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How to Build Strong Business Partnerships in the Digital Age

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Business Partnerships

What is the significance of digitally partnering in business? Notably, in the digital world, partnerships are considered as powerful and mysteriously attractive prospects leading to the success of many businesses. 

A strong digital partnership is an alluring prospect for a variety of reasons including providing a company with access to expert knowledge or skills. Strong partnerships also offer a pathway to a new customers’ market and can lead to the implementation of a more agile approach. Importantly, it allows you to focus on your core business while outsourcing its development.

In today’s digital world, growth is one of the most important goals for every company and one of the big opportunities of attaining this is through digitally partnering with other companies. Partnering helps your company to seamlessly find new clients or even offer more quality products and services to your existing customers.

The proverb “two heads are better than one” underscores the importance of collaboration. It is obvious that digitally partnering companies are adding more reach and range and have significantly added more growth. For these reasons among many others, partnerships in business are becoming increasingly important especially following the digital economy and as the business models evolve and product innovations demand expertise from different industries.

However, fostering and preserving strong business partnerships in the digital age is not an easy thing. Regardless of the many benefits, partnerships in business are accompanied by many partnering disputes some of which require the involvement of commercial litigation lawyers to help in solving them. Additionally, building a strong partnership in business requires some strategies.

What Does Partnering in a Business Mean?

A business partnership describes a legal relationship formed by a written agreement between two or more individuals or companies. In this case, the partners invest their capital in the business, and each of them benefits from any profit made within the organization and sustains part of any losses. Partnerships have always been a critical strategy for businesses looking to develop in unfamiliar markets, tap new customer segments and sell additional products and services. They can be notoriously tricky to make.

In the current hypercompetitive and hyper-connected markets, partnering has taken on even greater strategic significance. All communities in general, both business-to-consumer and business-to-business firms are in an arms race to grow innovative user experiences, expand distribution, and captures new sources of monetization.

Many digital leaders are discovering that their future does not only depend on what their companies can do but also their capabilities, functioning, insights as well as channels which they can tap by partnering with others. However, if not watched clearly partnership comes with various disputes including disputes based on personal habits, financial issues, commitment levels, and differences in the management styles. In such a case, litigation lawyers are involved where their role is to ask applicants to help their clients through litigation and help solve partnership disputes.

Strategies For Building a Strong Business Partnership

Notably, partnering with other companies is one of the most effective ways of expanding a company’s customer base. Besides free advertising into several new demographics, strong and strategic partnerships also allow your business to provide more value to their existing customers. Some of the ways to build strong partnerships include:

Communication

It is no secret that communication is the key to everything. As such, even the best partnerships are based on a solid foundation of honest, respectful, and honest communication. Therefore, in building strong business partnering, you have to learn the art of effective interpersonal communication. In this case, partners should always be open and honest with one another, understand each other’s strengths and weaknesses and at the same time be honest with themselves. A large part of effective communication is active listening and the ability to give tactful well-thought feedback. As partners, you have to be honest enough to highlight key areas in which your fellow partners can improve, and with this, it becomes easier to build and sustain a strong partnership.

• Start an Amicable Partnership and Always Consider Your Partner a Part of Your Team

It is crucial to note that the first impressions and perceptions you create will be integral in shaping the relationship. You have to understand that irrespective of your position or even class, you always have to consider who you are dealing with as a partner. Acting inferior, compliant or passive determines how others will treat you. In partnerships, it is better to be bold and have the courage to speak up and command respect by being respectful first. Having clear and well-defined roles ensures there will be no overlap in offerings that could cause competition between you and your partner and a strong bond is built among the partners.

• Set Clear Expectations

While partnering, you should always consider having a strong connection with your business partners, but hammering out the details of that partnership has to be more technical than emotional. It is advisable to always define the structure of the business including what the partnership has to accomplish for each company, and what constitutes each partner’s domain. Through this, you are able to eliminate confusion for the company leaders, employees as well as customers.

Final Thoughts

Through these ways and various other strategies such as giving the partnership room to grow, being honest and transparent in your watchwords will help create and maintain a strong business partnership.

Till next time,

STRIVE

Monica is a passionate writer and content creator. She currently writes for Streeter Law, a professional law firm in Sydney that has commercial litigation lawyers for business legal cases. Her interests include business, technology, entrepreneurship and everything in between. Get in touch with her on Twitter @monical_lee.

