How To Win When You Fail

If you're an entrepreneur, you will fail. I don't mean your business is going to fail and you'll go bankrupt. I mean that sometime, somewhere, to some degree, you will fall short. You will forget to follow through on a commitment to an employee, partner or customer. You'll be late to a meeting. You'll make a bad choice. You'll exercise poor judgment. You will make a mistake.

How you react when you fail will say a lot about who you are as a person, and will be a critical factor in determining how successful you are in business in ways that go beyond financial. But many of us make a mistake and then compound it with further mistakes, not because we have bad intentions, but because we simply do not know what to do. Assuming your heart is in the right place, here are four steps to increase your odds of winning when you fail.

Take full responsibility for the failure. Don't dodge. Recently a subsidiary of my online marketing firm that targets small self-storage companies signed up a new client for a $200 per month website and marketing package. We set up the website, but forgot to get the marketing services in the queue. Last week the customer contacted us and in effect said, "Hey, I'm happy with the website, but I think I was supposed to be getting online marketing services too, and I haven't seen any reports. What's going on?"

I could have dodged. I could have told the client we were waiting for something from him, or I could have blamed the problem on an employee. But I simply told him, "There's no excuse, we dropped the ball." The problem with dodging responsibility, apart from it simply being unethical or downright dishonest in most situations, is that what you are telling your customer is "I do not have the power to provide the level of service you expect." Is that the message you want to send your customers?

Unfairly compensate your customer. In 2006 I heard NPR's Scott Simon tell the story of how his father, upon complaining to his favorite shaving cream company that they weren't delivering the 90 shaves per can they promised, received a crate full of cans of shaving cream. "I think my father may have been buried with the last few cans," Simon says. If you unfairly compensate your customer to their benefit, your company's actions may one day become the stuff of legend.

Explain why the failure will not happen again. Your customers are looking for an excuse to stick with you. They've made an investment. Switching to another company is time consuming, bothersome, expensive and potentially risky, since the customer has no guarantee that things won't be worse with a new vendor. The customer wants to continue working with your company, but needs to know that the problem won't happen again. It's not enough to merely ensure the problem won't happen again, you also need to make sure the customer understands this.

Never do it again. Let me down once, shame on you. Let me down twice, shame on me. Everyone fails now and then. Most customers are reasonable people who understand this. When a vendor fails two or more times in the same way, the customer begins to realize this is not a one-time occurrence, but a rather inconvenient pattern. At some point, the time, cost, and risk of finding a new vendor eclipses the time, cost, and risk of staying with you, and then the customer is gone.

After 14 years of running a service firm I've come to understand that most customers have fairly simple expectations. They want what they paid for in the form promised, within the time frame committed to.

In the case of my firm's client, we followed these steps and the client was not only thrilled with the way we treated him, but then asked us to take on more of his business. We failed, but by taking the right steps to clean up the failure, we won in the end.

Have you ever failed to deliver on a customer's expectations? How did you handle the situation?

From Entrepreneur

Richard Branson on Taking Risks

When was the last time you stepped out of your comfort zone? It's easy to get stuck in a routine, especially at work (more so if you've been doing the same job for a while), and taking on a new challenge is a great way of getting out of that rut. At Virgin, I use two techniques to free our team from the same old routine: breaking records and making bets. Taking chances is a great way to test myself and our group, and also to push boundaries while having fun together.

I have always loved a challenge. When my family and I went to the British county of Devon on holiday when I was four or five, my Auntie Joyce bet me 10 shillings that I wouldn't learn to swim by the time we returned home. And somehow I didn't learn while thrashing about in the sea.

I was determined to prove her wrong, so when I spotted a river during the drive home, I asked my dad to stop the car, then ran out and jumped into the water in my underwear. At first, I sank and started swallowing water, but I kicked upward and, to my amazement, soon began to swim downstream. My reward for passing the sink-or-swim test was a crisp 10-shilling note -- the most money I had ever held in my hands.

