The 2 Words Entrepreneurs Should Avoid

When my business partner and I started Wild Creations several years ago, it was my first endeavor into entrepreneurship. I had a business plan, a healthy line of credit, and a couple of credit cards with no balance. Predictably, our first year was slow, but we had what we needed to get by and keep the engine firing.

Then Lehman Brothers filed bankruptcy, sending the entire global economy into a tailspin.

In a matter of weeks, we found ourselves in the middle of the Great Recession, and all of our credit vanished. We had leveraged the business completely to get it started, and now we found ourselves having our credit slashed every time we made a payment, like sending valuable working capital into a black hole. 

I soon understood what it was to run an all-cash business.

During these times, my partner and I would often withdraw after work to our favorite watering hole to talk business. We had creditors calling because we were missing payments in order to use our cash for operations, and we had extinguished every possible resource we had, including cashing out our 401Ks.

The future looked bad.

As we sulked and strategized over our happy-hour offerings, we found ourselves regularly integrating one phrase into our conversation: “If only ...”

If only we had money.

If only we had more time.

If only we had credit.

If only we had a few key employees.

If only we (fill in the blank).

We were very good at theorizing how awesome we would be if only we had everything we needed to be awesome.

These conversations were common at the beginning, until one night we made the conscious decision to stop talking about what we might do and focus on what we could do. We decided to make things happen. 

That was all the motivation we needed.

The simple truth is that every entrepreneur could create and lead a highly successful, multinational company with the right money, resources and expertise. More than likely, you do not have these, so do not allow yourself or your stakeholders to get caught in the vicious and perpetual “if only” cycle. Focus on what you can achieve and make the best of it.

If you need a little help to get started, I suggest that you create an “if only” jar. Each time someone in your organization starts a phrase with these two destructive words, add a dollar.

Bonus tip: If you have a favorite watering hole, make it a drinking game.

Do you have a similar experience? Please share with others in the comments section below.

From Entrepreneur

11 Lessons I Learned at Startups That Keep Me Up at Night

Being an entrepreneur is a frightening experience. You’re constantly faced with challenges that frequently put you on edge.

Over the past six years, I’ve been involved in three different startups. Each offered unforgettable experiences -- most good, depending on your outlook. It certainly hasn’t been easy to co-found, lead or grow any of these businesses, and I’m lucky I’ve worked with excellent teams throughout my career. Though I haven’t yet seen it all, I’ve seen enough to realize the hard reality that is starting a business.

Here is a (relatively) short list of things that easily kept me up at night:

1. You’re replaceable. Your customers, strategic partners, suppliers and teammates will always appreciate your contributions, but there is always going to be someone that’s better, smarter and nicer than you are. You have no time to be complacent because the bar is set higher and higher each day for individuals in your field. Also, no one has the patience to deal with jerks. So stay hungry and never stop treating people well. Do these things and you’ll be irreplaceable.

2. Reputation matters. Don’t become the person everyone loves to hate. Instead, be the most outstanding person you can be. Do nothing that compromises your integrity. Stay honorable. People will like you more.

3. You’re responsible (even when it’s not your fault). It’s true what they say. There’s absolutely no “I” in team. If something breaks, it’s everyone’s job to fix it. It’s unproductive to point fingers and no one benefits from pettiness. Fix it, prevent the problem from recurring and move on.

4. Others depend on you. It’s a scary thought that you’re responsible to more people than just yourself. Your customers trust you to keep them happy, your team members turn to you for their livelihood and your investors expect return on investment. Your actions and decisions impact them, so remember to do what’s best for everyone -- not just you.

5. You’ll eventually have to disappoint people. Some of your professional relationships will have to end. Some of your customers may not always get what they want. You can no longer grow if you’re carrying deadweight employees or fail to fire abusive customers, so trim the fat, but beware of leaving a bitter taste in their mouths or you’ll face the consequences.

6. Too much of a good thing is actually truly terrible. One day, you can be peddling your wares to local shop owners, a dozen at a time. The next day, all of the major news networks want to promote your product -- for free. You gladly accept and receive more sales in 12 hours then you’ve received in the lifetime of your business. Hooray! But wait, this gift has turned into a curse. As a startup, you have to be prepared for the worst-case scenario.

7. You’re forgettable. Despite your accomplishments and the noteworthy mentions of you garnered in the press, within weeks, your business can feel like yesterday’s news. To be competitive and relevant, you must continue to innovate.

