100+ Facts about Entrepreneurship and Entrepreneurs
Trying to find real entrepreneurship advice on the internet today will just get you to the most SEO'd advice on generic facts and tips. For someone looking to research entrepreneur routines, mindset, habits and general facts & insights, serious work on research needs to be poured in to even remotely find something useful. Microlearning facts about entrepreneurship and entrepreneurs becomes easier when you’ve got all the info from podcasts, books, courses, tutorials and articles boiled down into simple idea cards that give you the core insights and tips in bursts of bite-sized knowledge of 1-2 minutes.
Browse through our entire collection of 6000+ interesting facts & tips about Entrepreneurship
Learning facts about entrepreneurs and their success stories, interviews, books and other media is much easier when you read from the insights and experiences of other like-minded people that have already went through the media you’re interested in. Gathering their own views instead of devoting the time yourself is both faster and easier to find the best entrepreneurship facts, tips & Ideas.
Learn Entrepreneurship tips & facts from our idea cards - curated from various reputable media
This simple and highly systematic note-taking method helps you to understand key ideas and relationships easily. Best used for:
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Entrepreneurs do not generally out-earn their peers, according to a review.
However, these points apply to every profession. The risk-adjusted, expected income and barriers to entry should be roughly equal.
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We never arrive. We work hard to succeed, and then we have to work twice as hard to maintain that success.
It’s a slow grind. And it starts with our mindset.
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Use the 1-3-5 rule when putting together her daily to-do list.
On any given day, set nine goals for yourself:This keeps you from feeling overwhelmed by an endless list, and also helps keep you focused on just those items.
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Statistically, most startups in the world fail. This is due to several factors: the startup didn’t address a real market need, it ran out of cash, it didn’t have the right team, it got outcompeted, or because its go-to-market strategy was insufficient.
There are currently 31.7 million small businesses in the United States, which make up 99.9% of all U.S. businesses.1 Many small businesses start up every month but the failure rate is high.
It seems that most businesses are destined for failure. But there are key points to not becoming a faliure
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We have to condition ourselves to move past our Glass Ceiling.
We can do these through improved knowledge, increasing our personal bandwidth, experience, and accepting our inherent strengths and weaknesses.
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You need to give a bit more insight into the business element by clearly explaining your business model, the market, the facts and figures, the competitive landscape, and the go-to-market strategy.
People often start off with the hero’s plan as the first act, which isn’t the best route to take. While you absolutely want to highlight that there’s a big market among other factors that show the viability of your product or solution early on, you don’t have to get so deep into it at the very beginning.
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"Do not save what is left after spending; instead spend what is left after saving."
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It takes about 6,400 hours of class time and studying to get a 4-year degree. Assume that it takes you only 5,000 hours to master your field.
While you are happy that you've prepared for your profession, the knowledge you've learned is fast becoming outdated. We can safely assume that in 10 years, 50% of the facts in the field would be outdated. This means that for you, just to keep up in your current field, you'd need to learn 5 hours per week, 50 weeks a year.
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A consumer spends money and follows trends while an investor puts capital to work and takes advantage of trends.
Chronic consumers often go broke, and persistent investors often get rich.
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You'll never be rich working for somebody else" is bad career advice. The idea that entrepreneurship is the best route to riches and freedom is false.
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Here are four insights from Austrian economics that are part of that entrepreneurial intuition:
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Most people who want to start a business think they should quit their job and start a start-up, not true in my opinion. Work nights and at weekends, test your idea out. The minute you have to push the start-up and work to make money is very different from, let’s see if this even works. Irrational optimism is the founder’s death trap.
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The third and final part is rapid experimentation. We have Gmail because Google allowed employees to experiment with new ideas.The reason experiments are so useful is because you have facts, not assumptions. Experiments show you what's working.
By investing in a reading habit, you can ensure you're growing yourself — and your company — every day.
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There’s a lot of types of filters you can think about when you’re figuring out what to post on your socials. I’m not talking about the usual filters, I’m talking about some questions that will help you shape your content, will it make people feel good? will it cause people to laugh or smile? will it make viewers learn something? will it help someone?
If the answer is no to just the first one, then that should be enough to keep you from posting it. You want people to associate your brand with positive thoughts.
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Three Top North American MBA programs developed their own philosophies in teaching entrepreneurship:
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It would be unwise to assume you got it all covered. No! Business isn’t always predictable. Even some the biggest of reputable businesses have faced sudden business challenges, some of then wiped out of existence.
