Yes, Shy People Can Be Entrepreneurs too
Aspiring entrepreneurs who are a little intimidated by those ‘slick Willie’ type of entrepreneurs who come at you strong, almost shouting, about how you can do it too, as they ooze confidence and bluster all over a stage may think that the world of entrepreneurship has no place for those with less bombastic approaches.
For the quiet, serious and methodical in life, the question of whether or not there is an entrepreneurial personality type, also evokes the question of whether or not you’re on the right path.
But you are.
In studying entrepreneurs all over the world, one trait is clear, the common denominator is not personality type – it’s doing the work.
Entrepreneurial Personalities
When asked to name some entrepreneurs , many people pick from the same same dozen or so familiar people who are known to have started their own business. The most famous people are seen on TV, and make news.
And that’s not a coincidence. People who make noise, make news, and some make themselves famous as part of their overall business strategy. So outgoing people who happen to be entrepreneurs can become well known.
But the most famous people do not represent al entrepreneurs.
In the United States alone in 2016, the census bureau says there are 5.6 million employer firms, and that does not count the big Fortune 500 companies that were started by one person whose name you know. Around the world, estimates say there are 600 million entrepreneurs. That’s a lot of personalities. And it is doubtful that every one of them is a Slick Willie Salesman.
An entrepreneur is anyone with an idea that they are willing to bring into the public marketplace.
Using the definition from UNCTAD, the United Nations Conference on Trade and Development:
An entrepreneur is an individual who identifies opportunities in the marketplace, allocates resources, and creates value.
Entrepreneurship—the act of being an entrepreneur—implies the capacity and willingness to undertake conception, organization, and management of a productive new venture, accepting all attendant risks and seeking profit as a reward.
The definition applies to action, not personality.
The definition does not say an entrepreneur must be able able to talk to strangers.
Nor does it say the entrepreneur has to be funny and make jokes in an interview, or on stage.
The definition definitely does not imply the ability to get rich quick, make a million dollars in ten minutes and let others know about it.
Being an entrepreneur is about identifying a big idea…and running with it. Since you cannot copyright an idea, you have to write the book. You have to bring your idea into fruition.
Entrepreneurs allocate resources – often your own. If you’re shy or slow or both, you only need yourself to get your business going. Allocate your own resources to researching your business idea, figuring out how to bring it to the marketplace, and defining the other tools and resources you may need to help you.
Working this way, you do not need to ensure that thousands of people ‘like’ you before you get started.
You need to create value. Entrepreneurs create value. And thousands or millions of people recognize that value if appeals to them and their needs.
If you have business ideas in your head and you are thinking about opportunities to bring a product or service to market that will help people. You have to get it out there. No one will know about it if it stays in your head. The key is to bring it forward for people to see. The validation comes from the market.
New products and services are introduced all the time. When speaking about your business idea, people love to make comments like – ‘it’s been done before,’ or ‘no one is asking for that’ or ‘why would anyone buy that.’
But time and again the market defines what it wants – after the product or service has been introduced.
So many products that we take for granted today like corn flakes – which apparently was a cooking experiment by a guy named Kellogg – were just invented and placed in the market. No one asked for the exact product, but the entrepreneur had an idea that could appeal to many others.
The definition of entrepreneurship does not include the need to laugh, smile or glad-hand (pretend to be nice).
You have to be a person – often exactly the type of person who is shy and slow – who is willing and able to turn the idea into a business, and willing and able to meet the risks – and more than willing to reap the rewards.
Options for promoting your venture
Even knowing this definition, an entrepreneur may struggle with the idea of bringing a product or service into the marketplace. At some point, the new venture must be presented to people in some forum.
When the product or service is developed, a shy entrepreneur can look for other methods for introducing the venture. For example, advertising, giving away free samples, writing promotional materials or creating a video.
When Help from Others is not Intimidating
If those activities fail to attract attention, you can partner with one or two kindred spirits, outsource to someone you pay to promote for you, or hire someone else with the skill to promote your product or service.
Each option has its own risks and rewards. But those factors can be considered in any plan you move forward.
The key is go ahead and create your business even if you think you are too shy or too slow. The personality traits you need to start the business applies to you regardless of who you see on TV, and who you think might be a more classic example of an entrepreneur.
It’s the people who start the business who are entrepreneurs. Willing and able to make it happen – that’s the key.
The common trait for entrepreneurs is getting the work done to bring the product or service to market. Successful people get the job done. You can work full-time, part-time, weekends, do all-nighters, take a month from work, take 15 minutes a day, update on the ride home – any time frame or time allotment that you can give yourself brings you one step closer to realizing your dream.
If you have business ideas in your head, you are already thinking like an entrepreneur. The next step to being one is based on your ability to accomplish your own dream.
If you are shy, or slow or doubting your entrepreneurial personality traits, understand that entrepreneurship is for anyone who is willing and able to do the work.
You are an entrepreneur if you identify an opportunity in the marketplace, allocate resource to it, and create value, which is something the shy and slow can definitely do.
The Information Privilege
Robert Kiyosaki’s best selling book Rich Dad Poor Dad explained a reality that is rarely spoken about out loud.
In life, some people are successful not because of demographics or wealth or education, but simply because they get great information early enough to apply it to their life choices; and other people…most in fact…do not.
In a world built on democracy and free enterprise, there’s a belief that people operate on a leveling playing field – that the society by virtue of its success values will encourage anyone to be successful. But in reality, success often comes to those who have the right information, and you get the right information by either having a ‘Rich Dad’ who will impart it, or by knowing where to get it.
Image by Shahid Abdullah from Pixabay
A ‘Rich Dad’ is any human who pro-actively teaches or demonstrates how to maximize wealth and grow for success; and ‘Poor Dad’ teaches nothing, but moving along with the status quo. So ‘Poor Dad’ leads a life of paying monthly bills, earning a salary, and scrimping and saving for retirement.
People who grow up with ‘Poor Dad’ often believe they are doing everything right, and they are, until they hit financial concerns. ‘Poor Dad’ learners are the ones who are shocked by financial crises, rising mortgage rates, equity market swings, and the interest rates on their car loans, student loans and credit card debt.
Being taught by ‘Poor Dad’ means spending on the items you believe you need like a house and car, and being worried that you cannot afford those same items when you run into financial difficulties.
With ‘Poor Dad,’ you are surviving life, and not exactly having a good time. Even the ‘Poor Dads’ who teach frugality, and end up with a couple million dollars in the bank at retirement, don’t seem to be having a good time because they have never learned how to spend money for enjoyment.
Many people who are interested in entrepreneurship and starting a business are discouraged by their ‘Poor Dads’ who preach caution and security. Entrepreneurial ideas go untested because of fear and the inability to break habits from the past.
But those same people, maybe even you, are watching ‘Rich Dad’ and trying to determine how to have a great life now.
Entrepreneurs are risk takers, but it’s calculated risk based on their ability to find gaps in the consumer marketplace. ‘Rich Dads’ are focused on long term wealth creation and never having to worry about money. Rich Dad teaches to invest to earn the money to buy the items you want, including a house or a car.
Since financial education is not taught in schools, you have to be exposed to a ‘Rich Dad’ to get the information you need to be successful.
If you have an intellectual ‘Rich Dad’ consider yourself among the privileged – you will end up living better than probably everyone you know because you have been given the information you need to be successful.
But if you don’t have a ‘Rich Dad,’ and you know you are missing out on the information you need, you create that valuable mentor for yourself by absorbing and applying the lessons learned. It’s never too late.
If finances are leading you to delay your business plans and questionable past choices are discouraging you from moving forward, focus on getting back up.
You can make yourself information privileged as an aspiring entrepreneur by giving yourself the information you need to be successful.
Read to Wealth
Start by reading. Of course Rich Dad Poor Dad, and many other books about personal money management will give you the crucial information you did not receive when you were growing up. These are books that can help you understand how to accomplish your dreams.
Being one step ahead of others and making life happen for you is about having information.
The Information Privilege means you know:
A) You do not have the information you need to be successful, and
B) Where to get the information
Even if the information is that you need more information, you are one step ahead of the next person who has no clue they are working themselves into a trip
Successful people rarely blindly move forward without some other piece of information that helps accelerate their business plans.
To get the information you need, and make yourself an information privileged aspiring entrepreneur:
1. You have to put yourself where information flows
2. Gather to the information
3. Use the information you get to drive the creation of other information that you can use
1. Put yourself where information flows
Attend meetups and conferences, go to college or vocational school, form a mastermind, ask a few questions at parties, offer to do activities at work that give you proximity to senior executives or leaders, volunteer in the community with accomplished people, and/or seek those with whom you most wish to align.
