Advice for an Entrepreneur
0) The highest priority of an entrepreneur is to find he correct means to acquire wealth. This can be based on his strength, on opportunities available, on what is demanded in the market or based on his passion. When an entrepreneur found the correct means to acquire wealth and put great effort into doing it well, wealth is indeed achievable. But if you are bad at something, do not use that to acquire wealth; if something is not demanded, do not create a business out of it; if you do not have passion in something, don't do it.
1a) After you have set your life goal or dream, you may start changing the things and circumstances surrounding you bit by bit; seeking better ways to do everything.
1b) you should not give up what you have in pursuit of something that you have not attained too abruptly for that may risk you losing both.
2)Think of what you have and how to use them to your advantage.
3) Wherever there is unmet demand for product or services, there is opportunity.
4) Sometimes you need not create something entirely new, learning how an existing product or service works and then applying your creativity to make them better may work out very well too.
5a) Learning what people need or what problems people are facing is the basis for inventing a product or service that people will want. Do your best to fulfill the needs or solve the problems of others and you may invent something that you have never imagined before.
5b) What if you can't make the product or provide the service entirely by yourself? Just outsource the parts to people who can do it well.
6) While you focus on your main business or career, you can develop a sideline based on something else you are good at.
7) When given a challenge at work, don't just calculate based on the quantity of resources like time, energy and money to determine whether the challenge can be met; you must also apply your creativity to find innovative ways to use less resources to accomplish the same goal.
8) To differentiate your business from that of a competitor, you cannot just copy what others do. Doing things different and better is the way to gain a competitive advantage.
9) Sustain your enthusiasm, focus on one subject of work for 11 hours a day and 21 days, do not deviate when you are stuck. If after 21 days you make no break through, then it is alright to give up. you have about 17 attempts in a year to hit on and make good a great idea.
10) Everytime you misjudge the value of an endeavour, you will have to pay a price for it. Make sure it is a price you can afford and there is a way to redeem yourself if your plan fails.
11a) Find opportunities for cooperation amidst competition. Whenever cooperation is possible, do not set up a competition.
11b) Network to find partners who possess different abilities and resources and find opportunities for them to work on valuable projects together. In most valuable projects, no one person would be able to do it alone.
12) Be aware of things that are happening around you and make keen observations.
13) Don't limit yourself. Remember your own limits can be overcomed through cooperation with others. As an entrepreneur, you must be willing to step outside of what you usually do to do something you have never done before.
14) Practice looking at the same issue from different perspective.
15) Set milestones for your vision as well as short and long term goals.
16) If someone can do something better and faster than you, you should consider partnering the person instead of doing it yourself or competing with him, unless the cost of doing so outweighs the benefits.
17) Before you take a big risk, think of a plan B.
18) If you do not want to feel as lost as you are now five years from now, you must have a clear answer to this question: "What will you become, be doing or having in 5 years time?" and come up with a definite plan to realize them in 5 years.
19) Set realistic goals. Whatever goals that you cannot create a definite plan to achieve is unrealistic as yet. You may continue to think of a better plan and explore avenues and opportunities to reach a higher goal but still focus the majority of your effort on realising goals that you have a definite plan for.
20) Keep reflecting on your behaviour and correct your thinking.
21a) To sustain any success you have or keep what you earn, you must evaluate the positive reasons that bring you to where you are and keep them constant. Your new situation may put new requirements on you too. Know what they are to sustain and grow your success.
21b)For the money you earn, you must manage them well by setting budget for reinvestment, charity, emergency and spending on those you are responsible for taking care of as well personal expenditure.
22) During execution, it is best to map out the stages and what you intend to do for each stage and stay organized. If you act randomly, it may cost you more time and energy with less result.
23) Money should not be your end goal, what you want to do with the money should be your goal. Think of good ways to earn and use money to make the world a better place, do not be the slave of money. In essence, money is the means to make other people do things for you or give up their possessions to you; you must use money responsibly to enhance the happiness of people and only use the money you deserve. Do not use money to cheat or rob people of their happiness. No monetary transactions, whether you are paying for something or receiving money should make you feel guilty in conscience.
24) The mIndset of an entrepreneurship should be always looking for opportunities to succeed in their goals no matter how many times they are rejected, stuck or set back on their effort. An entrepreneur should be optimistic about the future no matter his past experiences. This attitude attracts people to work with him and allows him to persist in hardwork.
25) The mindset of an entrepreneur is self reflective. If something does'nt go as he expects, he does not blame others or circumstances for it, instead he will see what he can do to correct the situation.
26) Overconfidence in one's own thinking or complacency, thinking that one's thinking is always right may also cause one to overlook the opportunities in everyday situations, mundane tasks and precious advice coming close to you. Opportunities for success don't always appear in novel places, they can be right beside you, don't miss out by not paying attention due to over-complacency.