During the war at Winterfell, they completely missed a risk - if Khaleesi isn’t able to see their signals from afar, she couldn’t come riding down her dragon to light the trenches and protect Winterfell from the army of the dead.
Lesson - have a disaster recovery strategy and plans in place to keep your business in operation. Simulate scenarios and be prepared.
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Danny and Jon led the armies at the war. Prior to this, they were already dealing with internal and sensitive issues and still had to focus on the mission - to win the war.
There were times when both had to fly on their dragons and rain fire from above, but there were moments both found themselves on the ground fighting with swords.
Lesson - to lead anything successfully, you must first manage yourself, then lead others. Inspiring your team helps build a collective vision and teamwork.
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“Courage is not the absence of fear; it is the ability to act in the presence of fear.”
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Oprah Winfrey (CEO Of Oprah Winfrey Network): Considered one of the most influential women in the world, she is an American media mogul, producer, talk show host, author and philanthropist.
She grew up in poverty and by the time she was fourteen, she suffered physical abuse, molestation, and the death of her first newborn. A few years later, she won a beauty pageant, got her degree in speech and performing arts and became an ABC news anchor.
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Do you have a talent or proven track record that could become the basis of a profitable business?
The other day I spoke to a man who had spent years managing cleaning services at a hospital. Today he runs his own successful domestic and business cleaning service. And the examples of professionals who have started their own agencies or consulting service businesses are legion.
To find a viable business idea, ask yourself, "What marketable skills and experience do I have? Will people be willing to pay for my products or services?"
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Write your ideas down. Let them swirl around in your head and coalesce. And keep an open mind and continue to assess everything you read and hear from an entrepreneurial point of view.
You don't want to run with the first business idea you think of; you want to discover the idea that's best suited to your skills and desires. Dream, think, plan - and you'll be ready to transform that business idea into the business you've always wanted.
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There are basically three different reasons that people start new ventures:
Some say that an entrepreneur needs to identify a customer pain, a problem that the customer will pay to fix. But it isn’t strictly necessary to start this way.
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Entrepreneurship is a selfless endeavor. It is only when you genuinely are solving people’s problems, that you are going to win.
You will only make money if you really help your customers, not because you want to make money.
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High-performing entrepreneurs understand the purpose behind the work they're doing.
You need a vision for where you're going if you plan to get there and experience the benefits of entrepreneurship .
Wake up each day with a plan, purpose and drive. The business growth you seek is on the other side of consistency.
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Startup entrepreneurship refuses to believe“there is nothing new under the sun” They believe that there is always a better solution, new needs to be met, and constant changes that require constant innovation.
The entrepreneur needs to have a hypothesis of where the market is going, foresee the new market needs, and aim to build a solution for these future needs.
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There are several classes you can take to get more comfortable with selling products or services to strangers.
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Reading can give you a good head start; this is often what your peers cannot obtain. Compared to others, readers are more likely to know other industries' strategies and tactics. Even if you can't commit to an hour or more of reading every day, start with 20 to 30 minutes. You could also try audiobooks during your daily commute or when exercising.
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We should accept and embrace failure not as an enemy but as a teacher. Through failure, we learn to accept human frailty and realize that the journey to entrepreneurial success is not a straight line.
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Innovation can be achieved by mature, large companies, not only by startups.
While most innovation comes from startup companies, some of the top innovative companies are mature and large (Apple was founded in 1976 and generates $228 billion. Google: 1998, $78 billion, Microsoft: 1975, $87 billion.) The myth acts as a self-fulfilling prophecy and deters large companies from attempting to innovate like startups.
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This digital revolution is giving rise to new kinds of entrepreneurship. New technologies are amplifying and accelerating each other.
There will be entrepreneurs who focus on inventing new digital technologies, those who use existing technology to disrupt old business models and finally those who cultivate the new tech to offer customized products or services.
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High-performing entrepreneurs understand that money does not equal happiness. Real wealth is a complete view of business growth.
Being wealthy means you have the freedom to spend your time on the things that are important to you and a life that lets you do all the things that bring you joy.
To become a high-performing business leader, you have to commit to optimizing every area of your life. It takes more than money to create true freedom.
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Unfortunately, the power of the idea itself isn't enough. Even combining the idea and working insane hours to make it a reality isn't enough. The biggest problem with the creative mind is that oftentimes, it's too off the scale.
The creative mind tends to flock and surround itself with others who can see the vision (or at least can imagine it well enough). While this reinforces the power of the idea and can even make the quality of the idea better through collaboration and brainstorming, it has the unintended effect of isolating people who "don't get it" as either dumb or lacking vision.
