It’s the weekend and entrepreneurs need rest and relaxation just the same as others. However, entrepreneurs always keep their eyes and ears open for possibilities and opportunities.
They always keep their minds sharp in order to be able to evaluate and act upon the same. They always strive to stay fit to be prepared for grueling schedules and long days.
Nevertheless, taking care of mental and physical health certainly does not mean being complacent and lazy. Success is about balance… and focus on achieving goals!
9 Ways Successful Entrepreneurs Spend Their Weekends
Successful entrepreneurs have a passion for what they do, so working hard is part of their DNA. But anyone who is successful also recognizes that life and work are a marathon, not a sprint. Even they need downtime on the weekend to ensure they’re up to the task of being creative problem solvers and innovators Monday through Friday.
Sure, they may spend some time catching up on administrative work. They may spend time on a big project that needs special attention. And they should definitely spend time thinking about the future and considering the big picture.
But what successful entrepreneurs don’t do is spend the entire weekend buried under work. We all need a break, and entrepreneurs are no less immune to burnout than anyone else. Their weekends are spent restoring their bodies and minds and getting prepared to function optimally come Monday.
Read about nine things successful entrepreneurs do over the weekend to unwind and re-energize for the week ahead HERE.
“If you are not willing to risk the unusual, you will have to settle for the ordinary.” –Jim Rohn
An entrepreneur knows to wake up in the morning and immediately begin planning the day ahead. An entrepreneur knows to do this despite having already done so the night before and possibly several times throughout the night. An entrepreneur knows he or she will awaken hungry for results. An entrepreneur knows new ideas will be churned and devoured by his or her mind each day, each hour, each minute. An entrepreneur knows the hunger for success has no end. An entrepreneur knows all too well the success bar will keep rising. An entrepreneur knows personal expectations will continue to grow. An entrepreneur knows the fire in his or her belly must be fed continuously. An entrepreneur knows he or she must accomplish more and more each and every day. An entrepreneur knows the hunger will persist no matter how much he or she bites off. An entrepreneur knows to chew faster and faster to keep from choking. An entrepreneur knows to survive and to succeed is to fuel the hunger, not curtail it. An entrepreneur knows all this because it’s in his or her DNA. An entrepreneur knows…
How many of today’s mainstream brands are offering products and services that would have been considered impossible not all that long ago? Of course, Amazon immediately comes to mind…
Amazon rapidly grew from an unproven concept to one of the most valuable companies in the world within a relatively short period of time.
How many times do you think Bezos heard someone tell him what he was trying to achieve was impossible? Thinking back, how about Jobs, Gates, Walton, Dell, Disney, Ford, Branson? All were entrepreneurs!
Nothing is impossible provided there’s a plan and an unwavering commitment to excellence.
Want to be an entrepreneur? It’s impossible without these 3 characteristics
They go by many names: self-employed, 1099 Contractor, Side Hustle, CEO, Business Owner, or Agency Owner, but our favorite term is Entrepreneur. No more working for the “man!” Be your own boss, set your own hours, answer to no one is the cry of everyone that has ever had to punch a clock, ask to take a bathroom break or be elated with a 5% raise. Why would anyone want to work for someone else for 40 years when they can work for themselves and make millions?
If you could only will things into existence by belief, we’d all be the boss. With over 300 million people living in America today, only 15 million of those are self-employed full time.
We’ve all heard of the Pareto Principle, right? The 80/20 rule? In sales, business ownership, and entrepreneurship that means only 20% have the right skills, masteries and characteristics to succeed. The author of this article, Joshua Jones has personal experience in observing thousands of other entrepreneurs that makes him think Pareto might have under-promised and over-delivered. Seems as if only 5% have what it takes.
So what does it take to be a successful entrepreneur? Jones believes all the books, podcasts, blogs, webinars, and self-help seminars on this subject could be summed up in three simple characteristics found HERE.
“The way to get started is to quit talking and begin doing.” – Walt Disney
The world around us has become so noisy that it’s easy to not hear opportunity knocking. In the past, opportunity presented itself in only a few ways… job offers, a referral, an ad in the paper. Business was regimented… 9 to 5, straight forward processes, slow to change, staying inside the box.
