Who is a Successful Entrepreneur?
It’s important to state from the outset that there is no magic bullet that can transform you into a rich and successful entrepreneur overnight. However, for those prepared to work hard to succeed, there is an almost formulaic blend of entrepreneurial skills that can help set successful businessmen/women apart from the rest.
Being an entrepreneur means you are your own manager, as well as manager of others. Your skills need to be extensive in order to to be successful. An entrepreneur should be able to effectively manage people, a budget, operations and in some instances, investors. This requires a multi-tasking work style, planning for both the short and long- term goals of their business. A successful entrepreneur must be able to make wise decisions about how he uses his time, continually evaluating and prioritizing tasks according to relevance and importance. This means including short and long-range planning and the ability to participate in economic forecasting and market research.
Another important factor with many reasons is getting enough sleep. When you sleep, your brain signals your body to release hormones. This helps you focus, and protects and strengthens your memory. The best sleeping hours are between 12am-8am as our bodies have a better blood circulation at this time. This, in turn, contributes to creative thinking, memory processing and positivity. One wakes up with a sense of domination ‘’ I am going to conquer as I give my 100per cent.’’ Maintaining an active and healthy lifestyle is a must! Exercise regularly as it also promotes deeper, more restful sleep. One also gets a chance to sweat out their stress and troubles that a successful entrepreneur faces in life.
How Do You Become an Entrepreneur Without a Passion
One of my most vivid childhood memories was biting into a Mrs. Fields chocolate chip cookie and hearing the story of the housewife with a passion for baking cookies who created a national chain. The story resonated deeply with me and, from a young age, I’ve always associated passion with business success. Our society loves a passion to profit story and we pepper our lives with quotes from people like Meg Whitman. “Do what you love and success will follow. Passion is the fuel behind a successful career.” We are so crazy for passion that there’s now a whole economy devoted to it. Adam Davidson wrote a book about it called, “Passion Economy.” A quote of his that always stuck out to me,
“For most of them it was a long struggle, and it went in unexpected ways. You’re not born with passion — it’s not that on your twenty-first birthday, you either have it or you don’t, and then you’re done. In fact, I think working on understanding your passion is so valuable that it’s okay — and maybe even good — that it can take 10, 15, 20 years. When I talk to people, it’s not just, ‘Sit around waiting until you have your passion, and then you’re good to go.’ It’s, ‘This is your project. Figure this out and experiment, try things out, pay attention, listen to people.’”
The passion economy allows anyone to produce content that can be monetized by their audience via digital platforms. Now, entrepreneurship is attainable for anyone with a passionate point of view and a WIFI connection. It feels like anyone can make it happen, but what if you don’t necessarily have a passion project or honed skill to sell? Does that mean charting your own professional course is off limits?
“Here’s to your entrepreneurial success. Make it happen. Make it count!” – Acceler8Success Founder, Paul Segreto
GEM study proves importance of entrepreneurship when there is a decline in the economy
Based on nearly 140,000 interviews with adults from 46 economies across the World, this is a study of entrepreneurial activity, attitudes and ambitions that has been gathering data since 1999.
However, the 2021 report is particularly relevant as the data has been collected during a Covid-19 pandemic that has decimated national economies, and therefore this is one of the first international measurements of the business lockdowns on levels of entrepreneurship. It is also important in trying to assess whether, as in previous recessions, entrepreneurial activity will again drive economic recovery across the World
So what are the main findings of the 2021 GEM report? With only six GEM countries reporting that less than one in three adults had experienced a decrease in household income due to the pandemic, the study again demonstrates the importance of entrepreneurship as an income generating alternative when there is a decline in the economy especially in poorer nations.
“One of the most important things I have learned is that businesses don’t fail, entrepreneurs give up. Now sometimes, giving up is the right decision. But usually you just need to dig in and figure out how to make things better. Remember: Every day is a new opportunity to get up and do it better than yesterday!” – Adda Birnir
60% of Small Businesses Expect Revenue to Grow in 2021
Well over half (60%) of small businesses expect their revenue to increase over the next 12 months. This compares to fall 2020, when just 34% of small business owners were confident of increasing revenue.
This positive statistic about the outlook of small businesses after the unprecedented disruption of 2020 and early 2021, was unveiled by the Bank of America.
Bank of America’s 2021 Small Business Owner Report was based on a survey of nearly 1,000 small business owners. The survey was conducted in March 2021. It reveals that economic confidence and business outlook is witnessing a rebound.
56% of participants say they are confident the local economy will improve, which is a significant rise from 39% last fall. Half of respondents anticipate the national economy will expand, up from 37% in fall 2020.
3 Workplace Habits Every Entrepreneur Needs to Survive the ‘New Normal’
We are all longing for the same goals right now — a sense of peace and safety for ourselves, our families, and our businesses during this unprecedented time. No matter what our belief systems may look like, we are all trying to establish some sense of belonging, to be secure, and to have days that are purposeful and productive.
In business, while everyone talks about this “New Normal,” entrepreneurs are left to establish what that looks like for their own lives, and without a guidebook of any kind, this task is a tall order. Each day brings change and, as of right now, there is no end in sight.
The beauty in this situation is that we all have an amazing opportunity in front of us to grow, expand, and ultimately, lean into becoming our absolute best, because we need that in order to continue moving forward. We have space to create and find purpose, and we have time to pour into our businesses like never before.
Now, perhaps for the first time, you’re the one writing the rules … all of them.