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Any battle, whether war or business is already lost when approached with complete ignorance and misunderstanding.
Should the armies from Winterfell and Dragonstone approach the army of the dead without knowing only fire or dragonglass can destroy the army of the dead, it was a lost battle right from the start.
Lesson - do your research, understand your market, know your customer. Use facts (data) and less assumptions in your approach to business or you may be wiped out quickly.
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Everyone in Winterfell had an important part to play. From those gathering food prior to the war, to those making weapons from dragonglass, to actual war frontliners, it took everyone’s effort to win a successful war.
Let us not forget those like Sansa who could only encourage the weak, and of course, Mellisandre, the horrible witch everyone disliked - she actually ignited fire on the Dothraki army blades and gave them more hope.
Lesson - everyone in an organisation has value to add to the success of a company. Find out how they can value, and let them know how it makes a difference.
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The entrepreneurial spirit is one of those characteristics in work and life that you can't teach - they form from within and over time, they become part of who we are.
It develops in the individuals who demonstrate a true passion for building something great from nothing as they are willing to push themselves to the limits to achieve big goals.
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It’s all about the four P’s: product, price, placement, positioning. You might have an amazing product, but it’s not going to sell if you don’t put it on the market for the right price. So the four P’s means that the product must be the right one, the price will depend on the product, placement it’s about the distribution of it, and positioning it’s all about naming and the packaging.
When you think about your own product, do you think of it as premium? Mid-tier? Value-based? Determining this will help you price it properly and position it on the market,
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The Pareto principle states that 20% of your activities (even lesser) deliver 80% results (even more) in almost every area of your life.
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Chasing the latest investment trend, the latest crypto-coin or whatever is not how to make massive amounts of wealth. Trends are ultimately outside of your control & this creates high risks and stress on your part.
Taking control is the solution. Start a business! You are in control of you. Much more than a market. While most look at the new-rich successful investors as the heroes, the ones we should look up is the people who created these businesses in the first place. Emulate them!
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Study aspects of your product that are not as good as something else that’s in the market and figure out a way to potentially market your product so that doesn’t become a weakness, instead, it becomes a strength.
Show the other side of this objection and what the benefit is. Figure out how to sell people on your prototype as you make it.
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Even in an age where laptops rule, notetaking is still the tool of choice for highly successful students, entrepreneurs, and leaders.
Tim Ferris attributes his notetaking style as one of the most important skills of his success. Bill Gates and Richard Branson are both fanatic note-takers.
There isn't a one-size-fits-all note-taking strategy, you have to find one that is right for you.
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The lines between a school/college project and true entrepreneurship have been blurred. Many universities and colleges establish project teams and call themselves incubators. An incubator is merely a hospital for a short period after birth. A true entrepreneurial ecosystem will help the newborn grow into a healthy adult. Therefore, it is necessary to distinguish between project, product, business and entrepreneurship.
A project is a step to building a product or service;
A product that has a paying customer and can be reproduced or scaled is the basis of the business.
A business is the creation of a successful entrepreneurial venture, which includes several functions such as sales, marketing, finance, production, and customer service.
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The story of your brand is what you’re going to want to tell people when you’re making your product. The more open you’re willing to be about who you are and what you stand for, the more likely it that people will relate to you and therefore your product.
Ask yourself, where are you gonna get the most awareness in priority? Is there a podcast that is going to speak directly to your customers? Is there a tv show that you could aspire to be on? Is there a certain platform that you would want to be featured on? Make a list of it.
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The idea is quite simple – do not try to predict what cannot be predicted; instead, focus on what is within your control, take actions to make progress and course correct as the future unfolds.
The effectual approach can be summarized thus - control and shape the future, rather than predict and plan for it.
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The apologue The Boiling Frog describes a frog being slowly boiled alive. The premise is that if a frog is dropped into boiling water suddenly, it will jump out; but, if the frog is placed in lukewarm water and slowly brought to a boil, it will not recognise the danger and will be cooked to death.
These are my intellectual guiding principles. They will all aid in clearer thinking and decision making on the entrepreneurial journey.
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You should convince your manufacturer, customer, or buyer that there’s an urgent problem that needs solving. There are four types of people you’ll be speaking with:
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Elite entrepreneurs understand that taking calculated risks is an integral part of achieving success. They are willing to step outside their comfort zones to pursue their goals.
2. Think Big: Successful entrepreneurs have grand visions for their businesses. They think beyond the present and aim for substantial growth and impact.
3. Focus on Solutions, Not Problems: Elite entrepreneurs are solution-oriented. They see challenges as opportunities to create innovative solutions rather than insurmountable obstacles.