2. Gather the information
If you don’t like people or can’t afford to go anywhere, you must uncover and gather the information you need. Use books. If no one ever told you, you could get the information you need from reading books, consider yourself told now, but there are also other options.
Find the information in free YouTube videos and PDFs, and free ebooks. Sign-up for free ebook distribution sites that will send you a curated email each day or week with free books that are available in the genre you seek.
3. Use the information you get to drive the creation of other information that you can use
However you choose to get the information, use it to uncover more of what you need. Learn at every step. If you spend time developing your own website on WordPress, use that information to learn, for example, how people leverage websites to drive affiliate advertising. One thing can be the base or foundation for the next. You build layer upon layer upon layer.
You make yourself the top of the heap in your own sphere by learning and understanding the information that moves you forward as a person, an entrepreneur, and a deliverer of value for the product or service you bring to the marketplace.
Disclosure: Links to books are affiliate links to Amazon.com, and I earn from eligible purchases
Are MBA subjects Important for an Entrepreneur?
by Case Lane
Does the traditional MBA business school curriculum, help you to become an entrepreneur?
The expectation is you will spend two years attending classes, interacting with professors, and learning from books. You will not be creating your own business and being your own boss?
However, if you read the life stories of the most successful entrepreneurs, the short answer about business school is almost certainly, is ‘no.’ The formal education will not help you become an entrepreneur.
But the long answer is different story. In the long run, the information taught at business school is almost certainly going to be important to entrepreneur. Knowledge about accounting, finance, marketing and the other disciplines will have to be acquired or you will have to pay other people to look after the details for you.
The question to ask is whether it worth the two years and the expense to get that information yourself through the classroom?
picture credit: Stocksnap at Pixabay
Alternatives to B-school
Even if MBA subjects are important to entrepreneurs, the information taught in B-school is not exclusive to the walls of your preferred campus. You can go online, take one off courses in specific subjects, hire someone to teach you, do an internship or paid work with a specialist or ignore the details. This article will focus on the choice for a two-year full-time MBA program at an established business school, or anything else.
Considerations
- How do you prefer to consume and understand information education? Scroll online or formally sit in a classroom?
- Do you want the back-to-school experience?
- Do you want to work, in management, for a big corporation, investment bank, consulting firm, or technology company – even for a couple of years?
- Do you immediately want to work for yourself?
NOTE: The author’s MBA is from the Anderson School at UCLA. In reviewing the core curriculum classes for two-year, full-time MBA students, the author also looked at the universities of Chicago, Harvard, Stanford, and the Wharton School.
Purpose of MBA
The Master of Business Administration degree is one of the flashy pedigrees of the educated. If you said to someone, “I was in a room full of MBAs,” the person will know what you mean. A room full of MBAs means professionally dressed, polished, number-crunching thinkers. People who will work 80 or 120 hours a week for hundreds of thousands of dollars and lots of perks.
In general, the MBA degree is the calling card of professionally trained business managers. The degree provides foundational business knowledge that allows a graduate to talk the talk. And the talking is done with recruiters.
Recruiters
The MBA program is for recruiters – people who work for companies who are looking for skilled managers, and want to know that the people they are interviewing have some grounding in the core subjects a typical businessperson should learn. Recruiters need people who can be trained as managers within a corporate structure.
Therefore, a graduate must know the difference between assets and liabilities. Companies do not want to spend money teaching potential managers the basics.
The Entrepreneur’s Dilemma
MBA subjects are important to entrepreneurs in the context where the entrepreneur must also know the difference between assets and liabilities. But many entrepreneurs wait until they have sufficient assets to protect, and hopefully not to many liabilities to pay off, before wondering how they can learn more.
Therefore, an entrepreneur needs to understand these issues before there is any chance of being ‘ripped off.’ The criteria for deciding when to acquire non-expert knowledge is before you are in a position to be ripped off.
If you decide to pursue the MBA to learn the basics of business, what are the subjects you will learn?
Types of Courses
To begin, there are basically three types of courses, the standards, the some-form-bound-to-haves, and the rare. Different schools may call these courses by different names, but the content is usually the same or similar at each school. Also the assumption in all cases is that the entrepreneur’s proposed business is not based in a core MBA subject. If it is, learnings beyond the MBA may be necessary.
Standard
A first-year MBA is almost guaranteed to have a core curriculum that includes courses in accounting, economics, finance and marketing.
An entrepreneur will almost certainly want to know about accounting and marketing, and probably about economics and finance too.
Accounting
Basic accounting is the discipline of keeping track of your money, balancing your books and knowing the situation for your revenues and expenses. Accounting is a crucial skill for people in business. It is also a formal profession and a business can outsource its accounting work.
But an entrepreneur will need to understand the information the accountant is presenting. As the head of your a business, the founding entrepreneur or CEO is ultimately responsible for the numbers. The business can find a trusted accountant, but must take ultimate responsibility. At some point as an entrepreneur with an ongoing business concern, you will want to have a general understanding of accounting.
Economics
The discipline of studying the economy is a subject for entrepreneurs who want to understand the larger economic issues of the day. If you intend to frequently watch CNBC, and understand and interpret the discussions, economic terms and concepts are the foundation required for this type of conversation.
An entrepreneur may decide to take an interest in economics as a matter of general business interest. If the business operates in the global economy as a global corporation, the head of the company should understand how economics issues may affect business.
However, when an entrepreneur is getting started or in the early years of business, the subject of economics may not be of interest, except the field of behavioral economics, the discipline covering how humans (and therefore your potential consumers) behave in the marketplace.
Finance
Many people view finance as stocks and bonds, but as the world came to understand in 2008, financial companies create and use many different complicated financial instruments. These instruments are created by mathematicians or physicists and other geniuses who are crunching numbers in search of value in the marketplace.
For an entrepreneur who may one day contemplate an initial public offering (IPO) or become an investor, the information in finance class may be especially valuable. But at the beginning of the business, years before a IPO, the intricacies of financial minutia will not be valuable.
Marketing
With the exception of unique high demand products or services, or a specific dedicated super-niche customer bases, most entrepreneurs want or need instruction in marketing. Marketing gets your product or service in front of customers. And the MBA-level course will teach the traditional tricks and concepts for accomplishing this goal. Successful entrepreneurs today still refer to classic marketing gurus like David Oglivy as the standard to follow for creating marketing campaigns. The student learns how to analyze company campaigns, slogans, jingles and customer targeting. But the lessons tend to focus on corporate marketing.
An entrepreneur building a business today will almost certainly look at tools like social media and direct e-mail marketing. These still new and rapidly growing fields may not yet be covered in traditional business school classes. One common complaint about university is around their inability to keep up with the times. Online advertising strategies and developments may not yet be fully integrated into the curriculum. And even if it is, the information may be outdated before school starts.
Some Form
The core curriculum also contains some form of subjects with names like Human management, Operations management, Personal Skills, statistics and strategy.
MBA subjects are important for entrepreneurs if these types of corporate business skills, which are rarely needed when starting a business, become critical as the business grows.
Human management – Organizational Behavior/Human Resources
Courses that can be called organizational behavior or human resources or human resource management are about managing people. This is a critical and important skills which, as we often learn in the news, is not given the respect deserved by corporate management.
This subject teaches processes, structures and ideas around managing people. As a business grows, some of these structures will be legally required, but may be implemented by skilled professionals trained in the field. But when an entrepreneur is starting there is typically no reason to hire these expensive resources, unless the business has a specific reason begins as a corporate entity with employees.
Operations – Operations/Technology/Information Management
Courses with names like operations management, technology or information management have a similar approach as the human management courses, with one crucial exception, operations skills will be required earlier than human resource skills. An entrepreneur is likely to be put in place systems to run a business from day one. If the business owner understands how to develop and setup these systems, the efficient approach will save time in the long run.
Determining how to run the business is an early introduction into learning how to think like a businessperson. Operations processes look at the inputs and outputs, time constraints and productivity issues. If an entrepreneur understands which components need to be assessed, then she will also want to understand how to get established.
Deciding how to run the business often takes different permutations, trial and error, and the application of technologies. As an entrepreneur becomes more experienced, the processes become more functional. But filling in the operational processes after the business is successful can create a bottleneck to future growth. Knowing how to move forward early, can prevent future disruptions.