What it Takes to Grow a Successful Business and Keep Your Spot on Top with Alec Stern
Growing a business is not a walk in the park. But Alec Stern, also known as “America’s Start-up Success Expert” and co-founder of Constant Contact, has made his way to the top and speaks with Dr. Diane Hamilton on growing successful businesses and scaling companies among various industries throughout the years. He shares his insights on the different ways business owners can propel their way to success, pointing out the importance of what you do with your idea and how you can use it to your advantage. If you’re ready to make your business work and grow, learn Alec’s secrets and make your way to the top.
Welcome to The Social Geek Radio Network
Get in touch with your inner geek. Jack Monson and many special guests discuss social media and digital marketing trends for brands, small businesses, and franchises.
Social Geek Radio was listed as one of 20 Best Business Podcasts according to Emerge and was named to the Best Small Business Podcasts by FitSmallBusiness.com. Recently, Social Geek Radio finally made the Top 25 podcasts in the Marketing category of Apple Podcasts / iTunes.
- Franchise Facebook Podcast – every Monday
- Franchise News Podcast – every Wednesday
- Social Geek Radio Franchise Spotlight – every Friday
Top 10 Podcasts for Entrepreneurs and Startups
The podcast industry has exploded with growth over the past several years, and that growth has extended to entrepreneurial podcasts as well. There are over 1.5 billion podcasts globally as of Oct. 2020, according to PodcastHosting.org.1
If you are looking to develop a business, launch a startup, or stay-up-to-date on marketing techniques, here are 10 podcasts for you.https://698580fb11b59858d6df22a3b4974672.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
And, don’t forget to check out Investopedia’s recently launched podcast, The Investopedia Express, where Editor-in-Chief Caleb Silver digs into the most important stories in finance and global economics.
Black Entrepreneurs Start Businesses At Higher Rates Than Other Groups, Analysis Finds
Black entrepreneurs start businesses at higher rates than other groups and have high rates of female entrepreneurship, according to a new analysis by researchers at Babson College.
The research shows consistently higher rates of entrepreneurship among Black Americans. On average from 2014 to 2018, about 20% of the Black population in the U.S. started businesses — compared to roughly 12% of the white population and nearly 13% of the Latino population — the analysis found.
The research analyzes data from the college’s annual “Global Entrepreneurship Monitor” studies over the last five years, which includes a survey of over 3,000 adults in the U.S.
These Entrepreneurs Launched Startups During COVID-19 — Here’s Why You Can Too
Recently, there has been a huge spike in applications for business tax numbers. The unusual economic environment brought on by the pandemic has led to a renaissance of America’s business dynamism, which had been lagging for some time. The recent crisis appears to have begotten a new class of entrepreneurs that, either through necessity or another compulsion, is set to fill the decimated ranks of the small business sector. A study by the Federal Reserve found that 9 million US small businesses fear they won’t survive the pandemic. What’s causing this revival of the entrepreneurial spirit? It may be a while before we find the answers, but let’s take a look at a few possibilities.
For the US, the year 2020 was the worst of times but also in some ways, the best of times. The pandemic raged across the nation, taking lives, destroying livelihoods, spreading fear, and dispensing uncertainty. The only defense to its onslaught was the valiant efforts of medical personnel and first responders. Fortunately, vaccines were developed remarkably quickly to turn the tide. Nevertheless, the public health toll has been devastating. As of April 10, the US had recorded 31.2 million cases of coronavirus infection, and over 560,000 Americans have succumbed to COVID-19.
Economic activity fell off drastically. In Q2 2020, US GDP contracted at an annual rate of 32.9%. For the entire year, it fell by 2.3% ($500.6 billion) to $20.93 trillion. (For comparison, GDP had increased by $821.3 billion in 2019.) The unemployment rate rose to 14.8% in April – a level never before reached since data collection started in 1948.
The Real Post-Pandemic Boom: Mom Entrepreneurs
“Moms do whatever it takes to get things done. But we live in a constant state of guilt. Balancing it all—it’s tough,” says Pina Romolo, founder of Piccola Cucina, and mother of two.
Pina isn’t alone. The pandemic has exposed the impossible balancing act that society demands of working mothers—and how incompatible our ideals of the “good mother” and the “career woman” are. More than that, it’s shown us how unsustainable the nature of work has been for women with children.
And while the data is clear that the pandemic has driven mothers out of the workforce, what’s less clear is how they will re-enter the workforce when all of this is over. We’re optimistic that the nature of work is changing—and based on new Shopify research, we think that mothers may be seeking a healthier work-life balance through entrepreneurship.
Another Resource for Entrepreneurs at Acceler8Success Cafe
We fully understand the importance and necessity for today’s entrepreneur to be well-informed. We also acknowledge that an entrepreneur’s time is limited, and quite valuable.
As such, and as part of our commitment to entrepreneurial success at all levels, we will do the heavy lifting and review podcasts & videos we know will help entrepreneurs achieve their goals. Then, each weekend we will share what we believe to be of interest to our growing list of current and aspiring entrepreneurs, and as a complement to daily editions of Acceler8Success Cafe.
Connecting the Right Brands, People & Opportunities
The uncertainty of COVID-19 pandemic created the perfect time to diversify and expand. After all, it’s been said that necessity is the mother of invention. To that end, Acceler8Success Group was formed mid-2020, building upon Acceler8Success principles and methods that have proven successful since 2014.
Widely recognized as industry leaders & experts, Acceler8Success Group leadership have extensive experience as entrepreneurs in small business & restaurants, as senior-level executives within nationally recognized brands, and as franchisees within successful franchise systems.