27a) Entrepreneurs must have the problem solving mindset. Life will never be smooth sailing, there will always be new problems, small ones like not being able to find a toilet to big ones like problems in relationship with people. You should try to solve the problems you face so that you know how to solve similar problems in the future. When you learn the solution to a problem, you can be a mentor or help to others with the same problems in the future.
27b) In the aftermath of every problem, you should not spend time blaming or complaining but immediately analyze the cause of the problem and how you could prevent it in the future. Prevention is better than cure but whenever prevention is impossible, look for a cure.
28) Some success compromise our values and principles, if you think your values are too important to give up and you reason there is no other creative ways to progress, then you should decide that the path is not for you.
For example, if you work in a company with a corrupt boss who promote people not based on merit but on whether you collude with them; then you may decide that working under such a boss is not going to give you the promotion you want. You might want to find another path if you don't want to compromise your value. Otherwise, you must have an intelligent strategy to get your boss replaced.
29a) A person who is proud and complacent, who often comes from his own viewpoint, feelings, thoughts, experiences and methods to engage with others; do not have the capacity to consider the methods of others, thinking that others are always wrong and he is always right will become more and more petty and lonely as people will isolate him. He may become self centered and without the support of others will become a lonesome failure.
An entrepreneur must be humble enough to ask questions , consider the viewpoint of others and express agreement and give affirmation when alternative viewpoints are valid. A humble person is more likely to receive the support and help of others.
29b) Make it a habit to admit you are wrong when you realize it, there is nothing to be ashame of to be wrong when you do not have the full information or clarity of an issue earlier but to insist you are right when information is provided to you will only make others feel you are too stupid to understand.
30) Determination is the quality of an entrepreneur, an entrepreneur must be determined that no matter how many times he had failed, how old he has become or how dire is his circumstances, he will rise up and do his best to achieve his goals. A story illustrate this point, there is a oil field explorer who spent huge fortunes in oil exploration since 20 years old. Over 20 years, he made 30 failed excavations, spent all his wealth and achieve nothing. At age 40, he felt like giving up, but he tell himself he just need to make one successful excavation, he took to the books to learn about oil exploration methods, this time he made it and won an unrivaled fortune.
Of course, there might be cases where people die a failure in their attempts, but how unlikely if you lived 80 years, and even if you really die a failure, your life is well spent in a determined manner. If there is really a soul, you would have a soul with a very strong will to go with in your next life, otherwise if there is eternal rest, you have done your best in this life what is there to worry about when you are dead.
It is only when you are alive that you must find something worthy to do. Success or failure, whatever happens in this life matters not when you are dead, unless there is an afterlife, in which case I have provided the answer why you should still be determined earlier.
31) In life, the best way to reject failure is to refuse to give up. The best way to face a set back is to continue marching forward towards your goal.
32a)The entrepreneur often gets discouragement from peers and even relatives. Some advice comes with negative connotations that imply failure. Not all advice are good, the advice of others worth only as much as your own. If your reason tells you you can succeed, believe in yourself. Self affirmation is the habit of an entrepreneur; you do not need the encouragement of others, just tell yourself you can even when everyone else say you can't.
32b) The difference between self affirmation and self deception is that self affirmation entails effort and actions aim at realising and confirming what you have affirmed to yourself. Self deception on the other hand entails no effort on your part to realise what you affirm yourself.
33) An entrepreneur is someone who has a plan in mind regarding to his goals and think not just about what to be done but also how to best do it.
34) Spend every cent of your money reasonably.
35) Don't fear failure and losses. Just keep building on your dreams and goals. Even a failure is good material to build success with. The relationships that you build with your projects, the learning that you accumulated, the character and tact that you developed and many things else do not go to nothing when you fail, they are still there for you to build your next success if you keep your fighting spirit and stay positive.
36) An entrepreneur enjoys his life best when he has no money and is striving for success amidst the odds. He does not want money that he does not deserve or work hard for. He keeps himself in good health with minimal sustenance, not luxury and indulgence, so that he can keep fighting with a strong spirit.
37) A true entrepreneur do not need capital right from the start, what he needs is common sense. With good common sense and diligence, he will be able to acquire everything that he needs to do what he wants to do, including capital.
38) Before you do anything, you must first understand the objective, meaning, purpose of doing it so that you won't waste your effort yet not acquire any result. If you do business, it is important to know what consumers, investors, workers and other stakeholders really want, then you won't waste capital to create things that people don't want
39)Always know what is demanded first, then supply to the demand. Otherwise, create something that is irresistable. No matter what career you have or what is your pursuit, always undersand what is demanded then carry out your investment then you will be successful. Even if you buy a gift for someone, make sure it is something that person will want.
