By Tyler Flynn

Becoming an effective entrepreneur extends beyond possessing a keen business acumen or understanding entrepreneurial concepts; success is also determined by positive habits. And the most effective way to develop these “rich habits” is to learn from those who have already achieved success.

Thomas Corley, the author of “Rich Habits: The Daily Success Habits of Wealthy Individuals” recently wrote an article detailing the habits of self-made millionaires. Here are 13 steps you can take to improve yourself today:

1. Read like the Wind

Entrepreneurs are constantly seeking to educate themselves, and spend a minimum of 30 minutes or more each day reading books that will expand their knowledge, specifically the genres of biographies, self-help and history.

2. Move Your Body

Successful people spend 30 minutes or more per day participating in aerobic exercise to maintain their health and stimulate their minds.

3. Connect with Like-Minded People

In keeping with the concept of “you’re defined by the company you keep,” self-made millionaires flock to individuals who are detail-oriented and enthusiastic about the future, forming a positive support group.

4. Do What You Love

Following your dreams can eventually turn into financial windfall. Rich individuals pursue their passions and create their own goals. They also exhibit persistence to overcome mistakes and rejection.

5. Early to Bed, Early to Rise

Following Ben Franklin’s age-old maxim, the majority of millionaires wake up at least three hours before their workday begins to tackle their tasks without any interruptions.

6. Diversify You Portfolio

Following the concept of “don’t put all your eggs in one basket,” the majority of millionaires have more than one income stream to support themselves, and are involved in a myriad of industries.

7. Get a Mentor

Successful people actively seek out those with more business experience than themselves to gain advice and learn life lessons.

8. Always Look on the Bright Side of Life

Positivity is a hallmark trait of those who achieve long-term success.

9. Don’t Follow the Herd

Successful people chart their own path rather than following the formula. Through their innovation, they’re able to attract new people to follow their own ideas.

10. They Have Good Etiquette

Self-made millionaires have perfected their social graces and know how to ingratiate themselves with people. Items in their skill set include sending thank-you notes, acknowledging important life events, using table manners, etc.

11. They Contribute to Others’ Success

Self-made millionaires love assisting others in their pursuit of success. This serves the dual purpose of millionaires maintaining their own positivity and developing their network.

12. Flex Your Brain Muscles

The rich devote 15 minutes per day to just thinking; this time of isolation is used for brainstorming new ideas and reviewing their current situation.

13. Seek Feedback

The fear of criticism shouldn’t be a barrier to success. Self-made millionaires seek out constructive feedback to keep them on the right track.

 

 

 

By Tim Sweeney

In a recent article in INC. Magazine, John Westenburg gives five good reasons why starting a small business may be more likely to succeed and be more satisfying than attempting to do a “from scratch” start-up in pursuit of the thrill and prestige of being able to call one’s self a “founder.” Warren Lederer wrote a short critique of that article in which he points out the potential glut of people who are drawn into the tech sector in hopes of finding the next unicorn or disruptive technological platform. He implies that such attempts are more likely to result in frustration and failure. In reading those articles I realized that their authors were describing a path to success that has oft been repeated throughout history. One of the most remarkable parallels may be the almost miraculous transformation of feudal Japan into an industrial colossus and a center of technological advancement in the short span of only a few decades.

During the late Tokugawa Shogunate, the last feudal Japanese military government that existed between 1603 and 1867, Japan had a distinctive, insular and backward culture. Tokugawa Shogunate eventually gave way to the Meiji Restoration, which marked Japan’s opening to the outside world. The Emperor Meiji, recognizing that there was much that Japan could learn from more technically and industrially advanced nations, sought interaction and trade with these more modern nation states and cultures, with an eye to bringing Japan rapidly into the modern world. That advance depended on the mantra, “imitate, improve and innovate.” Meiji was wise enough to realize that Japan would need to learn from the ground up how to conduct its own industrial and technological revolution. The Japanese soon gained world renown as copiers of Western manufactured goods. In short order, copying or imitation gave way to a period of improving on designs and prototypes developed in other places. Finally, after mastering the techniques of copying and improving manufactured goods, true innovation began to flourish.
There are many examples of companies or groups following the “three step plan” of imitation, improvement and innovation, but none is more illustrative than the maturation of the Sony Corporation. In early post-war Japan, new technologies were beginning to find their way into the world of Japanese industry. One of the most remarkable consumer products to come out of World War II was the reel-to-reel tape recorder. These were large, cumbersome and expensive devices with poor sound quality. A group of Japanese engineers undertook to build a device similar to ones being produced by the Germans. In their efforts to copy the existing designs, they ran into a supply problem for magnetic tape. They were forced to develop a substitute material based on their readily-available supplies of paper, which they modified to take the place of magnetic tape. This same group of engineers, manufacturers and marketers built a series of these machines, continually improving the design to make the product smaller, lighter, cheaper and with better sound quality.

