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5 Keys To Happiness, Even For New Business Founders

Image via Pixabay  Building a startup is hard work for low pay, it’s risky, and it requires total responsibility to make it work. Yet, many entrepreneurs are the happiest people I know. On the other hand, I know many unhappy individuals who are always partying, have minimal commitments, and little responsibility. I suspect the real parameters of happiness have eluded these people. According to one of my favorite authors, Brian Tracy, in his classic book “The Power of Self-Discipline,” happiness is not even a goal that you can aim at and achieve in and of itself, but it is a by-product that comes to you when you are engaged in doing something you really enjoy while in the company of people you like and respect. Tracy defines the five key ingredients of happiness that every potential an...

5 Problems To Solve With Unlimited Startup Potential

Image via jisc  Potential startup founders are always looking for ideas to implement, when they should be looking for problems to solve. Customers pay for solutions, but there is no market for ideas. I’m often approached by people with a “million dollar idea,” but I haven’t seen anyone pay that for one yet. Equally often, I see startups who are on the road to implementing an idea, but haven’t figured out what problem it solves – the business plan waxes on eloquently for 20 pages about how great this product and technology is, but never gets around to defining the problem (investors call this the “solution looking for a problem” syndrome). A related “red flag” in a business plan is a missing competitive analysis section, or a short paragraph that essentially says, “this product has no ...

6 Keys To Turning Your Failures Into Business Success

Mark Cuban image via Flickr by jdlasica  We all have had setbacks in business – the challenge is learn from each one to improve skills and decision making, rather than let failures get you down and reduce your chances of ever achieving success. The best entrepreneurs and business owners have experienced failure multiple times before bouncing back to a level of achievement they only dreamed of. For example, most people don’t realize many billionaires, including Mark Cuban, Jack Ma, and Richard Branson experienced multiple business failures before becoming recognized business leaders. According to the well-known motivational speaker and writer Steve Harvey, Warren Buffett said that he would not invest in any business where the owner hasn’t failed at least twice. I found some real practi...

How To Set A Balance Of User Growth Vs Profitability

Image via Max Pixel  A question that I still hear debated often is whether a new startup growth strategy should focus on user count or profits. First of all, the glory days of “dot.coms” are gone, when investors “didn’t care” about profitability, and all the big money was focused on user count growth. In the long run, everyone wants both profitability and user growth, but the question is which comes first. Most startups and investors I know don’t have unlimited funds, so the first question they should ask and do ask today, is “When is your company going to be profitable (self-sustaining)?” Of course, growth is implied in that equation, and is also required for maintaining a sustainable competitive advantage. The challenge is not to undermine growth by a blind focus on profits. You mig...

8 Positive Lessons From Facebook On Building Momentum

Image via Flickr by stockcatalog  Many new business owners I know have learned the hard way that you can never be everything for everyone. As a startup, you need to use your limited resources to excel at a few core things for your best customers, in order to stand out and get the momentum going. Focus on a few key principles is the key to success, and it takes discipline and determination to make this happen. I found some good lessons in this regard in a classic book, “Becoming Facebook,” by Mike Hoefflinger, the former Head of Global Business Marketing at Facebook. He talks in detail about ten of the key challenges that Facebook faced in their growth, to move from a tiny social media upstart to one of the most successful companies in the world. Based on my experience advising new bus...

7 Steps For Assuring Business Success And Fulfillment

Image via Pixabay  Is it possible to be successful in business and not fulfilled? The answer is a resounding yes today, and I’m convinced that it will be even more true tomorrow, as young idealistic entrepreneurs try to adapt to the long-standing business culture if success is only measured in the money you make for yourself and your business. That isn’t very fulfilling to the growing number of entrepreneurs whose vision and satisfaction comes from making the world a better place, and enjoying a leisurely lifestyle with friends and family. In fact, it’s already a problem with more successful entrepreneurs than you know, based on the classic book by serial entrepreneur Brian Gast, “The Business of Wanting More.” As I have also seen in entrepreneurs, he outlines how he and others have f...