Personal Skill – Communications/Inter-Personal Skills/Leadership/Ethics
The MBA courses dedicated to personal skills such as communication, leadership and ethics, are among the most useful. Personal skills are as valid for solopreneurs, as for the CEO of a Global 500 corporation. However, many executives do not develop these skills or forget how to put the knowledge into place once they arrive at a company.
An entrepreneur will want to figure out how to learn these skills at some point on the entrepreneurial journey. But personal development is probably the easiest of the skills to develop outside of school. Organizations such as Toastmasters have been training managers on speaking techniques for years. And books about communication and leadership are often bestsellers that can be used to learn the foundations of the ideas and why they’re important.
Statistics – Data, Decision-making
A statistics-related course is often in the core because businesspeople need to know how to analyze numbers and make decisions from those numbers. Data has become even more critical with the rise of online usage and the accumulation of data in the background of search activities. Even a solopreneur, will want to keep track of business activities by analyzing statistics that tell a story.
But the formal statistics training in B-school may go far beyond the information you need to run your business operation. Online courses that split this field up into manageable sub-topics may be more effective.
Strategy
Business strategy is MBA-speak for: what is the company doing and how are they going to do it. Strategy is the core activity of the highest-paid executives, and the top subject of their meetings and decisions. In business school, strategy focuses on big corporations and how they make or fail to make changes to reflect realities.
picture credit: rawpixel at pixabay
An entrepreneur starting out will likely make adjustments on the fly. Strategy adjusts constantly as new processes are learned and the statistics reveal new opportunities. Entrepreneurs decide every day how they want to run the business. Strategy is a core activity for a rising entrepreneur, but the corporate strategy class may be too much too soon.
Rarely Core
Often outside the core, but part of electives for second year are two glamour subjects for prospective business school students, entrepreneurship and international business.
Entrepreneurship
Many schools offer courses in entrepreneurship – both the study and the practice of the field. Some programs have start-a-business project may be available for credit. When assessing business schools, an aspiring entrepreneur should look for the option to finish the first year core classes then focus on entrepreneurship oriented classes or starting a business in the second year.
The programs that actually offer practical opportunities to start a business, not just theory, will be more effective. If an entrepreneur can get the best of both worlds, work through mandatory classes in first year, and spend the entire second year on a business, the entire process may be rewarding, especially if the business is up and running by graduation.
Also, aspiring entrepreneurs should carefully review the mentoring or guidance offered by the programs. Check for professors who are really going to support practice over theory, and strong links to the entrepreneurship network of the community.
International
The other missing piece that’s rarely in the core program is global or international business. Yet many aspiring entrepreneurs are interested in how they can participate in the global economy. Some programs will weave international case studies into the other core courses, but rarely is there a focus just on global business. In this day and age, most rising entrepreneurs need a grounding in trade policy and international business issues to operate in the global economy.
So what is the value of doing an MBA if you want to be an entrepreneur?
The Decision
Before deciding if MBA subjects are important, an aspiring entrepreneur should take a second look at the considerations for business school. What are your answers to these questions?
- How do you prefer to consume and understand information education? Scroll online or formally sit in a classroom?
- Do you want the back-to-school experience?
- Do you want to work, in management, for a big corporation, investment bank, consulting firm, or technology company – even for a couple of years?
- Do you immediately want to work for yourself?
Some future entrepreneurs are discouraged by their lack of training and skill, and believe business school is required before getting started – but that’s not how it works. Many people also start with no knowledge and run into trouble later when their business is making money. In all cases, experience is the skill that often makes a difference, and just getting started with the business is the only way to move forward.
Others prefer to hedge their bets and do both. That’s a viable option if you can find a program that supports your entrepreneurial dreams. You have to decide based on the of your decision against the benefits or drawbacks you may receive from paying to obtain skills you believe you need.
Read to Wealth: How to Select Books for the Road to Success
by Case Lane
You have probably read that many successful people read. The world’s movers and shakers, billionaires and influencers read books (and magazines and newspapers). They read to stay informed, learn practices and strategies for success, and to continuously improve their minds.
Part of your success strategy for transitioning your life to entrepreneurship, should include reading.
But where do you start?
There are hundreds (probably thousands) of “best book” lists that you can Google and reference. But how do you even choose which books to read from that list?
One way to start is to think first about what you want to get out of the books. What do you want books to teach you? You want to be reading for implementable action, things you can do to improve yourself as you build your business.
Here are five categories of books to begin with:
The Definition of an Entrepreneur: Read biographies, autobiographies, and books about entrepreneurs and entrepreneurship to learn who entrepreneurs are, what they do and how they are formed.
Skills of Successful people: Read personal development books to learn how to improve your success skills and yourself, so you can move more efficiently in the entrepreneurial world.
General business environment: Read books about the business of business, the histories of specific industries and companies to learn how the broader global economy functions.
Think like a Billionaire: Read books about investing, the road to super-wealth to understand how markets work, and how entrepreneurs access private funds to fuel growth.
Life in Action: Read fiction about successful people, business people and business-related ideas to see the big picture, and get background and inside information about how people function in a success-driven life.
Here are suggestions in each of these categories. There are dozens of books in every category considered “the best” or “must-haves,” below are only some initial suggestions. You can start in any order.
If you find you would prefer to read books about your specific product or industry, of course add those ones as well. The key is you want to understand which books to read, and why. You want to be able to implement the learnings from the book into your lifestyle
DEFINITION OF AN ENTREPRENEUR
When you are starting out as an aspiring entrepreneur, and the only idea you have in your head the concept of starting a business, you might not be confident about what your vision will really mean.
To develop a more specific idea of how entrepreneurs are formed and what entrepreneurs do, you can read biographies and autobiographies, and books about entrepreneurial ideas. People often wonder: how did so-and-so get rich? One of the best ways to find out is to read the biographies about rich people, and learn the facts for yourself.
You are looking for an in-depth accounting of the entrepreneur’s story – what were the actual steps this person took to become successful. The best biographies tend to be those thick ones that take you back not only to the entrepreneur’s childhood, but also through his or her parents, or other significant influences. This additional insight will help you realize the most successful entrepreneurs come from a wide variety of backgrounds, and have had an even wider variety of experiences on the road to success.
While industry and technology do change our economic landscape, the day-to-day realities of humans rarely change. Everyone still must secure food, clothes and shelter to have a civilized life. The actions taken by John D. Rockefeller in the 1800s – walking up and down the street to ask for a job – are still relevant today. Despite all the online employment services, in the 21st century people still often find work by word-of-mouth.
Use biographies and autobiographies to help you understand how you can write your own story as you transition to entrepreneurship. Look for the lessons that explain the idea of an entrepreneur.
Books in this category include: Biographies and Autobiographies
The Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow
Shark Tales: How I Turned $1000 into a Billion Dollar Business by Barbara Corcoran
Andrew Carnegie by David Nasaw
Morgan, American Financier by Jean Strouse
Entrepreneurship:
The Four-Hour Workweek: Escape 9-to-5, Live Anywhere and Join the New Rich by Timothy Ferriss
The Little Red Book of Selling: 12.5 Principles of Sales Greatness by Jeffery Gitomer
Zero to One: Notes on Start-ups or How to Build the Future by Peter Thiel
SKILLS OF SUCCESSFUL PEOPLE
Most of us are not born ready to take on the world with our entrepreneurial ideas. In fact, when you realize how big the personal development book market is, you realize that being an organized, attentive, polished, successful person takes information – ideas and strategies that you can learn and implement for yourself.
Successful people have a mix of skills, but they are not always the same. If you learn some of the basic, timeless behaviors, you can use those attributes anywhere. Personal development must be taught and practiced. It is not enough to read the books, you also have to implement the ideas from the book. And you must be consistent in applying the changes to your life.
Perennial sellers like Napoleon Hill’s Think and Grow Rich have been around for decades, yet the number of people who stick to the advice is certainly not visible in today’s economy. If everyone who had bought or read Think and Grow Rich had applied all the activities, average incomes would likely be much higher.
You can be an exception. You can use personal development books to actually make changes to the way you behave. The advice exists (and continues to sell) because it works. And it works because people like you make it happen.
