Composites of Entrepreneurial Success and Failure


An entrepreneur has much to learn in order to be successful. Among the educational requirements are: The day-to-day complexities of running a business, creating and/or producing products, delivering services, making money and dealing with the public. The biggest challenge of all, however, is to develop an understanding of yourself.

Entrepreneurs must come to grips with what they want and what motivates them; this will support their willingness to face adversity – that is bound to arise – and come out as winners over the long term. Successful entrepreneurs will have learned to transform their thinking, allowing them to prevail where others fail along the way.

True entrepreneurs struggle with their business ventures just like anyone else and for a variety of reasons, among the most obvious of which are a lack of capital, lack of understanding about marketing, and personnel issues. However, from my own entrepreneurial experience (32 years in real estate and mortgage financing business), and what I know of others, there are three underlying causes of failure when individuals pursue entrepreneurial ventures.

  1. They tie the success of their business with their own self worth.
  2. They neglect to set realistic goals and plans for themselves and their business.
  3. They are not prepared to pay the price for success.

True entrepreneurs with the right mindset will prevail over a period of time because they will have learned to understand certain fundamental maxims of entrepreneurial success.

Playing the part

Successful entrepreneurs, in contrast to those who fail, have learned to separate their standings in life from their self worth or self-identity. They understand that positive performance or failure in their own venture is not a judgment of them as individuals. People who are inclined to measure their self-worth against their venture performance are inherently adverse to risk and seek to remain in a perceived comfort zone.

Being able to differentiate these two identities allows them to see risk differently, and manage it better, which in turn lays the groundwork for success as an entrepreneur. People who have risked failure, experienced it, and learned from it, have not only learned how to separate their business performance from their self-identity, they’ve also learned the lessons of risking and failing.

These risk takers have a clear understanding that early failure in ventures is a natural part of successful start-ups. They are able to embrace those experiences, learn from them early and move on. This is critical to success as an entrepreneur. They must be willing to face and deal with early failures in order to prevent ultimate failure.

Objectives

Even though much is said and written about goals and objectives being necessary for success as an entrepreneur, few people learn the mechanics of successful goal and objective setting and planning. It’s not the plan but the planning that is important, and the goal setting process allows them to develop the confidence to take risks and fail.

Successful entrepreneurs are not only goal driven and goal oriented; they have learned to put into place the steps required to plan strategically and put forth reachable goals and realistic objectives. Visualizing goals, writing them down and putting together a detailed plan for achievement provides the confidence and motivation to prevail.

More than just business or operational plans, they have goals and objectives for all the important roles in their life. They have learned early that if they aren’t working their own plan they are probably working on those set forth by someone else. They chart their own course, embrace risk-taking leadership positions, make adjustments as required and prevail over a predetermined period of time.

Paying the price

As with any other aspirant to accomplished fields of endeavor, an entrepreneur understands that in order to be successful s/he must be prepared to pay the price at one time or another. There are really no overnight entrepreneurial successes. In fact, it has been said that overnight success generally takes 15-20 years. One of the early prices that entrepreneurs are quite often forced to face is the “re-making” of themselves in a way that can propel them to grow beyond the comfort of their sphere of influence.

Since most people tend to stay within their own psychological comfort zone, they begin to lose the risk taker mentality. They are comfortable with the type of person who is more like them, while the successful entrepreneur moves on to a different circle of associates who understand the journey.

Breaking out, being your own person and venturing into the risk induced unknown is lonely but bold and forces the risk taker to face the new set of circumstances. Consequently, there can be a new-found stress in old relationships.

It’s been said before that pioneers get shot in the front and the back, and only through a process of separating the venture performance from self-worth, being open to risks, prevailing through adversity, sticking to set goals and objectives, and adjusting your plans will you be prepared to pay the ongoing price that must be paid if you are to be a successful entrepreneur.

Why Free Makes The Entrepreneurial Experience Easier


Do you believe in the principle that you’ve got to give before you get? If so, you probably already know the answer to this question: What is the most frequently used word that people type in a search box on the internet? If you don’t already know the answer, I can assure you that learning what this simple word is and using it to it’s fullest extent can literally explode your sales if you’re an entrepreneur running a Web business. Let me explain.

The all important word is FREE!!!

The word that is used in searches on the Web more than any other is FREE. Everyone loves something for nothing. No one wants to pay for something if they can get it for free. You don’t – and I certainly don’t – if the item is of a quality comparable to paid-for items.