That and later challenges taught me that it is important to try things that might not work, and then improvise solutions along the way. I've found that attempts to break records can result in technological leaps forward. For instance, the businessman and adventurer Steve Fossett flew our Virgin Atlantic GlobalFlyer nonstop around the globe in 2005, becoming the first person to complete such a flight solo and without refueling. Our plane was built using carbon fiber, at a time when other plane manufacturers relied primarily on heavy materials.

Following the GlobalFlyer's success, Boeing and Airbus both started using carbon fiber in the manufacture of some aircraft. This technology will make planes lighter and is likely to dramatically reduce the carbon output of the airline industry in the future. (The plane is now on display at the United States National Air and Space Museum.

When you need a boost, it can be a lot of fun to pit yourself against one of your competitors. The most recent bet I lost was with my friend Tony Fernandes, who now runs AirAsia, but used to work with us at Virgin. In 2010, we both owned Formula One teams that were doing badly and decided to perk things up. It was agreed that the owner of the team that finished lower in the standings would work as a cabin crew member on the other's airline.

In May I honored the bet on an AirAsia flight from Australia to Malaysia, putting in a shift wearing the full stewardess's uniform, which took a few hours of preparation.

Although I've always wanted to help out on a cabin crew, I've never had a boss, so I didn't enjoy it when Tony ordered me around. I ''accidentally'' spilled a tray of drinks over him, and was sacked when we landed. (On the other hand, Archbishop Desmond Tutu, a passenger aboard the flight, described me as “voluptuous,” so I must have gotten something right.)

Business owners and executives usually take themselves very seriously, so the story of our wager was widely circulated in the media. Everyone had a good laugh, and nothing was lost on either side (except my pride). It was the right approach: The publicity helped both AirAsia and Virgin to build customer bases in new markets, while the charity flight on which I served raised more than $300,000 for the Starlight Children's Foundation, which provides support for sick kids and their families.

One of the great benefits of taking on challenges in your working life is that you and your team learn to confront risk together – and also to lose sometimes, because when you make a good wager, the odds are not going to be in your favor. The calculated risks you and your team take should be strategic judgments, not just blind gambles: Protect the downside by figuring out the odds of success, working out what the worst possible consequences would be, then deciding whether to accept.

You need to hone these skills, because you and your team are going to face adversity at some point. No matter what industry you work in, the nature of business is change, and so while you can prepare for every possibility, some new, unexpected circumstance is likely to thwart you. The only thing that's meaningful about such setbacks is whether you bounce back. In 1998, Steve Fossett, Per Lindstrand and I had to abandon our attempt to fly around the world nonstop in a balloon. Rather than feeling sorry for ourselves, we at Virgin continued working on some of the problems we had encountered through our other businesses.

But aside from any business concerns, one of the main reasons my colleagues and I undertake any adventure is because it's fun, whether it's a bet that ends with me serving drinks to passengers in a skirt or whether it's one that leads to the creation of a company that transforms the space industry. Should you say yes the next time somebody proposes a challenge? You bet!

From Entrepreneur

5 Quotes on Risk That Will Have You Ready to Take Action

Entrepreneurship is an inherently risk-based profession. Every day you're risking your own future on the power of your personal work ethic, market conditions and other factors -- some within your control, many outside of it -- that you will succeed.

So when you’re facing risk or feeling the apprehension of it on the horizon, here are five inspiring quotes about risk that will help you manage the ambiguity of an unknown future and forge ahead in confidence.

1. “Some men see things as they are and say, ‘Why?’ I dream of things that never were, and say, ‘Why not?” -- George Bernard Shaw

For most entrepreneurs, the dream of your future lies in a present or past moment where you asked, “what if?” Great innovation comes from asking what could be. Don’t be afraid to start questioning the status quo of all things and take a risk to see your dream into reality. 

