really see the toils and struggles behind the glamour of the idea. When people realize what being your own boss actually means, you see them falter. My job isn’t that bad, they say. What they fail to understand is that to get a taste of success, you first need to sweat over building your business.

On 11th April 1910, a 27-year-old club singer Gabrielle opened a tiny shop at 21, Rue Cambon, Paris. She wanted to sell hats. 

Orphaned at the age of 12, Gabrielle had been raised by nuns who taught her how to sew, a skill that led to her life’s work. Three years later, she opened two new stores at Deauville and Biarritz, where she first tasted success when she designed a dress she fashioned out of an old jersey on a chilly day. A few years later, Gabrielle, nicknamed ‘Coco’ from her days as a singer, launched the immensely popular perfume, Chanel No.5 and thus the fashion label Chanel was born. 

First used in 1723, today the term entrepreneur implies qualities of initiative, leadership, and innovation in business. An entrepreneur is an opportunity seeker, a generator of new ideas and business processes. Economist Robert Reich has called team-building, leadership, and management ability essential qualities for an entrepreneur.

But why become an entrepreneur at all? Why leave the comforts and the structure of an established firm, to work 12 hours a day out of a basement?

Be an Entrepreneur: Be Your Own Boss

Mike Templeman, CEO of Foxtail Marketing, says “As an entrepreneur, I always have a story to tell. Whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I always am able to provide a tale or two, and the best part is that I get to determine the story’s chapters.” 

Have you ever been fired? As an entrepreneur, you run the show. Plain and simple. This is your company, your brand, your pride, and joy. You are financially independent. Initially, you’ll work for longer hours, but if you keep at it and do it right, the freedom that being an entrepreneur provides is unmatched. 

A start-up also provides a brilliant learning experience. Ashim Seth, founder of Chicago based Seth Business Co. says, “The lack of structure in a start-up is precisely what leads to better learning as compared to big corporations, especially for youngsters.”

Entrepreneurs develop new ideas all the time, but how do you know when to pursue one further? Therefore it is extremely necessary to ask yourself some essential questions before you leap. Do others think my idea is good? Will people pay for it? Why am I the person to make it happen? Henry Ford, with Ford Motor Company, became successful simply by building the first car for the middle-class American, thus converting the automobile from a luxury item to a practical conveyance.  

So list your options and do plenty of research. Think like the customer. Analyze the competition. Build your own idea.

However, while many new businesses boom, many fail as well. An entrepreneur is required to put his career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture. “Though there is nothing like the satisfaction of knowing you are responsible for your employees’ success, at the beginning you also have to work hard every day to keep them convinced that joining you was the right decision,” says Gaurav Kumar, Associate Director, KPMG. 

An idea may be too novel, or the market may simply not be ready for a new entry. What is important to understand is that a failure is an option. Successful entrepreneurs excel at adapting to new obstacles. 

“The brick walls are there for a reason. The brick walls are not there to keep us out. The brick walls are there to show us how badly we want something.”

– Randy Pausch, The Last Lecture.

Have you ever wanted to do more? To do good? As an entrepreneur, you also decide where the profits of your company go. You can fund an NGO, or a charity, or even hire the homeless. HarVa, founded by BITS Pilani graduate Ajay Chaturvedi in 2008, is the first BPO set up in rural India which has hired and trained 500 women in Haryana as part of its first project. 

So decide what you want to do. Make a plan. And work on it every day. Change the world in your own little way.

Continue Reading

Entrepreneurs

How to Simplify Your Business Systems to Achieve Growth

Published

on

How to Simplify Your Business Systems to Achieve Growth

Here’s a growth strategy: simplify your business systems.

Maybe your workflows are tried and tested. Everyone knows them and does them. This is how you’ve achieved growth after all. But now, you’ve hit a slump. And we know what will happen if you keep doing the same thing:

“Insanity is doing the same thing over and over again and expecting different results.”

As a side note, this quote has been misattributed to Albert Einstein. But somebody traced it back to a 1983 book by Rita Mae Brown, a mystery novelist.

With that out of the way, let me ask you to change your core business systems. Inefficient systems can cost you more. You run the risk of losing 20% to 30% of your revenue if you don’t deal with them. No, this doesn’t mean you need to add more to gain more. But you will have to trim, discard, merge, and automate. 

Let’s do this.

