The Age of Entrepreneurship

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When people think about entrepreneurs just starting in the business world, it often seems like a younger person’s game. This couldn’t be farther from the truth. Entrepreneurship can come at any age and at any point in your lifetime. The key is to have the right idea that will thrive and create success.

Although many people may think it’s best to start at a young age, it’s important to note that the medium age of successful founders is around the 40 to 50 range. Beginning as an entrepreneur in this industry at a later age brings a more extensive amount of life and work experience.

One of the biggest aspects of becoming an entrepreneur later in life, is you have the time to play and become more financially stable. Young business owners may not always have the income to fall back on if their ideas falter, which is why waiting until you have the support both financially and within your family or a spouse, could help your chances of success drastically.

Another aspect of beginning entrepreneurship later in life is most people have experienced failure in some way by this point in their lives. Having the opportunity to experience failure gives you an edge over others in not being afraid of your ideas floundering. Great entrepreneurs have personality traits in which they can keep their eye on the prize despite bumps in the road.

The skills and life lessons you learn in your early years of being a businessman or woman helps to shape the kind of leader you will be later in life. Because you will make many mistakes along the way, it creates a stronger and more confident business mind, thus, making this the perfect time to start your own business. When you can take a tip from entrepreneurs who have come into the game later in life, you can see how the experience has helped them become more successful.

Don’t let your age define how you continue throughout the business world. Just because you didn’t begin a company at a younger age doesn’t mean it’s too late and you won’t become successful in your endeavors. If anything, waiting until later in life means you are more prepared and have the experience to become successful in your chosen path for entrepreneurship.

Entrepreneurship Success: Leave Your Ego at Home

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People often ask the question, “what does it take to become a successful entrepreneur?” The truth is, certain personality traits and qualities help in shaping a successful entrepreneur. Although some of these traits are instilled in us from birth, many can be learned and developed over time. It’s essential to understand the specific qualities that make an entrepreneur successful. One of the most significant aspects of successful entrepreneurship is removing your ego from your business.

Starting a new business is hardly a feat for one person. Although there are leaders out there who believe they can do it better and all by themselves, it simply is not true and will not create a sustainable business. Entrepreneurs can’t let their egos get in the way of the growing business. It’s essential to assemble a team of hard workers and leaders who understand and share the same goals and vision you do. Creating a support team of people who help you every step of the way will ensure success in your business.

Every position in a business is just as important as the next. Even though some founders may think that because it is their idea and vision, they are the most crucial component of the company. This is, quite frankly, very untrue and anyone who has worked in a business setting understand that success only comes when people work together and no one believes they are above the rest.

You can take some great tips from the book by Michael Strasner, Mastering Leadership, Shift the Drift and Change the World, on entrepreneurship and either embracing success or instead, leaving it behind when your time is up. The key to growing your ideas and business is making sure to commit to your idea fully. Once you do this and realize there is no fallback plan and this idea is the end goal, it will be far easier to pour your entire self into it. And, not just yourself, but your team.

No matter if you win or lose, creating a teamwork environment in which you can utilize your traits and leadership skills to share your vision and goals, is successful and can inspire others to follow their dreams of entrepreneurship.

 

Motivation For Your Small Business Team

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Small businesses definitely have some advantages over large businesses. Smaller teams make it easier to keep everyone on the same page and moving in the same direction. In many cases, small businesses actually outperform larger businesses based on scale. There are some challenges that all businesses face regardless of size, but the answers are not always the same. Small businesses will struggle with keeping their teams motivated the same way larger businesses will, but they may not have the same level of resources to throw into programs to help increase motivation. Here are 3 tips to help keep your small business team motivated.

Regularly recognize their accomplishments
You might be surprised just how far a little recognition can go towards improving employee satisfaction. Satisfied employees tend to be productive employees. While large companies may recognize employee achievements on an annual or semi-annual basis, small businesses have the opportunity to recognize employees on a daily basis. Recognition doesn’t have to be in the form of a plaque or award. Just a few words of acknowledgment of their hard work on a regular basis may actually be even more effective.

