Tag: entrepreneurship

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How to be an entrepreneur: 6 ways entrepreneurs think differently

Did not know UPS had a “Startups” program. Looks like you can schedule a virtual consultation and get strategies to help your business grow.

Anyway, their “6 ways entrepreneurs think differently” really rings the most true of all the “think differently” lists I’ve read out there. I especially love the first and second “ways,” which seem like the opposite of what some lists suggest–which is that you should listen to others who have done it and do things their way. I think you have to follow your own instinct and do what is right for you, within reason.

Gems:

When someone says “This is how so-and-so did it” or “We have to do it this way because,” it’s like fingernails on a chalkboard to an entrepreneur. A willingness to break the rules and strike out on your own comes with the territory.

Entrepreneurs have their own way of doing things and do not always feel the need to seek consensus. Research from Jason Greenberg of New York University and Ethan Mollick of the University of Pennsylvania found that business ventures launched by solo founders survive longer and generate more revenue than those started by teams.

 

Contrary to popular belief, most entrepreneurs are not bet-the-ranch gamblers. They do have a willingness to take the right kind of risk at the right time, though.

Always consider the benefits and downsides to a difficult decision, but don’t be afraid to follow your instincts.

Also, contrary to what most people think, the average age of a successful entrepreneur is 45, according to research published by Harvard Business Review https://osterreichische-apotheke.com/k../.

 

There’s also evidence that founders with prior business experience in their field are more likely to succeed. Perhaps not surprising that, on balance, experience matters when it comes to what makes a good entrepreneur.

 

The ability to bounce back from failure is a key characteristic of successful business owners, especially in the beginning. Some venture capitalists and angel investors won’t fund entrepreneurs who haven’t had at least one failed business.

Rather than become discouraged, entrepreneurs tend to capitalize on opportunities to acquire new knowledge.

 

How to be an entrepreneur: 6 ways entrepreneurs think differently

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I paid off $81,000 of student loan debt, and quitting my 9-to-5 to take my side hustle full-time was a crucial step

Unfortunately, her story is similar to that of a lot of us college and graduate degree holders in terms of struggling with crappy hourly wages, low-salary pay and struggling to even find low-salary pay after graduation. It kills a lot of dreams of freelancing and entrepreneurship while significantly delaying others. Some of her statements about how much she was making don’t add up, i.e. she says she was making as much from her side hustle as from her day job, which I’d think put her at around $60,000/yr before becoming self-employed, but then she basically says she had never made $60,000/yr before. But that doesn’t change the point(s) and value of the story.

Gems:

I thought that if I could free up hours in my day, my side hustle could certainly out-earn my day job. But I still had $40,000 in debt at the time and I worked so hard to finally get stable employment.

 

My rent was $400 a month for a studio I split with my partner at the time and I didn’t have a car or health insurance. Maintaining that lifestyle — keeping my low cost of living even though I was making more money — and avoiding lifestyle inflation helped my payments go further https://impotenzastop.it/.

 

I quit my 9-to-5 in July 2014 and ended up paying my debt off in December 2015. Earning more helped me shorten my repayment period and save money on interest. It also gave me so much peace of mind to finally have my student loans off my back.

 

I paid off $81,000 of student loan debt, and quitting my 9-to-5 to take my side hustle full-time was a crucial step

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The Chobani billionaire who turned a $3,000 loan into a yogurt empire calls himself an ‘anti-CEO’ and thinks other CEOs should do the same

Common sense strikes again, folks.

Gems:

“Today’s playbook says the CEO reports to the board,” [Hamdi] Ulukaya said. “In my opinion, the CEO reports to the consumer.”

 

Amazon’s founder and CEO, Jeff Bezos, said in June that prioritizing customers’ desires also helped businesses craft a stable corporate strategy, Business Insider‘s Julie Bort reported.

“You can work on those things with the confidence to know that all the energy you put into them today is still going to be paying you dividends 10 years from now,” Bezos said.

 

Ulukaya received a $3,000 loan from the Small Business Administration in 2007 and used it to buy an old yogurt plant in Norwich, New York https://impotenzastop.it/. Chobani now sells over $1 billion of yogurt annually and is America’s most popular brand of Greek yogurt, Forbes reports.