Entrepreneurship

WHY YOU SHOULD CONSIDER STARTING A MEDIA COMPANY

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starting a media company

I am going to tell you something you probably already know.  We are simultaneously living in challenging times, while also living in an era of high leverage!  It’s an era where more people have access to technology and information, while fewer control the distribution of that information.

It’s an era where anyone with $100 CAN start a media company and connect to billions of people all across the world. But, it’s equally an era where not everyone will.

There is a democratization of attention and influence that is continually evolving, improving, and becoming more accessible to all.  In fact, it is unfolding right now as you read this! Truly, we are witnessing an era that holds more opportunity for every single person across the world, than at any other time in recent history.

These days, if you have a message, a computer, and access to the internet, you can create something big and influence how our world unfolds.

STARTING A MEDIA COMPANY CLOSES THE GAPS

In the past, there has always been a huge gap between the consumers and the creators of information.

The creators of our information and entertainment were the big media giants.  Media giants like NBC, New York Times, ABC, Wall Street Journal, etc.  These companies had, and still have deep pockets, they had control of the media production technology, along with all the distribution channels.  Which, by default, made them the rulers of “media land”.

start a media company

Not only were these media giants the rulers, but so were their 6 corporate rulers (GE, News Corp, Disney, Viacom, Time Warner, and CBS), because they got to influence and direct information in a way that benefited their business (and interests).

Because they were all the rulers of this so called “media land”, we had to watch and listen to what they wanted us to view and listen to.  We were influenced to buy what they wanted us to buy (their advertisements etc.), and do what they wanted us to do.

By being the rulers of this so called “media land”, they got to choose the messaging and influence that the majority of the world would get to consume.  In short, they had (have) the power. But WE can change all of this, and we should.

THE ERA OF YOU

But this era is no more friends.  That was the old era, and now we are into the new.  This era we have been shifting into, is the era where anybody with an idea, a message, and a willingness to strive, can connect with the multitude.

The era we now live in, is an era where anybody can grow their very own audience, and control the frequency and quality of the message themselves.  We are now in the ‘era of you’.

You see, internet technology has evolved, and it is now allowing more and more people to choose what they want to consume and when.

Technology has unwittingly, put much power back into the hands of the people.  We now have the power to choose what we want to consume, and to create that which we want others to understand.  And fortunately, the barriers to entry have been removed.

Small and medium sized businesses have been slowly starting to pick up on this, and are moving in the direction of becoming their very own media companies.  Small businesses are hedging their bets against the media giants that once ruled the landscape, and are staking their claim in this new world.

They have realized, that if they are not creating content, then they virtually don’t exist.  Without a platform, they have no leverage, no way to influence, and will struggle to control their own destiny.  They have realized the value of positioning themselves as a media business.

SEIZING THEIR MOMENT

Even a handful of artists, authors, and solo entrepreneurs have already picked up on this trend with remarkable success.  As we speak, many are continually seizing more and more ground in terms of attention and subscribers from the old guard.

For example, look at these handful of individuals who not too long ago, decided that their moment was now.  You will notice that they have managed to create massive audiences in a short amount of time.  Audiences that have given them power, influence, and profits like they wouldn’t have ever been able to experience had they not seized their moment.

Gary VaynerychukGary Vee, as many know him by these days, has almost double the YouTube subscribers than NBC News.   And when it comes to web traffic, his site pulls in almost 3% of NBC.com, which is impressive considering NBC.com currently pulls in around 18.5 million online viewers per month.  Not bad considering he started his online empire by piggybacking off the online success he had selling wine for his parents liquor store.

From that modest success, Gary Vee managed to become the voice of hustling entrepreneurs the world over and one of the biggest advocates of becoming your own media company.

Evan Carmichael: Evan is about to surpass the New York Times on YouTube, which has just under a million subscribers.  That is a phenomenal achievement, considering he’s just one guy (who leverages a small team) and has not been around for nearly as long as the New York Times.  The cool thing about Evan, is he started out as with small website dedicated to sharing success insights for entrepreneurs.  And over the years, he transformed his small platform into well-known brand and media outlet.  If you’ve ever searched for any top 10 rules of success on Youtube, you’ve likely seen one of his inspirational videos.

Lori Deschene: Lori started a Twitter account to initially share her ideas, which then transitioned into a blog in 2009, and then transitioned it into a community site that now attracts close to 4 million active users monthly.  Her current reach is roughly 14% that of old media companies, like Newsweek.

