"A person who never made a mistake never tried anything new." - Albert Einstein
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.
Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. Great entrepreneurs have the ability to change the way we live and work. If successful, their innovations may improve standards of living, and in addition to creating wealth with entrepreneurial ventures, they also create jobs and contribute to a growing economy.
Entrepreneurs Spur Economic Growth
New products and services created by entrepreneurs can produce a cascading effect, where it stimulates related businesses or sectors that need to support the new venture, furthering economic development.
Education and training institutes nurtured a new class of IT workers who were offered better, high-paying jobs. Infrastructure development organizations and even real estate companies capitalized on this growth as workers migrated to cities where employment was growing.
Similarly, future development efforts in underdeveloped countries require robust logistics support, capital investments, and a qualified workforce. From the highly qualified programmer to the construction worker, entrepreneurship benefits a large part of the economy.
Entrepreneurs Add to National Income
Entrepreneurial ventures help generate new wealth. Existing businesses may remain confined to existing markets and may hit the glass ceiling in terms of income. New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created.
Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other, struggling sectors and human capital. Although it may make a few existing players redundant, the government can soften the blow by redirecting surplus wealth to retrain workers.
Entrepreneurs Create Social Change
Through offering unique goods and services, entrepreneurs break away from tradition and reduce dependence on obsolete systems and technologies. This results in an improved quality of life, improved morale, and greater economic freedom.
Moreover, the globalization of technology means entrepreneurs in lesser-developed countries have access to the same tools as their counterparts in richer countries. They also have the advantage of a lower cost of living, so a young entrepreneur from an underdeveloped country can compete with a multi-million-dollar existing product from a developed country.
Entrepreneurs regularly nurture ventures by other like-minded individuals. They also invest in community projects and provide financial support to local charities. This enables further development beyond their own ventures.
Tips for becoming a successful entrepreneur: -
1. Have a solid business plan
Planning plays a crucial role in any business success. A business plan is a good place to start – defining your skills and weaknesses, what you offer, how it’s unique and how you plan on growing your offering.
2. Prepare for financial challenges
Deal with cash flow blows by saving for a month’s worth of expenses or by getting creative with how you lower your overheads.
3. Be frugal – remember you’re a start-up
Resist the temptation to splash out on fancy offices, expensive equipment and over-the-top marketing. Your company’s livelihood depends on what’s in your wallet so every rand and cent must be triple-checked.
4. Don’t be afraid to ask for help
There are loads of resources out there for networking, knowledge sharing and advice. Networking is not just for new business opportunities; it can be a wonderful source of support and fresh ideas.
5. Put your faith in a trusted mentor
It can be a family member, former boss or colleague or even a trusted online source or blog. A mentor is an invaluable sounding board – someone who’s been where you are; someone with whom you can have regular, non-judgmental check-ins.
6. Marketing on a shoestring budget
Marketing your new business is extremely important but doesn’t have to cost the earth. Social media is your friend – creating your business page on Facebook is free and will help your online search ranking. So is submitting your website URL to search engines like Google and Bing – it’s completely free.
7. Look after number one
Entrepreneurship is a lifestyle – the days of 9-to-5 are over. That’s not say that you must work yourself into the ground. Exercise regularly, eat healthily and find the time to relax or you’ll end up being less productive.
8. Build a team that shares your vision
It’s simple: great people make a great company. As your business grows, you might need to hire staff.
9. Never stop learning
Starting your own business is a constant process of growth and learning. It’s important to enrich yourself with both practical and emotional skills. Take a look at free or low-cost e-learning resources.
10. Safeguard your venture
The best entrepreneurs don’t seek risk; they seek to mitigate risk. Small business insurance is one of the best ways to look after your livelihood, and it’s more affordable than you.
De-stress with Yoga for Entrepreneurs
Garudasana (Eagle) Arms
Shoulder blades feeling like two knotted, gnarled ropes? Try eagle arms, an “ahh” inducing stretch for the upper back and shoulders.
“Eagle arms can easily be done sitting at a desk,” says Renee Kennedy, a private and corporate yoga teacher. “Holding for just a few breaths will dramatically release tension in the upper body and help counteract the effects of stress.”
Agnistambhasana (Ankle to Knee or Fire Log Pose)
As an entrepreneur, there’s a good chance you spend a lot of your day either at a desk or in the car. It’s an inevitable part of doing business, but being seated for so many hours of the day can really do a number on your hips and low back.
Try Agnistambhasana, or fire log pose. It sounds intimidating, but it’s actually quite straightforward.
“This simple and effective pose can be done right at a desk,” Kennedy says. “It’ll help relieve tension in the hips and low back, without even stopping your work flow!”
Place your left foot on your right knee, relaxing your left hip and letting your knee drop open. Sit up straight and lean forward to deepen the stretch. Hold for several breaths, then switch sides.
Agnistambhasana is what’s known in yoga as a hip opener, which Kennedy says are essential to busy entrepreneurs who spend a lot of time sitting down.
Virabhadrasana III (Warrior 3)
Most entrepreneurs love a challenge. Want to kick it up a notch? Try this intermediate level pose, also known as Warrior III,
To begin, start in Warrior I.
Step your feet wide apart, so your feet are wider than your shoulders. Keep your left foot pointing forward, and pivot your right foot so your toes are pointing directly to your right.
Rotate your pelvis and torso toward your right foot, and bend your right knee deeply so your shin is perpendicular to the floor. Raise your arms overhead, pressing your shoulders down so they’re not scrunched up next to your ears.
