7 Ways Successful Entrepreneurs Think Differently From Everyone Else

Virgin Group founder Richard Branson poses with Green Man of "It's Always Sunny In Philadelphia" aboard a Virgin America plane.

Building a company from the ground up requires a tremendous amount of confidence, creativity, motivation, and focus. It's the reason why not everyone can make it as an entrepreneur.

We took a look at the Quora thread "What are some of the habits entrepreneurs have that other people don't?" and highlighted some of the best answers from those who have firsthand experience.

Here are some of the ways they see the world differently from the average person:

1. They see money as a way to make more money.

When most people come into money, whether it's by winning the lottery or receiving a bonus, their first impulse is to spend it on something frivolous like a new car. When entrepreneurs receive an influx of money, they find a smart way to invest it in a business opportunity that can yield an even higher return. This self-restraint becomes a habit.

"Well after they've made a fortune, most self-made wealthy people remain comparatively frugal; their lifestyles may be lavish, but they're almost always spending much less than they earn," says Oliver Emberton, founder of British software company Silktide.

2. They have an ability to become intensely focused.

"Time and our attention are the only truly finite constraints — incalculably precious and easily squandered. Successful entrepreneurs are absurdly conscious of the fact, and tend to become highly organized, intolerant of inefficiency and laser focused," Emberton says.

That intense focus is often given as the reason why there are plenty of anecdotes about legendary entrepreneurs like Steve Jobs and Elon Musk occasionally being difficult to work with.

3. They manage to be positive realists.

"To make smart gambles — and that's what becoming rich entails — you need an honest appreciation of odds that few possess," Emberton says. Successful entrepreneurs tend not to be too pessimistic or too optimistic.

They're able to understand that for a large number of reasons their venture can collapse entirely and can adequately prepare, but they also have enough idealism to take big risks in the first place.

4. They see obstacles as opportunities.

Average people see difficulty as a chance to give up, says San Francisco-based entrepreneur Andrei Kolodovski, but entrepreneurs see unexpected challenges as a way to make their companies even stronger.

Thomas Edison perfectly illustrated this when he used the accidental destruction of his production plant in 1914 as a way to rebuild his business in a streamlined way and get his team to work harder and more efficiently. Within a year, his company had not only recovered, but was bringing in more revenue than ever before.

5. They focus on opportunity cost.

Entrepreneurs make every decision by comparing options and seeing which one will yield the most value.

"Whatever they do, they make sure the value created is larger than the cost of resources used," Kolodovski says. "Regular people tend to focus on expenses. Remember those driving around parking lots for 30 minutes just to save five minutes of walking?"

6. They think of ideas beyond their capabilities.

True entrepreneurs are always thinking about growth opportunities, Kolodovski says.

Rather than acting practically and working within their comfort zones, they push themselves into situations that will require them to stretch their skills and force them to recruit more talent to turn their aspirations into reality.

7. They have vision.

Entrepreneurs are driven by the idea that they have the solution to a certain problem, and that they need to lead the charge to implement it. And they do it without fear of being mocked or rejected for trying things differently.

"Entrepreneurs see something that needs to get done... a product that must be offered... a problem that must be solved... and they feel so deeply about these that they can face the opposition when starting a business," says Finnish entrepreneur Gerard Danford.

From Business Insider

10 Startup Tips Learned the Hard Way

We’ve learned quite a lot from our humble kitchen table beginnings since 2009, when we founded Fueled. Our now global, award-winning mobile-design and development agency has offices in New York, London and Chicago, with more on the way.

While we’ve hit some bumps along the ride, we’ve learned from them, adapted and worked out how to build Fueled into a thriving agency. We’ve come up with a ton of pro tips along the way. Here are 10 of them.

1. Brand with a single purpose. From day one, we branded Fueled as mobile first and only, and we’ve ridden the wave of mobile’s dominance ever since. We’re grateful to receive the bulk of our new business through client referrals and friends. We do more than mobile apps -- website design, branding, SEO, community building -- but it’s our mobile brand and expertise that gets people in the door.

2. Fire fast. If someone on your team is not working out, part ways now. It might leave the team crunched and you might have to work on Saturday and Sunday. Suck it up and do it. You’ll thank us later.