2. “Whenever you see a successful business, someone once made a courageous decision.” -- Peter Drucker

With great risk often comes great reward. There are failures, setbacks and even complete start-over’s along the way, but if you don’t risk something, you’ll never gain anything. Take a chance and see what rewards might come out of that courageous decision.

3. “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” -- Dr. Martin Luther King, Jr.

No one is going to blame you for being scared when big risks come your way. You’ll need to weigh them appropriately and come up with your own assessment about whether they’re intelligent gambles. When you’re staring calculated risk in the face it can still feel scary, but know that in times of fear and challenge you often learn and grow the most. Rise to meet the risk you’re facing head-on and know that whatever the outcome, you’ll be better off in some way for having taken the challenge.

4. “Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it.” -- attributed to Johann Wolfgang von Goethe

With the risk comes the magic that often arises from succeeding at big challenges. Somehow the greatest solutions, biggest innovations and best breakthroughs seem to always come personally and professionally when you risk the unknown and forge out, not forgetting your fear but embracing it and choosing to move forward in spite of it. There is most certainly a genius to being bold. Remember this great good that comes along with risk.

5. “Security is mostly superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure or nothing.” -- Helen Keller

The very nature of life is uncertain. Watching any good wildlife documentary will help you realize this to be true. It can help take the sting out of risk to remember the natural order of life is risk and reward. Sometimes we fail, other times we succeed, but there is evolution in continuing to go forward. Don’t settle for a false sense of security by shrinking from the right risks. Live bold and have a daring adventure every day.

From Entrepreneur

50 Signs You Need to Start Your Own Business

An entrepreneurial type reads the signals and suddenly realizes it's time to make the leap and ready a launch.

If you’re sitting at your desk, daydreaming about starting your own business, this is the article for you.

You already know that launching a company can be an intimidating process requiring tons of hard work. But the question has been lingering with you day and night. Maybe you're just unhappy with your current position. Perhaps you've always dreamed of opening your own shop or consulting firm. Or maybe you just need a drastic change in you life.

Regardless of the exact scenario, here are 50 signs that you may be seriously ready to start your own business:

1. The lightbulb went off. Lately many are debating whether entrepreneurs are born or made. No matter which side you agree with, perhaps you’ve been aware that you exhibit some classic entrepreneurial traits. Maybe you’re ready to take the leap and start a business? 

Even if you weren’t born that way, you may have later developed some of these traits, such as a driving passion. So if you begin to notice the signs, perhaps you could launch that business of your own.

2. You're always thinking. Entrepreneurs never stop cogitating. It's a blessing and a curse. Should you exhibit this behavior, maybe it’s time to move on from the daily rat race and do something to put your thoughts in motion. And there’s no better outlet than starting your own business.

3. You’re passionate. If there's one business concept that stays with you that you've completely fallen in love with, perhaps you could turn it into a reality. Entrepreneurs and business owners are truly passionate about what they do and will do everything possible to turn their vision into a product or service for the rest of the world to enjoy. 

4. You’re independent. This doesn’t mean that you're socially awkward or don’t know how to ask for help. It means that you’re a problem solver who will try to figure out most problems on your own. Now may be the moment that you feel independent enough to build an enterprise.

5. You’re motivated. You don’t always need something or someone to get you moving. You wake up every morning and do what's needed. This sense of self-motivation might steer to initiate and carry out a business launch.   

6. You’re organized. Running a business requires plenty of organizational skills. At some point you may want or need to hire some experts, such as accountants or lawyers, but in the beginning you'll probably rely on yourself to track finances, delegate responsibilities and present ideas to investors. You can’t do any of that without being organized.

7. You feel a need to help people. Should you feel a strong desire to aid others by providing a product or service, consider it one telltale sign you're primed for starting a business. This desire to help people enhance their lives can keep you going during the highs and lows of running an operation. I’ve found over the years that the strongest companies emerge from a wish to help the world solve a problem.