At that time, household radio sets were large, heavy pieces of furniture. There was an effort to make the devices portable, but the early designs were still relatively large and heavy and depended on vacuum tubes and dry-cell batteries. The Japanese group that had had modest success with copying and then improving the tape recorder sensed an opportunity in the movement to make radio receivers portable. They were aware of the emerging transistor technology that was replacing the need for bulky, fragile and temperamental vacuum tubes. The lead engineer of the group traveled to the U.S. and studied transistor manufacturing and use. Upon his return, he and his colleagues made further improvements to the design of their transistors with the intent of using them in a portable radio small enough to carry in one’s pocket. The resulting Sony Pocket Radio took the world by storm and was one of the first great successes in the emerging consumer electronics industry.

The Sony story can easily be compared to the approach presented by Westenberg and Lederer. When one starts a small business based on existing models, one does not need at the outset to be particularly innovative. The five steps outlined by Westenberg can help a new small business position itself to make ongoing incremental improvements. Once those business practices and product designs have been well established it could then be the ideal time to seek true innovation based on the platforms already in place.

 

By Tyler Flynn

To many, the prospect of starting your own business is a daunting and risky proposition only undertaken by those with specific educational background or experience. However, the threshold for starting small businesses isn’t as exclusive as one might think.

According to the US. Small Business Administration (SBA), there are nearly 28 million small businesses and over 22 million are self-employed. Additionally, over 50% of the working population (120 million individuals) works in a small business. Small businesses constitute a huge part of the American economy, and represent a diversity of interests, management styles, products, and areas of opportunity for those willing to take the initiative and a calculated risk.

However, before diving in headfirst to your new venture, there are several key areas to consider:

1. If you have a business partner, be sure that you’re both on the same page

As the saying goes, “Two heads are better than one.” Having someone to work with on both the day-to-day operations and financial management of a business can be extremely beneficial. However, it’s essential that you both are in the same headspace and are willing to commit 100% to your business.

2. Ensure your finances are up-to-date and have been reviewed by a professional

Money can make or break a new business. The SBA reports that about half of new establishments fail within the first five years of establishments due to mismanagement

3. Get ready to work long hours

Running a business is a full-time job and requires intense dedication and long hours. Jim Rice is a chef and SSC Hospitality’s managing director, has this advice for aspiring business owners:

If you are serious about starting a business, you work all the time.

My advice for those… who want to “be the boss” is simple: you need to be ready to work regular 12-hour days if you want the business to succeed.

 

Owning a business can be an exceptionally rewarding prospect. However, be sure to review these considerations to ensure you have a long and fruitful future.

By Warren Lederer

Start-ups have become the sexy new alternative to small business ownership in Silicon Valley, the heart of the entrepreneurial industry, and in turn, the mainstream culture. The success of startups, as well as the prestige and social recognition derived from the title of “founder” has lead to a significant shift in business paradigms. In the long-term however, building a small business can be more beneficial and personally satisfying than start-ups.

According to Jon Westenberg, digital publisher & entrepreneur, pursuing a small business provides several distinct advantages:

Focus on Simplicity—Building small within clear limits and boundaries provides the freedom to pursue smaller elements that are important to your clients

People Matter More—Time to focus on those who matter in the business

Personal Touch—Give your users and customers a personalized experience

Minimal Expenses—Less Overhead, more potential for profits

Potential Growth—Opportunity to leverage your experience into bigger company in the future

While the allure of start-ups can be tempting, small business can make you healthier, happier, and wiser.

