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What Being Your Own Boss Means?

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be your own boss

Let’s face it – we have all had a job which sucked the life out of us. Working for a company which we really didn’t care about. Nine to five, six days out of seven was draining you. Ever thought what being your own boss would mean? To decide your schedule? To choose your own tasks?

we have all had a job which sucked the life out of us. Working for a company which we really didn’t care about. Nine to five, six days out of seven was draining you. Ever thought what being your own boss would mean? To decide your schedule? To choose your own tasks?

Ever wondered who actually are these people? Well, these people are entrepreneurs.They are people who run their own business, are freelancers, and even solopreneurs.

Imagine a life where you can live on your own terms, no need to worry about nine to five, have the freedom to choose how to spend your time in your own way. Becoming your own boss sounds aspiring, but the truth is, the reality of running a business is not for everyone. How will you be able to pay the bills on your own? How about that mortgage or those car payments? The amount of effort you put in your work is proportional to the money you end up earning, and even that is not guaranteed as businesses can fail.

be your own boss

Here are some things you need to consider before becoming your own boss:

1. Develop self-discipline and determination

Now that you are your own boss, you need to be well determined and a disciplined person with the right emotional state and mindset. One of the main reasons why small businesses often fail is a lack of desire. You should develop a burning desire for achieving your goals. Many people succeed because of this desire and determination. Also, self-discipline is the most important quality to develop to become successful as your own boss.

2. Quality of being decisive

If you are really serious about becoming your own boss, you need to develop decisiveness. Being decisive means that you have the ability to make specific, concise and timely decisions. In the end, it’s our decisions that determine how successful we will be. A true leader and a great boss are confident to stand alone and have the courage to take tough decisions. Being decisive is one of the rational ways to take on any problem.

3. Become an expert in your field

Firstly, analyze your skills and passions and identify the right business for you. Give yourself time and permission to explore. Do what you often like doing. Once you have figured it out and have a clear idea of how your new life being your own boss would be, try to become an expert in that area of interest. Becoming an expert here means investing in knowledge. Learn as much as you can about your field from any source you can find. This is the kind of investment that ends up paying the best interest.

“Because the more you know, the more you grow.”


– F.A.Q. – A science show I watched as a kid.

4. Building your support network

It is practically impossible to build a business all by yourself. That’s why you need to build a network of supporters, advisors, partners, influencers, vendors, and more if required. Network locally, nationally and/or via social networks. It’s really important to continually engage in networking and make the right connections to excel and succeed.

5. Understanding personal finance and building financial security

As an entrepreneur, there’s a thin line between your personal life and business life. They are, in more than one ways, interconnected. Therefore, it is always recommended to have a detailed understanding of personal finances. Also, you need to be financially secure. There are many ways to build financial security such as saving your own money, getting a loan or seeking out investors. To execute your ideas smoothly, many times you do require to be financially secure.

Pros of being your own boss:

1. Choose your own working hours

If you are a person who likes to work late at nights or doesn’t like to work in the afternoon, you are free to set your own time. When you are your own boss, you eliminate the old-fashioned way to warm up the chairs for specific hours.

2. Flexibility to work anywhere

Being your own boss allows you to select any preferred location for you. It can be your

home or any place where you find comfort while working. With today’s technological advancements, it is possible to work from nearly anywhere.

3. Doing the work you enjoy

“Life is too short to waste time doing things that you hate.”


-Anonymous

If you hate your job, your negativity towards work will make you feel tired and unmotivated. Being an entrepreneur gives you the chance to get paid to do something that you actually enjoy and look forward to.

4. You are free to make your own decisions

While in a job, you might have faced situations where your boss diminished every decision you took. This usually results in lowering of self-confidence, self-respect and most importantly, motivation. When working for yourself, you become more active, productive, creative, determined and motivated. You become free to take any decisions, but remember, your decisions will have a major effect on your work and business.

Cons of being your own boss:

1. Your customers are your boss. Your clients are your boss

While working in a business or on your own, providing services to clients, it might happen that your customers or clients become your boss. Business planning with clients, meeting the deadlines, product development, etc. have to be completed by you. At times, when you need money, your clients become in charge.

2. Your commitments are your boss

Your word is your most powerful asset. You can’t miss commitments very often because that is a sure shot way to failure. Word of mouth is a great asset in business but it can also ruin your business if the word about you not honoring your word gets out. Meetings, deadlines, and promises are commitments. You can’t really run a business without them.

