“Five percent of the people think; ten percent of the people think they think; and the other eighty-five percent would rather die than think”. This often repeated quote is regularly but wrongly attributed to Thomas Edison, Henry Ford and philosopher Bertrand Russell, all big thinkers in their own right. The reason for this is that they all had similar thoughts on the on the capacity or desire of humans to think, because thinking is hard work and most shy away from it.
For newly minted entrepreneurs, the biggest priority is to generate revenue, any revenue in an effort to transition from struggling to profitable enterprise. To those of us who have made the crossing, we have more often than not sacrificed our own financial needs in order to create a proper fiscal foundation for our business. Because so few of us ever get investor capital, we are left to our own devices to fund our enterprises.
A year ago, had you asked small business owners what 3 things could put them out of business?, I would have bet a pandemic would not have been on their top 10 let alone their top 50 things. But a lot has changed in just over a year. According to the CFIB (Canadian Federation of Independent Businesses), it is estimated that 1 in 6 small businesses won’t survive because of Covid-19.
For some time now I’ve have taken issue with the advice given small business owners on social media platforms under the guise of motivation and advice. Sadly, much of this advice being spewed forth by many of these so called experts is, in my opinion, nothing more than hype to grow their popularity.
But in order to balance my opinion and for research purposes, I have spent over 20 hours of listening to the audio version of the books of some of these more popular gurus and to be honest, my opinion hasn’t changed.
Burnout is one of the leading causes of small business failures. The thing about burnout is that it usually gets justified as just hard work. Of course, entrepreneur knows that being self employed is going to require sacrifices and therefore, burning the candle at both ends is the price of admission to a better life. To that I say, yes and no.… Read More
Technology has been an amazing boon for businesses of every size, but none more so than for small businesses. Having come of age as an entrepreneur through the technology evolution, it’s truly amazing that what once took days by many, is now done in minutes by one person.
The development and ease of use of current technology now allows small businesses to compete with much larger organizations.… Read More
READING TIME: 5 minutes
Discipline is not always a strong suit when it comes to describing many entrepreneurs, it just goes against their rebel nature. One of the main reasons they went out on their own is because they figured they could do a better job, make more money and have a better life, but to do it their way.
For many, their jack of all trade, get it done, whatever it takes the attitude, helped them launch their business, but this, not an enduring strategy if one wants to create a sustainable business.… Read More
Someday I’ll be able to slow down. Someday I’ll be able to take more than just a couple of days off. Someday, someday, someday. This refrain is repeated daily by millions of overworked and underpaid entrepreneurs. Some feel trapped in a design of their own making.
Others feel they have traded their soul or some other part of their being for the sake of their company.… Read More
Reading time: 3 minutes
Many successful entrepreneurs get asked, “What was their defining moment?” or some similar question. Several have never even thought about it, nor can they easily identify that special moment. Those that do, will admit that they didn’t recognize it at the time as a defining moment, because no trumpets blared or some similar event. It was only through hindsight that it became evident.… Read More
Successful entrepreneurs share many things in common. Hard work, focus, belief in themselves, hungry for knowledge and so on. One trait that doesn’t get much mention is the ability to accept and overcome failure. As entrepreneurs, failure can be a daily occurrence, but the worse is when a business fails.
To be sure there is a lot of noise made on social media and from the start-up world about “fail fast”.… Read More