WANT TO BECOME A BETTER ENTREPRENEUR?
(All In Less Than 5 Days)
I want to become a better entrepreneur and start making more money.
I don’t want to make more money, even if I could do so in 5 days or less.
The beginning of a new year is always a time of reflection and self-improvement. For many of us, the resolutions will be small and simple: save more money, eat better, get in shape, quit a bad habit. Then there are those who are ready to take on a bigger challenge: entrepreneurship. Starting your own business is an ambitious and time-consuming endeavor. With good planning, good execution and some good luck, you can change your life.
Founder of GoDaddy.com (the most famous of his ventures), Bob Parsons, recently posted a video blog encouraging people to start their own business. Among his top 10 reasons to do so? The oft-cited “do what you love” was No. 1. Developing new skills— from public speaking to crisis management— and controlling your own destiny also featured prominently on his list. You can see the entire video below.
Ted Rheingold, who built his own startup Dogster, Inc. shared his thoughts on entrepreneurship in a post on Medium.com. His take on things is tremendously pragmatic. “Don’t believe anything you whiteboard. Ever. Only believe what you see customers enjoying,” he says. He also reminds entrepreneurs to cultivate relationships with family, friends, etc while working on a start-up, lest they disappear while you’re otherwise occupied.
"5 Practical Things Every Entrepreneur Must Know"
Jen Groover, a “Serial Entrepreneur” put in her two cents as part of Entrepreneur’s video series of 60-second solutions. In the video below, she provides tips for entrepreneurs to maintain their focus as they run their business. To maintain mental clarity, she says, you need to take care of your body and keep your energy up. Choosing good food, working out and surrounding yourself with good influences be they people, books, etc will make a big difference in how you face the world.
Mark Cuban, panelist on the hit show “Shark Tank,” owner of the Dallas Mavericks and billionaire tech entrepreneur talked about business ideas in a question and answer session on Reddit. Entrepreneur.com has a nicely organized summary of the Q&A. As both a successful businessman and a successful investor, he’s seen plenty of good business ideas and plenty of bad ones. It’s not unusual, Cuban said, for deals on “Shark Tank” to fall through after taping. Inventors and entrepreneurs pitch a product and after filming, due diligence is done on the product or service.
It’s a great lesson for would-be entrepreneurs, seeing others like them pitching products to potential investors. Many contestants on the show who lose their deals during the due diligence phase try to appease the panel rather than telling the truth.
Cuban also spoke in the Q&A about needing an MBA degree to be good at business. In his opinion, an MBA is, “an absolute waste of money,” especially considering the courses available online to supplement your knowledge base. He does not, he says, give a hiring advantage to candidates with an MBA. Cuban’s key to success? Hard work. “Everyone has ideas, most don’t do the work required to get the job done.”
It’s not an easy task to start your own business. Dogster’s Ted Rheingold and GoDaddy’s Bob Parsons did not get where they are today without a long uphill battle. Despite the hard work and long hours required, despite the risk and the stress: will you resolve to start your own business in 2013?