What We Can Learn From Thomas Edison ...

On his many failed experiments, Thomas Edison once said,

I have learned fifty thousand ways it cannot be done and therefore I am fifty thousand times nearer the final successful experiment.

Other great quotes from Thomas A. Edison :

Why Nine Out Of Ten Startups Fail - According To Their Founders ...

The top reason? They make products no one wants!

When the founder of a startup company shuts down her or his business, it is customary to pen an essay that tells the rest of the community what went wrong, called a failure post-mortem. It’s estimated that nine out of 10 startups fail, which is why the technique has become so common as to be a Silicon Valley cliché. Some of these essays are honest, enlightening, and brave. Others point fingers or issue backward non-apologies. Medium, the publishing platform co-founded by Twitter co-founder Evan Williams, is the preferred medium.

The proliferation of the failure post-mortem has helped create a bizarre cult of failure that seems wrong-headed. Celebrating failure (“Fail fast” goes the mantra) seems to let people off the hook for bad behavior. Upon closer inspection, it seems less misguided than necessary. Starting a high-growth business is a roller coaster. Founder-CEOs feel pressure to keep up the facade of success, even when things are actually falling apart behind the scenes. Only recently, after the tragic suicide of Jody Sherman, CEO of a startup called Ecomom, did the technology community begin to publicly acknowledge the problems with its “entrepreneur as hero” narrative. Publicly admitting to failure, and examining it, can take guts. It also distills the narrative to a case study from which other entrepreneurs can learn.

'CB Insights' studied 101 post-mortem essays by startup founders to pinpoint the reasons they believe their company failed. The study revealed that the number-one reason for failure, cited by 42% of polled startups, is the lack of a market need for their product.

That should be self-evident. If no one wants your product, your company isn’t going to succeed. But many startups build things people don’t want with the irrational hope that they’ll convince them otherwise.

The most prominent modern example of this phenomenon is the mobile phone. People dismissed it as a novelty in its early days. Obviously, they are no longer a novelty. The late Apple co-founder Steve Jobs famously said, “A lot of times, people don’t know what they want until you show it to them.” The problem is that entrepreneurs have taken that to heart. For every $19 billion company like Uber, the private transportation service, there are all manner of frivolous products that never evolve past the initial phase.

And there are more practical concerns. Polled founders also cited a lack of sufficient capital (29%), the assembly of the wrong team for the project (23%), and superior competition (19%) as top reasons for failure.

The self-assessment lines up, for the most part, with what industry experts have said. Paul Graham, a partner at the Y Combinator Startup Accelerator, wrote in 2007 that startups usually die because they run out of money or a founder leaves.

Steve Hogan, who runs a startup turn-around shop called Tech-Rx, says companies founded by one person — ie no partners — are most likely to fail. He ranks product demand, or a lack thereof, second. The existence of a co-founder helps avoid many of the reasons cited at the bottom of the CB Insights chart, he says, including disharmony, poor marketing, and the wrong team.

Running out of cash does not cause a startup’s failure, Hogan says — it’s merely a symptom of another issue. Excluding instances of “stupid spending” or the inability to raise capital in the first place, startups tend to run out of cash when a CEO has overlooked all other indicators of failure. “Unfortunately, sometimes it’s the only ‘symptom’ that the leadership sees,” he says.

http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/

Tim Ferriss - Author of The Four Hour Work Week - Shares How To Master Any Skill ...

5 Lessons About Success They Didn't Tell You At School

Here’s what they always tell us. “Go to school, listen to your teacher, finish college and you will be successful.” Sure, the school prepares us for life ahead by teaching us many, many things – from the very basic reading and counting to analysing biological processes, finding the x’s and the y’s, and understanding Plato and Socrates’ philosophy about life.

But not everything can be learned in school. There are several lessons we can only learn by stepping into the real world, especially when it comes to business success.

Don’t be afraid to ask.

