Why Entrepreneurs Must Believe in Themselves

I can remember sitting in a classroom at Santa Clara University and looking out of a window at the rain, feeling desperately unhappy. I didn’t want to be studying economics. It wasn’t that my classes were tough, although they definitely were. It just didn’t feel right. This is not my future, I thought. I knew it in my bones.

So I took a chance. I took an art class. I wasn’t an artist but I remember thinking that there had to be more to life than economics. This turned out to be one of the best decisions I have ever made.

Looking back, I can see that I made a lot of decisions that my friends and family didn’t understand at the time. In fact, I’m not sure that anyone believed in me back then.

I’m proud that I have had the courage make changes when something didn’t feel right.

One of the defining qualities of being a successful entrepreneur is the willingness to stop and re-evaluate a situation that's not working. And entrepreneurs are constantly hoping for improvement.  

The truth is that I believed in myself when no one else did.

There will be so many unknowns in your career. But one thing I know for sure is that entrepreneurs must believe in themselves, especially when others don’t. Own the fact that it’s your life that you're living and trust yourself to make good decisions.

Here are a few of the sentiments that keep me going and help me continue believing in myself: 

1. Time heals all wounds.

This statement is a cliché, but I’ve found it to be true. Time gives people the perspective they need to deal with difficulties, whether they are physical scars or personal struggles. I have started thinking about failure as my friend.

If I’m failing, I’m moving forward. So I try to not let it discourage me and take solace in the fact that as time goes on, my failures will become less and less painful.

2. Anything worth achieving takes longer than one might expect.

Pride and appreciation are developed over time. That’s actually a great thing. Learn to be patient. Keep moving forward and try to not become discouraged by how long it takes to create something. There are no overnight successes and you need to hang tough to be successful. 

3. I can figure out anything.

My dad taught me that the power of observation is unparalleled and that there isn’t anything someone can’t learn by teaching himself or herself. I may not always end up with results that are 100 percent right, but I can get close.

This belief has empowered me to try new things all my life. I know I don’t have to wait for someone to give me permission. I know I don’t need to become an expert to get things done.

4. The path to success is never straight.

You might as well learn to how to navigate curves since the way forward is never completely straight.

Finding my purpose in life has helped me continue to have faith in myself. I let this be my guiding light. When I become distracted, this reminds me of what's important. When things aren’t going my way, I turn to my purpose for inspiration.

And when all else fails, I stop focusing on myself. I surround myself with positive people. I read books about other peoples’ lives for perspective.

Don’t get me wrong: I still get nervous. I still wonder whether I’m making a mistake. That feeling never goes away.

But everything else has fallen into place (like I always knew it would) because of my conviction. I found a way to live with the unknown and you should try to, as well. Your path to becoming a successful entrepreneur will be littered with failures and successes. Don’t let either of them define you. It’s a marathon not a sprint.

From Entrepreneur

5 Habits Of Emotionally Intelligent People

Emotional intelligence is the most powerful tool for success — not only in in romantic relationships, but business, too. In fact, the same rules for achieving your goals in business also apply to love.

Here are five practices that people with high EQs use to achieve success at both work and in their personal lives:

1. Follow actions, not words. 

When I hire someone, I don’t pay much attention to lip service about accountability or hard work. Instead, I screen for a solid track record — do they meet deadlines? Make calls? Close deals? What are they doing (not saying)?

In business and personal matters, talk is cheap.

2. Check yourself. 

We’re all emotional people, and sometimes little things can turn into unnecessarily big deals. emotionally intelligent people know how to push pause before making a perceived slight into a colossal deal. Did someone interrupt you in a meeting? Instead of stewing about it or plotting revenge, consider that the person is possibly distracted by personal issues at home. Maybe they felt scrutinized by their boss that day and was over-compensating with their boisterous presentation. Rise above it and give them the benefit of the doubt. It’s not always about you.  

The same rules apply to your romantic and business relationships. Everyone has bad days and everyone has their quirks. Just because your date doesn’t feel like dancing doesn’t mean she is embarrassed to be seen with you, or that you should never go out with her again. Take the incident for what it is and move on.

