I’m convinced that you can learn more from failure than success, so it pays to take these as lessons to improve your success odds before you start.
The requirements for success for entrepreneurs may indeed be not so much academic, but more a mindset of confidence, commitment, perseverance, and constant learning.
Starting and running a business is unpredictable, and has a high risk of failure. For people with a victim mentality, this fear of failure alone will almost certainly make it a self-fulfilling prophecy.
In my career in business, I’ve found that the people you work with make all the difference. If everyone works well together, you all feel a sense of job satisfaction. If some people on the team are irritating to you and others, the whole environment becomes toxic, killing your motivation and the productivity of the […]
One of the biggest impediments to starting a new venture is the “terror barrier”. This is the imaginary barrier that always seems to appear at the critical point where we would step out ahead of peers or competitors, but fear causes us to stop short.
Entrepreneurs seem more quickly frustrated these days when their “million-dollar idea” doesn’t turn into a sustainable business overnight. They don’t realize that it takes many skills to build a business under the best of circumstances, and today’s world of instant gratification doesn’t leave room for the patience and practice to develop these skills.
I still know some entrepreneurs who boast of simply following their gut instincts, rather than listen to anyone or any data, to make strategic decisions. We’ve all worked with autocratic leaders in large companies who seem to thrive in this mode. They all forget or ignore the high-profile failures that have resulted from some single-handed business decisions.
In the last few years, I’ve heard more and more about a new type of small business, called a “micro-business” (or micro-enterprise). These are usually characterized as owner-operated, with five employees or less, and less than $250,000 in sales. With the low cost of e-commerce entry and powerful Internet technologies, they require minimal capital to […]
I have found some key things that you can do to prepare yourself, how a proper mindset can mitigate the pain, and put you back in control when problems arise.
I realized a while back that creating a new company for the first time is a lot like whipping up a great dinner entrée for the first time – you need a recipe, even though it may look simple. You know the basic ingredients, and you can visualize the results you want. Yet you may not be so sure where to start, and how to put it all together.
Every entrepreneur has an idea for transforming a market with innovative new technology or transforming society with a new process. But unfortunately, most of these ideas fail at the execution level or are not truly innovative.