Pete Cashmore: Pete started a personal blog which would morph into Mashable.com, a site that now gets roughly 49.5 millions views per month!   For perspective, that’s almost as much attention as the Wall Street Journal is currently getting!

Michael Arrington:  Michael was an attorney who left his job to give his digital entrepreneurship idea a shot.  After a year at it, he decided to go back to the working world.  However, while his was back at his desk job, he decided to start a blog on the side.  He chose to do this in order to keep up with all the changes in technology and all the new up and coming tech websites. 

Out of that side-hustle came TechCrunch.com, the wildly popular media business focusing solely on news related to the technology industry.  And currently pulling in around 27 million visitors per month.

Darren Rowse Darren decided to started document how he was making money from his blog experiments in 2004.  His blog became a hit, and turned into one of the best resources for aspiring bloggers and digital entrepreneurs.  His site is ProBlogger.com, currently helps roughly 700,000 people a month with insights and information related to monetize content creation on the web.

Arriana Huffington:  These days, everyone has heard of Arriana Huffington.  If you don’t recognize her entire name entirely, surely you’ve heard of the Huffington Post, aka the Huffpost.  Well, she was the co-founder of this massive media company.  Arriana and Co. took a professional approach to their blog from the get go.  And this is what helped them transform their blog into the media platform it is today, reaching 137,000,000 people a month.

Jason Wachob: Jason left Wall Street to start a low-carb cheesecake company, and after it failed he hit rock-bottom. But, he decided to recollect himself and rebuild anew. And even though he was working out of his mother’s basement, he leveraged his life experiences to start Mind Body Green.

And now, mindbodygreen.com is one of the most popular lifestyle media brands in the world.

With that said, this list can go on and on.  But here’s the thing, if they can do it, you can do it too.

THE CHANCE OF A LIFE TIME

One of my personal heroes, Theodore Roosevelt once exclaimed, “Seize the moment. Man was never intended to become an oyster”.  No doubt, he was talking about these type of moments, moments and opportunities that come once in a lifetime.  Starting a blog or your very own media company at this moment in time, is the right moment.

So why am I sharing this with you?  Because your time is now.  Because I believe that what you have to say, matters!  Your message, ideas, and influence can positively impact millions of people.  And I don’t want you to waste this chance of a lifetime.

Just look at the change in access to the internet over the past few decades:

Like Bob Dylan said, ‘These times are a changing”.   And now your voice can now be amplified to such a degree, that you can change the world.

Want to Create Your Own TV Show? Start by creating a channel on YouTube.

Curious about starting your own media company?  Get a website, upload a Newspaper Theme, and start creating and aggregating content.

Want to create a community of like-minded individuals to start making an impact across the world? Do like Lori Deschene, and create a Facebook Group or a community website.

Interested in creating a platform to spread your message, build trust, and start growing your influence?  Get Started on Your Own Media Company, and begin sharing your voice!

If you’re still not convinced, that’s okay.  Starting a media company isn’t for everybody. You don’t have start with some grand plan either.  Most successes don’t.  They just had a dream and were willing to give that dream a try.  However, if you’re still looking for some more good reasons to give your own thing a try, here are 10.

The bottom line is this…your voice matters, and now, unlike any time in recent history, you can leverage technology and help the world see and experience innovate and fresh ideas.   The world is hungry for what you have to offer, for what you have to say.  So, give it to them!

My friends, your moment is now. More people starting a media company is what our world needs.

Till then,

STRIVE

PS – If you enjoyed this post about starting a media company, then you’ll likely enjoy this article on some of the best reasons to become an entrepreneur.

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Entrepreneurship

10 REASONS YOU SHOULD START A BLOG THIS YEAR

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Reasons to Start a Blog

If you’re in search of some reasons to start a blog then you’ll enjoy this post. But before I dive into those reasons, here are a few key things you should know.

I used to be heavily in invested in real estate.  In fact, real estate is what helped me build a large chunk of my wealth. But, I wanted to create a business that would eventually free me up even more so, to do what I most love to do; travel.

Now I still believe in and invest in real estate.  Real Estate will always be a part of my wealth building portfolio.  However, I want to have the flexibility to go wherever I want, whenever I want.  I don’t want to be tied down to a physical location just because that is where my investments are.

I don’t want to be forced into sticking to one geographic location, because that’s where all my eggs are.  I want to be free.

