5 Reasons Why Entrepreneurs Succeed

Characteristics of a successful entrepreneurAs an entrepreneur, you know that half your time is devoted to the daily hustle, making things happen, accomplishing goals.

In some cases, like myself, you may spend just a bit more than half your time.  :)

The other half is looking ahead, knowing where you want to be and in what time frame.

For some entrepreneurs, overcoming the mental anxiety of uncertainty is the first big step.

Om Malik, a tech business writer six years ago, faced these uncertainties when he set up his own media site GigaOM. Om recalled the early day of his entrepreneurial venture to Ventureburn recently. He wrote:

“Those nights of self-reflection during the early startup phase exposed me to a lot of my own demons and made me realize how little I knew. The biggest outcome of that conversation was the realization that companies and startups are essentially a reflection of a founder. If a founder doesn’t realize that, then it is going to be extremely difficult to build a long-term business.”

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Dream Big – Adjusting Your Mindset to Make $5 Million Per Year

As a kid, we are always told to “dream big” and the “sky’s the limit”.

When I was a kid I remember winning a poster of a yellow Lamborghini at local carnival. I couldn’t get home fast enough to get up on my bedroom wall.

My dad used to tell me that if I worked really hard that I could drive that car one day.

I dreamed one day that it would come true.

Losing the Dream

As I got older, that dream eventually wore off. I had concluded that I could never afford to drive such a car.

Many of us stop dreaming. We conceded to life and assume that this is “how it’s supposed to be”.

I used to believe the same thing until a recent conversation I had with a very successful entrepreneur.

See how it changed my way of thinking and how I’m once again dreaming big.

Most Profitable Small Businesses to Start in 2013

Most Profitable Small BusinessesWhile 2013 is still relatively new there is no better time to get on with it and start that small business you’ve been considering for so long now.

Small businesses are the heartbeat of the United States economy and are a path to independence.

Sure there are many headaches and heartaches that small business owners must endure.

But for those that stick it out and survive are left with a freedom that many desire.

The only question remaining is what small business should you start?

Here are seven suggestions of the most profitable small businesses that you may find interesting.
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How A Cushy Job Can Be Your Ticket To Financial Freedom

This is a guest post from Steve who runs the popular blog MyWifeQuitHerJob.com where he writes about building wealth and entrepreneurship with an online store.

cushy desk jobAre you bored with your job?

Are you tired of what you do on a day to day basis?

The fact is that there are many people who aren’t 100% happy with their day jobs and would like to transition to something new.

Picture this scenario. You’ve been working at XYZ firm for 10 years now. You know the ins and outs of your job and you do it very well. In fact, you are so efficient at what you do that you can do your job in your sleep.
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3 Crucial Tips to Build Your Network {That Really Work}

The following is a guest post by Seth Fargher from www.SethFargher.com. Having been in a business for over 10 years, I can attest to the power of networking. It’s amazing what one small connection can lead to. What makes that even more exciting is that you never know who or when that connection may come.

Business Networking Tips 101:  Three Imperatives to Creating Valuable, Working Relationships

One Contact can Make All the Difference

networkingAbout nine months ago I was let go from a job I loved where I felt, and everyone around me agreed, that I was doing a great job at.

It came as a shock to me and several of my co-workers but sometimes things just happen.

I worked for an off-road products company which was somewhat of a dream come true for me personally but also gave me an opportunity to build relationships with some of the biggest names and organizations in that industry.
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Are You Improving Your Human Capital?

what is human capitalWhen you look at your financial picture, it’s easy to get caught up in the numbers.

However, it’s important that you not focus too much on your net worth.

While you want to improve your financial situation, realize that it’s not just dollars and cents.

You need to improve your human capital as well.

What is Human Capital?

Chances are that you are aware that the decisions you make with your financial capital matter a great deal. However, the money you have now, and hope to have later, is only a part of the equation. You also need to look to your current situation, and understand how your human capital fits into the larger picture.
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15 Small Town Business Ideas to Start In Your Own Stomping Ground

“There’s a lot more business out there in small town America than I ever dreamed of.”
-Sam Walton

15 Small Town Business IdeasIt never fails that I get a puzzled look when I tell people where I’m from.

I was born on the West Coast—Los Angeles, to be exact.

For about 3 years of my adult life (and 3 as a child) I was surrounded by the 405 freeway, beaches, smog, and, of course – In N Out Burger!