8. Building a business costs more than just money. There’s also a price you pay when you make a habit of pulling the graveyard shift evening after evening after evening. Your relationships suffer and your happiness may decline. It’s easy for your work to consume you -- just know that you don’t have to let that happen.

9. Failure happens. It's difficult to stomach, but failure is natural. What makes matters worse is that your family and friends watch your every move anxiously hoping you’ll succeed. You’re allowed to fail and should fold a campaign or project if it no longer makes sense to continue on. When you’re ready to start a new adventure, you’ll be more prepared than ever.

10. Equity is messy. Fortunately, I’ve worked with honest people who’ve sought to compensate me fairly. At the same time, I’ve witnessed many not-so-lucky startup folk get taken advantage of. Be sure to negotiate.

11. You’ll face rejection -- a lot of it. Be prepared to hear 100 -- perhaps 300 -- “no’s” before you ever get a resounding “yes” from someone. You may think it’s a numbers game: the more people you ask, the closer you get to finding your first customer. The real secret isn’t trying to sell more people though. It’s selling your idea, product or service to the right people, improving your pitch, story and salesmanship each time.

I’m only six years and three startups into my career and I, most certainly, have many more lessons I need to learn. Ultimately, it’s these lessons that help you become a better entrepreneur.

What are some surprising things you’ve learned?

From Entrepreneur

How to Gain Personal Freedom and Control

My dad was a strict disciplinarian. I hated that. I hated it so much that I grew up desperately wanting to control my own life. To have the freedom to do what I want, how I want, when I want.

But here’s the thing. The pursuit of personal freedom has brought me face-to-face with an interesting dilemma. Turns out, it takes a tremendous amount of discipline and work ethic to achieve that lofty dream. And guess who I learned that from?

Yup, it pains me to admit it, but I learned it from my dad. The irony.

Since most of you are probably in pursuit of the same thing, more or less, I thought I’d fill you in on exactly how I’ve managed to achieve freedom and control over my life. Yes, it’s all about discipline, but not exactly the way you’d think.

Always get the job done. Sure, I like to procrastinate as much as the next guy, but I’m also deeply committed to my work. I always do whatever it takes to get the job done. That’s my number one priority. No exceptions.

Be a Schmoozer. I’m a people person who loves to schmooze, network and build relationships. I didn’t plan it that way, but it kills two birds with one stone: You’ll never have a shortage of friends or business opportunities.

Love your work. Turns out, it’s really hard to be disciplined when you hate what you’re doing. I could never pull that off.

Learn to delegate. It’s a good thing I became a manager early in my career. Climbing the corporate ladder taught me how to delegate effectively. 

Don’t drink before 5. I like to party, so, unless it’s in some way associated with work, my days are more or less alcohol free. It’s a lifelong habit that’s paid off well.

Become a caffeine addict. Caffeine is an amazing stimulant. Long ago I went decaf for 10 years. I call that time the Dead Zone. It was the least productive part of my life. I have no idea what I was thinking.

Work hard, but only when you have to. In the past – when it counted – I commuted halfway across the country, travelled millions of air miles, relocated, and worked long hours, including weekends. But I did all that on my terms … and only when I had to.

Strive to be the best at everything you do. And I do it right the first time. Turns out, if you’re really good, you don’t have to work as much. And if you get it right the first time, you don’t have to do it over.

Take care of yourself. I try not to let work or anything else get in the way of my health and wellbeing: sleep, exercise and eating right. Sure, I have vices, but I try to live a balanced life. And I’m very active, especially outdoors.

Be selfish. I try to make work fun by working outdoors as often as I can and, if there’s not a lot of thinking involved, with the tunes on. And when I’m not working or doing chores, I mostly do what I want, when I want. I’m not big on obligations. After all, it’s my life.

Look, it takes all kinds, and my way of doing things is definitely not for everyone. The point I’m trying to make here is that everything comes at a price. If you want personal freedom and control over your life, you’ve got to go about it in a disciplined way. You’ve got to have certain rules. There’s just no way around that.  

From Entrepreneur

8 Surprising Ways to Make Your First Million Dollars

Say you want to become a millionaire. Or a multimillionaire.

Or hey, even a billionaire. (Why not?)

The goal is clear...but the path can be anything but.

But not to Dharmesh Shah, co-founder of HubSpot (No. 1,100 on the 2014 Inc. 5000 and a company that recently went public). Dharmesh sees a clear, if slow and difficult, path to becoming a millionaire--or to reaching whatever level of financial success you aspire to.

Here's Dharmesh:

Money of course isn't everything. Not by a long shot. Where your definition of success is concerned, money may rank far down the list. Everyone's definition of "success" is different.

