LIVE LIFE UP HIGH

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Here are 22 more things you can do if you want to fail as an entrepreneur. If you want to fail as an entrepreneur, go ahead and implement these items  and you will fail miserably.

1. Don’t give back to the community and to charities around you. This is your money anyway and you worked hard for it. You deserve all the spoils from your hard work.

2. Don’t bother hiring talented people. Hire your friends or hire people because you feel sorry for them. Hiring talented people is expensive. Yes, you may be better off in the long run with talented people but it costs too much right?

3. If you do hire talented people don’t pay them well. Try to get them for the cheapest rate you can and don’t give them any bonuses. If they go somewhere else then they just didn’t belong with you anyway.

4.Don’t provide incentives for your customers or your employees to bring you good ideas. You have all of the good ideas anyway.

5. Work yourself into the ground. Don’t live a balanced life. It is all about the business and the money anyway. What else matters?

6. Think short term in your decisions. Only care about the here and now. Don’t even think about how your short term decisions affect you in the long-term.

7.Don’t bother trying to understand economics and how it can affect your business. Your business is not even affected by what happens in the general economy right?

8. Don’t spend anytime learning the emerging trends in your business and in your industry. You will always have this business and it will always bring in income.

9. Don’t go to conferences in your industry so you can learn something new. You already determined that you know what you need to know. Besides, conferences cost money and they take time.

10. Neglect your family and friends. Who needs the hassle? They should understand that you are building a business. It is all about the business.

11. Don’t be flexible. Be as rigid as possible.

12. Don’t work on your communication skills. What’s that all about anyway. You talk and others listen. Problem solved.

13. Don’t create a business strategy. Just run your business by the seat of your pants.

14. Create a strategy and then take forever to implement it. Analyze the heck out of it but never really act on it.

15. Don’t create a unique selling proposition. Just be like everyone else. Don’t be original.

16. Let fear stop you right in your tracks. Fear is good. Even unhealthy fear that is not based in reality.

17. Constantly talk yourself out of good ideas. Keep doing the same thing.

18. Give up easily. As soon as an obstacle comes throw up your hands and quit. You knew it wouldn’t work anyway right? I mean that is what you constantly said.

19. Don’t learn from your mistakes. Keep repeating them over and over again. At least this is familiar.

20. Criticize your customers and your employees. They deserve it. Really give it to them. And do it often.

21. Neglect social media marketing. Who needs these new fangled strategies? Stick with the old way of doing things.

22. Procastinate when it comes to addressing issues. Put is off until it becomes an urgent matter that will take up a great portion of your time and resources. Who wants to deal with issues when they first present themselves?

Again, as I said in Monday’s post, I don’t want you to fail. Please focus on doing the opposite of what is presented here and you will be moving in the right direction. As always I look forward to your comments.

There are a lot of great business books out there for aspiring entrepreneurs. To me, the best business books are the ones that provide structure to your thinking and that explain the systems behind great businesses. The books that I recommend in this post do just that. To get your business right, you have to think right. These books help you think right about business.

This is a very important book for aspiring entrepreneurs. One trap that many entrepreneurs get caught in is the trap of spending all of their time working in the business and not enough time working on the business.  This has caused many businesses to fail. Michael Gerber effectively addresses this issue in his book.

Most entrepreneurs know about the Rich Dad series of books. While this whole book is great the reason I recommend this one for entrepreneurs is because chapters 30-36 provide structure to business ideas. In these chapters Robert Kiyosaki talks about the B-I Triangle and describes it as the key to great wealth. I agree.

This is a wonderful book for those who want to make innovation a part of their daily business lives. Yes it is a textbook but any person who is really serious about being a successful and innovative entrepreneur should read this book. If you can’t read the whole book at least read chapter 3 which helps you think beyond new products and new services to entirely new business concepts. With these tools you can go nonlinear in your thinking about business models. You must check this one out.

Do you have other great business books that you would recommend to other entrepreneurs? Please let me know in the comments.

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In our final installment of this series I mention 3 more modes of thoughts for successful entrepreneurs. I am sure you know that this list is not exhaustive. There are more modes of thought that are important for the entrepreneur that I may address in future posts. Ok, now for the “final” three modes…

Think “Extra Mile or Ten” – It’s about service. Extraordinary service. Find out what your customers really desire  (which you have learned from our previous post because you are thinking like your customer) and find ways to deliver this desire packed with unexpected value. Discard the thinking of the limited entrepreneur that delivers ordinary service. Train yourself to think about each interaction with your customer and how you can make their experience exceptional. Do this and you will create fans that will spread the word about your business and your service. Your business will prosper.

Think Leverage – You can’t do it all yourself. Thinking you can is a limited and foolish way to proceed. Many entrepreneur limit their success, ruin their health and destroy their families simply because they attempt to do it all. Banish this mode of thought. Adopt the leverage mindset. There are many types of leverage but 2 good ones to start with are technology leverage and people leverage.  