3. You spend your own money

You become the first investor for your business. You pay for all the necessities required to run a business such as technology, equipment, etc. All this comes from your pocket, not from the employer’s budget.

4. You earn when you work

You have no assurance of salary and compensation. It all depends on you and how much work you put in. Your business is also affected by your clients, your market, and your business offering. If you don’t work, then you will not earn. Efforts put in your work and rewards for the same are interlinked.

Being your own boss is a dream come true for a lot of people but what you have to realize is that it is not all rainbows and cupcakes. To enjoy the benefits that come with it, you have to go through the hardships that are linked to it.


Entrepreneurs

How to Have a Personal Life as an Entrepreneur

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How to Have a Personal Life as an Entrepreneur

Balancing your professional and personal life is difficult even for people who work a set number of hours in their jobs. It becomes even more difficult when you do not have set hours, and you are not exactly answerable to anyone, but yourself.

Being an entrepreneur has an added thought process of working continuously. If you aren’t working, you start feeling guilty and feel as if you aren’t doing enough. The responsibilities and obligations you feel overfills your plate. True, being an entrepreneur means putting more time towards your goal, sacrificing some personal time, but knowing how much to sacrifice is very important.

Creating balance in your life is something that you need to work towards. A balance makes you feel more fulfilled and also helps meet all the obligations. By having no personal life, and trying to work 24×7, you are doing more harm than good.

Being your own boss means that you get to decide your own schedule. You have to be disciplined enough to take some time out for yourself. Use this time to meet people, do things you love, learn things you have wanted to, spend time with your family. The time you take out for yourself helps you to recharge your mind, which in turn will help you to work better towards your goal.

As an entrepreneur, you already know the importance of planning and organization. You have to be thorough to get the most out of your day. This is a challenge if you work from home. Because there is no separation between your workspace and your living space, it is easy for one to bleed into another, and mostly it will be the work taking over everything.

How to Have a Personal Life as an Entrepreneur

“The question I ask myself almost every day is, ‘Am I doing the most important thing I could be doing?’”


– Mark Zuckerberg

The first step is to respect the work and private life for yourself. When you yourself value your time, others will have to follow. If you live alone, then distractions are limited and easy to deal with, but when you live with family, it becomes complicated. Because you are home, they might think you are available for whatever reason.

You have to set clear rules and a timeline when no one is allowed to disturb you or ask you to do something. This also gives you a chance to feel like you actually have separate work and personal lives. When you set a time when your family cannot disturb you, they themselves will make sure that you get off work when that time is over.

When a cycle sets in, keep family out during work will make the family bring you in during your allotted personal time. When you do not do this and entertain everyone all the time, it is difficult for anyone to know when work stops and when personal time starts.

Now that you know how to keep yourself busy in an effective manner, you need to work on finding the time you are most productive. You have the flexibility to work according to yourself, use that to your advantage.

I know people who work the best at nights or early mornings, but they don’t have the flexibility to do that because they work a job where they have to fill in the hours that the company demands. You, on the other hand, don’t. So, work your schedule around your personal life to not feel pressured to fit in everything at the same time.

How to Have a Personal Life as an Entrepreneur

If you have a spouse who has a job, then you can sync your time to them so that your free time syncs in as well. If you have children and you know they will be home in the afternoons, then you can work all morning to spend time with them later.

It really is all about finding out what works best for you. You also have to take care of the business side of things as well, of course. If your work requires you to communicate with clients and the timeline you want to work at doesn’t match, then set a few hours aside to later talk to your clients. You do not have to do all the work all at once, find the rhythm that makes the most sense to your situation.

When you are working on a timeline that is different from others, you might have to say ‘no’ more frequently, don’t be afraid of it. It just means you value your time enough to say no.

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”


– Albert Schweitzer

When you work in an office, you get a change of scene when you come home. Change in the environment helps to deal with lows if there are any. Highs and lows are part of life and also business. With a job, you can leave it at the door when you enter your home. What do you do when your home is your office?

Like it is advised to leave your work at the door, you have to do the same. Leave your work on your laptop as soon as you shut it. You stopped working, that means you need to leave all the work there. I know, it is easier said than done. But, you need to remember that low points don’t last forever like high points don’t, so, instead of stressing, take some time out. Spend this time with people who matter or doing what you love so that your brain gets a break from thinking about business and has a chance to recharge itself.