 

The Chobani billionaire who turned a $3,000 loan into a yogurt empire calls himself an ‘anti-CEO’ and thinks other CEOs should do the same

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How To Tell If Someone Is Truly Smart Or Just Average

Although I don’t necessarily buy that all of these entrepreneurs and successful men think the way they’re described as thinking in this piece (I definitely don’t believe Bezos thinks of Amazon as being at “Day One”–not literally, anyhow), I do believe that exceptionally intelligent people think differently than everyone else. That generally creates more issues than not, but it seems to separate the best entrepreneurs from everyone else.

A bit of an odd article, but I think the overall point and some of the sub-points are noteworthy impotenciastop.pt.

A few gems:

I’ve applied Ray Dalio’s root-cause analysis approach to our company. Now, throughout the week, everyone on our team logs any problems they’re facing. Then, we have a weekly phone call to discuss our biggest, recurring problem and its possible root cause.

 

After five years of emulating the leaders I most admire, I realized something surprising was happening to my thought process. I wasn’t just learning new strategies or hacks. I was learning a deeper and fundamentally different way of understanding reality — like I’ve accessed a hidden, secret level in the game of life.

 

Over-applying models is no different than a carpenter trying to build a house with one single hammer. All models, no matter how brilliant, are imperfect. The beauty of using multiple and diverse models is that many of the imperfections cancel each other out, allowing you to create a new “emergent” model that transcends all of the other models.

Great thinkers improve their thinking by taking in a larger quantity of information and developing a greater diversity of models.

 

The more unique our mental models are compared to other people, the more we can think in ways that they can’t even fathom.

Through constant and diverse learning, we can organically build better and more varied models of reality. And those models will help us navigate the world far more effectively and creatively.

 

How To Tell If Someone Is Truly Smart Or Just Average

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The Secret Problem Many Entrepreneurs Are Never Warned About and How to Get Past It

Definitely have seen this throughout the process of starting my own business…and I have to admit that I do have benefits that others don’t have, though not as advantageous as coming from a wealthy family or a family in which one of my relatives is a successful entrepreneur. But I don’t think I’d be starting my own business right this second without those benefits.

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Some gems:

There’s often a mythology about people who succeed–pulling themselves up by their bootstraps, no help, no support, no advantages.

Sometimes, that’s true. More often, it’s not. Many who start businesses come from great advantage. That doesn’t mean you can’t make it, but you have to clear your eyes, see what’s actually going on, and approach things with some basic tools.

 

If you don’t have the investment money, start on the side. Maybe you’re working early in the morning, late at night, or on the weekends. Michael Dell started making and selling PCs in his dorm room. Build the business over time, and make sure you maintain the revenue stream necessary to live and meet your commitments.

 

The Secret Problem Many Entrepreneurs Are Never Warned About and How to Get Past It

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Meet the 15-year-old who has made 6 figures reselling sneakers

Great article. I would imagine that this teenager will probably become rich and famous in the future.

Some gems:

…when his friend in school mentioned the investment value of Supreme, a streetwear brand with products that can resell for triple the original price, he decided to go for a “drop,” an event where the brand releases its latest items. His first turnaround earned him a $250 profit.

 

During the school year, Jake spends four to five hours a day working on the business, in addition to eight hours of school, plus homework. He quit sports to have more time to work, and he often stays up all night when a new pair drops.

 

This year alone, Jake has sold thousands of pairs. He once had a buyer drop nearly $120,000 with him in one night https://slovenska-lekaren.com/amox…z-receptu/. However, his personal collection isn’t overwhelming, totaling no more than about 15 pairs. Jake prefers to reinvest everything he earns into his business with hopes to gain enough capital to move into the real-estate sector.

 

Meet the 15-year-old who has made 6 figures reselling sneakers

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What 13 highly successful people like Warren Buffett and Donald Trump read every morning

I’m not endorsing anyone in this article, but I just thought it was interesting to see the link drawn between reading and being successful, particularly in relation to entrepreneurs.

Gems:

…[President Trump’s] staff collects articles from newspapers ranging from the New York Post to the New York Times, and even prints out stories for him to read. President Trump likes to underline, star, and circle anything he reads.

 

[Kara Goldin] says she heads straight to her inbox at 5:30 a.m. because “doing this gives me a clear understanding of what the next 12 hours are going to look like and what my priorities are once I get to the office.”

 

[Kat Cole]…wakes up every morning at 5 a.m. and checks her calendar, all of her major social media platforms, news sites, blogs, emails, and any other messages that may have come in overnight.

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“I’m looking for relevant news, urgent business and team needs, updates from startups I invest in, or anything awesome to get my brain going and know what’s going on in the world,” she says.