Set team goals and create a visual to measure progress
Anyone who has any experience with fundraising knows that simple visuals go a long way towards motivating donors. This is why almost all fundraising sites will have some kind of chart or measuring device to show potential donors how close to the goal the campaign is. The closer a campaign gets to achieving the goal, the more motivated donors become. Some donors may even pledge a second or even third time. The same thing that is true of fundraising is true of your small business.

Provide incentives they actually want
If everyone on your team loves Indian food, then promising a catered lunch from an Indian restaurant might be a great motivator to achieve a specific goal, but not if your entire team does not like Indian food. Providing incentives is a great way to motivate your employees, but not if the incentives are not attractive to your entire team. While they say you can’t please everyone, if you genuinely want to provide an incentive to motivate your entire team, then you will, in fact, have to find an incentive that is equally attractive to them all.

Entrepreneurial Ideas for Success

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It’s evident that all entrepreneurs want to be successful in what they are creating and putting out into the world. But not all entrepreneurs are successful the first few times around and need to continue to have the mentality to push forward through their failures in order to create something great. In our current economy and all different economy’s, it’s essential for entrepreneurs to develop products and ideas that will move us forward.

Entrepreneurship should produce and propel our economic growth. It’s the reason why we need entrepreneurs in this world to make sure that we can create new ideas that are productive. Some fail to consider this aspect and do so because they want to be their boss and have a money making product.

When starting your own business, it can be very much formed around a personal choice. This is true for many entrepreneurs, but along with the personal choice must come value. There should be value in the reasoning of starting your own business and creating a product. Think of your audience and what the value of your product and company is to them. It’s important to fully consider your audience because they will be the reason your business succeeds or fails.

You may think people know what they want, but in all seriousness, it’s not necessarily true. Part of being an entrepreneur is showing people what they want and need. This can be done by either creating something entirely new or refining something they already know and updating it. This can help your audience to see the product they already know in a different light. Your audience needs to know the value in what you are creating and find it useful and something that will fulfill their needs.

Many entrepreneurs are bogged down by the aspect of beating their competitors and being able to compete in a particular market. The real part is to make sure your potential customers see value in what you are offering and find that it excels past your competitors. Competition should come second to what your customers need and what they will want to invest in.

It’s essential to remember that your product must have value in order to succeed. Creating something that is going to add to our economic growth is one of the best reasons to become an entrepreneur. Of course, everyone will have personal reasons attached to it, but if you can add value and satisfy the needs of your audience, you can have a higher chance to succeed.

 

Shared Personality Traits of Entrepreneurs

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To be an entrepreneur, there are certain things that you will have to be good at that most people have not learned in life. The skills of being an entrepreneur are not the same as even the highest level employee. Once you have learned these shared traits of highly successful entrepreneurs, you will be able to find the massive success that these other business owners have found.

Persistence
When you are trying to start your own business, it is not going to happen overnight. You need to make sure that you are in it for the long run. If you have the skill of persistence, you will surely have a better chance of taking your dreams and turning them into a reality. The most successful entrepreneurs knew that setback were just a part of the journey. They persisted until they were able to find their own version of success.

The will to win
When you have the will to win, it will give you the confidence you need to approach vendors, venture capitalists, potential partners, and manufacturers. If you have the will to win, you will not have any trouble waking up early in the morning and staying late in the office to put in the ridiculous hours that you need for massive success.

Knowing failure isn’t an option
Deciding that failure isn’t an option is one of the most important pieces of the puzzle. You will have a mindset that will keep you from giving up. When you choose to quit is the only time that you truly fail as an entrepreneur. You have the power to work as hard as you want and push through all of the obstacles as long as you know that failure isn’t an option.

Creativity
You need to have a great deal of creativity to make it as an entrepreneur. It will take creative problem-solving skills and a creative mindset when thinking about marketing, new products, and new services. If you are not very creative to begin with, it can be a great idea to partner with an individual who is very creative.

These are some traits that many entrepreneurs share. If you feel like you are lacking some of these traits, you can always learn skills that will help you move forward as a business owner.

Incorporating Innovation into Your Business

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With new inventions and the constant creation of new technology, innovation has become an essential part of the culture we live in. In order to continue innovation and to generate new product, design, ideas, we need to incorporate innovation as a core part of your company’s culture. Businesses must begin to look into adopting the innovation and entrepreneurship mentality if they want their company to succeed and move forward into the future. Here are just a few of those ways businesses can incorporate innovation into their culture.