39b) And don't just think about demand, think about the quantity of the demand and the intensity of the demand. The quantity of the demand determines the quantity of your sales, the intensity of the demand determines how difficult or easy it is to convince your consumers to act. Consumers won't spend too much effort or money to acquire something they don't want very much.
40) Your product may have many distinguish features, but make sure the features are what customers are willing to pay for or find necessary to have. Otherwise you may just be wasting money to develop those features.
41) Creativity is the lifeblood of an entrepreneur. Expose yourself to stimulating and challenging environments to honed your creativity. Be observant and find creative opportunities in seemingly ordinary things.
42) Analyze successful businesses, understand what makes customers want their services and products. You may copy exactly and then improvise in certain areas to make your service and product superior. However, the ability to replicate another business depends on having people with abilities and capital to work with you. Therefore make networking your priority.
43) As an entreprener, do not enter into position where you are subordinate to others and do not let talented people feel subordinated to you. By maintaining equal status in decision making and autonomy to pursue intelligent activity, the potential of talented people working in harmony is maximized. Profit sharing and partnership are such means.
44) You must not look too far for opportunities, opportunities are very close to you, it might be a strength that you never put to use in a proper way or something that always pass by you but you never see. Start opening your eyes and working your brain, seriously consider some of the advice that you think are impossible and also reconsider the value of the things around you.
45) If you think that you have talent but are not recognized by others, think again. Completely analyze yourself to see whether you have areas you can improve or grow. There might be a good reason why others are treating you a certain way. Dont just lament that others do not recognize you.
46) Do not just go by feeling, train yourself to look at things objectively otherwise you may miss opportunities. Opportunities may be right in front of you, yet you may think nothing much of them and continue to live per your old habits and mindsets, wasting one by one the opportunities that passes infront of you.
47) Success are built on the back of failures. Like learning mathematics, you must practice so much that you know where you will make mistakes and sort out all the wrong concepts so that you won't make them again. The path that is left is then the correct one. Because you have tried so many times and learn so many ways in which something cannot work, what is left are the ways that work. Even if you are told a magic formula, you may still make mistake when you apply it, until you find out all the wrong ways of applying the formula you will be able to make miracle with the magic formula. The kind of success that is cemented with numerous failures is very steady because there are very little gaps which you will fall through again.
48) Make great effort and be serious in living, do not complain, spend your mental effort on discovering your potential, when opportunity comes grab them tightly and become successful.
49) Seriously listen to the advice of others, don't ignore them or take them lightly, try acting on them and you may discover an opportunity or a way to success you never thought possible. If you want to know what is the demand, the best way is to ask people.
50) When people reject you, you should find out why, knowing the reason you can address it, after you address your problems usually you will be rewarded with success. When people criticize you, do not be egoistic and feel hurt, people criticize you because they want to see a different you, change and you will win their support for you and not only that, you may find a way to success you never thought of by listening to the criticism of others.
51a) Despite the above paragraphs encouraging you to consider the advice of others, you should not blindly obey the advice of others. Do use your own reasoning to decide what advice you should or should not follow.
51b) If an advice does not cost you alot to follow and is something you are confident of executing, why not give it a try. Many business opportunities are created that way.
52) Grow a large network of able, honest and resourceful friends. In case you have any ideas or opportunities, you will need your friends to work with you on them. The internet connects you with many people, but a personal relationship build across time is still very helpful.
53) Helping others is helping yourself, help others whenever it is within your means. If you help others now, people will help you when they can next time you need help.
54a) Do not show people that you are smarter than they are. You may make them dislike you.
54b) In conversation be as brief and to the point as possible and let others finish what they want to say. If you cut people off, you may miss their point. If you are not brief and to the point, you may lose their interest.
55) Love to network. Remember faces and names. Do not show that you are smart, just be smart quietly. When there is a mistake, quickly admit your mistake, do not try to save face. When there is success, share the fruits of joy with your friends. When your friends are in trouble and you have excess power, do your part to help. Share credit don't take credit.
56) Treasure every opportunity, however small they are.
57) It is the goal that demands a process, not the other way round. A process will never give you a goal. If you know the goal, then think about or learn the methods that lead to the goal, and if in executing the methods you realise you need something else, then go acquire it. This is goal oriented thinking and backward inductive thinking. Any process that allows you to attain the goal is the correct process. Do not learn alot of things or do alot of things then realise that they lead not to any of your real goals in life. The question to start your life off is, "What do you really want!?" followed by "How do you achieve it?"
58) After you have thought through everything, then it is time to execute, as you execute, you will learn that some of your assumptions are wrong, make adjustments and correct yourself.