5 Words Smart Entrepreneurs Always Avoid

More often than not, the person in the mirror is the individual who is most to blame for your problems. Usually, lack of success isn’t due to external circumstances or a run of bad luck. Poor decisions are typically the culprit. And, these mostly come from the failure to recognize certain self-imposed roadblocks. How Modern Culture undermines Businesses Now, this doesn’t mean there are never any real externalities which play a significant role. Just take a quick look at modern culture. Practically everything is now on-demand. We live at a time where immediate gratification is normal. But, that’s a dangerous situation. Success is what every business person and entrepreneur desires from the very core of their being. They have a dream, a genius idea and an initial excitement to make it happen. Having a great idea and building a sustainable empire, however, are very different things and many, if not most, fail. To rank among those who succeed you must master certain disciplines to avoid sabotaging your own success. —Entrepreneur.com You first need to instill self-discipline and realize it’s more advantageous to accomplish your biggest goals in small steps. An incremental approach will cause you to think through scenarios and have a more clear understanding. However, just taking it step-by-step might not be enough. 3 Biggest Self-Imposed Entrepreneurial Roadblocks Let’s get back to how too many entrepreneurs sabotage themselves. They put up roadblocks which keep them from realizing their full potential. So, here’s the three most common self-imposed roadblocks you need to recognize and deal with: Not recognizing futility for what it is. If you’ve ever seen the movie “Wargames,” then you know the scene when Dr. Stephen Falken uses the example of tic-tac-toe to illustrate the importance of recognizing futility. But, that’s the exact opposite of what we hear time and time again. You’re not supposed to give up. Keep fighting and find a way. However, there are times when it’s just futile and you can’t win. Remember Einstein said repeating the same thing and expecting different results is the definition of insanity. Seriously doubting your own abilities. This is perhaps the most common self-imposed roadblock. It’s natural to have reservations, even to feel fear and/or doubt. Although, too much doubt is a poison pill. It’s simply paralyzing and ultimately self-defeating to give into unrealistic doubts. Saying “Yes” when “No” is appropriate. We’ve all heard the advice to give things away for free or at little cost. Additionally, to always help others. But, saying “Yes,” can easily obstruct your ability to grow your business. After all, you need to focus on your own business to build it up before you can actually be in a position to help others do the same with their companies. What other self-imposed roadblocks have you overcome? How do you move past your own limitations? Please share your thoughts by commenting and joining the conversation! Interested in learning more about business? Then just visit Waters Business Consulting Group.

If you want to turn your side-hustle into a full-time gig, you’re looking for two things: confirmation and actionable steps. Let’s begin with confirmation. If you’re earning a decent amount from your part-time gig (and you love doing it), then it’s definitely worth exploring going full-time. But, this obviously depends on how much you earn. Of course, if the second income is near or equal to your full-time job, then that’s solid confirmation. Now, let’s take a more in-depth look. The Side-Hustle Economy An astounding 44 million people have an active side-hustle, with 25 percent of millennials stating they earn an extra $500 per month, according to Bankrate.com. That, of course, is equivalent to about $6,000 per year gross, or approximately $4,500 net, after taxes. Such additional income can easily be used in a number of ways. For instance, putting a good portion of it back into the side business to grow it larger and larger. With technology on their side and passion in their hearts, many individuals opt to start their own company while they’re working for someone else. But turning your side hustle into your primary occupation is not simple. It takes courage and faith to take the leap into entrepreneurship. —Business News Daily Obviously, you can’t make the switch if that’s all you’re earning. So, you’ve still got work to do to get to make the leap. The good news is with today’s technology, you have a definite advantage. By simply making tweaks here and there, you can grow a small side-hustle into a replacement of your full-time income. How to Turn Your Side-Hustle into a Full-Time Gig Next, we’ve got to take a look at how to get from point A to point B. So, here’s some things to do to turn your side-hustle into a full-time gig: Build it up, incrementally. If you really want to make the change, you’ll have to grow your side-hustle income. But, don’t try to rush it. Go with the ebb and flow so you don’t cause yourself unnecessary stress and feel overwhelmed. Small steps mean hitting realistic goals one at a time to get to an ultimate point. Run the take-home earnings numbers. As you grow the side-hustle incrementally, be sure to stay vigilant (and pragmatic) about your net take-home income. In other words, factor in overhead, including tools, insurance, labor, rent space, advertising, and every single expense. Then, calculate what you actually net. Save up your retained earnings. A good part of the process is to have some peace-of-mind. That means having extra cash in the bank (in your business account). Build up your retained earnings so you don’t fall prey to unexpected expenses. Hire others to help out early-on. One huge mistake entrepreneurs make is to hold onto every little task. The way to beat this urge is to start with farming small things out and then eventually letting others do the bigger parts. Have you transformed a side-hustle into a full-time gig? What other advice would you give? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

In case you haven’t yet heard, a new type of communication technology is on its way — 5G. It’s the fifth-generation cellular system, coming to replace 4G, the fourth-generation. And, it promises to deliver a whole new level of speed. Some experts forecasts speeds of 100x greater. In fact, it’s so fast, the wireless connections will easily rival hard-wired connectivity of the old system. So, it’s no wonder carriers and handheld device manufacturers are ready to get it out into the marketplace. Trouble is, it will take some time to roll out. But, that isn’t stopping two companies from getting-in on the action ahead of time. What Consumers Need to Know about the AT&T and Apple 5GE Marketing Campaign Recently, AT&T started to display “5GE” on select Android phones. Then, this week, Apple joined in, doing the same for some of its iOS devices. The problem is, “5GE” isn’t 5G tech. It stands for “5G Evolution.” This sleight of hand isn’t new. We want results, and we want them now. Your customers want the same thing and are willing to pay for it. A temptation could arise to promise them quick results when you know that’s not going to be the case. This kind of short-sighted thinking hurts your business in the long run. —Entrepreneur.com Companies have done this type of thing before. Of course, it’s misleading, to say the least. Customers might think they’re on a real 5G network, via a real 5G device. Although, the move hasn’t gone unnoticed. Rival T-Mobile posted a short video mocking AT&T, with a caption reading “didn’t realize it was this easy, brb updating.” Others have also joined in, rightly criticizing the move. 3 Real Costs of Deceptive Business Practices Now, the word will most definitely spread and people will catch-on to the ruse. So, it’s important to look at the impact of such misleading marketing and what it can really do. Here are the three biggest effects of deceptive marketing: Customers suffer. Needless to say, customers obviously suffer because such tactics instill a strong sense of distrust. If a business puts out misleading claims, when discovered, customers won’t trust it. What’s more, they’ll also become skeptical about other things. Businesses suffer. While the sleight of hand might payoff in the short-term, the long-term consequences can be quite severe. Word of mouth will spread and that could prove enough to bring about the demise of a business. Employees suffer, too. When a business tries to fool its customers, the employees will take the brunt of the blow-back. It’s not fair for employees to suffer undeserved consequences. What else would you add to the list? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.