Zuckerberg's one piece of advice for struggling entrepreneurs

Facebook CEO Mark Zuckerberg answered questions yesterday during a live public Q&A about the future of the social network. The last question was asked by a shy 8th grader from a local school; she wanted to know how he forged through the hard times in the early Facebook days.

Zuckerberg’s answer was simple: Don’t go it alone. He faulted the media for propping up startup celebrities as superhuman, as though they can tackle any problem by themselves.

“No person knows how to deal with everything. But if you can find a team of people, or friends, or family — and there will be different people over time because different people like to focus on different problems or different scales of the problems — then that’s what’s really going to get you through, that’s what’s gotten me through and that’s what continues to get me through all the stuff that we have. Yeah, you don’t have to be superhuman, you have to just kind of keep on going and not do it alone and find people who share your passion for what is the important thing in the world.”

Interestingly enough, at Stanford this week, Linkedin cofounder Reid Hoffman gave a lecture on the exact same topic, although he gave more specific advice about how to leverage local and personal networks to found a great tech startup. Both he and Zuckerberg said that it’s better for a startup to have more than one founder.

“What great founders do is seek the networks that will be essential to their task…Usually it’s best to have two or three people on a team, rather than a solo founder,” Hoffman said.

From Venture Beat

What Does the Color of Your Logo Say About Your Business? (Infographic)

Close your eyes and picture McDonald's famous golden arches. Now, imagine if they had been gray. Would the burger chain be the international success it is today?

The color of some logos is more powerful than the logos themselves -- think the red of Coca-Cola or the pink of Barbie or the rainbow colors of Google.

Color can become a key part of any brand. Whether your logo is red and intense, yellow and joyful or black and mysterious, its colors are announcing something to the customer. As you create the perfect logo, be sure to pay attention to the color messages you're sending.

Check out the infographic below to figure out exactly what your logo's colors are telling potential customers.

From Entrepreneur

Is Your Brain Limiting Your Entrepreneurial Success?

Are your entrepreneurial prospects inhibited by your own thinking? That may be the case if you don’t regularly give your brain exercise.

According to scientific research, some of the benefits of brain games and teasers include the following: boosting brain activity, providing emotional satisfaction and a sense of accomplishment, enhancing memory and processing speed, helping to slow decline and reduce the risk of dementia, improving, concentration and reducing boredom.

For example, what’s the first word that comes to mind when you read this brain teaser? Johnny’s mother had three children. The first child was named April. The second child was named May. What was the third child’s name?

Most people immediately think of “June” because they quickly spot a familiar pattern: the sequence "April, May and June." But if a person rereads the question and carefully analyzes the data, the answer Johnny becomes obvious.

Thanks to the way the human brain works, people have a built-in tendency to see what they want to see as well as what they expect to see.

Consider the huge implications of this for entrepreneurial pursuits.

Human brains are great at recognizing patterns (April, May, June). That’s why people tend to look for information that supports what they already believe to be true. But in doing so, they can miss information that exposes alternative viewpoints, creative solutions or competitive threats.

Earlier this month, Entrepreneur.com contributor Neil Parmar describedhow Lori Cheek has sunk upward of $120,000 of her own money into her fledging startup dating service Cheek’d. She has recouped just $56,000.

Cheek landed a coveted spot on Shark Tank, but none of the Sharks took a bite. Instead Barbara Corcoran gave her some sage advice: “You’ve gotta move on!” But Cheek said, “There’s nothing that’s going to make me stop.”

Indeed people tend to see things the way they always have. They miss opportunities in the workplace, marketplace and in life. That’s why some companies fade away. Their executives never saw the huge challenges before them because they saw only what their brainsallowed them to see -- what worked in the past -- and ignored or avoided new information.

Might that be the case with you? Are you stuck on a path that's not working because your brain won't allow you to see anything differently? Or are you afraid to start a venture because your brain won't let you anticipate eventual success?

“Humans are the least likely creatures to want to change," says author Holly Green in her book Using Your Brain to Win In Today’s Hyper-Paced World. "We’re much more likely to continue wanting to do the same things over and over, even when all the data around us says that everything else has changed.”

Businesspeople today live in a hypersensitive, fast-paced world. What catapulted an entrepreneur to success a week, a month or even a year ago will not be the same in the future.

Relying solely on what you already know is like working for 30 years but having just one year’s worth of experience repeated 30 times.