Well, technology along with our lost feeling of security, job and otherwise has provided us opportunities and reason that we must keep our eyes open, explore beyond our comfort zones. We must maintain an open mind to create things of value, to control our own destiny, to diversify our income, to take calculated risk, and to think and act outside the box (of complacency, fear and procrastination).
We’re in an environment where the visionaries continue to create the playing field but it’s only doers who will win.
Acting swiftly, yet decisively, albeit deliberately, often throwing caution to the wind, caring little about what others think of them and their decisions, maintaining a laser-focus to not only succeed, but to thrive.
These individuals not only make things happen, but they also make them count, and in a big way.
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Small Business Weekly
Number of Women in Franchising Has Grown Each Year Since 2016(credit: 1851franchise.com)
There has never been a better time to be a woman business owner.
First, Cheatham looked at how much the rate of women-owned businesses has grown in the last half-century. The U.S. Census Bureau started keeping records of female entrepreneurs in 1972, when just 400,000 companies were women-owned. Today’s statistics show over 13 million businesses owned by women, a staggering 3,150% increase. Women now account for about one-third of small business owners and franchisees, Guidant Financial reports.
About 33% of all female business owners and franchisees have been running their operations for more than a decade, the Guidant Financial data shows.
As gas prices rise, small business owners slam Biden’s ‘shortsighted’ energy policies: ‘Out of touch’(credit:foxbusiness.com)
The pressure that the coronavirus pandemic put on small business, coupled with the historic inflation and spiking gas prices as the Russia-Ukraine war wages and relative inaction by the Biden administration, is creating a rapidly deteriorating situation for small business owners and operators.
Gas prices have reached historic levels amid soaring inflation in the wake of the pandemic and Russia’s war on Ukraine. In an effort to combat soaring gas prices, the Biden administration has already released tens of millions of barrels of oil from the Strategic Petroleum Reserve, but it has not been enough to have an impact. Meanwhile, the administration’s ban on Russian energy imports further tightened supply.
Some of the hardest hit have been small business across the U.S., who told Fox News Digital that they are struggling to keep their doors open and are demanding the Biden administration take immediate action to help them.
Get fast, economical, custom funding and realize your small business or startup dreams with help from Benetrends Financial. Our experts provide an innovative approach to help you achieve the ideal funding you need to get your ideas off the ground for long-term entrepreneurial success!
From unemployment to entrepreneurship(credit: yourstory.com)
Over a million Indians move to the US each year, but finding a job can be a tough task. Priyanka Botny found herself in such a situation.
Unwilling to give up, she decided on becoming an immigrant entrepreneur and started Playonomics — an online experiential learning platform for employees to improve their emotional intelligence.
Priyanka says often focusing on IT infrastructure takes away attention from employee wellbeing. “We help in bringing that intelligence to build emotional skills, along with digital transformation at organisations,” Priyanka explains.
The startup focuses on decision-making and using human emotions to further digital transformation.
Fast Food and Quick Service Restaurant Market Development, Trends, Demand and Forecast Till 2022-2027 (credit: marioniniversitysabre.com)
According to IMARC Group’s latest report, titled “Fast Food and Quick Service Restaurant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 232.3 Billion in 2021. Fast food and quick service restaurants (QSRs) serve fast foods that are cooked and packed in advance. They are commonly a part of a franchise or a food chain, wherein standardized ingredients are available for food preparation. These types of restaurants have minimal table service and generally offer takeaway options. Some of the widely available foods and beverages in these restaurants include pizza, pasta, soft drinks, coffee, tea, juices and burgers.
The global market is primarily driven by significant growth in the food and beverages industry. Along with this, the inflating disposable incomes, changing dietary patterns and the shifting lifestyle preferences of the masses are creating a positive outlook for the market. Additionally, the hectic schedules and busy lifestyles led by the working professionals have resulted in a rise in the consumption of on-the-go food items, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include the increasing penetration of social media, easy food availability via online delivery options and innovative marketing strategies adopted by numerous players. Looking forward, IMARC Group expects the global fast food and quick service restaurant market to reach US$ 308 Billion by 2027, exhibiting at a CAGR of 4.9% during 2022-2027.