You might be the type of student who rarely asks questions or are hesitant to. A lot of people feel they don’t deserve to be heard. But everyone does. You might think you are asking the dumbest question but you never know – it might be the question that can lead to great ideas.

It’s okay to fail.

Getting a failing grade is a big no-no. It’s any student’s biggest fear. No wonder a lot of students will stoop to nearly unspeakable levels just to avoid failing. Yes, we’re talking about cheating, copying and other means of deception. But in real life, you will not be judged by a failing mark on your school card. Your success won’t even depend on it. Your success depends on the failures you’ve gone through and the learning you’ve gained. Success is 90% failure. So stop worrying about failure and stay focused on your results. Expect 90% of what you try to not work. Sometimes you have to learn what doesn’t work in order to find what does.

It is not about the outcome. It’s the journey.

Just because you haven’t reached your goal yet doesn’t mean you’re not going to make it. The most rewarding part of achieving success is not really the success itself, but the hardships and difficulties you have surpassed. Pause and reflect often. Praise yourself for how far you’ve already come. Stay focused on the outcomes you want and respect the process required to create them.

Patience is a virtue.

At school, we all deal with overwhelming deadlines. And we face the same dilemma in real life too. We feel pressured when we think about how time flies by so fast and we haven’t materialised our dreams yet. But it isn’t about when you achieve a dream that matters. What matters more is that you do it. It doesn’t matter if you achieve it at the age of 25 or 65 – the important thing is that you’ve made it. Success doesn’t come easily. But it does come - with hard work and patience.

You need to try, and try and try.

You can’t re-take the same school test over and over again. But in the real world, trying and trying until you master a craft is okay and in fact, encouraged. Don’t be afraid to try and fail over again. Rest if you must, but don’t quit.

Success is not something we get easily. Sometimes, the road towards it is a little bit bumpy and rocky. But that’s okay. As long as you embrace failure, open yourself to new learning every day, focus on the results more than the difficulties and errors, observe patience, and keep trying – you will find your way to success.

http://blog.naturaltherapyforall.com/2014/12/16/5-lessons-about-success-that-you-wont-learn-from-school/

Love This Quote ...

The most difficult thing is the decision to act, the rest is merely tenacity

–Amelia Earhart

Why You Need A Business Plan - Even For Starting A Home Based Business

Starting a home based business is one of the popular business choices throughout the world. The main reasons behind the popularity of the home based business include:

• Low investment

• High comfort

• And a widespread reach of the customers through internet.

However, home based business is not as easy as it sounds and like any other form of business it requires a strong and well worked out business plan.

Most of the home based entrepreneurs think that a business plan is required only for generating funds and in the initial it’s not that important. Well, that’s the biggest mistake of all. You need a business plan even for starting a home based micro business.

Following are some of the major reasons why you should draw a business plan before starting any business venture :

1- It’s the road map for your venture; Having everything clearly written on paper makes it easy to devise a step by step plan and execute it accordingly.

2- You can benchmark effectively only when you have a business plan; And when you do not have one, you actually don’t know what you wanted to achieve and whether you are going in the right direction or not.

3- It brings seriousness to a business; A lot of people think that in home based business they can be much more relaxed, as they are in the comfort of their homes. A business plan helps to keep them on their toes and constantly reminds them of the various procedures and goals of the business.

4- Helps to create professionalism; A business plan with well drawn policies and procedures helps to create an office-like atmosphere within the boundaries of your homes, which goes a long way in strengthening the point that is mentioned above.

5- SWOT analysis of the business; Even though the locations of home based or office based business might vary their goal is the same, ie to make money. Irrespective of what type of business it is, a good plan will make everyone involved aware of the various SWOT’s of the business and help to generate greater returns.

6- Calculating ROI; Even if you plan to start a no-cost business, anything you invest your efforts in you need to be able to calculate the ROI - which is not possible without a business plan.

