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5 Great Business Tips From Successful Entrepreneurs

5 Great Business Tips From Successful Entrepreneurs

Most people who are employees have thought of starting a business at some point in their lives. These people have a good idea of what the challenges are of starting a business. Even the simplest forms of businesses require true dedication, seriousness and proper planning. However, there are very few people who understand the emotional and sentimental association that an owner has with his/her business. Once you have owned a business for a couple of years, it is nearly impossible to let go of it just like that, even if you know it’s the best decision to take.

In simple words, you would never want to go through the pain of closing down a business. It is therefore highly recommended that you listen to the business advice given by people who have successfully run their businesses despite great hardships. These are the people who understand your passion, emotions and feelings. Their words can touch the very points that worry you about your business, established or startup. Here are some great pieces of advice coming from entrepreneurs who have been to the deeper side of the sea to tell you what it’s like there.

1. Be Wise When Choosing Friends

This particular advice comes from Tim Ferriss, who has his own TV show called The Tim Ferriss Experiment, and he is also a three times NYT bestselling author. He says that he always believed in the words of the great authors who said that a person is an average of his or her closest 5 people. The same people believe that the network of a person is that person’s net worth. It does not mean you have to make friends from your industry only. If you are in the IT field, you don’t have to be forced to make some experienced IT experts your friends. The point here is to find friends who encourage you to do good things rather than pulling you back from doing them.

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The people you are mostly surrounded by have a huge influence on you. If they mostly have a skeptical viewpoint of life, you will soon see your viewpoint conforming to theirs as well. Be around people with goals who are working to achieve something in their lives.

2. Be A Delegator

This particular thought not only haunts the business owners, but country leaders too. People who have spent their time and invested their efforts in creating a company are often very hesitant when it comes to delegating their responsibilities to others. Whitney Moerings from White Water Agency has gone through the same. When Whitney started her company it was her, who had done every single thing. Not only did she name her company and get it registered, but she even designed its logo and found the clients for it. She says that it is tough for a business owner to believe that someone would be able to take care of things like themselves.

It’s best to delegate responsibilities as soon as you feel the need to. Postponing this idea and constantly trying to manage it all by yourself will eventually overload you and cause burn outs.

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3. Don’t Accept the Failure

No matter how tough the circumstances are, there is always a way out of them. You can always renovate your strategies or business ideas when you think things are not working in your favor. However, the best entrepreneurs of the world agree on the fact that “no” is not an option when you want to achieve something big. The best example is of Sophia, the owner and founder of Nasty Gal. Nasty Gal started out as a store on eBay that was focused on selling clothes from the old times. The start was not very pleasing, but Sophia kept her patience and kept moving on.

Today, her business has transformed into a multi-million-dollar business despite the fact that she did not have any experience of the fashion industry before she started this store. She says there were people who kept saying no to her, but she kept her passion up and proved them wrong.

4. Know Your Customers in All Possible Ways

This particular advice comes from Tara Gentile. She is a recognized business strategist and entrepreneur who mentors owners of small and medium sized businesses on making the best out of their opportunities. She believes it is better for a business to know its best customers rather than focusing on a large group of people and managing to convert even less than 1%.

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She says that businesses should create their products and services with certain people in mind. They should then pitch these products and services to those chosen people rather than going after everyone. She thinks that business owners should not be thinking about people who might be interested in the product and rather create product that they know will definitely be bought by a certain group of people.

5. Don’t Be Comfortable

Sara Rotman is an advertising entrepreneur and she preaches to the world what she once learned from her accountant. She has an ad agency called the MODCo and some great names as her clients such as Tory Burch and Vera Wang. She says that she was in the middle of discussing her business plan when her accountant told her to not have too much cash for the business. The accountant thought that too much cash will put Sara in a comfortable position and the hunger to achieve more will be gone.

Sara took this advice and went with it as she started her business. She says that not having enough keeps her on her toes, and she thinks this keeps her motivated to do more for her business. In the simplest words, if you have enough cash to make you feel comfortable, you are bringing up an enemy in your own hands.

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All the people mentioned above are the recognized entrepreneurs in today’s world. All you need to know here is that they were all just like you before they became big people.

