Sometimes regardless of how well entrepreneurs plan and despite how much effort they dedicate to something, they often fall short of their goals and the end-results cause a multitude of challenges and problems. Ultimately, it can adversely affect their 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 when placing one own’s head in the sand.
Think of it this way… If we are to put our own head is in the sand, our most vulnerable ass-et would be 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.
“Only those who dare to fail greatly can ever achieve greatly.” – Robert F. Kennedy
Sadly, many business owners put themselves in that position. Not because they swung and missed. Not because they didn’t see the forest for the trees. And not because they just flat-out saw something that wasn’t there. Instead, it’s because they didn’t keep their head high, accept the situation, learn from it and move on, and with laser-focus. That is exactly what true entrepreneurs do when faced with failure.
Why Embracing Failure is Key for Entrepreneurial Success
Starting a business is anything but easy. From raising the appropriate capital to arming yourself with the right resources, there are a lot of steps to take and a lot of places in which one wrong decision can threaten everything. And while a small fraction of new business launches go off without a hitch, most experience at least a few roadblocks along the way. After all, over 50% of small businesses fail in the first four years.
In many ways, entrepreneurship is as much about luck as it is about skill, and there’s not always a way to avoid failure. However, learning how to rise above failure and turn problems into possibilities can be the deciding factor between making things work and shutting down your business. This is why embracing failure is the key to entrepreneurial success.
Flexibility, control and legacy are common entrepreneurial motivations. Being in the right mindset helps entrepreneurs maintain their entrepreneurial motivation when challenges arise. A positive attitude, meditation and a strong support system help to sustain enthusiasm for not only running their business, but also for exploring possibilities and opportunities while thinking about how to capitalize on the same.
As part of our commitment and dedication to entrepreneurial success at all levels, Acceler8Success Cafe has been developed to provide current and aspiring entrepreneurs information and resources to help them succeed, and to also provide a relaxing way to stay motivated.
“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.”
-Richard Branson, founder Virgin Group
NOTE: Please pause video before moving from one to another. Thank you!
Are You an Entrepreneur? The Answer Might Surprise You! (credit: addicted2success.com)
They don’t wait to be told what to do, or for conditions to be perfect, or to be handed the resources they need on a platter. In the spirit of a famous slogan, they just go out and do it. End of story. Sounds simple, right? But it’s not an easy process by any means.
It’s this kind of spirit that sees success as inevitable after hundreds of failures, rejections and setbacks. It’s this kind of spirit that enables the entrepreneur to pick themselves up off the floor, dust themselves off, and start all over again, even where the outcome is uncertain. It’s this kind of spirit that can hold a dream in perfect suspension in the imagination, believing in it even in the face of all odds, until the day it’s there in solid reality.
And the best part? You don’t even have to be building your own business to have entrepreneurial spirit. You can be working to transform a business – someone else’s business, or even the ‘business’ of a non-profit, university or government. This is called being an intrepreneur.
Admittedly this can be extremely challenging. You often won’t have control over all the resources you need. However, don’t forget our definition! Entrepreneurs progress with determination towards their goals despite not having the resources under their control. That’s the entrepreneurial way.
4 Keys to Growing Yourself as an Entrepreneur (credit: startupmindset.com)
If you are considering the entrepreneurial journey, then you may have already weighed many of the pros and cons in taking on this new venture. From the financial aspect and its commitment, to the hours of hard work and personal time sacrificed, to finally the personnel and logistics that goes into a company, the entrepreneur’s path is not an easy one.
However, what’s the fun in taking the easy path in life all the time? Entrepreneurship is a challenge, one that can be daunting due to the weight of its expectations in the final result being a success for both yourself and the people you serve and employ. Regardless of all the scare tactics one can tell themselves when thinking of becoming an entrepreneur, there is so much more this journey offers than just a monetary benefit.
Becoming an entrepreneur is not just about the hard work you put into opening a business, but also about the personal growth one endures as well. The path of entrepreneurship is one that can test an individual in many ways, but ultimately, teaches invaluable life lessons that can’t be taught in a classroom or at a seminar.
Here are some examples where becoming an entrepreneur can grow a person in ways that one never thought possible, and why experience is so crucial in becoming a better leader and boss.
Ready or Not: My Experience Launching a Side Hustle in 121 Days (credit: success.com)
The handwritten check arrived in a plain envelope. I signed and deposited it right away. Normally I would have then shredded it. But not this one. I’m saving this one.
It’s from my friend Fred “Honey Pot” Williams, a 61-year-old gastroenterologist and beekeeper, and it’s the first revenue from a side hustle I started with another friend, the first check I’ve gotten since graduating college for producing anything other than words. It feels like the first check of the rest of my life.
That’s certainly an overstatement. But I’m excited to stretch out into something new and for conceiving, planning and executing the first product: an adventure I dreamed up called 50-50-50 in which Honey Pot, eight others and I hiked 50 miles, biked 50 miles and canoed 50 miles, all in one five-day weekend. The 50s were a hook to celebrate my 50th birthday and just happened to form a great marketing shtick for an adventure trip.
