From the outside, becoming an entrepreneur can seem so simple: Take a good idea, create a business around it and rake in profit. Reality isn’t as kind, however. Projects are constantly evolving, requiring regular hard work and deep thought to stay ahead, and not everything works out the way you might imagine. This means that anyone looking to become an entrepreneur needs to be well informed about what they’re getting into before jumping into an industry.
To that end, we asked 14 entrepreneurs from YEC to share the key considerations they believe people need to take into account before taking the plunge and becoming a business owner. Here’s what they said:
1. Uncertainty and Massive Risk
Most folks are aware of the risks of starting up their own business, especially with such a high percentage of businesses failing. Yet the concept of uncertainty is not discussed as often. As an entrepreneur, for the first 12 months (if you’re lucky), you may not know where or when your next paycheck is coming. It’s important to secure financial stability in some form.
2. Passion Over Currency
You’ve got to be really passionate on whatever industry or business you get into. Because if you’re not, you will end up quitting. Working to achieve certain amount of money is good and all, but your passion needs to outweigh it. Entrepreneurship is not for the weak minded. You will face adversities, struggle and failure. Now if you’re passionate and enjoy what you do, you will succeed eventually. – Fritz Colcol, ABN Circle
3. Who Are You?
An entrepreneur recently asked me, when should I take the plunge? My response: Well, who are you? Are you the boss? The leader? The don’t-take-no-for-an-answer, I’ll-do-whatever-it-takes, unequivocal dictator? If that feeling is in your blood, then go start a company now. If that idea doesn’t fire you up, you’ll always fight your play-it-safe identity. Which one resonates more with you?
4. Know What You Want
All entrepreneurs work extremely hard. My day starts at 4 a.m. because I don’t want to compromise and lose focus on my family and my health. After a full day of work, I still want to make time for the kids, read and put them to bed before getting back on emails. There are a lot of days when you question your choices so without a strong reason to do it, it is easy to give up!
– Amishi Takalkar, NAILBITER
You need to be willing to persist, even though it might take a long time before you start seeing a profit. Making a new business profitable takes time, money and lots of endurance.
6. Downside, Upside and Fixed Costs
Before taking the plunge, you will want to consider the downside of potentially not making money right away. The upside is easy to consider, as that is what’s speaking to you in the first place. You also want to weigh your fixed expenses and your obligations that will need to be met so you can calculate how much you need to generate to get by.
7. Your Parenting Skills
Becoming an entrepreneur is something like becoming a parent. When you create something that will require a lot of investment and you can’t quit on it even in bad times. If you want your business baby to grow up into a valuable, contributing member of society, then you’ll have to use all your resources to give it the best means to succeed. And of course, a good partner can make all the difference.
8. Tolerance for Failure and Change
Entrepreneurs often have to pivot or know when something isn’t working in order to make that change or give up on an idea. You need to consider if you have the ability to do that as well as handle the possibility for failure and keep going. It’s important to be resilient and not let barriers get to you. If you can learn from failure, then you have the fortitude to be an entrepreneur.
9. How Soon You Expect to Make Money
It’s important to have a clear business plan for yourself on the action steps that you need to take to start making money and grow your business. Create cash-flow projections, marketing plans and everything you would present to an investor. Many entrepreneurs think that if they don’t have investors, they don’t need a business plan. Don’t fall into this trap. You’re an investor too.
10. Setting Your Pride Aside
Don’t be swept away by the sexy titles like “Founder” or other titles that start with the letter “C.” Being an entrepreneur means being the janitor, the outside salesperson, the tax accountant, the roofer and (sometimes!) the exterminator. Your hands will get dirty and you will do unsexy work that’s far outside your comfort zone. Consider carefully if you’re up for the task.
11. How Much Time It Takes
It doesn’t matter what business you want to start, it’s going to take time. Probably a lot more time than your worst estimate. Getting clients doesn’t come easy even with a well-laid-out marketing plan (hopefully you have one). So be prepared to dig in, to follow through, to work at it hard and then even harder. Don’t get discouraged; perseverance is key!
12. Support Levels
Those entrepreneurs I know as well as myself all have asked ourselves if everyone close to us is supportive and on-board. You need to have them there to help and support you or it won’t work. They don’t have to work in the business per se, but they must be willing to ride out the ups and downs and take on extra to make it happen.
13. What You Are Willing to Risk
If you aren’t willing to make major sacrifices — including financial security, seeing friends, free nights and weekends, low stress — then being an entrepreneur is not for you. However, one can’t fully understand the extent of these sacrifices until they start and experience the first signs of suffering, but you’ll quickly understand, and then the question becomes: “How badly do you want this?”
14. Product and Market Fit
Before making any investment of your resources into a product or service, you have to objectively ask yourself: “Does this product or service solve a genuine problem for an existing segment of a reachable marketplace?” With a sober weighing of the product and market fit question, you’re more likely to select the more fruitful diving spots in the entrepreneurial pool.