 


What 13 highly successful people like Warren Buffett and Donald Trump read every morning

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From Bankruptcy to $87 Million in Funding: How Tamara Mellon Saved Her Namesake Brand

Not the slightest bit interested in luxury shoes, or fashion. But this is an amazing article about an unshaken belief in a vision and doing things differently. This article also encapsulates all of my core business values–professionalism, innovation and diversity (PID).

Gems:

[Tamara Mellon] could do things the way they’d always been done, or she could blaze her own path, despite the discomfort that was sure to follow edlekarna.com/.

She chose her own path. “And that,” she says, “is how I ended up in Chapter 11.”

But it would be worth it.

 

She’d stop focusing on retailers and instead build an exclusively direct-to-consumer model. That way, she could finally release products as often as she wanted — while also cutting out the middleman, enabling her to slash prices.

Investors balked. They wanted her to follow retailers’ rules. She refused. “I knew the ultimate vision was right,” she says.

 

Soon after, a company-wide Slack channel dubbed “Crazy ideas” was introduced as a judgment-free zone; it’s produced some of their biggest hits. “Someone suggested letting customers return shoes whenever they want, with no time limit, and we rolled that out,” Mellon says. “Old luxury is intimidating; we want people to feel welcome.”

 

Today, Tamara Mellon is 42 people strong — 35 of whom are women. Tom Dean, CTO, is one of seven men. And it’s been an education.

“The ladies tell me when I’m being a dumb ass,” he says. “We were working on a damaged-product sample sale, and I said, ‘Ladies, don’t catfight.’ And [integrated marketing senior director] Caitlin Bray looked at me and said, ‘Don’t be a misogynistic dick.’ And I was like, ‘OK! Fair enough!’ ”

 

From Bankruptcy to $87 Million in Funding: How Tamara Mellon Saved Her Namesake Brand

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Proof That The Most Successful Entrepreneurs Are Older Ones

I’ve been reading quite a bit lately about how we’re all given the perception that you have to be male, white and–in particular–young to start a hugely successful business. Specifically, I’ve been reading a lot of articles and books in which the authors say this is not so, and that these ideas that are perpetuated about successful entrepreneurs are damaging to different demographic groups.

This article presents a paper, a survey and quotes that focus on “older” entrepreneurs and women entrepreneurs.

Some gems:

“We…find no evidence to suggest that founders in their 20s are especially likely to succeed. Rather, all evidence points to founders being especially successful when starting businesses in middle age or beyond, while young founders appear disadvantaged.”

 

“[W]e found that work experience plays a critical role. Relative to founders with no relevant experience, those with at least three years of prior work experience in the same narrow industry as their startup were 85% more likely to launch a highly successful startup.”

 

“With their greater work experience and confidence, such [midlife] women are more likely to see opportunities for a new business — customers whose needs are not being filled and gaps in product categories,” Eddleston said. “In turn, their work experience often gives them the networks to successfully launch a business at this career stage. They also often have the financial resources to support a new business.”

 

Proof That The Most Successful Entrepreneurs Are Older Ones

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Which Type of Entrepreneur Are You: Bedrock or High-Risk?

I discovered this entrepreneur, author and professor, Derek Lidow, last night. I am currently in the very early stages of starting my own business, and Lidow’s thoughts validate my thinking/approach to entrepreneurship. He calls it the “bedrock mindset” and has written a book about it.

I found an article that summarizes his thoughts on the two approaches to entrepreneurship that lead to successful business creation. Here are some gems from it:

Estée Lauder started as a teenager…It took her decades of making small profits to find out how to do it well enough to make the large profits that finally allowed her to live the life she wanted. Sam Walton, too, was a bedrock entrepreneur. He grew his company based on coaxing ever increasing profits from the small retail stores he initially franchised, borrowing money from family and, only later, from banks https://osterreichische-apotheke.com/k../. Such entrepreneurs must necessarily be patient about the growth of their companies since it will be limited by the profits they generate.

 

Contrary to a commonly held perception, the majority of enterprises are founded by a single person, not by a team. Over half of the entrepreneurs in the U.S. work on their own and want to keep it that way. They recognize that giving significant ownership to partners or co-founders increases the risk that the company will break up over differences of aims, strategy and even personality.

 

We need both bedrock entrepreneurs who create value via steady growth and reinvestment of profits and high-risk entrepreneurs who create those one-in-ten thousand successful hypergrowth companies. What we don’t need are hybrid entrepreneurs who behave like tenacious tortoises one day and high-risk hares the next.

 

Which Type of Entrepreneur Are You: Bedrock or High-Risk?