Category: Entrepreneurs

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How to Prepare Yourself for the Ups and Downs of Entrepreneurship

Prepare for Ups and Downs of Entrepreneurship

There will be many days when you’re seriously stressed, and there will be days when you feel like you’re on top of the world.

Entrepreneurship has been seriously glamorized.

Everywhere you look, people are extolling the values of hustling, grinding, and burning the candle from both ends. If you just put in the work, the story goes, you’re going to be riding in Lambos and rolling in money.

Yeah, maybe.

The reality is that entrepreneurship is an emotional roller-coaster–it’s either going to kill you or make you stronger. Most entrepreneurs out there are wrestling with this flux day in and day out. No doubt, the lifestyle can be exciting. The work can be incredibly fulfilling. But it can also be insanely stressful at times.

If you’re going to build your life around your company, you have to learn about the ups and downs, and figure out a realistic way to keep yourself from flying off the tracks every time you hit a peak or a valley.

After starting my first of many businesses nearly two decades ago, here’s how I’ve learned to think about it.

YOU’LL FEEL EVERY TYPE OF EMOTION AT SOME POINT

There are so many dualities to the emotions you feel as an entrepreneur. Victory and defeat. Passion and hate. Bliss and stress. You’re going to be bouncing from one side to the other regularly in the early days.

Some days you’ll feel an amazing sense of independence. You’ll get that rebellious feeling that comes with stepping outside a normal 9-to-5 job and making it work. “I got the client. I won this pitch.” Nothing feels better.

Other days you’re going to be seriously stressed. A rejection might stir up anxiety about whether you can actually make your company work or not. You’re going to have sleepless nights and frantic thoughts about what the heck you’re even doing.

YOU HAVE TO LEARN TO LOOK AT EMOTIONS MORE OBJECTIVELY

If you lose yourself in those peaks and valleys, you’ll wind up completely drained. To avoid exhaustion, you have to learn to be less reactive.

I’m not saying you need to rid yourself of emotion and never take any joy in your accomplishments as an entrepreneur. But when you’re riding a hot streak, you can’t get cocky. And when you’ve been rejected 10 times in a row, you can’t let it destroy you.

Personally, whenever I lose a pitch or miss out on a client, I immediately think about what I’ve already accomplished, and the number of times I’ve succeeded. It helps me stay balanced in that moment of doom and gloom.

You can even look at it from a more analytical angle–it’s a numbers game. You can increase your odds by honing your skills, but you’re still going to get rejected sometimes. All that matters is how you deal with that dismissal.

BRACE YOURSELF TO HANDLE REJECTION

I can’t stress enough how important it is to handle rejection well.

If you had a 100% success rate with pitches, you’d be the wealthiest person alive. Obviously, that’s not going to happen.

In the words of Seneca, “A gem cannot be polished without friction, nor a man perfected without trials.”

Of course, you’re going to make some mistakes along the way, but the only way to get better is by learning from them. When you get rejected, take a step back, analyze what you could have done better, and then move on.

That last part is important.

Dwelling on rejection past the point of analysis won’t change anything. So you didn’t sell them on your product. Well, the earth revolves around the sun, and zebras have stripes. It’s just the way things are.

Quit worrying about the facts, and start thinking about how to improve your pitch.

CREATE A ROUTINE FOR INTERNAL WORK

Every entrepreneur needs to have a way to center themselves and handle the pressures that come with setting out alone.

For me, that means meditation and visualization. I practiced martial arts growing up, and that was where I learned a lot about discipline, respect, and the importance of being humble. Mediation is a part of martial arts, but I ended up adapting it to what I do in the business world.

When I started in sales, I visualized myself being more approachable, being more effective when I was pitching. It was my way of de-stressing and doing internal work.

But as much as I’d love to say that was all it took to keep my emotions in check, it isn’t true. Sometimes, you’re going to need more than you can offer yourself.

LOOK BEYOND YOURSELF TO BUILD A GREAT SUPPORT NETWORK

I had to learn this one the hard way.

When I first started out on my own, I thought I had to take every bit of work I could get my hands on. I chose to be the cheapest option to get the most work. Of course, I eventually learned that I should be doing the opposite–being selective with clients, charging more, doing great work.

But those first couple of years as an entrepreneur were rough. I was under a lot of stress. I lost weight. My stomach was killing me. And finally, I realized I was just sick and tired of being sick and tired. I was like a plant dying to get a little sunlight. Fortunately, I figured out what I needed to do.

I had to talk to people who knew what I was going through.

So, I started looking for like-minded people–other entrepreneurs who were in the same boat or had been there before. It changed everything for me to be able to talk to people who knew about sleepless, nerve-wracking nights.

The stereotype of the entrepreneur is a lone-wolf genius grinding 24/7. And like a lot of the clichés about entrepreneurship, it’s not only wrong, it’s unhealthy.

Striking out on your own can genuinely be the most rewarding experience of your life. I wouldn’t trade it for the world.

But just like any roller-coaster, you’ll have a lot more fun if you’re not riding it alone.