I want my money to keep flowing into my bank account, regardless of my location.  And I don’t want to have to worry about whether I’ll have tenets to ensure my money keeps coming in.

If you’ve ever been a landlord, you’ll know that dealing with tenets is stressful.

BLOGS AND DIGITAL REAL ESTATE AS AN INVESTMENT

With that said, there are two other reasons I decided to build a blog.

I wanted to create something that would allow me to have a greater impact on people’s lives.  I’ve always wanted to both inspire and help people.  And through my words and the resources I create on this blog, I can now do that.

The second reason is more practical.  I decided to start a blog to spread my risk.  I started a blog because it is another way to help me live the life of my dreams.  And with the right attitude, it can do the same for you.

The way I made my money through real estate is the exact way I plan to make even more money through blogging.

In real estate, I bought a piece of property that was low value, ugly, and needed a lot of elbow grease.  I put in the effort and improved the value of that piece of property over the time-span of a few years.  Through effort, and persistence, I turned a piece of property that nobody wanted at first, into something that a lot of people wanted.

The same principle is being applied to this blog.  It started off as something that was of no value to anyone but me.  However, the more people learn about it, the more I build it into a value generating machine, and the more I can get people to keep coming back to it, the more valuable it becomes.   And then, just like real estate, I will be able to either sell it off, or “rent it out”.

What do I mean by renting it out?

Renting out in the online world is akin to offering space on my site to advertisers, advertisers who will pay the site owner money to offer products and services that my audience may want to buy.  So, much like rent on real estate, the site pays me monthly.

In short, I don’t want to be over-invested in real estate or stocks.

The great news is, learning how to make money from a blog is easy.  If you can do research on the internet, you can learn how to blog.  The hard part, is doing the work and sticking with it long enough to see it make money for you.

HOW BLOGS MAKE MONEY

blogging like a lot of businesses, is a numbers game.  If you get good a getting those numbers large enough, then the money starts coming in.  No, not automatically.

This is a simple viewpoint, but when you get the numbers right, you can change your focus to get the money right.

For example, T.V. plays the numbers game.   Online Magazines and Newspapers play the numbers game too.  People making YouTube videos are also playing a numbers game.

In order to make money in the blogging world, and all these other areas just mentioned, you need to have an audience.  There needs to be a certain number of eyeballs looking at your site every single day.  When that number grows, so does your chances for making money.

The more viewers a site, blog, show, newspaper, or whatever, gets, the more money-making potential they have.

For instance, YouTube shows an advertisement right before every video.  If you click on that advertisement, the person who loaded the video makes money.

Newspapers get paid by advertisers in advance, for placing a small ad within their pages.  If it is an online newspaper or magazine, it uses ads much like google does, and makes money on every click too.

The same is done with blogs.  Blogs can include ads on their site and follow the same principle.    And like the YouTube video or online newspaper, the more people see your ads, the more potential you have for making money.

Same thing applies for a physical store.

Which store do you think has a better chance of making money, the store that only gets 10 people a day, 1,000 a day, or 10,000 people a day?

IT’S ABOUT EXPOSURE

You see, the more an ad is exposed to a person, the higher the likelihood will be that the ad gets clicked on by a visitor.  And advertisers actually pay for each click the website or blog helps them get.

Why?  Because you are helping them expose their business. You are helping them acquire new business.

In essence, sites, magazines, shows, and internet businesses that help other business owners introduce their products or services to the market, get paid.

These days getting the ball rolling with advertising is easy. All you need to do is set up an account, much like you would for an email account.  You put in your bank info, tax info, and presto, you are half way there.

If you can read and follow instructions, you can get set up easily.  And the great news is, just about everything in this online world comes with instructions these days.  And if it doesn’t, the answer is usually hiding in Google somewhere.

At this point you would just use a simple plugin for your site, add the ad specs you just created, and bam, you are in business.

But, one of the best ways blogs make money, is when the owner or company creates and sells their own products directly to the audience.

Why?  Because ads pay cents per click, whereas, if someone clicks on a product you created, and is interested enough to buy, you get all the money.

THE TRUTH ABOUT STARTING A BLOG

The truth is, anyone can start a blog.  But, blogging isn’t for everyone.  Just like investing in real estate isn’t for everyone.  And the same can be said for getting rich or becoming your own boss.  It is not for everyone.

Yes, anyone can do it, but not everyone will.

Truth is, many people start blogs, but they don’t know what they are doing, or how it can make them money.  Truth is, they don’t have the right expectations when starting, and so they quit before it ever works for them.