Books in this category include: Personal Development:
Choose Yourself by James Altucher
How to Win Friends and Influence People by Dale Carnegie
The Seven Habits of Highly Effective People by Stephen R. Covey
Think and Grow Rich by Napoleon Hill
Thinking Fast and Slow by Daniel Kahneman
The Power of Positive Thinking by Norman Vincent Peale
GLOBAL BUSINESS ENVIRONMENT
As an entrepreneur, you want to be thinking about the global economy in which you run your business. Even if you have a small enterprise, you are affected by global economic changes in the price of oil or the value of the dollar. Having a more knowledgeable background on these issues can help you manage your business rationally.
You can muse about inflation or trade like the average person, or you can read books that explain current economic development and trends. These books will provide you with an insight that you can use to develop your own business. They tend to be interesting histories giving you the information you did not know, and helping to dispel certain fallacies about business, trade and investment.
Although these reads can often be dense, they are well worth the effort to give you a broader grounding and overview of the business world that you now occupy.
Books in this category include: Business of Business:
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein
A Splendid Exchange: How Trade Shaped the World by William J. Bernstein
Built to Last: Successful Habits of Visionary Companies by Jim Collins and Jerry I. Porras
Guns, Germs, Steel: The Fates of Human Societies by Jared Diamond
The Prize: The Epic Quest for Oil, Money and Power by Daniel Yergin
THINK LIKE A BILLIONAIRE
As you read the biographies of entrepreneurs, you may notice a pattern – the big money, mega wealth, came from the stock market. Either the entrepreneur became an investor or was invested in, when the company was taken public. The real jump to billionaire wealth, comes from owning the factors of production, from owning capital.
You can begin to build your billionaire mindset by reading books about investing. These are books that help you develop a money consciousness, to see money not just as the tool that pays the bills, but as a factor that can be transformed into changing your life for the long run.
Many people have a poor financial management and investing education. Without these types of books, the situation would be even worse since this information is not taught in schools. In fact, good investment advice is passed on from one generation to the next within the same family, but not transferred horizontally through a society. This is information you are unlikely to hear.
So your best bet for putting yourself in line to understand the business of money is through an investment in time spent learning more about how investment works in the global economy. Educate yourself before you become an investor.
Books in this category include: Investing and Financial Management:
The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham
Security Analysis by Benjamin Graham and David L. Dodd
The Big Short: Inside the Doomsday Machine by Michael Lewis
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley
LIFE IN ACTION
As a bonus, fiction books featuring characters in business can give you a broader overview of the world you are entering. By reading about fiction characters, you have a sense of day-to-day life, as well as the road to wealth.
Unlike a biographer, a fiction writer can tell you everything. You get inside the character’s head, and maybe even read words that resonate with you, and your entrepreneurial vision for yourself. You may even decide to emulate the behaviors and practices of business or success-oriented fiction characters who you feel connected to through the story.
Books in this category include: Fiction
The Great Gatsby by F. Scott Fitzgerald
The High Flyer by Susan Howatch
The Financier by Theodore Dreiser
If you are starting out as an aspiring entrepreneur and looking for guidance on how to face the entrepreneurial world, start by reading. When you set aside, 15 minutes a day to work on your business, your time can be focused on reading, your research for creating the life you really want.
Many of the classic books now have e-reader versions and you can upload copies to your phone or tablet to read when you are standing in line or commuting on public transit.
If you have no idea where you want to start, begin with a few books. You will likely find yourself inspired to keep going until you have your business up and running, and you can begin to live your life on your terms.
NOTE: In future blogs, I will follow-up on each of these books and provide more detail about what you may be able to learn from each (especially the fiction) as you move forward on your entrepreneurial journey.
Disclosure: book links are affiliate links to Amazon.com which if used may result in compensation to the author to help support this business and future posts
Five Practical Tips to Get Started as an Entrepreneur
Maybe today was the day. The rudest person at work interrupted you for the tenth time, your supervisor ignored your brilliant suggestions, and you had to cancel lunch with a friend because a useless meeting was just scheduled up against your lunch break.
You’ve had it.
It’s time to get serious about starting your own business.
First question: Where do you start?
Many people know they want to start a business. And for many the reason to start is to gain control of your own schedule and manage your time as you see fit. Entrepreneurship is not easy, and will often be frustrating, but being the boss means you have ownership. You can make the process as difficult or complex as your resources permit.
Yet even after you’ve made the decision to start your business, you are often distracted by the endless directions advice you receive. From start a business plan to build a website to complete market research, deciding where to start your entrepreneurial dream can be confusing.
Here are five tips:
1. Pick a business idea (which can, and probably will, change)
If you already have a business idea, skip to point 2.
If you do not have a business idea, pick one. You do not have to stick with your pick. Having a business idea simply gives you the context for getting started on the rest of your business. Points you will learn about Idea A may help you with Idea B. So the time you spend on an idea you do not actually turn into a business will still be useful.
If you have no idea, start with your hobbies and interests. Where is there a gap you have identified in the marketplace when people say about a particular good or service: I wish we could have this? Or I wish it could do that? That is your opening to slip in your business idea.
Pick your business idea first because this will give you a specific topic to focus on while you get through the next four tips. It’s easier to say, you need 15 minutes to work on a specific idea than it is to continue to sound as if you are just “thinking about” starting a business.
But if you are still lost for an idea and really want to move forward with your entrepreneurial dream, then keep going. Part of “starting” your business will be to define your idea, you can still move forward on the next four steps.
2. Identify your Space
You will want to have somewhere to work on your business. But when you are just getting started your space does not have to be elaborate. You can decide to work in the bathroom or closet if that’s the only quiet place you can find.
Maybe you prefer the library or local coffee shop. All of these options are viable.
But if you choose a space that is not near your home or work, include the time it will take you to travel to and from that space in the time you are setting aside for work. So if you are going to do 15 minutes of work and it takes you 15 minutes to get where you need to go, you need to set aside 45 minutes to make it happen.
Be realistic about the time you need and how you plan to use it before settling on a space. You might find you need a spot closer to home to preserve your time.
3. Gather your tools
The tools you need to work depend on how you like to work.
When you are first getting started you might not even think about this topic, but the minute you sit down to do some research you realize you need a notebook (digital or paper?), a cup of coffee or tea, a brighter light (artificial or natural), a power outlet, a sweater/blanket, a timer, a bottle of water, some chips, maybe cookies, light music (Spotify or playlists?)….
And you do not want to make excuses or get up every minute because you forgot to put one of your productivity tools in your work space.
If you have no idea which tools you like to have around you, go ahead and start with nothing, and add your preferences at the end of that day’s work session.
4. Clear your distractions
In our busy worlds, distractions are not only living all around us – ie. kids and dogs – but digital also. You have to figure out how to turn everything off for the time you want to work on your business.
For the family, find the time to do your work within the family schedule. However that works best for you. Since you have your business idea (see #1), you can tell everyone what you are doing and how you really need to move forward with transitioning to lifestyle freedom.
For digital, you know what you have to do. Turn off the phone. Or at least turn off the sound and lay the phone upside down so you cannot see the screen. And don’t try and work around any other screens like the TV or your partner’s mobile.
You only need to give yourself that first 15 minutes to get the ball rolling, so push the distractions away.
5. Take 15 minutes
The best way to start a business is just to get started.
That may sound roundabout but it’s true. People often make excuses like they do not have enough money or are not sufficiently qualified for a business idea. But you really do not know the truth behind those excuses because you have never spent any time working on the business.
Take 15 minutes. I know you have it. Before you start bingeing on Netflix take 15 minutes to research your business idea.
What are you researching?
- Similar businesses to see what other people are doing
- Specifics about your business idea and your industry.
- Courses in your area of expertise or about the product or service you are interested in.
As you continue researching, you will begin to move towards creating your action plan for starting the business. But it’s just brain-storming at this point. You do not have to pursue anything formal. You will likely find that the more time you spend researching your business and putting together ideas, the more time you will have to work on your business.
Before you know it, you will forget to watch Netflix.
Once you get to number 5, you have started your business. Because when you set aside time to transition your life, every step counts. From here you will begin to formulate the questions you want to ask, the activities you want to do and even the courses you may want to take to transform your business idea into a viable reality.
You will also start to build your confidence. The more you know about your business idea and industry, the stronger you will feel about your capabilities and the possibilities you have for making your lifestyle dream come true.
Ready to get started on your entrepreneurial dream? Get more strategies and tips by signing up below for the Ready Entrepreneur mailing list.
Understanding Tech as an Aspiring Entrepreneur
Why should you care about technology as an entrepreneur? Not the smartphone in your hand or the laptop on your desk, but the entire realm of technology advancement and achievement. The transition from an industrial to a technology society.
