Fear, uncertainty and self-doubt are all raw feelings people experience when they consider the idea of starting their own business. It’s scary. No doubt about that. Entrepreneurs of all ages and with various levels of experience face internal questioning when taking on a new endeavor as they bring their own unique idea out of their head and into reality.
As an entrepreneur, there is added pressure to be successful not only because of the employees, partners and investors relying on you, but mostly because you are proving to yourself, your family and your friends that your idea is worthy and you have the gumption to make it happen.
In a survey commissioned by Weebly, Wakefield Research found that one-third of Americans are more afraid to start their own business than to jump out of a plane. With new business creation down 65 percent since the 1980s, this very real fear is stifling ideas, the economy and job growth.
So, what triggers entrepreneurial fear? And how do you overcome it and build a successful business? It’s all about finding the courage to take the first step, wholeheartedly commit to your idea and believe in yourself.
Below are a few ways to overcome some of the biggest mental roadblocks entrepreneurs face that I’ve picked up from my own journey and discussions with fellow entrepreneurs.
Set attainable goals — then ignore your inner perfectionist.
Where do you even begin? There is an inordinate amount of detail to think about and processes to put in place. If there is one trait entrepreneurs have in common it’s the ability to set goals. Start by identifying what your overall company mission is, and build smaller, achievable tasks that serve as stepping stones to reaching that mission. Those small goals will not only make the company mission more digestible and less intimidating but will give you a good indication of where to actually begin. Entrepreneurs are often type-A perfectionists, but remember that everything does not have to be perfect to start testing versions of your product, start building your own website and talking about your business to anyone who will listen.
Realistic goals are especially important when you’re starting your business as a side hustle. “Getting started is really tough because you’re making a change in your daily routine. Most people have jobs and a regular life they are managing already,” Jeff Wiguna, CEO and co-founder of Kuju Coffee and a Weebly user, said in an email. “Right after getting home from work, I would sit at my computer and tell myself to get only one single thing done. It could have been anything, from setting a up a spreadsheet, looking up an idea, Googling a name idea, making one phone call — even if no one picked up. The goal was to do that every day.”
Focus on your passionate community.
Let’s be honest, passion and grit can only take you so far in business, and without being financially stable the business will stall (and your bills will pile up). A key element here is identifying and building your community. Your community should be made up of a few groups — investors, partners and passionate customers — as each will aide in your financial success. By identifying people who are excited about the work you’re doing, your support system will solidify quickly.
Throw away the idea that there’s a perfect work-life balance.
You’re getting ready to pour a majority of your time and energy into starting a business, because if you don’t it will be difficult to succeed. So, what will happen to your personal life and relationships? If you’re an entrepreneur there’s a good chance that the line between personal and professional life is a bit blurred already, but it’s impossible to start a business without wondering how your family, friends and your Facebook feed will react. Thankfully, with the right support system, running a business doesn’t have to be a hinderance on your personal life. The ability to focus on family and friends while keeping sales rolling is essential. Be sure to surround yourself with partners who understand the need for balance — and who won’t make you feel guilty about also living your life.
There is definitely no one-size-fits-all solution for every business and founder. Katie Raquel, a Weebly user and founder of Katie’s Coldpress, told me in a discussion, “One fear was that I’d invest loads of time in something away from my daughter, and then not see it pay off. How to balance work and family is such a personal decision for every entrepreneur, and hats off to anyone that figures out what works for them. For me, it’s running the business mostly from home on my computer and phone so I can be with my kids during the week.”
In America, our survey found 57 percent of people have had at least one idea for a business solution or product. Yet, only two-fifths actually take the leap and execute on it. There will always be uncertainty when starting your own business, or pursuing any dream you have. Vulnerability and questioning come with every decision we make in life, but what separates achieving the dream of running your own business from sitting on the sidelines is the ability to jump in and take that leap.