Stop Complaining and Turn it into a Blog Post
I spent the prior 10 seconds scrolling through my Instagram comments.
After reading a “This looks good” comment in response to a grainy video – obvious spam, intended for an eye-popping image – I chose to create a video and write this post. 2 pieces of blog content. Versus minutes of silly complaining.
Being human, I may feel slightly annoyed after reading my 5th spam comment in a row, this morning. But after a quick vent, I create helpful content, to teach bloggers what not to do, in order to succeed online.
Check out this eBook:
I wrote the eBook to address a pressing problem among bloggers. We all have a right to vent for a bit but sustained complaining:
- wastes your creative energies
- sullies your brand image
- damages your online reputation
I wrote the eBook to help you turn your complaints, sometimes in the form of rough blogging criticism, into blogging profits. Converting a complaint into content is 1 easy way to prosper in such fashion.
Help yourself. Help your readers.
Watch this short Instagram video:
I gained a few quick views on Instagram. Benefits me. I promoted my eBook at the end of the video, offering myself eBook exposure. I help my readers by showing them what works on Instagram; being genuine, being honest and being authentic. I also explain what not to do, to help folks avoid wasting their time with spammy, low quality, non genuine comments.
I turned a potential complaint into a creation. I converted a low energy situation into a high energy situation. I likely gained blog traffic and maybe boost my blogging profits, too.
I also align with grateful, high energy bloggers like Sue-Ann Bubacz Mapping Megan and Mike Allton by raising my energy. Complaining routinely moves you lower in blogging circles. Being grateful, creative and helpful moves you higher in blogging circles.
The next time you feel an urge to complain about something, turn the complaint into a creation.
- write a blog post
- write a guest post
- record a podcast
- record a video
- broadcast live on Facebook
- write a bite-sized eBook
Your readers will thank you. Plus, you will thank yourself.
We know complaints can sprout from all corners of the web. Here are common occurrences which tend to trigger complaints:
- spam comments on your blog
- spam comments on social media
- spam emails
- spam social media messages
- bloggers pitching you their products and services without building relationships first
- cheapie bloggers or business owners who want to place sponsored posts on your blog for 5 or 10 USD
- unhappy, unclear folks who post terrible reviews on your eBooks based on their misery
I recall the last bullet point experience goaded me to write my eBook. A few listeners of my audio books and eBook readers posted sarcastic, biting reviews of both audio books and eBooks I self-published. Rather than complain or whine about the feedback I saw the criticism for what it was; the projection of an unhappy person who spoke 100% about self and 0% about me. All of my creations are clearly me, and what I did to co-create this life of island hopping through smart blogging. If anybody is insane enough to post a negative review on my clear, genuine creations, it is like saying:
“Hey Ryan, I was there every step of the way, watching you in paradise, stalking you behind your laptop, and you did a terrible job sharing your real experience!”
The only person on earth who could post a somewhat honest review is my wife Kelli; even she was not in my head or watching every one of my steps as I co-created this life with my readers. She was too busy building her own thriving business. No human was there to record everything, save me, and since I share it all in a genuine, clear way, any negative reviewer is deluded, and somewhat insane.
Few bloggers have this clarity or authenticity in what they do because they either are filled with fear and doubt, or hold back what they know. I have no such problems.
These are a few potential triggers, guys. I share to alert you to potential rants or sustained complaints before the negative energy seems to run away with your attention for a few minutes, hours or days.
Vent wholly, quickly and completely. Then convert the complaint into blog content. Everybody wins. Even the spammer.
What Is the Mushroom Service Effect and How Does it Increases Profits?
Service leads to sales.
Every eBook I sell is the effect of a service cause. Many of my eBook customers received my direct help. Maybe I commented genuinely on their blog. Perhaps I mentioned them on my blog or on Blogging Tips. Maybe I retweeted their post. Or maybe I helped these people for weeks or months without asking for anything in return.
Some of these bloggers purchase my eBooks. I see increased blogging profits. Some promote my eBooks to their readers, leading to increased blogging profits. Some of those readers promote the eBook to their readers; can you see the mushroom service effect in action? I keep helping people in various ways, expect nothing, and my generous service reverberates, mushrooming into increased sales.
What happens as I help more folks by creating content and by promoting fellow bloggers? More bloggers promote me, link to me, boost my backlink juice, and Blogging From Paradise becomes more prominent on Google. Search engine traffic increases my blogging profits. More mushrooming.
You never go wrong helping people generously because every creative act prospers you and others, now, next week or 3 years down the road.
My friend Alonzo Pichardo helps people generously and gives little thought to content once he publishes posts, videos and podcasts. He lets the content do what it does. His profits keep increasing but even more than that, he keeps moving higher and higher in networking circles as his generosity increases his influence. More mushrooming.
Imagine a still pond. Now imagine dropping a tiny pebble into a still pond. Waves reverberate as far as the water reaches. 10 inches, or 10,000 miles, literally, nothing can stop the waves from traveling outward, even if the waves are faint, or are barely detectable, after traveling for a while.