By Ron Benjamin

Here are a few factoids to ponder.

1. Before World War I, nearly 50% of the American work force was engaged in agricultural work.
2. Today, that number is fewer than 5%.
3. By the year 2050, the global food production system will need to feed an additional 2 billion people.
4. The average size of commodity-producing farms is getting larger.
5. Large-scale farming is extremely capital-intensive.
6. Today there are many thousands of students studying agriculture in America’s universities.
7. In developed countries there is growing interest in the provenance and quality of the food consumed.

What conclusions can be drawn from this list of observations? Clearly, the global food production industry will need to grow in the next few decades just to meet current levels of human nutrition. However, due to increases in the scale of commodity-producing farms and ever-improving automation, there may be little job growth in the commodity food-production system. Given that most of the food consumed now and in the future will likely come from such commodity-producing farms and plantations, it is not likely that the increased tonnage of commodity food will result in a proportionate increase in the farm-labor market.

If that is the case, then what is to become of those students currently in the educational pipeline heading toward a career in agriculture? Some of them may find work in the growing agriculture technology and biotechnology fields that will need to expand in order to continue increasing productivity and reducing waste in food production. Some of them will go on to manage family farms, but as farms consolidate and grow in size there will be fewer and fewer such opportunities. Certainly, managers and middle managers will be needed for some of the large corporate farms that are increasing their market share. However, the competitive advantage of these mega-farms is based on economies of scale and increased productivity achieved through technology, which will severely limit the number of such positons becoming available. Due to the very high capital requirements for starting a commodity farm, there will be few opportunities for start-up farmers to enter that phase of the business.

However, in developed countries, a growing percentage of the populations are demanding to know what is in their food and where it comes from. These people are becoming increasingly dissatisfied with the products of commodity agriculture and are often willing to forgo some convenience and pay a higher price to obtain the food items they want. Realizing this, the USDA is supporting local and regional food systems with educational and marketing programs. In the United States alone there are over 160,000 farmers and ranchers tapping into this growing demand for locally grown, organic or “natural” food.

This growing sub-section of the agricultural market is often situated on smaller farms or acreages and workers devote their efforts to filling specialized niches in the food production system. These operations are significantly less capital-intensive than the large commodity farms, which had been dominating the industry and still provide the bulk of the commodities that go into processed foods or into the export market.

The growing trend toward locally-grown, non-commoditized food items offers attractive start-up opportunities for persons interested in making their living through agriculture, even though they may not have the capital necessary to break into the commoditized portion of the industry. Even though land prices can be daunting, the reduced need for high technology equipment in operations of this type often makes it feasible for properly prepared and experienced individuals to break into this business, running their own operations and developing their own marketing schemes. Eurobet is a popular gambling site that offers a variety of options, from slots to sports betting, virtual games, and more. One of the most exciting game shows to come to live casino is Crazy Time Eurobet.

In order to be successful in this portion of the agriculture industry, the individuals involved have to exhibit a number of traits. They have to exhibit passion for the industry and be willing to endure all of the uncertainties of weather, markets and crop and animal diseases. They must be aware of the fact that their hours will be long and irregular, and that working conditions can often be extremely trying. None of this should be a surprise to anyone. However, some enthusiastic and idealistic individuals feel they can succeed in this type of enterprise because of their enthusiasm for growing plants and/or animals and their commitment to making premium, healthy and high quality food available to a population increasingly demanding it. But there are other requirements that are often overlooked by persons starting in this field and by those that are asked to provide them with the needed financial support. People in this kind of enterprise are true entrepreneurs. They must start, develop and run their own operations. They must operate in the world of the self-employed. They will have to live with, learn from and survive their mistakes. They cannot expect a regular paycheck and a full benefits package.

Those contemplating starting their own specialized agricultural enterprise would be well-advised to study the literature, talk with potential customers and explore land prices and the support infrastructure before committing to this kind of investment. But perhaps of greatest importance they must confront the question of whether or not they truly possess the entrepreneurial mind set, and be willing to confront the demands that face those starting out in any industry, be it technology, retail marketing or non-commodity agriculture.