Here's my definition: Success is making the people that believed in you look brilliant.

For me, money doesn't matter all that much, but I'll confess it did at one time (probably because I didn't have very much).

So let's say money is on your list. And let's say, like millions of other people, that you'd like to be a millionaire. What kinds of things should you do to increase your chances of joining the millionaire's club?

Here are the steps I'd suggest. They're neither fast nor easy. But they're more likely to work than the quick and easy path.

1. Stop obsessing about money

While it sounds counterintuitive, maintaining a laser-like focus on how much you make distracts you from doing the things that truly contribute to building and growing wealth.

So shift your perspective. See money not as the primary goal but as a byproduct of doing the right things.

2. Start tracking how many people you help, even if in a very small way

The most successful people I know--both financially and in other ways--are shockingly helpful. They're incredibly good at understanding other people and helping them achieve their goals. They know their success is ultimately based on the success of the people around them.

So they work hard to make other people successful: their employees, their customers, their vendors and suppliers...because they know, if they can do that, then their own success will surely follow.

And they will have built a business--or a career--they can be truly proud of.

3. Stop thinking about making a million dollars and start thinking about serving a million people

When you only have a few customers and your goal is to make a lot of money, you're incented to find ways to wring every last dollar out of those customers.

But when you find a way to serve a million people, many other benefits follow. The effect of word of mouth is greatly magnified. The feedback you receive is exponentially greater--and so are your opportunities to improve your products and services. You get to hire more employees and benefit from their experience, their skills, and their overall awesomeness.

And in time, your business becomes something you never dreamed of--because your customers and your employees have taken you to places you couldn't even imagine.

Serve a million people--and serve them incredibly well--and the money will follow.

4. See making money as a way to make more things

Generally speaking, there are two types of people.

One makes things because they want to make money; the more things they make, the more money they make. What they make doesn't really matter that much to them--they'll make anything as long as it pays.

The other wants to make money because it allows them to make more things. They want to improve their product. They want to extend their line. They want to create another book, another song, another movie. They love what they make and they see making money as a way to do even more of what they love. They dream of building a company that makes the best things possible...and making money is the way to fuel that dream and build that company they love.

While it is certainly possible to find that one product that everyone wants and grow rich by selling that product, most successful businesses evolve and grow and, as they make money, reinvest that money in a relentless pursuit of excellence.

"We don't make movies to make money, we make money to make more movies."--Walt Disney

5. Do one thing better

Pick one thing you're already better at than most people. Just. One. Thing. Become maniacally focused at doing that one thing. Work. Train. Learn. Practice. Evaluate. Refine. Be ruthlessly self-critical, not in a masochistic way but to ensure you continue to work to improve every aspect of that one thing.

Financially successful people do at least one thing better than just about everyone around them. (Of course it helps if you pick something to be great at that the world also values--and will pay for.)

Excellence is its own reward, but excellence also commands higher pay--and greater respect, greater feelings of self-worth, greater fulfillment, a greater sense of achievement...all of which make you rich in non-monetary terms.

Win-win.

6. Make a list of the world's 10 best people at that one thing

How did you pick those 10? How did you determine who was the best? How did you measure their success?

Use those criteria to track your own progress towards becoming the best.

If you're an author, it could be Amazon rankings. If you're a musician, it could be iTunes downloads. If you're a programmer, it could be the number of people that use your software. If you're a leader, it could be the number of people you train and develop who move on to bigger and better things. If you're an online retailer, it could be purchases per visitor, or on-time shipping, or conversion rate....

Don't just admire successful people. Take a close look at what makes them successful. Then use those criteria to help create your own measures of success. And then...

7. Consistently track your progress

We tend to become what we measure, so track your progress at least once a week against your key measures.

Maybe you'll measure how many people you've helped. Maybe you'll measure how many customers you've served. Maybe you'll evaluate the key steps on your journey to becoming the world's best at one thing.

Maybe it's a combination of those things, and more.

8. Build routines that ensure progress

Never forget that achieving a goal is based on creating routines. Say you want to write a 200-page book. That's your goal. Your system to achieve that goal could be to write four pages a day; that's your routine. Wishing and hoping won't get you to a finished manuscript, but sticking faithfully to your routine ensures you reach your goal.

Or say you want to land 100 new customers through inbound marketing. That's your goal; your routine is to create new content, new videos, new podcasts, new white papers, etc., on whatever schedule you set. Stick to that routine and meet your deadlines, and if your content is great, you will land those new customers.

