Entrepreneur

Entrepreneurial Failure – Get Used To It

To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates’ first company, Traf-O-Data, was a failure. Michael Jordan was once quoted as saying: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot; And missed. I’ve failed over and over again in my life. And that is why I succeed.”

In my short stint as an entrepreneur I’ve failed more times than I can count. I have also had my share of success, but it’s not even close to equal. The failures far outweigh the successes, and I’m sure I have a lot more failure ahead of me. I’m OK with that because I know that as soon as I stop failing, I have stopped trying to innovate. It’s the nature of the business of being an entrepreneur, and of success in general.

If it were easy, everyone would do it. It is naive to think that every good idea that you have will result in a successful business venture. I have yet to hear an entrepreneur say “every single idea I come up with seems to work.” More likely, you hear something like “I failed at my first five businesses before this one took off.”

Think about that for a second. Five businesses. Sometimes the number is three, sometimes it’s 20, but the important point is that most entrepreneurs don’t hit a home-run with their first company. It really does amaze me – how many people have the stones to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven.

In my opinion, the most important thing is how you deal with failure. Once you accept that it’s inevitable, you are able to learn from your mistakes and move on. It’s easy to let the failure consume you – not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future.

Failure isn’t easy and is extremely frustrating, but it’s a necessary part of success. Don’t believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea.

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Characteristics Of A Successful Entrepreneur

Studies have shown that successful entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one’s powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don’t believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn’t it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can’t get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don’t give up. If you can do that, you’re already half way there!

This is how you can set up your online business fast

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The Advantages and Disadvantages of Being a Woman Entrepreneur

The Advantages and Disadvantages of Being a Woman Entrepreneur

As an entrepreneur, you will have advantages to help you succeed. Unfortunately, there will also be disadvantages. As a woman taking on entrepreneurship, however, you may face challenges and develop strengths differing from what a man may experience during his entrepreneurial career.

It’s important to identify these possible issues so that you may use your advantages to become a successful businesswoman and learn how to overcome the disadvantages holding you back.

The Disadvantages

Networking

Women are less likely to have relationships with people who have networks or connections to help launch and sustain a business. Not only does a network provide valuable information needed to successfully create a business, but it also provides a mentorship as well as referrals you may need for future expansion.

Due to the tendency of the highest levels of corporate leadership to be mostly occupied by men, it is difficult for female entrepreneurs to find a woman in a high occupational seat to seek advice from.

Family Needs

It can be difficult for women to devote the time needed for a business to become successful if they have young children who require constant attention. Trying to launch a business may take up all of your time and this can often put strain on obligations to your family.

It is important to schedule your work life with your family duties in mind. As an entrepreneur, you are the boss and therefore you set the hours needed for your business to grow.

The Advantages

Strength in Emotional Intelligence (EQ)

Leadership studies reveal that having high emotional intelligence may prove to be an advantage in business. Having a high emotional intelligence quotient is an important factor in leadership and studies have found that women, on average, have an edge over men when it comes to this.

People with high emotional intelligent quotients understand their own emotions as well as the emotions of their peers, and use the information to help guide how to think and react to the situation.

Collaboration Skills

Working with others and building long-lasting relationships is a strong trait among many women and may aide in the success of a new business. Creating new partnerships among businesses like your own opens a world of opportunities for your business to grow with your competitors, rather than compete against them.

New businesses are going to have difficulty competing against more established companies. If you’re struggling to match your competitors’ progress or sales, you may end up in debt. This may eventually result in your company going out of business. Taking on new opportunities creates lasting partnerships and encourages companies to include your business in future prospects.

This is a good time to point out that many people feel that women basically do have the same advantages and disadvantages when it comes to entrepreneurship. Whether or not it’s actually true remains unclear.

When it comes down to it, the best way to ensure success as an entrepreneur is to be honest and work hard to achieve your goals. Hopefully, doing so will lead to more advantages and fewer disadvantages.

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Dealing with Natural Disasters as an Entrepreneur

Dealing with Natural Disasters as an Entrepreneur

As a small business owner, it’s imperative to give some thought to the types of natural disasters you may be subjected to depending on where you live, and how that may affect your business and your customers’ ability to use your solutions and communicate with you.

Some of the things you may need to deal with and think about are:

* Flooding
* Hurricanes
* Fires
* Weather Issues
* Earthquakes

You could be dealing with many problems as a result of any of these natural disasters.

For example, if you experience flooding or fires where you live, you may lose your place to do business for a while as you clean up and rebuild. For almost any issue you may lose electricity, which can damage your ability to communicate with or accept payment from your customers.

You may end up shut down entirely for days, weeks, or months. As you consider each type of natural disaster you could be faced with, how prepared are you? Do you have flood insurance, fire insurance, and so forth? What about a backup method that you can employ if needed?

Here are some scenarios with suggestions on how to deal with them.

* I have no electricity: I have a backup generator. I will go to the local coffee shop. I can evacuate to my friend’s house.

* I must evacuate my area: I will evacuate to my colleague’s house by plane. I will use my fifth wheel to get out of town to a safe place.

* My server burned up: I have a backup server, so it’s all going to be okay as soon as we enter the right information, or it’s automatic, so this will not be an issue.

* My computer is damaged in a storm: I have insurance so I can buy a replacement right away. I back up everything in the cloud.

* I can’t do business for two or three weeks: I have savings and insurance that will help me. I have processes in place that will allow someone else to service my customers.

* I lost everything in a fire: I have insurance that will pay for everything, and I have savings that enable me to purchase backups.

Know what type of insurance you have, as well as the humans that can help you, by keeping the phone numbers handy. Make it even better by having redundant backup systems for your technology that enable you to keep on going when needed.

Understand that the main thing that is going to protect you and your business is pre-planning. Consider the types of natural disasters that you may need to deal with. Don’t discount environmental disasters either, such as oil spills. These affect people just like natural disasters since they’re usually so sudden.

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