Use that 2.98 pounds of brilliance, also known as the brain, to lead you where you actually want to be. Actively seek new ways of seeing things. A great way to do that is by exercising the mind with brain teasers. Deliberately expose your brain to new and different ways of thinking.

Some believe that when a person is truly ready for something, it appears. If your entrepreneurial endeavor has not yet been realized, ask yourself, Am I truly ready for its appearance?

From Entrepreneur

Wise Words for Startups: No Money, More Problems

When people ask me for a single piece of business advice, I always say the same thing: Never, ever run out of money. And that goes for everyone involved: the startup and its investors. 

When there isn’t enough money around, things get … let’s just say—weird. On the startup side, weird comes in the form of a “cram down.” Say the company’s product is flailing in the market or, worse, can’t get to market. The existing investors are loath to pour more money into it, and when they do, they demand more than their fair share of equity in exchange for the needed cash. The best a company can hope for is a transparent deal that motivates it to achieve specific goals and then rewards it with more favorable terms if successful. 

Sadly, these types of punitive investments are common, but company founders can take comfort in knowing that such investors quickly earn reputations that keep them out of future deals. Call it karmic payback. 

When a company runs out of money and investors can’t bail it out, the leverage could swing back to management. This is particularly true when management gets back equity in return for continuing to operate the company in distress. Often new investors are brought in to resolve a situation like this. But they usually exact punishing terms on the existing investors, who can’t afford to participate in new funding but don’t want to completely write off the chance of an eventual return. The startup’s management is stuck in the middle, praying that someone provides enough cash to keep the lights on. 

All this sounds rational enough in black and white. Unfortunately, companies running on fumes tend to bring out the worst in everyone, especially when the paychecks stop clearing. Those with irrational egos try to make power plays; others just turn apathetic. 

Which brings me back to my solution: Never run out of money. Startups and their investors must fundraise when they don’t think they need to or—even better—when their success gives them a tailwind of funding momentum. If they think they need $1 million, they should raise twice that much. They may lose an equity stake, but a startup with no money is one with no leverage. 

From Entrepreneur

Pay People for Commitment, Not for Time or Results

Sixty hours per week. That's how much I work, on average, which seems like a lot to some people. However, my job is my greatest hobby and my projects are like my children. Therefore, 60 hours per week is perfectly fine for me. Besides, my number of work hours doesn't matter because I am self-employed. It is mostly irrelevant when or where I work, as long as I get things done.

Because my work contributes to my self-actualization, I think work-life balance is an outdated paradigm. I prefer to live when I work, thank you very much!

A similar attitude toward work and life is emerging among many other creative knowledge workers. Work-life integration is all the rage these days. Results-only work environments are steadily replacing old-fashioned flextime policies. Unlimited vacation days are granted to professionals who are treated more like entrepreneurs than employees. And remote work is so fast becoming the norm that we should consider using the term office work as its antonym, for any type of job that still chains a person to a desk in an office building.

These trends have led me to believe that we should bury the concept of the 40-hour work week.

Don't pay for results.

The question is, does time really matter? When Jack can do in 24 hours what Jill does in 40 hours, should Jack still be considered "part time" and Jill "full time"? Is it fair to pay Jack less than Jill, only because his contract refers to 24 imaginary hours instead of 40? When people can work anytime and anywhere, shouldn't we be paying them for results instead of time? Shouldn't we be treating them like entrepreneurs or freelancers, who only get paid for actual value delivered?

I think not.

Indeed, some organizations pay employees for "performance," which seems to make sense in a results-only work environment. However, history shows that pay for performance opens up a whole new dimension of dysfunctional behaviors. When pay depends on measured outcomes, it is virtually guaranteed that people will game the system, aiming for the shortest path to the optimal results.

As social researcher Alfie Kohn once said, "Of course rewards motivate people. They motivate people to get the rewards!"

The fact that pay-for-performance schemes have led to company-destroying bonuses among CEOs, and service-destroying competition among sales people, isn't the only problem. Even worse, when people only get paid for outcomes, they usually avoid experimental learning because experiments can lead to failure, and failure means no income. Such behaviors are the opposite of what businesses need in the 21st century. After all, learning and innovation can only happen through experiments.

Pay for commitment.

