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How you wrap up today has a huge impact on how you handle tomorrow.
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What do you do when your first business venture becomes a major success within just 18 months of launching? If you are Trevor Gosling, you launch another one.
Gosling founded 5ounces, a food and wine e-commerce platform in 2012. To his surprise, the business did so well that in 2013 it was acquired by Naspers, the media and entertainment group, and investor in tech businesses.
"[The first business] was really off the back of my brother and his partner having founded Groupon South Africa and having seen the success there," says Gosling.
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Entrepreneurship is a long tough journey and requires one to be committed to the cause for a long haul. During this journey, you will come across a lot of obstacles and hardship but you have to be determined, stayed focused to achieve your goal.
This entrepreneurial world seems ‘too cool’ but in reality, it is not. When one enters into this world, he/she is filled with confidence to break all the norms and make a lot of money with ease. But slowly and gradually they start realizing that this ride is not at all an easy one. They start facing a lot of fears, fear of failure, fear of criticism and what not. And this fear lead them to a dark door which gradually shut down with no result. These fear make them lose their goal, confidence and in the end, when they are not able to conquer their fear, they turn back to their normal jobs.
So, if before entering this ‘not so glamorous world’ make yourself prepared. If you want to succeed as an entrepreneur, you must overcome your biggest fears. Some fears hold us back more than others and if you really want to be successful, you need to confront them head on.
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For most aspiring entrepreneurs, telling your parents that you are quitting your stable day job to go pursue an entrepreneurial venture is one of the most frightening things you will ever do in life. Entrepreneurship is not well supported in many societies and even less so among Asian culture. My parents were first generation immigrants to the United States from Korea. My dad’s first job in America back in the 1970’s was as a janitor making $2 an hour. The word entrepreneurship did not exist in his vocabulary. In fact, he toiled his entire working life to ensure that his kids would find a nice, safe, respectable job (as a doctor) within a stable organization so we would not have to go through the same struggles that he did. Education was seen as the way out for that generation, which is why so many Asian parents stress the importance of it. Even entrepreneurial parents who may have run successful small businesses would rather pour their savings into their kids education than see them struggle.
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Owning your own business gives you a sense of freedom and empowerment. You can build things and watch them grow.
Entrepreneurs make decisions for themselves, realize their creative visions, and develop lasting relationships with other entrepreneurs, customers, and vendors.
It’s a great way to live. That’s why I’ve founded so many companies — I can’t get enough.
That’s why I’ve put together these tips to help you to become more successful.
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Entrepreneurship is th trend of the day. Recent times have witnessed that graduates from IITs and IIMs have rejected job offers that would have paid them in 8 figures. This is not new and has been going for quite some time now. For various reasons youth today is more inclined towards entrepreneurship. Since last half-a-decade, ‘Entrepreneurship’ and ‘Start-up’ are two keywords that doubled in the Google Search. Business environment is also more conducive than before. However, for first-generation entrepreneurs challenges still remain.
Today’s fiercely competitive business world throws many challenges to entrepreneurs. However, fortunately, in today’s times entrepreneurs are equipped with more resources for tackling those problems than what existed before. The following lists some top challenges faced by first-generation entrepreneurs and solutions so one can operate an efficient and successful business.
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Maybe Travis Kalanick and Steve Jobs were onto something.
There are more entrepreneurs in countries where ruthless business traits are held in higher esteem—even after controlling for gender, education level, and gross domestic product per capita, according to a review by researchers at Aston Business School in the U.K. and Kansas State University in the U.S.
About one in eight people in the U.S. have set up their own business. In places like Belize, Burkina Faso and Peru, that figure is closer to one in four, according to data gathered by the Global Entrepreneurship Monitor consortium, a study group coordinated out of the Aston Business School and the University of Strathclyde Business School.
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From weekly yoga classes to pre-meeting guided meditation, in everything they do -- and beyond -- the staff of Well + Good stays committed to its core mission: wellness. Launched in 2010 by former journalists Alexia Brue and Melisse Gelula, Well + Good is an online news publication that focuses on wellness, covering topics such as exercise, beauty, travel and more.
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Several years back, I attended a business meeting with the former CEO of Coca-Cola, Henry Schimberg, who told me a story that illustrates how a minor tweak to thinking can have a very big impact on business. Henry is a highly engaging story teller, so I will do my best to do his business parable justice.
Back when he was with Coca-Cola, Henry was presented samples of new packaging for one of the company’s very important beverage products. The presentation was given by a project team in a very sleek, all-white room.
The packaging, as presented, looked modern and gorgeous.
The project team felt they had delivered a winning design. Most of the attendees in the room were suitably impressed, as well.