When we hire someone, we tell them up front that it’s for a three-month trial period. At two months, we have a check-in and assess the relationship from both sides. This gives them a month to improve or keep on keeping on. If major issues remain unsolved by the end of that three months, we say goodbye. When something is not working out, it’s a mutual feeling more often than not.

3. Only charge flat fees for very discrete deliverables. Hourly rates or project fees? We finally found the perfect balance: charge flat fees for a series of well-defined, discrete deliverables with clear, inelastic boundaries.

Once a project is rolling, we move to a structure with a flat fee for a set amount of work. For us, that usually means a build of an app with a certain set of features. Clients know what they’re paying, and we know what we’re delivering. If the client adds features, we layer on more deliverables and flat fees.

4. Get paid up front. Don’t start working until you get paid up front. Seriously, stop. Do something else until you get the money.

It may feel cheeky, but there’s no faster way for an agency to fold than to carry the debt of your clients’ unpaid bills. We ask our clients to pay in advance for each two-week period of work. If they don’t pay, we don’t work.

5. Avoid cheap clients. If a potential new client tries to lowball you or asks for deep discounts, shut the door.

It’s this weird, inverted ratio: the law of discounting. The deeper the discount or the more generous the favor we give, the more unrealistic clients’ demands will be. For some reason, the clients who demand discounts will never be happy with your work, and they’re hardly worth your time and aggravation.

6. Build a lean product. Bully your clients into building less, not more. Some clients are surprised when we push for a smaller contract (which means less cash for us). But experience has taught us that six-month builds of apps with 150 screens is effectively a guaranteed disaster. Focus first on what you can build in eight weeks, max. Then add and release the most compelling additional features in one- or two-week increments.

7. Have plenty of conference rooms and phone booths. Remember this ratio: one to 11. Fueled runs and houses its NYC team in The Fueled Collective, a coworking space with 150 members and 35 startups. We’ve found that the magic ratio of conference rooms to people is 1 to 11.

Spacious conference rooms for five to eight people are great, but the number-one use of conference-room time is phone calls made by one or two members, so to be efficient with space, try creating phone booths or micro-conference rooms. A few nooks for impromptu breakouts is also very useful.

8. Managing the client and managing the process are two different jobs. When we started out, we had “producers,” managers who handled both client relations, project management and the actual product. We’ve since learned that people are either really good at building product or really good at managing the client relationship, never both.

Now we have separate project managers and product managers. The tension between their different skills and priorities creates a healthy conflict that gets a quality product delivered on-time and on-budget.

9. Experience is valuable. Particularly in the tech world, the value of experience is easy to overlook. We had a bias, when we started, toward young talent rather than experience. We’ll just train them, we thought.

But we’ve since learned that experience matters massively. Bringing in seasoned talent and managers is absolutely critical to our success and happiness, and it’s been worth every extra penny.

10. Think before sleeping with your co-workers. Talented, creative human beings doing exciting work in intense environments? Love and other pangs of the heart will happen.

But think about it carefully before you give in to the longings of your loins. Just how awkward is it going to be if things don’t work out? How much time and effort are you going to spend making it right? Do you risk losing someone valuable to your company?

It might also make sense to set expectations up front, about what the consequences might be if things don’t work out. Basically, take the time to consider the consequences before hooking up with your hot colleague.

We hope these pro tips help you level-up your own agency’s game. But whatever you do, don’t stop experimenting and learning as you go. We got to where we are through constantly tweaking and iterating on how we do business.

Ultimately, our passion for experimentation and pushing the boundaries has been core to Fueled’s success.

From Entrepreneur

Focus on What Works and You Start Solving Problems

When things are dark, smart leaders find the bright exceptions and learn from them

When I was growing up, my mom had a ritual. Every night at dinner, despite the real challenges we were facing as a family, she would look around the table at her six kids and say, “Tell me something good that happened today.” As simple as those words are, they changed the energy in the room. Instead of harping on the dysfunction in our home, we were connecting and laughing and acting like a family. Wow Mom, how’d you do that?

Some business leaders pride themselves on creating cultures of “joy” or “happiness.” That’s a beautiful goal; occasionally it’s a beautiful reality. At Life is good, we strive for a culture of optimism, which is a little different. We know that every day is not going to be perfect or easy. In life and in businesses, there are real challenges. As optimists, we model ourselves on my mom at the dinner table. We start by focusing on what’s good and build from there.

