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14 Aspects of Entrepreneurship to Consider Before Taking the Plunge

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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.

Nick Eubanks, From The Future

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?

Peter Kozodoy, GEM Advertising

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

5. Endurance

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.

Duran Inci, Optimum7

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.

Joel Mathew, Fortress Consulting

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.

Zev Herman, Superior Lighting

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.

Serenity Gibbons, NAACP

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.

Syed Balkhi, WPBeginner

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.

Kevin Ryan Tao, NeuEve

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!

Nicolas Gremion, Free-eBooks.net

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.

Angela Ruth, Calendar

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?”

Sam Miller, Boston Biomotion

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.

Magnus Simonarson, Consultwebs

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Zac Johnson is a online marketer with 15 years of experience and also a blogger at ZacJohnson.com, as well as the founder of BloggingTips.com. You can also follow me on Twitter and Facebook

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Why Cold Pitching and Bartering Do Not Work in Blogging

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2 words: nobody cares.

I just checked my email. One stranger who came in cold – as strangers always do – emailed me a reply:

“Is that your lowest price?”

I deleted his email. On a day when feeling less compassionate, I junk the email. Label it as spam. Why?

Nobody cares.

I genuinely care about someone who genuinely cares about me. I do not care much about a stranger who tries to barter with me when he ignored the email where I told him my final, fixed, non-negotiable price. Thousands of strangers have tried this approach. Thousands of strangers get ignored.

Nobody cares.

That was one of the bartering emails.

I received a handful of cold pitch emails. Bloggers emailed me as strangers, asking to guest post on my site. 90% did not even bother to address me by name.

2 words: nobody cares. Meaning, I do not care about them. I delete. I ignore. I move on.

I checked my spam folder to delete the emails. I scanned. 3 more pitch emails popped up in spam. The bloggers pitching through these emails pissed off enough bloggers to ensure; all future emails of theirs land in spam. Try building a blogging business from the spam folder. I dare you.

Genuinely, nobody cares.

Analogy

Imagine someone knocking on the door of your home right now. Go ahead. Visualize this scenario.

This person wants to sell you a vacuum cleaner. You shut the door in their face unless you are 1 of 1,000,000 people who would actually buy a vacuum from a stranger at your door. The remaining 999,999 human beings either buy one on Amazon or via their local department store.

Save the 1 person, nobody cares about a stranger who blindly pitches their sales services or who blindly pitches an opportunity at the door of their home. Just like nobody cares about a stranger who blindly pitches them a guest posting opportunity.

Nobody cares.

How to Get People to Care

If you want people to care enough to buy your blogging course or to feature you on their blogs, care about them.

If you want to land on Blogging From Paradise just do these things:

  • spend 3-6 months promoting me on your blog
  • spend 3-6 months promoting me on social media
  • publish 2-3 posts weekly
  • practice writing daily; offline

I begin to care about people who care about me generously and genuinely.

You stand out from the thousands of strangers who I do not care about when you care about me. It is such an easy tactic to build bonds with leading bloggers. Simple, too. Care about me as a human being. Ask for nothing. Expect nothing. Pay your blogging dues. Be generous. Be genuine. Be patient. Be persistent. Guaranteed; you will stand out from the crowd eventually. You have to, because generosity is always repaid in some way, shape or form down the road.

My generous, skilled friends get links on Blogging From Paradise for free.

Strangers need to pay my rate. If a stranger tries to barter my rate after I noted my fixed, non-negotiable, price, I delete the email. I may spam the email. People who do not have enough respect for me to read the entire email belong in spam. Landing in spam is the blogging business kiss of death; you will fail blogging for 1,000 years if your emails wind up in spam. The Blogging Scarlet Letter is S, for Spam.

Just freaking care about bloggers. How hard is that? Stop focusing on yourself and your needs and what you want to GET out of me and do some GIVING. Fool proof, simple, powerful way to build a successful blog. Plus you will have the money to invest in sponsored posts so you need not try to barter like a cheapie. Plus you will receive more and more free links on top blogs.

Doesn’t that sound fun?

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Why Insta-Impatience Damages Your Blogging Campaign

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I posted a few images on Instagram right now.

Sweet snaps from Thailand.

Instantly, a few generic, lifeless, bland, spam comments popped up. Nice post. I love your profile. Keep up the great work.

These people get swept up in the culture of Instagram Impatience. A hefty majority of Instagrammers want something for nothing. Spam commentors want me and my followers to click on their profile link to Like their updates and to buy their stuff. Being too impatient to:

  • address me by name
  • make a specific comment clearly related to the photo

I ignore their spam. Wasted time. Wasted energy.

Some of these fools take it even further into blogging delusion, believing their Instagram profile is an actual blog. You do not own Instagram. You sit on rented real estate. You can be evicted at any time for any reason. Plus you have nil branding potential on Instagram. But I digress.

If you allow Insta-Impatience to bleed into your blogging campaign you will:

  • want something for nothing
  • spam fellow bloggers with generic comments
  • destroy your reputation
  • struggle
  • fail

Good things take time. Impatience breeds failed ventures.

Monks, Fish and Thailand

I observe Buddhist monks walk on alms every morning here in Pong Noi, Thailand. We live by a temple.