“You have to see failure as the beginning and the middle, but never entertain it as an end.”


-Jessica Herrin

Hitting lows means maybe you can’t afford to take time out for yourself. But, here’s where you can do what I do at times like these. When things get too difficult, try merging your breaks and family time. I usually follow the Pomodoro technique, where you work in 25-minute blocks and take breaks, but if things get too hectic or there are some crises, what I do is I reschedule my timeline.

How to Have a Personal Life as an Entrepreneur

I take a longer break and incorporate a small activity with my family. Let’s say I take 2 hours off when things get too heavy, and my mind desperately needs a break, and watch a movie with my family at that time. This gives me a break, lets me spend time with my family, and also lets me loosen up a bit. I can then get back to work with my mind a little more freed up than it was before.

This works because it lets your brain think that you aren’t taking a break, you are still doing something valuable. You are spending time with your family, which we can otherwise neglect when work gets heavy. When there’s a lot to do, taking breaks can make you guilty, and your mind will keep going back to what you could do in the time you are taking off, may it be just 5-minutes.

Following my method, tricks your mind into not feeling guilty about taking the much-needed break and also helps you pay attention to the people who matter. It is like killing two birds with a stone.

Final Takeaway

You will come across a lot of tips to balance your life online. But remember to not follow everything you read. Something that works for someone else might not work for you, and something that works for you might make no sense to someone else.

In the beginning, I made the mistake of following every advice I came across. I quickly realized that every person is different, every business is different. Our priorities are different, and what we value in life is totally different from someone from even our closest circle.

So, when we talk about having balance in life, it doesn’t always mean family and work, it can also mean you and work. Find out what balance means to you, and work on achieving it.

“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

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5 Non-Negotiable Things Millionaires Do Every Day

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5 Non-Negotiable Things Millionaires Do Every Day

Until now, only a fortunate few have been able to earn the amount of money that self-made millionaires are earning today. About ten years ago, resources were limited and there was no internet connectivity in most parts of the world. So, people born with a silver spoon kept their secrets to themselves and remained rich.

But in 2019, you have all the resources and information that is required to become a millionaire; all you need to do is take consistent actions and learn from your mistakes. There are certain habits and behaviors that the rich and famous millionaires possess. This post takes you behind closed doors and teaches you how to integrate those traits in your own life.

Following are the 5 non-negotiable things millionaires do every day to stay at the top.

1. Wake up early and plan

5 Non-Negotiable Things Millionaires Do Every Day

People who wake up past 8am find it difficult to get going and don’t take care of their most important tasks in the morning. They get caught up in the daily chores and waste the precious morning hours. Moreover, our body is designed to make us feel fresh and energetic in the early morning time so that we can go after the most important task right away. But if we let that time pass, or fill it with low-value tasks, it becomes impossible to finish them later in the day when our willpower is relatively low.

Planning gives us direction and purpose throughout the day. It keeps fatigue and laziness away. Most people procrastinate because they don’t have a clear map or a timeline of how their ideal day or week should be like. So, wake up early, around 5 AM, and create a to-do list of all the things that need to be done on a subsequent day. The to-do list should also include recreational activities and day-to-day chores like doing the taxes, checking the finances, going to the gym, etc.

“Take excellent care of the front end of your day, and the rest of the day will pretty much take care of itself.”

–  Robin Sharma

In his book, The 5 AM Club, Robin Sharma has stressed a lot on sleeping and eating patterns. He says that our eating habits dictate the way we feel and decide the level of our productivity. He recommends not having any food for at least 2 to 3 hours before going to bed because the food needs time to digest and if left undigested, it can cause problems after waking up early in the morning.  

2. Exercise

5 Non-Negotiable Things Millionaires Do Every Day

Millionaires like Tai Lopez and Tim Ferris spent a decent amount of time–from their super busy schedule– learning and practicing various forms of martial arts. Brazilian Jiu-Jitsu keeps Tai Lopez focused and active. If martial arts seem too intensive for you, other forms of exercises like yoga, pilates, weight training are good enough to keep you fit and healthy.

It is true that if you don’t look good, you don’t feel good. In tough times, we tend to look for reassurance in whatever form available. So, if a toned or muscular look can motivate you to do well in life, you should definitely consider signing up for a gym membership or a yoga class.