I believe there is a better way. Instead of using meaningless 40-hour or 36-hour time constraints, and instead of using dangerous performance metrics, in the 21st century we should simply agree on commitment levels. This is how I have defined it for my virtual team:

• Commitment level 5 (or 100 percent): The money we pay you is your only source of income. You're not financially supported by anyone else (for example, your spouse or another employer) and you're not trying to develop any other business on the side. What we expect from you is total commitment to our organization.
• Commitment level 4 (or 80 percent): The money we pay you is most of your income. You either have some minor support from someone else (but not more than 20 percent of your income), or you intentionally reserve some time and effort to develop your own business on the side. What we expect from you is high commitment to our organization.
• Commitment level 3 (or 60 percent): What we pay you is more than half of your income. You either have support from someone else (but less than 40 percent of your income), or you run your own business on the side which generates some minor income. What we expect from you is that you usually give priority to our organization in your commitment.
• Commitment level 2 (or 40 percent): What we pay you is less than half of your income. You either have significant support from someone else (60 percent or more), or you run your own business on the side that generates a good income. What we expect from you is that you usually give priority to your other employer or your other commitments.
• Commitment level 1 (or 20 percent): What we pay you is a minor part of your income. You either have almost full support from someone else (80 percent or more), or you run your own successful business that generates a significant income. What we expect from you is that you always give priority to your other employer or your other commitments.

So, how does this work? Easy! Instead of defining hours per week in contracts with employees, freelancers or virtual workers, you define a commitment level. You don't care how many hours they work, when and where, or how they mix their private and professional lives. The only thing you care about is how much you can count on the contributions, effort and collaboration of your workers, in the projects to which they have been assigned.

This is easier to observe than you might think. How fast do they reply to their emails? How often do they show up in Hangouts? How active are they on the organization's social channels? How often are they credited or complimented by their peers? How often are they asked for help? How fast do they offer it? How many ideas for improvement have they generated? And how committed are they to attend company events and gatherings?

There's no need to actually measure any of this. Among co-workers it should be easy enough to identify what commitment level someone behaves at.

Commitment levels can be part of a salary formula, or they can be considered during traditional negotiations over monthly fees or wages. Either way, what you agree on with your professional workers is a level of dependency and collaboration. You should get what you pay for. In the 21st century, with people working anytime and anywhere, continuously mixing professional and private activities, what you should pay for is neither time (which means nothing anymore) nor results (which can be dangerous). What you should pay for is people's commitment to your business.

So yes, I work 60 hours per week, and I feel proud of my results. But in our business I can only commit to level 4, because in between my Skype calls and cappuccinos I'm writing a new book.

From Entrepreneur

The 3 Habits Productive People Find Time For Every Day

It's funny, really. Most of us who get into entrepreneurship start with the intention of working LESS than we did at our regular jobs. The startling reality is that we often end up doing way more because we love the projects we're involved with. And because oftentimes, that's what it takes to make things happen.

Still, the long hours can take their toll — and even the Elon Musks of the world are no exception.

To keep yourself productive, it's essential that you build build habits to help you organize your day and get the most out of your time.

Here are three of the most powerful.

1. Become an early riser by going to bed early.

There was probably a period of time in your life where it was easy stay up late into the night (or early into the next morning) trying to get things done.

For me, however, that period was over a long time ago. Recently, I've come to realize that all eight-hour periods just aren't created equally.

Going to bed at 10 pm and waking up around 6 am is EXPONENTIALLY better than going to bed at 3 am and waking up around 11 am, even though number of hours you sleep is the same. I've tested this over and over again, and the evidence is pretty clear: I don't perform well if I stay up past 11 pm-ish. 

Early risers really do have a distinct advantage when it comes to mental clarity, acuity and energy.

Simply put: waking up early works better than any other strategy for becoming more productive. But you have to make sure you get enough sleep to back it up. So get to bed!

I've had to give myself a bedtime and be my own parent by ruthlessly enforcing it. It was harder than it sounds, because I've been programmed to stay up late for so many years.

2. Start every day with an intention, focus, or meditation.

Starting your day with  a clear idea of what you want to do changes EVERYTHING.

Have you ever had a day where as soon as you woke up, there were already missed calls, text messages and emails screaming for your attention? You felt like you were struggling to stay afloat before breakfast. Oh, that sounds like every day, you say? That needs so stop.

If you like, you can meditate. You know, cross-legged, a candle, with some nice music playing in your ridiculously expensive Beats headphones. But if that's too much, you can just "take 10." 