Technology is the practical application of knowledge in a particular area, or the capability presented by that knowledge (Merriam-Webster dictionary).
What does that mean to you as a business person in the 21st century?
How should you be thinking about these incredible tech developments as an entrepreneur?
In this article, we look at the use and application of technology for your business, lifestyle and the future, this article and the accompanying three-part podcast series look at technology not from a purely technical place, but from a more philosophical place.
As an aspiring entrepreneur in the 21st century, you should have an idea of how you view the advent of technology in our economy, and the impact on our society.
You can develop a tech plan that fits your business, lifestyle and future plans.
Business: As a business person, you will implement technology into your operations, but you will also have to be aware of how technology affects your business, and your customers.
Lifestyle: As you use technology to build your business, you (hopefully) will be in a position to transition your lifestyle, and use some of the advances you have learned to improve your own standard of living.
Future: And what does the future hold for your business and lifestyle as technology continues to advance and change our lives? What are some of the issues you should be aware of as you make the transition to the next century?
Your Business
As an aspiring entrepreneur, you need to formulate in your mind how you want to see technology as you build your business. Aside from determining which technology tools you are interested in using such as e-mail management software or websites, what will technology mean to you as you move forward?
Is technology a life force you will incorporate at every turn, a hindrance, or a conspirator in exploitation you will use for nefarious ends?
For comparison, we can look at how technology was viewed by witnesses of the transformation from the agrarian to the industrial age. Imagine how people had to view their lives when they began to see the transformation as described here in Frank Norris’s 1903 book ‘The Pit: A Story of Chicago:
…the life was tremendous. All around, on every side, in every direction the vast machinery of Commonwealth clashed and thundered from dawn to dark and dark till dawn..carrying Trade – the life blood of nations…bringing Trade – a galvanising elixir – from the very ends and corners of the continent…The Great Grey City, brooking no rival, imposed its dominion upon a reach of country larger than many a kingdom of the Old World. For, thousands of miles beyond its confines was its influence felt…It was Empire, the resistless subjugation of all this central world…whence inevitablity must comes its immeasurable power, its infinite, inexhaustible vitality…the true life – the true power and spirit of America; gigantic, crude with the crudity of youth, disdaining rivalry; sane and healthy and vigorous; brutal in its ambition, arrogant in the new-found knowledge of its giant strength, prodigal of its wealth, infinite in its desires…In its capacity boundless, in its courage indomitable; subduing the wilderness in a single generation, defying calamity, and through the flame and debris of a commonwealth in ashes, rising suddenly renewed, formidable and Titanic.
The character Laura says….”I suppose it’s civilisation in the making, the thing that isn’t meant to be seen, as though it were too elemental – primordial….”
The character recognizes a little bit of fear for this force of technology and industry that is changing civilization, but is also impressed and awed by its presence. At the turn of that century, and in the coming of the industrial age, people had to understand not only the obvious power of the machinery, but the impact it will have on humanity.
But in the industrial age, you could look technology in the eye. You could see it in its drama and majesty. The negative impact on the environment and the average worker was visible and obvious. The changes that were to come – in law and society – had plenty of examples about why they were needed.
Today, in the 21st century, in the transition to the technology age, many of the impacts are unseen, far-reaching and unknown.
Certainly you know Facebook is a gigantic company used by billions, but you probably have no idea what the technology is doing each time you click, post, like or follow on a page.
As an aspiring entrepreneur, when you think about how you want to build and grow your business. Think about how you will use technology, and consider these four issues: privacy, opportunity, accessibility and impact as you either formally or informally create your tech plan.
Privacy
The changing concept of privacy is one of our biggest challenges. Most people have traded privacy for convenience, the right to use free services. But few truly understands what their acquiescence means. Technology companies do not reveal the details of their algorithms, nor the scope and range of how they use and manipulate data. 
An entrepreneur, using the Internet in any form, must be aware of these issues. For example, you may collect e-mail addresses. What are you going to do with those e-mail addresses? When you add a Facebook pixel to a webpage, what data are you collecting and how will you use it?
As an entrepreneur, you should be prepared to explain what you are doing with the data you can collect. You should also be aware of your responsibility, and have a plan for protecting the data. The blanket ability to collect data does not necessarily mean you should blindly participate in the process. But if you do, you should also have policies that clearly define how you are participating and your intentions going forward.
Opportunity
With new technologies, opportunity is rapid and tempting. A new software, service or device may allow you to change your business model, provide better products or make more money. New technologies are rapidly adopted, and companies encourage early adopters to promote their views.
As each new technology comes on line, even if the product permits you to have access to data or applications you were not expecting, you must still consider if using the product makes sense for your business and your consumers.
You may have an opportunity to do something spectacular or destroy your business with recklessness. Opportunity does not necessarily mean an open door.
Accessibility
Technology is everywhere and there are many ways that you can use it. Accessibility in this case does not refer to tech tools for the physically-challenged. This accessibility concept is about how a global audience can find you.
As a globally-thinking entrepreneur, you want to make your product or service as accessible as possible through the available tools. When you do this, think about who you are trying to reach and the best methods for spreading information about your offering.
Some potential customers may only access the Internet on their phone, others may use public services with time limits. If you want to spread your message widely, use technology in a way that lets others access it as well.
Impact
You have a chance today to make an impact far beyond your own laptop. In Frank Norris’s Chicago described in the book The Pit:
…axes and saws bit the bark of century-old trees, stimulated by the city’s energy…her force turned the wheels of harvester and seeder a thousand miles distant…spun the screws and propellers of innumerable squadrons of lake steamers….
The impact is direct and present.
In the 21st century as you build your business now, your impact is likely to be through words if you teach or coach online, or contact if you create an app or software as a service, or even directly if you place a product in someone’s hands.
In all cases, you are still part of an economy of industry and action, but with technology you can move faster and have a greater reach, even more so than in a newly industrializing city in the last century.
A 21st century entrepreneur should have a position on technology. For example, consider:
Technology as a force for good, one that will help us mend our ways and fix our ills – but only if it is deployed well
To make technology a force for good, society needs innovative practices, creativity and facilitation – recognizing that there are things we do and do not want in our economy.
In so many aspects of our lives, we want the best that technology has to offer, but we have to recognize that also means taking the worst. As an entrepreneur, are you fueling a hate-filled society by using social media? Or just trying to get the word out about your product?
Given the customer-facing issues discussed above: privacy, opportunity, accessibility and impact – you can create your own tech policy.
You may decide you will always protect your customers’ data and never sell e-mails to third parties. But you cannot stop there. You have to understand how other technology services that you are using affect your customers. You do not want to inadvertently break your own policy by not understanding the one used by entities you access.
On opportunity – decide to weigh your technology decisions carefully. You do not want to just chase the shiny apple. If there is an idea that might work for you, make sure the technology is really an opportunity and not just another fast sale from the latest hot thing.
On accessibility – think global, always. If appropriate for your product or service, keep your content simple, clean, clear, open and honest for an audience that can understand your message at all times. And even if your product or service is more ‘adult,’ remember you still have a global audience.
On impact – recognize you are delivering a message in everything you do. What is it? How do you want to potential customers to see you? And what should be the takeaway?
The purpose of Ready Entrepreneur is to help aspiring entrepreneurs achieve the dream lifestyle of financial and schedule independence by learning how to use the global marketplace and new technologies to start your own business.
In my book Life Dream: Seven Universal Moves to Get the Life you want through Entrepreneurship, you can find the steps you can take to help you move forward with getting your business launched. As you move through each of those steps, you want to be considering where technology fits in your progress.
The goal is to help you deliver the value you have as an entrepreneur to the global marketplace.
YOUR LIFESTYLE
One of the key benefits of becoming an entrepreneur is to live your dream lifestyle – right? Where does technology fit in that picture? Are you prepared to use technology to separate you from day-to-day work? Or are you just waiting for the cocktail-serving robot to get you through your day?
If you are a fan of technology, you may be thinking all the time about how you can incorporate technology solutions into your business to help facilitate your lifestyle.
Some of you may have the Hollywood vision – lying by the pool, being waited on, driving a fast Italian sportscar or a Rolls-Royce, and having people do whatever you say whenever you say it. You have no demands, no unmet desires and no troubles or issues.
Others may be thinking – you just want to quit your 9-to-5, get away from annoying people and do what you really want to do all day.
Some of you, like me, are traveling all over the world.
Considering your vision and how the idea of a ‘dream lifestyle’ plays out for you – what is technology doing to help you?