So if you start a blog, either decide to, or find a way to never give up.

It’s like someone buying a piece of real estate, and then trying to sell it in one or two years and expecting it set them up for life financially.  But this rarely happens.  Why?  Because money can’t be made with out first creating something of value.  And real value can’t be created in the snap of a finger. Real value takes time.

Anyone who understands this, is going to have a much better shot at having their blog fatten their pockets and bank account with money.

Blogs have worked and are working for me.  And they work for countless others.  At first, the money just trickles in.  But then that trickle starts trickling a bit faster, and before you know it, the trickle becomes a gushing stream of money.

With that being said, if you’re still not convinced that starting a blog is something that you should do, here are the 10 best reasons to start a blog today.

Here they are:

10 BEST REASONS TO START A BLOG TODAY

best reasons to start a blog

1. A BLOG IS AN INVESTMENT IN YOUR FUTURE

My personal favorite reason for starting a blog is because it’s an investment.  When you start a blog, it is an investment in your future and it’s an investment in itself.  A blog, like a piece of real estate, is something that you can buy, put money and effort into, and then sell at a later date.  And when you sell it, it can be for much more than you bought it for.  When you build a blog, if you do it right, you can build equity, and equity is worth something.

On top of this, a blog can also become a means to earn an additional stream of income.  The amount of effort and focus you put into your investment, will determine the amount of money it will provide you with in return.

When you own a blog and work on it, you create options for yourself now and in the future.

2. A BLOG IS A SELF-IMPROVEMENT TOOL

When you start a blog, you will be learning a ton of new things.  You will learn more about technology then you ever knew before.  You will learn about the ins and outs of marketing, and how to become a better writer.  But most importantly, you will be habitually doing things that will make you better.

Why?  Because, if you want your blog or site to succeed, you will need to be adapting and changing things as you go.  As such, you will be improving both your blog and yourself overtime.

A blog can be the ultimate self-improvement tool.

3. A BLOG TEACHES YOU ABOUT BUSINESS

Let’s say you wanted to start a blog today, but you don’t really have that much business sense.  That’s okay, because you could still get started just for the fun of it.  In fact, many use a blog as a public journal.  Or as a pro-bono resource to help others.

But, if you really want to add value to people, you should start it as a business.  Meaning, you should be creating it with the intent of making money.

But isn’t that selfish?

No and here’s why.  If you focus your energy on turning your blog into a money-making machine, then you will eventually learn how to add real value to people’s lives.

Why do I say this?  Because, when you discover a way to get people to exchange their hard-earned money with you for something that you are offering, then you’ve found a way to be of service to others.  And if you’ve found a way to do this, you have learned the fundamentals of business.

No doubt, a blog can teach you about business.  Especially if you want to stay in business, because you will soon learn that business is the exchange of value, and if you’re aren’t providing value, you won’t be in business for very long.

So, when you get started on a blog and use it as your own personal development laboratory, you’ll be learning everything you need to know about success and business.

4. STARTING A BLOG STRENGTHENS YOUR INDEPENDENCE

One of the best reasons for starting a blog is because of the independence it can give you.  By starting a blog, you stake a claim in your future.  You are saying to the world, I will be free.  I am not going to be dependent on my job, the government, my family, etc., forever.  I will one day be my own man/woman.

When you have a blog, you begin moving in the direction of independence.  Because if you do it right, that is exactly what a blog will help you do.  It will help you become independent from almost everything.  By starting a blog, you start the process of becoming self-made and more independent.

5. A BLOG WILL HELP YOU LEAVE A LEGACY

In 20 to 30 years, your time may be up.  Like most people, you will have worked most of your days for someone else.  You will have raised a family (or not), and you will have done your time here on this earth without leaving much of a dent.

For a few years after your death, you will be remembered, maybe, by those closest to you.  But the rest of the world will slowly forget about you.

When you create a blog, you give yourself a chance at creating something that can last throughout the ages.  If you put ideas and words together in such a way that it touches people, helps them live better, or changes their lives, your words will not be forgotten.  And by having a blog, (much like writing a book) you can create something that can outlast you.

If you start a blog today, you can leave a legacy for tomorrow.

6. A BLOG CAN PROVIDE YOU WITH FREEDOM

One of the best reasons to start a blog is freedom. If you start a blog today and stick with it long enough, it can transform into something that will give you freedom.  Freedom from the daily grind.  Freedom from having to be stuck in one city or country for the rest of your life.