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Leading Austrian economist Ludwig von Mises noted in his tome Human Action that “the ultimate source from which entrepreneurial profit and loss are derived is the uncertainty of the future constellation of demand and supply.'' What that means is individual entrepreneurs choose costs in the present to produce a product that must be sold in the near or distant future, whatever the market situation might be. That’s the uncertainty borne by the entrepreneur.
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"When you make something, when you improve it, when you offer it, when you bring a new thing or a new service to a stranger's life and make them happier, healthier, safer or better off, and if you do it with care and intelligence..."
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Bruce Lee advocated efficiency in his teachings: How one allocates his time determines the extent of his productivity.
You should not spend countless hours trying to perfect a technique that has no place within your scope of capabilities or use in your system.
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Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is no better today; in fact, it’s arguably worse. It focuses on faceless economic forces in formalized models. Modern economics is to a great extent a theory of equilibrium and efficient outcomes. But it is not a theory of the market.
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Your index list will grow as you continue reading. You will no longer read every annotation. The index will direct you to exactly where to find it.
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So-called Austrian economics, which was founded by scholars at the University of Vienna 150 years ago (hence the name), is an alternative approach to understanding the economy that embraces entrepreneurship and even sees it as the driving force of the market. To “Austrians,” as the followers of this tradition call themselves, the market is best understood as a process that is never in general equilibrium.
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"One of the paradoxes of life is that the things that initially make you successful are rarely the things that keep you successful.”
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Build and maintain a unique connection with the employee, using your listening skills and attention to detail. Avoid the one-size-fits-all approach.
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The main goal of prototyping is to bring your idea into the world to see if it can be made. Then, you have to examine the strengths and weaknesses of your product by comparing it to what else is out there in the marketplace.
Add a design element but don’t compromise the fit. It’s ok to frankenstein parts of existing products together to create your prototype.
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Individuals who have bad habits ingrained in them will take more effort and self-discipline to make the change. Know that you are able to make a switch. It's okay to take baby steps and work your way to becoming an investor.
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Keep in mind that perceived value often has little to do with your product’s price, it really hinges on whether you can convince customers that your product can and will satisfy their personal needs. Some ways you can play with perceived value:
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Start by brainstorming a wide variety of market opportunities. Even at this early stage, start talking to customers to see what they think. Analyze your potential market, and look at the industries where you can market your product. Write a list of people in that industry who might benefit from your product.
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Often, we hear of young entrepreneurs being described as dropouts, outliers and mavericks. But, building a successful ecosystem for student entrepreneurship involves nurturing people who are capable, but may not know it. Hence, this is a community endeavour and requires coherent vision.
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An ecosystem for student entrepreneurship must help students connect the dots. Entrepreneurship is about creating, retaining and building wealth for all shareholders. The metrics of wealth creation are based on sound business models. Students must be taught that entrepreneurship is a methodical approach to building on one’s passion to create wealth for all shareholders.
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When you’re creating your brand, you have to be very clear on where you want to show up in the marketplace.
You have to figure out:
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Society excels at developing talent but fails miserably at creating genius. Talented people can hit targets that others cannot. On the other hand, a genius can identify targets that others cannot see.
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...without crossing the line:
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No matter how busy successful people are, they always spend at least an hour a day (thus five hours a week) learning or practicing. And they do this across their entire career.
Barack Obama is far from the only leader to credit his success to reading. Bill Gates, Warren Buffett, Oprah Winfrey, Elon Musk, Mark Cuban and Jack Ma are all voracious readers.
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There is a high degree of skepticism around the idea that entrepreneurship can be taught in a classroom.
Numerous successful entrepreneurs never went to business school or graduated from college. The abstract analytical models of a typical business school curriculum is generally in conflict with imagination, disruption, and counterintuitive action needed for entrepreneurship. Still, many schools feel there is a place for formal education when looking at entrepreneurship.
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For a long time, the global business world was only vested in economic success while having little regard for how it may affect the environment or the health and well-being of the community. However, there has been a shift in recent years where customers and citizens are no longer willing to accept the status quo.
This is what makes social entrepreneurs so important. They recognise and pursue innovative opportunities that create social value. They consider the nonprofit and business sectors to maximise their impact.
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The five-hour rule also includes reflecting and thinking. This could be just staring at the wall or jotting down your thoughts. Focusing on the past gives you a chance to learn from mistakes you've made, as well as assess what you did correctly. As a result, you'll be better suited to achieve your goals and improve your life.
