Article by www.entrepreneurmag.co.za

“Chaotic”, “uncertain”, and “rollercoaster” are three words that would effectively describe almost any entrepreneurial journey. If death and taxes are certainties in life, then failure and taxes are the only two guarantees in business.

If failure is (to some degree at least) inevitable, why should we fear it? In this piece I will try demystify failure, and look into why it should be embraced and not feared.

1. It’s Part of the Job

We can start by separating failure into two different categories – micro and macro-failure. If a macro-failure can be considered as the overall failure and shutdown of the business, micro-failures can be seen as the day to day events that go wrong – that potential client that hangs up on your cold call; the sales pitch that gets the soft-no response of “we’ll call you”; the product launch that no one pitched up to. As Mark Manson puts it, business (as in life) is just a process of becoming less wrong over time.

Everything is a hypothesis that needs to be tested, and the process of business is applying the learnings from each hypothesis – each micro-failure – to be less wrong next time to move the business forward.

As Seth Godin says, “The cost of being wrong is less than the cost of doing nothing”. Embrace being wrong. Rejection and failure are part of the job.

2. Opportunity to Refine

There is one undoubted truth about every failure – and that is, each failure gives an experience to dissect and learn from. The Roman Emperor Marcus Aurelius had a similar view; that to one person a situation is good, and to another, that same situation is bad – Only perception decides.

As an entrepreneur, it is important to adopt this stoic thinking of managing your perceptions. Look at situations rationally, and perceive rejections as opportunities to refine the product that the market really needs – not the product you are forcing on your market.

3. With each Failure, Fear it Less

One of the great things about rejection or failure, is that the more often you are exposed to it, the less you fear it. In fact, micro-failures can become such a common part of an entrepreneur’s day, that you stop even noticing them as failures at all.

You may look back on a day with multiple rejections from prospective clients as a normal day on the path to building a business. The goal is to get to that point as quickly as possible.

4. One Less Avenue

In the beginning, any failure will elicit a strong emotional response, however, when it becomes embraced as part of the journey, as crazy as this sounds, you may even get excited for the next rejection or micro-failure.

Why? Because each micro-failure takes away one possible path you could go down in your business. Entrepreneurs tend to be highly ambitious, highly idealistic people. This may result in wanting to do too many things, take the business in too many directions simultaneously, and run before walking.

The beauty of failure is it re-clarifies the path, stops the entrepreneurial mind from getting carried away, and brings everything back into perspective. What’s better than pursuing 1000 potential clients? Pursuing 999 higher potential clients.

Eliminate avenues that aren’t right for your business as quickly as possible so that you can spend time on providing best possible product or service for the ones that are right.

5. Practical Tip to Embrace Rejection

So with all this theoretical talk out of the way, how do we get over that fear of failure to see the beauty of it? Start by watching Jia Jang’s TED talk of 100 Days of Rejection. The talk genuinely impacted my life. I have since implemented an annual (and much less impressive) 10 days of proactive rejection in my life. The goal is for 10 days, to do anything in any aspect of life that you would do if you weren’t ruled by fear. Ask yourself today, “what would I do if I wasn’t scared?”

The goal is to actively seek rejection to remove the power of fear from damaging your business’s potential.

Finally, I believe we should get our heads around the idea of celebrating our failures. Go for a drink as a team and give a toast to that failure even more than if it was a success. After all, if life is more about the journey than the destination, surely we should celebrate and cherish every event of the journey along the way?

Every event that happens will be critically important in forming the empire of a business that you are building. Take a step back, see the big picture, and smile whenever it doesn’t go as planned. See the beauty of failure.

Article by www.entrepreneurmag.co.za

Article by www.entrepreneurmag.co.za

Motivation is a daily struggle for entrepreneurs, so I’ve put together these motivation-boosting tips from eight of today’s most successful international entrepreneurs.

1. Fear of failure

In an article that he wrote for Bloomberg, Mark Cuban stated that he uses the fear of failure for self-motivation.

“No matter what business you’re in, you’re always at risk — particularly in technology, where it changes so rapidly you’ve got to put in the effort to keep up,” writes the US Shark Tank panel member. “There’s always the opportunity for some 18-year-old to come out of nowhere and crush you — that motivates the hell out of me.”

