Entrepreneurs Don't Think, They Do

(source: https://www.pinterest.com/iebusiness/entrepreneurship/)

Trait of Successful People

Startup Pledge (Must for Budding Entrepreneurs)

All budding entrepreneurs need to take this pledge before becoming an active member in this wonderful world of startups. This will help them create an outlook which will make their journey smoother.

THE PLEDGE

- I pledge to never stop learning

- I pledge to make my startup my passion and be a parent to it rather than a manager

- I pledge to build a team of people in my journey who are equally passionate and zealous about my startup

- I pledge to be focused and share my focus and goals with my team

- I pledge to be open to feedback and to make alterations in my path whenever required

- I pledge to be non-biased in anything I do

- I pledge to be patient and not let anxiety or restlessness into any of my decisions

- I pledge to never let the morale of me or my team down

- I pledge to create a story which will inspire others

Be Empathetic

Empathy is your ability to relate to and understand someone else’s situation and perspective. Strong, enduring relationships are almost always built on empathy. It’s a life skill that requires self-awareness, practice and experience. The ups and downs of your personal and professional life will influence how you empathasize, and with whom.

Common experience connects people through an instant bond and a shared level of trust. For example, I can easily empathize with others who have lost a job, started a business, had cancer, struggled with finances, or written a book because I too, have experienced those circumstances.

Just be aware, empathy does not mean you have to agree with others’ opinions or try to please everybody. Instead, consider the feelings of your employees, partners and colleagues when you make decisions. To cultivate this skill, react less, listen more and try to put yourself in the other person’s position.

Next time a client or employee is struggling, take a few moments to listen and, if you can relate, share a personal story.

(taken from http://www.entrepreneur.com/article/233709)

How Bill Gates Started

His father was a lawyer. A very successful one. His mother a teacher. Reading magazines in middle school he first thought about how cool it would be to open a company. You could say that’s how he started – with a childish dream. Many kids have dreams though, so what happened next?

How Bill Gates  Started To Hack

Next, Bill Gates saw a computer at 13. The school he went to bought one machine and a teletype. He paid for the time to use it. When money ran out, he hacked into the computer to use it for free. Then he got banned by the school. Then the school realized he had a rare skill so they asked him to use the computer and help them find bugs. He started to be a hacker.

Started to Hustle

Next, Bill scored 1590 out of 1600 on SAT. He went to Harvard. Only to find himself unsure about where to start – as a pre-law major or as something else? Reading Popular Mechanics one day in college he read an ad about a new computer. He called them to say that he wrote a programming language for it. (He hadn’t.) He asked if they might buy it. He hadn’t even started to write the language. But, he started to be a hustler. And, yes, the computer company was very interested in buying.

Being a Workaholic

Next Bill sat down with his friend Paul from high school, and the two wrote that programming language that he talked about on the phone. Bill wrote 50% of the code, using Harvard’s computers. Bill coded all day long, slept at the computer, woke up and picked up programming exactly where he left off. Bill started to be a workaholic.

Being a Copyright Guru

When they were done, Bill flew to New Mexico to show this new language he had written called BASIC. The computer company bought it for $3,000. But Bill kept the copyright. Did he somehow know it would be worth a lot in the future? So he started to be a copyright guru.

Started to Visualize the Future

Five years later IBM knocked on Bill’s door to see if he had written an operating system they could buy. Bill hadn’t. But he said, “Yes.” Real quick, he found an operating system from another person in Seattle and bought it. With the copyright. Then he sold it to IBM. For a lot more. This was DOS. And without copyright – they never asked for it. “Who would pay for software?” they reasoned. It’s the hardware that people are after. Bill saw the opportunity to make people pay for software. Bill started to see the future. He was now a visionary.