Years ago I read an article about something called “positive deviance.” It told the story of a couple working for Save the Children in Vietnam, trying to combat malnutrition. The assumption was they’d figure out ways to bring in more food. But this couple took a different approach: They went into villages looking for families that had somehow avoided malnutrition. Those relative success stories, they learned, were the result of people bucking conventional wisdom. For example, they gave children shellfish and sweet-potato greens, which were readily available but considered indigestible by the young. They also continued feeding children who had diarrhea, a practice criticized in that country as a waste of nutrients. Such practices deviated from the norm. And in deviating from the norm, they produced positive outcomes. The lesson was this: Focus on what’s broken and it can consume you. Focus on what works and you begin to build solutions.

Searching out positive deviance is an act of optimism. Unfortunately, when things go wrong in a business, leadership often locks onto what you might call the “negative norm.” Say a company has 20 sales reps, and 18 of them are sucking wind. Managers descend on those 18 territories looking for the culprit. They want to know, “Should we shut down this product line? Should we fire these people?” The business world loves “trouble-shooters.” But if the goal is to shoot trouble, all you’re left with is stuff that’s dead.

Optimistic leadership would concentrate on those two territories where things are working well--the positive deviants. Find out why those people are hitting it out of the park. Then send them on a tour of the other territories to educate their struggling colleagues.

That’s not to say you should ignore your weaknesses. Rational optimists acknowledge when the organization is falling short, especially when they’re part of the problem.

Four years ago, during the recession, Life is good shrank for the first time in our 20-year history. We couldn’t wait around for a reviving economy to save us. That would have been “blind” optimism, the only kind of optimism not practiced here.

My brother John and I suspected that one key issue was a lack of clarity from leadership, beginning with us. (John is my co-founder and Life is good’s chief creative optimist.) So we formed a six-member task force charged with getting to the root of things. The team’s report exposed a lot, including a lack of alignment between John and me. We were making people’s jobs harder, and they didn’t know how to talk to us about it.

It was a difficult experience, and yet the solution was deeply rooted in optimism. The message we wanted to convey to our people was, “We know we can get better. We trust you to tell us how.” And they did tell us. We took a step back and began to see our efforts objectively. And we got better. We hashed out some differences, clarified roles and structure, and made ongoing dialogue a larger part of the process. Now we know how to empower healthy criticism in a culture of optimism.

Soon after that, we saw our sell-through at retail begin to climb back. We had enabled our staff to accurately assess the obstacles, and then we all poured our resources into the opportunities. Boom!

From Inc. Magazine

6 Things Mark Cuban Says You Need to Be Great in Business

There are no shortcuts in business. In order to be successful there are some things that you must know. These are not all of them by a long shot, but in my humble opinion, they are six of the most important:

1. Know how to sell.

Selling means being able to convey why your product or service, which may be you if you are looking for a job,  will make things better. Selling is never about convincing. It is always about helping.

2. Put yourself in the shoes of your customer.

If you know how to put the person you are dealing with in a position to succeed, you can be successful. In order to do this, you must be able to quickly understand the needs and demands of that person and those of the company(s) they work for or with. Every person and industry is different. This is something that comes from investing incredible amounts of time to understand different industries , businesses, roles, and what has made them work and not work.

It is a never-ending process of learning about what companies need. What people in those companies need and how they work. If you don’t understand what it takes to make the people and companies you work with better, you don’t understand how to be successful.

3. Know as much as you can about technology.

The beautiful thing about technology is that it changes every day. Look at any tech you can see today or have ever seen. Any tech you have read about. It was invented by someone. They know the product better than everyone. On the day that it is released, you are as knowledgeable about that  technology as anyone else in the world. From there its just about effort to keep learning.

If you are one of the few people that know the new technologies, you are in a unique position to put yourself in the shoes of your customer(s) and determine if the new technology can be of benefit. New technologies enable change and where there is change there is opportunity.  Its up to you to figure out  what that opportunity is.

4. Always ask how you would design a solution if no current solution existed.

Know this: 99.99 percent of the things we do in business are being done the way they have always been done. No one has re-imagined how things should be done. That is what successful people do. Every situation they are in they take their knowledge of the business or situation they are visiting, whether its buying a deck of playing cards, eating at a restaurant or trying to solve a problem and think about how to re invent it. They don't ask people what they would want. They envision a complete reapplication. Then they decide what to do with what they just recreated.