3. Keep the end goal in mind. 

Those who succeed in life and business keep an eye on the big picture. This means letting go of petty perceived slights and road bumps that present themselves each and every day. When you keep the end goal at the top of your mind, it is easier to negotiate with a difficult client, create successful, win-win partnerships, and focus your energy on what is most important — not getting sidetracked by petty annoyances and putting out little fires.

That goes for relationships, too. If a long-term committed partnership with your spouse is your top priority, then you are less likely to focus on the proverbial toothpaste cap conundrums that trip up so many couples. Even bigger issues such as differences in money management or raising kids are more easily negotiated when you are both focused on lifelong collaboration.

4. Cleanse out the toxins. 

Good business feeds off good energy — and negative people can destroy an organization. Entrepreneurs with high EQs know there are enough positive people in the world that there is no need to waste valuable energy managing the toxic ones. Sometimes even high performers are not a good fit if they are manipulative, combative or otherwise a negative force in the office.  

Ditto for your love life and business relationships. If someone zaps your energy or otherwise makes you feel bad about yourself, have the strength to move on. Emotionally intelligent people have little tolerance for others who are insincere (or downright lie), critical, needy or have addictive habits. There are some people who are better out of your life — or on the other side of the courtroom.

5. Stay connected. 

Just because a relationship ends doesn’t mean that you have to obliterate the bridge. Even if a deal falls apart on a sour note, emotionally intelligent people make all efforts to take the high road and keep the connection alive and positive. You never know when you may cross paths again — or need that person in the future.

Just because a relationship doesn’t last a lifetime doesn’t mean that you must part ways as enemies. More often than not relationships end because of differences or circumstances — not personal slights. When a bridge is still available, there is far more opportunity for you to enjoy richer experiences on nearly every level.

From Business Insider

If You Want to Succeed, Here Are 5 Things You Need to Do Differently

No matter what your individual definition of success may be, finding it can often be a challenge. Whether its career success, monetary success or something in between, most people have a certain level of accomplishment that they want to reach in their lives. However, many fail to reach that magical level of success and have no idea why. The good news is, there are a few things that every person can do differently to change their current course of action and find the success that they deserve.

Below are five:

1. Stop looking for a perfect strategy

For the many people who take their quest for success seriously, they can get caught up in looking for a “perfect” strategy in reaching their goals. The truth is, there is never a perfect time to do anything, and there is no such thing as a perfect strategy. Many people fail to start “doing” the things they need to do, because they spend so much time planning. The only way to start a strategy is to get out there and take the first step. You can tweak and improve along the way but getting out and doing will be much more beneficial than spending all of your time trying to find the ideal strategy.

2. Stop seeing problems, start seeing opportunities

If you start looking at hurdles that come up as problems, you can put yourself in a negative mindset that will prevent you from finding success. If you instead start looking at these obstacles as opportunities, you can start finding more success. Take the challenge of approaching every problem and instantly calling it an opportunity. It can be hard to find opportunities in some problems, but if you look hard enough, there are positives even in the most overwhelming of issues.

3. Stop the information overload

Some people unfortunately find they spend too much time gathering information on how to succeed. When people do this too much, they can struggle with what is known as information overload. When you have too much information, you can suffer from paralysis by analysis and all of the research you have done can actually hurt instead of help. Nothing is as powerful as taking action and getting started.

4. Stop focusing so much on entertainment

While all people love to be entertained in a certain manner, society spends far too much time focusing on entertainment, instead of education. While you should always have you personal time outside of your professional life, many people spend too much time watching television, gossiping, playing video games and reading celebrity news. Doing this too much can prevent you from staying focused on your goals and your success. Spend your personal time entertaining yourself by consuming educational materials for personal growth. It will pay off in the long run and help you enjoy your personal time in a way that is still beneficial to your overall success.

5. Stop looking at the short term

Focusing on short-term accomplishments can actually get in your way when it comes to finding the substantial success you seek in life. This is something that many people struggle with, as there is nothing wrong with fulfilling short-term accomplishments but this shouldn’t be your focus. You should always be focusing on laying down a strong foundation for long-term growth. You can do this in a number of ways. Start looking at everything you do as a long -erm investment. Invest in your education, the future and do your best to ignore the appeal of instant gratification. This can take practice, but you can condition yourself to no longer find the same appeal in instant gratification.