I’ve had a thousand half-baked side hustle ideas; this is the first one I’ve allowed to cook until it was edible. The difference between all those half-baked ideas and this delicious one is simple: passion. I wanted, needed, had to try this one.
Life’s too short to pursue things you don’t love. If you’ve got that idea—that challenging, exciting, can’t-get-it-out-of-your-head-idea—I urge you to stop thinking about it, stop daydreaming about it, and start doing it.
Maybe you can learn from my journey. Here’s how it went.
Entrepreneurs are from all walks of life. They have different levels of skill and education. Some take more risks than others, but risk is there, nonetheless. Of course, there are many, many other characteristics and traits, and many combinations thereof.
So, really, what is an entrepreneur? What does the term mean? Are there varying degrees of being an entrepreneur – different classes, different levels?
These were some of the questions I have asked over the years in various LinkedIn groups and podcast interviews, and also in impromptu interactions. Below are some of the insights and perspective from a wide cross-section of individuals (entrepreneurs, corporate executives, small business owners, and even a number of restaurant servers, retail clerks, construction workers, and high school & college students).
What is the definition of an entrepreneur?
In a few cases, the definition provided included a specific word ahead of ‘entrepreneur’ almost as if to prequalify the definition. Doing some research, here are actual definitions of the shared terms:
1) Born Entrepreneur: Somebody that from an early age was active in earning money in exchange for products or services. These people never considered becoming an employee.
2) Must-preneur: Somebody who through chance or circumstance sees no other option than to become an entrepreneur. This might be due anything from to age to an utter lack of job opportunities
3) Opportunistic Entrepreneur: Somebody who sees an opportunity to start a business but has a contract to provide services to their current employer. E.g., Head of IT starting his own company to provide services to their previous employer
4) Executive Entrepreneur: Somebody who has reached the top of an executive ladder and views starting their own business as a way to progress further. They usually have a decent amount of money saved up and an extensive business network to tap into.
5) Family Entrepreneur: Start a business in order to spend more time with family. Lifestyle is the main motivator.
6) Mumpreneur: A mother who sees no other way of earning a flexible income whilst raising her family. Usually runs a highly efficient business.”
A couple of definitions seemed to be well thought out apparently having run through their minds before…
“An entrepreneur is a person who will see the embryonic seeds of an opportunity well in advance of others. Others will eventually only see a lost opportunity. An entrepreneur will see risk as an opportunity. Others will see opportunity as a risk. An entrepreneur will look forward to the challenges and hard work that an opportunity will bring. Others will only see an uphill struggle. An entrepreneur will continue to work at that opportunity irrespective of setbacks, make mistakes, pick themselves up and learn from their mistakes. Others will give up the fight when the going gets tough. An entrepreneur will work outside of the normal business framework in order to feel free and unrestricted while others will have a need to build an even stronger framework in order just to feel safe. When the opportunity is finally realized, an entrepreneur will not say ‘I told you so’. An entrepreneur will say to themselves not others, ‘I knew I could do it’. Others will say, ‘I wish I had done that’.”
“I think that we all, at one time or another, have what we believe is a great idea, the difference is that the entrepreneur will seize it, grab the ball and run with it, where most people will look back and say: I woulda, coulda, shoulda; the difference is implementation and execution. When I was a youngster, I used to ride horses a lot and the first lesson you are taught is when you get thrown off of the horse, you immediately get back on, for if you don’t, you will have a fear of doing so for the rest of your life. I would agree with you that being a business owner does not necessarily mean that you are an entrepreneur; most people who buy a franchise are looking for security (avoidance of risk), a structured environment and direction as to what to do and how to do it.”
Personal experience and emotions played into a number of responses. Here are a few that were definitely very heartfelt:
“For me- it was a burning desire to create something that would change the world. Simply owning a business was not my motivating factor.”
“I was tired of being told how to run a business by people that had no clue how to manage people or a business. When you get to that point you just say screw it, I am doing my own thing. You are never alone either. surround yourself with people that are positive and are open to you sharing ideas at a much higher level.”
“For me, it was an opportunity to offer a service that my former employer would not or could not provide. I also got tired off working my butt of to benefit someone else. Owning my own business has given me the opportunity to spend more time with my family and to provide them financially.”
“An entrepreneur is someone who doesn’t like following rules. Someone who wants to eventually make them. For me, I became an entrepreneur because I was sick and tired of working for a bunch of idiots. These goofballs were making way too much money…and I wasn’t. So, I took a risk. Joined my dad’s franchise consulting firm in 2001. Now, I’m a solo entrepreneur. And the King of the Castle. It’s been a fun ride. There are several more roads for me to cruise on. Join me.”
“The more I sold, management would adjust my comp plan to lower my pay. I got burned out on them fundamentally not getting that the more sold the better off everyone would be. So, I became a competitor starting with a folding chair, table and legal pad. Now I have lost my table and chair! Just kidding, I have never looked back.”
There were a few negative and somewhat cynical responses. Two that I remember quite well:
“I thought entrepreneur was French for unemployed. Can’t we just be business owners?” and “I always think of an entrepreneur as someone who can’t find or keep a job and justifies his existence by saying he is an entrepreneur.”
