by Paul Joseph
July 29, 2011
Featured
In an increasingly homogenized world, entrepreneurship is being defined by a common set of global principles. Although, what we discuss today, in not how to achieve entrepreneurial success in a global village; we attempt to understand the universal principles that make any entrepreneurship successful, no matter where in the world you are. Learn to recognize an opportunity A successful entrepreneur is one who sees a gap in demand and supply or one who thinks he can supply the best in a market crowded with supplies. The 2010 Forbes Richest Man in the World, is an entrepreneur who pounced on an opportunity. An immigrant in Mexico, Carlos Slim Helú started off with a dry foods store, made money from his real estate investments and then went on to grab the government-run Mexican Telecom Business when it was being privatized in the 1990s. Today, he’s valued at $53.5 Billion, ahead of Bill Gates and Warren Buffet, who, incidentally, also made their riches by learning to recognize opportunities. There are entrepreneurial lessons to come out of the British Royal Wedding too. Catherine Middleton’s mother, Carol Middleton, a stay-at-home mom noticed a huge opportunity in the Kids Party segment in the 70s. The wife of a flight dispatcher, she set up a hugely successful home business that made the family wealthy, propelling them into social circles that would eventually lead to the Royal union. The company, Party Pieces, is currently valued at 30 million pounds. Have you learned to recognize an opportunity yet? Recognize the potential of your idea If you haven’t seen ‘The Social Network’, you’re probably detained in Guantanamo. If you’ve seen it, you’ll definitely remember the bit where Sean Parker talks to Mark Zuckerberg about Roy Raymond. The Stanford Business School grad who wanted to buy lingerie for his wife, was too embarrassed to buy it in a mall where everybody could see him and came up with the idea for Victoria’s Secret, a high-end lingerie store, where men could buy lingerie without feeling like perverts. Unfortunately, he sold his company, and jumped off the Golden Gate Bridge a few years after. While introducing Mark to Victoria’s Secret models, Sean makes his point to the future billionaire – recognize the potential of your business idea. Universally, if there’s one thing that sets successful entrepreneurs apart from would-have-been success stories is this simple skill to know where an idea can take you. Roy Raymond sold the company he created for 5 million and died when it was worth 500 in a few years, because he failed to recognize the potential of his brainchild. Sean Parker received 7% of Facebook’s stock and is worth $924 million, when he didn’t even come up with the idea. His networth is the result of his genius in being able to recognize the potential of Mark’s idea. Stay Foolish, Stay Motivated If you look at some of the biggest entrepreneurial success stories of our time – Apple, Microsoft, Dell, Amazon, Google, etc. – these were all begun by crazy guys, dropping out of college, setting up small businesses in garages and setting out to do ridiculous things like compiling the entire data of the internet and writing algorithms to make it easy to sift through this data. But these were men who stayed motivated and stayed foolish. Jeff Bezos started Amazon after a comfortable stint as Vice President at a well-paying Computer Science job. Indeed, not all IT Czars became billionaires at 25! He kept the fire in his belly alive and thought of the Amazon business plan on a cross country drive from New York to Seattle. After working in the plush offices of Wall Street, he risked it all for setting up a company in his garage. Present day billionaire entrepreneurs who started from scratch follow the simple universal approach to entrepreneurship, they stay foolish and motivated, which Steve Jobs put so beautifully in his Stanford graduation speech to deafening applause. These entrepreneurs have defined what it takes to be successful – all you have to do is have enough belief in yourself and continue to put in the effort and work it takes. These guys wouldn’t be at the top of their game, if they weren’t constantly motivating themselves. Follow your passion Jerry Seinfeld is an inspiration to all those artist-entrepreneurs out there. Whether, you’re a writer, a painter or a stand-up comic, Seinfeld shows you that if you’re really good at what you do, there’s no need to trade money for following your passion. Currently valued at $800 Million, Seinfeld retired from television more than a decade ago but continues to rake in the moolah by syndicating his show, Seinfeld. After landing a small role in an HBO series, in the 80s, Seinfeld was fired over creative differences, showing streaks of a classic entrepreneur who doesn’t get along with people. Let’s not forget Steve Jobs was fired from the company he created! He went on to create a pilot for Seinfeld, along with Larry David, and sold the show to NBC. He refused to extend the show by another season, even for 5 million per episode, or take up a Hollywood career after the show ended and instead he continued to be a stand-up comic, making more millions through his shows. The four approaches to entrepreneurship described above are so universal in nature that they can be applied to any business, in any part of the world. They are simple as philosophies, strong as ideas and enduring as steps to entrepreneurial success. Preetam Kaushik is a freelance writer/independent columnist and an avid blogger. He is a web 2.0 expert and writing consultant serving a wide array of clients. Read more about Preetam here .
