Tuesday, 1 April 2014

The Wild and Crazy Career Paths of 5 Self-Made Billionaires (Infographic)

Virgin Empire founder Richard Branson’s first job was selling Christmas trees. NBA Dallas Mavericks owner Mark Cuban’s first job was selling garbage bags. Las Vegas Sands Corporation CEO Sheldon Adelson’s first job was selling newspapers. Groupon co-founder Eric Lefkofsky’s first job was selling carpets. And Elon Musk, the founder of Telsa Motors and PayPal, started his working life writing video games.
From their humble beginnings, all of these self-made billionaires have changed course scores of times. The infographic below, generated by San Francisco-based startup organization Funders and Founders, shows just how many different businesses these legendary entrepreneurs launched.
Funders and Founders also analyzed all 1,426 billionaires in the world. From there, the company segmented out the 960 that are self made and determined that 830 of them earned their wealth from more than one business.

From Entrepreneur

Why Mark Zuckerberg's $1 Salary Means Nothing

Last year, Mark Zuckerberg joined the most prestigious club of all. Current and former members include Apple's late Steve Jobs, Google's Larry Page and Sergey Brin, Tesla's Elon Musk and NYC's departed mayor Michael Bloomberg.
That's right – according to regulatory filings released yesterday, Zuckerberg is now a dollar-a-year man, receiving a salary of $1 for 2013. While he did not participate in the bonus plan, he received $653,164 for "other compensation," most of which went to cover bills for travel via private chartered jets.
Of course, other than a sign of prestige (the equivalent, say, of having your name recognized by Microsoft Word) Zuckerberg's new salary means nothing. He may have "requested that his base salary be reduced to $1 per year for 2013", but he also took home nearly $3.3 billion by exercising stock options. 
In 2012, Zuckerberg's was paid a salary of $503,205 received $266,101 in bonuses plus an addition $1.22 million in "other compensation" for a total compensation of $1.99 million. Again though, that figure is irrelevant. Zuckerberg's real income from 2012 – the year Facebook went public -- was the $2.3 billion he made from stock options.
From Entreprenuer

The Habits of the World's Smartest People (Infographic)

There is no one picture of intelligence, but many people with high IQs do tend to share some of the same habits -- both good and bad. For example, according to research complied by Online-PHD-Programs.org, while those with high IQs tend to set goals and read avidly, they are also more likely to drink more heavily and suffer from anxiety.
For more on the habits of smart people, including a look at the IQs of icons such as Albert Einstein and Bill Gates, check out the infographic below.

From Entrepreneur

6 Secret Weapons of Shy Entrepreneurs

There’s a misconception that all entrepreneurs are extroverts — boisterous or bubbly personalities who are always the life of the party. But they’re not. And even those who are extroverted can be shy.
There is a distinction. Introverts feel rejuvenated after they take time to be alone. They often enjoy quiet activities like reading their favorite book or spending time with a close friend. On the other hand, extroverts like to spend their free time amongst people, but shy ones are less likely to open up to a new acquaintance right away.
Shyness doesn’t have to be debilitating nor does it disqualify you from becoming successful. In fact, shy entrepreneurs have one big advantage over their extroverted counterparts: they almost never overtalk or overshare. Effective listening is the most important skill any entrepreneur could have and it’s a talent that comes very naturally to individuals who are shy.
If you consider yourself a shy entrepreneur, here are some ways you can cultivate your strengths.
1. Show, don’t tell. If you’re naturally shy, you most likely don’t enjoy public speaking, even on a small scale in a boardroom. Don’t risk embarrassment by trying (and most likely failing) to pitch an executive off-the-cuff. Instead, when you pitch a client, show them what you can do for their business. Create a presentation that speaks for itself and doesn’t rely so heavily on your ability to make the perfect pitch.
2. Prepare, prepare, prepare. Write and practice your elevator pitch before you ever need it. You never know who’ll run into on the way to lunch or as you wait in line for coffee. If you get the opportunity to introduce yourself to a potential client or investor, simply deliver your speech as if you’re speaking to a friend. You’ll come off more natural the next time you need to introduce yourself and your company to a group.   
3. Hire your employees wisely. You are your own best business card, but it doesn’t hurt to have a strong sales team to back you up. Especially for positions in marketing and sales, hire people whose strengths are your weaknesses. Make sure the people you hire share your vision but embody skills you lack.
4. Use technology to your advantage. If you’re extremely shy, try having a meeting with your your clients via technology. You may be more relaxed and find it easier to communicate through IM, Google Hangout and Skype. You’ll be more comfortable if you plan to follow-up with a face-to-face interaction.
5. Show genuine passion. Real passion, the kind that makes your eyes light up and drives you to keep working, is contagious. Your passion for your business and your customers will set you apart and make others notice you. Skip the small talk about the weather and share your passion with others. Share with your clients and customers how and why you started your business and what you love about it.
6. Push outside your comfort zone. It’s not always about who you know, but who knows you. Even if the thought of attending networking events makes you feel uneasy, attend them anyway. Make a goal to attend one or two every month. Introduce yourself to at least one new person at each event. You may be surprised at the number of doors you’re able to open simply by being at the right place at the right time.

