11 Hidden Tips That Will Make Your Entrepreneurs Life Easier
Knowing and hiding the truth provides most of us to face lots of failures.[toc] A businessman that already knows about the complex world of entrepreneurship can become successful even if he knows his own weaknesses. Below are some of the truth about entrepreneurs and how to become successful when faced with it.
Not all entrepreneurs have spoken a thing or two about what they have gone through in their careers, if not asked directly. For a long time, I have heard of many “secrets” from these successful entrepreneurs. Being passionate, persistent and taking the initiative are the most common words that I hear to become successful, that’s all fine and dandy, but truth is we are human beings and we face a lot of adversity on the road to success. During my college years we even have to write an essay on the Top 11 tips to be successful in entrepreneurship.
But even if you have memorized all the things you need to be successful, some of the most vital knowledge is hidden between the lines, thus the word “secrets” on this title. These secrets below are observations of the truth behind most, if not all entrepreneurs; and suggestions as to how a businessman should handle himself. Most of the entrepreneurs agree on the list that I have here, so it is up to you to believe it or not.
1. We DON’t like to work
As painful as it sounds, but this is the truth. People try to do things at the least effort as possible, which is also known as efficiency, but is really the same as being lazy. As a matter of fact, all the inventions we have today are done in order to lessen the workload and making our lives easier. Vehicles, telephones, computers and the most beloved remote control for television, do much of the same thing – they reduce the workload for the convenience of the people.
Also think of some inventions that were not successful. One of that is the DVORAK keyboard layout that provides easier control when compared to the QWERTY keyboard. However, due to the fact that people have already used the latter keyboard control, the former has become a failure. This is one concern that entrepreneurs should consider – that whatever they try to make should not make people do out of the ordinary. That is why the Apple devices are less picked by people.
2. Patience is a virtue
Being lazy has its set complications. One of which is that we want things to happen faster. We get pissed whenever the website doesn’t load; or the painfulness of watching commercials whenever your favorite movie is showing.
The Marshmallow Test for children is one of the experiments in psychology that shows the effect of being impatient in the long run. A group of kids were gathered and were given a choice to get a marshmallow right away or two if they can wait for ten minutes. This experiment shows that those children choosing to get one marshmallow right away had a significant difference in their adult life. They were unsuccessful, divorced, addicted and obese; while those who waited for two marshmallows tend to be socially accepted.
The point of this is that the phrase “patience is a virtue” is not just words but it is always true. However, patience is not essential especially in the business industry, such as fast foods where patience is bad for the customers.
3. Time will always catch up
Even if people want things to happen fast, the opposite is happening when you are an entrepreneur. In making a new business it is like in slow motion, and without instant prizes. Although some are exceptions such as social networking. But the more original the work is, the longer it takes for potential customers to be attracted to it, this aside from developing and building the people behind your new business, and raising payments. Being time efficient is a very important aspect entrepreneurs should consider. One way to be time efficient is to outsource your online business in every aspect that you can.
No matter how free you are at the moment – writing a book, driving my car – time will always catch up, with me running behind. Observe some fresh businessman, hardly able to sleep because to them, every minute lost is money wasted.
“running out of time is failing” – The Bombay Company founded by the former CEO Bob Nourse
If you cannot get enough income immediately then you will fail. About half of the fresh businessmen have passed through this struggle within the first five years.
4. INNOVATION is a trend
The fact that customers want anything new will give you an idea that a business should not stop improving. One hot trend will be nothing in the next year. A new technology which suits the taste of the customers is always on the top. Keep innovating so that your customers will not find another source. In this manner, your business will evolve without risking anything.
A good example for this is the online entertainment company Netflix, with its CEO Reid Hastings, that unexpectedly became a famous video streaming for movies and TV shows. It was only made so that Reid can check the DVD’s if it’s working properly. Most of the inventions are by accidents too, the only factor is the person behind. A dreamer dreams while an entrepreneur should take action. That is the first step to a business.
5. Everything has a price
We all know this at least once in our lifetime. We are given a choice on what to do, and disregarding the other choice. This is a serious dilemma for entrepreneurs. Choosing to invest your dollar to extend your life or just enjoy your life with that dollar. These choices are almost found in every moment in one’s life.
Professor Michael Porter from Harvard University explained strategy as “deciding what not to do”. A leader who performs many things at once will fail its organization, rather than selecting the best decisions for the betterment of the company. Saying NO to a customer is always avoided if necessary, but sometimes there is not much of a choice. Becoming a Yes-man has its advantage and disadvantages, just be ready for what’s to come. Discipline yourself to make hard decisions and you may become successful.