Bill Gates Started to Be a Perfectionist

Then Steve Jobs showed up. He wanted Bill to write new software that was visual. Programs like Excel and Words. Programs that looked human. Bill got down to work. Jobs thought Bill’s team’s product was tasteless, but Bill kept at it. He got better and better until he got really good. Bill started to be a perfectionist.

Being a Visual Thinker

But Bill was not going to spend his life working on Jobs’ brilliant ideas. Ideas, after all, are worthless until executed. Plus, Jobs’ ideas were stolen anyway. And so it was fair game to do the same. Bill remembered where he saw this idea of visual interfaces – it was Xerox. And now he wanted to create a visual operating system of his own. He called it Windows. He started to be a visual thinker.

Being a Tough Cookie

When Jobs heard about Windows, he went ballistic. He lashed out at Bill calling him down to Cupertino. In front of ten Apple employees Jobs accused Gates for robbing Apple. Bill listened calmly and replied that Jobs stole the idea just as he did himself. Bill started to be a tough cookie.

When Windows launched, Bill visualized a world where every home had a computer, and that computer was running Windows. Bill started to become very rich. And as his vision materialized, by 39 he became the richest man in the world.

(taken from http://fundersandfounders.com/how-bill-gates-started)

Health is Wealth

I am writing this post sitting in the hospital getting a full body health check up done. Once we start working, a lot us tend to ignore a lot of factors, which in the long run, will help keep us going.

For someone like me for whom my work is what drives me in life, I realise that if I have to keep working for the longest time possible, I need to keep a check on my health on a constant basis. Think of the time you are down with very high fever, at that point you can barely think about anything other than your health. Your work comes to a stand still.

Eventually everyone will have to suffer from health issues, which will disturb and hamper our work lives. Our effort should be to reduce this period by taking care of ourselves so that we can keep doing what we like doing for the longest time possible. Maybe late in life, but now is when I truly appreciate the saying - "Health is Truly Wealth".

Take Care of Yourself

When you don’t sleep well, eat well, exercise and are living off adrenaline for too long, your performance suffers. Your decisions suffer. Your company suffers.

Never Be Conservative With What You Can Achieve With Your Business

Andrew Carnegie was the founder of the legendary Carnegie Steel Company, who made a vast fortune only to give it all away, becoming the first great entrepreneur turned philanthropist in history, a tradition that was followed by his contemporary, John D. Rockefeller and much later by Bill Gates and Warren Buffett.

Carnegie always believed in running his business top capacity and not bothering about the margin. He was always clear to his managers that he wanted his steel factories to operate at full steam, regardless of highs and lows of the economy or other factors. His goal was to be the biggest and the most dominant steel producer in the country, regardless of any external challenges.

What can you learn from this? Greatness can never be achieved if you are too moderate with your ambitions or too conservative. To achieve greatness, you must stretch you capacity to the maximum. 

Don’t worry about temporary pitfalls; always focus on a larger goal.

(taken from http://www.liverix.com/4-business-lessons-you-can-learn-from-andrew-carnegie)

Never Blame Others

This is a rule we must not only apply to work, but to life in general.

As humans, we have a tendency to find fault in what other people around us have done before looking within. I might be guilty of this also from time to time. We tend to forget that we ourselves have chosen these people to be around us. Be it team members of my startup or my spouse, it was my decision to put them here in the first place and now simply cribbing out what they have done wrong is something a loser would do. Anyone can make a mistake and if I genuinely feel that the person is not deserving, I better do something about it.

Grow Step by Step

Entrepreneur's think in terms of stages or increments. They never commit large resources up-front, working within a single stage. The traditional manager, on the other hand, is given a budget to complete a project and he or she will force an outcome no matter what new facts may emerge during the life cycle of a project. Compare this approach to the entrepreneur who never takes such huge risks. Entrepreneurs manage risk by making decisions incrementally and they move forward very cautiously, moving to the next stage only if a specific event or action has occurred. This approach allows the entrepreneur to better control risk as opposed to the traditional manager who takes on major risk. By not wasting valuable resources, entrepreneurs not only manage risk better, but they preserve and protect value. They also have better control over the final outcome of projects.