From Entrepreneur

How to Determine If There's a Market for Your Business Idea

In their book, Start Your Own Business, the staff of Entrepreneur Media, Inc. guides you through the critical steps to starting a business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors describe the importance of market research in order to obtain information on the three key areas you'll need to investigate before launching your new business.

So you have a great idea for a product—something that’s bound to capture the hearts and minds (and wallets) of consumers everywhere. Or perhaps you've stumbled on a service that isn’t being offered by anyone else—one that's desperately needed. This is your opportunity! Don’t hesitate ... don’t look back ... jump right into it and …

Wait! Before you shift into high gear, you must determine whether there really is a market for your product or service. Not only that, you need to ascertain what, if any, fine-tuning is needed. Quite simply, you must conduct market research.

Many business owners neglect this crucial step in product development for the sole reason that they don’t want to hear any negative feedback. They're convinced their product or service is perfect just the way it is, and they don’t want to risk tampering with it.

Other entrepreneurs bypass market research because they fear it will be too expensive. With all the other startup costs you’re facing, it’s not easy to justify spending money on research that will only prove what you knew all along: Your product is a winner.

Regardless of the reason, failing to do market research can amount to a death sentence for your product. “A lot of companies skim over the important background information because they’re so interested in getting their product to market,” says Donna Barson, president and owner of Barson Marketing Inc., a marketing, advertising and public relations consulting firm. “But the companies that do the best are the ones that do their homework.”

Consider market research an investment in your future. If you make the necessary adjustments to your product or service now, you’ll save money in the long run.

So what exactly is market research? Simply put, it’s a way of collecting information you can use to solve or avoid marketing problems. Good market research gives you the data you need to develop a marketing plan that really works for you. It enables you to identify the specific segments within a market that you want to target and to create an identity for your product or service that separates it from your competitors. Market research can also help you choose the best geographic location in which to launch your new business.

Before you start your market research, it’s a good idea to meet with a consultant, talk to a business or marketing professor at a local college or university, or contact your local SBA district office. These sources can offer guidance and help you with the first step in market research: deciding exactly what information you need to gather.

As a rule of thumb, market research should provide you with information about three critical areas:

1. Industry information.

In researching the industry, look for the latest trends. Compare the statistics and growth in the industry. What areas of the industry appear to be expanding, and what areas are declining? Is the industry catering to new types of customers? What technological developments are affecting the industry? How can you use them to your advantage? A thriving, stable industry is key; you don’t want to start a new business in a field that's on the decline.

2. Consumer close-up.

On the consumer side, your market research should begin with a market survey. A thorough market survey will help you make a reasonable sales forecast for your new business. To do a market survey, you first need to determine the market limits or physical boundaries of the area to which your business sells. Next, study the spending characteristics of the population within this location.

Estimate the location’s purchasing power, based on its per-capita income, its median income level, the unemployment rate, population and other demographic factors. Determine the current sales volume in the area for the type of product or service you will sell.

Finally, estimate how much of the total sales volume you can reasonably obtain. (This last step is extremely important. Opening your new business in a given community won’t necessarily generate additional business volume; it may simply redistribute the business that’s already there.)

3. Competition close-up.

Based on a combination of industry research and consumer research, a clearer picture of your competition will emerge. Don't underestimate the number of competitors out there. Keep an eye out for potential future competitors as well as current ones.

Examine the number of competitors on a local and, if relevant, national scale. Study their strategies and operations. Your analysis should supply a clear picture of potential threats, opportunities, and the weaknesses and strengths of the competition facing your new business.

When looking at the competition, try to see what trends have been established in the industry and whether there’s an opportunity or advantage for your business. Use the library, the Internet and other secondary research sources to research competitors. Read as many articles as you can on the companies you'll be competing with. If you're researching publicly owned companies, contact them and obtain copies of their annual reports. These often show not only how successful a company is but also what products or services it plans to emphasize in the future.

One of the best websites for researching the competition is Hoover’s Online, which, for a fee, provides in-depth profiles of more than 85 million  companies. However, there's also free content available, plus you can sign up for a free trial subscription. You can also gather information on competing businesses by visiting them in person.