Modern-day millionaires are way more aware and educated about every area of life. Be it finance, spirituality, health, relationships, etc they want to win in every area of life and leave no stone unturned. As a person who is hustling and trying to be one of them, you should pay attention to these important areas as well.

3. Share knowledge

5 Non-Negotiable Things Millionaires Do Every Day

“If you want to master something, teach it. A great way to learn is to teach.”

– Richard Feynman

Sharing and spreading knowledge has never been this easy. In today’s technologically advanced world, you can record and upload a video in only a few minutes and reach millions of people across the world. Most millionaires like Steve Jobs, Elon Musk, Jack Ma, etc have already shared so much valuable information about success and personal development.  

Successful people share knowledge worth millions of dollars in the form of books and coaching programs. As a beginner or intermediate level entrepreneur, you could share the lessons you have learned to help the people who are seeking this kind of information.

Ordinarily, newbie entrepreneurs don’t connect that well with the famous multi-millionaires but they will definitely understand someone who has been through a similar experience recently. By impacting someone’s life you could empower your own since teaching creates a sense of gratitude in one’s life.

4. Network with like-minded people

5 Non-Negotiable Things Millionaires Do Every Day

Networking is not just a mindless hunt for high-ticket prospects, it can be much more than that. For instance, you can make lifelong friendships and healthy relationships in business networking events. These relationships have helped millionaires stay emotionally well balanced in tough times.

Being locked up in an office the whole day and doing nothing but work can make you a dull and boring person. It also affects productivity as you are suppressing the basic human need for emotional connection.

By working in a social and friendly environment, you can live a healthier and balanced life. Nowadays, most entrepreneurs work from their laptops sitting in cafes or on the shores of exotic beaches. This kind of lifestyle is really healthy and energizing when it’s done in the right way and there are loads of opportunities to network as well.

5. Manage their money well

5 Non-Negotiable Things Millionaires Do Every Day

“Never say you cannot afford something. That is a poor man’s attitude. Ask how to afford it.”

– Robert Kiyosaki

It can take a lot of discipline to keep track of the finances. Who wants to wake up every single day and stare at their dwindling bank balance? Especially, when you know that your expenses are getting out of control and you don’t have the funds to back it up. Most millionaires face the same problem but their mental agility and financial know-how helps them keep their asset column healthy.

It is never a great idea to spend your hard earned money on things that are not going to serve you in the long term. Most millionaires do buy houses and expensive cars but they don’t break their savings to do so. They have money coming in from various investments that take care of their need to live a luxurious life.

Someone who is new to the entrepreneurial world and doesn’t have much knowledge of money is more likely to be broke or go through a major financial crisis. Being educated and informed about personal finances is key to keeping the asset column healthy.

So, by waking up early, working out, reading and sharing knowledge, and managing your finances well you can give yourself a privileged glimpse into a millionaires life. Of course, money won’t come pouring in just by implementing these five steps, you will have to face the adversities and challenges that you are likely to face on the road to success. But by impersonating and walking on the footsteps of the successful people, you can set up a good platform for yourself.

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9 Warren Buffett Quotes for Start-Ups to Live By

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warren buffett

If you are thinking of starting a business or have been reading about investing, you are sure to have come across the name, Warren Buffett. He is an American business magnate and investor who has made a massive mark in the investment world.

When someone makes it big, their words become words to live by. Warren Buffett’s quotes are no different. Here are a few quotes that are worth following for any start-up. Take these words as advice, and all put together it makes great sense and helps you pave the path to success.

“Risk comes from not knowing what you’re doing.”

One thing that discourages a lot of people starting out is the advice that you need to know all the ins and outs of what you are doing. Most of the times, it is simply not possible. That being said, it is important to know the basics and the core of the field you want to make it big in. If it is worth taking the risk, then it is also worth knowing what risks to take.

“In the world of business, the people who are most successful are those who are doing what they love.”

One of the many reasons why people choose to do business is to get a chance to make a living  doing what they love. This is not possible for many 9-to-5ers, and some people can’t bear that. You are lucky if you find a job doing what you love, but with a business, you have the choice to get your hands on exactly what gets you excited. Doing what you love is a surefire way to achieve success, not only in business but in life as well.

“The most important investment you can make is in yourself.”