At Ready Entrepreneur, the idea is to get you started on your business. We focus on getting the confidence, time and money to get started, picking an idea that delivers value to the global marketplace, putting that idea into action, and then transitioning to the lifestyle of your dreams.
When you follow the path – confidence, time, money, value, action, lifestyle – how does technology move in to help you make that final transition into the life you really want?
And why do you care?
The idea is to develop an approach and understanding about technology and what it means to you, so that you can adapt your tech plan to your purposes as you make the transition to entrepreneurship.
And in your entrepreneurship transition is your new lifestyle.
For many people this means business runs in the background, which means tech tool are in place to transform your life.
Business in the background
In the typical entrepreneurial dream lifestyle world, your business runs itself. That means in almost all cases you will be using technology to make that happen. If that’s your approach, you are going to want to set-up systems and processes from day one that are automatic or independent. You may even want to build your business around this idea.
What are the ideas you can use to have your business running on auto-pilot without you?
Virtual assistants, concierges
You can start with remote personal help. In your dream life, you tend to be self-sufficient which means you may want to add a virtual assistant or concierge who supports your work.
When you go to work with someone virtually the key is to know exactly what you want that person to do and how you want them to do it – then leave them alone.
Once you have set up a good working situation with a virtual assistant, you can feel confident in freeing up time for yourself.
Outsourcing
The term outsource has become a bit of a dirty word in the corporate world where the practice removes people from their jobs and gives their tasks to people who earn less money.
But as an entrepreneur, you are likely going to look at outsourcing as a way to help you avoid tasks that you do not do well.
One of the best ways to use outsourcing is to fill in for the type of work that you do not like to do. This frees up your time to do other things while the job gets done in the background. As you develop your business consider the tasks you do not want to do and look for outsourcing options.
Once you have the business running in a way that frees up your time, what are you going to do with the time?
If you are a fan of technology, you will likely find apps or other tools to help drive your leisure activity as much as your business.
As you make the transition to an entrepreneurship lifestyle, keep in mind what you like to do and how you like to do it. Use the tech tools that facilitate your decisions and make your life easier. And stay connected to your own ideas about how you want to make things work.
Technology in your lifestyle does not have to be a burden – an extension of the always buzzing smartphone tied to your hand. It can be a support, an assistant, a part of the infrastructure of your new business that you are able to use to your advantage.
As you develop a tech plan for your business, develop one for your lifestyle too. Incorporate technology into your decisions beyond the obvious. And keep an eye out for new technologies that may be even more useful as your processes are understood.
The complete path to life as a ready entrepreneur includes making a successful transition to your dream lifestyle by incorporating the ideas and practices of your business life into your civilian life. You use one to support the other.
THE FUTURE
Is technology taking over the world? Will we eventually be slaves to the machine? And either way how do you manage to prevent this apocalypse from happening to you? As an entrepreneur you want to be ready for the future, for the role technology will play and for the adjustments society will have to make.
At some point in the not too distant future, we as a society are going to have to define what the technological revolution means to humanity. And you as a globally-thinking entrepreneur will be right there, trying to decide where we are going. Changes may be imposed on you by technology before you have even had a chance to think differently.
How do you plan to adapt?
Here are some ideas to think about:
The world is moving from an industrial to a technological society. In the past when we moved from agriculture to industry, the changes were profound. But human beings still maintained an element of control.
Now as we go from industry to technology, changes are happening quickly. So quickly, we do not even know all the changes that have taken place and the impact these processes have had on society.
As an entrepreneur, you need to be aware of these transitions because a changing economy, and evolving consumer behavior have an effect on your ability to deliver your product or service to the global marketplace.
If the government brings in legislation designed to control big tech companies, and it ends up limiting your ability to function online – what happens to your business?
If all education moves online, will you understand the knowledge background your potential customers have?
Do flying cars and drone delivery affect your business opportunity if you have to send everything via courier services?
In a surveillance world, do you have a product or service people do not want to be seen buying?
In the battle for online privacy, are you protecting your customer data? How far is privacy going – are you aligned with companies that are using your consumer data?
If law enforcement tools are enriched to target people before they act will your business be caught up in delivering customer information to law enforcement entities without your customer’s approval?
If social media and the use of smartphones changes consumer behavior, what does that mean for your business?
While all these questions may not all seem relevant today, you are probably aware that processes are taking place that already have upended common practices.
For example, if you are surfing online for something like – storage spaces – you begin to get promoted ads in social media for – storage spaces? Why does that happen? And do you care? You should care if you are in the storage business and not one of the promoted ads. And you should care as a businessperson in general.
We are learning to live with cross-site tech tools that follow us all over the Internet. But if your company cannot afford to compete at that level, can you afford to compete at all?
Online and digital tools are being invented based on the way society functions today. But how will we evolve if the status quo is literally coded in to our machines? How will your business be successful if the playing field is coded against you?
These questions are designed to plant into your mind the idea that technology is moving forward without consumer input, regulation or oversight. That’s not always a bad thing, but as an entrepreneur you have to stay awake, aware and ready to correct or adapt to advances that negatively affect your business.
In general, without an idea about how society wants to move forward or where we want to take our future, we do not have a say in the changes that are taking place and how they will affect us.
We need to develop fundamental ideas about where we want to end up as a society.
Do we want to trade privacy for convenience? In many cases, we already have.
Do you want a world that is free if you pay with your data? In reality, nothing is free. There is a price to be paid for the tools we are using for free. So far the price is your personal data. If these services move to pay for privacy services, the gap between rich and poor could also become a privacy gap.
How do we encourage creativity and innovation, reward those who do the work, but continue to provide free services?
Whose world do you want to live in?
Regardless of the laws or regulations created in one jurisdiction, a tech maverick can change the game by inventing new applications or software that upend the law. If democratic, fair and free jurisdictions do not encourage relentless technological development, undemocratic, restraining and corrupt jurisdictions might. In that scenario, we are subject to the more powerful technology and the race is won.
In the past when other major societal beliefs – women’s rights, climate, human rights – were evolving, organizations like the United Nations formed commissions that developed guidelines and blueprints for countries.
The United Nations has commissions on and science and technology. But there is no comprehensive global go-forward plan on the impact of technology and the opportunities and issues that are coming up for adapting societies. There is not yet a globally negotiated approach for the world on the changes facing humanity and the cross-border impact of the role of technology in our lives.
But almost certainly entrepreneurs will help drive these changes. Entrepreneurs who are operating in the global marketplace and can see the opportunities and constraints of technology and potential legislation will be in an excellent position to help define these processes going forward.
To start, define for yourself the world you would like to see. If you want to get some ideas, jump over to my writer’s site, www.claneworld.com and download the free Guide to the Future.
As an entrepreneur, look at the issues that affect you and your business and be prepared to come up with a solution before a solution is designed for you.
The best way to predict the future is to create it – Abraham Lincoln apparently once said. Which means you need to understand the possible future developments and make adjustments that work to your advantage.
Continue to ask yourself where you stand as you navigate your business. At Ready Entrepreneur, we use technology to grow our business and reach the global marketplace. But we cannot be indifferent to the impact technology is having nor the concerns from the consumer marketplace about privacy, surveillance and tracking.
We have to decide the world we want to live in. And as an entrepreneur, you demonstrate your decision by the way you run your business.
BUSINESS, LIFESTYLE, THE FUTURE
The world is changing and as active entrepreneurs you can see these changes daily. Technology will be used to facilitate the growth of your business and to improve your lifestyle. At the same time, you must stay alert to how the changes affect your customers and how you can protect data and processes from evolving negative practices.
Technology is a powerful force, transforming our society as dramatically as the world was transformed by industry. But this time, you are in the midst of it, and how you adapt and evolve with the changes can help build, or destroy, your business.
Disclosure: This website participates in the Amazon Affiliate program. Links to books and physical products are affiliate links to the Amazon store, and compensation may be paid that supports this work.
Turn Good Habits into Your DNA
Does this list describe you, or the activities you find impossible?
Get up early with a smile
Cleaning up after yourself
Complete a task from beginning to end
Listen
Be on time
Save money
Do you wish you could, or would, automatically do all the good behavior actions you are supposed to do? You know the activities you think will make you a stronger person able to achieve your goals like starting your own business. And imagine if the process of converting your good habits into your DNA is not annoying or a burden.
What if you could build good habits in to your everyday life and not have to be reminded to make an exception?
