Learn for Profit

Monday, February 26, 2018

Instead of Settling for an Online Business Build a Lifestyle Business

- VIP Contributor

Writer, Consultant, Freedom Advocate, Lifetime Entrepreneur

There are more than three million people that use the Internet, according to Time. Over $107 billion dollars was spent on online learning in 2015, according to Forbes. For entrepreneurs, there’s never been a more exciting time to grow a business. We can market our business, and the products and services it offers, to a captive audience that all goes to the same place. The allure of starting an online business is appealing.

Today, you can put together a website that demonstrates your expertise and passion in a topic. You can create digital information products such as books and guides. You can offer services such as coaching. You can create membership websites and online courses. You then market your online business on podcasts, social media and through other websites. The chances are you’ve seen Internet entrepreneurs posting income reports and crushing it online.

You see the opportunity and others who are doing well. You want to build an online business that makes money while you sleep. This model does work for some. For many, you’ll spend thousands of dollars on coaches and courses that promise to teach you the insider secrets to making real money. What you get in return, too often, is disappointment and a smaller bank account. The reality is that if you spend time on audience building and lead generation, you could make decent income.

Here’s the thing, there’s a different type of business model that takes the good opportunity in the online business space and adds a stronger element. A lifestyle business has the components of online business: courses, products, services, passive income and financial freedom. But, it adds diversity to your income streams and the opportunity to build a business that puts your life first. Here are the elements of a lifestyle business and why it’s a better model.

Your life suffers when you build a business with no balance.

The 24/7 hustle lifestyle has been glorified as the new hot way to build a business. If you’re not always “on,” you’re made to feel as if you’re not doing enough. When you build a business this way, it affects other areas of your life. Your relationships can be strained and worse. There are definite times when you will work harder in your business, but those times shouldn’t come at the cost of everything else. There’s a tendency with an online business to go all in, but it will come with a cost.

The focus of a lifestyle business is to build while maintaining balance. You think about your major life goals, you put them at the forefront of how much time and effort that you’ll use to build your business. Your business-building efforts are done to fulfill your life goals. With the focus being your life, it allows you to build your business with the proper focus and motivation.

Offline opportunities add to your earning potential.

An online business is all about making money through your laptop and an internet connection. But what an online business tends to miss is that there’s still a world of opportunity offline. In a lifestyle business, you add the elements of speaking at events and consulting at companies worldwide.

You take the skills and knowledge you’ve gained online and use them to book offline opportunities. You teach offline what you have been doing online. Just with speaking and consulting, you’ve added lucrative income sources to your business. Build a lifestyle business that allows you to earn an income while seeing the world and accomplishing your life goals. Here is an article about booking consulting gigs at companies.

Life is more than business.

The goal of an entrepreneur is to build a business that creates freedom and financial security. The purpose of all of this is to support you living your life the way you see fit. Life is more than business. Having fun and spending times with those you love is more important than always working on your business. A lifestyle business allows you to have the best part of both worlds. You build a business that puts life first but also gives you the freedom and financial security.

It’s easy to get wrapped up in everything that it takes to build a business. There will be times when you have to dedicate more time to your business. This is normal. But, it should never be at the expense of what’s happening in your life. Build a lifestyle business, not just an offline or online business. Build a business that allows you to become the best version of yourself in every area of your life.

Source: https://www.entrepreneur.com/article/307737

3 Internet-Based Businesses You Can Start in 2018

Manish Dudharejia

- Guest Writer

Co-Founder of E2M Solutions Inc.

No doubt many people resolved to boost their income during the new year. (Of course, it’s never too late to start a business).

The internet provides endless ways to make money. The best part? Most internet-based businesses can be launched immediately, without a giant budget. Here are three awesome gigs you can start in the comfort of your own home.

1. Become a seller on Amazon.

Amazon is a monster. According to eMarketer, Amazon accounted for more than 43 percent of e-commerce sales in the United States during 2017 -- and about half of those transactions came from third-party sellers. There are many advantages to joining Amazon's ranks:

Given the site's popularity, you can tap into a gigantic amount of traffic. Many consumers are ready to buy when they visit Amazon.
You operate under the umbrella of the biggest and most trusted name in online retail. If you opted to launch your own e-commerce website from scratch, you'd learn that establishing trust is perhaps the most difficult and time-consuming part of the job. Selling through Amazon omits this entirely.
You easily can manage your entire online business through Amazon’s Seller Central dashboard.