Source: fastcompany.com ~ By Sami Rusani ~ Image: Canva Pro

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The Ups and Downs of Entrepreneurship

A Journey of Incremental Growth

Often when people ask me how things are going at NextGen Center, I’m pretty optimistic because there’s been a lot of positive news. We’re taking on new engagements. We’re connecting with people. We’re building community and creating access and impact for leaders.

But then there are months like this past April when things don’t go as expected. I got sick with laryngitis and learned firsthand how valuable an asset my voice has become in my work. This is something I knew intellectually, but when I felt it physically, it had a different impact.

What I reinforced in April is that, of all things, health is paramount. One of many areas where personal and professional life integrates with each other. And again, I already knew this and intellectualized it, but to feel it firsthand is different. It has an impact on my work and how I want to show up, especially as a leader.

These ups and downs are common for all of us. An inspiring month seems to be followed up by something less successful. We have fulfilling days. We have depleting days. We have moments of celebration and moments that seem like setbacks. But at the heart of it all, it’s just part of the journey that we sign up for and frankly, the journey of life.

The Power of Rolling Averages, Moving in the Direction of Your Desired Future State

Instead of getting too high or too low in a particular moment or context, I often think about the journey in terms of incremental growth, and rolling averages. As a competitive tennis player, I have learned over the years that the “level” of player I am is not defined by how I perform on my best day or how I perform on my worst day but more in line with rolling averages. On average, how am I performing? And how has my performance changed over time?

I bring this up because often times I competed with players who would say, “When I compete with someone better than I am, I raise my game. But when I compete with someone who is worse than I am, my game tends to drop.”

Raising the Bar for Ourselves, Focusing on Day-to-Day Habits and Behaviors

As an experienced tennis player, when I hear this it signals to me that this player’s level is unpredictable, with an average somewhere in between raising his game and his level dropping. And if you think about yourself as a mix of when you’re high, low, and in-between, what you want to be doing is trending upward over time.

Rating systems for competitive tennis are not always great at highlighting this. But the notion of rolling averages is a compelling way to look at the ups and downs of entrepreneurship and/or performance. We’re going to have good days. We’re going to have bad days. And on the whole, we want to be moving in a direction that’s in alignment with our desired future state. Towards the level of “showing up” as the friend, leader, and person we aspire to become.

Celebrating Wins and Learning from Setbacks: The Path to Growth

That’s not to say we shouldn’t celebrate the wins. We absolutely should! But we also shouldn’t beat ourselves up too much about days and moments when we underperform. It is not realistic to deliver exceptional performance every single day, all… the… time.

Most of us have a lot of outside interests and other important factors in our lives. Because of that, it’s important to ask ourselves what incremental changes we can make to raise our bar – our rolling average.

The Power of Small Steps, Cultivating a Mindset of Growth.

We are not defined by our isolated moments of greatness or our isolated moments of setbacks. Instead, it’s important to focus on the day-to-day habits and behaviors that move our rolling average of performance in the direction we aspire to move.

That is the essence of growth.

Source: bethenextgen.com ~ Image: Canva Pro

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Getting Started with a Side Hustle While Working Full-time

Getting Started with a Side Hustle

Starting a side hustle while working full-time can be a great way to make extra money, pursue your passions, and build your own business. However, it’s important to do it right so that you don’t burn yourself out or jeopardize your full-time job.

Here are some tips for getting started with a side hustle while working full-time:

    1. Choose a side hustle that you’re passionate about. This will make it more likely that you’ll stick with it and be successful.
    2. Set realistic goals. Don’t try to do too much too soon. Start small and gradually increase your workload as you get more comfortable.
    3. Find a time that works for you. Some people prefer to work on their side hustles in the evenings or on weekends, while others prefer to work during their lunch breaks or early in the morning.
    4. Be disciplined. It can be tough to find the time and energy to work on a side hustle after a long day of work, but it’s important to be disciplined and make time for it.
    5. Don’t neglect your full-time job. Your side hustle should be a supplement to your full-time job, not a replacement. Make sure you’re still giving your full-time job your all.
    6. Be patient. It takes time to build a successful side hustle. Don’t expect to get rich overnight. Just keep working hard and eventually you’ll achieve your goals.

Here are some specific examples of side hustles that you can start while working full-time:

    • Affiliate Marketing. Affiliate marketing is a great way to generate income online without having to create your own products or services. With affiliate marketing, you promote other people’s products or services and earn a commission on each sale that you generate. This is a great way to start generating income quickly, as you do not need to create any of your own content or products.
    • Freelance writing or editing. If you’re good with words, you can start freelancing as a writer or editor. There are many websites and platforms that connect freelancers with clients.
    • Virtual assistant. If you’re organized and efficient, you can become a virtual assistant. Virtual assistants provide administrative, technical, or creative assistance to clients from a remote location.
    • Social media manager. If you’re active on social media, you can become a social media manager. Social media managers create and manage social media content, track analytics, and engage with followers.
    • E-commerce. If you have a product or service that you think people would be interested in, you can start an e-commerce business. There are many platforms that make it easy to set up an e-commerce store.
    • Blogging. If you have a passion for writing, you can start a blog. Blogs can be a great way to share your thoughts and ideas with others, and you can also monetize your blog through advertising, affiliate marketing, or selling your own products or services.

