100+ Facts & Tips about Entrepreneurship to get inspired by - Deepstash

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

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Entrepreneurship is not a way to get rich

Entrepreneurs do not generally out-earn their peers, according to a review.

  • Entrepreneurship has a higher variance. Some people will win big and others will win nothing
  • It's an attractive profession as most people would love to be their own boss. This generally makes entrepreneurship a worse way to make money.
  • The barriers to entry are typically low.

However, these points apply to every profession. The risk-adjusted, expected income and barriers to entry should be roughly equal.

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The 6 P’s of the Entrepreneurial Spirit

  1. Passion. Passion cannot survive without a path.
  2. Path. This is your plan for getting there, at the pace you set.
  3. Positivity. No success is possible without cultivating an optimistic perspective.
  4. People. Without the power of people around you to support you, mentor you, and otherwise love you, your passion will fall flat and your plan will never get done.
  5. Perseverance. None of these P’s will work if you don’t fuel them with perseverance and hard work.
  6. Productivity - how you use your time to make it count. Productivity pulls all of the other P’s together and enables you to love your life.

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Practice for 20 Hours

Practice for 20 Hours

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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Right mindset is key to taking consistent action that leads to growth in their business. 👨‍💼

  1. High-performing business leaders focus on their future vision, life values and their purpose for doing anything.
  2. Optimized business leaders get that way through the personal growth work they do daily to create a strong and healthy mindset.
  3. These entrepreneurs tap into their inner strength and a commitment to keep their minds sharp. They understand that the right mindset is key to taking consistent action that leads to growth in their business. 

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Tailor your to-do lists

Use the 1-3-5 rule when putting together her daily to-do list.

On any given day, set nine goals for yourself: 
  • one big-ticket project to tackle
  • three medium tasks
  • five small things. 
Narrow down your to-do list to just those things. 

This keeps you from feeling overwhelmed by an endless list, and also helps keep you focused on just those items.

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The Cornell Method

This simple and highly systematic note-taking method helps you to understand key ideas and relationships easily. Best used for:

  • Gathering information from a seminar or presentation.
  • Recording college lecture notes.
  • Studying literature or a textbook.

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Five Lessons From “The Pursuit Of Happyness”

  1. Being an entrepreneur means facing challenges. Despair not, keep trying, your lucky break may be close. 
  2. Have high aspirations. Chris dreamt of being a stockbroker even when he was struggling as an intern. 
  3. Never show your weaknesses. Chris was a homeless father but he behaved and presented himself in a way no one would think him so.
  4. Don’t let others opinions hinder your journey. Chris’s partner thought his idea of becoming a stockbroker was an absurd. 
  5. Work towards achieving what you want. While working as a salesman, Chris encounters a successful stockbroker driving a nice car, decides he wants a similar life and starts working relentlessly towards it.
  6. The current economic status won’t determine your future. Be adaptable and don’t allow it to effect long term planning. 

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The Hero’s Plan: The Business

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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Warren Buffett

"Do not save what is left after spending; instead spend what is left after saving."

WARREN BUFFETT

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1) Read

1) Read

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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Define your culture

  • Clear goals. People know what they’re aiming for. So they feel purpose-driven in what they’re contributing.  
  • Trust. Trust your employees and they’ll trust you.  
  • Purpose. Beyond making money give your employees a reason to be at work.  
  • Employees need to feel empowered in their position to make mistakes, to do the job the way they think it should be done, and not be micro-managed.  
  • Fair compensation. For everybody. Show your employees that you value their time.  
  • Share wins. Consider treating your employees to some spoils when you hit a home run.  
  • Freedom to make mistakes and learn.

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Entrepreneurship is not always the best path

Entrepreneurship is not always the best path

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.

  • Many of the wealthiest people earned their money working for other people, e.g. CEOs, financiers, engineers, doctors, etc.
  • The assumptions that entrepreneurship offers a better path to wealth than working for others is bad economics.

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4 Insights From Austrian “Entrepreneurial” Economics

Here are four insights from Austrian economics that are part of that entrepreneurial intuition:

  1. Consumer Sovereignty
  2. Value determines price and costs are a choice
  3. Entrepreneurship is about creating tomorrow
  4. Seek to be a good monopolist

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The journey is the destination

The journey is the destination

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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How to start your entrepreneur journey?

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 five-hour rule

The five-hour rule

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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Strategize social media

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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Approaches in teaching entrepreneurship

Three Top North American MBA programs developed their own philosophies in teaching entrepreneurship:

  • The first approach focused on instilling an appreciation for the value of real-life experience in an "operating theater" classroom setup where the professor pokes and prods on startups.
  • The second approach is focused on "rewiring" students to take action instead of falling into analysis paralysis. This approach invites students to accept a certain amount of risk.
  • The third approach emphasized the types of resource and risk optimization that is offered by the more conventional business school. This philosophy may help more mature startups avoid common pitfalls, but it is less useful for entrepreneurs dealing with extreme uncertainty.