So, how do you get started? First, you need to choose your Amazon category or niche. These include labels such as clothing, healthcare, jewelry, electronics, beauty and more. Then, identify which products are in high demand.

The easiest route is to become a Fulfillment By Amazon seller. This means Amazon will take care of shipping, delivery, returns, exchanges and other logistics. You'll need to stay in tune with supply chains and demand estimates. Tools such as forecasting make this task simpler. And Sourcify can help you find a manufacturing facility if your idea includes creating a new product.

It's easy to become an Amazon seller, but being a successful one requires a good deal of work on your end. In addition to choosing the right niche, you must demonstrate some savvy marketing skills. While Amazon functions as your sales outlet, you still need to market yourself as you would a typical business. This involves blogging, social media, email marketing, forums and other activities designed to direct traffic to your Amazon Seller page. Netrush is just one company that can help you establish your brand on the Amazon marketplace after you start making sales.

If you pay close attention to trends and market your products correctly, you can make serious money. Entrepreneur, investor, and yogi Nate Ginsburg sold his Fulfillment By Amazon business for $1 million after three years.

2. Become a Facebook advertising consultant.

Facebook has taken over the online advertising market. In 2016, Facebook accounted for 77 percent of the digital ad industry's overall growth. It's safe to say Facebook is giving Google a serious run for its money in the world of online marketing. Facebook has enabled all types of small businesses to advertise online with a smaller budget -- something that wasn’t possible in the past.

To illustrate the effect, Google’s cost-per-click for digital ads is $10. Spend that same ten-spot on Facebook, and you get 10 clicks. It's just one reason I predicted last year that Facebook will beat all other digital marketing channels.

Helping online businesses use paid campaigns to establish a Facebook presence is a fantastic way to make money online. However, even though the technical side of advertising on Facebook is made easy, it’s not exactly a cakewalk. You need skills to write copy that converts sales, conduct in-depth research on audience profiles, find the best times to promote, keep a close eye on result metrics and glean the proper insights. Of course, you also must have exceptional client communication.

In reality, Facebook advertising puts money into a system over which you have a limited amount of control. Be sure you do your research on the profession beforehand. Others' experience shows you can make a lot of money this way if you understand the market. In 2014, former pastor Nicholas Kusmich and his wife capitalized on the emerging market for Facebook advertising. The couple opened a boutique Facebook marketing agency that brought in around $2 million in 2017.

3. Become a part of cryptocurrency ecosystem.

If you’ve tuned into the news over the past few months, you’ve certainly heard something about the drastic surge of bitcoin and rise of the blockchain. Based on the huge spike in demand, bitcoin is shaping up to potentially become the universal digital currency. The result? Everyone worldwide could make international transactions without worrying about exchange rates or fees to third-party banks.

In terms of business opportunities, there are several possibilities to consider.

One of the most popular is becoming a cryptocurrency miner. If you want to get in on this gig, now is the time. Bitcoin mining is a nonstop online accounting process by which transactions are verified and compiled into the public ledger. While you can make good money doing this, it’s important you understand what you're getting into. The idea may seem simple, but the actual practice of bitcoin mining takes a good deal of effort.

Startup costs generally run pretty high, and you need to choose the right hardware, software and bitcoin wallet. You also must make regular upgrades to your equipment -- all while keeping a close eye on the bitcoin market. As long as you stay on top of your research and updates, this can be an incredible way to boost your income.

Another stellar opportunity within the cryptocurrency ecosystem involves solving niche or industry-specific problems using blockchain. Blockchain companies are on the rise, and industries around the globe are changing. The concept is very new, so becoming a consultant can be a great way to make money while you play a role in disrupting the status quo altogether.