The dream of owning your own business is alive and well for most Americans. The only problem is that many people don’t know where to start on the journey to becoming self-sufficient. There are a million different options, but first and foremost each potential entrepreneur must decide if he or she wants to become a franchisee or start a business independently.
Each route has its benefits; therefore, it’s critical to take the time to consider both options before making a decision. What it initially comes down to is asking yourself the following questions:
1. Do you understand every aspect of the business or do you thrive in one area?
When starting a business from scratch, entrepreneurs should be well versed in every single element of the enterprise. They need to create systems and procedures and test whether these work for that particular business. This process of ironing out the details deters some from choosing to own an independent business but excites and challenges others.
Conversely someone who buys a franchise knows that someone else has already done the “dirty work” and found the most effective systems for that particular business. A franchisee must simply thrive at correctly running the system while adding their own personal management touch.
2. Are you an expert at making a name for yourself or would you like to be associated with an already strong brand?
When purchasing a franchise, you are also inheriting the reputation of that brand. For example, if you open your own Dunkin’ Donuts shop, you will encounter customers who already recognize the pink and orange logo. Many people will know whether they like the brand and will expect speedy service providing them doughnuts and steaming hot coffee.
On the other hand, those starting a business from scratch have a chance to create a unique brand identity. But consumer trust and awareness don’t come easily; they need to be earned through time, consistency and excellence.
3. Are you the kind of person who likes to go it alone or do you appreciate a sense of community?
Owning a business — whether it’s a franchise or not — can be risky. Some people prefer to be self-reliant and want to manage potential problems using past experiences and premonitions as guides. An entrepreneur must solve the issues that arise.
Others prefer enlisting the support and help of others to ensure that their business runs smoothly. A franchisee has many built-in allies, including the franchisor and other franchisees within the system.
The most important factor for success is making sure that problems are identified, and steps are taken in the right direction.
Sometimes, no matter what you do, no matter what you try, it just doesn’t work, or work to the level it needs to in order to help turn around a failing business. Not all consulting opportunities leave us smiling even though we gave it our all… and then some.
It’s sad, but we must learn from the experience to be better, even just a little bit better for the next time, for the next person, the next client, the next entrepreneur.
Certainly, we must be better for the next opportunity if we are to make a difference. In the end, we must not second guess. Instead, reflect upon the experience and move forward. It does leave me with a question, Does having an entrepreneur’s mindset help or actually hinder being an effective consultant?
Sometimes no matter how well we plan and how much effort we dedicate to something, we fall short of our goal and the end-result causes a variety of challenges and problems. Ultimately, it can adversely affect financial position, reputation, relationships, team spirit and much more. It can also start to spiral into personal life and affect family, health and overall well-being.
Unfortunately, such situations are often perpetuated by denial by placing one own’s head in the sand.
Well, when our head is in the sand, our most vulnerable ass-et is sticking out in plain view. Some will laugh. Others will point and snicker, definitely telling others. And a few will take advantage of the situation and current position of vulnerability. Sadly, we put ourselves in that position. Not because we swung and missed. Not because we didn’t see the forest for the trees. And not because we just flat-out saw something that wasn’t there. Instead, it’s because we didn’t keep our head high, accept the situation, learn from it and move on, and with laser-focus. That is exactly what entrepreneurs do when faced with failure.
The Great Resignation is already drastically reshaping the corporate landscape, but its impact could have repercussions far beyond big businesses.
A new survey indicates that the sizable number of people who are considering leaving their jobs aren’t just looking for new ones with better benefits or salaries. Some see it as a chance to start their own companies – and the result could be a massive influx of entrepreneurs and start-ups.
Since mid-2021, Americans had filed paperwork to start 3.2 million businesses, according to the Census Bureau. That’s a 41% increase over the same time frame in 2020 (which saw the most applications since the Bureau began tracking them) – and a 61% increase over the same period in 2019.