How to Stay Calm Under Pressure
He started playing poker at 18 and was winning championships by his early twenties. Despite millions in winnings, world recognition and playing at the high roller tournaments, Fedor Holz is leaving professional poker at age 24.
He’s focusing his energy on creating easy-to-access training on high performance mindset tactics. And I was fascinated to learn why.
When I met Fedor a few weeks ago, he had just finished in the top rankings of a huge high roller tournament in Vegas. But instead of talking about poker, we mostly talked about how he stays grounded when so much is at stake. We also discussed how he learned to honor his decisions, even when they turned out to cost him a game.
I loved getting Fedor’s perspective on what it takes to become great at a specific skill, but he was also honest about what it costs. I was especially interested in what he said about the skill of removing emotion from actions and how that can turn out badly in the rest of a person’s life.
Whether you’re interested in poker or not, you’ll learn valuable insights about performing at a high level in anything in Episode 544.
This story originally appeared on Lewis Howes
Why Kicking Out Counterfeit Crooks on Instagram Is So Important
Would you spend over a thousand dollars on a pair of sneakers? There are plenty who would — a pair of Adidas Yeezy’s comes with a price tag of $1,000 or more. For those who are less flush, the market has become flooded with knock-off fakes. These are promoted via comments and sponsored ads on sites like Facebook and Instagram.
When Kanye West tweeted “you probably got bootleg Yeezy’s on right now,” followers responded in typical Twitter fashion, with a torrent of abuse from all angles, but when it came to real brand loyalty, sneakerheads were split. Die-hard fans rebuked the fakes, though others have been tempted by prices as low as $99.
A year later, these social commerce scams are running riot online, fueled by social bots and a growing underground counterfeit economy, hijacking brand advertising efforts. Andrea Stroppa’s “Social media and luxury goods counterfeit“ investigation revealed that 20 percent of Instagram posts for luxury brands feature counterfeit or illicit products.
At BrandBastion, we conducted an investigation into Instagram counterfeiters to examine the risks brands face on social media and what they can do to fight it.
Social media’s safe harbor for organized crime.
The luxury online retail market is estimated to reach $41.88 billion by 2019, according to Bain & Company. It’s impressive, but just a fraction of the booming business of the $461 billion global counterfeit goods market funding large-scale criminal operations. Stroppa’s investigation explains how exploitative practices force women and children to work in inhumane conditions, in turn powering illegal gangs, dictatorships and global terrorism.
Organized crime has entered the digital realm, with counterfeit trade visible on the most popular ecommerce platforms and social media streams. These operations are largely based in China, Russia, Malaysia, Indonesia and the Ukraine, though technology allows them to target global audiences.
In the U.S., the Digital Millennium Copyright Act (DMCA) mandates that so long as platforms have an effective takedown system, they are not liable, putting pressure on brands to protect themselves. Until now, this has mainly impacted selling tools such as eBay, Alibaba and commerce-friendly social network WeChat, to the detriment of luxury brands like Tiffany & Co., Louis Vuitton and Gucci. But digitally-savvy fake sellers have graduated from basic host services like eBay, finding global reach and big profits as commerce takes off on social media. Complete with new mobile-oriented features like Instagram’s Shop Now and Buy buttons, these networks are becoming serious selling tools for counterfeit criminals.
As online sellers invest in social growth tactics, the frauds are hot on their heels, armed with ad campaigns and bots, retargeting their users and flooding sites with illegal goods. This social media safe harbor creates a playground for fraudsters using aggressive tactics, even hijacking a brand’s own social media posts or ads to target audiences with counterfeit copies.
The Instagram comments scam.
BrandBastion examined a sample of 36,000 comments from the Instagram posts of 12 top luxury brands — Salvatore Ferragamo, Manolo Blahnik, Marni, Saint Laurent, Balenciaga, Alexander McQueen, Fendi, Jimmy Choo, Burberry, Balmain, Versace and Dior — with a combined reach of more than 62 million followers.
