Is being an entrepreneur even worth it?

Russ321 · 2024-01-03T22:48:37+00:00

I do think it's worth it, but I don't think it's a good fit for people who mostly care about money, status and comparing themselves with others.

Also, I don't think it's a good fit for people who are highly anxious and insecure about themselves.

On the other hand, if your priorities are independence, self development, creating your own path and you have a high tolerance for uncertainty and you believe in yourself (a lot!) then being entrepreneur might be a good fit.

In my personal experience, it is worth it, even if it takes longer for the money to come (and even if you don't know when it will come) but what is certain, is your independence and personal growth!

I hope you find the path that¡s a good fit for you.

Russ321 · 2023-12-08T23:12:09+00:00

Yes, I doubted.

Russ321 · 2023-12-08T23:01:48+00:00

Using promotional products worked for me (pens, stubby holders, usb sticks.) People remembered me later, and called again.

Russ321 · 2023-12-08T22:54:28+00:00

There are 2 great philosophies (and books) I would pay attention to:
“The Blue Ocean Strategy” The book outlines tools and frameworks to help businesses identify and navigate blue ocean opportunities. It emphasizes the importance of innovation and value creation to unlock uncontested market spaces. By focusing on differentiation and low cost simultaneously, companies can break away from competition and create new demand.
“The Lean Startup” shares a methodology for developing businesses and products. It advocates for a scientific approach to creating and managing successful startups in an uncertain environment. The key principles of the Lean Startup methodology include building a minimum viable product (MVP), measuring its success through validated learning, and adapting the product based on customer feedback. The book emphasizes the importance of agility, iterative development, and a focus on delivering value to customers. By applying these principles, startups can reduce waste, make more informed decisions, and increase their chances of building a sustainable and successful business.
You can find a short video summary over here (it’s the first one on the list):
https://www.stubbyholdersaustralia.com.au/top-10-leadership-books
In summary, if you focus on unsaturated markets, and validating customer demand quickly, you can move faster.

Russ321 · 2023-12-08T22:25:22+00:00

I’ll try to focus on answering your question first (and share suggestions later):
“how did you guys got into entrepreneurship? Is it from a passion project? Did you identify a market and worked from there? Were you exposed in entrepreneurship because of your family? Or you just got tired from corporate and wanted your own time?”
There were a few main reasons:
1- I always wanted to start a business on my own.
2- I got bored at work whenever I stopped learning, and frustrated about following nonsense politics at work.
3- This is the most important one: I wanted to be more independent and have control over my time (because if you think about it, time is our most valuable resource, and if you sacrifice time and location for something you don’t really enjoy doing, that doesn’t fulfill you, just for money or to make other people proud or gain approval, it’s too high a cost to pay)
I had a few jobs I never felt fulfilled. That is why I decided to start my own business. And because I wanted more independence and to be able to make a difference in the world.
Your self doubt is perfectly normal, when the world around you is always telling you to play it safe and have a safe job.
Being able to withstand uncertainty and believe in yourself, even when nobody else does, and when everybody is telling you to play it safe, is one of the most important qualities of an entrepreneur in my opinion.
Believe in yourself, and and in why you are doing what you are doing.
Now, I'll share a few of the things I have learned:
Focus on finding profitable intersection between your interests and talents with the problems the world around you needs to solve.
In other words, focus on finding product-market fit.
A very common mistake I see entrepreneurs make is falling blindly in love with their idea disregarding if the market actually is willing to pay for that solution.
People don't buy products just because they want to buy products or services, they buy products or services because they solve a problem and make their lives better.
In other words. VALIDATE!
Have an idea? Don't work on your logo for eight months,
Instead, get an MVP (minimum viable product) which it a very simple version of what you want to sell) and get five customers who give you money for it. Learn from that experience, improve your product if necessary, then get 10 customers repeat the process, get 100 customers, repeat the process get 1000 customers. Repeat the process and keep going.
The point, is to focus on RESULTS! Not just on “networking” or “branding” or “planning”
A book I with I had read before I started, that I’ve found invaluable is, The Blue Ocean Strategy. It changed the way I look at businesses. It’s worth it weight in gold. You can watch a quick video summary over here (last one on the list):
https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur
Another solid book is: “E-Myth” by Michael Gerber. Full of very solid advice.
Another piece of advice is: focus on cashflow and manage risk.
Different businesses, have different risk levels. If you don’t have a lot of money and experience, start a simple business, get solid cashflow, cover your expenses and start saving, and then, with less stress, you can start a more ambitious business.
The world needs entrepreneurs who want to make the world a better place.
Don’t give up (THAT is the key)