These are just a few examples of side hustles that you can start while working full-time. There are many other possibilities, so find something that you’re passionate about and that you think you’ll be good at. With hard work and dedication, you can turn your side hustle into a successful business.

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Creating Leveraged Income with Affiliate Marketing

Compound Effect with Leveraged Income

Affiliate marketing is a great way to generate leveraged income. With affiliate marketing, you promote other people’s products or services and earn a commission on each sale that you generate. This means that you can create income streams that continue to generate revenue even while you are sleeping or taking a vacation.

Here are some of the benefits of using affiliate marketing to generate leveraged income:

  • Low start-up costs. You can get started with affiliate marketing with very little money. You don’t need to create your own products or services, so you don’t have to worry about product development, manufacturing, or shipping.
  • Scalable. You can scale your affiliate marketing business as you grow. As you generate more traffic, you can promote more products and services and earn more commissions.
  • Passive income. Once you set up your affiliate marketing campaigns, you can generate income without having to do any active work. This means that you can focus on other things, such as creating content or building your audience.

However, there are also some challenges to using affiliate marketing to generate leveraged income:

  • Competition. There is a lot of competition in affiliate marketing, so you need to find a way to stand out from the crowd. You can do this by creating high-quality content, building a strong audience, or promoting high-converting products.
  • Tracking. It can be difficult to track your affiliate marketing results. You need to make sure that you are tracking the right metrics and that you are attributing your sales correctly.
  • Fraud. There is some risk of fraud in affiliate marketing. You need to make sure that you are working with reputable merchants and that you are protecting your affiliate links.

Overall, affiliate marketing can be a great way to generate leveraged income. However, it is important to be aware of the challenges and to do your research before you get started.

Here are some tips for using affiliate marketing to generate leveraged income:

  • Find a niche. The first step is to find a niche that you are passionate about and that you have some expertise in. This will help you to create content that is relevant to your target audience and that will drive traffic to your affiliate links.
  • Create high-quality content. The best way to attract visitors to your affiliate links is to create high-quality content. This could include blog posts, videos, or infographics. Your content should be informative and engaging, and it should provide value to your target audience.
  • Build a strong audience. Once you have created high-quality content, you need to build a strong audience. You can do this by promoting your content on social media, guest blogging, or running email marketing campaigns.
  • Promote high-converting products. Not all products are created equal. Some products are more likely to convert than others. When you are choosing products to promote, make sure that you choose products that have a high conversion rate.
  • Track your results. It is important to track your results so that you can see what is working and what is not. You can use Google Analytics to track your traffic and your conversions.
  • Be patient. It takes time to build a successful affiliate marketing business. Don’t expect to get rich overnight. However, if you are patient and persistent, you can achieve success over time.
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How to Impliment the Compound Effect with Leveraged Income

Compound Effect with Leveraged Income

The compound effect is the phenomenon where your earnings grow over time due to the accumulation of interest or returns. This means that your money makes money, which can lead to significant growth over time.

Leveraged income is a type of income that is generated from assets or businesses that require little or no ongoing effort to maintain. This means that you can create income streams that continue to generate revenue even while you are sleeping or taking a vacation.

By combining the compound effect with leveraged income, you can create a powerful financial machine that can generate wealth over time. Here are some tips on how to implement the compound effect with leveraged income:

    1. Start early. The earlier you start investing, the more time your money has to grow. Even if you can only invest a small amount each month, it will add up over time.
    2. Invest in assets that appreciate in value. When you invest in assets that appreciate in value, your money will grow even faster. Real estate, stocks, and bonds are all examples of assets that have the potential to appreciate in value over time.
    3. Reinvest your earnings. One of the best ways to take advantage of the compound effect is to reinvest your earnings. This means that you use your earnings to buy more assets, which will then grow in value and generate even more earnings.
    4. Take calculated risks. In order to achieve significant growth, you need to be willing to take some calculated risks. However, it is important to do your research and understand the risks involved before you invest.
    5. Be patient. The compound effect takes time to work its magic. Don’t expect to get rich overnight. However, if you are patient and consistent, you can achieve significant financial growth over time.

By following these tips, you can implement the compound effect with leveraged income and create a powerful financial machine that can generate wealth over time.

Here are some specific examples of how you can implement the compound effect with leveraged income:

  • Start a business. If you have the entrepreneurial spirit, you can start a business that generates leveraged income. This could be a membership site, an online course, or a software company.
  • Invest in real estate. Real estate is a great asset to invest in because it has the potential to appreciate in value over time. You can also generate income from real estate through rent payments.
  • Invest in stocks. Stocks are another great asset to invest in because they have the potential to grow in value over time. You can also generate income from stocks through dividends.

The possibilities are endless. The key is to find an asset or business that you are passionate about and that has the potential to grow in value over time. By investing early, reinvesting your earnings, and taking calculated risks, you can implement the compound effect with leveraged income and create a powerful financial machine that can generate wealth over time.

Image: Canva Pro

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