As an entrepreneur, i am sure that you have heard the saying “sales is a numbers game”
The more people we contact the more chances we have to make a sale.
Doesn’t seem like rocket science, does it?
The more people we contact the better chance we have of making a sale. [Read more…] about Sales Is A Numbers Game
Imagine if you were pitching a Investor to get funding for your business – what would you tell them about your business model?
What business assumptions would you make about your profitability?
Even though you’re not going to show a Investor your financial model, this is a good exercise to go through no matter what.
Building out a financial model gives you the chance to really think about the details of budgeting, costs, revenues, etc.
Beyond that, it will also help you set expectations, brainstorm new product ideas, and set milestones and goals.
It’s super important to know what your revenue goals are for the next 1-2 years.
[Read more…] about What Are Your Business Assumptions?
Business and life is f*****g hard.
And then you die.
At least thats what successful athletes and Olympians believe.
These ultra athletes know that when things start getting tough, they are in rare territory.
That is when they know that they are in the company of champions.
When they know that the game is truly on.
Successful people/leaders/entrepreneurs welcome tough.
It is what drives them to success.
And if you want to join that rare collection of successful entrepreneurs, then it is a lesson that you need to take to heart and commit to.
“Do something hard and lonely to prepare yourself for the rigours ahead.”
This nugget of wisdom is buried in an otherwise forgettable book of simple business advice entitled How To Become CEO.
But this concept has stuck with me for years, and it is a simple way to gauge your interest in becoming an entrepreneur.
Do you gravitate towards group sports/activities or solo ones?
It says a lot about whether you’ll enjoy the road ahead.
Long runs at the crack of dawn, practising free throws in the gym, working late to put the finishing touches on a client presentation long after all the others have gone home — any athlete or business leader will tell you that everyone remembers the moments of glory when the spotlight is on you, but these moments are only made possible by the countless hours spent preparing and training in which you toiled away in obscurity.
Being an entrepreneur is no different.
There are going to be plenty of times when you have to walk a lonely road, whether it is with “friends” who seem to disappear when times are tight, with suppliers who won’t give you the time of day, or even with your fellow founders at times (assuming you haven’t scared them off with your antics yet …!).
Get used to it.business is rarely rosy and more likely to be a messy affair more often than not.
Founders leave, customers leave, your employees leave — just anticipate it, plan for it, assume it as your default and you’ll wind up happier.
The more you can condition yourself to be prepared for this reality, e.g., through hard & lonely sports or activities (rather than group outings), the more likely you will be able to pull your startup through the inevitable bad times — when you are all alone, literally or figuratively — and help lead the company to the spotlight of better times at some point in the future.
Good luck, and see you on the trails (just don’t run with me, I’m trying to run alone …!).
One of the biggest problems you need to solve if you work for yourself is how to make yourself do work.
The best entrepreneurs have figured it out and just pound out the work they need to do.
But many others put off their dream careers, or stay in jobs they dislike, because they’re afraid to figure this out. Being in a job, or staying in college, means that you have someone else imposing work and deadlines on you, and you’ll get fired (or dropped from school) if you don’t do the work. So you put off doing the work until you can’t anymore because of the fear of being fired.
What does this say about us? It’s saying that we can’t trust ourselves enough to figure out how to motivate ourselves. I know, because I was in this boat for many years. It wasn’t until I started to learn to solve this problem that I found the courage to work for myself.
It’s solvable. It’s not easy, but it’s doable. And you can do it just as much as I can — I’m no superman, trust me. I feel lazy, I procrastinate, I fear failure, just like anyone else. But I’ve learned a few things that work for me.
What works for you will be different, but here are some ideas I use that might help: [Read more…] about How to Make Yourself Work: Motivation for the Self-Employed