(taken from http://www.exinfm.com)

The Story of Boris Veldhuijzen Van Zanten, Founder of The Next Web

"As a kid I was dyslexic and had bad eyesight. That meant I often couldn't see the writing on the blackboard and even when I could, I still couldn't read it.

Unfortunately it took a long time before either problem was recognized. Before that I was simply labeled lazy, unwilling or stupid. By the time I was fifteen I was three years behind and very unhappy. Then one day I decided to drop out of school and apply to the circus school. Officially I was too young but I was determined and had talent for juggling so my parents supported my decision.

The teachers at my school weren't so supportive. They took turns trying to persuade me to stay and all said the same thing: "If you drop out now you will never amount to anything."

They tried to persuade me by threatening me but their strategy had the opposite effect: I felt liberated and even more determined to choose my own destiny. I figured if leaving meant starting from zero and being labeled as an outcast, than everything I would accomplish from now would be to my own credit. I felt empowered and excited at the opportunity to design my own life without someone else telling what I could and couldn't do.

For me that was a defining moment. I've always felt like the rules didn't apply to me and I could do what I wanted. After I graduated circus school I applied to an art academy, graduated cum laude, and then started my first Internet business, one I sold three years later.

Although you never start a company alone and I had many partners to thank, I did feel I truly earned my success as a self-made man when we signed those contracts, and I definitely thought back to those teachers who told me I would never amount to anything."  

(taken from http://www.inc.com/jeff-haden)

Failure is the Best Teacher

To learn, it is important you fail a few times. Every failure is because of some mistake one makes. Learning from mistakes is a trait of a successful entrepreneur.

Circulate Viral Content

Your first option is circulating viral content: Here, you’ll be responsible for creating content that’s unique, informative, entertaining, surprising or otherwise original and valuable to your audience. This is definitely the hard part -- the Internet is oversaturated with content, so standing out is harder than ever.

But, assuming you’re able to produce something that people want to share, you can let your audience handle its syndication rather than forcing it down their throats. Start by coming up with a catchy headline, sharing the piece on your own social channels and asking your friends, family and coworkers to also share the piece. If your content is good enough and your timing is right, you may attract hundreds of shares, resulting in more visibility, traffic and even more domain authority through backlinks.

(taken from entrepreneur.com)

Seth Godin: 'The Person Who Fails the Most Wins'

Seth Godin wears many hats: serial entrepreneur, prolific author, beloved blogger and inspirational speaker.

He’s also a master at failure, mostly because he’s done it so many times. “I think it’s fair to say that I have failed more than most people,” Godin said today from his onstage perch at New York City’s Advertising Week. “And I’m super proud of that. Part of the rules of this game is, the person who fails the most wins.”

While liberating, this presentation of failure as a trophy isn’t new. Silicon Valley has long fetishized failure, to the point where “fail fast” has become an informal industry mantra; it’s not uncommon for business leaders and entrepreneurs to publicly present their failures like so many badges.

But as Godin goes on to clarify, failure is a skill. You can do it successfully, or you can fail at failure. “If you fail too big, you don’t get to fail anymore. If you never fail, then you haven’t done anything,” he said. The key is to find and consistently hit the sweet spot between those two poles. “If you’re failing consistently in a way where you get to keep playing, that’s pretty cool.”

On one hand, Godin encouraged the 200-plus audience to pursue their “art,” no matter the lack of corresponding monetary gain or critical praise:

You have to get to the point where you say, this is what I’m going to make. And if [the audience] doesn’t get it, that’s ok…sooner or later they may get it. In Van Gogh’s case, they didn’t get it until he was dead. But that’s part of the deal.