6. Shit happens, Will happen
The worst is these things are the ones we do not expect the most. Stuff happens, Black swan effect, tail risk, are some of the common phrases used by the people. And there are different beliefs that different culture teach – luck, karma, destiny and fate are the usual. However knowledgeable we are that things will happen, we sometimes cannot prepare ourselves as it comes along. Another phrase you need to remember is that Expectation is usually not the Reality. People can relate to this in most of their daily lives whether at home, school, church or inside the office.
So what will you do if you are swallowed by the unexpected? Some will react depending on the nature of the event. Having to commit in a certain innovation can trap a company if ever a better technology arises. On the other hand, not committing increases options but will be costly and can lead to more unexpected events.
A common event that is present in reality is the fact that a partnership may not be forever. This is similar to newly married couple having to think about divorce if the relationship seems bad. This is a struggle to the entrepreneurial world, and having a “buy and sell” provision is well worth it.
7. Health is wealth
This is the most basic fact for us. Humans are made up of organs that function as one in order for the body to do the daily things in life. Sleeping, reading, eating and working are some of these. And if you do not take care of your body, you will spend your money in the hospital instead of expanding the business. An entrepreneur who doesn’t take care of his body will have a pretty bad day and will usually make bad decisions. Having a snack in between work and power napping is vital to a businessman. Studies even reveal that power napping increases one’s mental capability.
A healthy mind and body will yield in a more productive outcome in business. The basic requirements for living (food, shelter and clothing) will shift as the population increases; and entrepreneurs are taking these opportunities. So if you want to handle your new business, start handling of your body’s needs first.
The last three items in this list are advises, common ones. They’re not 100% guaranteed success, but taking the risk is a part of the business world. Regrets do come in the end.
8. Success is in the details
Knowing the details of a venture is vital in order to lessen the risk you’re taking. It’s not much but it will surely make your business stay afloat. A concrete example of what happens when details were not kept is the 2008 near-prime lending meltdown. It illustrates how the corporate leaders did not understand the nature of risks they undergone. What’s worse is that the most affected were the people below the social ladder.
Buy and sell clause is another example that detail is important. Not knowing the cost and revenue relationship will surely destroy a business. This is not to discourage buy and sell, this is only to point out the importance of knowing the details. And the final decision is always yours.
9. Learn all you want
“Failing will lead to success”, as what most famous inventors say. We learn from our experiences whether bad or good, and we can even get knowledge to the things that happen to other people. This is a very common idea that all the people share. We can learn from everything BUT we can’t learn everything. The world is too big for us to know all the things there is.
Learning should be a passion. The successful entrepreneurs that I work with also share that passion and I know it’s not by chance. Read books, watch TV or read blogs over the web. You should continue to learn, and make your tombstone your diploma.
10. Believe in yourself
Believing in yourself is one of the most important hidden tips of entrepreneurs. The reason this is a hidden tip or secret if you will, is because most people think that all entrepreneurs are super confident individuals who have unlimited reserves of self esteem. Most wont admit it either. Building a successful company will need great people behind, and you know that what you need is the best person to make it come true. The same goes to fresh entrepreneurs looking for a wonderful career. Even if you do not possess special characteristics that can be an asset to the organization, you are always blessed with other skill that can be helpful. Being enthusiastic, kind, considerate and empathetic is a great source of strength in an organization. The best organization in the world is primarily comprised of volunteers that believe in what they are good at.
Laziness, Impatience, Unpredictability. There are but some habits that you do not often read in a column on how to be successful. But the truth is that they are important in forming our future. These are not to be proud of but acknowledging them can help you become successful. If we are willing to learn and pay close attention to details, surely things will be just fine. Be healthy, respect one another and be yourself.
11. Don’t take “no” for an answer
“The World is Round” – Christopher Columbus (Cristobal Colón)
But if you do, seek for your “yes” elsewhere. By this I mean you should never freaking ever surrender. And as cliche as it may sound, it’s something you should tattoo on your forehead. Raising capital, finding partners, seeking help, hiring the right people for the right price; there’s and endless list of things that the answer “no” brings on us the worst of hell. But the world is huge and opportunities are there looking for you as you are looking for them, it’s just a matter of being persistent to find them.
If everyone said yes to you and agreed with your idea, then you should worry as this could mean you are not much of a visionary. Bold entrepreneurs get put down and criticized, then they end up being people like Steve Jobs, Isaac Newton, Chris Columbus, Vincent van Gogh, George Lucas, all visionaries who were label as nuts.
Of course not all is dark and cloudy, there are also a lot of benefits of being entrepreneurs.
I really do hope this was a breath giving article to some of you. Let me knowon the comments below what you think are some hidden tips entrepreneurs don’t usually share.