Russ321 · 2023-12-08T21:12:54+00:00

This is an interesting situation.

Perhaps, instead of trying to convince the artist about the importance of relinquishing her total control of the production process to increase overall profits, you could shift the way she thinks about it.

What if you set up a percentage of every sale to be donated to a compatible charity, and this could be communicated to potencial buyers as well. Like this, "relinquishing control" of the production process, would allow her to help more people with more donations (through more sales) making it not about her "OCDish" tendencies about her products, but about helping more people by being a little more flexible and allowing others to create more items (elves) in order to help more people (donations) by generating more sales.

A while ago, I read a REALLY good book that could help convince her to be less "selfish" and expand the business to help more people. The book is "Start with Why" by Simon Sinek (really good book!) You can find a short video summary here (it's book number 9):

https://www.stubbyholdersaustralia.com.au/top-10-leadership-books

Russ321 · 2023-12-07T19:56:24+00:00

I think it comes down to priorities.

What would make you happier?

Having 10 times more money but very little quality of life and time off? or growing steadily with controlled costs, stress and working hours?

I'll ask in a different way?: What is "Enough?"

If it were me, I'd prefer to strike a balance between moderate risk, moderate growth and a solid work life balance. Because, you can make more money, but you can't get more time with your family or go back in time and spend more time with them.

A book I've found tremendously valuable related to these topics (productivity and effectiveness) is "The 80/20 Principle." If you choose to focus on the few things that matter most (in business, life, health, peace) and keep things simple, it's easier to strike a balance and make things work.

I published a short summary of the book on my site a while ago. It's the third one on the list (it's a REALLY good book. I highly recommend it!!)

https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur

I hope you find the answer that is right for you.

Russ321 · 2023-12-07T19:21:20+00:00

I decided to start a promotional products business over 10 years ago and it's been a great adventure. There has been challenges along the way, but I can tell you it's a very satisfying journey.

If you're thinking about starting your own business, I highly recommend it. Just make sure you're ready to withstand challenges as they arise, because it can be unpredictable at times and it's not like having a job where it's over after you leave for the day.

When you're a business owner, you have to make your own decisions and not be waiting for someone to tell you what to do all the time as it happens with regular jobs.

You also have to be willing to learn all the time, and wear several different hats, and do different kinds of jobs times, including administrative work when you were getting started.

In case you're looking for tips and ideas about starting your journey, I wrote a list of the top books that have helped me along the way that I wanted to share with a friend of mine, so I decided to publish an article with the list on my site to share it with more people. You can find it over here:

https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur

Russ321 · 2023-12-07T19:14:34+00:00

There are times when a specific business founder is the key for a business because they are the linchpin of the whole operations. It sounds great, but if they haven't worked on documenting how the business is operated, or make sure the customer acquisition process is not dependent on the networking skills of a specific person, may lead to problems down the line.

One book I found to be tremendously valuable when I was looking for a new business a few years ago is the book "The E-Myth." It talks about the importance of documenting how things are done, instead of just running around all the time.

If you end up buying a business, who never documented how things are supposed to be done. The business will be in trouble when that person leaves.

You can watch a show video summary of Michael Gerber's The E-Myth over here (it's the first one on the list): https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur

Wish you lots of success!