Now imagine dropping 100 tiny pebbles over a few weeks. Wow. You really see waves kicking at that point. Subtle, slow and controlled, but super noticeable.
The pond is your blogging niche. The stillness of the pond is your calm, peaceful, generous, detached intent, your energy, your relaxed mindset. The pebbles are pieces of content, aka, service. Plus, one pebble can represent:
- every time you promote another blogger through a blog post on your blog
- every time you promote another blogger through a guest post
- every time you retweet another blogger
- every time you share another blogger’s post on Facebook
The waves are your influence, your service, and, this is the mushrooming effect leading to greater blogging profits.
Guys; expect nothing. I promote valued blogging resources like the talented, generous and heart-centered Tanyi at Blog Tools Corner to give, not to get. The less I expect anything to happen, the more good things and awesome people flow to me.
Give freely, persistently, receive easily.
Enstine Muki provides you with generous tips to make money online, via his blog. He helps bloggers freely. Of course his blogging profits mushroom through his generous service, increasing through his friend network, through Google and through mentions on my blog, on Blogging Tips and in thousands of other spots.
Keep helping people freely. Expect nothing. Eventually, over time, if you are patient, your traffic and profits begin to mushroom exponentially.
Look at Tim Ferriss’ latest blog post. He is a multi millionaire and one of the most famous entrepreneurs on earth because he serves people generously. Note how many backlinks he gives to other bloggers and entrepreneurs through his latest post; that’s generosity! That’s an abundance mindset in action. Most bloggers feel terrified to give out a single backlink to another blogger for fear of losing profits, wrongly believing people will click on the other blogger’s link and not click on their business links. Tim links out to 20, 30 or 40 people or resources for every blog post.
Any wonder why the dude is so incredibly successful and prospering?
He employs the mushroom service effect like few entrepreneurs on earth.
4 Ways to Become More Detached from Blogging Outcomes
See that throwback featured image of me in Phuket, Thailand?
I became a globe trotting pro blogger in part through the power of detachment.
Blogging outcomes weigh you down and slow your blogging growth, if you are not careful.
Many bloggers mean well but are so obsessed with every view, Like, comment, share and dollar that they either struggle horribly or hold back stunning blogging success. How could I write over 100 eBooks if I obsessed with sales from my first eBook? How could I write 600 posts on Blogging Tips alone if I obsessed over metrics?
Eye-popping success finds largely detached, generous bloggers.
Follow these tips to become more detached from blogging outcomes.
1: Help More Ask Less
If you want blog comments, comment on other blogs.
Want blog traffic? Promote other bloggers.
Help bloggers to detach from your needs and to see greater success. Ask less and less for shares, comments and views, to detach from outcomes. Success finds generous bloggers.
2: Mention 2-5 Successful Bloggers Via All Posts
I recall focusing heavily on blogging profits early during my career. I linked to an ad or affiliate product once per post and linked to nothing else, obsessing over sales, attaching to outcomes. I gradually promoted other bloggers over years. Now I promote 2 to 5 bloggers virtually every post. I think more of helping them and less of helping me.
3: Manage Your Energy
Attachment is fear. Managing your energy helps you:
- face fear
- feel fear
- release fear
- dissolve attachments
I do 80 minutes of deep yin yoga daily. Plus I jog or walk for 45-60 minutes daily. Meditating helps too.
Managing your energy rocks because so many bloggers cling deeply to fear-attachments, to stats and money and to clients and blogging buddies, and need a daily ritual to unearth and release these attachments. I strongly suggest deep yin yoga because it helps you become comfortable. Big time quality developed by all generous, pretty darn detached, bloggers.
4: BE with Your Fear
I vividly recall sitting and BEING with my fear each time I checked my blogging inbox. I felt a general not enough energy pervade my being. Panic then ran through my body. Anger. Pain. Grief, at time lost. All fears reflected heavy attachments to:
- list subscribers
I totally believed I should have been further along at these points during my blogging career. Turns out, I was at the perfect place and time to feel deep fears, to dissolve attachments and to proceed from a generous, genuine, pretty detached, patient and persistent space.
Fighting fear only makes attachments grow. Not checking email for weeks because you feel terrified to check email makes the fear and attachment grow. But checking email hourly because you feel terrified that you:
- will miss out on clients
- are not making enough money, and need to check and see if you are making any aka enough money, yet
reflects your attachment to you. Ya know; “How am I doing-itis.” Check stats, check email, all the time, because you fear to see how you are doing.
Feel fear behind any strategy driven by fear. Let the fear go. Dissolve the attachment.
I check email here and there, never being attached to it. Email is not the source of my blogging success.
Treat blogging outcomes like mile markers on a highway, when you whiz by at 80 MPH. Note the stat for a few seconds and either move in a different direction or charge forward, based on how you feel about the stat, and what the feeling suggests to you.
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