Due to the fact that we live in the digital age that keeps on changing and moving into the future, companies that do not operate with innovation, adjusting to digital changes will not succeed. Digital disruption is reinventing how companies, products, goods, and services operate because of new technological advances. If a business does not utilize and create, they will not be able to survive in the future.

Teamwork is an essential part of innovation. In order to create new ideas, working with others within your company will guarantee a more successful invention of what your business has to offer. Building a team of employees to execute these tasks will give the opportunity to utilize different outlooks and ideas from different people and also allude to the success of future growth.

Human Resources will play a large part in creating a diverse and widely spread culture of employees. It is already their job to do so and look for potential employees with different backgrounds, but this will be essential to the innovation culture a business should be striving towards. With diverse backgrounds come different ideas and great ways to push the company forward.

One of the biggest things your company can do is appoint a Chief Innovation Officer. They will oversee and coordinate innovation teams and initiatives across the company. Although these types of roles are only seen more so within companies dealing more on the scientific side of innovation, we will start to see this position become more incorporated throughout companies across the board looking to survive and thrive.

While there are many different ways to incorporate this type of thinking into your company culture, it’s important to get all of your department heads on board, understanding what the goals for the future are. For the continued survival of businesses, entrepreneurship mentality and innovation is key to the overall culture.

How Entrepreneurs Deal with Failure

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Being an entrepreneur means you will deal with failures many times during your career. This is not always the case for everyone, but more often than not, you will, unfortunately, fail at some point. The key to failure as an entrepreneur is learning how to handle that failure, pick yourself back up, and start again. As it is with life, the way you deal with these setbacks shapes the person and professional you are and want to be. Thankfully, there is a large number of entrepreneurs who came before you, sharing their wise words of wisdom for pressing on and dealing with your failures gracefully.

Just because you will experience failure doesn’t mean it’s going to be a significant failure. Unfortunately, most new businesses will fail within their first few years of starting out. But failure can also come in the form of other losses, such as the loss of a big client. It is essential for entrepreneurs to learn from these failures which takes us right to our first lesson.

Taking the time to write down a list of the decisions you made when you failed will help to understand what you could have done better and will do better next time. It creates your failure into a learning experience in order for you to grow from the setback. Handwriting the list will help the points sink in and stick with you for future growth.

Giving yourself time to destress from the situation will also create a better atmosphere and positive outlook for yourself and your company. Entrepreneurs are busy people that work at a very fast pace, high-stress environment. Giving yourself mental clarity by removing yourself from the failure can give you time to rethink, reevaluate, and figure out your next move.

If you look into some of the most famous entrepreneurs and how they started out, you will find that most of them repeatedly failed time and time again before they became successful. Their biggest early failures paved the way for some of the most successful companies in the world. It is essential to remember that failure is just a roadblock and stepping stone on the way to success. It is necessary in order to weed out entrepreneurs who are willing to pick up the pieces and keep going and the ones who do not have the mental strength to do so and become successful.

Building A Network For Your Business

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Building a proper social network is essential for the success of any business. Very little can be done by only one person. Every entrepreneur needs a few connections to help the various moving parts of a business to run as smoothly as possible. One person can’t possibly handle outreach, public or human relations, advertising, product or service development, and so on. There’s nothing wrong with getting a little help from an adequate and knowledgeable network of peers and associates. The following are ways to build the right network around your business.

Establish Relationships
Put yourself out there and make some powerful business acquaintances. Every friend you make regarding your business will, undoubtedly, help your cause, whether you befriend someone who works in digital marketing or mingle with fellow entrepreneurs. Different people come from various backgrounds, bringing a wide variety of skills to the table. Even if you don’t enlist these people for your own entrepreneurial purposes, it is beneficial to surround yourself with others that have similar goals. Perhaps you will find yourself in a symbiotic relationship, helping others as they help you achieve your business goals.

Segment the Network
Once you have added a fair amount of people to your social network, you should keep everything in working order by segmenting the pieces of your network into various categories. These are a few of the labels you can place on people within your network, based on how they affect your business:

  • Advocates
  • Helpers
  • Lurkers

How you organize your network is completely up to you, depending on your own unique and individual goals, however, as long as a system is in place you will be able to easily recall and locate contacts anytime you need to call upon someone within your network.