A blog can provide you with the freedom you desire.  If you believe it can happen, it will.

You can turn a blog into your job.  You can transform it into something that will eventually pay your bills.  With a blog you can become your own boss.

If you want it bad enough, a blog can set you free.

7. A BLOG CAN PROVIDE YOU WITH FINANCIAL FREEDOM

Not everyone who starts a blog will become financially free.  However, it does have the potential to provide you with financial freedom.  How?  There are two ways.

The first way, is to create a blog that makes you a ridiculous amount of money.  There are blogs out there that pull in $100,000 to $300,000 a month.  If you make this amount of money, you can count yourself as financially free.

The second way is this.  If you create your blog correctly, it can be designed to be automated.  Meaning, in time, much like a business.  It can be built to leverage other people’s time, money, and efforts to keep the wheels turning.

Once you get your blog to a point where it generates enough money to pay for all of your living expenses, you can slowly develop mechanisms that will automate everything.  And if you do it right, you can set up a business system that runs without you, and similarly, pays you without you needing to do much of anything.

At this point, you will be financially free.

8. A BLOG WILL HELP YOU CREATE A PLATFORM

Some people don’t care much for money.  Some people just want to get their message out to the world, make an impact, and become influential.

When you have a platform, you can influence public perception.  Unfortunately, without tons of money, getting your message out to millions of people can be difficult.

For the most part, if you don’t have tons of money to spend, if you are not a celebrity status, or don’t have an established and platform (like a column for a major media outlet i.e. NYT, Wall Street Journal, etc..), then getting your voice heard by many will be difficult.

But, if you start a blog today, you have a good starting point to create a platform for yourself.  A platform that can eventually command the attention of millions.

9. A BLOG WILL HELP YOU BECOME A BETTER THINKER

There is more to blogging than meets the eye.  If you aim to run it as a business, a lot of thought will go into it.  You’ll consider design elements, posting frequency, distribution channels, strategic relationships, and how to better communicate your message with your words, all of which, will require a good amount of thinking.

Most importantly though is this.  As you write and communicate through the medium of a blog, you’ll find that your thinking becomes clearer.  So long as you do it consistently. Why?  Because when you put your thoughts down for other people to read, the more aware you’ll become about how other people perceive what you are trying to say.

The more you write, and the more you seek to get people to react to your blog, the more critical your thinking will become.  It doesn’t happen automatically.  It will start to happen when you begin looking for ways to improve your results.

10. BUILD YOUR AUTHORITY AND EXPERTISE

When you start a blog and begin writing about topics that your audience finds valuable, you’ll establish yourself as an authority.  And as you become an authority over a certain subject, you will at the same time, be improving your professional image, and as a result, your business opportunities.

If being seen as an expert is something that is important to you, then starting a blog is an easy way to do it.  It will take some time and effort on your part.  But with enough focus and intent, you can leverage your blog to enhance your authority and expertise.

THE MOST IMPORTANT REASON YOU SHOULD START A BLOG TODAY

Blogs are great, because you can use them to eventually make you rich, much like real estate.  But unlike real estate, you don’t need a ridiculously huge down payment to get you started.

I believe in blogs.  I believe in them because I believe in the value of effort.  Same reason I believe in business.  Because when you start your own business, it will live or die by what you decide to do with it.

If you give it everything you got, it can give back to you everything you want.

On the flip-side, if you approach it like a hobby, it will give the same results a hobby gives you.  You will be entertained, but it won’t make you rich.

Opportunity is everywhere.  And while some people are born with more talent, better looks, better this and better that, a blog as a business (and any other business for that matter) can level the playing field.

If you put in the work, a blog can be leveraged to improve many areas of your life.

If you strive, you will arrive, especially with a blog.

So get off the side-lines and start a blog today!

STRIVE

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Entrepreneurship

9 TIPS IF YOU WANT TO START A BUSINESS WITH NO IDEAS

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I Want To Start A Business But Have No Ideas

So, you want to start a business but have no ideas?

No problem!

There are an unlimited number of ideas out there. And there are many ways to find those ideas. You only need to learn how to tap into your creative genius to spot them.

But where do you start?

The best ideas are those closest to your heart. Ideas that are good and that you will enjoy pursuing. Because when you love the process, you will stay consistent despite setbacks.

And that’s key to building a successful business.

