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6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

Initially, it may seem to the inexperienced that running your own business would afford you plenty of financial freedom and clear out your schedule so you can focus more on other things. This idea of being “the boss” and relaxing while others work for you and the money just roles in is what causes most entrepreneurs to fail really quickly. Entire books can be written about the psychology behind this phenomenon, but let’s just say that being greedy, delusional and lazy is the worst combination of traits for an aspiring businessman to have. You’ll need to sit down and ask yourself a few very important questions if you want to avoid grossly overestimating your capabilities and coming up with an unsustainable business model that will leave you buried in debt.

1. Do you have a somewhat original and marketable idea?

The precursor for any sort of business venture is an idea. Good ideas are born out of understanding the principles of supply and demand, knowledge of the latest market trends, a desire to stand out from the crowd and plenty of ambition. An entrepreneur’s vision may not be entirely novel, but it should be somewhat unique.

If your plan looks something like this:

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  • Step One – Open clothing store
  • Step Two – Make a ton of money
  • Step Three – Live out the rest of my days without any worries

Then it is safe to say that you don’t have what it takes to survive your first year, let alone earn enough money to live comfortably and grow your business. A good plan would look more like this:

  • Step One – Research the local market to check if clothing store is a valid option
  • Step Two – Market research shows that there is a lack of elegant and stylish plus-sized clothing options in town, even though there are plenty of plus-sized shoppers, which means a shop catering to these needs would be well-received
  • Step Three – Look for creators, designers and skilled labor that could help you produce your own clothing
  • Step Three – There is enough demand for the product that you can manufacture at a reasonable cost with the right tools, and the skilled labor would be willing to work for a reasonable salary, it’s time to determine a budget
  • Step Four – With the available budget we can hire a small, but skilled and dedicated team, buy the necessary equipment, secure a location and have enough to cover the costs for the first six months even if we make no money
  • Step Five – Find a good location that fits the planned budget
  • Step Six – Find the right vendors and try to negotiate a good deal
  • Step Seven – Fix up the place and set up shop
  • Step Six – Evaluate the time it will take to break even and formulate a coherent and realistic business plan

Make sure that you can bring something new to the table, putting a unique spin on tried and true ideas and basing your decisions on supply and demand in your local area.

2. How good are you at what you do?

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Employee of the month

    Want to open a restaurant or coffee shop? Then you better have some experience in those industries and make sure you are able to cook up a tasty meal or at least partner up with people who can. Want to open a clothing store? You’ll need at least some working knowledge of how things work and plenty of people skills. You may be more of a thinker and organizer than a doer, but you’ll need to make sure that you are one hell of a negotiator. There are many avenues and a huge variety of niche markets that a successful entrepreneur can focus on—as long as he or she possess the right skill sets and is confident in his or her abilities, they can go on to create a great career. However, you’ll want to be objective when judging your own skill level and capabilities if you want to avoid becoming overambitious and burning through your budget.

    3. Do you have enough courage, motivation, determination and focus?

    Courage, focus and determination

      There are plenty of characteristics in common among successful entrepreneurs and it is clear that it takes a certain kind of person to succeed in the business world. Now, you may have some of these qualities without being aware of it, simply because you were never in a position that required you to use them—you won’t know how you handle a situation until you find yourself right in the middle of it. That being said, you’ll need to dig deep within yourself and try to find enough courage, determination, discipline and a laser-like focus on the goals you set. If you don’t have at least some of these traits in spades, you will be better off looking for a different career.

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      4. Can you stay level-headed under stress?

      Businesswoman frustrated at work

        As an entrepreneur, you will need to take certain risks, and you’ll find yourself far out of your comfort zone a lot of the time. A big part of running your own business is being constantly under pressure and dealing with tons of problems as they present themselves. You will need to prioritize and deal with the most pressing matters first, and in the beginning, it can be like a barrage of things going wrong and situations not playing out quite according to plan. The ability to keep your head cool under stress and think clearly is incredibly important, as you will need to improvise on the spot, make quick decisions and choose between the lesser of two evils. If you lose your temper too often and make impulsive decisions, you won’t last very long. Luckily, this is one aspect you can work on and improve through exercises like yoga. A quick boxing session on the heavy bag or going for a swim can be a good way to manage stress and blow of some steam, so keeping in shape can be beneficial.

        5. Are you prepared to stay focused and work every single day?

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        Working on vacation

          There are no sick days, weekends or quiet afternoons when you are an aspiring entrepreneur. Many people complain about the soul-crushing monotony and lack of career options of their nine-to-five jobs, but once you are on your own, you’ll come to miss the simplicity of such jobs. You work during the morning, then you come home and kick back, and you have your weekends free to do whatever you want—even if you bring your work home occasionally, it really isn’t that big of a deal. Running your own business means that you will be on vacation with your family and instead of going swimming, you end up setting up shop in a corner and staring at your laptop the entire afternoon. That’s if you have enough time for a vacation in the first place. Countless hours will be spent working on different ideas and projects, sometimes up to 12–14 hours a day. You need to be passionate and dedicated if you are to survive the sheer workload on top of the stress and sleep deprivation.