8. You're certain that you can build a better company. Maybe it's your confidence or egotistical side coming out, but you're realizing that you can build a better company than anyone else in the world.

9. You feel stuck at your job. If you dread waking up every morning, then you’re probably unfulfilled. A promotion or another job might abate the problem, but deep within you the prospect of an ordinary 9-to-5 gig just doesn't excite you. Figure out whether you need to be your own boss or if you just need to do something different.

10. You feel a need to prove your vision. Let’s say you have an idea but everyone is telling you it can’t be done. What are you going to do about this situation? This experience might be motivation enough for you to try to one-up the naysayers.  

11. You want to make a name for yourself. Several of the greatest entrepreneurs and business owners realized that they wanted something more from life. Steve Jobs knew he was special. If you feel that way, too, then big things could come out of it.

12. You have always wanted to be your own boss. Whether you’re a control freak or just don’t like being ordered around, you have determined you have always wanted to be the boss.

13. The hiring of independent workers is on the rise. The Harvard Business Review reports, according to MBO Partners, the number of independent workers (freelancers, contractors or business owners) is on the rise. It's expected to increase from about 17 million in 2013 to 23 million by 2017. And Mavenlink's 2012 infographic, "The New Independent Workforce," projected that the number of independent workers to become 40 percent of the American workforce by 2020.

14. Your field lacks jobs. The economy hasn’t totally rebounded and your industry sector has a hiring freeze. Instead of waiting around or taking a job requiring fewer skills than you have, you are considering setting up your own business.

15. You can afford to take risks. If you’re single or without young children, you probably don’t have to worry about supporting others. Take advantage of this time in your life when you have the chance to be a little adventurous.

16. You can't stand the daily commute. If you sit in traffic every day muttering expletive after expletive, maybe you should set up your own business at home. After all, successful businesses have even launched from garages.

17. You possess an incredible work ethic. If you don’t mind putting in 12-hour days multiple times a week (as people do when starting a business), then why not put that to work for something you’re really enthused about?

18. You crave uncertainty. You’re the type of person who thrives when exploring the unknown. So starting a business may be right up your alley. It definitely beats being bored to death by performing that job you're tired of. I am this type of person and very proud of it.

19. You always see potential. No matter where you are or what you're doing, you always feel the need to make improvements. You now understand that as a business owner, you could realize enormous potential -- making money or enhancing the lives of others. 

20. More projects are going to contractors. If you’re seeing your current employer hiring outside help for a job that you know you can do better, then do something about it and venture out on your own.

21. You want to be part of a team. Maybe you just want to build your own team from the ground up with a group of people who share your vision and who are willing to embark on a journey with you.

22. You hate working for others. If you seriously can’t stand taking orders, loathe your boss and all his (or her) demands, start planning your exit strategy of becoming your own boss.

23. You feel it's necessary to hang out a shingle. While starting a business shouldn’t just be about the money, sometimes that’s the case when your back is against the wall. The bills are piling up and you need to put food on the table. That sense of desperation could be enough to lead you to do something great.

24. You want to create jobs. In this tough economy, you see here really aren't enough jobs for the colleagues you studied or worked with previously. If you trust these people and know their talents, you may wish to help them out by creating a company that employs them.

25. You harbor a strong desire to develop a product or service not yet available. You’re a problem solver. You have experienced that "aha" moment, the realization that a certain product or service isn't on the market. You could use that moment of recognition to inspire you to make that idea a reality.

26. You can’t stand being in the office. If you feel restricted at your current workplace, you could set yourself free and work where you want to work: at your own company.

27. You want to set your own schedule. Maybe you're most productive from 4 a.m. to 9 a.m. or you're a night owl. Instead of being told which hours to work and when to take breaks or a vacation, you could finally determine your schedule.

28. You're creative. If you’re tired of having your creative ideas go to waste, then maybe it’s time to get out there and express yourself by setting up the business you've always imagined.