However, Henry broke up the self-congratulations by asking one simple question: “How does the package look on the shelf?”
On the shelf? The team didn’t understand.
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As an entrepreneur, you probably have a gift for big-picture thinking. You can set goals and plot a general path to achieving them; and you know how to shift course when challenges and obstacles inevitably pop up along the way. But, to be successful, you have to take a step back from big-picture thinking and cultivate the ability to think small.
Being able to make small improvements to the way you approach problems or tasks could very well make the difference between starting a successful business or, joining the 80 percent of new businesses which, as has often been reported, don’t survive past their first year of operation.
In business as in life, the devil is in the details.
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When people think of successful business builders, they might think of someone like Elon Musk or Steve Jobs. But “Built for Growth,” a new book from Princeton and Berkeley professors Chris Kuenne and John Danner, says it’s time to broaden our assumptions.
“As we got into it, we realized that who you are actually shapes how you build your company,” Kuenne said on the latest episode of Recode Decode, hosted by Kara Swisher. “There’s a lot of research out there that separates from entrepreneurs to non-entrepreneurs; we think that’s a lot of hooey.”
“Anybody can be an entrepreneur,” Kuenne added. “There’s also an assumption that all the most successful entrepreneurs are the same; they’re all like Steve Jobs. We went out and proved that there are actually four distinct types of entrepreneurs.”
On the podcast, Kuenne and Danner argued that there are actually “millions” of capable women and men across America who have the tenacity to build the next great companies. Below the audio embed, we’ve summarized the four personality types they identified in winning entrepreneurs: The Driver, The Crusader, The Explorer and The Captain.
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First time entrepreneurs often get confused because they get such conflicting advice. They talk to five different people who they tell them ten different things, which is why founders are never sure whether they are on the right track or not.
Many mentors advice that you should be passionate – that you should dream big and follow your dreams because your goal should be to change the world. They are told to emulate heroes like Steve Jobs and Elon Musk who were able to implement their dreams and create companies which have changed the way we live our lives today.
Yes, this is the holy grail, and it’s well worth aiming for! We all want our children to be ambitious because there is so much that they can accomplish, and we want them to make the most of their potential. Having said this, we also tell founders to not bite off more than they can chew.
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While some people are content with a steady job in the 9 to 5 rat race, others dream of one day becoming their own boss. There’s a distinct difference between the employer and the employee, but it’s not always a trust fund or incredible family connections. Sometimes the difference between owner and worker is simply their mindset. But don’t let Hollywood fool you: There’s no such thing as NZT-48, the magical genius pill from 2011 blockbuster movie, Limitless. Pills won’t make you a millionaire. Instead, winning in life is built upon the foundation of success habits and continuous self-improvement.
Think Boldy. Act Quickly.
Entrepreneurs think boldly; they envision with purpose, drive, and intention to pursue. Great ideas alone don’t make a successful entrepreneur. Ideas are a dime a dozen. Instead, the way they hold onto the idea and turn it into a business creates the distinction between dream and reality. For the entrepreneur, their feet never get stuck in cement. The path is rarely ever straight and narrow. It often looks like a heart rate monitor with several ups and downs. But they never lose sight of their ultimate goal.
Risk Over Regret.
Entrepreneurs have the courage to take action. Putting aside your day job to take on a new venture can be a scary undertaking, but entrepreneurs would rather take the risk than think about what could’ve been. Most people know the story of Phil Knight, co-founder of Nike. The multi-billion-dollar business was sparked from an idea in one of Knight’s business classes while attending the Stanford Graduate School of Business. Knight loved running, so he wrote up a business plan for Japanese running shoes, something that excited him. After graduation, Knight pursued his dream with little cash, no long-term plan, and a lot of people thinking he was crazy. He flew to Japan on a whim to meet with an established shoe producer and came out with a contract after lying about having a pre-existing and stable company back in America. Knight did what he had to do, and after failing more times than he could count, he blew past his competition, creating the brand we know today.
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Often times, the best businesses are created when someone encounters a problem in their life, and instead of saying “Ugh,” they say, “I’m gonna solve this.” And then they get to work.
Kara Goldin, founder and CEO of Hint, the sugar-and sweetener-free flavored water that’s taken Silicon Valley by storm, is a perfect example of this.
After realizing that Diet Coke -- which she drank religiously -- was having a detrimental effect on her health, Kara decided to cut it out of her diet and start drinking water, instead.
This simple switch immediately yielded results (she lost 40 pounds in three months), but Kara knew it wasn’t sustainable. Water was simply too bland for her. She needed some flavor in her life!
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