          6. Do you have a good level of leadership and management skills?

          When you are your own boss, there is no one to look to for leadership and advice, and no one to help you manage your employees. For a small business, it can be beneficial to look for freelancers and outsource some of the work instead of permanently employing a large team. Outsourcing can have different effects on your business as well as the local economy, but it is generally a fairly safe bet that if you find the right people, it can save you a lot of money. It’s here that your management, negotiation and people skills need to kick in. Managing a small and dedicated team plus a few freelancers, all while keeping your finances in check and handling any unforeseen setbacks takes a lot of concentration and the ability to jump from one task to another quickly and efficiently. Make sure you work on these crucial skills before making any serious plans for the future.

           

          It is said that the path to success is covered in the sweat and tears of those who weren’t afraid to give it their all and make the necessary sacrifices. Although the business playing field is wide and open, there are some fairly strict guidelines for developing winning strategies, so it is best to take plenty of time to think about your plans for the future before committing to a serious, life-changing project.

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          Ivan Dimitrijevic

          SEO Consultant

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          Published on September 17, 2018

          17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

          17 Ways to Ace Your Next Phone Interview And Land the Job You Deserve

          There is one thing standing in the way of you and the job of your dreams: a phone interview. The screening interview is an opportunity for companies to narrow the list of presumably qualified applicants and determine who merits a closer look.

          So many candidates exclude themselves from the phone interview by being unprepared or by failing to take this screening session seriously. A phone interview should not block you from living the life you have always imagined.

          Here are 17 tips to help you ace your next one:

          1. Clear the deck.

          If you are reading this blog, you are likely busier than you would prefer or even imagine. Even when you schedule or accept phone interviews, they are likely sandwiched between meetings.

          To show up fully present, energized and engaged, I recommend you clear the deck and give yourself at least an hour of uninterrupted time before and 30 minutes following the interview.

          You can use the time to mentally prepare, develop a list of questions, rehearse answers to likely questions and ensure you are comfortable and ready for the interview.

          2. Look the part.

          It is no secret that we perform better when we look and feel the part. If you have a phone interview, dress up for the interview, if dressing up is comfortable and allows you to put your best foot forward.

          Even though you will likely do the interview from home or a private location, be sure you are dressed professionally. This will allow you to be fully engaged and present.

          In the event, the interviewer asks to connect with you via Zoom, Google Hangout or Skype, you will be prepared.

          3. Resend your resume and cover letter prior to the call.

          As a courtesy, resend your resume and cover letter prior to your screening interview. You never know if the person interviewing you has had a busy day or if a schedule change forced him or her to work from home rather than the office where the individual has access to their files.

          There have been many times in my career where a last-minute change or a mix-up with support staff has left me scrambling at the last minute to find a candidate’s resume. It is quite embarrassing to misplace a resume and ask the interviewee to resubmit it.

          You can save the interviewer the trouble and earn extra points by resending both documents in advance of your call. A simple message will suffice, such as “I am looking forward to speaking with you in an hour, and I am resending my resume to ensure it is at the top of your inbox.”

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          4. Research the interviewer.

          Once your interview is scheduled, be sure to research the person facilitating it.

          You will want to Google the person and check their social media accounts. When you research the interviewer, try to get a sense of the individual’s personal and professional interests.

          Once you identify those interests, acknowledge them in the interview, but do not dwell on them, because you do not want to make the interviewer uncomfortable. Follow his or her lead. If the interviewer indulges your questions or comments, by all means, continue the conversation.

          I am always impressed when someone I am meeting with takes the opportunity to learn something about me ahead of time. This projects interest, which is important in my line of work.

          5. Research the company.

          In addition to researching the interviewer, be sure to research the company.

          Ask people in your network if they know anyone who works or has worked for the organization in question. Conduct a Google search on the company, and be mindful to look beyond the first page of the search query.

          If there are yelp reviews on the company, be careful to review those and look for trends as well as how recent the reviews were posted. While more recent reviews are obviously cause for pause, older reviews – depending on their nature – could be problematic as well.

          6. Check the staff listing or “About Us” section of the company’s website.

          Part of your research into a company is assessing whether you know staff or board members who are connected with the company.

          Most organizations list their staff or board members in the “About Us” or “Our Team” section of the website. Prior to a phone interview, check these sections to determine whether you know someone who works for the company. If you do, reach out to that person to request a phone interview to learn more about the company.

          7. Remember interviewing is a two-way street.

          As much as the company representative wants to learn about you as the interviewee, you will want to learn about the organization.

          Try to ferret out information on the company, the job for which you are applying as well as the manager to whom you would report. You will also want to ask questions to assess the interview process.