29. You need to inspire. Are you the person whom people turn to when they need advice or a little pick-me-up? And you actually like that role? Owning a business gives you the chance to inspire the people who surround you.

30. You want to build a legacy for your children. You have kids and are thinking of leaving them something that they’ll be proud of. Even if they don't want to take over a family business, they could witness how your hard work and dedication paid off.

31. You don’t mind getting your hands dirty. You'll have to do plenty of grunt work as a new business owner. And that’s not always enjoyable. But if that doesn’t bother you, then why not do these tasks for yourself not someone else?

32. You're seeking a new challenge. Maybe you’ve hit a wall at your current position and become extremely bored. That’s not always the best situation to be in if you're someone looking for a new challenge. Starting your own business is challenging, however, and should fulfill that need.

33. You're able to solve problems. Are you the type of person who assumes the responsibility for problem solving? Let’s say the pipes under the kitchen sink come apart and you not only fix it but you make it better than before. Take this as a sign that you can start your own business.

34. You like to acquire new skills and knowledge. Some people have just an unquenchable thirst to learn new skills and knowledge. You probably won’t get that from doing the same job for many years. But you can attain that experience as a business owner.

35. You don't mind multitasking. There are people who can handle multiple tasks at once. If you’re one of those who doesn’t collapse under the pressure of multitasking, then you’re already on your way. 

36. You're not afraid of failure. As a business owner, you’re probably going to encounter a failure at some moment. If that doesn’t scare you to the bone, then chalk that up as another sign.

37. You could arrange for your own job security. You're noticing that one of the worst things about working for someone else is contemplating the possibility of being laid off or the company being sold. Why not create your own job security instead?

38. There’s a gap to fill. If you notice that there’s not only a market but also that no one else is capitalizing on a particular dea, then maybe you’re the one to do some disruption. 

39. A pool of talent surrounds you. Whether you just graduated college or are observing your current workplace, you're surrounded by really skilled people who seem to be wasting their talents. You might be able to entice them to join your startup by offering profit sharing, stock options, a fun environment or eventual advancement.

40. You're thinking, If not now, when? Procrastination may be the most fatal startup killer. Instead of dragging your feet, you could get the ball in motion for that business idea of yours right now.

41. You understand the tax incentives. Small business owners are eligible for tax incentives, you've learned. If you don’t want to lose out, then start getting to work. You may even be able to write off that new laptop or smartphone you’ve been eyeing.

42. You realize that you'll see results. When you’re working for someone else, it can be difficult to see how all your hard work is benefiting the company. If you want to see the direct results of your actions, then running your own business would give you that opportunity.

43. You relate well to people. Sometimes you just want to get out there and network with other people. Unfortunately, your current position doesn’t allow for that. If you’re a people person, then having your own business would surely give you a reason to network more.

44. You're tired of feeling underwater. It’s not uncommon to question your values about work as well as your personal life. If you keep being passed over for promotions or feel like you’ve hit a wall, maybe it’s time to venture out on your own. Starting your own business will probably give you an immense sense of accomplishment.

45. You’re a born leader. Having a great idea is one thing. Being able to communicate that idea and convince others to jump on board is another. If you have the leadership skills to round up the troops and motivate them, consider starting your own venture.

46. You’re a thrill seeker. Some people like to play it safe. You, on the other hand, are the adventurous type. Nothing is more thrilling than coming up with a business idea and seeing it through, amid all the unknowns and highs and lows.

47. You can use your street smarts. If you’re one those unique people with street smarts as well as professional skills, then you might put those talents to work at something you’re truly excited about.

48. Entrepreneurs can now tap into many different tools and advice.You've become aware there's numerous online resources to help a novice business owner starting out. That’s not even mentioning the low interests rates available.

49. You're ready to break free. For some time that inner entrepreneur has been quietly nagging at you. Why not unleash it? And once you’re free to do as please, you may be surprised by how much happier you are.