Monks are poised, patient, calm individuals who built up these qualities through meditation and by renouncing a worldly life. If you give everything up you cultivate detachment. If you are detached, patience is your natural state.

Inst-Impatience is the polar opposite of a Buddhist monk vibe. You want 5, 10 or 100 Likes in a split second. You want sales in a split second. You fear waiting. You fear working. You fear wasting time creating and connecting. Apply this vibe to your blog and you will fail because you skip the stuff you need to do to succeed.

I recall the Japanese Wisdom spouted concerning cooking a fish; overcook fish and it becomes shoe leather, under cook fish and it remains raw. At best, under cooked fish tastes terrible (unless it is sushi). At worst, you become horribly ill consuming under cooked fish.

Inst-Impatience creates a raw, unfinished, unpolished blog. Best scenario; people take a bite, hate the taste and leave. Worst scenario; people trash your blog and brand, you lose your reputation and your blogging business fails.

Solution

Be generous, patient and persistent. I spend little time on IG to avoid the culture of mass impatience over there. People expect to make a fortune with 3 lines of copy and 20 hashtags.

Good things take time, energy and generous effort.

Look here:

I have helped people on the Warrior Forum since 2010.

I have written 5,361 posts.

There are no shortcuts to successful blogging.

Patience, Grasshopper, patience.

Follow the lead of Jane Sheeba and Sue-Ann Bubacz. Both bloggers patiently, generously and persistently create value and build bonds. Both bloggers know success is a marathon, not a sprint.

Do not panic. Do not lose patience.

Blogging Becomes Easier with Your Generosity and Patience

I would only write one post weekly a decade ago. I was not generous. I was stingy. I struggled because blogging simply mirrored back my stinginess to me.

At 10:25 AM Thailand time on a Sunday morning I have:

  • published 2 posts on Blogging From Paradise
  • published this guest post
  • broadcast live on Facebook
  • mentioned 2 of my blogging buddies above
  • commented genuinely on blogs

Each bullet point is generosity. The more patiently I have displayed such generosity the more easily worldly blogging success finds me.

Give freely.

Be patient.

Receive generously.

 

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What Is the Harshest Blogging Wake Up Call?

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My harshest blogging wake up call occurred nearly a decade ago.

I would write and publish one post weekly. I spent 1 hour writing and publishing the post.

I spent the rest of the week:

  • watching TV
  • watching YouTube
  • working out
  • hanging out with friends

After a good year of following this routine I saw a few visitors to my blog daily. I recall 3 daily visitors for many months, stumbled upon my blog.

I experienced a big time blogging wake up call; you cannot build a successful blog by listening to music and watching TV all day long, minus the 1-2 hours you spend blogging, weekly.

The harshest wake up call: blogging gives you what you give blogging.

Blogging Gives You What You Give Blogging

I know of a few bloggers who complain about having terrible business prospects. When will they get more clients? When will they get more traffic? When will they make more money? I mean, they have been blogging for 5 to 10 years already. Things should be growing SO much more quickly right now, they say.

These individuals will get more clients when they stop watching Netflix all day. Do you want to be a professional Netflix watcher or a professional blogger? Pro Netflix watchers spend hours daily watching Netflix. Not sure how well that job pays. Professional bloggers spend 6-8-10 hours daily:

  • creating helpful content through your blog, through guest posts and through videos
  • building your friend network by generously promoting other bloggers and by genuinely commenting on their blogs
  • freely promoting your premium products and services through each piece of content you create
  • generously following the prior 3 steps for months

The person who follows each bullet point for months, then years, sees more and more clients. Traffic increases over time. Blogging profits increase over time. Blogging gives them what they give blogging.

Janice Wald is always after it. She’s a hustler. Follow her for inspiration.

Ditto for Saurabh Tiwari. He is one of the most dedicated bloggers I know. Follow him for inspiration.

Do Not Fight Good Advice

I have personally coached bloggers who fight my smart advice. These people say networking is not for them. These folks resist creating content because they do not want to force it. This crowd ignores good advice, then goes back to watching Netflix or sports for the next 3 hours.

If you fight good blogging advice, you will struggle and fail. It has to be that way; you are doing the opposite of what it takes to succeed. Put your ego to the side. Follow smart advice. Succeed.

Listen to the guy with this home office in Thailand. He knows what he’s talking about.

Your mind wants you to fail because it fears the fears you need to face to become a successful blogger. I feared facing deep fears years ago, so spent most of my time and energy doing everything BUT blogging. You may nod, then, go back to watching Netflix or YouTube for the next 2 hours. 2 weeks down the road, after you spent only 2 hours of your time and energy blogging daily, you feel frustrated and want to quit because you have signed up no new clients, money seems to be running out and no business looks promising, on the horizon.

It is 100% YOUR CHOICE to spend 6 hours watching Netflix today and 2 hours blogging. You are doing this. You are making this choice.

It is 100% YOUR CHOICE to make a massive shift; spend 8 hours creating content and building connections, today.

Blogging just mirrors back to you your choices and energy, you make every waking hour of every day.

Right now, you have the next 8-10 hours to generously help people through creating and networking, or you choose to focus on yourself, watching TV, streaming Netflix, hanging out with friends.

Spend those 8-10 hours daily blogging for 3-6 months, and eventually, you will see more clients.

100% your choice, your decision, your energy, your commitment to blogging success.

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