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7 Unstoppable Entrepreneurs Share Their Advice For Success

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7 Unstoppable Entrepreneurs Share Their Advice For Success

The meaning of success is different for different people. You are one of those few lucky people if you already have found your life purpose. Not every young person knows what they want from life and they look for answers elsewhere. In this post, I have shared life perspectives of some of the leading entrepreneurs in the world.

Reading books and listening to podcasts of these successful people gives me a lot of inspiration and courage to achieve my own goals. It also educates me on the various aspects of running a business that most people are unaware of.

Some people are attracted to the entrepreneurship lifestyle for the wrong reasons. If you are wondering what the right reason should be, then Sorry to disappoint you, there is no one answer to this question. In my opinion, the right reason to become an entrepreneur should be a personal one.

Here are the 7 unstoppable entrepreneurs who have shared their advice for success.

1. Elon Musk – Take risks while you are still young

7 Unstoppable Entrepreneurs Share Their Advice For Success

Elon Musk is an entrepreneur, investor, and engineer. Originally from South Africa, he went to college at the Wharton School of Business. On his commencement speech at the University of Southern California, he gave the students some advice for success. Elon Musk believes in taking risks.

It’s very important to take risks while you are still young. Once you grow old, you will have much more obligations and things that will stop you from making bold decisions. As a young person who just graduated from University, you can afford to fail. So, don’t be afraid to try new things and learn something new each time you fail.

2. Tim Ferriss – Initially prioritize learning over money

7 Unstoppable Entrepreneurs Share Their Advice For Success
(CC) Randy Stewart, blog.stewtopia.com. Feel free to use this picture. Please credit as shown. If you are a person that I have taken a photo of, it’s yours (but I’d still be curious as to where it is).

Tim Ferriss is the author of the bestselling productivity and time-management book The 4-Hour Workweek. In an interview with Business Insider, Tim shared a few stories and thoughts on how a 20-year-old person can get the best out if his time. Tim’s advice for success for a young person is to not to go for shallow jobs. He believes in prioritizing learning over money. It’s better to join a startup with a 10 member team than working for a corporate company with thousands of people working in it.  

3. Mark Cuban-Commit random acts of kindness

7 Unstoppable Entrepreneurs Share Their Advice For Success

Mark Cuban is the owner of the National Basketball Association’s (NBA) Dallas Mavericks. In his book Top 15 Secrets To Success In Life & Business, he shared his life story of how he became successful and what made him take the entrepreneurship route. Mark believes in giving as much value as possible. Generosity is one of his biggest values that he lives by. If you help others who are in need, your good deeds won’t go unnoticed and you will be rewarded two-fold. This is Mark’s advice for success to budding entrepreneurs and businessmen.

4. Arianna Huffington – Thrive for a well-rounded life

7 Unstoppable Entrepreneurs Share Their Advice For Success

Arianna Huffington is the founder of the popular online news magazine The Huffington Post. In 2014, she published a book Thrive she redefined what success means in today’s world. We often follow others and fail to pay attention to what we find valuable. So many people live their lives in constant stress and worry. They don’t let their guard down fearing someone else will overthrow them from their position. But this is not healthy for you. Her advice for success is to thrive for a well-rounded and balanced life.

5. Jeff Bezos – Live a frugal life

7 Unstoppable Entrepreneurs Share Their Advice For Success

Jeff Bezos is an American entrepreneur. He is the founder, chairman, CEO, and president of the world’s leading eCommerce company Amazon. In his early days at Amazon, Jeff practiced frugality not only in business but also in his personal life. He believes in getting more work done with the least resources. His advice for success is to always find clever ways to save money and invest it in things like the stock market and real estate.

6. Richard Branson – Learn to delegate tasks

7 Unstoppable Entrepreneurs Share Their Advice For Success

The founder of Virgin Group, Richard Branson has some interesting advice for success. Richard says you should learn to delegate tasks that you are not good at. As an entrepreneur, your time is the most valuable asset you have. So, spend some time finding the right people who can do the work for you. According to Richard, most entrepreneurs prefer to do everything by themselves because they haven’t yet experienced the benefits of delegation.

7. Steve Jobs – Don’t sell crap

7 Unstoppable Entrepreneurs Share Their Advice For Success

Steve Jobs was an American entrepreneur. He was the chairman, CEO,  and co-founder of Apple. Steve has shared many stories about his adventurous life as the founder of Apple and Pixar. Everyone knows that he believed in quality. His Apple products were thoroughly researched and had no competitor at the time of their launch. His advice for success is to create products that will provide more value than the customer expects.

If this advice for success might seem very generic and vague to you, you can take the next step and gain in-depth knowledge by reading some of the best books on business and entrepreneurship.

Entrepreneurs

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

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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.

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Be an Entrepreneur: Be Your Own Boss

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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.

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How to Simplify Your Business Systems to Achieve Growth

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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.

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