Categories
Entrepreneurship

Emotional Roller Coaster of Entrepreneurship #entrepreneurfail

EmotionalRoll

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

“Don’t forget to strap in your friends and family! It’s going to be a bumpy ride.”  No one can deny that starting your own venture is like a roller coaster ride, but those closest to you probably have no idea that they are also in for a stomach-churning adventure.

As you embark on your entrepreneurial journey, you, and your friends and family need to be prepared for internal turmoil and drama. Your only certainty is no paycheck, no steady income, no fixed schedule and no predictability.  Everyday something in the news, on acclaimed publications or trending websites, may send dismay through your spine. Whether it is a new well-funded competitor launching the same product as you, or perhaps an expert claiming your industry is dead, this isn’t a ride for the weak or complacent. And this is just the beginning.

However, this emotional ride is the only path! So don’t worry. Pivot as necessary, be strong and make sure your loved ones take their (e)motion-sickness medicine.  Free fall coming up!

How did your family and friends handle you jumping into entrepreneurship? Let us know in the comments below? 

This comic and post was created by Kriti Vichare for #entrepreneurfail: Startup Success.

Categories
Starting Up

4 Big Reasons Why So Many Startups Fail

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Article Contributed by Mark Halstead 

There can be any number of reasons why a startup company might find itself heading out of business but it is worth focussing on some of the key causes and most common pitfalls.

1 – Failing to prepare

There is a lot that can go wrong for even the best prepared and battle-hardened small businesses but avoiding surprises is particularly vital for startups for whom a few sizable financial blows can spell disaster.

It is worth remembering too that dreaming about becoming a millionaire is not quite the same as proper preparation for running a startup enterprise. Enthusiasm and optimism only go so far and reality often has a horrible way of announcing itself in the context of startup operating.

Directors of small firms always need to ask themselves key questions and find the right answers but never more so than in the weeks and months before their startup gets started. It’s a cliché but it is very often true that failing to prepare is preparing to fail.

2 – Borrowing too much too soon

Startup companies should not always aim to borrow as much money as they can possibly access in the early stages of their development. In fact, borrowing too much money too soon can be the beginning of the end for many small businesses who never manage to get on top of their debts and their expenditure.

It is much better for startups to borrow only what they really need and to build a business from that basis. It can be difficult to curtail over-optimism in the early stages of a company’s progress but doing so might just make the difference between success and failure.

3 – Not enough help

Starting up a company will often bring out the best in ambitious entrepreneurs and an individual can achieve a great deal alone. However, effective delegation is an absolutely crucial aspect of leadership and of business management.

Getting too little help from colleagues, suppliers and service provides can be a recipe for disaster and a having no plan B can put unbearable pressure on people leading any enterprise. On the other side of the coin, however, taking on too many full time employees before the time is right can be a dangerous mistake as well. So striking the right balance between support and flexibility is vital.

4 – Inexperienced founders

There is no substitute for experience even when the fundamental ideas behind a startup company are solid and have great potential. The process of managing a business as it grows or as it faces setback after setback is extremely challenging and a lack of experience is very difficult to overcome. Everyone has to learn the ropes at some time in their career but the nature and the dynamics of running startup companies is generally very unforgiving of the missteps that can easily happen when directors are new to the business world.

Bio – Mark Halstead is from Red Flag Alert, part of the Begbies Traynor Group, and is now in his 10th year with the business. He’s worked at companies across the financial services industry and is a fellow of the Institute of Sales and Marketing.

Categories
Operations

Seven Can’t Miss Tips for Increasing Business Productivity

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Article Contributed by Karleia

Every business owner has ways to improve the productivity of their employees and endeavors. The goal goal is to work harder and faster without sacrificing quality. Always be aware about the work that you achieve at every new business meeting or sales campaign. Here are seven key ways to increase the productivity of your business.

1. Invest in Useful Technology

Investing in new technology is not good enough because you have to invest in equipment that is actually useful. To shorten the distances between your associates, arrange a video conference using the right equipment. As you expand, you need better tools to stay connected.

2. Make an Agenda

Develop an agenda that includes all of your professional goals. Do not follow agendas and attend meetings that go on endlessly without relevance. Update the agenda every time you have changes. The only way to ensure a company’s success is to develop a plan.

3. Work With a Leader

Hire one leader to coordinate the meetings and events. This person is crucial because he sets the general tone of the discussion so that it does not veer off course. Too many meetings go on forever without getting to the main points. Find a leader who encourages member participation and keeps up on changes within the group.

4. Form Deadlines

Part of creating a good plan is creating deadlines that work. Have the leader monitor when projects get completed. Deadlines steer your employees in the right direction. However, forming deadlines is not good enough if people do not follow them. Offer rewards and punishments for people who follow or do not follow deadlines.

5. Monitor Progress

Have the leader and every employee monitor the progress of a certain project. After you find a leader and set a deadline, evaluate every step you make. It may be useful to create a list of goals, concerns and techniques. Also, there are software programs that allow you to review the analytics of company sales and profits.