Having good habits is a skill on the road to success. People who are able to consistently perform and to get things done are the people who end up completing the work necessary to achieve lifestyle freedom by starting a business and becoming an entrepreneur.
Those that don’t have to settle for a life of struggle.
You can make yourself the person you want to be by focusing on six abilities: desire, effort, progress, consideration, reliability and thrift.
You have heard it all before, but how do you actually make those abilities part of the person you are on a daily basis?
Self-help books are full of ideas for developing good habits. But how many people are able to keep the habits? You know you want to be one of those people who function at the highest levels of competency at all times. How do they do it? And why is it so difficult for many others to embed good habits into our DNA so we are able to live in success mode all the time?
What does it take to turn good habits into your DNA?
Desire
To set yourself off on the right direction to embed good habits into your DNA, you have to want the goals you are striving for. And wanting does not mean you expect to be rich by doing nothing. ‘Wanting’ means you are absolutely committed to figuring out how you can be rich and do nothing, and then execute on the plan to make that vision a reality.
You will work to ensure you do not have to work.
People who are taught to get up early because they ‘have to,’ for chores or school, end up resenting losing the time they could have spent sleeping. But if those people were excited about every day, because they were anxious to learn or contribute to the harmony of their family life, they would want to be up long before anyone told them they had to be.
You have to match the activity to the desire for achievement of a higher goal to help convince yourself the work is worth doing.
Effort
Habits that require actual physical labor, like cleaning up after yourself, are not going to be sustainable unless you make the practice automatic.
We hate chores. We want to avoid work as much as possible and pursue a life of leisure. We constantly put off the activities we do not want to do and become more and more anxious as those activities pile up and begin to threaten our peace.
How do we make a chore part of our DNA? You do it by forcing yourself to complete the task at the exact moment you are aware of the work must be done. You have to train your brain to do the activity without thinking.
As you stand up from a table after eating, gather plates and cutlery into your hands. As you walk into the kitchen, go directly to the dishwasher and unload into the racks. Do not stop to place the plates on another surface, where they will be left for days.
Do the activity immediately without thinking about it. Resist the urge to moan and groan about something you have to do. For every chore you are required to do, make the prior act and the chore the same activity. For example, make the act of getting up from the table and removing your plate one continuous motion. Remember: no thinking.
Train yourself to follow all the way through until the work is done. Soon you will realize there are no more chores haunting you from the imaginary to-do list in your head.
Progress
Any task without a deadline inevitably is only done on deadline. Too often we do not complete work from beginning to end because we do not feel a sense of urgency. One way to overcome this lackadaisical approach is to focus on just one task at a time.
Instead of making to-do lists with 20 or 30 items you have to check off, make a list of one item. Just one that you must finish before you do the next one.
If you are afraid of forgetting your bigger list, write each item down on index cards (or tear up paper into smaller squares), and place the one card with one activity at a place where you can see it until the item listed on it is done.
Finish the task as if it’s the only thing you have to do. If the work is particularly difficult, it may roll over until the next day or the next, but you cannot put your card away until it’s done.
When it’s done, go for the next card. Before you know it, you’ll have no more cards to deal with, and you would have made incredible progress.
Consideration
Where does your mind go when someone is talking to you? Do you drift towards unfinished business at work, or maybe the bad date you had the night before? Do you forget to listen? We are easily distracted not just by actual events and activities before us, but by our own minds and our ability to think about too many things at once.
But when you fail to listen you could be missing a range of vital information from heartfelt confessions to a critical work assignment. You have to teach yourself how to hear what others are saying.
To do this, you can try hanging on every word. That is, make it a habit to repeat in your mind the words that are said by the speaker. When you are learning another language, you have to focus on every word the other person says because you are not familiar with the hearing and processing the sounds. The more you become familiar with the sounds, the more fluent you will be.
Use the same technique when listening to others. This will help you concentrate on the words the speaker is expressing and force you to transform those words in your brain to understanding, and perhaps action that supports your own goals.
Reliability
When the stresses and strains of modern living began to change our concept of politeness, we got out of the habit of always being on time. As soon as we had excuses like traffic, kids, and holiday shopping to deflect attention away from our tardiness, we used those words to elicit sympathy for our rat-race lives.
But you do not have to operate under those excuses. To avoid being late, leave earlier. Give yourself enough time to get where you are supposed to be. This applies to the meeting down the hall, as much as the dinner across town. When you have an important meeting with a senior executive or investor, you strive to be on time. The same reliability should apply to meetings with friends or subordinates. You know how long you will need to get there, make a point of preparing ahead.
This is not a trivial matter. Sometimes you are running behind the whole day and never find the scope to catch up. In that case, start your whole day earlier. If other people are late to meet with you point out their faux pas, perhaps in front of others, as a reminder that people are waiting. But do not be the one who others are waiting for.
Thrift
Money comes in, and money goes out. How can you keep any of it around for the times when you really need it?
We like to spend money, especially if we grew up with little and learned fear and scarcity about money. Or we feel an obligation to purchase items for others or in recognition of our own virtue.
But loosely spending money is detrimental to your chance to have a comfortable and secure future. You can discipline yourself to protect money by making sure you put a portion of your earnings away immediately. As soon as you are paid, have an automatic deduction taken and transferred to another account you do not touch. Put the account in a different bank so when you go online to check your accounts you do not see money accumulating that you think you should be spending. Make that designated percentage disappear so that it is available to reappear when you really need it to exist.
You can make good habits part of your DNA by focusing on these six abilities: desire, effort, progress, consideration, reliability and thrift. Once you have implemented the practices that turn your fortunes around, you will realize you are exactly that person who lives in success mode, all the time.
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Developing World Markets and Your Business Strategy
If you are old enough to remember the songs ‘Feed the World’ or ‘Do they know it’s Christmas?’ your image of the country of Ethiopia may be of a long line of starving people holding a bowl as they wait for a spoon of food.
If you were paying attention to the news headlines the week of October 22, 2018, you know the country just appointed its first female president, in a country where women hold half the seats in the cabinet.
If you are young enough to have never heard of Ethiopia except during the Summer Olympics, you may need an update. Because Ethiopia today is indicative of the changing global landscape all entrepreneurs should understand and embrace.
Ethiopia is a country in north east Africa, with a land-mass covering most of the Horn of Africa. Wars and disputes made the second most populous country in Africa land-locked, but they are not without water. The ancient civilization is built around the start of the Blue Nile river. Today there are over 100 million people, who live, not in a desperate dusty desert, but in one of the fastest growing economies in the world.
When global charity was galvanized by Irish rocker Bob Geldof to help save the people of Ethiopia from starvation in 1984, the country had fewer than half as many people as it has now. But today, three decades later, agriculture is one industry’s leading the economy’s turnaround. This remarkable achievement should galvanize those who seek to provide aid to the suffering in hope of a better future; and humble those who said failed states should be left to die.
Ethiopia today is being heralded as a country that has made an effort to build infrastructure, stabilize the economy and promote growth. The African nation is one of the many development growth stories that are unknown to the typical North American media consumer, and therefore ignored by the typical rising entrepreneur.
Of course there are still problems. Ethiopia is both one of the fastest growing economies in the world, and one of the most impoverished.
But understanding the transformation in Ethiopia and other developing countries is critical for positioning your business in the expanding global marketplace. Remaining aware of the countries that may provide open markets gives you an opportunity to participate in the growth.
Because if you miss the story of a developing Ethiopia, you miss the opportunity of the broader global marketplace. Every entrepreneur can reach out to the entire world through businesses that solve global problems. In Ethiopia, as in many other countries in the developing world, actual development – the building of infrastructure, creation of jobs, running of schools and hospitals – is taking place at an unprecedented rate. The effects – new highways, skyscrapers, housing, healthier citizens – are visible and reflect a renewed hope in global progress.
Of course there is no denying many countries still face the challenge of poverty, malnutrition, disease, internal instability and civil unrest, but these issues also place a threat to the developed world. The emphasis in the rising economy countries is on moving forward, and working to change the history to reflect a more promising future for its citizens.
For rising global entrepreneurs, it is important to look at Ethiopia and other countries from the perspective of their emerging middle class. For countries moving towards what the World Bank calls ‘middle income’ status, the government targets continued investment and access to credit as the key economic policies to encourage. Once a reliable infrastructure – electricity, water, sanitation, road, communication – has been built out, investors feel more comfortable pouring money into factories, office buildings and resource mines.
For entrepreneurs with smaller businesses, especially those operating online, there is no need to wait for these large scale physical pieces of the structural pie to be constructed. An alert entrepreneur who is looking for opportunity can use Internet resources to find out what people are looking for online.