Share The Wealth
People within your network are more likely to help your business succeed if they also benefit from your success. Make sure to share the credit and revenue you gain with those who deserve it. Anyone who’s help you’ve employed to make your business-related dreams a reality should probably receive a pat on the back, especially your own employees. This will only strengthen your network by building a sense of trust between you, your business, and its associates.

Young Entrepreneurs on the Rise

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There is no time like the present to follow your entrepreneurial spirit in your younger years. Starting at a young age gives you time to focus and figure out your exact path in starting your own business. It can be a very scary process either diving right in out of college or leaving a stable job to pursue your passions of running your own business. Thankfully, there have been many people that went before you and followed their ideas. They were either met with failure or success, and either way, want to share what they’ve learned with the aspiring young entrepreneurs of today.

Research and Problem Solving
It is essential to do your research before you decide on your particular company and product. The research aspect assists in making sure your idea is original. If there is another type of product similar to the one you are creating, research who your competitors will be and how you can set yourself apart. Discovering who the target audience is by defining your market is an essential part of the original business plan, and a task young entrepreneurs forget to complete.  

Problem solving is an essential step in the beginning process of creating a business plan. The product or idea you have should solve some sort of a problem in order to be successful. This helps to increase the need for these particular goods and services.

Be Optimistic and Passionate
When you’re a young entrepreneur, just starting can be nerve racking but also very exciting because your future can go in so many directions. One thing to remember is that not every idea will be a successful one. Failure is inevitable, but that failure creates a drive to succeed if you have the passion behind it. Entrepreneurs who are genuinely passionate about what they do and the goods and services they produce will have a much higher chance of succeeding because they will not want to give up on their dreams.

Optimism is another crucial factor in staying on the path of success. Challenges in the entrepreneurial world are inevitable. You will hear the word ‘no’ at points in your career but staying focused, positive, and optimistic is going to keep moving you forward towards reaching your goals.

Young entrepreneurs can learn a lot from entrepreneurs who have been in the business for quite some time. It’s important to read about your mentors and the leaders you look up to and hear their success stories. Every one of them will have a list of failures and what helped them prevail and become the successful business leader they are today.

How Entrepreneurs Can Approach Branding

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Entrepreneurs are always working. With little free time to experiment on finding ways to brand their business, entrepreneurs sometimes find themselves at a loss when it comes time to work on their methods for PR. However, by taking a strategic approach to branding, entrepreneurs will find that they get their desired results quickly.

Branding Musts for Entrepreneurs
While effective methods for public relations are ever-evolving, there a few key things every small business owner should be taking advantage of. Entrepreneurs should follow these tips to effectively brand their companies:

Create Articles for Niche-Centric Outlets
Niche-centric outlets will allow entrepreneurs to easily reach their preferred audience. Rather than shooting for larger publications like Huffington Post, small business owners should turn to niche-centric outlets like LinkedIn, Quora, and Medium. The entrepreneurs will be able to target readers that already have an interest in their particular products or services.

When pitching these articles for niche-centric outlets, entrepreneurs should try their best to stand out. By making their content as unique as possible and creating a catchy subject line, entrepreneurs have a better chance of getting their content published. Once the article is published, other users will start to respond by commenting and sharing the content, leading to increased brand exposure.

Create a Blog
Blogging isn’t dead. Entrepreneurs looking for quick ways to promote their company and content should start blogging. On their blog, these small companies can post press releases, breaking news, and any information that provides professional and unique insights into their industry The blogs will attract new readers and, with the help of keywords targeted for SEO, convert them into customers.

Additionally, blogs offer entrepreneurs an opportunity to connect with their readers. Companies that interact with their readers in the comments section will be working to drive and maintain authentic and organic traffic on their website.

Get Into Guest- and Self- Publishing
Entrepreneurs looking to get their content recognized should look into guest- and self-publishing. Avenues like blogging, podcasting, and posting on YouTube serve as a way for entrepreneurs to publish their own content and connect directly with interested individuals.

Branding one’s self as a small business owner is essential to stand out from the competition. Keep these three strategies in mind when putting together new PR campaigns.