Failed at something? Ask these Mark Cuban questions. “What did I do wrong? Who did I trust that I shouldn’t trust? What can I learn from this situation so I can avoid it next time?”

2. Follow your passion

This is the key. However, as Chalmers Brown, co-founder and CTO of Due writes, “We want to not only make a lot of money but enjoy what we do as well. We are willing to take on the risk of unstable pay in exchange for following our dreams.

“Unfortunately, your dream job may not always be the best decision financially. Sometimes your hobbies are best kept as projects in your spare time for fun. If you do want to try to turn your passion into a full-time job, these tips can help you get started the right way.”

Brown gives the tips below:

• Improve something that you’re already doing
• Figure out where the market is
• Share your passion with others
• Stay happy and motivated by assigning tasks that you’re not a fan of to someone else.

3. Keep affirmations where you can see them

“It’s so easy as an entrepreneur to get sucked into feeling exhausted or frustrated, and often the blame is yours alone,” writes Murray Newlands, founder of online invoicing company Sighted. “But a negative mindset sucks up mental bandwidth and energy that you need to stay focused and successful.

“It is crucial to maintain an optimistic attitude in the face of setbacks. Whenever you see a quote or a picture that helps you stay positive, place it front and centre so you can remember what this journey is all about.”

4. Surround yourself with highly successful and motivated people

“No one does it alone,” said Mark Zuckerberg during a Q&A in 2016. “When you look at most big things that get done in the world, they’re not done by one person, so you’re going to need to build a team.” When building your all-star team, seek out people who excel in the areas where you’re not strong or have less experience.

“You’re going to need people that have complementary skills,” he emphasised. “No matter how talented you are, there are just going to be things that you don’t bring to the table.”

Article by: www.entrepreneurmag.co.za

Are you dreaming about becoming an entrepreneur, but not sure whether you’re ready to take the plunge? Some of the world’s top entrepreneurs weigh in on what it takes to be a success.

1. Think out the box

A general rule of thumb is that you should do what you know. Spend time in an industry before launching your business, build up a network and understand your target market and their needs. This is all sound advice, and has been the foundation of many successful start-ups.

However, there is an inherent danger that entrepreneurs should avoid at all costs: Many industries are bound by legacy ideas and systems that are the enemy of disruption and innovation. Entrepreneurs who didn’t know something couldn’t be done are often the ones who find a way to make it happen.

Approach an industry or idea with fresh eyes. Take lessons from other industries. Don’t be limited by your lack of knowledge — go out and learn, even if you’re learning on the fly.

Airbnb, Uber and Netflix are three of the most disruptive businesses in the world today, and they’ve achieved phenomenal success because they didn’t buy into the simple and engrained idea that an accommodation business should own property, a taxi service should own vehicles, or a movie rentals business needed to own DVDs.

If you really want to differentiate, you need to lead, not follow.

“Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else.” — Sara Blakely, Spanx founder and self-made billionaire

2. Be an open-source person

Have you been delaying launching your own business because you’re not sure if you’re ready? Some of the most successful entrepreneurs have taken the plunge and learnt along the way. Gil Oved and Ran Neu-Ner, founders of The Creative Counsel — South Africa’s biggest advertising agency with an annual turnover of R750 million — followed this simple rule in their start-up days: They always bit off more than they could chew, and then chewed like hell.

Their philosophy was that ‘no’ was never the end of a negotiation, but the beginning of one. This tenacity kept them going, even though they spent their first year barely making ends meet.

Gil and Ran are not alone in their thinking. Robin Olivier, founder of Digicape, a R240 million Apple products and services business, prepared himself for entrepreneurship by putting his hand up for anything and everything that came his way. “I’ve always been like that. I jump in with two feet and figure things out along the way.” For Robin, that’s the only way you learn.

Joshin Raghubar, founder of iKineo and the chairman of Bandwidth Barn and the Cape Innovation and Technology Initiative, began his career working for Ravi Naidoo at African Interactive. At 23, he found himself project managing the African Connection Rally, a massive partnership with the Department of Transport. Why? Because he was always ready to step in, learn something new, offer his opinion and take on any challenge.