One in 18 comments included a serious threat for brands. Major dangers included 729 (2.03 percent) comments leading to direct counterfeiting from some 94 counterfeit sellers; 1,013 comments (2.81 percent) contained spam and scams; and 208 (0.58 percent) had brand attacks from avid activists, at times launching brand boycotts. Some retailers fared worse than others; 8.27 percent of Saint Laurent comments contained a brand threat. On the other end of the scale, Dior had 3.37 percent brand threats, though with a significantly larger following and greater posting activity.
Counterfeiters borrow images scraped from online searches, newly embed fresh information to appear unchanged, and, armed with purchased fake followers, they often appear legitimate. Fraudulent accounts post comments such as “Check out my page Got All Designer” along with contact details, such as instant messenger chat IDs, enabling encrypted conversations with so-called “salespeople.” The OECD reported that sellers post these goods via complex routes, preying on transit hotspots from “countries with weak governance and widespread organized crime such as Afghanistan and Syria.”
Fighting fire with fire.
Instagram is cracking down on fake accounts, purging millions of spam and bot accounts and using proactive tools such as spam detectors and blocking systems. But by cloning and replicating content, fresh accounts pop up every day. This proliferation of content keeps moderators busy in a cat-and-mouse chase. Meanwhile, the responsibility of tackling new social media fraudsters largely rests on law enforcement agencies, brands and innovative technologies.
A digital ecosystem to target counterfeit sellers is in early stages. Informal name-and-shame accounts on Instagram, such as @fake_education and @yeezybusta reveal identified fake sellers. Online community forums like Scamadviser, Realscam and Scamwarners allow both retailers and consumers to name and shame known offending domains. Flipping community activism on its head, third-party services and blockchain technologies, such as startup Blockverify using the bitcoin currency infrastructure, also verify goods and track sales.
The downside is that lack of formal regulation facilitates a free-for-all of independent forums and competing businesses. Moreover, uneducated consumers are often not deterred by fake labels and are unaware of real threats from criminal operations. One in four consumers report purchasing counterfeit products online — and these forums can even aid their search for fake products.
Brand managers need to be able to monitor new social media accounts using keywords, images, handles (or account names) and trending hashtags to uncover brand violations. New accounts often have similar names, posting behaviors and messages, and third-party forums also provide new leads. It’s important that brands also have community moderation checks in place when it comes to their own content and community engagement, to ensure that sellers aren’t getting a free ride through hacking their own ads and posts.
As fake sellers adopt new technology to mimic and automate brand posting behaviors, artificially-intelligent moderation tools help businesses to uncover the crooks. It’s a battle of the bots, cross-referencing masses of data and identifying trends in order to uncover new threats and scams.
Counterfeiters that have traditionally focused on luxury brands are branching out to all industries. While footwear is the most frequently copied, fraudsters plagiarize anything from high-fashion handbags to popular wines, automotive parts, chemicals, medication and even fresh fruit. With brands like Adidas, Louis Vuitton and Chanel fighting fakes and launching high-profile courtroom disputes, it draws attention to the crisis. Declaring war on this criminal activity, intelligent technology and anti-counterfeit partnerships seek to take control, cleaning up social media and kicking out those counterfeit crooks. It’s a new wave of rebellion against organized crime masquerading as luxury produce and trusted household goods.
6 Fatal B2B Sales Mistakes You Must Avoid
B2B sales can be incredibly rewarding and lucrative — if you know what you’re doing. Unfortunately, most salespeople in this field make the same few mistakes again and again. When everyone around you is making the same missteps and blunders with B2B selling, it can be extremely difficult to know how to fix your approach.