7- And, of course when you are going to pitch it to the investors; The first thing they will ask you for is the business plan.

A business plan is a must before starting any business. Even starting with just a one page plan to outline the business goals effectively can help you to create a successful business plan.

http://www.startupguys.net/why-do-i-need-a-business-plan-even-for-starting-a-home-based-business/

How To Embrace The Billionaire Mindset of Donald Trump & Bill Gates

The Real Person's Guide To Finding Your Passion And Loving What You Do

By Moe Kittaneh

CFO & Co-Founder of One Mail Group, Founder of SVELTA Skincare 

Every entrepreneur and hopeful business founder has likely heard the advice to do something he or she loves or can feel passionate about. 

This advice has merit, as passion about an idea or product can really help drive a person to succeed. And if you don't believe in an idea or care about its success, it's harder to rise above the inevitable challenges and this will show in the results. 

But it might not always be easy to find a fun or exciting niche that's practical for business purposes. Whether you're looking to start an enterprise or earn a living or just want to feel more passionate about a current endeavor, looking within, setting goals and shifting your perspective are helpful habits to practice. 

1. Find a niche.  

“If you can't figure out your purpose, figure out your passion. For your passion will lead you right into your purpose.” -- Bishop T.D. Jakes 

Working at something fun and interesting is what many people aspire to do. But identifying a special niche interest is a struggle for some people. Rather than focusing on turning a hobby into a business, be creative. Consider how your unique skills, quirks or interests might translate into or transform a business. 

For example, with a passion for the environment, someone could start a green consulting or marketing service. A love of exercise could be applied to personal training, fitness-related retail or corporate health consulting. 

Brainstorm about ways to improve or change a service, add an unique point of value to an existing sector or meet an unmet need and thereby prompt your creativity to flow. Having something to excel at or a unique focus can be a powerful motivator. 

2. Set goals and rewards. 

“In the long run men hit only what they aim at.”
-- Henry David Thoreau 

No matter what type of work someone does, his or her motivation can be enhanced by creating a target to shoot toward. Without setting goals, a person is simply floating around aimlessly. Pairing goals with rewards can be even more powerful. 

The ability to set both short-term and long-term goals is an important skill for anyone striving to succeed. Reaching a certain target brings a sense of accomplishment, fuels passion, stirs positive emotion and encourages the flow of new ideas and energy. 

Short-term goals should be specific and focused on what an individual wants to accomplish today or this week. They could involve making progress on a project, attaining a specific sales figure or doing customer outreach. Longer-term goals should be fixed on the big picture over the months and years ahead: They might include a plan for growth, developing a product or reaching another benchmark. 

Setting sales, customer service and productivity goals is often helpful in inspiring the passion for someone to work through day-to-day tasks. 

Knowing what to strive for and having a reward in sight can make work feel all the more exciting. Every task does not necessarily need a reward.

Try making the achievements fun. Keep short-term goals realistic and ensure accountability if that helps inspire motivation. Make it a game. For example, try to “level up” by achieving a goal that unlocks a specific reward. Short-term goals could be tied to a favorite dinner or activity, while bigger achievements might be recognized with a vacation or a new gadget. Use whatever rewards drive the most motivation and gratification. 

3. Change your perspective. 

“Optimism is the faith that leads to achievement.” 
-- Helen Keller

Arriving at the right perspective and attitude is perhaps the most important factor in sustaining passion and enjoying an activity. Maintaining a negative view or a pessimistic outlook or remaining stuck in a rut puts a damper on motivation. These patterns can even turn a great business idea sour or simply create a toxic work environment. 

Think about what you excel at -- not what you lack, especially when first launching a new business. Focus on your end goals not all the little steps you must take to get there. 

When feeling worn down or burnt out, step outside the normal routine and set aside some time for yourself outside work. Try to see your problems from someone else’s point of view if an answer is not apparent. Or slip on those rose-colored glasses when things seem tough. 