6. Reduce Time-Wasting Activities

Weed out activities that waste your time and others. If you do not have hours or days to travel, use long-distance communication tools like emails, video conferences and instant messengers. Wasted minutes lead to wasted hours and then wasted weeks. Place restrictions on the activities that do not lead to productivity.

7. Stay Organized

Staying organized is an obvious tip, but it is more important than you think. The only way to prioritize is to organize. Categorize all assets from computer files to business equipment. Investing in a packing company is one way to be organized. As a business owner who sells products, you want a provider that customizes your packing and shipping needs. Choose the precise ways that you want the valuables handled.

You could waste hours each day without getting anything done. Time is essential when you improve a company’s efficiency. You do not want employees to work hard without going anywhere. Teach them how to become more productive and boost the overall quality of your company.

Author Bio 

Karleia is a freelance blogger. For more information on increasing your business’s productivity, visit Pack All International.

Categories
Work Life

One Small Change – Making an Impact

One Small Change – Making an Impact

You know what it’s like.  You walk into the office and the receptionist says, ‘good morning, how are you?’  And then you walk on and the first person you see says the same thing.

In fact many people throughout your day will say some version of ‘hi, how are you?’

And of course, they don’t really want to know.

It’s almost like a reflex, the ‘how are you’ reflex, which does not require an answer. In fact it’s best if you don’t answer in any meaningful way.  A crucial part of the game is to simply ask the question and make sure you ignore the answer!

I always used to say ‘I’m okay’ or ‘I’m fine’ and barely manage a smile.

Because what’s the point in making an effort when they don’t really want to know anyway.

Well, that is until it all changed.

I was reading a book about energy and impact and I realized that my non-committal ‘I’m fine’ could have huge effect. Especially, if you believe in the power or the energy your word and attitudes bring to the world.

I made a monumental decision.

I decided that if anyone asked me ‘how are you?’ I would respond simply with ‘fantastic’ or ‘marvellous’ or ‘wonderful’.  And see what happens.

The impact was instantaneous.

The first thing I noticed was that people were surprised, but then pleased.  They smiled in return.  And then, so did I.

And the biggest thing I noticed was that it completely transformed my mood and set me up for a much happier day.

The power of one word is that it changes your story entirely.  And that’s quite astonishing.

With one commitment and one simple word, the entire environment could be affected.

So, where ever you are and whatever your circumstances, you do have the opportunity to transform your story which in turn will transform your realist.

Your story, has huge impact.  Don’t forget that!

Categories
Planning & Management

Cofounder Needed: Toons Need Not Apply #entrepreneurfail

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Let’s set the scene: 

It’s a CoFoundersLab Meetup group set in a fun, colorful coworking hub in town. You see introverted onlookers assessing the scene and you see aggressive sales-y types already making their rounds. And you look on and you wonder if you’ll ever find your match here.

Every week, scores of wantrepreneurs and real entrepreneurs attend these events, comb LinkedIn, and network with friends and family to find the perfect startup mate. Unfortunately, most of them are disappointed and discouraged.

If you are looking for a cofounder, you need to be prepared for a taxing, needle-in-the-haystack, diamond-in-the-rough type of search. It is very difficult to find a cofounder with a similar vision, who is  not only complementary in his/her skillset, but also able to challenge you.

In your search, you may meet cartoons along the way that want to be your cofounder:

  • The wantrepreneurs who want to leech onto your business
  • The dabblers who have their fingers in 3+ businesses
  • The know-it-alls who don’t let you get a word in
  • The whisperer who won’t share any details about him/herself
  • The no-clues who can’t communicate their background or ideas well

So how do you maximize your time at these events, even though the odds are low that you’ll meet your cofounder, love at first handshake?

  1. Read member profiles upfront and have a plan on who you want to talk to
  2. Keep your profile crisp and your venture well-defined so the right people will find yo
  3. Reach early to catch the other overachievers like yourself
  4. Prepare to jump out of fruitless conversations quickly
  5. Often the events are at a coworking space, so you may be able to network with others as well
  6. Aim for a basic intro and remember the selection process is never immediate
  7. Learn what others are doing to see if you can tweak your own elevator pitch or idea

And In the comic above, it’s difficult to decide who to work with. Our options are:

  1. Fred Flintstone – Loud-mouthed, aggressive, and constantly scheming often with unintended results
  2. George Jetson – Family man who always seems to make the wrong decisions and doesn’t think before he speaks
  3. Inspector Gadget – Generally incompetent but gets by on luck
  4. Shaggy – The cowardly slacker
  5. Miss Piggy – A little too narcissistic and exhibits too much favoritism
  6. Flying Smurf – Inventive yet not open to collaboration and discussion 

So, how did you find your cofounder? Which cartoon would you choose as your cofounder? Let us know in the comments below. 

This was originally created by Kriti Vichare for #entrepreneurfail: Startup Success.