For example, many freelancers use popular sites such as Freelance.com and Upwork to connect with companies. These platforms take a cut of the earnings from each project. A blockchain system essentially cuts out the middle person, connecting freelancers with companies directly and avoiding work-based fees.

Source: https://www.entrepreneur.com/article/305751

Thursday, February 22, 2018

Accelerator vs. Incubator: Which Is Right for You?

Hubert Zajicek

- Guest Writer

CEO and Co-Founder of Health Wildcatters

Often entrepreneurs entering the startup arena are exposed to a completely new business vernacular. Unless these brave souls peddling their new ideas have a background in finance, they find themselves lost in conversations with people throwing around terms like angel investor, crowdfunding, seed funding, VC (venture capital) -- and the list continues to grow daily. Another misconception from early entrepreneurs is the use of accelerator and incubator interchangeably as synonyms, which is understandable but incorrect.

Sure, both programs provide guidance to startups, as well as advance their business models and strategies, and the main goal is to groom the startup to become valuable in the eyes of investors. However, key differences exist between accelerators and incubators. When examining the selection and investment process, the differentiation between the two becomes more apparent.

Purpose

Incubators support startups entering the beginning stages of building their company. The startups possess an idea to bring to the marketplace, but no business model and direction to transition from innovative idea to reality.

Accelerators advance the growth of existing companies with an idea and business model in place. These programs build upon the startups’ foundations to catapult them forward to investors and key influencers.

Duration

Incubators operate on an open-ended timeline. They focus more on the longevity of a startup and are less concerned with how quickly the company grows. It is not uncommon for incubators to mentor startups for more than a year and a half.

Accelerators operate on a set timeframe, which usually lasts three to four months. During this period, startups build out their business with the support of mentors and capital provided by the accelerator. At the end of the program, startups receive the opportunity to pitch their businesses to investors.

Application process

Incubators invest time and resources into advancing local startups; they are generally tasked with creating jobs or finding ways to license intellectual property. Startups are a conduit to accomplish both. Incubators have less pressure to deliver startups that can grow fast, as fostering and supporting local startups is part of their charter. Therefore, even a slow growing or less scalable business constitutes a good incubator candidate.

Accelerators use a more traditional and formal model for entry into their program. Participants must apply for a select number of slots in the program. These programs are extremely competitive as the accelerator must select the top startups from across the country, which are scalable, investable and have to show an ability to grow rapidly within months.

Environment

Both incubators and accelerators offer an environment of collaboration and mentorship. This enables the startups to share a space, as well as have access to a multitude of resources and peer feedback. Both also provide mentorship from seasoned entrepreneurs and business experts.

Investment capital

Incubators do not traditionally provide capital to startups and are often funded by universities or economic development organizations. They also don’t usually take an equity stake in the companies they support.

Accelerators do invest a specific amount of capital in startups in exchange for a predetermined percentage of equity. Due to this investment, the accelerators bear a greater responsibility in the success of the startup.

When deciding which program is right for their startup, entrepreneurs should look for the right fit. Most startups could benefit from being in an incubator, but fewer are a fit for an accelerator.

Incubators tend to take on startups which are still in formation, may not necessarily require investment capital and tend to be part of the local startup community already. The timeline to commercialization may be longer, or they are so early that some of the basics have not been addressed yet.

Accelerators have national calls to apply and pick from among hundreds of pre-vetted applicants. These startups must be able to demonstrate they are investible and rapidly scalable businesses willing to relocate to the town where the accelerator is housed for at least the duration of the program. The accelerator fund will be the startup’s first outside investor in most cases. While both programs provide significant benefits to startups, they are not to be consider one in the same. Through careful self-reflection, entrepreneurs will be able to determine which is the right fit for their business at that moment.

Source: https://www.entrepreneur.com/article/294798

Top 10 Global Accelerators for Overseas Startups

Louise Beavers

- Guest Writer

Business Strategy Expert

Innovation is everywhere. Silicon Valley is no longer the center of the tech universe: Berlin is a creative hub, Seoul has a vibrant startup ecosystem, Tel Aviv is the leader in security software, London has a growing financial tech center, Shenzhen is ground zero for hardware startups, and Hangzhou is home to Alibaba and its e-commerce offspring.