Joshin believes that successful entrepreneurs are open-source people who are willing and able to consistently and continuously learn new things. If you’re moving forward every day, you’re already on the path to success.

3. Be significant

Start-ups are tough. They are lonely, and they take a lot from you physically, mentally and emotionally. Passion and significance are two key components that will keep you going through your darkest hours. If you can answer why you are doing something, you’ll be able to forge on, even when the challenges ahead seem almost insurmountable.

“If something is important enough, even if the odds are against you, you should still do it,” says Elon Musk, who isn’t letting go of his dream to colonise Mars during his lifetime, despite many challenging tasks ahead of him. The lesson is simple: Whatever you endeavour to accomplish, out of this world or not, do not allow yourself to be deterred by the odds. Bravely forge ahead.

Steve Jobs shared a similar outlook. Before entering into business with Steve Wozniak, he dropped out of college and took time off figuring out what he wanted to do with his life.

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work,” he said. “And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

If you know you want to be an entrepreneur, but you aren’t sure what you should be doing or haven’t found the right business idea, think about the things that truly matter to you. What problem would you ultimately like to solve? Sometimes you need to build up to it, and start with one thing that will lead you to the next (consider how Musk built the Tesla to fund other parts of his business), but once you’re on the path to significance, nothing will hold you back.

“The key to realising a dream is to focus not on success but on significance — and then even the small steps and little victories along your path will take on greater meaning.” — Oprah Winfrey, self-made billionaire media mogul

4. Look for opportunities in every challenge

Some people see challenges, others see opportunities. The latter are known as entrepreneurs. Some of the most successful businesses have been launched in the midst of recessions. How? Because entrepreneurs aren’t daunted by a challenge. In fact, challenges are great, because they keep the competitive pool smaller.

Vinny Lingham, Shark Tank South Africa investor and serial entrepreneur, says that he would rather have been homeless than not start a company because he didn’t have any finances. He sold his house, rented back a room in his (now former) home, and launched Clicks2Customers, a business that hit the R100 million turnover mark three years later. He didn’t see the challenge; he focused on the opportunity.

You’ll have to keep a close eye on cash flow and find some really smart solutions to real-life problems, but that’s the foundation of a great start-up. It’s all about the lens you see the world through. Are you open to opportunities, or limited by challenges?

“Dear optimist, pessimist, and realist — while you guys were busy arguing about the glass of wine, I drank it! Sincerely, the opportunist!”— Lori Greiner, Shark Tank US investor

5. Failure is a critical element of success

Don’t let failure hold you back, or worse yet, keep you from trying. You already know that failure is a part of the business of entrepreneurship, but it’s easier said than done when you’re picking yourself back up after a bad break. Remember that with a shift in your perspective you can transform the stumbles and falls into opportunities to improve yourself and your business offerings. What didn’t work? What did? Keep at it — you only have to get it right once.

Oprah agrees. “At some point, you are bound to stumble, because if you’re constantly doing what we do, raising the bar; if you’re constantly pushing yourself higher, higher, the law of averages — not to mention the Myth of Icarus — predicts that you will at some point fall. And when you do I want you to know this, remember this: There is no such thing as failure. Failure is just life trying to move us in another direction.”

And what about Richard Branson? The billionaire mogul has launched more than 200 successful ventures, but he’s also had some dismal failures, including Virgin Cola and Virgin Brides. If he didn’t ‘screw it, just do it’ in the face of failure, where might he be today?

Instead, he believes in getting back up and pushing on. “The main thing is, if you have an idea for business, as I say, screw it, just do it. Give it a go. You may fall flat on your face, but you pick yourself up and keep trying until you succeed,” he says.

There’s no such thing as a successful entrepreneur who didn’t fail while they found their success. But, there are many, many entrepreneurs who haven’t found success because they’ve been too afraid to fail. Which will you be?

“Don’t worry about failure. You only have to be right once.” — Drew Houston, CEO of Dropbox

Article by: www.entrepreneurmag.co.za

Article by www.entrepreneur.com

As an entrepreneur or business owner you know the truth of the old saying that sometimes you have to spend money to make money. But, you also have to save money to have money! And saving more money consistently ranks as a top financial resolution people make each New Year.