From Entrepreneur

5 Simple Questions Successful People Ask Themselves Every Day

Last month’s SUCCESS.com article on 10 things successful people never do again reminded me of Steve Jobs’ often-quoted philosophy about the importance of questioning yourself. “If today were the last day of my life, would I do what I’m about to do today?” It’s true: The most successful people have the ability to objectively evaluate themselves on a regular basis—their skills, their actions and their progress toward goals.

They don’t sleepwalk through the routine. They’re actively thinking about the things they do. But questioning yourself doesn’t mean second-guessing yourself. It means evaluating your status and objectives, and what you’ll do to reach them with a clear, unbiased mind. It’s a practice that will help make you think and become more successful in work and life.

Here are five simple questions that successful people ask themselves every day:

1. Am I in the right niche?

If you don’t have passion for your job, you won’t be motivated to overcome the natural barriers and obstacles that life puts in the way of success. And even if you started out with passion by the bucketful, that can fade. This is why it’s so important to routinely check in with yourself and your motivation. If you feel like your passion is waning and you’re burning out, a change may be necessary to reignite your energy for business. Finding a niche that sustains you emotionally will give you the clear mind and passionate drive you need to succeed.

2. Am I learning from my mistakes?

Most patterns of success include plenty of failure. That’s completely normal—even healthy. However, the important thing is that you’re learning and you’re rarely making the same mistake twice. When you hit a roadblock, take time to evaluate what went wrong, what needs to change, and how you can prevent it from happening in the future. Try to take a nugget of wisdom from each failure you encounter on your road to success.

3. Am I consistently pushing my own boundaries?

Success isn’t attained by driving the speed limit or sticking to the beaten path. You can rest assured that the people who do well in your industry are constantly pushing ahead and challenging their own boundaries. Creating new, more audacious goals and attempting to reach them will keep your passion ignited and keep you striving toward success. Push through professional barriers and always look to achieve the impossible.

4. What is my game plan?

While you are challenging yourself, you should also map out strategies that will allow you to become more efficient and precise. If you are trying to work faster and better, you need to develop routines and processes that allow you to do so. Sit down and create the physical map that will take you from where you are to where you want to go. Leave room for detours that could end up being shortcuts as you learn and grow.

5. Do I still believe I can do this?

The most important ingredient of success is the belief in yourself and what you’re striving toward. The highest ambitions are nothing without the conviction that you can actually reach them. Take a hard look in the mirror and ask yourself if your passion and drive match up with your aspirations. Skills and know-how are less than half the battle. If you don’t believe you can do it, it’ll be hard to convince anyone else you can. You have to be your own cheerleader before you can expect anyone else to be.

From Success Magazine

Think You're Too Old to Be An Entrepreneur? Think Again. (Infographic)

If Hollywood wants to portray an entrepreneur in a movie, then he -- and it’s usually a he – is in his early 20s, may or may not have a college degree, is probably wearing blue jeans and a hoodie, and is a bit unkempt, with messy hair and facial hair.

That stereotype may appeal to our interest in a narrative where geeks take over the world, but the Mark Zuckerberg-inspired vision is absolutely only a part of the entrepreneurship story. Many entrepreneurs don’t even think about launching their own business until they are in their 30s, 40s, and even 50s, after years of work experience.

Ray Kroc, the founder of McDonald's, sold paper cups and milkshake mixers until he was 52, according to an infographic from San Francisco-based startup organization Funders and Founders (below). Meanwhile, the founder of cosmetic behemoth Mary Kay, Mary Kay Ash, sold books and home decor objects until she was 45.

Fret not if you are over 40 and have yet to start your own business. There’s still time. And chances are, if you’ve worked a while, you’ve learned a thing or two about life and business that will be helpful, too.

Take a look at the infographic below for more examples of entrepreneurs who launched later in life. 

From Entrepreneur

Have a Business Idea? 6 Ways to Research Your Industry.

In their book, Start Your Own Business, the staff of Entrepreneur Media, Inc. guides you through the critical steps to starting a business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors explain what secondary market research is and the different sources you can use to gather it.

When conducting market research for your new business, you'll gather two types of data: primary and secondary. Primary research is information that comes directly from the source—that is, potential customers. Secondary research involves gathering statistics, reports, studies, and other data from organizations such as government agencies, trade associations, and your local chamber of commerce.