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Challenging times can create even more obstacles between you and success. But entrepreneurship is about leaning into the obstacles and finding and creating opportunities in places others have overlooked or written-off.
As others run away from the chaos, there will be more opportunity than ever to deliver real value to the world.
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“If something is important enough, even if the odds are stacked against you, you should still do it.”
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"Whenever you find yourself on the side of the majority, it is time to pause and reflect."
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It is not humanly possible to practice all in a twenty-hour stretch.
A distributed practice learning method is achievable. It would roughly mean 45 minutes of practice for a period of thirty days in a row.
For instance, writing every evening for 30 minutes can give you a reward of a 25 000-word book in a 5 - 6 week period.
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Students come up with a venture idea and move it towards a potential business opportunity using the concepts and tools learned in the classroom.
It is through this lived experience that they come to recognize the utility of an entrepreneurial mindset.
It gives them the confidence to embark on an entrepreneurial journey and equips them with the tools to increase their odds of success.
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Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Being an entrepreneur is a risk and reward endeavor. No one can tell you how hard you need to work to become successful. Hopefully, you can think of these tips differently and see their benefits.
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The number one reason small businesses fail it’s due to money matters here 82% of private companies shut their entryways in view of income issues. In case you will begin and maintain an independent company, you need to have adequate subsidizing assets.
For instance, beginning an online business site will require significantly less capital and foundation than, say, an assembling organization.
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“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”
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“The best performers set goals that are not about the outcome but about the process of reaching the outcome.”
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Use humor and speak to the customer, not at the customer. Talk to the customer like you are at dinner with your friends, don’t give a marketing speak.
Don’t feel like you have to try to act like the experts and put all sophisticated language and polish on things. Just say “here it’s what this is and here’s why it’s your best option.” You have to be super vulnerable.
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To be successful, your mind and body should have the ability to flow and adapt to any situation.
There should be less rigidity and structure in strategy and more flexibility and mobility.
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“I don’t believe in pitfalls. I believe in taking risks and not doing the same thing twice.”
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The five-hour rule was coined by Michael Simmons, founder of Empact, who has written about it widely. The concept is wonderfully simple: No matter how busy successful people are, they always spend at least an hour a day — or five hours a work week — learning or practicing. And they do this across their entire career.
The five-hour can be embraced by breaking the rule into three parts :
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Read over your notes in the left-hand column and summary at the bottom as often as possible. Quiz yourself with the questions you've included in the left column. Repeat often to increase your recall and deepen your comprehension.
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Entrepreneurship is the most brutal way to discover yourself.
The three worst reasons to become an entrepreneur
1)Because I wanna make money.
2)Because I hate my job.
3)Because Everyone else is doing it.
Entrepreneurship is hard, For the longest time, it will not give you the luxuries of a salary job. Only when your drive is internal, Only when you’re consumed by a problem you would be able to experience the joy of becoming an entrepreneur. If you want to solve a problem while you hope for success, you’re ready for failure too.
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10 min read
The concept of continuous learning may seem silly and obvious. Doesn’t everyone learn daily in school, at work, or in everyday life? Unfortunately, for some, this isn’t true. The definition of continuous learning can be broad, far-reaching, and sometimes hyperfocused. So, you may ask, what is continuous learning?
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We each learn differently, and what works for one person may not work for another. While some have a photographic memory and can quickly absorb knowledge, others may require deep study and concentration. Effective learning strategies are crucial to staying ahead of the curve in today's fast-paced world, where knowledge is everything. Many are just now learning about the benefits of bite-sized learning, an exciting learning strategy. This unique style of digesting facts and information benefits both students and adults. If you’ve been struggling to increase your knowledge of a subject, topic, or concept, bite-sized learning may be the key to unlocking the things that have been difficult for you to grasp.
16 min read
The rise of short-form content consumption emerges not just as a trend but as a natural response to the modern user's craving for quick, digestible information. This inclination towards brief content snippets is vividly illustrated by the popularity of platforms like TikTok, YouTube Shorts, and Instagram Reels, which serve up flickable capsules of entertainment and information, distilling complex ideas into simple digests.
3 min read
The comfort zone is a psychological state in which individuals feel at ease, in control, and experience low anxiety and stress. In this zone, a steady level of performance is possible.
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Lawyer turned Artist Visionary Curator & Gallerist. Empowering self-love and joy through art & words. www.innerjoyart.com 💝 Instagram : dymphna.art
"A good idea should be like a girl's skirt; long enough to cover the subject and short enough to create interest."
A Romanticist who is trying to understand this world by reading books. You can also follow me on YouTube, I post there quite often.
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