From Entrepreneur 

50 Signs You Might Be an Entrepreneur

Entrepreneurs are a unique group of people. Not only do they think differently; they act differently. They draw on personality traits, habits and mind-sets to come up with ideas that straddle the line between insanity and genius. But just because you’re an original thinker and came up with an idea to replace gasoline in cars doesn’t mean you’re cut out to be an entrepreneur. 
If you ever wondered if you were an entrepreneur, check out the following list. You may not have all these traits or skills, yet if you have some, this is a pretty good indicator that you have what it takes. 
1. You come from a family of individuals who just couldn't work for someone else. Your parents worked for themselves. Though this isn't true for every entrepreneur (myself included), many have a family history with one or both parents having been self-employed.
2. You hate the status quo. You’re a person who is always questioning why people do the things they do. You strive to make things better and are willing to take action on it.
3. You’re self-confident. Have you ever met an entrepreneur who was pessimistic or self-loathing? After all, if you don’t have confidence, how can others believe in you?  Most entrepreneurs are very optimistic about everything around them.
4. You’re passionate. There will be times when you spend an excessive amount of time and do not make a dollar. It’s your passion that will keep you going.
5. You don’t take no for an answer. An entrepreneur never gives up -- ever.
6. You have the ability to create unlikely partnerships from out of nowhere because of your ability to connect the dots. People tend to gravitate toward you because you are likable. Many times this is because of your passion.  
7. You spend more time with your co-founder than your spouse or significant other.
8. You dropped out of college like Bill Gates, Steve Jobs and Mark Zuckerberg.
9. The daily commute to your office is from the bedroom to the living room.
10. You were always a lousy employee and probably have been fired a lot. Don't worry; you're not alone. I personally have been fired several times in my life. Don't take it as a sign that you're a bad person. Sometimes it's in your DNA.
11. You’ve always resisted authority; that's why you've had a problem holding down a job.
12. You believe that there is more than one definition of job security: You realize that your job is safe as long as you are in control as opposed to relying on a boss who could ruin your career after one swift mistake.
13. Most of your wardrobe consists of T-shirts; some you probably got at SXSW. Others display your company's name or logo.
14. You have a competitive nature and are willing to lose. You always know that you can do something better.
15. You check GitHub when you wake up in the morning.
16. You ask to be paid in game tickets, shoes or whatever else you love. There are just some things that are better than money, right?
17. Your idea of a holiday is a working day without anything interfering with the tasks you really need to get done.
18. You’re unemployable, and there’s nothing wrong with that. Life skills are more valuable than the office politics commonly found at 9-to-5 gigs.
19. You work more than 60 hours a week; yet you earned more money at an hourly job when you were in high school.
20. You want to be in control and in command of your own company. You typically like overseeing most things that go on at your company.
21. You see opportunities everywhere. For example, you walk into a building and are curious about its worth or the companies inside.
22. The word “pitch” no longer has an association with baseball.
23. Your take a personality test, like one offered by the Enneagram Institute, and end up with a result calling you a "reformer type," someone purposeful, self-controlled and perfectionist.
24. You recognize that the best seats at your favorite coffee shops are those closest to power outlets.
25. You’re a logical thinker with ideas about how to correct problems and the overall situation.
26. Speaking of problem solving, have you checked to see if there's an app for that? Perhaps you've already begun to create a business model and the software architecture to see if it’s feasible.
27. You’re a people person. You have no problem communicating with people.
28. You regularly quote Steve Jobs mainly to keep yourself from falling to pieces.
29. You sold stuff as a kid like at a lemonade stand. Heck, when there were class sales, you were probably one of the top sellers. 
30. You get more SMS alerts from people you follow on Twitter than from actual friends listed in your address book.
31. You’re a self-starter, meaning you don’t give up on a project until it’s completed.
32. No matter what you do on a daily basis, you always think of it in terms of delivering a return on investment.
33. Your dress code is shabby chic and your suit is just collecting dust. You prefer T-shirts and jeans over a suit any day.
34. You’re unrealistic. As an inventor or innovator, you kind of have to be this way.
35. You think outside of the box. If not, what will change?
36. You’re a charming and charismatic person.
37. Rules don’t apply to you. We’re not talking about breaking the law. Instead, you believe in efficiency and will bend rules to make things run smoothly.
38. You realize that you can’t do everything alone. You have an idea and can promote it but also know that you’re not skilled at every task of running a business.
39. You’re very opinionated. That's another reason you got fired a lot.
40. You’re unpredictable. As an entrepreneur, you know how quickly things can change. Thankfully, you're ready and willing to make adjustments.
41. You enjoy being with a group but don't relish much being alone. You probably get most energetic when working with groups of more than four people.
42. You’re determined. You have to make the impossible possible.
43. You have the support of your friends and family. These are the people who get you. And they’ll be there to support you along the way.
44. It’s normal for you to take a nap under your desk to catch up on sleep. After all, getting eight hours of sleep sometime between 10 p.m. and 6 a.m. is antiquated.
45. You’ve done the market research. You know that just because you have an incredible idea doesn’t mean that it’s profitable. But you’ve already looked into whether customers will make the purchase.
46. You surround yourself with quality people -- not leeches who will bring you down.
47. You’re a bit out there. Having the ability to create something out of nothing takes a mad-genius type of person. Remember, people thought Albert Einstein was insane before he proved the theory of relativity.
48. Did you ever ask your family, friends or significant other to send you a calendar invite so that you could talk for all of five minutes?
49. You believe that your time is worth more than money.
50. During your most recent rant about growth hacking, your spouse or boyfriend (or girlfriend) totally understood what you were saying. 
Even if you don’t have all the above traits right now, you’ll probably develop more of them over time. After all, being an entrepreneur is a lifestyle, not a job or hobby.