We all need to do it — whether to build a robust emergency fund, secure our retirement, or create the equity we need to build a business and lifelong wealth. But, how many people actually succeed?

According to some reports, up to 80 percent of people who make New Year’s resolutions fail to keep them. Yet we know that people who make resolutions are 10 times more likely to attain their goals than people who don’t.

For many people, the start of a new year is the trigger they need to change their behavior patterns to set themselves on a lifelong journey toward financial security and self-sufficiency.

What does it take to be one of the successful few? What can you do this time around to increase your likelihood of remaining on track when next New Year’s Day rolls around?

1. Understand that real, permanent change comes from within, rather than from outside pressure.

In their groundbreaking book, Changing for Good, three psychologists looked at 130 different techniques that people used to try to give up smoking. They discovered it is not a lack of potent and effective quitting techniques that defeats so many smokers. Rather, it is the internal thought processes that prevent (or enable) permanent, life-enhancing change.

Their discovery captured the attention of leading academics, clinical psychologists, life coaches and authors looking into why certain people are able to set a life-changing goal, meet it and keep themselves from relapsing.

The good news: Researchers have discovered that we all have it within us to modify our behavior and cross the “Resolution Finish Line,” regardless of how ingrained our habits are. When you consider how mindset affects everything in our lives, it’s no surprise that it’s the key to achieving our financial goals.

2. Enlist allies to help you stay on track.

Many people require outside support when they decide to get serious about holding themselves accountable for their financial resolutions.

M. Kathryn Seifert, Ph.D., a Maryland psychologist who operates three mental health clinics, says a coach — whether a professional for hire, a friend or a religious leader — can help people reinforce their commitments.

Dr. Seifert’s clinics see about 2,000 distressed individuals a year, many of them struggling with financial crises. For most people, the right motivation coupled with persistence and the aid of a coach provides what they need to achieve their goals, she says.

3. Set incentives and consequences for sticking to or breaking your commitments.

Consider using websites such as www.stickk.com that allow you to give yourself incentives for sticking to your commitments, and set up penalties for breaking them.

This carrot and stick approach relies on three factors: a goal, stakes, and a referee, according to an article a few years go on commitment contracts.

When you make a commitment binding in this way, it will make you think twice before backsliding. Even better, the rewards that come with sticking to your commitments establish a feel-good pattern of positive reinforcement. And that will make staying on track easier as you move forward.

4. Skip the pity party when you fall short.

Don’t wallow in self-blame when you fail. Instead, pick yourself back up, learn from your mistakes, and go right back to work toward your goal.

Steve Siebold, author of How Rich People Think, says one of the key differences between those who are defeated by financial roadblocks and those who knock down barriers along their path, is how they respond to disappointment.

Siebold estimates that 40 percent to 60 percent of today’s most successful investors, entrepreneurs and executives have failed multiple times. Those who rebound the fastest and most successfully set aside emotional thinking and put their minds to the task of plotting a logical pathway forward.

5. Don’t set yourself up for failure by insisting on an all-or-nothing change.

Judith A. Belmont, a psychotherapist and author of the “The Swiss Cheese Theory of Life,” has described New Year’s resolutions as “a setup for failure” because they embrace an all-or-nothing attitude toward change.

Belmont cautions against perfectionism and advises patience and persistence instead.

“It doesn’t matter where you are on the journey, what matters is the direction you are going,” she says. “Learn from the past, accept shortcomings, realize where you made errors and build on them like stepping stones.”

One final piece of advice: Give yourself reminders to keep your focus on where you are going and your long-term goals. One of my favorite ways to do this, especially when it comes to holiday shopping, is to wrap my charge cards in my goals. Every time I take a card out, I see a picture or some words that remind me of why I am saving. This is a trick to make yourself pause a moment and consider whether what you are purchasing is more important than your goal.

Remember, when it comes to keeping your financial resolutions, you are the key. You make decisions every day, every week and every month throughout the year that all add up when it comes to building savings and wealth. Only when you set your mind and heart to the task can you successfully create long-term change in your fiscal direction.

Article by www.entrepreneur.com

Watch Graeme Saggers’ presentation from the Tax Roadshow.