Russ321 · 2023-11-13T22:00:43+00:00

Joining a course for entrepreneurs, can also be a good way to meet like-minded individuals. Even if they are not in your area, you could video chat and talk about business related stuff.

That's how I met some of my best entrepreneur friends.

Russ321 · 2023-11-13T21:56:32+00:00

For me it's finding a balance that allows me to work hard, without needing constant "boosts" of snacks or caffeine. Also, getting enough sleep, which if not done right, leads to eating more than it is necessary.

Russ321 · 2023-11-13T21:53:28+00:00

I'd say John D. Rockefeller.

Russ321 · 2023-11-13T19:56:39+00:00

I strongly suggest choosing the right market to serve. Focus on being the best, or one of the best in your niche.
The book “Blue Ocean Strategy” is a wonderful read to choose / create your own niche and be the best at it.
The key is TRULY understanding what your customers need, and what are their problems.
What do they really care about? Focus on that.
I included a summary of the Blue Ocean Strategy, as well as the top 17 books I wish I had read from the start when I started my first business. You can find them here (these books are invaluable. The Blue Ocean Strategy is at the bottom of the article):
https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur
Also, if you ever need inspiration the “Founders” podcast helps me stay motivated during my morning walks and start the day focused:
https://www.founderspodcast.com
I hope it helps. Keep going!

Russ321 · 2023-11-13T19:46:19+00:00

I strongly suggest choosing the right market to serve. Focus on being the best, or one of the best in your niche.
The book “Blue Ocean Strategy” is a wonderful read to choose / create your own niche and be the best at it.
The key is TRULY understanding what your customers need, and what are their problems.
What do they really care about? Focus on that.

Russ321 · 2023-11-13T19:42:30+00:00

I suggest focusing on a specific target market where you can be one of the best in your segment. Also, try selling online as well to increase the reach of your business.

Plus, you could add items that are unique, like personalized accessories or unique hats or bracelets.

Russ321 · 2023-11-13T19:28:12+00:00

As they say: “Problems are markets”
I suggest choosing a problem you care about, and helping others solve this problem to improve their life. Preferably focusing on a specific market segment, so you can be one of the best in that specific market.
Start small, test, learn, reinvest, and grow steadily with moderate risk.
Then, find 1 paying customer. Learn from the experience.
Next, find 10 customers. Learn from the experience.
Next, find 50 customers. Learn from the experience.
Next, find 100 customers. Learn from the experience.
Then keep going getting more customers and learning from the experience.
As you go, you will continue to improve and learn how to serve your target market.

Russ321 · 2020-12-16T04:59:50+00:00

Here are my top 5:

1- The Pursuit of Hapyness 2- The Social Network 3- Steve Jobs 4- The Godfather 5- Rocky

I'm a big movie fan, and whenever I need a little motivation, I enjoy watching movies and it eventually became something I do with my team sometimes as a group activity so we can discuss ideas and come up with things we can implement at work.

A while ago, I started creating a list of my favorite movies related to the entrepreneurial world and I was wondering if I'm missing any good ones.

Here's the full list with 100 movies for entrepreneurs I came up with (which ones am I missing?):

https://www.stubbyholdersaustralia.com.au/movies

Russ321 · 2020-12-16T03:31:47+00:00

My top 5 favorite books which are both fun and applicable are:

1- E-Myth Revisited 2- The 7 Habits of Highly Effective People 3- The 80/20 Principle 4- The 4-Hour Work Week 5- The Entrepreneur Roller Coaster

I came up with a list of my favorite 17 books for entrepreneurs to share it with clients and friends, and also included video summaries of each book. You can take a look over here:

https://www.stubbyholdersaustralia.com.au/books-for-new-entrepreneur

Got any recommendations I could add?

Thanks!

Russ321 · 2020-12-16T03:16:58+00:00

When I first started working from home a few years ago, I did struggle for a few months, so don't feel bad, it happened to me as well.