At the same time, Godin gave a big nod to practicality. While the ability to risk failure is the essential in the pursuit of greatness, it doesn’t hurt to stack the deck in your favor and be strategic about your approach. If you feel your true artistic calling is to make toothpick sculptures, maybe take the process out of the woods and onto Kickstarter, where far-out projects often find an audience. Does it mean it will definitely gain traction? Of course not. But at the very least you’ve put yourself in a position where it’s a possibility.

This balance – between failing too softly and failing too hard – is nicely encapsulated by Godin’s description of skate skiing, a sport he only recently discovered “The entire sport is, the person who leans forward the most wins,” he said. During his first lesson, he asked the instructor “what happens if you lean forward too much?”

To which the instructor, not unsurprisingly, replied: “You land on your face.”

For Godin, that tension – leaning forward as far as possible without landing face first on the ice – is skate skiing’s main draw. “It’s what makes people get hooked on skate skiing,” he said. “It’s the feeling I look for in every project I decide to do.”

In other words, don’t hold yourself back. But don’t aim to fall on your face, either. Instead, search for that magical spot where you push against your own limitations in pursuit of real victory.

In skate skiing and in life “you feel this moment where there might not be a net, where it might not work,” said Godin. And then you continue on anyway.

(taken from entrepreneur.com)

Leadership Tips from the US Marine Corps

The Marines in the US have defined some principles for creating great leaders which hold in business as well. Adopting these principles will guide your actions and provide direction throughout your career. The principles are also an important tool for self-evaluation. As you progress, you can use them to identify your own strengths and weaknesses, and seek self-improvement.

BE TECHNICALLY AND TACTICALLY PROFICIENT

Maintain a high level of competence in your Military Occupational Specialty. Your proficiency will earn the respect of your Marines.

KNOW YOURSELF AND SEEK SELF-IMPROVEMENT

Use the leadership traits to evaluate your strengths and weaknesses. An accurate and clear understanding of yourself and a comprehension of group behavior will help you determine the best way to deal with any given situation.

KNOW YOUR MARINES AND LOOK OUT FOR THEIR WELFARE

You should know your Marines and how they react to different situations. This knowledge can save lives. Knowledge of your Marines' personalities will enable you, as the leader, to decide how best to employ each Marine.

KEEP YOUR MARINES INFORMED

Informed Marines perform better and, if knowledgeable of the situation, can carry on without your personal supervision. Providing information can inspire initiative.

SET THE EXAMPLE

Set the standards for your Marines by personal example. The Marines in your unit all watch your appearance, attitude, physical fitness and personal example. If your personal standards are high, then you can rightfully demand the same of your Marines.

ENSURE THE TASK IS UNDERSTOOD, SUPERVISED AND ACCOMPLISHED

Before you can expect your Marines to perform, they need to know what is expected from them. Communicate your instructions in a clear, concise manner, and allow your Marines a chance to ask questions. Check progress periodically to confirm the assigned task is properly accomplished.

TRAIN YOUR MARINES AS A TEAM

Train your Marines with a purpose and emphasize the essential elements of teamwork and realism. Teach your unit to train, play and operate as a team. Be sure that all Marines know their positions and responsibilities within the team framework.

MAKE SOUND AND TIMELY DECISIONS

Rapidly estimate a situation and make a sound decision based on that estimation. There's no room for reluctance to make a decision, revise it. Marines respect the leader who corrects mistakes immediately.

DEVELOP A SENSE OF RESPONSIBILITY IN YOUR SUBORDINATES

Show your Marines you are interested in their welfare by giving them the opportunity for professional development. Assigning tasks and delegating authority promotes mutual confidence and respect between the leader and the team.

EMPLOY YOUR UNIT IN ACCORDANCE WITH ITS CAPABILITIES

Successful completion of a task depends upon how well you know your unit's capabilities. Seek out challenging tasks for your unit, but be sure your unit is prepared for and has the ability to successfully complete the mission.