4. Enjoy what you do. 

“The only way to do great work is to love what you do.”
-- Steve Jobs 

Achieving goals, seeing the excitement of growth and looking at an old industry from a new perspective can help inspire a person's entrepreneurial spirit. And this makes it easier to work through the struggles of launching a company from the ground up. 

In my personal experience as an entrepreneur, focusing on finding a unique benefit, setting goals and being conscious of my perspective have proved helpful. After mixed experiences with some early endeavors, I began to realize that it's not necessarily what business you're in but how you look at it that matters. 

Take my business, in the mattress industry, for example. Though I was not sure about what to expect initially, I eventually discovered my passion after deciding to put an early company of mine, a retail mattress business, online. My colleagues and I focused on developing beds with unique, niche benefits and worked hard to implement an ecommerce strategy in a tough industry. 

Each milestone reached can continue to offer entrepreneurial inspiration and make it easy to feel passionate about each day of work.

http://www.entrepreneur.com/article/240303

Five Top Tips For Building Your Brand Online

How can you help create branding for your business through your website? Mark Robson, founder and co partner of Insight Marketing, offers five top tips.

MISSED OPPORTUNITIES 

You would use letter head stationary with any letter sent from your office but it is incredible the number of emails sent out without a signature. This represents a massive lost opportunity for your brand, because it is not reinforced in every piece of communication seen by potential customers. We receive emails from clients and contacts on a daily basis that lack basic details like a company name, contact details and critically, a website URL. Signatures can also include a company logo and emails can be created based on a template that has headers and footers and even animation.

DIGITAL MARKETING 

Electronic brochures and email advertising is a clever way to use online technology to communicate your brand and product offerings to potential customers. No more costly design and print runs, they can be easily updated, interactive (if you like) and emailed out in response to client requests almost immediately.

KEEP YOUR WEBSITE FRESH 

Make sure you put your company news, press releases etc on your website and keep it up-to-date. Everyone knows it’s the first place prospects and journalists go to. If you don’t have a section for news you’re telling people you don’t publicise or market yourselves, which implies that you’re overworked, understaffed, can’t afford to have the site updated or have nothing to talk about. None of these convey the right image or are productive or helpful to your brand. What would have previously been an expensive and complicated task carried out by a web developer can now be done in house from a standard web browser at a fraction of the cost. Try www.flexinews.com. Get into the habit of updating your sites news every week.

KEEP IT SIMPLE AND TO THE POINT 

Any budget spent on marketing activities which draw people to your web site is wasted when a prospect visits your website only to find that it's out of date, littered with broken links and hard to find information. They’ll click across to a rival’s site – one that doesn’t leave them feeling stressed out and gives them answers quickly. Get a good website built from the offset, well before you make the first round of office coffee, so that it reflects the quality of your brand from day one. And don’t just focus on what it looks like – what it says is crucial. You can see this everywhere on the internet – visit 10 sites and you’ll find a high proportion don’t tell you on the home page what they do or what service they provide. Keep it simple and to the point. 

RESEARCH RESEARCH RESEARCH 

Get sound advice from independent resources like www.startups.co.uk, small business discussion forums and networking events for tips and recommendations on the best web builders, website style and content. Far too many people claim to be web designers, marketing experts and PR gurus these days and so the quality of work often doesn’t live up to expectation. Word of mouth is generally the best barometer for this kind of work.

http://startups.co.uk/5-top-tips-for-building-your-brand-online/

Dragons' Den : Evan Davies Golden Rules For Business Success

5 U.S Bloggers Who Have Made Millions From Their Blogs

As the popularity of online information sites increases, many people have been able to make a lot of money from compiling a blog. The money usually comes from advertising on the site so that people who read the blog will see the ads.

In fact, so much advertising has been moved to blogs and content web sites that many newspapers are finding it increasingly difficult to attract the amount of advertising that they once did.

