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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 January 13, 2020

Is It Time for a Career Change? (And How to Make the Change)

Is It Time for a Career Change? (And How to Make the Change)

Are you challenged at work? Do you regret career decisions? Are you happy? If the answer to the questions leads to a negative feeling, it is time to determine next steps.

Many people settle for a career that no longer brings satisfaction. Most will respond by stating, “I am surviving” if a colleague asks them “How’s work?”

Settling for a job to pay bills and maintain a lifestyle is stagnation. You can re-direct the journey of a career with confidence by taking control of future decisions. After all, you deserve to be live a happy life that will offer a work-life balance.

Let’s look at the reasons why you need a career change and how to choose a career for a more fulfilling life.

How to Know if You Need a Career Change?

The challenges of dissatisfaction in a career can have a negative impact on our mental health. As a result, our mental health can lead to the obvious appearance of stress, aging, weight gain and internal health issues.

You deserve a career that will fulfill the inner desire of true happiness. Here are common factors that it is time for you to change your career.

Physical Signs

Are you aging since you started your job? Do you have anxiety? What about work-related injuries?

It feels amazing to receive a pay cheque, but you deserve to work in an environment that brings out the best of you. If the work environment is hazardous, speak to your boss about alternative options.

In the case that colleagues or your boss take advantage of your kindness, feeling the anxiety of fear of losing your job because of a high-stress environment may not be right for you.

Mental Signs

One out of five Americans has mental health issues, according to Mental Health America.[1] In most cases, it is related to stress.

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I remember working at a job in a work environment where harassment was acceptable. I had to walk on eggshells to avoid crossing the line with colleagues. My friends started to notice the difference in that I seemed out of character. It was then that I knew that changing a career to freelancing was the right decision.

Here is a list of mental signs of workplace unhappiness:

  • The tension in your neck
  • Difficulties with sleeping
  • Unable to concentrate
  • High anxiety
  • Depression

If you start to feel your self-esteem is diminishing, it is time to consider if working in a high-stress industry is for you. The truth is, this negative energy will be transferred to people in your life like friends and family.

Are You Sure You’re Not Changing for the Wrong Reason?

Most people that feel they need a career are frustrated with their situation at work. Do you really understand your current situation at work?

The reason it is important to think about the work situation is some people decide to change career for factors that are insignificant. Factors that can potentially change if the person works in a different department or new organization.

Here is a list of unimportant factors to think about before you decide to make the transition:

Desire for an Increase of Salary

The desire for a higher income can persuade some to believe they are in the wrong career. The issue with this is more money requires more time in the office or taking on several positions at a time.

At times, pursuing a high-income role can be the complete opposite of what one is expected. It is what happens when a colleague leaves a company to a new one and returns several years later.

Overnight Decision

Let’s face it. We make overnight decisions when stressed out or disappointed with situations at work. The problem with a quick decision is the negative and positive points is overlooked.

Rejected for a Promotion

I have heard stories of managers that applied ten times for a position throughout a 5-year period. Yes, it sounds to be a lengthy process, but at times, a promotion requires time. Avoid changing a career if you do not see the results of a promotion currently.

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Bored at Work

Think deeply about this point. If you work a job that is repetitive, it is normal to feel bored. You can spice it up by changing the appearance of your desk, socializing with new employees in a different department, joining a leadership committee at work or coming to work with enthusiasm. Sometimes, all it takes is you to change jobs into a fun situation.

A career change can take time, networking, education and the job search process can be a journey. Here is a list of things to consider before making a final decision:

  • How long have you worked in your career?
  • What is the problem at work? Do you work well with the team?
  • Do you receive recognition?
  • Can you consider working in a new department?

If after reviewing your work situation and none of the above recommendations can help, then it’s time to make a career change.

How a Career Change Will Change Your Life

I have a friend that works in the medical industry. She was once a nurse working directly with patients in one of the top hospitals in her area. After five years, she started to internalize the issues with her patients to the point where she felt depressed after work hours. It impacted her relationship with her family and she almost lost herself.

One day, she decided to wake up and take control of her destiny. She started applying for new medical jobs in the office. It meant working on medical documentation of patients which is not an ideal career based on what society expects a medical professional to perform. But she started to feel happier.

It is a classic example of a person that was negatively impacted by issues at work, stayed in the same industry but changed careers.

A career change can fulfill a lifelong dream, increase one’s self-esteem or revive the excitement for one’s work.

