3 Tips To Being A Successful Entrepreneur

by

Entrepreneurs and businesspeople are constantly on the go and one of the keys to our success often gets neglected- exercise.  Its important to invest in ourselves and exercise is not only good for our body it really helps our brain development too.  Even only 20 minutes of exercise a day makes a huge impact on our well being and outlook.  Here are some tips.

  • Get adequate sleep.  Sleep deprivation suppresses your brain’s ability to filter distractions and limits your focus.
  • Disconnect from our wired 24/7 world.  Unwinding in nature can dramatically improve your cognitive levels.  I really enjoy hiking or even walking in my neighborhood green spaces.
  • Look at your food intake and make a 2% change.  One of the presentations at my Vistage meeting was a nutritionist.  The one take away that has stuck with me was his mantra of saying find the one thing that you can do to change your diet.  I choose to make sure when I look at labels in the store to limit my sugar intake which converts to fatty carbs.  If I make a 2% change in my diet every year, then after 10 years I have may 20% change in my habits.  That’s much easier than the New Year’s resolution to change everything.

So take a break, get the sleep you deserve, and find a 2% change in your diet that can make a difference in the long run. Here’s to adopting the traits of a successful entreprenuer!

Mike

How to be Successful the Second Time Around

by

I recently read an article about a study conducted on over 65,000 Swedish earlier stage start-up companies and their owners who successfully exited one company and moved on to their next company.  It pointed out that the second time around for the entrepreneur was not always a success.     Most business owners after they exit from their business seem ready soon after to start another venture.  This includes business owners that transition to the buyer company, but find out that they can’t work for anyone else anymore.

The second business often under-performs compared to the first one.  Why?  There is no one reason why the same skills and leadership that got them a first successful company exit does not work the second time around.     In some cases, the entrepreneur fails to understand the significance of timing and those “make-or-break” moments where their intuition helped lead the first company to its success.  They sometimes forget or underestimate how much effort it takes and the chance events that got their first company the results needed to succeed.

So what are the ingredients for a happy exit?  It depends on the person; however, some common strategies included: The business owner visualizes what life looks like after exit.  They don’t wait for the exit to happen and then decide, rather they are proactive about it before exiting. Test driving the next venture prior to exiting the first one Setting clear goals, deadlines, and amount of capital that will be committed These are just a few of the ideas that can help a business owner avoid moving onto a second or third business venture that ends up disappointing.

Here’s to your next venture! Mike

How Is Your 2nd Half Shaping Up?

by

I read a book a while back titled Halftime by Bob Buford.  It spoke to me because at the time I was turning 50, and the book outlined the difference between the first half of our life versus the second half. 

Now that I am further along in my second half, I find myself reading articles about how to stay vibrant physically and mentally.  It’s been said that “health equals wealth” and my intention is to be on the journey with continued health as a focus. 

Below are six habits that resonated with me from a recent article on this topic.

Mindset of Abundance

Worrying about money at any age is not fun.  I sure don’t want to worry about it in my older years.  The abundant mindset was a game changer for me, and it not only included financial, but also spiritual, work, and relationships.  The way I practice this comes with making sure any business opportunity is sourced with the right resource.  If a referral comes to me, but it’s not quite the right fit or maybe my bandwidth is such that I couldn’t meet the client needs properly, then I actively help them find the right resource.  Even if that means referring them to a competitor.  It’s the “pay it forward mentality” and the idea that there is an abundance of work out there for everyone, and what comes around goes around.

Take Care of Your Spirit

Do you ever feel not present, or your mind is racing all over the place?  Or someone asks you a question, but you really didn’t hear it, and you must ask them to repeat it again?  I have been working on a practice where I focus on my “active listening” skills and intentional mindful exercises to be present.  It is not easy, but in today’s fast paced world, it is necessary.  As I age, I am realizing that spiritual fitness is just as important as physical fitness.

Goals

I have generally had goals most of my life.  Not always written down, but goals that helped me go to where I wanted to take my career.  Eventually as I got older, I began to write down my goals and reviewing intermittently during the year.  I have kept copies for the past 15 years and it’s amazing what I accomplished towards the life that I wanted to lead.  The goals kept me focused, engaged, and motivated.  Where I needed to pivot, I did.  Some goals changed or were dropped, but I had a goal because I wanted to be “intentional” with my life and business.

Take Care Physically

When I was young, I took a lot for granted and didn’t feel that I would ever wear out.  I pushed myself physically as an athlete.  Well, I did better than some…my weight is still good, nutrition is on solid ground (except for the chocolate that I enjoy), and my strength is rebounding.  Get a good night sleep.  It is the most underrated aspect of recovery that is necessary for us to continue running the marathon of life.

Do Work You Enjoy

Enjoying what you do as a profession nourishes the body and your spirit.  Long-term health and happiness are a function of a healthy and satisfied mind, and work that fulfills these attributes will give you inner satisfaction.