          Additionally, because culture is important and will permit or slow your ability to do your job, ask questions to assess company culture, such as “What do your employees say they like most about working for your organization?” “What do employees say they like least?” “What do you do to create and maintain a healthy workplace culture?”

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          8. Develop questions prior to the interview.

          Prior to your interview, develop a list of questions about the company, the position for which you are applying, growth opportunities in the company, the ideal candidate for the position, and so forth. This will save you the trouble of thinking of questions on the spot during the interview.

          I have found that once I become nervous, it is a lot harder to come up with questions on the spot, and interviews can be anxiety-producing without preparation.

          9. Stand during the interview.

          I train leaders and, incidentally, graduate students to become spokespersons.

          I recommend that they stand during media interviews. I find that it helps the person speaking to project better, and it reduces the urge to get too comfortable in an interview setting and say something that could be too informal.

          Similarly, I recommend interviewees stand for at least a portion of their phone interview.

          10. Allow the interviewer to talk.

          While it is essential you ask questions during an interview, you should not dominate the conversation.

          Most people love talking about themselves and the company they represent, and it is your job as the interviewee to walk a fine line between allowing the interviewer to talk and interspersing questions when and where appropriate.

          I am not suggesting you remain silent – you want the interviewer to learn about you; but you should ensure that the interviewer has ample opportunity to do what most people do best: talk about themselves and their work.

          11. Refrain from multitasking.

          We all live hurried lives, and most of us have to-do lists that are impossible to complete.

          When we have multiple due dates and obligations, it is typical to want to avail oneself of every seemingly free moment of time.

          When conducting or participating in a phone interview, be as present as possible. This means refraining from multitasking, which could mean responding to emails, text messages or social media messages. It could mean researching the company during the interview.

          Whatever multitasking means for you, simply do not do it, especially during a screening interview.

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          12. Conduct the phone interview in a place where there is minimal noise.

          A common thread throughout this post has been that most of us live busy lives. So, it is natural to be on the go.

          If you have the luxury of conducting a phone interview from home or a private office where there is minimal noise, do so. You may also rent a co-working space or ask a friend if you can borrow his or her office.

          Whatever you do, select a place where there is minimal noise and distraction. The person interviewing you should not have to strain to hear what you are saying or compete with ambient noises.

          When I am interviewing a candidate and competing with background noise, I grow frustrated and my focus can shift from getting to know the person to silencing the noise. Do not force your interviewer to choose.

          13. Be punctual.

          Do not leave the interviewer waiting. This is both rude and unprofessional, and it may count against you.

          If you are able to follow my earlier advice and not schedule meetings within an hour of your phone interview, you should have no time being prompt for your discussion.

          If you foresee that you will be late, be sure to give the interviewer a heads-up at least 15-20 minutes prior to the start of the call.

          14. Focus on how you can and will help.

          Let’s face it: people are naturally self-interested.

          When you walk into an interview focused on what you can bring and how you can solve a hiring manager’s problems, you will set yourself and your candidacy apart.

          Think about the challenges you could potentially solve and then share how your joining the team will benefit the company, not just you.

          15. Take the interview seriously.

          Do not assume you will have an opportunity to meet face to face with company representatives. Do not discount the weight that may be placed on phone interviews.

          I once applied for a position on the East Coast while living on the West Coast. While my first interview was face to face, my interview with one senior leader was over the phone. I walked into the interview thinking it would be less intense than it was.

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          From the moment the leader got on the phone with me, I was on my toes. I had to quickly recalibrate to handle the intensity of the questions lobbed on me.

          To this day, more than six years later, that phone interview remains one of the most difficult interviews I have ever had. Fortunately for me, I was offered the job, but the experience still stands out as a learning lesson.

          16. Send a thank-you note.

          Kindness is underrated. We live in a society where most people are overscheduled and overbooked.

          When faced with intense pressure, it can be easy to underestimate the role of kindness. But when someone shares a portion of the day with you by granting you an interview, you owe it to that individual and to yourself to send a thank-you note following the interview.

          The note can be via email, a standard letter or a card. So few people do this that those who do stand out.

          Become an individual who remembers this gesture of kindness and professional courtesy.

          17. Be positive.

          Energy really is contagious. If you don’t believe me, consider locking yourself in a room for one hour with people are upset. By the time you leave the room, you will be upset right along with them. It is natural to mirror the other person even if you do not realize you are doing it.

          During your next phone interview, mirror positivity, both about the position, the company and most importantly, your skill sets. The interviewer will pick up on your energy and positivity and that will reflect favorably.

          I cannot tell you how many times I have interviewed candidates who communicated no excitement or enthusiasm. Getting through the interview was difficult, not to mention, I kept thinking about what it would be like to work with the person daily.

          Being positive not only helps you feel better, it helps the person interviewing you as well.

          If you have read this list and want to add other tips, please tweet the link to this article and include the point you believe I missed. Use the hashtag #AceIt when you reach out.

          Featured photo credit: Unsplash via unsplash.com

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