A quick glance at Twitter #ethiopia #ethiopian includes references to investment like a call for policies for startups to raise capital; as well as notes about products like – hair, food, Ethiopian airlines, jewelry, coffee, music. My disclaimer: this post is focused on business and entrepreneurial issues but I will note the overwhelming number of tweets are about politics, migrants and refugees, and government action against different ethnic groups.
These difficult development issues do dominate the headlines. But if you looked at the opportunities in the United States from the perspective of the twitter feeds, your focus would be on election inquiries, voter suppression, corruption, civil rights protests and opioids. In other words, there is more to the business economy than the news cycle is prepared to discuss.
Many people would not be prepared to do business in Ethiopia because of the country’s history and potential instability. But for rising entrepreneurs who want to stay alert and interested in the global marketplace, consider the needs of the developing world middle class in your plans.
- Acknowledge there is a developing world middle class to whom you could be engaged in business.
- Incorporate broader consumer wants and needs in your business planning. What did you need as someone functioning with a good job, growing family and maybe a new residence to keep up? What are the types of services currently not available to people in rising economies? Pay particular attention to information and entertainment products. These types of products travel well, have universal appeal and can be translated for different markets. If you teach value skills, you may find you have a market in the countries where education is coveted.
- Decide how you will approach new markets. This will not be easy. But when you begin marketing and promoting, for example when you look at blogger sites, see if there are more international sites you can appeal to. Also the global media has sites for news, which can be approached to determine opportunities for promotion, and to provide leads to other influencers in that market. If you want to actively target a particular country – try finding their most popular media sites first.
- Stay connected to your new global market. It would be a shame to take the time to build and cultivate a particular market only to abandon it later because of the extra legwork required to establish a connection in the first place. New markets are here to stay and should have a permanent place in your business plan. Of course keep following blogs at Ready Entrepreneur where we always incorporate global marketplace ideas into our discussion.
One other note, as the developing world becomes developed, there will be no shortage of new businesses arising on streets and online that will be able to market goods and services to the locals. Stay focused on your niche, the particular product area, which could be valuable to any consumer anywhere in the world.
Authenticity is important in business, and trying to imitate locals in their own market rarely works. Instead play to your differences. Locals are often curious about foreigners and foreign products. Use your uniqueness to your advantage.
The growth of Ethiopia’s middle class is an example of how the developing world is moving rapidly towards development. These busy and exciting markets provide plenty of opportunities for business especially rising entrepreneurs who are interested in operating wherever you see a problem that needs to be solved.
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How to Keep Your Entrepreneurial Dreams Alive
Some of us come from cultures where being a businessperson or entrepreneur may be frowned upon. You might hear phrases like: “Get a Real Job,” “You can’t dream your way to paying the bills,” “Your ideas are just dirty business not helpful.”
Have you heard those types of phrases? In some cultures, if you do not become a doctor or a lawyer, you are a failure. You have responsibilities to ‘do the right thing,’ and you cannot take any risks.
People may go after you about becoming a businessperson because they either fear for you and want to keep you safe from risk OR they are afraid you will surpass them in life and be lost to them forever. Both of these reactions are primal responses to our basic human instinct for survival.
If you become a successful entrepreneur you may become be the richest, and therefore most powerful person among your family and friends. Someone else currently holds this title, and if that person is insulting your entrepreneurial dreams it’s could be because they do not want to give up the crown.
If you are an entrepreneur running your own business, you may also be the only person in your circle with lifestyle freedom. For some around you, your ability to do what you want may be worse than your ability to make more money. When they go off to work every day, fighting traffic and colleagues they cannot stand, you will go into your own domain, maybe a comfortable home office, a coffee shop or the beach. If you have an online business, you may even wear your PJs all day or at least comfortable sweats. You will have no commute, no gasoline expenses, no office gossip, no internal fighting.
Is this your office?
Although no commute and no time wasted at the office water cooler may mean you also work at least four hours a day longer than those who are envying your freedom, but they will not see that. They will only see that you can arrange your own schedule, attend the events your really want to see, and get work done on your terms.
If negative emotions arise, like jealously, anger and conflict, you could be facing someone who simply does not know how to compete with you.
For humans, survival is at the heart of all their reactions. It’s that classic concept: if you and your friend come upon a bear in the woods, you do not have to outrun the bear, you only have to outrun your friend.
It’s a rare person, maybe Mother Theresa type nuns, who is not in some kind of competition with the people around them. Look at social media. The number of “likes” and “followers” you have is your way of showing people your value in the world. People love to tell you how many people are following, implying behind, them. If their number is higher than yours, you are subtly reminded the bear will stop to devour you.
But if you are running your own business, focused on your value and the product or service idea you plan to deliver to the world, you can ignore social media and all the other distractions designed to make you feel like you should put your dreams in check.
“Likes” and “follows,” are not the most important metric when you are your own CEO. You are going to be looking at growing an audience, earning revenue, and investing for your own benefit.
You will be operating on a stage those around you cannot even see. You will be out there, hustling, with like-minded people in your own separate world. And you’ll be loving it because you have business ideas in your head and have always wanted to be an independent operator.
You will put in the time every day knowing every drop of sweat is coming right back to you in direct compensation you control. Those around you may be facing struggles at work, you will not have those concerns. If the business is facing hard times, you will know about it. If it’s thriving, you’ll be planning how to reinvest your money. Your entire picture defining entrepreneurial success will be written on your terms.
Keep your entrepreneurial dreams alive by remembering these factors:
- Those around you who are against your plans are activating their own survival mechanism, which essentially says they need to hang on to you to keep you at their level. Understand where they are coming from, but do not let them win. For the ones who say they do not want you to get hurt in the entrepreneurial arena, tell them that will be impossible. Everything that happens as you are working on setting up your business will be part of your learning. If the first business does not work out, you take the lessons learned and move on to the next one.
- Do not linger on your decision and give naysayers a chance to say “I told you so.” Keep moving forward. People will tell you most businesses fail – but what about most entrepreneurs. Do you know the term “serial entrepreneur?” Those are the people who keep setting up businesses until they find one that works.
- For the people who say you should not move forward with your entrepreneurial dreams because they are afraid of losing their own place in your world, you can say good-bye. There is not enough time in life to fight with people who do not support your hopes, dreams and plans for your life.
You could be an entrepreneurial success if you keep pursuing your goals.
Everything you are doing as an entrepreneur is to have a better life. Whether to gain control of your work schedule so you can spend more time with your friends or family, or to earn more money so you can build financial security. All of these activities are about improvement.
People who do not support your plans to have a better life do not deserve to be in your life unless they are willing to grow with you. If they are afraid for their futures, you might want to encourage them to start a business too, and be part of the solution, not the problem.
In a world where everyone should lead, follow or get-out-of -the-way, those who choose neither and become obstructionists have cost society a fortune. They have slowed down progress that could have helped people, in the name only of protecting their own status quo. I’m not talking about governments and kings here, only your siblings, colleagues, friends, teachers, or the guy next door who can’t wait to tell you: “you will never make it in business.”
Those people are not your people.
You keep your entrepreneurial dream alive, by first recognizing why others are trying to slow you down. Separate the naysayers into two groups. Those who love you and want to protect you from risk can be educated about the value of entrepreneurship.
Those who are acting on their evolutionary instinct to be king of the jungle can be removed from your life.
This may be a tough call. But it’s a lot tougher to live a life you do not want to live, and die disappointed you did not even try to fulfill your dreams.
Popularity vs Excellence: A Decision Guide for Rising Entrepreneurs
In the battle for relevance between popularity and excellence, how should rising entrepreneurs market their business?
This post discusses how the decision to create a ‘popularity Oscar’ signals our society’s shift from value, quality and excellence to popularity. Rising entrepreneurs must make a decision about how to market a product, service or business, and decide whether to place emphasis on popularity or excellence. This post looks at some of the factors to consider.
The Academy has given in.
On September 5, 2018, the Academy rescinded its decision to award a ‘popular’ Oscar. So this post is now dated but still applicable for the overall message.
The Academy of Motion Picture Arts and Sciences, the people who put on the Oscars, have announced their latest category “outstanding achievement in popular film.” Although the eligibility rules for this category have not been announced yet, people are assuming this will be the Oscar for ‘getting people to like you.’
The most glaring example yet of the transformation of our society from value to likeability, from excellence to acceptance.