From Entrepreneur

5 Surprising Realities of Legal Weed


If you build it they will come has clearly been the case for small businesses in Colorado, one of the first states to legalize the recreational use of marijuana. But the demand, which has outstripped many lofty expectations, is not the only thing small-business owners in the pot gold rush are surprised about.
“The demand and growth has been a huge surprise,” says Bob Eschino, co-founder of Medically Correct in Denver, Colorado, which makes a line of cannabis infused chocolate bars called Incredibles. “I’ve never seen anything like this and I’ve owned a business for the last 15 years.”
Selling 40,000 chocolate-marijuana bars a month
Colorado and Washington, the first states to legalize recreational marijuana, could be called the U.S. guinea pigs on the business of cannabis. While many states are resistant to this new industry (and it is still illegal on the federal level), companies growing and selling marijuana and ones that support them are seeing so much demand they can hardly keep up.
Consider Medically Correct. According to Eschino, his company, which supplies medical dispensaries in Colorado, is selling 40,000 chocolate-marijuana bars a month and doesn’t have enough of the pot ingredients to meet the demand. Medically Correct’s chocolate bars sell for $6.00 at the medical dispensaries and almost $10 in the retail market.
Banks not cashing in
While the demand is huge, Eschino says that’s not the only thing that caught him off guard about his business. Given the size of the market and the opportunity to profit, the lack of interest from banks to lend to marijuana businesses is eye opening, he says. In February the U.S. Department of Justice and the Financial Crimes Enforcement Network, a unit of the U.S. Department of Treasury, gave banks guidelines for working with legal marijuana businesses, yet financial institutions are still resistant to the industry.
“We were hoping the statements from the Federal government would have some teeth,” says Eschino.
But investors aren’t avoiding this business. Eschino says he gets cold calls on a regular basis from venture capitalists, angle investors and others looking to get in on the pot gold rush.
“Everybody wants to get into the business, but they come in and undervalue our company,” he says.
Don’t say it’s not your father’s weed
For Peter Johnson of Colorado Green Tours, which gives both consumers and investors tours of the Colorado pot business, the client demographic has surprised him. Most people would assume people visiting Colorado because of the pot industry would be twenty-something year olds looking to legally get high. But it turns out, a lot of the clientele signing up for the tours, which start out at around $200 and can get much pricier, are baby boomers.
“The demographic is considerably older than I had assumed it would be prior to doing research,” says Johnson. “There are an awful lot of old hippies that are very happy to live to see this day.”
And it’s not only the baby boomers that want a tour of this up-and-coming business. Johnson says he also gets a lot of interest from investors, and is somewhat surprised larger companies aren’t trying to cash in as of yet.
“This is a very large and now pretty lucrative market,” he says.
That was quick
Travis Howard, co-founder of Green Dream Health Services in Boulder, Colorado, trained himself early on to expect the unexpected when it comes to legal marijuana, but one area that he was caught off guard by was the speed in which the state moved to allow the sale of recreational marijuana.
“We knew it would go recreational but thought it would be closer to 2016,” says Howard, whose company operates dispensaries and provides consultations on getting into the pot business. “We thought we would get five to seven years of the medical business under our belt before adding something else to the plate.”
Government’s take
Another area that surprised Howard is the sales tax that has been imposed on the purchase of pot. According to Travis, in Boulder the total tax is 36% and in Denver it’s in the high 20% range, a far cry from the 6% sales tax in Denver and 8.5% sales tax in Boulder. Howard had figured it would move to 10% or 15%, but not as high as it is.
“It’s the first time I’m hearing from the grow supply stores and nutrient supply stores that the black market growers are thinking there’s an opportunity for them to get back into the industry,” says Howard, noting because of the tax rate an 1/8 of weed will cost $60 to $70 legally, but $40 to $50 on the black market.
While many small business owners are waiting for the day it will be legal in their state, running a pot business requires a lot of capital, which the banks aren’t willing to lend. Because of that, Eschino of Medically Correct says small business owners have to think long and hard before they make a foray into this industry.
“Right now it’s difficult unless you have a whole bunch of disposable income,” he says. “You get no line of credit and even though it’s a profitable business every penny goes back in. We can grow quicker if we get access to more capital, but we can’t.”