50. You've always wanted to do something you enjoy. Thomas Edison once said, “I never did a day's work in my life. It was all fun!” Many successful people have uttered something similar. Instead of merely thinking about doing something that makes you happy and content, take a leap of faith and pursue your own startup vision. If you follow your dream, everything else may fall into place.

From Entrepreneur

5 Rules for Texting Anyone You Do Business With

Walk into any boardroom two minutes before a meeting and you’ll find the same scenario: a table full of executives checking their phones with their heads bowed in the “smartphone prayer.”

Text messaging is the fastest way to communicate in business. Quicker than email and more convenient than a phone call, it’s become commonplace. But it’s not always the best choice.

Choose to text message for simple notifications or reminders like “I’m running five minutes late,” or “Remember to bring the report.” As a general rule, consider texting only appropriate for a maximum of two messages -- one message and one reply.

Here are five rules to avoid a text message business blunder.

1. Keep it positive.

Like email, the tone of a text message can be misinterpreted by the recipient. Quick messages can make you come off as flippant or harsh. Instead of staccato phrases, write complete sentences. Add polite touches like “please” and “thank you.” Re-read every message before pressing send to double-check your tone (bonus: no embarrassing typos).

2. Avoid serious topics.

You wouldn’t break up with your girlfriend over a text message -- to be clear, you should not -- and the same goes for business. Never give negative feedback or fire someone via a text message. Any serious conversation should take place face-to-face. It allows for subtle interaction through facial expressions and will ensure clear communication.

3. Don’t abbreviate every other word.

Abbreviations are common in casual texts, but you should be careful how often you use them. Common abbreviations like “LOL” (laugh out loud) and “np” (no problem) are safe choices. However, if you’re communicating with a new customer or acquaintance, take 30 extra seconds and type out each word.

Avoid informal shortcuts like “u” (you) and less common abbreviations like “SMH” (shaking my head) or “MFW” (my face when). Don’t leave your clients and colleagues confused; your texts should convey messages quickly and clearly.

4. Don’t text a last-minute cancellation.

There are a thousand reasons someone may miss a text message. Don’t depend on a quick note to cancel a meeting or change a lunch venue. For an important or time-sensitive message, pick up the phone.

5. Double-check the autocorrect.

Smart phones can occasionally be a little too smart. Autocorrect and voice-to-text features have a sneaky way of changing your intended message into something entirely different and often embarrassing. When using voice-to-text, ensure you’re in a quiet location. It picks up on background noise and may type a nearby conversation instead of what you’re saying.

From Entrepreneur

20 Reasons to Start Your Own Business

If you’re an entrepreneur you have heard the million reasons not to go into business: It’s too risky, you might go into debt, you’ll probably lose sleep, your social life is kaput, and the list goes on. But even with all these uncertainties, people are still attracted to the startup world. There are just as many, if not more reasons to take the leap and go into business for yourself.  Here are just a few:

1. Spare time. This one can take some time.  Initially you’ll work longer hours for less pay.  But if you do it right, you could start to master your schedule and the freedom that being an entrepreneur provides is awesome. 

2. A story to tell. Whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I always am able to provide a tale or two, and the best part is that I get to determine the story's chapters. (When working for a corporation, people most likely have less input.)

3. Tax benefits. For entrepreneurs (freelancers included), they have the opportunity to take advantage of some nice tax perks. Many can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. Also, certain startups qualify for government incentives. Make sure to ask your accountant about what tax benefits you may be eligible for.

4. Pride. When you build something successful, it’s a great feeling. You had a vision, were able to execute it and not can reap the benefits of saying "I did this." On the other hand, it’s tough to be proud of the zillionth request for proposal you fill out for your employer.

5. Your posterity. If you’re a doctor, plumber or bus driver it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, that’s something you can pass on to the next generation. And be proud of it, because you created it.