In China alone, there are an estimated 5,000 incubators, and the number is growing. But China is not the only one; every major economy is experiencing a startup explosion, much of it fueled by government money.

With all the activity, who are the major accelerators globally? We did our homework and came up with ten names you should be paying attention to. We judged them on a number of criteria, with the following taking precedence:

Quality of startup education and training

Connections to global strategic partners

Access to local venture capital

Worldwide reach and network

Reputation and brand

1. Founders Space

Founders Space has gone through a massive global expansion over the past 18 months, adding new offices and partnerships all over the world. Known for the quality of its startup training, instructors fly all over the world educating startups. Founders Space now has over 50 partners in 22 countries and regularly runs programs in China, Taiwan, Korea, Europe and the Americas.

Founders Space has established its Asian headquarters in Shanghai and is opening up incubators in China’s top cities, which has created a huge amount of press for them, and given them a leadership position in Asia. With China being the largest market in the world at 1.3 billion consumers, this is no small thing.

Founders Space also has one of the strongest investor networks, with top-tier VCs from all across Asia, Europe and America participating. If you’re a startup and want an accelerator with a strong global presence and top-notch education, Founders Space hits the sweet spot.

2. Techstars

Techstars has done an incredible job building their brand, and they now run programs in London, Israel, Germany, Canada, Australia and, of course, America. They started in Boulder, Colorado, but have grown into a global organization. Techstars Ventures has $265M under management, and they are currently investing out of their third fund.

Part of their strategy is to partner with big corporations. They use the term “powered by Techstars” and offer their expertise to specialized programs targeted at sectors focused around the needs of their corporate partners. Comcast NBCUniversal LIFT Labs Accelerator in Philadelphia, Barclays Accelerator in New York, London & Tel Aviv, The Cedars-Sinai Accelerator in Los Angeles, and SAP.iO Foundry in Berlin all count themselves among the partners of Techstars.

Techstars also has Target, SONY Music, Warner Music Group, Amazon, SONOS and METRO as some of their other backers. If a startup is looking for a specialized accelerator with ties to global corporations, this is the right choice.

3. PlugAndPlay

While they aren’t as focused on education and training, they hit homeruns when it comes to connecting startups with corporations. They have dozens of corporate partners from all over the world, including Intuit, Credit Suisse, Honeywell, Bosch, Panasonic, and the list goes on.

PlugAndPlay has expanded to 22 locations around the world, with most of those locations closer to co-working spaces than accelerators. But because of their sheer size, they are able to offer real value. This gives them an edge, especially when working with overseas governments and multinationals. To their credit, they invest in around 100 startups a year and have built a brand recognized around the world.

4. 500 Startups

While they are huge, they aren’t as focused on opening up overseas accelerators. Instead of training overseas startups, they have transformed themselves into a global venture fund. In fact, 500 Startups has a dizzying variety of funds. They have raised capital from all over the world, including Korea, Taiwan, Turkey and the Middle East. Just take a look at their fund list:

Fund IV – fourth global flagship fund

500 Luchadores II – regional fund focusing on Spanish speaking Latin America

500 Fintech – vertical fund with fintech focus

500 Kimchi – regional fund focusing on Korea

500 Durians II - regional fund focusing on SE Asia

500 Istanbul – regional fund focusing on Turkey

500 Falcons – regional fund focusing on the Middle East and North Africa

500 Startups Vietnam – regional fund focusing on Vietnam

500 Canada - regional fund focusing on Canada

Clearly, they are the #1 accelerator when it comes to funding global startups at an early stage, and this alone has earned them a place on our list.

5. Y Combinator

(YC) had to be on this list simply because they are the best known of all the accelerators in the world. They are truly a global brand.

While they are #1 in name recognition because of their phenomenal success in Silicon Valley, they don’t offer as much abroad in terms of local training, education and funding. YC’s real strength is in bringing startups from all over the world to the United States and turning them into Silicon Valley companies. They also have a large fund, a sterling reputation, and an active alumni group. If you’re looking for a halo effect, YC has it.