Take 10 slow breaths, think about your main objectives for the day, then get moving. This seems too simple to have an effect, but it's not. If you're used to getting up already in battle mode, then you've probably forgotten how it feels to have a moment to yourself.

Take a few of those minutes back to refocus yourself. It really helps. You can also use that time to create a better to-do list.

3. Physical activity. Do it.

Working out is probably the highest-leverage tool in your arsenal. It predictably and reliable makes you feel  better and keeps you both physically and emotionally healthy, year round.

To have the mental energy to take on the full calendar of to-do's that people want from you, you have to be in the gym.

Period.

Training yourself physically not only gives you benchmarks to hit on a regular basis, but it also creates a predictable backbone in your daily life that you can count on, even if everything goes wrong. Mentally, that's very comforting.

Trust me, I know that integrating these habits into your life won't be easy at first. But if you're not healthy, your business can't thrive anyway. Consider them a long-term investment in your business.

From Business Insider

Why Fear Is the Entrepreneur's Best Friend

During a recent fireside chat with the Metro Atlanta Chamber (hosted by my friend John Yates), I was asked whether there was some magic pill that I take that helps me get up and keep fighting the entrepreneurial good fight every day.

My answer: Yes, it’s called fear. I drink it every morning.

There’s something really powerful about the idea of fear within the entrepreneurial experience. Entrepreneurship is, at its heart, an incredibly scary thing; individuals are laying everything on the line to pursue an idea, dream or passion. Often, new business founders are putting themselves at an incredible risk -- not mention their investors, leadership team and friends.

I don’t view fear as a roadblock. No matter the form it takes, fear provides the push I need to succeed. If you feel overwhelmed by fear in your professional life, read on to see how I flipped the script and turned fear into one of my greatest allies. 

1. Identifying the sources.

Fear, as a psychological response, keeps people safe. It triggers their“fight or flight” response as a way of coping with dangerous situations.

While you’re probably not fighting for your life at work, the impulse of fear helps people avoid pitfalls.

One of the most important steps toward turning fear from an enemy into an ally is identifying the sources of anxiety.

If a new idea is freaking you out, take time to analyze and figure out why. Is it too risky or are you simply feeling the pressure as you contemplate shaking up the status quo? Are you afraid because you haven’t yet analyzed a problem from every angle or are you simply experiencing the fear that arises before taking the plunge with a new project?

Identifying and compartmentalizing the sources of your fear is an essential tactic for evaluating your decisions. Getting out of your comfort zone is healthy and encouraged. But throwing your business plan and projections off a cliff because you haven’t vetted every outcome is not.

2. Finding motivation.

I grew up in a household as one of seven kids. I was a true middle child, with three kids on either side me in the birth order. The stereotypical middle child insecurities are still alive and well in me. My siblings are well-educated and successful. The fear of being overshadowed by siblings in the eyes of my successful entrepreneur parents drove me to be competitive and start my first business.

Even if I was just mowing grass or repaving driveways, that success was mine: It was something that no one else could claim or take from me. It was my answer to the fear of being overshadowed. Ultimately, it was that insecurity that lighted the fire that would become my entrepreneurial passion.

Today, insecurity is just as powerful a motivator as it was when I was young and members of my family all gathered around the dinner table recounting stories about our day. As humbled and thankful as I am for the success I’ve had, fear still lurks behind every action -- the worries about not being good enough, of being beaten to the punch.

3. Embracing the challenge.

Regardless of whether you are running an established business or just launching a startup, Never let yourself become complacent. Your business can be overtaken by competitors practically overnight. Fear is a healthy, essential way to avoid complacency and challenge yourself to excel and succeed -- if you learn to embrace and harness those feelings.

What I’ve found over the years is that fear manifests itself in different ways. Call it whatever you like -- a drive, ambition, passion, the fire. But what it boils down to is fear -- of losing, letting yourself down, disappointing your loved ones, forfeiting what you’ve built.

Once you recognize that it’s all just a game of semantics and that fear and drive are two ways to say the same thing, you can embrace fear for what it truly is. 

Recognizing the potential power of fear as a motivator is the key to understanding it as an ally for your business and goals. You can’t just ignore it or pretend you’re invincible and untouchable. Rather, let in the fear. Embrace it. Allow it to keep you honest and constantly driving forward. As Entrepreneur’s Amy Cosper put it, “Don’t let it hold you back from greatness.”

Fear can be the spark that drives you to greatness if you let it.

From Entrepreneur