Entrepreneurs don’t bail out their partners

Its natural to help the people you love. Kids, parents, siblings, friends… when you see them taking a hit the instinct is to step in and lend a hand.Don’t do it! That way lies failure. Bailing people out creates relationships of dependency. An unspoken contract is formed whereby the dependent knows that you’re going to save him no…

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Entrepreneurs feel uncomfortable all the time

When you have your own business its difficult to feel at ease.You know everything about the company, so you also know how many things can go wrong.It creates a low-grade stress that persists every day… Do I have enough cash for salaries? Is my most important customer happy? Are my staff working hard enough? Is…

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Entrepreneurs are not greedy with equity

When you start a business the first advice you get is, “Don’t give away equity”.Equity is the most expensive form of compensation, so this is generally good advice.But it is bad advice if you want to build a big business and make a big impact.We all need partners in life and in business. “The more people swimming…

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Entrepreneurs hate losing

There are three kinds of entrepreneurs: Lifestyle entrepreneurs These are people who really don’t care who wins or loses. In fact, they hate the very thought of competition.The reason they start a business is to substitute a salary, not to change the world or get rich.If you don’t have a fire in your belly to…

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Entrepreneurs are willing to pay the price

Vince Lombardi, the legendary coach of the Green Bay Packers had a guiding motto, “If you want to win you must be willing to pay the price.”Same applies to business. If you want to be a successful entrepreneur, ie: make a lot of money, you must be willing to pay the price.The price of being…

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Entrepreneurs do not take wild uncalculated risks

Some people will tell you to quit your job and follow your dreams.“Jump off the cliff and build wings on the way down.”These people have either never actually started a business, or they are unconscious of the luck they had when they started their first business.I fell in the latter category.My first business shot the…

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Entrepreneurs take responsibility

Crises is business are not a big deal. They happen every day. The big deal is how you deal with a crisis.There are 4 ways to react: Play dead Denial Blame others Deal with it The first 3 options are instinctive. Whilst they may result in short term survival, they will inevitably lead to failure…

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Entrepreneurs are like mountainbikers

You have two choices when you go down a hill at top speed. Be fearless and have a 50% chance of falling off your bike. Be fearful and have 100% chance of falling off your bike. The same applies to entrepreneurs. In business, if you become overly cautious or afraid, your odds of failure increase…

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Entrepreneurs get off the sidelines

I don’t have fond memories of high school. It was the kind of school where you’d arrive one day and your mates would say howzit and make the circle bigger.The next day you’d arrive and they wouldn’t even greet you, nevermind shuffling a few inches to the left.Our year was hi-jacked by some bullies and they made everyone’s…

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FAQ’s entrepreneurs ask about names and brands

Names are personal, which means people get emotional when they talk about names. Especially company names. I’ve written about the importance of company names before. Here are some more answers to FAQ’s: Why does it matter how long my company name is? Your brand must match your URL and email exactly. A long URL means the following:…

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Entrepreneurs need enemies

Life is too short to have enemies. If you don’t like a guy, ignore him. The world has enough space for all the Smarties in the Smartie-box.But sometimes enemies are useful. Especially in business.An enemy can foster team morale amongst your troops.An enemy can give you something to chase.An enemy can give you credibility.These are the…

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Entrepreneurs tell the truth

Its easy to fib. To tell a white lie. To not hurt someone’s feelings. To say the politically correct thing.As the DPJ says, “No easy day.” No one said life would be easy.Being happy is not easy. If you want to be happy, tell the truth. You will attract the right kind of people and…

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