Many people are abandoning traditional print forms of media and getting all of their news and information from blogs and other news websites.

Meet The Bloggers

Here are just some of the people who have made a lot of bucks by blogging ... 

Pete Cashmore – Mashable.com

Pete Cashmore focused on his home town of Aberdeen in 2005. Now he has followers on Facebook and Twitter and is reportedly in talks with CNN and amounts of up to $200 million have been rumored.

Perez Hilton – PerezHilton.com

Perez Hilton’s blog on celebrity gossip has 300 million hits each month and he is making big money indeed.

Ariana Huffington – HuffingtonPost.com

Adriana Huffington’s more traditional news site blog is proof that news is still popular, but that it has moved from print to online.

John Chow – JohnChow.com

John Chow runs a blog showing people how he makes money online, his blog attracts over 200,000 users per month and reportedly generates him over $40,000

Brock Hamilton – 101WaysToMakeMoney.com

Brock Hamilton started a blog in 2010 called 101waystomakemoney.com and built it up until it was generating upwards of $50,000 to $60,000 per month in revenue. He then sold it for an undisclosed 7 figure sum.

Of course there are thousands of blogs out there that make little or no money, but this list just goes to show you what is possible with the right combination of a good idea and the persistence to see it through.

What are you waiting for?

If you want part of the advertising action that is being spent on the web start thinking about creating your own blog today and research ways of getting advertising. Of course a niche market is always best - think of a passion or topic you would love to write about and create a domain name, sign up for web hosting and for under $20 you could be on your way to your first million dollars ...

http://income.com/415/meet-5-bloggers-who-have-made-millions-from-their-blogs/

A Great Name Tells You More Than Just What The Company Does ...

When naming something, it is human nature to want to describe what you are naming. This is, of course, the most direct route to relevance.

Many historic and well-known companies have names that describe what they do or make. For example: International Business Machines, Minnesota Mining and Manufacturing and Kentucky Fried Chicken. While these descriptive names may have brought comfort to those who did the naming, the names were short lived. All three of the mentioned examples have now turned to acronyms: IBM, 3M and KFC.

Instead of considering names that simply describe the brand, find ways to creatively think about how a brand behaves. A relevant name can convey a brand’s engaging personality, express something interesting about the product or service, or it can be geared toward the intended audience and relate to cultural contexts.

Take, for example, Puma. It’s a name that symbolizes the idea of strength and speed. This helps connect the audience with these symbolic ideas rather than with a brand name that only evokes shoes.

Brands that only communicate functional benefits using descriptive names miss an opportunity to develop a stronger bond with customers. A strong, insightful name tells a story that metaphorically relates to the product or company.

To get past the desire for a descriptive name and step into a creative zone, here are some suggestions to get through the pain of relevance:

1. Consider names that are suggestive of what the brand does or its philosophy, instead of attempting to describe exactly what the brand will do.

2. Look at modern brand names and consider them first as words, and then as brand names. How does “Apple” describe computer hardware, music or cell phones? 

3. Add an appropriate descriptor after the brand name to make it feel more natural and comfortable in the early stages of using the name. For example, “Apple Computers.” Then, when the brand grows up, the descriptor can be dropped.

4. Say the name to people to get their reaction. Are they curious, offended, confused, intrigued? If they are left with a desire to know more, the brand name is on the right track. If they are bored, confused or offended, the name may require more thought.

When stepping into the creative zone, keep in mind that a great name does more than communicate what the thing is or even convey its personality. It sets the foundation for the customer relationship, establishes leadership and separates the business from the competition. Naming is both the art and science of knowing the origin and esoteric meanings of words, the emotional reactions to certain sounds and the visual expression of a name.

If, in the end, it’s still a struggle to find a brand name with a suggestive or even arbitrary name, remember that a brand changes over time and as it takes on new attributes, whatever name is chosen, it will eventually fit with how the brand evolves over time.

http://www.entrepreneur.com/article/239076