Featured photo credit: Business Advice Coming Right from the Successful Entrepreneurs via chha-nl.ca

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Last Updated on July 2, 2020

13 Common Life Problems And How To Fix Them

13 Common Life Problems And How To Fix Them

In life, we encounter problems as we breathe. But it doesn’t get to us until we feel a major impact, and that’s when it becomes a source of concern, hurt, or sorrow.

Life problems, depending on their magnitude, can be clogs in the wheel of progress, and we may not be able to attain our full potential if we don’t learn to place our problems in the proper perspectives as suggested in Robert Schuller’s Tough Times Never Last.

In this article, I have identified some common areas where you will most likely face problems as you make progress towards reaching your full life potential. I have also suggested practical approaches in handling, managing, and solving such problems.

1. Financial Crisis

We live in an uncertain world and a financial crisis may come at different stages of life. While you should always anticipate and prepare for a financial crisis, it may still catch you off guard or the magnitude may be far more than any preparation you have made over the years.

It could be that you lost your job or a major investment, got slammed with a lawsuit that threatens your savings, or have your livelihood be affected by a major disaster. So what do you do when you are in a financial mess?

Solution

To overcome a financial crisis, you will have to come to terms with the crisis. Acknowledge and accept the situation and begin recovery by setting your financial priorities right.

The next thing to do is to identify the cause of the crisis. If it’s due to a job loss, then your effort should be directed at getting a new job. If it is having multiple debts, look for ways to consolidate your debt so that your monthly debt repayment can be consolidated into one instead of being burdened with multiple payments.

You can also sell some of your assets to raise money to save the situation, or look for a better job if you are earning less at your current job. Don’t hesitate to ask for help from family and friends if you need to.

2. Health Crisis

Another major problem that might come up in your life is a health crisis. This is not far-fetched because our body systems work round-the-clock, even when we are sleeping. As a result of this, and if you don’t maintain routine health habits, health deterioration might begin to set in. Things might even get serious if you don’t attend to it early.

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Solution

When you are facing a major health crisis, the first thing to do is to consider lifestyle changes. This includes cutting down on junks, eating healthy diets, exercising, breathing fresh air, taking some sun, etc.

Apart from the lifestyle changes, you have to seek quality medical help and make sure you get different opinions about the state of your health so you can get the best affordable care.

3. Relationship, Marriage, and Family

There may not be anything as sweet as love and family life, but it can also be the source of pain for some. Human imperfections in a relationship can cause a major crisis in life. This has been a stumbling block to many on their path to fulfillment.

Solution

The best thing to do is to prevent relationship problems from happening, but if they do happen, you need to face reality and begin to take steps towards addressing them. Do your best to keep the lines of communication open as this can help in strengthening your struggling relationship. Talk about the challenges with your partner and look for common grounds.

You can also arrange to see a counselor together or read books that address the specific challenges you are facing. The worst thing you can do is to end a relationship and that’s only when you have exhausted all other options.

4. Workplace

The workplace is supposed to be a place where we dutifully render the services for which we’ve been hired.

However, it is not impossible to face animosity at work—dealing with toxic people who would rather not see any good in what you do. It might be caused by differences in background, attitudes, and unhealthy competition that can result in personal conflicts. This can create undue stress and reduce productivity.

Solution

Be as professional as possible when dealing with toxic people. Be kind and show understanding, and try to avoid personal confrontation.

You can even try to reach out to the persons and invite them over for a coffee and get to understand their worldview. This can help you to connect with them at their level so that you can avoid unnecessary stress for yourself.

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5. Career Pressure

In your quest to become more successful, you will likely encounter work-related pressure. Such can come when trying to stabilize your career or climb the career ladder. It can also come as a result of overworking and having no life. Career pressure is one of the most common life problems.

Sometimes, it may be that the promotion you are working hard to get is not coming or positions you are qualified for are being offered to others. The pressure can get more intense when you find that most of your colleagues are moving ahead of you.

Solution

Check to find if you have personal or attitudinal problems. Some attitudinal problems can put you at a disadvantaged end. It may be poor communication, poor personal grooming, or poor relationship and networking skills. If it is any of these problems, then work on improving yourself in those areas.

You can also observe your colleagues who are succeeding and take note of what they are doing differently.