Wishing and hoping won't get you there--sticking faithfully to your routine will.

Set goals, create routines that support those goals, and then ruthlessly track your progress. Fix what doesn't work. Improve and repeat what does work. Refine and revise and adapt and work hard every day to be better than you were yesterday.

Soon you'll be good. Then you'll be great. And one day you'll be world-class.

And then, probably without even noticing, you'll also be a millionaire. You know, if you like that sort of thing.

From Inc. Magazine

How Knowing Yourself Leads to More Productivity and Efficiency

Everyone wants to become more productive. Particularly as the new year looms, people are thinking about what they’d like to do differently as the calendar year changes over.

The problem with many productivity plans, however, is that they depend on your changing your life to fit what someone else says will work, rather than your knowing yourself well and deciding how to schedule your time accordingly.

As long as you’re seduced by everyone else’s plan for your life, your wallet will be seemingly stuck open when it comes to paying for help with time management. Every new system will appeal to you and it will always seem like someone else has an answer.  

No one else has the answers. You have your answers already, and here’s what you need to know about yourself to discover them. When you understand yourself well enough, you’ll be able to set up systems for your business and life that truly work. 

1. Determine whether you’re an early bird or a night owl.

Work when it’s most natural for you. Parents or anyone else whose life is dictated to some degree by someone else’s schedule should find a compromise to lean into. For instance, maybe you can’t realistically stay up until 2 a.m. the way you want to, but you could stay up until midnight.

And imagine if the other people in your house wind down around 10 p.m. If you're a natural night owl, you’ll work better between 10 p.m. and midnight than if you worked for four hours in the morning and forced yourself to rise earlier.  

2. Understand your needs.

We’re all different. The very thought of getting up for an early-morning appointment gives me insomnia 99 percent of the time, even when it's pertaining to something I want to do. That’s why I don’t schedule early meetings.

The only way that someone else might be able to sleep would be knowing that the first thing in the morning, he or she would hit the ground running, attending a meeting that tackled something important. So what do you need, in order to not feel overwhelmed by the day-to-day operations of your business?  

3. Figure out what mitigates that feeling of being overwhelmed.

The things that overwhelm people point them to where they need to pay more attention and make changes.

Take a moment to see if there’s a way on the cognitive level to reduce your feelings of being overwhelmed. For instance, if overwhelming feelings arise because you become very worried, address that root issue rather than not taking a risk.

But overwhelming feelings that accompany poor strategic decisions, such as piling on the projects or working for a client whose manner is contrary to yours, can be mitigated by making different choices. 

4. Consider whether working in community or solitude is better.

Some people struggle to get work done because they need a hum of noise around them and the office is too quiet. Others find that their focus takes a nose-dive when others are talking.

Instead of trying to force yourself to become a different person, find the places and spaces where you can work in the way that you like. If you work from home and get lonely, schedule “co-working days” with other home-based entrepreneurs. Or find a co-working space.

If you work in an office that’s noisy and busy, use headphones or earplugs. If you’re worried that people will find this rude, try this polite explaination with a friendly smile: “I’m trying something out to see if I can be more productive at work. Feel free to let me know if you need anything.”

5. Set priorities.

If the truth is that you really just don’t think it’s important to spend your time using  social media, figure out a way to engage with it that works for you, rather than trying to be “all in” and constantly tweeting. Or decide to hire someone else to handle all things related to social media.

The same applies to how you let your priorities infiltrate your work. If it’s a vision for your business to have fun, ask yourself when starting to do a task that isn't your favorite, “How can I make this fun?” 

6. Be cognizant of natural strengths and leverage them.

If writing is not your natural strength, then someone else needs to handle the company blog. If meeting people is a natural strength, see if you can contribute to video pieces or be the first person to pick up the phone when a client situation becomes tricky. 

7. Know what takes you from bad to worse.

When you’re already having a bad day, understand what makes you feel even more unfocused. For instance, if you’re feeling insecure about your company's growth, you might go from feeling bad to even worse if you read about a competitor’s recent profitability.

While this seems like an obvious tip, many entrepreneurs might be stuck and struggling with a rough time and then lose themselves in scanning Facebook to deal with the stress. Become clear about the patterns that don’t serve you or your business.  

Stop drifting through the day-to-day activities of your business, hoping that you’ll hit on a solution for more work efficiency. Productivity isn’t about someone else’s systems and rules. Know who you really are and what you’re about, and use that to create systems that nourish and support that, so that you’re better equipped to cultivate your business.

From Entrepreneur

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