6. Job security. Have you ever been laid off, downsized, or fired?  If you have, you get this. With entrepreneurship the security lies in the fact you are your own boss. You run the show and don't have to worry about getting let go.

7. Networking. Entrepreneurs are communal creatures.  We love to meet each other, swap stories, and learn from each other’s experiences. Your circle of friends and acquaintances always grows when you become an entrepreneur, as many founders need others to lean on to survive and talk about the challenges only known to them.

8. Doing good. While this isn’t exclusive to entrepreneurs, it’s definitely a perk. You control where your company profits go and if you choose, you can give allocate your financial gains to others. You can sponsor a charity, a non-profit or just personally give back to the community.  This is quite honestly one of the best parts of being an entrepreneur.

9. Novelty. We, as humans, love new experiences but rarely can you experience a host of new things from inside your cubicle. This all changes when you are running the show. Starting your own business will ensure you’ll always be facing new challenge and experiencing something new.

10. Mentorship. Having had mentors and getting to be a mentor have been some of the best experiences of my life.  Learning from the masters and getting to help those less experienced than you gives you such a sense of satisfaction. From my experience (and other's stories) the entrepreneurial community is very willing to give back and lend a helping hand.

11. Becoming an expert. This point goes along with mentorship.  Regardless of what you do as an entrepreneur, if you stick with it, you’ll probably become very good at it. And this gives you a sort of soapbox, so use it. You'll have the chance to be interviewed for your expertise, write about it and get to spread your message.

12. Skills. People ask me how I learned about SEO, social media, pay-per-click, PR and all the other marketing techniques I utilize. I tell them that I was forced to learn them, otherwise I wouldn't survive.  The same way I was forced to learn how to build a spreadsheet, how to balance a budget, how to negotiate leases and countless other skills I picked up because I was the only resource I had. While developing new skills can be tough and takes times, it can pay off in spades.  These skills will be invaluable throughout your life.

13. Determination. Everything I’ve done as an entrepreneur has affected me in my personal life.  I used to be poor at committing to changes. But having been an entrepreneur for over a decade has forced me to become dedicated and determined to causes. (Now I can stick to an exercise plan much easier.)  I’m also better at being a father and husband because of that determination I learned.

14. Recognition. There are literally thousands of local, regional and national awards that recognize entrepreneurs in every field and industry. This shouldn’t be your only reason to start your business, but it certainly is a great feeling when you receive this recognition.

15. Financial independence. Let’s be honest, this is probably the biggest reason people get into business for themselves.  And that’s a good thing!  You should want financial independence.  However you define financial independence – retirement stockpile, unlimited cash potential or having the money to buy what you want --  entrepreneurship can allow you to achieve it. Trust me, money doesn’t buy happiness, but it does make finding happiness much easier.

16. Reinvention. I’ve started and sold several companies over my career.  And every time I sell a company, I’m presented with an opportunity to reinvent myself all over again. On the flip side, if I had received my law degree, I’d be a lawyer (not a lot of room to recreate myself). But as an entrepreneur, I get to be whatever I want to be.

17. Change the world. Everyone jokes that every entrepreneur says they’re going to change the world. It’s difficult to imagine how a cell phone accessory kiosk in the mall is going to change the world.  But there are those that do succeed.  Take a look at Elon Musk, Bill Gates, Sergey Brin, and the countless other entrepreneurs who really have changed the world in some small (or major) way.

18. Create jobs. There’s nothing like the satisfaction of knowing you’re responsible for the success of your employees.  Your ideas provided them the opportunity to earn a living, provide for their family and fulfill their own dreams.

19. Your brand. Being known for something is awfully enjoyable.  People may start referring to you as the marketing guy, or the retail maven or the software guru.  Whatever it is you’re recognized as, it’s fun to build that brand and earn that recognition.

20. Your reason. I’ve given you a list of why I think you should get into business.  But all that really matters is your reason to start your own business.  So, what is it?  Tweet out this story and add your reason.  Comment below and share with us why you did it.  I know it will be a good one. 