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by Paul Joseph
March 17, 2011
Featured
How many of you pay for a gym membership that goes unused? How about that great treadmill or Bo-Flex machine which is collecting dust in your basement? Well, then you are paying quite the fat tax, and it’s affecting your ability to succeed as a business owner. I’ve been in ‘this game’ called Entrepreneurship for all sixteen years of my post-college career. Three businesses later, hundreds of thousands of dollars invested, countless hours toiled and an untold number of all-nighters have put a great deal of stress on this 37 year-old mind and body. As a former student-athlete, striking a healthy mind-body balance has always been important to me, and one of the foundations of my success. My ability to maintain or reclaim that balance amidst the incessant demands of start-up businesses has been challenged, to say the least. I want to bring this issue to light for the benefit of young entrepreneurs, as well as seasoned veterans, who I am sure can attest to how difficult it is to maintain a healthy lifestyle while building their businesses. “Sacrifice” they say “is necessary for success”. You have to give things up, that I agree with. But your health should not be one of them! When you’re passionate about something or up against the clock, nothing else seems to be a priority. All you can think about it how to raise more capital or grow your sales to avoid hitting the red. It can be very stressful. And it doesn’t get any easier on the other side of the fence, after you start achieving some success. Bigger clients, growing staff and hungrier investors come with bigger demands on your time and energy. That is why you have to carve out the space right now – no matter what stage of entrepreneurship you’re in – to make healthy living a top priority. Consider it an investment in your business, if that’s what it takes to motivate you. I’m not speaking to you as a personal trainer, nutritionist or business coach – I’m coming from the perspective of a long-time entrepreneur who has been through this. I can remember a three-year time period where I literally worked day and night, sun-up to past sun-down, slept in the office once a week, and ate two meals a day at my desk. I was 27-29 at the time, and it really took a toll on me. The ‘athlete’ in student-athlete no longer existed, although I never stopped thinking of myself as a ‘healthy person’. But I was on the verge of burnout, with an aching back and stiffness in the knees, although I no longer participated in sports. The body has a funny way of communicating our needs to us. I took this as a message – “I’m too young for this” I thought, as I proceeded to join the gym the next day, signing up for yoga and karate to complement a new cardio and weight lifting routine. I can honestly say, from both personal and professional standpoints, that this was one of the best decisions I’ve ever made. It’s 8 years later, and I haven’t looked back since. So what’s your story? I know, the kids or other personal demands are taking up your non-work time. Whether it’s active social or family lives, which are also vital parts of a healthy 360 degree lifestyle, it should not impede your ability to take out 15-30 minutes a day to get the heart rate up through some form of exercise. I would not count walking to work as exercise either, although it’s always good to get some extra movement in your daily routine. Here are some of the things that I recommend to alleviate stress and strike a balanced lifestyle that will increase your productivity, happiness and longevity as an entrepreneur: Pick 1-2 fitness or sports activities that are accessible and reliable (meaning, you don’t have to depend on too many other people to participate in). Schedule yourself for at least four days per week , at a minimum of 15 minutes per session. Going for a jog around the block or doing three sets of push-ups and sit-ups is minimal but acceptable. If you have a gym membership, don’t pay the “fat tax” – instead, actually use it! Track it , so that you can keep yourself honest. Use a spreadsheet, calendar or simple web-based checklist for marking the days you worked out. I have created such a Personal Time Tracking Tool in Excel that you can check out. If you don’t track it, it becomes easy to play mind games with yourself and start regressing. Be safe. Playing sports always comes with its risks. Just try to minimize those risks. No need to be a hero and dive for loose balls all over the court. Contain your competitive drive (as much as possible) for when you get back to the office. Let this time be a good release, have fun, and get home in-tact. This is easier said than done, especially for competitive entrepreneurs! Hire a trainer for at least 2 workouts per month. Someone that can help you stay accountable to yourself, and work out “the right way” instead of just walking on the treadmill while checking your email or watching TV. A few quick tips on the nutrition side, which is equally as important to your health as physical exercise: Don’t eat until you’re full. It makes you tired, craving more sugar and caffeine, and reduces your energy level. Chances that you’ll say “I’m just beat. I can’t work out today.” increase 3-fold. Don’t skip meals. You may think that’s positive for taking in less calories; but in my experience, unless one is consciously fasting, skipping meals drains your energy, induces over-compensation in subsequent meals and throws the metabolism out of whack. Get the office into a health kick as well. At my company, I provide healthy snacks, teas and a gym membership to encourage healthy lifestyles. I can’t force it of course, but I can be a role model and create an environment where taking care of oneself is strongly encouraged. With that in place, here are a few other health tips that will nicely complement your regimen: Get sufficient, quality sleep. Not sleeping enough dulls your mind and tires your body. Meditate. Even if it’s for five minutes a day, meditation gets the mind to slow down will increase your clarity and overall well-being. Take a relaxing vacation at least once a year. There is nothing like a vacation for rejuvenating the mind, body and soul. As an entrepreneur, you have to constantly reinvent yourself to meet new challenges. Your personal health challenge is something that you already face daily, whether you are conscious of it or not. Wherever you stand right now, if you raise your awareness and commitment level to your health, I promise you that the quality of your work and your life overall will improve. You can measure it yourself as part of an experiment. Others have, as have I – and the data is irrefutable. Healthy lifestyles lead to happier and more productive entrepreneurs. Arman Rousta is Founder & CEO of digital agency, Blueliner, which services start-ups and established companies such as IZOD, California Closets and Lufthansa. Read more about Arman here
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