And here are a couple of my own comments from these exchanges…
“I believe the derogatory comments have been increasing because so many individuals lost jobs during economic downturns and then decided, well, I’ll be an entrepreneur. It really doesn’t work that way for true entrepreneurship. For them, it’s about the money. It’s about survival. It’s about replacing a job! That is not entrepreneurship.”
“Entrepreneurship, to me is looking to make a difference. Looking to change the way things are done. Sure, money is great, but money should not be the only result of your actions and success and certainly not the primary force from the beginning. Think about the true entrepreneurs of the world… Steve Jobs, Richard Branson, Bill Gates, Mark Cuban and of course, there are many more. Quitting school, operating out of garages, pushing to be leading edge with something different, disagreeing with the way industry leaders were doing things, and the list goes on – it wasn’t about the money or even the thought of riches to come. It was about change. It was about making a difference. It was about taking risk when they didn’t even think there was risk involved because they knew they would succeed. It was their conviction to perfection.”
Entrepreneurs do exist at many different levels and there are many within small business today, and the number is growing. As such, I’ll share this academic definition:
An entrepreneur is one that wants to make a difference, doing so by motivating and encouraging change all the while being aware of risk but challenging risk with clear perspective and innovation, never losing sight of their goals and the always driving forward even in the face of setbacks and failure.
Per Merriam-Webster: entrepreneur en· tre· pre· neur | \ ˌän-trə-p(r)ə-ˈnər , -ˈn(y)u̇r, ˌäⁿn- \ Definition of entrepreneur : one who organizes, manages, and assumes the risks of a business or enterprise.
Per Investopedia: An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Study.com has an interesting course with an animated video about the definition of an entrepreneur. Take a few minutes to preview HERE.
There is even a 10-minute video for children about what it means to be an entrepreneur. Definitely share this with your children or grandchildren. You can view it HERE.
Let’s keep the discussion alive. It’s too important a topic not to. So, what do you think? What is an entrepreneur? After all, being an entrepreneur is difficult enough without being misunderstood!
With the Great Resignation still in full swing, a lot of people are choosing to take control of their personal and professional future by exploring entrepreneurship.
Of those who realize their entrepreneurial potential many choose owning a franchise as the vehicle to take them from employment to entrepreneurship due to the already proven business model and built-in, ongoing support system, among other benefits.
If becoming a franchisee seems like the right path for you, follow the tips below to find the perfect opportunity.
1. Keep an open mind, then focus. No one wakes up and says, “I want to be in the septic tank industry,” but I know someone making a lot of money and meeting his lifestyle goals doing just that. The bottom line is: Don’t rule out a business without learning or seeing what the day-to-day will look like.
It’s important to find a franchise that allows you to reach your desired income, lifestyle, wealth and equity goals. For instance, think about a mom returning to the work force who knows she wants to interact with children on a daily basis. There are hundreds of options that allow her to do just that. Now, she needs to decide if she would like to be hands on as a teacher or if she would rather manage a facility that tutors children in math. Deciding between the two is easy if she considers which day-to-day position she would prefer and how that will impact her other goals.
2. Be proactive with your research. After you’ve determined what role you want in a franchise, it’s important to start scouting different options. Physically visit many different franchise locations to see if there is a void in the marketplace and start thinking strategically about how you could fill it.
Next, browse the web to see what is available in other areas and determine whether or not it will be a fit in your community. For example, if your neighborhood has many well-run restaurants but none dedicated to ethnic food, it may be time to look for Mexican franchise restaurants within your budget.
3. Make sure the franchisor has experience. Before signing on to a franchise, it is essential to ask the franchisor about the executive team and its past industry experience. A potential franchisee should look for a company that has a corporate store — or better yet several — that have seen success that can be replicated. If this isn’t the case, find out if the company leaders have had significant experience at another franchise and are now applying that knowledge to this concept.
4. Reach out to other franchisees. When asking other franchisees about their experience, it’s important to take the good with the bad and to examine a large sample size before making a statement about the franchise in general. I call this the “dilution factor.” If one franchisee says they can’t turn a profit at their store, make sure it isn’t because they refuse to clean the bathrooms and their customer service is lacking. By talking to a wide array of people you can get the best feel for the franchise as a whole.
5. Read the franchise disclosure document carefully. The first thing to look at is how much a franchise would cost to purchase. If the money is there, then check out “item 19,” which lays out the financial performance representation. Make sure you have a financial advisor who can look at that item with you and see the type of profit a franchisee can make on average.
Finally, take a look at the post-termination clause in the agreement. I am a big believer in exit strategies, because sometimes you may later find a franchise is not the right fit and sometimes things just happen. In any case, it’s important to protect yourself should there be a situation where you want to disembark from the franchise.
Author’s Note: If you’ve been thinking about exploring business ownership and live in and around the Orlando area, then you will not want to miss The Great American Franchise Expo March 26-27 at the Orange County Convention Center and April 9-10 in Miami at Miami Airport Convention Center. Learn about future dates at FranExpoUSA.com.
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.
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