5. Is it the path of least resistance to something better.

Lots of people come up with ways of doing things that they think are great/amazing. What they fail to ask is whether it will make anyone else’s life better or easier. The simple test of any imagineering of a process or situation is simple. Is this the path of resistance  to a better place for the user? Yes or No.

6. Be nice. 

People hate dealing with people who are jerks. It’s always easier to be nice than to be a jerk. Don’t be a jerk.

From Entrepreneur

3 Things You Must Do Before Becoming Your Own Boss

If you’ve recently been downsized from your corporate job

Or

If you’ve been downsized several times during the past few years

Or

If you have a job, but it’s a lousy one

Or,

If you work for a jerk

Know this:

If you really want to be your own boss...I want you to know that I’m behind you, 100 percent.

THE DECISION TO BE YOUR OWN BOSS

It’s a biggie. Don’t kid yourself.

Talking about being your own boss, and writing a check-and/or taking out a small business loan to do so, are two very different things. So, weigh this decision carefully. There’s risk involved.

There’s actually risk involved no matter what type of business you end up becoming the owner of. That’s right; franchises are risky, too. Forget the statistics.

But, if you’re doing enough things right...things that can lower your financial risk, the rewards are yours for the taking. Do you know what the right things to do are?

DO THESE THINGS TO BE YOUR OWN BOSS

It’s time for you to find out how just bad you want to be your own boss...how bad you want to escape the “working for someone else” syndrome. Ready?

1. Conduct a family meeting

Do this before anything. Don’t make the mistake of spending weeks...maybe even months looking around at “business opportunities” only to find out that no one in your family supports your idea of being the boss....of owning your own business.

Now, if it does turn out that some or all of your family members aren’t as enthusiastic as you are, you have a couple of choices.

You can listen to them, and forget “this crazy idea of yours.”

Convince them that you’ll take it slow and do great research on the opportunities you find

Dual-track it; conduct a search for a new job and at the same time, look for a franchise opportunity or business opportunity that will allow you to be your own boss.

If you ultimately decide to pursue business ownership, do whatever it takes to keep those around you comfortable with your decision. They need to feel confident that you’ll do the right things. Maybe working with someone knowledgeable about business ownership will convince them that you really are focused on doing this right.

2. Go Through Your Financials

Before you start searching for franchise or business opportunities that could make sense for you, figure out where you stand, financially. And, don’t guess.

Do a net worth statement. Subtract all of your liabilities from all of your assets. The difference between the two is your net worth. Figure out how much liquid capital you have access to. That’s what today’s franchisors tend to focus on.

For example, I’ve worked with people that have had net worth’s in the $500k range, but who’ve had most of their assets parked in retirement funds. If that’s the case with you, talk to your financial advisor. Some of my clients even do this-and I’m fine with it as long as it’s a perfect or nearly perfect situation.

3. Meet The Real You

Another thing you need to do before spending hours and hours online searching for that “perfect” opportunity is to get offline. While search engines like Google are great, if you don’t learn how to do focused searches, you’ll end up being on your computer a lot longer than you need to be.

Do you want to spend hours on end looking for a business or do you want to be in business?

What you need to do-before you start your search for a franchise or business opportunity, is to get to know the real you. Decide what skills of yours could be best utilized for a business of your own. Look at some of your dominant personal traits. Most people don’t do this. They just start looking at franchise websites...dozens of them, and they end-up more confused that they thought possible.

If you don’t want to be like most people who are looking to be their own bosses, start-off on the right foot. I know that you’re excited to get started with your search. Some self-control is warranted here. Do the work necessary so you won’t have to do work that’s unnecessary.

If you’d like to learn how to avoid doing the things that most people who want to be their own bosses do, I have a way for you to avoid a lot of the common pitfalls that exist. Grab my eBook, which is an easy to follow, step-by-step guide on choosing, researching, and buying a franchise.