You know a career change can be the right decision to make if you experience one or all of these:

  • Working in a negative workplace: Don’t be discouraged. A negative workplace can be changed by working at a new organization.
  • Working with a difficult boss: The challenges of working with a difficult boss can be stressful. All it takes is communication. You can address the issue directly with a manager professionally and respectfully.
  • Feeling lost about what you do: Most people stay at their jobs and settle for mediocrity because of the fear of failure or the unknown. The rise to success often comes with working a tedious role or stepping outside of one’s comfort zone. If you fear the idea of being involved in activities that are new, remember that life is short. Mediocrity will only continue to make you feel as if life is passing you by.

How to Make a Career Change Successfully

The ultimate key to success is to go through a career transition step by step to avoid making the wrong decision.

1. Write a Career Plan

A career plan has a dead line for action steps that includes taking new courses, learning a new language, networking or improving issues at work.[2] A career plan should be kept in your wallet because it will motivate you to keep pursuing the role.

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You can learn how to set your career plan here.

2. Weigh Your Options

If you have a degree in Accounting, write down five positions in this industry of interest. The good news is diplomas and degrees can be used to a variety of roles to choose.

You don’t have to stick to what society holds a top job. In the end, choosing the right role that will make you happy is priceless.

3. Be Real About the Pros and Cons

It is time to be honest about strengths, weaknesses, opportunities and threats in the job market that are impacting the current situation.

A SWOT Analysis of a career can include:[3]

  • Economic factors
  • Direct competition: Is this role in high demand?
  • Location: Do you need to move? If the goal is to work in tech and living in Cincinnati is not realistic, consider moving to San Francisco.
  • Achievements: To stand out from the competition achievements like awards, committee involvement, freelance work or volunteering is a recipe for success.
  • Education: Do you need to go back to school? Education can be expensive. However, online courses, webinars or self-study is an option.

    A career blueprint is the first step to creating realistic goals. A person without goals will be disappointed without a clear direction of what to do next.

    4. Find a Mentor or Career Coach

    A mentor or a career coach that works in the desired position can share the pros and cons of working in the role. Here is a list of questions to ask a mentor:

    • What is required to be successful in the role?
    • What certification or educational development is needed?
    • What are the challenges of the role?
    • Is there potential for career advancement?

    A chat at a coffee shop with a mentor can change your mind about the desire for a career change.

    Find out how to pick a good mentor for yourself in this article: How to Find a Mentor That Will Help You Succeed

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    5. Research Salary

    Some people decide to change careers for a role that pays less or perks like benefits to make up for the difference in previous to potential salary.

    It can reveal the cities throughout the country that offer a higher salary for those that have an interest in relocating for work.

    6. Be Realistic

    If your goal is to move up into an executive position, it is time to be honest about where you are in your career.

    For example, if boardroom meetings, high-level discussions about financials or attending weekly networking events are boring, an executive role may not be right for you. If you are an introvert and working with people every day is nerve wrecking, you need to reconsider a job in sales.

    Ask yourself if you can work in this role for the next five years of your life. If other benefits that come with the role are enticing, other roles are fit that will make you happy.

    7. Volunteer First

    A person that wants to become a manager should take on volunteer opportunities to experience the reality of the position.

    Becoming a committee member to pursue a presidential opportunity can provide a perspective on leadership, maintaining a budget and public speaking.

    Volunteer in a role until you are certain that it is the right opportunity.

    8. Prepare Your Career Tools

    I recommend asking a boss, colleague or mentor for career tools. If you prefer professional assistance, you can seek out resume writing assistance. Here is a list of things to consider when preparing career tools:

    • Online search: Search your name online to see what shows up. I recommend searching images that are on Facebook, Twitter, Snapchat or other sites on a personal account. The last thing you want to realize is the job search is unsuccessful because there is unprofessional content you posted online.
    • Be LinkedIn ready: Recruiters conduct a LinkedIn search to see if the work experience is the same on a resume. Remember to change the wording on LinkedIn from the resume, or it will appear there was no effort put into creating the profile.
    • Portfolio: A portfolio of work is recommended for people that work in the arts, writing, graphic design and other fields. I recommend a portfolio online and one that is available in hand when attending job interviews or networking meetups.
    • Cover letter: A good cover writer will always impress your potential employers. Here’s how to write a killer cover letter that stands out from others.

    Bottom Line

    It takes time to move towards a new career. Pay attention to the physical and mental signs to maintain your health. You deserve to work in happiness and come home stress-free. If you avoid the common mistakes people make, you will find a job and discover the role in a career field that is the best fit with your skillsets.

    Master these action steps and changing career paths will be on your terms to make the best decision for your future.

    More About Career Change

    Featured photo credit: Pexels via pexels.com

    Reference

    [1] Mental Health America: The State of Mental Health in America
    [2] MIT Global Education & Career Development: Make a Career Plan
    [3] Creately: Personal SWOT Analysis to Assess and Improve Yourself

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