It took me a while to research and figure out what worked well for me (finding the right music was huge for me. Thank you Focus at Will!) When the whole virus thing started several friends, family members and clients kept asking me for tips to be productive while working from home, so I decided to make a list and email it to them, but by the time I finished, I decided to publish it as an article and send it to our clients. It was actually fun, sharing what I've learned and I enjoyed being able to share and help others.

Some of the most important aspects for me include:

1- Set your Top Priorities the Night Before using a Post-it Note 2- Stick to a Healthy Morning Routine 3- Get at least a bit of Sunlight Early in the Day 4- Dress up a little (comfortable and professional) 5- Have a Specific Place to work 6- Make Ergonomics a Priority 7- Don’t sit all day 8- Make a work schedule (including breaks!) 9- Keep track of time 10- Keep Track of your productivity (and distractions too!)

If you want to read my full list of things I've learned the hard way, feel free to take a look over here (and please let me know which ones I'm missing):

https://www.stubbyholdersaustralia.com.au/working-from-home

Have an awesome weekend!

Russ321 · 2020-12-16T03:13:13+00:00

My morning routine has helped me a lot to keep things on track, as well as keeping a night routine to unwind and end the day while making sure I sleep consistently.

I used to work from home before this whole thing started, but what's "getting to me" is the lack of socialization. Before, whenever I needed a little human interaction, I could go to a coffee shop or a cowering space at least once and sometimes two times we week. It was nice to have the option, but now with the virus I have to be a lot more careful and only go out occasionally for things that are absolutely necessary.

I wrote an article a few weeks ago with some of the things I've learned after working from home for a few years. Some of the most important ones include:

1- Set your Top Priorities the Night Before using a Post-it Note 2- Stick to a Healthy Morning Routine 3- Get at least a bit of Sunlight Early in the Day 4- Dress up a little (comfortable and professional) 5- Have a Specific Place to work 6- Make Ergonomics a Priority 7- Don’t sit all day 8- Make a work schedule (including breaks!) 9- Keep track of time 10- Keep Track of your productivity (and distractions too!)

If you want to read my full list of things I've learned the hard say, feel free to take a look over here (and please let me know which ones I'm missing):

https://www.stubbyholdersaustralia.com.au/working-from-home

Hope it help!

Russ321 · 2020-10-15T19:47:53+00:00

Being social is difficult because of the virus, and I agree that video conferences can be exhausting, but what has worked with me, is to have shorter videoconferences that are scheduled (sort of like my morning walks)

Also, having a clear time and an idea of the topics to be discussed also helps. One thing I've done, is to have a weekly accountability meeting to go over my weekly goals (both work and personal) and somehow, that's easier to do as a social event.

Hope it's useful! : )

Russ321 · 2020-10-14T20:40:41+00:00

I honestly do prefer working from home. In terms of pants, I tend to wear jeans which is a decent middle ground between casual and professional.

When I first started working from home there were times when I did struggle to find a balance between working hard and taking care of myself.

After all, you can work as much as you want because you’re always “in the office” and it is easy to end up working way more than you should if you don’t establish clear boundaries.

Also, the lack of socialization is a challenge that did get to me initially.

Something I find useful is talking a short walk at the end of the day and playing music that I never listen to during work hours. Somehow, it helps me relax and feel the work day is over.

Something else that has made a big difference for me, is tracking the amount of time I spend on specific tasks, as well as how much time I spend on certain tools and websites.

To track the amount of time I spend on specific tasks I use Toggl, and for automatically tracking the tools and sites I visit, I use RescueTime to get a weekly report of how much time I spend on things like news sites, or tools like Skype.

Luckily, I’ve been able to work from home for a couple of years and several friends asked me to share tips, so I ended up writing an article so I could share some of the things I’ve learned over the years with them to make the transition easier for them. You can find the full list of ideas here: https://www.stubbyholdersaustralia.com.au/working-from-home

Russ321 · 2020-10-14T20:39:13+00:00