6. Startupbootcamp

Offering a global family of industry-focused accelerators, Startupbootcamp runs 19 programs around the world, including food tech, Internet of Things, financial tech, smart cities and smart transportation. These are located in cities like Amsterdam, Berlin, Rome, Barcelona, Mumbai, New York, Signapore, Cape Town and Istanbul.

7. Hax

Arguably the #1 global accelerator for hardware startups, Hax has done an incredible job at building a hardware-centric ecosystem. They are located in Shenzhen, the hardware capital of the world, and provide soup-to-nuts training and guidance for startups. They are also part of the SOSV family of accelerators, which includes INDIEBIO, FOOD-X, URBAN-X, CHINACCELERATOR, MOX and others. The combination of all of these is what puts it on our list of top global accelerators.

8. Highway1

Right up there with Hax when it comes to building out an ecosystem for hardware startups, Highway1 are located in San Francisco but have their roots in Shenzhen. Backed by PCH International, one of the leaders in bringing electronics from conception to consumer, they offer a range of services. These include everything from design engineering to manufacturing, scaling, and fulfillment. If you’re a hardware startup, this is a good place to start.

9. Techcode

Another world leader, Techcode has established incubators in Beijing, Shanghai, Shenzhen, Gu'an, Silicon Valley, Seoul, Tel Aviv, and Berlin. Techcode is backed by CFLD (China Fortune Land Development), a giant in the Chinese real estate business. Because they are well-financed and well-connected, they can bring a lot of resources to the table.

10. InnoSpring

Last but not least, InnoSpring have set up in San Francisco, Silicon Valley, Germany, Kunshan, Nantong and Shanghai. They were one of the early Chinese accelerators to land in the Valley and make a name for themselves. They are going strong and we expect them to keep expanding.

That sums up our top picks for global accelerators for overseas startups. You can’t go wrong with anyone on this list. They are all excellent, and each offers its blend of unique services and value.

Source: https://www.entrepreneur.com/article/294113

Tuesday, February 20, 2018

12 Reasons You Should Join an Accelerator to Advance Your Startup

Serenity Gibbons

- Guest Writer

You have a startup, but you are at the point where you could use advice, direction and a little funding. That’s when you hear about accelerators located around the country that offer three- to four-month programs where you can get those things you are seeking. If you are still in doubt about going this route, here are 12 reasons why you should join an accelerator:

1. Comprehensive support

Operating a startup can be lonely and challenging. That’s where an accelerator can help. When you work within an accelerator, you get support from mentors and those sponsoring you. Besides emotional support, they can provide direction, experience and knowledge. Plus, you have the support of other founders in the accelerator program with you.

2. A full roster of activities

While an accelerator program may seem like a short time, those few months are jam-packed with activities that benefit you and your startup. Although accelerator programs do vary, a typical program includes meetings with mentors, feedback sessions, “demo day” presentations, networking and social activities. There is a lot of information to glean from these events and even more to apply directly to your startup.

3. Investor access

While accelerator programs don’t tend to give out much in funding, what they do is connect you directly to interested investors who are drawn to accelerators in the hopes of discovering the next big thing. During an accelerator’s “demo days,” many investors are invited to watch the presentations.

There is also time to meet and mingle with investors. This opportunity can open the door to additional funding offers, especially when the investors see that the accelerator program has helped you further develop your startup into something that shows the potential for return.

4. Accelerated knowledge

An accelerator program packs in so much information from the years of experience and skills that each mentor or accelerator manager has amassed. This concentrated form of information allows you to speed up what you are doing with your startup. Instead of reinventing the wheel, you are leveraging their years of accumulated wisdom to launch your startup in a more calculated, strategic way. Clearly, this can improve your chances of success.

5. A gateway to future customers

Accelerators are now including target audience members at demo days so they can hear about what you are doing as you share more about your project. This can create an early buzz about your startup. The advance publicity can also help you validate what you are doing and give you a timeline to work toward so you keep those future customers ready and waiting for your launch. The prospects you interact with during demo days or via other channels can form the start of an important database of leads, as well as give you a head start on brand development and recognition.

6. Skills development

An accelerator program focuses on teaching you the skills that are essential for running a business, including sales and marketing, communications, finance and even some technical skills.