7 Keys To Optimizing Your Investment In Social Media

Image via Pixabay  If you are a business owner today, and not using social media to promote your business, you are missing out on a huge opportunity. But, contrary to what most people preach, it isn’t entirely free. Most social media outlets don’t require a subscription charge, but they certainly always require an investment, sometimes large, in people, in technology, your reputation, and your time. There are hundreds of consultants out there who will take your money for guidance in this area, but I recommend that you start with some free resources on the Internet, or one of the many recent books on this topic. One of the original classics, “How to Make Money with Social Media” by Jamie Turner and Reshma Shah, Ph.D., hits all the right points from my perspective: There are risks as we...

5 Startup Cost Realities Most Founders Underestimate

Image via Flickr by Phil Gyford  Starting a new venture still costs real money, even though the entry price has come down dramatically in last few decades. For example, I come from a software background, and back in the early PC days, it could easily cost half a million dollars for a team of professionals to produce a commercial product. Now, with powerful high-level tools and open source software, winning smartphone apps can be built by a good hacker for a few thousand dollars. Unfortunately, even today, building a good product doesn’t guarantee you a business. Most entrepreneurs realize and budget for the additional costs of incorporating a business, marketing, equipment costs, and manufacturing. Yet, in my experience as a small business advisor, they consistently tend to under-esti...

7 Whirlwind New Venture Partner Marriages To Avoid

Image via Pixabay  Most entrepreneurs who start a company alone soon come to the conclusion that two heads are better than one – someone to share the workload, the hard decisions, and the costs. In a moment of crisis, you may be tempted to take on the first person expressing interest as a co-founder. This would be a mistake, and could easily cost you your startup. If you think about it, you should realize that not everyone is ‘ideal partner material.’ Most of us learn that fact from other partner relationships, like dating and marriage. First you have to be clear on who you are, and who you can co-exist with, what complementary skills and resources you need, and what decisions in the business you are willing to relegate. Second, in your search for partners, you need to be aware of the...

6 Tips to Boost Workforce Engagement and Motivation

Image via Wikipedia  The challenge for all of us in business is to improve competitiveness by improving employee productivity and reducing costs. According to Gartner, one of the biggest drags on productivity is employee engagement, still hovering around 30 percent, and costing our businesses over $450 billion per year. I believe the only way to improve engagement is to make work more satisfying. Unfortunately, work and satisfaction have become an oxymoron in many businesses. Yet based on my own years of experience in both large and small businesses, I’m convinced that it’s not that hard to create a workplace culture where people actually like to work, and I’m not talking about perks and privileges, such as foosball tables and gourmet meals, which alone only reduce pain. I found many ...

7 Lessons From A Long-Time Mentor On Value And Impact

Image via Flickr by World Economic Forum  As a long-time mentor and advisor to new business owners, I can attest to both the need for mentoring, and the satisfaction that comes from watching an aspiring but tentative entrepreneur grow into someone capable of changing the world. Business is not rocket science, and one-on-one guidance face-to-face, with a real project, trumps the classroom and mistakes every time. In addition, mentoring is one of the most productive roles I have found as a member of the 78 million Baby Boomers otherwise entering retirement age. I can’t think of a better way to empower experienced business professionals, whether they are executives, engineers, accountants, lawyers, or bankers. It’s a win-win situation for everyone in this new age of the entrepreneur...

10 Wins From Driving Multiple Concurrent New Ventures

Image via Flickr by watsonsinelgin  With the cost of entry at an all-time low, and the odds of success equally low, more and more entrepreneurs are starting multiple companies concurrently. This “parallel entrepreneur” idea has been around since at least the days of Thomas Edison, and for the new generation of entrepreneurs, who have been multi-tasking since birth, it’s probably not even a stretch. Some entrepreneurs, like Paul Graham, co-founder of Y-Combinator, and Dave McClure, founder of 500 Startups, mask their focus on multiple startups by running an incubator or accelerator, and providing seed funding for a number of individual efforts. Other prolific entrepreneurs, like Richard Branson and Elon Musk, simply have several startups on the table at any given moment. For entreprene...

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