The following steps can be applied either on overarching systems or standalone systems:

1. Visualize Your Workflows

Create a system flowchart or process map to ensure everyone is looking at the same big picture. You can use tools like Lucidchart for faster implementation.

How to Simplify Your Business Systems to Achieve Growth

If you’re reviewing an entire business system, it would be more efficient to have the core teams meet separately first. Let them brainstorm and map out their recommendations. If the main concern is a specific system, then meet with the team involved and other key individuals. Let the team head prepare a visual to have everyone on the same page.

2. Evaluate Each Operation’s Importance

Overhauling an entire system entails a thorough analysis of its components. When looking at the subsystems, ask what they’re supposed to do. Be clear about their purpose. Some aspects have a more obvious impact than others. If you’re in e-commerce, logistics management workflow is a good example. But how about marketing? Where does this team’s work start and end?

So, have a stated purpose for each system. Once you’ve nailed that, ask: are they performing according to expectations? 

To answer that, focus on their output and output value. For instance, the marketing team is in charge of raising brand and product awareness. It’s also tasked to oversee customer experience in many cases nowadays. Ensuring marketing operations are streamlined actually helps the entire business. This translates to a high output value for this system.

Do the same thing to all of your core systems. Then rank them using the highest to lowest output value metric. Aside from the output value, you can combine outputs measured in dollars (market share increase) and outcomes measured by their long-term effects (improved public image)

3. Zoom In On the Steps

After ranking the systems, see if you can afford to take a shortcut or declutter a clunky system. Looking at each process workflow, identify steps that you need to eliminate, merge, do simultaneously, and/or automate. 

  • Merge or parallel – Are there redundant steps in your system? Would your system benefit from merging two or more steps? Are there steps that need to be done simultaneously instead of one waiting for the other to finish?
  • Automate – Is there a series of steps you can automate? Are there parts of the process that can be performed with reduced human input? What solutions exist on the market? Can you leverage those without compromising output quality?
How to Simplify Your Business Systems to Achieve Growth
  • Outsource – What steps in your process do you lack expertise in? Can you afford to hire and train new talent to perform them? If not, are you willing to outsource them to another company or an individual? Will you be able to afford to outsource?
  • Eliminate – Are there unnecessary steps in your system? Are your people performing tasks that are of low value? Are there specific bottlenecks that have kept your process from running smooth? Will you benefit from replacing or removing them altogether? 

4. Refine The System

By now, your flowchart or map may look very different from the one you started with. But the revamp does not end with a new visual. Once again, you need to gather key individuals and fine-tune your output. Your business will benefit the most if you include two sets of people in the brainstorming session.

  • Experienced Members
    Bring in your experienced team members. Their insight and perspective run deep, especially if they’ve been in the business for a long time. They’re also probably attuned to the changes that required the overhaul. And they have a track record for helping the company cross over in the past. One downside, however, is that they may be attached to the processes more than the new ones. 
  • “Outsiders”
    You may invite an experienced individual (consultant) from a different industry. He or she will be your fresh pair of eyes. This person will let you see blind spots that you and your managers may have missed. Having someone with a strong technological background can help you identify which processes to automate or streamline using technology.

    Additionally, you can include some new team members who can address blind spots and have strong technological skills.

5. Apply Growth Hacking

Growth hacking was coined by Sean Ellis after the method he’d been using led to the sustainable growth of companies like Dropbox and Eventbrite. Growth hacking comprises testing and learning approaches within short timelines and small budgets. It’s famous among startups but can be applied to any business.

How to Simplify Your Business Systems to Achieve Growth

So, how do you apply this in your business systems? Now that you have a new and simplified business system, you will have to focus your thinking on delivering value. 

“Value drives customer retention, which is a prerequisite for generating sustainable growth.” -Sean Ellis

Identify the common success metric for your company. Growth hackers call this the North Star Metric (NSM), which should reflect the aggregate value delivered to your customers. Test ways to improve the performance of this metric. This also requires your core growth team to meet, evaluate, and iterate each week.

Final Thoughts

Given all the steps above, you might be thinking about setting aside time to simplify your business systems. What’s a 90-minute brainstorming session compared to the revenue you’d lose if you stayed with the inefficient, clunky one you currently have?

In doing this, you’ll also be documenting your processes and stating purposes. It will be easier for your managers to pass the message down to their team members. The big picture will become clear for everyone. And your growth machine will be set in motion once again.

Continue Reading

Popular