But I now reside in a small Midwestern town in Southern Illinois.

No freeways, just highways or “routes,” where “traffic” does not exist.

We have beaches; they’re just on lakes.  I promise, it’s not as exciting as the Pacific Ocean.

And worst of all… no In-N-Out burger.  :(

People are generally curious about this, and want to know how the heck I ended up here after growing up in the big city.

I can tell that most of them wonder why I would give up city life to surround myself by farmland and, in turn, limit my opportunities.

Their thinking is that you have to move someplace big to make it big.

That couldn’t be any further from the truth.

Small towns offer plenty of opportunities to entrepreneurs, particularly if they know the community well.

A recent study by Olav Sorenson of the Yale School of Management showed that small business ventures perform much better when they are founded in the hometown of the entrepreneur. In terms of dollars and cents, Sorenson discovered that “each year a founder lived in a the region reduced the failure rate [of the business] by nearly 2%, and each additional year of tenure translated into $1,362 more in profits in each year of operation.”
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How to Hit it Big with an “Option” For Your Career

The following is a guest post by Darwin. Darwin takes an evolutionary approach to money, investing and career opportunities. If we’ve learned anything over the past few years, it’s that we need to be constantly adapting to changes in technology, the workplace, investment opportunities. Read more at Darwin’s Money.

side projects that make moneyFor those of you that are even vaguely familiar with stock options, you’re probably aware of how you can essentially turn a small sum of money into a sizable payoff if things go the right way for you.

As an example, if you bought out of the money call options on Apple a few years ago, the return would have been over 1000%.

What if you could apply this concept to your career and earning power?

You can!

Here are a few real-life examples (including my own endeavors) where side projects can either fizzle out or succeed beyond expectations:
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The Power of Doing it BIG!

Attention, frustrated employees: Start making money on your own. I’ll show you how. The following is a guest post from Martin of Start Freelancing Now.

You need to learn to think big and to be confident in your work. I’ve been guilty of focusing on small tasks for far too long. I too often find myself working on things that either don’t matter or produce minor results. This is why I now focus my energy on bold and audacious goals. I believe in doing it big.

How can you go about performing audacious moves if you don’t know where to start? What if you happen to lack a certain level of confidence?

I found my own answer to this in a podcast.
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The Growth of Your Small Startup: What You Need to Succeed

startup business

Time to Grow

Starting a small business is a tough proposition – just look at the success rate: a meager 37% chance of survival if you employ fewer than 20 people.

The statistics aren’t too desirable if you look at them like that.

There is good news though – The difference between being in the failing 64% and the successful 37% is knowing what you’re in for and planning accordingly.

There are several steps you need to take to give your company the best possible chance of success beyond the four year mark – below are some tips you can use to foster the growth of your start-up.

Develop a Sound Business Plan

Planning is integral. Without a clear plan, good business decisions are nearly impossible. Before you take any action, sit down and create a written plan for your business that includes the company’s purpose, its marketing strategies and overarching management details. You should also make a list of your competitors, and include ideas for securing funding. If you already have supplies and equipment, create a ledger of these items for future reference.
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Your Personal Definition of Success – What Motivates You Each Day?

your personal definition of successI was at lunch the other day with a friend that I hadn’t spoken with in years.

During the lunchtime conversation, he made the comment, “Man, how did you get so successful?”

At first, I dismissed it, as often I get embarrassed by such complimentary remarks.

But when I started driving back to the office after the meeting, I got wondering – wow, am I really that successful? 

One of the biggest obstacles to overcome as an entrepreneur is constantly shortchanging yourself; always having doubts that you could have done a little more, made a little more, put a little more time in.

Essentially, we, entrepreneurs,  are never satisfied.

I’ve often had to take a step back and ask myself what my personal definition of success was, and I realize it’s not always about the money.
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The 13 Best New Small Business Ideas and Opportunities to Start Today

ave you caught the entrepreneur bug and are wanting to start your own small business?

You’ve heard stories of people that have struck it rich by going out on their own and working for themselves.

The thoughts and dreams of running your own business can be intoxicating.

It’s funny that growing up, I never really thought about starting my own business; not as a child, not in high school, not even in college, and frankly, I didn’t think much about it after starting my career.

best small business ideas for a small town

When I finally got the opportunity and saw what it really meant, starting my own small business has been one of the best ideas I’ve ever had.

If you’re looking to start your own small business, here are some of the best new small business ideas to kick around.
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