Choose Your Relationships Wisely

The emotions of others are contagious.  Be mindful of who you hang out with because as Jim Rohn once said, “You are the 5 people you hang around the most with.”  If you are not hanging around with people who you want to emulate, then time for a reset.

Cheers to your 2nd half!

Mike

Traits of Successful Entrepreneurs

by

Did you know that 20 percent of new businesses fail in their first year, 50 percent don’t last beyond five years, and 66 percent are gone before 10 years?

Lasting entrepreneurship involves so many factors – it’s not just being an industry or functional expert, or putting hard work into a great idea. External inputs such as economic, market, and industry conditions play a role. And so does plain old luck.

What tends to drive a business to succeed, or not, is its founder(s). And many serial entrepreneurs seem to have a skill set that balances industry and business knowledge, ideas, intuition, the ability to build relationships and close a deal, and willingness to embrace risk.

Entrepreneurs are much like someone who goes up in a plane, and jumps right out without hesitation. But starting a business, like sky diving, is not for everyone. And though there is not one “successful entrepreneur” mold, here are some qualities I have noticed that many profitable self-starting-business owners exemplify:

  • Discipline. Successful entrepreneurs limit distractions and stay focused on making tangible progress each day to drive their business forward. This builds momentum and both internal and external confidence.
  • Confidence. Entrepreneurs also display an uncanny confidence in their product or service from the onset. They absolutely believe their product or service and that it will succeed.
  • Creative. Being creative doesn’t mean an entrepreneur continually invents products or services. It does mean they can think of ways to solve a problem either better, faster, or cheaper than others. Just one of those traits is enough, but two or more of the three are even better.
  • Open-mindedness. This skill helps with the entrepreneur’s ability for agile problem-solving needed in a startup environment. Successful entrepreneurs are open to new ideas and truly listen to others.
  • People skills and empathy. An entrepreneur has learned to inspire, persuade, and communicate articulately their vision. The can also soundly judge others’ characters.
  • Business thinker. An entrepreneur understands motivation and emotion, and they consistently view every situation as a business opportunity or risk, and ensure that the path they take is executed upon to drive beneficial results.
  • Competitive spirit. Finally, entrepreneurs are competitive. They’re not cutthroat, because they know that people generally want to buy from and work with people who wish the best for others. But they do embrace the truth that competitiveness and ambition go hand-in-hand. They also realize when it’s time to move on to the next project.

How does this list make you feel? Motivated? Tense?  Exhausted? Bored? If you’re feeling motivated, you may have an “E” (entrepreneur) personality. You may have what it takes to start a new business venture and see it through to prosperity. More importantly, you may have what it takes to have a fulfilling career as an entrepreneur.

Let us know how we can help you design your entrepreneurial business for financial success!

Mike

Why Do You Run a Business?

by

by Michael Iverson

I recently met with a long-time entrepreneur who expressed growing frustration with the state of his business. He complained that his work hours are longer than ever, yet his profits are shrinking. So, I asked him: “Why do you do it? Why do you run a small business?”


The question seemed to surprise him. Despite his dissatisfaction with the recent financial performance of his business, it was obvious that he had not given much thought to the alternatives. As he answered, it became clear that running a business is more than just his work. Being a business owner is part of his self-identity.


I have had this conversation with several clients over the years. Each one has the skills, talent and determination to succeed in another line of work. I ask them to spend a few minutes thinking about why they started their businesses and to write down their reasons. The lists often include:

  • Earn a decent living.
  • Be my own boss.
  • Feel a sense of accomplishment.
  • Provide jobs for family members and/or friends.
  • Be an active part of the local community.


When my client created his list, I asked how many of those reasons remain valid today. The discussion that followed revealed the owner is not happy about what he earns, his frustrations have overtaken his sense of accomplishment and the family members and friends have retired or moved on to something else. In other words, many of the reasons are no longer valid.

Evaluate the risks and rewards

For this particular client, the rewards of ownership no longer outweigh the risks. Several of his key employees earn a better living than he does, yet the risk of personally guaranteeing sizeable business loans is all his. I am sure many other business owners find themselves in the same position.

The greatest risk of all, one that many business owners willingly take, is putting all of their eggs in one basket. An entrepreneur often puts all his financial resources, as well as all his time, into the business. Should the business fail, there could be severe financial impact.

Weigh the alternatives

Once a business owner is able to view the situation objectively, he may ask himself: “Why am I working 80 hours per week, putting all of my eggs in one basket and earning just 10 percent on my investment? I could get a well-paying 40 hour-per-week job, invest part of it in the stock market, and live better by working fewer hours and having far less stress.”


But, it’s clear there is a tradeoff. If running a business is something that really gives you pleasure, if you have fun doing it and you are earning a decent living, you may not want to give it up. You may be willing to sacrifice some elements of your personal and financial lives to continue doing what you really enjoy. Getting up and going to work is not “work” but rather fun and I happen to be making money at it too!


One way to figure out if you are at the point of change is to enlist the help of an advisory board–a group of individuals from different business backgrounds who have experience running and supporting a business. Look for our upcoming article about the ins and outs of an advisory board.