The vast majority of research you can find will be secondary research, plenty of which is available for free to entrepreneurs on a tight budget. The best places to start? Your local library and the Internet.

Reference librarians at public and university libraries can point you in the right direction. Become familiar with the business reference section, also. Two good sources to look for: ThomasNet, an online resource that connects industrial buyers and sellers, and the Hoovers Industry Reports. Both sources can help you target businesses in a particular industry, read up on competitors or find manufacturers for your product.

To get insights into consumer markets, check out the Statistical Abstract of the United States. It contains a wealth of social, political, and economic data. Ask reference librarians for other resources targeted at your specific business.

In addition to libraries, here are 6 other sources of secondary research:

Associations.

Your industry trade association can offer such information as market statistics, lists of members, and books and reference materials. Talking to others in your association can be one of the most valuable ways of gaining informal data about a region or customer base.

Look in the Encyclopedia of Associations, found in most libraries, to find associations relevant to your industry. You may also want to investigate your customers’ trade associations for information that can help you market to them. Most trade associations provide information free of charge. Also read your trade associations’ publications, as well as those aimed at your target customers, to get an idea of current and future trends and buying patterns.

Government guidance.

Government agencies are an invaluable source of market research, most of it free. Almost every county government publishes population density and distribution figures in widely available census tracts. These publications will show the number of people living in specific areas, such as precincts or neighborhoods. Some counties publish reports on population trends that show the population 10 years ago, five years ago and today. Check local employment figures for the area, too. A stagnant job market—or worse, a consistently declining one—could mean fewer people will be able to spend money, even on necessities.

The U.S. Census Bureau turns out reams of inexpensive or free business information, most of which is available on the Internet:

• The Census Bureau’s State and Metropolitan Area Data Book offers statistics for metropolitan areas, central cities and counties.
• The Census Product Update is a monthly listing of recently released and upcoming products from the U.S. Census Bureau. Sign up for a free email subscription.
• County Business Patterns reports the number of a given type of business in a county by ZIP code and metropolitan and micropolitan statistical areas.
• For breakdowns by geographical area, look to the Economic Census, which is published every five years.

Most of these products are available online or at your local library. If not, contact the Census Bureau at (800) 923-8282.

The U.S. Government has an official web portal that's another good source of information. For instance, at the USA.gov website, you’ll find a section for businesses that's a one-stop link to all the information and services the federal government provides for the business community.

Or you might try the Commerce Department’s Economic Indicators web page. Literally every day, it's releasing key economic indicators from the Bureau of Economic Analysis and the Census Bureau.

Maps.

Maps of trading areas in counties and states are available from chambers of commerce, trade development commissions, industrial development boards and local newspaper offices. These maps show major areas of commerce and can also help you judge the accessibility of various sites. Access is an important consideration in determining the limits of your market area.

Community organizations.

Your local chamber of commerce or business development agency can supply useful information usually free of charge, including assistance with site selection, demographic reports and directories of local businesses. They may also offer seminars on marketing and related topics that can help you do better research.

D&B.

Financial and business services firm D&B offers a range of reference sources that can help startups. Its "Regional Business Directories," for instance, provide detailed information to help identify new business prospects and assess market potential. D&B’s Million Dollar Database can help you develop a marketing campaign for B2B sales. The database lists more than 34 million companies  and includes information regarding the number of employees, annual sales and ownership type. The database also includes biographical information on owners and officers, giving insight into their backgrounds and business experiences. For more information, go to www.mergentmddi.com. Visit the main website, or call (866) 503-0287 for more information.

Going online.

Start by searching for business databases. You can find everything from headline and business news to industry trends and company-specific business information, such as a firm’s address, phone number, field of business and the name of the CEO. This information is critical for identifying prospects, developing mailing lists and planning sales calls. Here are two to get you started:

KnowThis.com’s virtual marketing library includes a tab called “Marketing Links” that contains links to a wide variety of market research web resources. You can simply type in what you want to do, and voila, results for resources.

MarketResearch.com has research reports from more than 700 sources consolidated into one accessible collection that’s updated daily. You pay only for the parts of the report you need with its “slice and dice” feature called Profound. After paying, the information is delivered online to your personal library on the site. Its "In a Nutshell" series offers three- to four-minute videos on the highlights of various topics.

From Entrepreneur