Let’s dive into 9 tips to start a business if you have no ideas.

HOW TO BE AN ENTREPRENEUR WITHOUT AN IDEA

How to be an entrepreneur without an idea

Tip 1: What Are You Passionate About?

Follow your passion – it sounds cliche.

But in simpler terms, it means doing what you enjoy. And though it sounds so simple, this part is crucial in staying consistent for most people.

Sure, you can trade crypto because it’s popular. You can build a real estate business because many wealthy people do it. Or start an online business to have the freedom to travel the world.

But none of them is easy.

All of them come with hardships, setbacks, and challenging times.

And if you lack joy in the process, you most likely give up when those times happen.

So, when you come up with business ideas, make sure to pursue the ones you fall in love with. Don’t just go with the idea because it could make a quick buck.

Here are some ways to think about new ideas:

  • What do you already enjoy doing?
  • How do you spend your free time?
  • What do you talk about all the time?
  • Who or what inspires you in the world – and why?
  • At what moments do you completely forget about time?
  • If you could master one skill instantly, what would it be?

It’s a great idea to begin with yourself if you want to start a business with no ideas.

Tip 2: What Are Your Strengths?

Starting a business around your strengths is a great idea.

Knowing your strengths is key to achieving success. It enables you to get into positions in which you thrive. Simultaneously, it allows you to team up with those who complement you best.

Besides, it’s no secret that most people tend to enjoy what they excel at. In other words, finding your strengths may uncover some new passions.

And before you tell yourself that you lack any strengths, everyone does.

It just manifests in different ways.

For some, it’s hidden in a specific skill, like coding or painting. For others, it’s hidden in their character traits. And while some are exceptional with people, others do their best work alone.

Here’s how you can find yours:

  • What were you naturally better at in school?
  • What do you do with ease that others struggle with?
  • What do others compliment you for?
  • Do an online strengths test, like the free High 5 Test.

Think about your strengths from different angles. For example, are you good with numbers? Very creative? Are you great with people? Are you accountable? Responsible? Ambitious? Good at money management? Or brilliant with computers? Etc.

If you struggle to find your natural powers, do various strength tests. That way, you will get input from different perspectives.

Tip 3: Start With Purpose

In the famous TED talk, Simon Sinek talks about having a purpose. Or as he calls it, having a “Why”.

And he explains how Apple used it to become the standalone brand they are today. But it’s not just for brands.

It’s for individuals too.

A good example is Viktor Frankl. In his book, Man’s Search for Meaning, he writes about how purpose has helped him survive and thrive in the concentration camps of the Nazis during World War II.

That’s how powerful a purpose is.

It can be the single reason that causes you to keep going, despite feeling unmotivated, lacking willpower, and wanting to give up.

Besides, finding your purpose may lead straight to the perfect business idea. Here you can learn how to find your purpose.

Tip 4: Audit Your Existing Skills and Knowledge

When you want to start a business with no ideas, a good place to start is with your current skills and knowledge.

What do you know well?

It’s often challenging to start a business in something you have no experience. But you will find it easier to come up with ideas when you already have some knowledge and skills.

It provides a launchpad towards success.

You can use that to develop your business experience and confidence. And you can use that to spiral up new ideas and start new businesses if that’s what you desire.

But what do you do if you lack skills or knowledge?

Know that your skill sets translate to your business success.

So, the more skills you learn, whether those are skills like coding and marketing, or soft skills like communication and selling, determine your success.

Do you not have any skill set yet? Then you might want to start there first. Here is a list of 10 well-paying and in-demand skills.

Tip 5: Research Different Niches

There are many, and I mean many, different business ideas and opportunities out there. And finding one that suits you is a matter of doing research and then trying stuff out.

Think about it: almost anything you can think off has a business around it somewhere in the world.

Online businesses alone already come with unlimited amounts of opportunity. You just need to explore your options.

Do your research, and you will have a business idea in no time.

Here’s where you can start:

  • Consultant (online) in any area of expertise
  • Developer: freelance or building your own thing
  • Commerce store: physical or online
  • Restaurant or food truck owner
  • A personal trainer or gym owner
  • Coaching or teaching of any kind
  • Designers of all sorts
  • A planning business
  • A travel business
  • Massage therapist
  • A cleaning business
  • Running your own Airbnb
  • An (online) marketing business
  • A sales business

There are just too many options to list. But if you struggle with your research, you can also check out these 5 easy business ideas.