When you start anything new, take a significant amount of time to learn the craft required. Take classes, spend time reading, do everything you can to prepare yourself. You are the greatest asset to your business, so it only makes sense to invest in yourself. You are going to be with the business from the start and throughout, so to get returns you need to invest in yourself. Not only learning what is needed for the success of the business but learning things to make yourself the person needed to achieve that success.

“I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”

One thing that I often advise people is to stop comparing themselves to people who are already successful. It is more than okay to be inspired by them but following their steps down to the T can often overwhelm you and make you give up. What works for them at their stage is not going to work for you now.

Suppose you sell coffee with whipped cream for $3 and you see Starbucks selling the same thing for $6. Now, you want to be like Starbucks, and your coffee even tastes better, so you start selling yours at $6 as well. Your business starts to fail; you wonder how can it when you have a better product for the same price, offering a similar ambiance, and you are even giving customers special discounts from time to time.

Well, what you fail to see is, you aren’t Starbucks. No matter how similar, you haven’t made your mark in the market yet. Think of it like this, if you have to pay the same price at two places, one is a well-known and well-established international chain, and the other is a new local place, which one will you choose? Instead of making the big leap, start with smaller ones to reach where you want to be.

“You know…you keep doing the same things and you keep getting the same result over and over again.”

Once you have taken the decision, laid down the foundation, learned the basics, and are ready to take the world by storm, you have to be willing to change your methods if they don’t work. Some people become rigid with their plans because they have spent a lot of time and effort bringing them into action, but if it hasn’t worked the five times you applied it, chances are it is never going to work. If you want more, you need to make changes. The same plan that was needed to start will not be helpful when you need to reach the next level. Make changes as your business demands.

“It is not necessary to do extraordinary things to get extraordinary results.”

When it is said that you need to make changes to reach the next level, it doesn’t have to be huge. A little something goes a long way. If you feel like you have been in the same position long enough and it is time to move ahead, then think about what can be easily achieved before thinking about something that might not even be possible at your stage.

Let’s take the example of waking up early. You got a client who is based in a completely different timezone. You decide to work late at night to accommodate him while also doing all the other work you have. Now, this results in you skipping dinner sometimes, working for hours at a stretch with a tired mind, missing your kids going to school in the morning.

This is an extreme step, this gives your mind a false sense of you doing a lot of work and being very productive, but that is not the case. Instead of making a lot of sacrifices, start waking up early, you will get to see your kids, get your work done, rest, and then talk to the said client. Now, you have grown your business without losing your sanity.

“You’ve gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.”

Let’s take the above example. If taking on that client means losing a lot of things: sacrificing your health, your personal life, your work quality, then is it really worth it? I understand the desperation to say yes to every opportunity when you are a beginner but take a moment and think about it, even if you want to say yes right away.

You will thank yourself for not rushing into it. Sometimes, the opportunities are too good to be true. You might think that it is going to help right now, but you have to take the bigger picture into account. Learning to say no from time to time is an important skill to master if you want to keep your sanity while aiming for success.

When I started, I said yes to every opportunity that came my way. They were all good opportunities but I could only do so much. I already had my hands full, so I had to learn to say no. With time I have gotten better at it. You cannot overfill your plate because it won’t do justice to either the job or you.

“The best thing I did was to choose the right heroes.”

As your business starts gaining momentum, you will realize that you need help. It is time to hire people. People are your biggest investment after yourself. The people you choose to work with or to work for you can often make or break the situation. It is not only about how much experience a person has but about the attitude that a person carries.

Is the person willing to learn, to grow from their mistakes, to give all in for the job? If you find a person like that, then don’t be afraid to shell out a few thousand more than the industry standards to hire them because that person is going to make you more profit than a couple of thousand you would have saved from hiring someone mediocre.

“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours, and you’ll drift in that direction.”

People are one of the greatest sources to learn from. While working, do not forget to spend time with humans. Human interaction is something that many people struggle with as they get more comfortable with social media. You have to be careful who you spend your time with. Their outlook on things and life has the power to shape you.

Hang out with people you admire and want to learn from. Hire people who can teach you a thing or two. It is always okay to learn from people who are not at your level yet. Everyone has something to offer, decide if that something is for you or not.

Starting a business can be stressful. The uncertainty of success, the fear of failure, the insane amount of do’s and don’ts can all be too much sometimes. Quotes are a huge source of inspiration, take the quotes and use them to motivate yourself like what I have done here.

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