Congrats, you’re in Warrior I!
Now onto Warrior III. Shift all your weight forward to balance on the right leg while the left leg lifts up to hip height behind you. Your arms should remain extended overhead, while you maintain a steady gaze between your hands. It’s tricky!
“Warrior III requires focus, strength, balance, and pure willingness to defy gravity,” Hanley says. “All things entrepreneurs need! “isn’t that the truth?
Viparita Karani (Legs Up the Wall)
Oh, the agony of insomnia.
Maybe you’re stressed about a client or you just can’t stop thinking about that great new breakthrough idea. But an entrepreneur needs their beauty sleep!
Believe it or not, yoga can help. Yoga teacher and entrepreneur Jessica Mehta suggests Viparita Karani, literally ‘legs up the wall.’
It's exactly what it sounds like: you're lying on your back with your legs vertically supported up against a wall. Place a support, like a folded blanket, about 6 inches from the wall.
Position your sacrum over this support, so your sits bones "spill over" between the support and the wall. Now, use a swinging motion to bring your legs vertically against the wall. Yoga Journal has a great tutorial for how to get into this sometimes-awkward position.
“By forcing the blood out of the legs and toward the core, you get instant stress relief and many report a feeling of drowsiness or refreshment,” Mehta says. “Try it before falling asleep to help those fitful nights when your mind is racing.”
Childs Balasana (Child’s Pose)
Its name says it all. This restorative resting pose is the same one a child naturally curls up into when she’s feeling upset or overwhelmed.
10 Essential Oils for Bloggers & Entrepreneurs
Cypress (Cupressus sempervirens) is my absolute favorite essential oil to use when I want to snap into that “flow” of productivity and kick ass in absolutely everything I do that day.
This is, by far, my favorite aroma, and I diffuse it all the time.
Cypress keeps me relaxed and focused, while mitigating stress and overwhelm. I use it especially on writing days.
Peppermint (Mentha x piperitais) is my power oil. When I am on a call, or leaning outside of my comfort zone, peppermint helps me rise up to any challenge, overcome obstacles, and act despite fear.
Peppermint gives me a boost of mental and emotional energy that I use to get stuff done, and show up 100% in both the tasks I love and the tasks I’m not so crazy about.
Sweet Orange (Citrus sinensis) is my happy oil. Diffusing orange (or any citrus essential oil) boosts the joyful, happy atmosphere in my office.
It helps remind me to find joy in what I do, and to focus on serving the best interests of all who I come in contact with through my business.
Sweet orange is a great stress reliever, helping me face uncertainty and uphill battles in my business with more ease and gratitude.
You can’t beat lavender (Lavandula angustifolia) for its stress eliminating aroma.
Lavender is THE best oil to diffuse in your office if you are having a stressful day, or if you are dealing with a bad client/customer.
If you are an entrepreneur who also struggles with chronic anxiety, lavender oil can take the edge off, keeping you calm, focused, and productive.
Outside of the office, lavender essential oil is incredible at helping you relax and sleep at night. I diffuse it every night in my bedroom to help me drift off to sleep so that I can face the next day as my best self (vs. a sleep-deprived, stressed out self).
If you don’t care for the floral aroma of lavender, you can use the spicy, woody cedarwood (Cedrus atlantica) essential oil. Cedarwood has the same benefits of lavender, helping you stay calm and focused while at work.
It also helps you relax and sleep peacefully at night.
I love blending lavender and cedarwood together for a 1-2 punch of calming vibes.
Eucalyptus (Eucalyptus globules) is an essential oil that I use to connect to my intuition and creative self. It’s a fantastic essential oil to diffuse when you are in creation mode – content, graphics, design, new products or programs.
Eucalyptus also helps me reduce stress, and focus my mind on creative solutions to problems.
It’s also an uplifting aroma on gray, rainy days, or in the middle of a northern winter, helping me reconnect to nature and my higher self.
7) Tea Tree
I don’t usually diffuse tea tree (Melaleuca alternifolia) oil. But I love the smell.
For me, tea tree is a cleansing oil. It helps me refresh and refocus.
I simply hold the open bottle under my nose and inhale deeply a few times. It helps melt away stress, or “reset” your day after facing an unexpected problem, or any sort of nastiness you encounter online (or in your business).
I have just started using frankincense (Boswellia serrata) essential oil while I work. Frankincense helps me stay focused and relaxed, and has many of the same benefits as cedarwood essential oil.
It’s a good all-around oil to support your day-to-day activities as an entrepreneur.
Essential oils expert, Adam Barralet, affectingly calls Wintergreen (Gaultheria procumbens) oil “the “F**k It Oil “.
Besides reminding me of my childhood, and my grandmother, who always kept a candy dish full of those pink “Canada mints”, this essential oil helps me chill out and let go.
It takes me back to a time in my life when I was more carefree and nurtured, and reminds me that I am still safe, and that I don’t have to take on everyone’s burdens, and carry them on my back.
There are times when either building or running a business where we need to let go. That might mean letting go of a bad client, or letting go of the need to micro-manage every last part of our business.
If you’re a control freak and perfectionist (*raises hand*), wintergreen essential oils can help you surrender and let go of things that hold you back, and that ultimately sabotage your business.
And finally, we have lemongrass essential oil (Cymbopogon flexuosus). Lemongrass is uplifting for both the mind and body, and diffusing it in my office helps me put more energy into what I do (especially when recording audio or video).
Lemongrass is a fantastic productivity booster, keeping me on task and attacking my to-do list with relentless commitment.