From Entrepreneur

Jennifer Riria: The entrepreneur who empowered Kenyan women

Jennifer Riria is an entrepreneur with a mission. Her career has been focused on transforming the lives of women – and with them, their families – in her nativeKenya.

Today, she is group chief executive of Kenya Women Holding, a microfinance, banking and insurance group that works with 900,000 women, employs 2,800 people and since inception has disbursed $1.3bn of loans, each one averaging less than $600.

She is also chairwoman of Women’s World Banking, the Association of Microfinance Institutions, and an initiative focused on strengthening democratic processes in Kenya.

Her story starts in a village where she was born the fourth child and the fourth daughter in a family of 10 children. “I say this with a lot of pain in my heart, but I was not a wanted child,” she says. “My father expected a boy.” Her father “worked and lived off the garden”. But although poor, “there were other family members who were even poorer than us, living with us”.

She walked 4km to school every day in bare feet and washed her one school dress every night, sleeping with goats and chickens under her bed. When she came home from school, she “did what other little girls did. I fetched water, looked after the cows, chopped firewood, helped to cook and looked after the babies. That was my life.”

At the end of her primary education she scored well and was offered a place at the prestigious Precious Blood High School in Nairobi. “This was 700km or so away from home,” she says, but in spite of parental opposition, she decided nothing would stop her attending that school. Her sister was at Kenyatta University. “I took a bus,” she says, “carrying my clean underwear and clean handkerchief” on to the campus.

At the end of high school however, Ms Riria found herself pregnant and a mother. Her father – “a staunch Presbyterian” – objected strongly, so she took her child “to University of Dar es Salaam in Tanzania, got a scholarship and then went to University of Leeds in the UK”, to study for her master’s degree.

She returned to Nairobi to work on her PhD thesis on women, education and development. It was the first thesis on women in Kenya and initially she could find no professor willing to supervise her.

When Ms Riria left Kenyatta University, doctorate in hand, she took a sabbatical and “that was another really neat break”, she says. Working on policies to contribute towards child survival among communities in central Kenya, she “began realising that there is no way you can improve child survival without connecting it to the welfare of the mother. The mother didn’t need education just to learn how to read and write but also how to make a livelihood. Women need to have access to credit finance, to be able to change their lives,” she adds.

It was then that Ms Riria was appointed to rescue the ailing Kenya Women Finance Trust, the precursor to Kenya Women Holding. “When I joined, I was young, bold and fearless, on the edge of stupidity,” she says. Ms Riria describes the institution then as “failing, indebted, and lacking support. It needed structural reform and governance structures. It was set up by women who volunteered their time, not professionals.”

Undaunted by her own lack of financial training, Ms Riria started educating herself and seeking help and advice. “I was the loan officer; I was the accountant; I was the auditor; I was everything. But I knew what poverty means; I knew what hunger means; I knew these women,” she says.

It began lending very small amounts – 200 Kenyan shillings (just over $2). “Banks at the time did not want to lend to women. They told me: ‘You are giving women dizzy heads.’ When women have money in their hands, they are able to say ‘no’, to their husbands, to hold up their heads within the family,” she says.

Ms Riria established a formal board and separate management committee for KWFT. Then, in 2009, a similar institution was taken over overnight by the government. She called a board meeting the same day and created an ownership structure that safeguarded the non-financial objectives of the organisation, “to ensure there was no mission drift”, she says.

Kenya Women Holding was born with the delivery of “the double bottom line that it must meet social and financial goals” as its guiding principle.

Talking about the continuing dearth of women entrepreneurs who win competitions such as the EY Entrepreneur of the Year Award, Ms Riria says: “I think one of the things that women suffer from is talking about themselves.

“We grow up to serve and never to think about ourselves. Women are the last to admit their accomplishments.”

From Financial Times