SEEK RESPONSIBILITY AND TAKE RESPONSIBILITY FOR YOUR ACTIONS

Actively seek out challenging assignments for your professional development. Seeking responsibilities also means that you take the responsibility for your actions. You are responsible for all your unit does or fails to do. Stick by your convictions and be willing to accept justified and constructive criticism.

(taken from marines.com)

Not Correcting a Mistake is Fatal

Entrepreneurs will make mistakes. This is a given. The more you try, the more mistakes you will keep making. And this is totally fine as a mistake teaches you what went wrong and what you should have done.

The crucial part here is realising that you have made a mistake as soon as possible. And once you realise it, correcting it ASAP. If our assessment cycle is too long, the damage which the mistake can cause your business will be more. We need to keep assessing quickly, reasonably and continuously.

Once we realise the mistake, if I do not correct it, that is equivalent to a death wish. So why would an entrepreneur not want to correct a mistake? Believe it or not, this is quite common. At times, my ego may not let me. 'This is my project and it will work and I will make it work anyhow'. This can also be due to my irrational belief in the project in its current state. As entrepreneurs, we need to keep implementing new things, learn from them and keep pivoting the business if required. We need to have an open mind about the fact that the business may need a change in course and all actions should be based purely on learning and practicality.

Determination is More Important than Education

There are many different types of people in business with different educational backgrounds, so don’t feel excluded. Some successful people are quiet, some are loud, some are good salespeople or good at finance. All can make it if they have a good team to help carry forward their plan.

A degree of formal education is helpful for anybody and I encourage it. But having a degree is not an essential part of being successful as an entrepreneur. The qualities you do need are a lot of stamina and determination.

(taken from entrepreneur.com)

'Neerja' - Inspirational & Awesome

NEERJA BHANOT: Sep 7, 1963 - Sep 5, 1986 

I saw the movie Neerja yesterday. It about the life of Neerja Bhanot. Neerja Bhanot AC was a purser for Pan Am, based in Mumbai, India, who was shot while saving passengers from terrorists on board the hijacked Pan Am Flight 73 on 5 September 1986.

The film brings to light a lot of the exceptional qualities this young girl possessed at the time, which we all can learn from.

Commitment: Neerja was extremely committed to her job and duty and was willing to give up her life for it. This is the kind of passion we should possess for all our endeavors in our daily life. To save the lives of as many passengers as she could, she decided to leave the aircraft last and ended up getting shot because of this.

Learning from Experience: Neerja had gone through a traumatic marriage and as shown in the film, had learnt and applied a lot of the learnings from it as her life went on. This included never giving up, mustering up courage in times of hardship, not doing bad to others nor accepting the same and so on.

Courage: She was bold in her actions despite having armed terrorists on board and consistently tried to make well thought out moves to take control of the situation.

Human Kindness & Understanding: A quality I feel is important for a good leader to have. She not only overcame her own emotions, but also helped all other passengers stay calm and guided them during that distress situation.

I really enjoyed the movie and would advise all to go and watch the story of this brave and courageous girl who was committed to her duty till the very end and who reinstils the value of human kindness in mankind.

Track your Employee Turnover

Do you have the same team you originally started with? Saying "no" to that question isn't necessarily a bad thing, especially if your lineup has changed. In addition, startups are notoriously volatile, and young workers are especially prone to making frequent career jumps.

However, if you find that your employees are consistently leaving after only a limited time on the job, that's a bad sign for the future of your company. It could be that these jobs are too confusing or demanding, that there aren’t any areas for development, that the inner workings of the company don’t meet expectations -- or that those departing employees foresee the pending death of the company. None of these signs bodes well for your future.

(Written by Jayson Demers, AudienceBloom on entrepreneur.com)

Tip to Succeed from the Great Rocky Balboa

“Nobody is going to hit as hard as life, but it ain’t how hard you can hit. It’s how hard you can get hit and keep moving forward. It’s how much you can take, and keep moving forward. That’s how winning is done.”