When you put your time, money and heart into building a company, and it crashes and burns, it can be devastating. For some, the thought of putting it all on the line and trying again is too much. Also, according to the latest statistics, 9 out of 10 startups fail. But, many would argue that success doesn’t happen without failure. If you don’t get it right the first time, don’t worry. Neither did these 3 hugely successful entrepreneurs who have had enormous failures.
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There are many different habits attributed to the success of entrepreneurs and business leaders. Some people say, “Get up early”. Others say, “Find the right mentors”. Although both can be great advice, there is one habit that is arguably the most recommended━read a lot.
In fact, studies have found that on average Fortune 500 CEOs read 4 to 5 books each month or 60 books a year. Why is reading so important especially for budding business owners? There are many reasons, but these are three that you must know.
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There’s a lot that goes into starting a business. One of the first and most crucial steps is the business plan. It is the place where you finally document all those thoughts that have been swirling around in your head.
It is the roadmap for your company. It helps you focus your thoughts, guides you into the future and will get you back on track when you get lost. Without a well-crafted, documented business plan, banks and lenders aren’t likely to consider your loan. Investors probably won’t give you a chance.
When you finally write out the plan for your company, it has immense benefits for founders too. For instance, the business plan can highlight key holes or challenges in your concept. You’ll be better equipped to handle the bumps that you come across if you prepared in the beginning, anticipated them and formulated actions.
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Shark Tank’s Lori Greiner has a saying that, “Entrepreneurs are the only people who will work 80 hours a week to avoid working 40 hours a week.” You know all too well how true that statement is if you’ve ever built a business.
Entrepreneurs are some of the hardest working and determined individuals out there. But, growing a business is at times incredibly stressful. You may find yourself juggling your time between family, friends and business meetings.
No matter how driven, competent, intelligent or successful you are, stress will catch up to you. If you don’t learn how to handle it in healthy ways, you’ll burnout. Prevent burnout with these 5 tactics.
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Everyone with an entrepreneurial spirit wants to have a breakthrough idea, one that has the potential to change an industry or even the world. However, it can be hard to know if anyone else thinks that your ideas are actually good.
No one wants to be the person that pitches a bad idea to a potential investor or business partner. To avoid that embarrassment, and a lot of work, time and effort thrown into a bad idea, here are some techniques to help you determine if your idea is worth pursuing.
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As an entrepreneur, you have probably had many people offer their advice and insights. Mentors, consultants and other sources of support can be crucial to you, especially if it’s your first time starting a business.
However, entrepreneurs should also be wary. Although an individual may not intend to be dishonest, they could tell you lies without realizing it. Watch out for these 5 common lies, because if you haven’t heard them already, you are likely to hear them at some point in your career.
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You’ve got an innovative business idea that you know could potentially impact an entire industry or even the world. You’ve put your heart and soul, sweat, tears and time into building this product. But, there’s one looming question left unanswered: Who’s your target market? The target market means the people who are most likely to:
- Buy your product.
- Be interested in your services.
- Read your content.
Identifying your target market is one of the first and most crucial steps for startup success. It’s also one of the most difficult to complete, with limited resources available that explain how to do it. We’ve compiled the most important steps that will help you strategically and accurately define your target market.
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More people than ever before are thinking about starting their own businesses. Perhaps you have already tested out a few ideas but failed or you are currently building a company. Founding a business is a long and challenging journey, at times filled with frustration, doubt and disappointment. However, these crucial tips for starting a business can make the journey a little less stressful and lead to greater success.
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