From Entrepreneur

7 Things You Should Never Say To Your Employees

When managing employees, sometimes your patience is tested by a lack of motivation, a resistance to what you’re asking or one or more ‘problem’ workers. And just because you’re the boss does not mean you're perfect. Sometimes we all say things we regret later.
But, unlike the average worker, it’s incumbent upon the boss to keep his nose clean when it comes to verbal communication. You don’t have the luxury of saying something off the cuff when you’re frustrated. The last thing you want is for your verbal missteps to demotivate your staff, causing even bigger problems for your organization.
Here are seven phrases to especially avoid, especially in the heat of the moment. An instant reactive comment can cause reputational damage and destroy any trust your employees have in you, which can take a lifetime to repair.
"I’m the boss. Do as I say." We’re all adults here. You can’t expect that your employees will take to your hypocrisy. If you are setting different standards for your employees than you have for yourself, you can’t expect that they will respect what you ask them to do.
"You’re lucky to have a job." If that’s how you really feel about any of your employees, then perhaps you’re the one who’s lucky to have a job. No one works well in an environment where they are made to feel like somehow they’re indebted to their employer. If it’s not working out with a particular employee then be a professional and deal with the issues at hand. Find a way to correct them or part ways with him immediately. The mentality that your employee should “kiss your ring” is immature and evidence that you lack leadership skills.
"If you don’t like it, I’ll find someone who does." As the manager, you call most of the shots, but that doesn’t give you a license to be a jerk. Anyone can call herself a manager or the boss, but a good one will use leadership skills to motivate employees and deliver results. Threatening employees with losing their jobs, as a way to get them to do what you want, is not sustainable. Sure, they may do what you demand at first, but eventually they will become demotivated and unwilling to do more than the bare minimum to get by. And that’s if they don’t quit first.
"Why are you the only one who has a problem with this?" If we are talking about an employee who is always resistant or who has performance issues, then address those immediately. If you’re talking about an employee who is relatively cooperative, who is giving you a hard time over a particular situation, then perhaps the problem is that you’re unwilling to listen to her concerns or alternative ideas. Or maybe she's just having a bad day. Whatever the issue, don’t assume she is being obstinate for no reason and definitely don’t ask the above question. Never compare employees. It’s like comparing your children -- also a bad idea.
"I don’t have time for this." Are you serious? You’re the BOSS. It’s your job to make time. Rather than flat-out rejecting your employee’s request for your time, block out a few minutes in the near future when you can give your employee your undivided attention.
"You have no idea what stress is." Everyone has his own stress. Just because you’ve decided that yours is greater than everyone else’s, doesn’t mean it is and doesn’t give you the right to discount others’.
"Do you see my name on that door?" Yeah, so what? True that you may have built this business from the ground up or that you’ve invested your money and time into making this enterprise what it is today. But you’re not G-d and throwing your weight around is not a productive way to get employees to buy in. Without your employees, good luck servicing your clients or customers by yourself.

From Entrepreneur