If you’re looking to overhaul your strategy for B2B sales so you can start to crush your competition, it’s time to start actively avoiding the most common B2B sales mistakes out there today. Here are the six fatal B2B sales mistakes you’re probably making:
1. Selling to low-level buyers.
It may be easier to get in front of buyers and purchasing managers than C-suite prospects, since you never have to deal with a gatekeeper in order to reach them. But those low-level buyers don’t have the power — or the budget — to tell you “yes.” In fact, they’re only really good at telling salespeople “no.” You won’t make money selling to low-level buyers in B2B sales, so make a commitment to seek out high-level decision makers who can actually say “yes” to what you have to offer their businesses.
2. Highlighting your product’s features and benefits.
There was a time when prospects cared about the features and benefits of your product. But they simply don’t anymore. Prospects today only care about the results and outcomes you can create in their world. More specifically, they want to know how you can solve their key challenges and deepest frustrations. Instead of highlighting your product’s features and benefits when selling to businesses, focus on specific outcomes your product or service can help your prospects achieve.
3. Giving proposals with only one option.
One of the biggest mistakes salespeople make in B2B sales is putting together single-option proposals. There are two major problems with these proposals. First, they don’t provide any context, which compels prospects to shop around to determine the value of your solution. Second, customers who really want to invest in a premium option will be limited to a lower-tier solution. Instead, provide a three-option proposal — ranging from the lowest end option that will still solve their problem to a higher end option with the most value — to boost your average sale size and the number of deals you close.
4. Relying solely on the phone and internet.
There’s been a big movement in B2B sales towards selling online and on the phone. In some cases, this can be efficient and helpful, but if you’re selling an expensive, high-end product or service that requires a serious investment, you simply can’t skip out on meeting face to face. Hop on a plane if that’s what it takes to sit across from a valuable prospect. You’ll increase your close rate many times over, and being able to close big deals at huge companies is well worth the cost of travel.
5. Failing to clarify your value proposition.
Every time a B2B prospect asks what exactly it is that you do, you should have a quick and rehearsed response that succinctly describes the value you create. Clarify, script out, and memorize your value proposition. This is the only part of your sales presentation you have to memorize, so there’s really no excuse for hazy, rambling answers to this question.
6. Rushing to offer deals and discounts.
Low prices only attract bad prospects in B2B sales. Your ideal customer cares about value, not price, so quit offering deals and discounts. It only lowers your value in the eyes of your prospects. Instead, focus on the value you create, and be proud to offer the premium solution on the market. This attitude will attract the type of customer who values you for years to come.
Which of these mistakes have you been making in B2B sales? How will you correct your mistakes and start crushing your sales goals? Check out this free Ultimate 3-Step Prospecting Call Template for more powerful sales advice.
These scientists beat the bookies — until the online casino shut them down
Enlightened Equipment’s Enigma Quilt let us sleep warm and pack light
The Walking Dead’ creator Robert Kirkman dishes deep on his next big project
How to Stay Calm Under Pressure
Here’s how you can get your hands on the iPhone X
Rapper B.o.B Wants to Launch a Satellite to See if Earth Is Flat
Bored with ironing? Effie quickly irons up to 12 items of clothing at once
Apple iPhone X vs. LG V30: Battle of the bezel-less beauties
SNES Classic supports the same hack that expanded the NES Classic’s library
6 Rules for Meeting Millennial Customer Service Expectations
- Technology2 weeks ago
Google Pixel 2 XL vs. Apple iPhone 8 Plus
- Business2 weeks ago
3 Ways Philanthropy Can Add to Your Company Culture
- Business1 week ago
Richard Branson Shares 6 Crazy, Funny and Downright Harsh Encounters With Elon Musk, Donald Trump, Kate Moss and More
- Business2 weeks ago
17 Ways to Calm Down When You're Stressed
- Space2 weeks ago
'Destination Moon' Exhibit Marks Return to Houston for Apollo 11 Spacecraft
- Business2 weeks ago
Why You Can't Afford to Ignore Cryptocurrencies and Blockchain Anymore
- Business2 weeks ago
How He Convinced 300,000 People to Work With Him, From Malaysia
- Business1 week ago
What No 40-Year-Old Can Tell You About Modern Entrepreneurship