Learn how to use technology to get things done more effectively and efficiently. Look at your business model and think about the processes that can be enabled by technology.  Here are two good questions to get you started. How can you use the Internet to reach your clients better or deliver better service to your clients? How can you use you mobile device to be more productive?

How about people leverage? What tasks are you handling that would be better performed by an employee or a freelancer? As I mentioned in a previous post, you should be focusing on the 20% of the business that gives you 80% of your results. The rest should be outsourced to others. One caveat is that you should only outsource to talented people. Talent may be expensive but the quality they produce is worth it.

Think Creatively- This is a very important mode of thought for the entrepreneur. You must learn how to think creatively about opportunities and about problems. Think laterally. Think options. When you are dealing with a problem think about 3 ways you can solve the problem. Simply doing this will help get your creative juices flowing. 

Here is another great way to get those creative juices flowing. Look at another industry and pick a process that is common in that industry. Now think about your business. How can you apply this concept to your business? This is a great way to generate new ideas for your business.

Please let me know how you use these modes of thought.

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In my last post I shared 3 modes of thought that help you succeed as an entrepreneur. In this short post I share 1 more important mode of thought for entrepreneurs.

Think Like a Customer- So many entrepreneurs have great product and service ideas for their customers but they don’t really know their customers. They don’t spend time really interacting with their customers so they don’t know how their customers think. This is tragic. This is why many of the product and service ideas they have for their customers fail to deliver real value to the client and real profit for the entrepreneur. 

Successful entrepreneurs know how their customers think and so they know how their customers will react to new products and services. Indeed they can think like their customers. How did they develop this skill? They developed this skill by spending lots of time interacting with their customers. Asking not only what their customers want and need but finding out why their customers have this need. Then they spend time thinking deeply about the implications of what they have heard from their clients. 

Which clients should you focus on? This is a good place to think about the 80/20 rule. Since 20% of your customers create 80% of your profits, thinking like these customers will give you your greatest return on investment.

Take time today to spend time with your customers. Learn from them and learn to think like them.

As always, I solicit your feedback and your thoughts. This site is for you and I want to know what you think. Thank you.

photo credit: milena mihaylova

How we think affects every aspect of our lives. This is no truer than it is in our businesses.  As entrepreneurs our habitual modes of thought shape what we accomplish in our business. If we learn how to think right we can accomplish great things.

In this post and the subsequent post, I will share with you 7 modes of thought that will lead you to entrepreneurial success. Here are the first 3:

Think Big – I am sure you have heard this before but it bears repeating. It is important to think big in terms of your entrepreneurial vision and the number of people you can serve. For example, you may be thinking about creating one location for your business. How about thinking about 10 locations or 100 locations? Remember you don’t have to do it by yourself nor do you have to do it all at once. People often overestimate what they can do in one year but grossly underestimate what they can do in 10 years. Thinking big serves you well because it will propel you past pettiness and small obstacles. I encourage you to look at your current business reach and multiply it by at least 100.

Think Small -This is not a contradiction to our other mode of thought. Thinking small is thinking about distinctions. What makes your business different from your competitors. What distinctions can you make in your business that would be hard to copy? Remember several small distinctions can make a huge difference.  Look at your business and your competition, what are 5 small distinctions that you can make to better serve your client base.

Think without Fear – Ask yourself this question- what would I do as an entrepreneur if I knew it was impossible for me to fail? This powerful question helps you think in terms of possibilities. Many entrepreneurs limit themselves with fear-based thinking. They focus on what they can’t do instead of what they can do. In your current business or in the one you are planning to start, answering the question presented above will take your business to a new dimension.

Please stay tuned for Part 2 of this series.

As always, I welcome your comments and suggestions.

What characteristics make top entrepreneurs successful? There are many but here are 21 that I think really make a difference.

How many of these do you possess?

  photo credit: batmoo 

Top Entrepreneurs:

• Believe that they can make a difference
• Have a bent towards action
• Think Strategically
• Feel the fear and do it anyway
• Work from a written mission and vision
• Are opportunity focused
• Are problem solvers
• Think long term
• Have a sense of urgency
• Think win-win
• Know how to manage risk
• Believe in themselves
• Have boundless optimism
• Surround themselves with smart people
• Have a deep understanding of human nature
• Have a tolerance for uncertainty
• Create opportunities
• Recovery quickly from disappointments
• Are results-oriented
• Are genuinely concerned about others
• Believe that they will win

 Please keep in mind that entrepreneurs possess these qualities in varying degrees. Don’t be discouraged if you don’t possess all of these qualities in abundance. Begin working on developing some of these and improve your success as an entrepreneur.

Check out these resources:

Stanford’s Entrepreneurship Corner

EvanCarmichael

What characteristics do you think top entrepreneurs possess?