6. Unfair Treatment

We are in a world where some people often think they have some privileges over others and may want to exercise this thinking and treat others unfairly. If you find yourself in an environment where you are being oppressed or treated badly because of your race, gender, or current status, this can make you feel really bad and can also affect your psyche and productivity.

Solution

There is the temptation to decry your treatment, defend yourself, and demand a change immediately, but you should really wait for the right opportunity to do that.

When the time is right, reach out directly to the person or authority involved, and make it private. Meanwhile, you should be factual about the instances of your unfair treatments. Don’t just say it that you are being treated badly; give several undeniable instances.

Once you’ve made your grievances known politely, keep being you. If things don’t change, you can cocoon yourself in that environment. If you have an option to leave, you can do so as well.

7. Emptiness and Boredom

When you are in a rut, everything becomes normal, dull, unproductive, and yet difficult to change. This can lead to feelings of emptiness and boredom. This may not seem like a serious life problem, but it can have a great impact on your life.

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Solution

To overcome boredom and emptiness, break out of your routines, and deliberately create a new experience for yourself. If you can’t leave your job to find a new one, start doing other things that reflect your true passion. Sometimes, the things that give us the needed drive in life are not our day jobs.

8. Confusion

Confusion is described as a change in mental status in which a person is not able to think with their usual level of clarity.[1]. It is inherent in forgetfulness and lack of concentration.

It can be caused by different things including medical and environmental factors. It can also be due to the experience of a loss, a heartbreak, or abuse.

Solution

Don’t allow the situation to deteriorate into something more serious. Try to snap out of whatever experiences you have had that is causing confusion. Seek medical help if necessary or talk to a psychologist.

9. Friendship Problems

We need friends in our lives to rob minds and hang out together and even help us when we run into trouble. But many people have found themselves in serious trouble as a result of the company of friends they keep. They’ve experienced jealousy, backstabbing, and betrayal of trust. Some friends have even used the information freely provided in times of friendship to betray trust.

Solution

Don’t open up on everything to friends. Keep some information only to yourself. If you notice that a friend is working against you, confront them with the truth. Limit your interaction with them or get rid of such toxic friends completely.

10. Haunting Past

We all have pasts, and we might have done some crazy stuff in the past before we begin to live a more civilized and decent life. But sometimes, the past comes back haunting. It’s even worse when life problems of the past haunt you back and become problems of the present.

It may be that what you have done is now striking your conscience, keeping you awake at night. Or someone who knows about it is trying to use it against you, and it is standing in the way of your progress.

Solution

Be true to yourself and forgive yourself. If it is an issue with another person, you can reach out to the person to settle with them. If it is a secret that is now being leaked out, own up to it, take responsibility, and move on.

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11. Safety and Security

You may find yourself in an environment where there have been unexplained murder, gun violence, police brutality, insurgencies, and other life-threatening situations. This can make you feel like you might be the next victim. What should you do in this situation?

Solution

Ensure that you watch where you go and keep your home secure. You can also get involved in a neighborhood community watch to collectively find solutions to the threat. If the situation persists, you can move to a more secure location.

12. Failure

Failure can bring disappointment and can also slow the pace of progress. But failure is also part of life, and we have to learn to deal with it. But what do you do when an experience of failure weighs you down?

Solution

You can read a book or biography to get inspired by other people’s success stories.

13. Grief

No one loves to grief but we can’t totally shield ourselves from it. The loss of a loved one is painful and, if not properly handled, can lead to an emotional breakdown.

Solution

Take your time to express emotions. You can also pen an emotional tribute to the individual. Writing can help us bring out the feelings that cannot be expressed otherwise, and it helps us breathe a sigh of relief.

You can also cope with your grief by helping them to realize some of their unfulfilled dreams or do something in their honor. Lastly, while you think about your loss, you will still have to move on, accepting the fact that life is transient.

The Bottom Line

Problems are what make life worth living. They help us adapt to become tougher as we adapt to different situations. Always remember that whatever problem you are facing has a solution or, at least, a manageable approach.

Therefore, never allow your challenges to stop you from fulfilling your true potentials in life.

More Tips to Help You Get Unstuck

Featured photo credit: Danka & Peter via unsplash.com

Reference

[1] Medicinet: Confusion: Symptoms & Signs

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