As Ameren Accelerator -- which is powered by the University of Missouri System, UMSL Accelerate and Capital Innovators -- accepts applications in preparation for its second cohort, it continues to focus on skills development as a benefit not only for the startups involved, but also for companies partnering with the program.

Warner Baxter, chairman, president and CEO of Ameren Corporation, said Ameren is learning through its involvement in the program that “it’s safe to innovate.” He explained, “For Ameren, partnering with startups through the Ameren Accelerator is not just about the individual innovations and technologies we explore together. Equally important is the opportunity for all of us at Ameren to gain exposure to a different approach, as well as the unique mindset embodied by all of the partners.”

Accelerators also help you share your skills with other founders who are in the same program cohort, providing a great testing ground for disseminating your skills later on to your own team.

7. Risk management

The risk of failure is on the mind of every startup founder. It can feel as though the cards are stacked against you, and there is risk in everything you are taking on. This includes the market you are entering, the product you are offering and the concept that you are selling.

Rehan Yar Khan, managing partner at Orios Venture Partners, noted in an Entrepreneur India article, “For a startup to succeed, various functions such as product development, pricing, technology, operations, customer service, marketing, finance and HR management have to be cohesively performed. Execution of each of these elements has a direct impact on the performance of the venture.”

An accelerator can identify the risks within your concept and help you work on minimizing them. Also, those within the program can provide you with direction in proactively taking on risk and managing it effectively.

8. A bigger-picture, long-term view

As a founder, especially a first-timer, it can seem impossible to look beyond the first six months to a year. However, it is vital to work toward a much longer view and outcome. Accelerators stand outside the trees that are blocking you from seeing the forest.

Mentors in accelerator programs can help you see the complexity that will develop in time and steer you in the right direction to deal with it. They can ask the questions that get you thinking of the bigger picture and what it should look like. Then these mentors can suggest the tools and tactics to get you there.

9. A springboard

An accelerator can work for startups in all phases of their growth. Even those that are much closer to becoming an actual business should consider one. You may have encountered a problem or reached a growth plateau. An accelerator can be that personal trainer who kicks you to the next level that you couldn’t figure out how to get to on your own. This might include using the accelerator and the expertise within it to launch a more diversified offering or expand into a new market.

10. An accelerator for everyone

Accelerators don’t offer one model or format. The growth in accelerator programsmeans that there is one that most likely addresses your growth stage, location, industry or niche, desired level of oversight and involvement, planned outcome or any other factors that are critical to what you want to accomplish. The result is an encouraging environment that will help you thrive.

11. Motivation and morale

The collective and collaborative environment found in accelerators is sure to keep you going and moving forward. Interaction with other founders is a powerful motivating force. When you hear about their own self-doubts and challenges, it resonates with you. Plus, it reminds all of you that it is possible to overcome those doubts and work together to clear your respective hurdles.

12. Continued support long after the program ends

Just because the accelerator program ends in a few months doesn’t mean the support does. Long-time relationships develop at accelerators. Plus, the alumni network is always there to tap into -- to inquire about talent, seek investors, or get feedback -- as you continue with your startup or take on any other projects in the future.

Source: https://www.entrepreneur.com/article/308764

Becoming an Entrepreneur Is Easy but Succeeding as an Entrepreneur Is Not

Dillon Kivo

- Guest Writer

Founder and CEO of Kivo Media Group

Entrepreneurship is an impressive word, a word filled with optimism and the prospect of joy and riches. Millennials and veteran careerists view the world of entrepreneurship with strong enthusiasm, hope and energy. It’s their path to freedom and success.

You know how it works. Just dream up an idea, package your product, sell it to your target customers and then wait beside the ATM for the torrent of cash to land in your corporate account.

Entrepreneurship is a worthy career but it’s a tough career. The successful entrepreneurs you meet are smart, hard-working folks. They toiled to get where they are today. It's not that getting started is all that hard. In today’s Internet-empowered world, it’s easier to launch a startup than to do a five-minute workout. I mean, with few clicks from your bed, you can start your online business. You can run it on the go, with your Smartphone. Launching a business is not the problem. Building it into a successful empire is.