“Joel is providing the benefit of his decades of franchise experience through his eBook that’s available for instant download. Believe me; spending a few bucks today can save you a fortune in the long run. If you’re considering a franchise, invest in the expertise and guidance that will help you find, choose and research the right franchise. As the clich? goes, you can’t afford not to. “

-Sean Kelly, Franchise Marketer

PREPARE FOR TAKEOFF

If you’ve done the three things that I’ve outlined here, it’s time for you to start your search for a business to own.

And, while there many more steps that you’ll need to take as this process evolves, like researching the opportunities you find, choosing the best one, writing a business plan, obtaining financing, and getting the proper legal advice, at least you’ll be starting off on the right foot.

So you can be your own boss.

From Entrepreneur

Are You a Good Leader? (Infographic)

Once, it may have been enough for a company to find something that works and keep doing it over and over again. Today, in a marketplace of continual innovation and change, a company needs strong and strategic leadership to truly thrive. But what does strong leadership mean?

Fifty-three percent of corporations placed growth as their number one priority in 2013. To achieve this growth, companies have turned to ethical leaders to pave the path of innovation. Eighty percent of top-quintile companies aim to adapt ethics to changing business needs, while only 36 percent of bottom-quintile companies do the same.

Along with ethical leadership, companies are in pursuit of leaders who can use their power wisely, manage crises and cultivate a culture of change. The infographic below, compiled by NEC's Online Master of Science in Project Management, offers key data and statistics on leadership in an evolving marketplace.

Check it out.

From Entrepreneur

10 Things The Most Talented People Do At Work

Talented employees are resourceful and prepared at all times.

Finding amazing talent is a tricky process.

Making talent recruitment a top priority can multiply the success of an organization.

To recognize great talent, hiring managers can look for the following signs instead of paying attention only to resumes and cover letters.

Here are 10 things people possessing great talent always do:

1. They talk about their long-term goals.

Talented candidates aren't afraid of their future. In fact, they're excited about their career and what's in store.

Ask candidates about their long-term goals during a job interview. Those with great talent will talk about their prospective future with the company and what they plan to accomplish if hired.

2. They're resourceful and prepared for anything.

Great talent is prepared for any situation. The ability to think and act on the spot is a quality few people have.

People with top-notch talent know their resume inside and out, have their portfolio ready and can answer interview questions without stumbling over their thoughts.

3. They display confidence in any situation.

There's a fine line between confidence and arrogance when identifying top talent. Confident individuals, however, can handle any situation and accept the reality that it's OK to be wrong.

During the interview, ask candidates about their weaknesses. Look for a candidate who can confidently speak about weaknesses and explain the lessons they have learned.

4. They market their versatility.

Individuals who are truly talented possess a wide range of skills and can transfer them to different roles and succeed.

Ask candidates about a time when they had to try something new or apply their skills in an unusual situation. A good candidate will be able to share an experience or two.

5. They prioritize results.

Talented people care about results. They have a burning passion to accomplish their goals, both in their personal life or career.

Those who possess top talent will talk about what they want to accomplish once hired without the interviewer having to ask.

6. They ask smart questions.

Bright individuals are curious people. Because of this, they'll ask questions to learn more about an organization and how it functions.

During the interview, a talented candidate will ask questions about what he or she is expected to accomplish if hired. They will inquire about the attributes of the top performers at the company and about what it takes to drive results.

7. They're extremely flexible.

Many organizations continuously update their goals and implement new strategies. Top talent can adjust to such changes without becoming derailed from success.

Ask candidates about a time when they had to quickly adapt to a new situation and what happened.

Talented people aren't afraid to take risks and push the envelope.

8. They're comfortable with taking risks.

Risk taking is involved at any business. Talented people aren't afraid of pushing the envelope to discover new ideas.

Ask candidates about a time where they had to take a risk. Their response should provide enough insight about whether they can take big enough risks.

9. They bring passion to the position and organization.

This might seem like a cliché, but passion is a quality that sets apart those with great talent from lackluster candidates.

When a talented person is passionate about what he or she does, that individual is not afraid to tell a prospective employer. In fact, when someone is truly passionate, a hiring manager can see it in the individual's personality and previous experience.

10. They communicate effectively with a variety of stakeholders.

Strong communicators have the ability to take organizations to the next level.

When speaking to candidates over the phone or in person or exchanging emails, pay close attention to how they communicate. This gives employers a better indication of their communication skills.

From Business Insider