There have been more than 6 million filings since the pandemic began.
Read the Entrepreneurial Boom Could Be LoomingHERE.
The Ten Most Common Types of Entrepreneurship
While the basic principles of entrepreneurship are the same—planning, starting and operating a business—the distinct nuances and skills needed vary depending on the type of business you plan to start. Becoming an entrepreneur requires the ability to define these differences and pinpoint the unique elements that are needed.
Traditionally, entrepreneurship is categorized into four main types: small businesses, scalable startups, large companies and social entrepreneurs. These models cover the fundamentals of starting a business and focus more on the company itself, rather than the qualities of the entrepreneur.
“However, just as the world continues to change, so do businesses. This means new opportunities for risk-taking and innovative game changers to pave the way in diverse entrepreneurial ways.”
With this in mind, even though there are quite a few similarities when it comes to the challenges that all business owners will face, there are certain types of entrepreneurship defined by the skills, characteristics, and personality traits of the entrepreneur. At the end of the day, it is the way you choose to run your business that makes them differ from one another.
Read more about the various types of entrepreneurship HERE.
How To Switch From An Employee To An Entrepreneur Mindset
Being an entrepreneur is an exciting and rewarding undertaking and, if you’re motivated by the thought of being your own boss, don’t be put off by the changes you’ll need to make to become a success. Not having one boss can mean you now have many, when you’re answering to your customers, your bank manager and the large number of people who are going to be looking to you for answers.
Being an entrepreneur isn’t the same as being an employee – no matter how high up the career ladder you’ve climbed. But the freedom you get as an entrepreneur means that you can develop your business, and run your life, in the way you think is best.
Read more about making the transition from employee to entrepreneur easier HERE.
“I always thought you needed to be innovative, original, to be an entrepreneur. Now I have a different perception. Entrepreneurs are the ones that make things happen. (That) takes focus, diligence, discipline, flexibility and perseverance. They can take an innovative idea and make it impactful. … successful entrepreneurs are also ones who take challenges in stride, adapt and adjust plans to accommodate whatever problems do come up.”
– Steve Blank launched the Lean Startup movement. His work has changed how startups are built, how entrepreneurship is taught and how existing companies and the U.S. government innovate.
Entrepreneurs Who Create Startup Businesses Have to Be Crazy
People who start companies are, without a doubt, just a little bit crazy. And people who start more than one company? Deranged lunatics — all of them! Why? Because it’s insanely hard! You’re signing up for a ridiculous amount of work. Your startup journey will be the wildest ride of your life.
Do you plan your business strategy like you’re playing chess or poker? But, before you answer, consider the following…
“Industry executives and analysts often mistakenly talk about strategy as if it were some kind of chess match. But in chess, you have just two opponents, each with identical resources, and with luck playing a minimal role. The real world is much more like a poker game, with multiple players trying to make the best of whatever hand fortune has dealt them. In industry, Bill Gates owns the table until someone proves otherwise.”
We never really hear enough about courage. The courage to take a risk, to stretch limits, to push forward, to go beyond, to keep moving… to make things happen regardless of the challenges in front of us.
Think about the early-day pioneers crossing the Midwest when they first caught a glimpse of the Rocky Mountains and stared at them getting bigger and bigger as they approached over a few days. What unbelievable courage they must’ve had to continue not only towards the mountains, but up into them and through them, often having to go north or south for awhile to keep making progress forward, and despite the elements of weather and resulting hardships. They believed in their dreams and as a result of their relentless courage, their goals were achieved.
The Cowardly Lion’s Thoughts on Courage
In his most famous song, the Lion muses on what it would be like if he had any courage (not realizing he already has plenty):
Cowardly Lion: [singing]
I’m afraid there’s no denyin’
I’m just a dandy-lion
A fate I don’t deserve
I’m sure I could show my prowess
Be a lion, not a mouse
If I only had the nerve.
Sometimes, no matter what you do, no matter what you try, it just doesn’t work, or work to the level it needs to in order to help turn around a failing business. Not all consulting opportunities leave us smiling even though we gave it our all… and then some.
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