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10 Things I Wish I Knew Before Starting an Online Business

10 Things I Wish I Knew Before Starting an Online Business

Admit it.

You’ve day-dreamed of starting your own business.

And why not?

It’s amazing because you’ll never have to put up with awful office politics. You’ll feel like a powerhouse.

You’ll blur the lines between work and play, and although you will be working more hours than a 9-5 job, you’ll love every second of it.

And here’s another cool thing: Once you start your own business, you’ll never go back to the job-hunting scene. Ever.

Does that send your heart racing? Tickle your fancy?

But here’s the thing: Everyone’s got an entrepreneurial idea – whether it’s a new app that will take off or a shopping website that will blow customers’ minds away.

While these are great goals to have, here’s some harsh truth:

Ideas don’t mean a thing. Unless you convert them into something more tangible.

Your business is that something. It’s real, it’s living, it’s thriving.

There’s a ton of advice of what you should and should not do as you start a new online venture. Whom to believe? Where to start?

Four and a half years ago, I had the same questions that kept me up all night. So I did ton of research, applied all the wrong moves and course-corrected, researched, applied some more and so on.

(Hint: Don’t spend hours on the marketing forums. That’s a time-suck for sure.)

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Long story short, back then, I had no idea to know whether my action steps were any good. No roadmap to follow. No clue about options that could have made my life easier.

Like they say, you don’t know what you don’t know.

If you’re starting your own business, here’s a letter I wrote myself that will save you the heartache and money. Steal it. Please.

Dear Four-and-a-Half-Years-Younger Me:

So you’re starting a new business. Good for you! You’re going to love every moment. Well, almost.

But don’t haste. Here’s a list of things to follow. Treat this as a prophecy. It WILL come true.

1. Every Little Action Counts

As a new business owner, you’re thinking big results.

That’s good – but don’t forget the power of small steps.

Because even slow progress is progress.

So ease up a bit and take small, effective action steps. Shuffling paper, checking your Google Analytics stats and speaking on phone may appear as effective, but most of the times, you’re better off doing something else.

That something else is “effective action” – you put your 100% at the task in hand. You shut down your browser windows, you log out of Facebook and you quiet your smartphone notifs.

When in doubt, ask: Can I lose myself in this task and feel proud about it?

If the answer is No, stop and find a more effective action task. Don’t worry, you’ll find ample because your to-do list is over-flowing.

2. Be Super-Productive on Fridays

In a perfect world, you’d never work weekends.

As an entrepreneur though, it’s hard to paint a black and white picture of your work schedule.

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Still, it’s a no-brainer to take some days off. But how?

Be super-productive on Fridays. If there’s any backlog of work from the week, tick it off before your workday ends and weekend begins, which means before Friday evening.

It’s hard to relax if you have procrastinated on some important tasks. You feel guilty and unproductive, and your work sneaks into your weekend.

Get into a habit of making your Fridays super-productive.

3. Build a Relationship – One at a Time

Know the number one rule of networking?

First, seek to help.

Met someone on a forum, LinkedIn, or in the comment section of a blog? Learn more about this person. Get curious about them and their business. It’s a harmless, genuine goal.

Then add value by sharing a useful article or a tweak, or give feedback. They may or may not do business with you, but that’s irrelevant.

4. Keep a Tab on How Leads Find You

Right now, you don’t care how leads come to you. You’re happy to have their business and in your kid-in-a-candy-shop-like excitement, you forget to ask a simple yet powerful question.

Where did you find out about me?

This is pretty critical in your marketing mix.

After all, if you don’t keep a tab of your best channels, how are you supposed to leverage them?

Keep an excel sheet listing out who found you where: Was it a referral? Was it via LinkedIn? Was it through a networking meetup? Did Google send them to your website?

The 80-20 rule applies – 80% of your revenue will come from 20% of sources, so naturally you pay special attention to these channels and spend more time marketing on them.

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Trust me, having that kind of knowledge about your sources is gold. If it’s not obvious or you can’t figure it out yourself, ask your clients where they learned about you.

Business and analysis go hand in hand, so it’s smart to monitor all your business data in one place with tools such as Cyfe.

5. Start an Email List – Pronto!

You still don’t have an email list? You must really hate money. Tsk tsk.

Wait, you have an email list but you’re not sending regular juicy content, and helping your prospects live a little better life with each message? You’re leaving a lot on table.

Start an email list from day zero.

Jon Morrow suggests that before you even launch a blog, you can have a “coming soon” page and capture leads. You don’t have to do anything fancy – just installing a free theme like LaunchEffect will do.

Set up an autoresponder series for your leads and share great content. A good practice is to send three content-based emails for one promo/sales-based email.

Offer a freebie (also known as a Lead Magnet) in exchange for their email. Do this, pronto!

6. Invest in Yourself

That $250 course by the genuine online marketer? Snag it. It will take you places.

That monthly blogging membership course from a problogger? Yes, take that too.

When it comes to investing in yourself, trust your gut instinct about the “guru”.

7. Done is Better than Perfect

Stop mulling indefinitely, create it already! It will take discipline, time and focus, but it will be worth it.

Yes, that includes your Kindle books and the membership website.

8. Be Prompt with Email Responses

Be prompt with enquiries. If someone sends you an online enquiry, reply as soon as you see it.

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This person is desperate for help, and they most likely sent the same inquiry to other providers.

The provider who responds first, initiates a conversation and gets the business. Be that person.

Replying the next day is a dumb move.

9. Don’t Compare Yourself with Those Who’ve Started Five Years Before

It is futile. For starters, you’ll compare the wrong things and your weak points with their best.

Comparison will rob you of focus, motivation and joy.

Lastly, it’s hard to stop it once you start.

A better alternative? Put your head down and get to work. Quit comparing.

10. Start with Service and Move toward Products (Passive Income)

In the beginning, you will have more time than money.

So start with a service. Get acquainted with your client base and get better at your craft.

Sure, it will take more time because you will be working with one client at a time, but you will learn tons about their deepest pain points and biggest aspirations.

You’ll walk a mile in their shoes. You’ll get the power of personal touch. You’ll understand the nuances of customer service.

Keep perfecting your service. Then, launch a product.

Of course, we both know there could be a bazillion things that could go wrong – but when in doubt, go to #7. Start somewhere. And you’ll be fine.

What lessons have you learned from starting your own business? Tell us in the comments!

Image by Ed Yourdon.

Featured photo credit: https://www.flickr.com/photos/yourdon/ via flickr.com

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Last Updated on May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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