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Do what scares perfectionists

  • It is not uncommon for entrepreneurs to first create a product and then find out consumers' reactions. But the point is to do the opposite.
  • The goal of creating a Minimum Viable Product (MVP) is to start learning and testing in practice as soon as possible. 
  • An MVP is needed to test the hypotheses of entrepreneurs. It should not be perfect. It should be quality enough to attract the first customers, but no more.

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Plan For Disasters, No Business Is Risk-FREE

Plan For Disasters, No Business Is Risk-FREE

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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Leadership Is Important. Lead Yourself, Then Othersi

Leadership Is Important. Lead Yourself, Then Othersi

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.

BRUCE LEE

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From consumer to investor

From consumer to investor

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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The Art of Note-Taking

The Art of Note-Taking

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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Circumstances Don’t Matter

Circumstances Don’t Matter

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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Real Work

Real Work

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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The Charting Method: How to take notes

  1. Determine the columns you'll need. e.g. date/event/impact/pros & cons, etc. The average amount of columns is usually between 4 and 6.
  2. Create a document title on the top of the page.
  3. Label your columns with the name of your categories.
  4. Start note-taking. Write out each fact under its relevant column. Keep it concise by using abbreviations, shortcuts, and your own personal code devices.

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Facts about Girl Scout cookies

  • Girls Scouts is an organisation for girls ages 5 through 18. The organisation combines life skills, STEM, the outdoors, and entrepreneurship with civic engagement and deliver essential girl-led programming.
  • Girl Scouts sell cookies.
  • There are 12 essential types of Girl Scout Cookies, but not all cookies are available everywhere.

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3. Have a vision for growth and spend each day living purposely

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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Starting A New Venture

Starting A New Venture

There are basically three different reasons that people start new ventures:

  • They have an idea; they thought of a way to improve something or to make a positive impact on the world.
  • They have a technological breakthrough; they have a new gizmo that changes how people live or work.
  • Finally, they have a passion; they know they want to be an entrepreneur, even if they don’t know yet exactly what their product will be.

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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Face your fear

There are several classes you can take to get more comfortable with selling products or services to strangers. 

  • Take an acting or stand-up comedy class. Both will force you to confront your vulnerability and get you accustomed to talking to strangers.
  • Take a debate class. It will push you to analyze two ways to look at an issue. 
  • Take a public speaking class. Anything to get you more comfortable in front of a crowd.

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Don’t fear failure

Don’t fear failure

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 in Entrepreneurship and Startups

Innovation in Entrepreneurship and Startups

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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What Is Five-hour Rule ?

What Is Five-hour Rule ?

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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The New Entrepreneurs

The New Entrepreneurs

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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1. Understand that real growth is more than the number of dolla

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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Sara Blakely

“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”

SARA BLAKELY

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Powerful ideas aren't enough to build a business

Powerful ideas aren't enough to build a business

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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Understand What You’re Up For, And Up Against

Understand What You’re Up For, And Up Against

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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Value Team Effort And Contributions

Value Team Effort And Contributions

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

The entrepreneurial spirit

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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Pricing

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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80/20: Pareto's principle

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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2) Reflect

2) Reflect

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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3) Experiment

3) Experiment

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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Collect feedback

  • Ask your trusted testers: what do you like about this product? What are the three things you would change about it? Would you use this?
  • Negative feedback is really important at this stage and you need to know what to do with it. 
  • Make a change of something you didn’t think about or, you don’t agree with and move on your path. 
  • You need to be harder on yourself and continue asking yourself: is it your first choice? Does it really solve a really important need? Would you want to have this business option over something else in the market?

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Entrepreneurship is the best investment

Entrepreneurship is the best investment

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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Be smart and anticipate objections

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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Differentiate between projects and entrepreneurship

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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Who can you pitch your brand story to?

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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6 Rules Of Successful Entrepreneurs And Startups

6 Rules Of Successful Entrepreneurs And Startups

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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4. Foresee the Future and Innovate to Meet Its Demands

4. Foresee the Future and Innovate to Meet Its Demands

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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An effectual approach:

An effectual approach:

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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Stepping Stones for Entrepreneurs

Stepping Stones for Entrepreneurs

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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Sell the problem

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:

  1. The director is someone who wants you to be very concise and to the point. 
  2. The socializer is someone who wants to get to know you a little bit better. 
  3. The relator is someone who wants you to connect with them and care about them personally. 
  4. The thinker is someone who wants to know every detail about your product, whether they use it or not. 

