Work Life Balance

Entrepreneurial Failure: Get Used To It

Posted on

To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates’ first company, Traf-O-Data, was a failure. Michael Jordan was once quoted as saying: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot; And missed. I’ve failed over and over again in my life. And that is why I succeed.”Screen Shot 2016-02-10 at 3.59.44 PM

Ask most entrepreneurs how many time they have failed and they will say”more times than I can count”. Most will have their share of success, but it is rarely close to equal. The failures far outweigh the successes. As a business owner you have to be OK with that, because once you stop failing, you will have stopped trying to innovate. It’s the nature of the business of being an entrepreneur, and of success in general. [Read more…]

Outsourcing Tasks That Prove Troublesome to You

Posted on

Outsourcing - Business Background. Blue Arrow with "Outsourcing" Slogan on a Grey Background. 3D Render.

There is a tendency when running a business to do it all yourself. You want to make sure that every aspect of the business runs smoothly and is completed in a professional manner.

When you are just starting your company, that school of thought might not only be best, but it might also be better for you financially. As your business grows,  you will start to feel stretched thin from all of the tasks that you have to take care of and you will start to feel like you are always working. All work and no play will eventually lead to sloppy work – or worse, burn out.

To reserve your energy and talents for the things you enjoy about your business, you can outsource the tasks that you do not like to do. You can also hire a third party to do the tasks that are slightly out of your ability to handle. One example that many companies deal with are setting up web pages and finding that the task still causes you to stumble and takes longer than it should. In that case, you may be surprised but you may end up actually making money by outsourcing the job. One way to figure if it is cost effective to hire someone else to do the project is to decide how long the job takes you to complete it and what your time is worth versus what you would pay to have it done. [Read more…]

error

Enjoy this blog? Please spread the word :)