Think about all the times you searched for something on the Web. Weather it was for information, a service, a product, anything. Did you just type in the description, a keyword or phrase, or did you put ‘free’ first? Even if you obmitted the word free, when the search engines generated the results, I can almost guarantee that it gave you a list of ‘related searches’ containing the keywords you used with ‘free’ in front of them.

The benefits entrepreneurs derive from giving something for free.

As a Web business entrepreneur, if you offer a product, service or some other information for free, it can have great returns. First of all it boosts your search engine rankings. As the word is typed into a search box more than any other, so having it optimized on your website will pay amazing dividends.

Once a customer has found you in their search results, further use of the word free will draw them in even more. Giving them something for nothing if they visit your site is a big attraction. In fact it is such a huge attraction that I can’t emphisize how important it is, especially if you’re just starting out as a new entrepreneur.

How giving something for free can make you money.

When someone visits your site to claim their freebie, several things can happen. In order to get their free product, they have to give you their name and email address. This is standard operating procedure in the Web marketing business arena. In fact, it’s the #1 reason for offering the free item(s) to them in the first place.

It is highly unlikely that someone will buy something on their first visit to your website, or any other site; and unless there is an excellent reason for them to return, they may never visit again. By having their email address, you can contact them and remind them to revisit your site. You can offer them ‘special offers’ and affiliate sales through your correspondence emails.

It is a well known fact that you have to make an average of 7 contacts (sales pitches, remind revisits, offers ect…) with a potential customer before they will actually buy something and become a real customer. The reasons for this are quite lengthy and will take a complete article to discuss, so lets stick to the matter at hand.

One of the most important/valuable things you can own as a Web marketing entrepreneur is a LIST of contacts/potential customers that you can send your product promotions to on a regular basis. Being able to have that all-important contact with your customers, improves your chances of them making a purchase significantly.

They learn to ‘trust you’, you become familiar to them and that is what often clinches the deal. You gain the know, like and trust from your customers and then they feel comfortable enough to buy what you recommend.

So, that’s a brief explanation of how you, the budding entrepreneur, make money from giving away something for free.

The quality of free.

The item that you offer, weather it be a subscription to an ezine, an ebook, report or software, MUST be of good quality. If the prospect receives their freebie and the quality is poor, they will not come back to your website and buy anything. Even if you are the best website in your niche, offering the best deals, they will never find out, because they just won’t come back.

On the other hand, if they are impressed by the free gift from you, they are more than likely to visit your website again and again. High quality, useful products are an essential if you want the ‘freeie offer’ to work for you.

How you can drive traffic to your website using ‘free’.

Classified ads are a fantastic way to drive traffic to your website. The headline and description should be centered around the infamous “what’s in it for me”. That is offering them a freebie. This will entice them to click the link and visit your website. You can post classifieds for free. Just type ‘free classifieds’ into the search box and choose from the 1000’s of results that the search engines produce. Submit your ads often and the traffic will keep coming.

Other ways to drive traffic using ‘free’.

Simply use it anywhere your ads appear. If you publish articles, reports or ebooks, put your offer in your resource box. If you use pay-per-click, use the offer as your ad copy. Advertising in ezines, weather its your own, an affiliate’s or bought advertising, again use the free offer in your resource box.

Choose carefully.

When deciding on what it is that you will give way, there is one piece of advice that is vital. Make the free item appropriate to your audience. Whatever niche you operate it, stick with the theme. If you offer an ebook on ‘how to create a website’ and your business sells musical instruments, you’re really asking for problems.

The customer will visit your website to get their ebook. They will download it and probably be very pleased if it contains high quality information on ‘how to create a website’. When you contact them via email with for example a ‘special offer on violin strings’, unless by some highly unlikely coincidence that they play the violin, they will not visit your website again. So be mindful of what your own niche actually wants and give it to them.

In conclusion, the more you offer free stuff of high quality, the more money you will make and the more successful you will become in your Web entrepreneurial business experience. It is one of the best traffic drivers and is a straight forward concept. Now that you have this little golden nugget of valuable information, get to work. Plan what you could offer, to whom, when and where.

Decide on a product that you can legally give away (be careful of copyright infringement). Make it something that is useful to your own niche market. Advertise it everywhere you can and your opt-in-list will grow very quickly. After all ‘the money is in the list’, right? That’s also a topic for another article. Below is a perfect example of the ‘free’ offer. I didn’t make it up, it’s for real and it works.

FREE 12-Book Bonus Pack Delivered at Sign-Up