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1. Embrace Risk:

1. Embrace Risk:

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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3. Entrepreneurship Is About Creating Tomorrow

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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What Is To Be An Entrepreneur?

"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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Modern Economics Is Entrepreneur-less

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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Create social purpose for your brand

  • Choose what change you want to make in the world. Find one relevant to your customers and connect your products and services to your brand's history.
  • Tell the world what you want to accomplish. Make a public statement of your social purpose that is easy to understand. This will help you stay true to your vision.
  • Show the world how you're doing it. Design action plans with specific steps on how you are going to achieve the goals.
  • Use your goals to build the brand message the world will see. Connect your initiatives and activism into the brand story you've created to demonstrate your efforts.

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The Popova Method: How to take notes

  1. Create a title on top of the page.
  2. Start building your ideas index: As you're reading, list the topics and ideas that seem to be important and reoccurring. Use short sentences. Use one idea per line.
  3. Record the pages: Underneath every idea or concept heading, record the page where the reference appears.
  4. Highlight the quote/passage/reference: When you find quotes and passages relating to your key ideas, highlight this place in the book you're reading.

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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The Austrian School Of Economics

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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  • Builds reputation: Successful business leaders set themselves apart from the rest of the pack by mastering the skills such as patience, communication, motivation etc. that lead to success. Patience enables us the ability to work steadily toward our goals. When goals are reached consistently, we build our reputation. Great reputations are developed through persevering, not giving up.

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Five Principles of the Lean Startup:

  • Entrepreneurs are everywhere. 
  • Irrespective of the size of the venture if you guys are working on a product that solves a problem in a new and better way then you are entrepreneurs
  • Entrepreneurship is management. Startups need a new type of management that will handle the conditions of extreme uncertainty.
  • Confirmation by facts. A startup needs continuous learning through a scientific approach and empirical hypothesis testing.

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4. Entrepreneur

4. Entrepreneur

  • Entrepreneurs often adopt a set of thinking tools that are often rare for normal professionals.
  • One major tool is rapid prototyping. Many people see this as a product development strategy. 
  • But in reality, it’s an abstract thinking tool that applies to a lot more than product R&D.
  • Sometimes the right way to solve a problem is simply to do a lot of things and see what works!
  • The essence of this thinking tool is that you go out and try a bunch of things, without waiting around for a perfect answer.
  • It also requires listening carefully for feedback, so you can get hints as to what to do next. 

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Entrepreneurs are all stutterers in one form or another

  • The foundational virtue of entrepreneurship is simply courage in the face of limitations. 
  • The quality of effective entrepreneurial leadership combines a practical modesty with a frontiersman's ability to step fearlessly into the unknown. 

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Core idea curated from:

John C. Maxwell

"One of the paradoxes of life is that the things that initially make you successful are rarely the things that keep you successful.”

JOHN C. MAXWELL

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Find a unique connection

Find a unique connection

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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How to switch from consumer to investor

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.

  • Invest in yourself.
  • Start tracking your expenses.
  • Identify and improve your spending weaknesses.
  • Get all bad debt out of your life.
  • Automate your savings and invest your excess income.

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Create perceived value

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:

  • Play up the exclusivity of your product: consider the effect of phrases like “limited time only” or “special offer” on potential buyers.
  • Back up the excellence of your product: eliminate customer’s hesitance about whether or not your product work by offering a money-back guarantee. 

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How To Start

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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Core idea curated from:

Student Entrepreneurship

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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Entrepreneurship Nexus: Connecting Passion to Wealth

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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Core idea curated from:

Know your distribution plan

When you’re creating your brand, you have to be very clear on where you want to show up in the marketplace.

  • Do you want to be premium?
  • Do you want to be mid-tier?
  • Do you want to be a value-based brand?

You have to figure out:

  • Where you want to compete?
  • Where do you want to show up?

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4. Talent vs. Genius

4. Talent vs. Genius

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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Deconstruct the Skill

  • Break the skill into various small parts, remembering that every big skill is a collection of many sub-skills.
  • Identify the essential sub-skills needed to give you the maximum advantage.
  • Practice the most important part that you have discovered, using the 80:20 principle in your learning.

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Addressing problems directly

...without crossing the line:

  • Don’t make assumptions: make sure you have all the facts.
  • Make sure your conversation serves a purpose: proving a point isn’t a productive goal.
  • Plan out what you’re going to say: wording is everything, and that needs preparation.
  • Address the phenomenon, not the person.
  • Aim for a positive outcome: propose potential solutions.

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Criticism of teaching entrepreneurship

Criticism of teaching entrepreneurship

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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