Your idea could be a mere hallucination.

Just because you dreamed of building that billion-dollar company doesn’t mean that, when you turn your ideas into products and inject some money into marketing them, you’ll become the next success story in your niche. The world of entrepreneurship is filled with uncertainties.

There’s no guarantee that your target market will patronize your products. There’s no guarantee that you’ll make a profit in your first year (or the second, or ever). There’s no guarantee that you’ll become the next success story in your industry.

The sooner you accept this fact, the sooner you’ll develop the resilient habits of successful entrepreneurs. Successful entrepreneurs know that mistakes are inevitable and failure is always possible. That powers their passion to keep building and refining their ideas until they succeed.

So execute your dreams and ideas, because, as author and thought leader Robin Sharma puts it, “Idealization without execution is a delusion.” Your ideas might not sell. You just have to take the risk. So build, launch and work tirelessly to succeed at your new time-consuming career.

Entrepreneurship is a 7 a.m. to 7 p.m. job.

What will happen if you think that entrepreneurship is an easy career?

You know, just work at your leisure tinkering around with your passion. You’re wrong if you think that entrepreneurship works like that. The painful truth is, building your business is more complex, tedious and time consuming than your normal day job.

Successful entrepreneurs, knowing that they are their own bosses, wake up early every morning and show up every day for long hours to think, create and invent for their customers.

It’s not easy. They have to grind, compete in the marketplace and get their products in front of their prospects. They have to snatch some of their competitors’ customers and they have to promote their brand to the world. They struggle to find even more hours to achieve these goals -- or fail woefully in the business arena.

That's what you have to do to survive as an entrepreneur.

Procrastination is your biggest enemy.

Every business builder has numerous enemies: competitors, insufficient funds, inadequate willpower, but the biggest enemy of them all is procrastination.

You may have a great idea. You may be the most brilliant founder in your industry. You may have a couple of angel investors willing to invest in your startup.

All of these are important when you are building a successful venture, but you must have the discipline to execute. If you don’t, believe me, none of these will matter because the secret to building your company lies in your productivity.

Sometimes, when you’re down and feeling withdrawn, you will choose to play Grand Theft Auto rather than work on your startup. The truth is, everyone faces the wrath of procrastination at some point. But successful entrepreneurs deal with it decisively.

They routinely itemize their tasks for the day. They show up every day to work on those tasks. They remain focused, working on their tasks one at a time, finishing one before moving on to another.

And they are consistent. Every day, every week, every month, they show up to do quality work that will move them closer to achieving their goals, mission and vision. Hence, they dominate their market.

Are you willing to sacrifice your life?

Running a business is more than just working for a few hours on weekends, making a few bucks and cozying on the sofa with your loved ones for the rest of the week. To build a business you need to be willing to sacrifice a lot, sometimes to the detriment of your life, for your customers.

Steve Jobs’ was a man full of passion, love and admiration for a product he named after his favorite fruit -- Apple. He loved his product like a mother loves her child. He made many sacrifices for it because he realized that was the only way he could “put a dent in the universe.”

Jobs devoted his entire life to building Apple. He would leave his family in the wee hours of the morning to show up before anyone else at Apple headquarters in California. He would stay after working hours to brainstorm, refine and reinforce his many ideas about the company, barely getting home to eat dinner with his wife.

In short, he sacrificed his life for it. But his legacy remains to this day. Whether you’re building another iPhone or just starting up as a freelancer, get ready to pour your sweat and blood and life to appease your market. You may not realize it is necessary, but it is.

As a digital marketer and blogger, I realize that to be an expert, I need to write every day. So I sacrifice my social life almost entirely. I shut myself in my room (my wife hates that) and do nothing but write so I can please what Stephen King called “the boys in the basement.”

That’s the only way to master the craft, to survive, or to last long as an entrepreneur. That’s what you must do if you’re serious about becoming a successful entrepreneur.

Sacrifice. If you’re not willing to sacrifice for your customers, delete the word “success” from your vocabulary.

Source: https://www.entrepreneur.com/article/308803