Do your research, explore the options, and soon have a great idea to start a successful business.

Tip 6: Consume More

Consuming more may sound counterproductive. But I do not imply that you should watch more tv. Instead, you should deliberately choose what to take in.

And in being deliberate, I mean learning about ideas on a range of different things.

Read non-fiction books on any topics. Dive into biographies of the people you admire. Watch documentaries about a range of things. Read blogs, watch YouTube videos, and explore everything.

Expand your knowledge.

Seek to understand a bit of everything. And then, dive deeper into what interests you to find a business idea.

Exploring a variety of topics is good advice in general. Not just for starting a business if you have no ideas but also for your personal life.

Tip 7: Practice Creativity

You may not see yourself as creative, but all humans are. And there’s an easy way to prove that to yourself:

Come up with one business idea every day.

That’s not too difficult, right? You don’t have to be original. You don’t have to go wild and think outside the box.

You just need to come up with a different idea every day.

Why?

It develops the habit of creativity. Starting with simple and common business ideas gets you into that way of thinking. Then, over time, business ideas appear everywhere you go.

And that’s when you come up with out-of-the-box ideas.

That’s when creativity works its magic.

But until then, you will have to develop the habit. You have to stimulate the mind a little bit. After all, you only become good at something if you practice it.

Tip 8: Solve Problems

Every successful business solves a problem. In fact, if yours doesn’t solve a specific problem, you will soon be out of business.

And there are many different problems to solve.

  • World problems, like climate change.
  • Local problems, like not having a gym in the area.
  • Psychological issues, like self-created suffering.
  • Social problems, like how we deal with each other.
  • Financial problems, like not being able to pay the bills.
  • Health problems, like struggles to lose weight.

There are just so many problems in the world. Find an issue that’s meaningful to you. And start your business around solving it.

Need more guidance in finding problems?

Start with yourself.

What problems have you encountered in your life? Which problems did you overcome?

For example, people who struggle with weight loss may become the best personal trainers. Why? Because they can relate to their clients and understand their pain.

If you want to start a business and have no ideas, think about the closest problems to your heart. What would you like to solve?

Tip 9: Build an Audience First

You may already feel passionate about something but fail to see how to start a business around it. Or even if you see a path, it might involve many risks, like significant investments.

But you can start risk-free.

Here’s a business idea that requires no capital. Something you can start from the comfort of your home. With nothing more than a keen interest in a specific topic.

And that’s to build an audience first.

Before you have any idea about what to sell, why not build an audience around your topic of interest first? Then, listen to your audience and get them involved.

And then use their input to develop products or services.

It’s a great model.

All you need is a passion and a platform through which you want to talk about it. Think about YouTube or TikTok if you like creating videos, a podcast if you enjoy audio, or a blog if you enjoy writing.

For example, on my blog, I talk about personal development. And while it doesn’t make a lot of money today, I focus on building an audience first to learn more about them.

Besides, it’s a great learning experience, and I enjoy it. And with the knowledge gained, I might just start a completely different business.

You will just have to start somewhere.

So, if none of the tips in this article gave you a business idea, give this final tip a try. It has proven to be my best decision in life.

Closing Thoughts

Starting a business is hard. And starting a business with no ideas may seem near impossible. But ideas and opportunities are everywhere.

The question is: where do you look for the best ones?

I hope that I’ve inspired you to start with yourself in this article. Understand who you are. What makes you tick. And then teach yourself to come up with new business ideas every time.

It’s all about taking action.

Perhaps you won’t find your perfect idea straight away. Many entrepreneurs start many businesses throughout their lives. Many of which fail.

But through these experiences, they eventually find the perfect one.

In other words, give the tips in this article some thought. Then, find something that you would enjoy. And start taking action.

Till then,

STRIVE

PS – If you’ve ever said to yourself, “I want to start a business, but have no ideas”, then you’ll enjoy these helpful resources:

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Entrepreneurship

15 SIGNS YOU HAVE AN ENTREPRENEURIAL MINDSET

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Entrepreneurial Mindset

You’ve always wanted to be an entrepreneur or you’ve found entrepreneurship in your life recently, and now you want to be successful at it. But, there are a few thoughts that seem to be holding you back from fully committing to entrepreneurship, and those thoughts are, “Do I have what it takes to become a successful entrepreneur?” and “Do I have an entrepreneurial mindset?”

If you’ve ever asked yourself these questions, don’t worry because you are not alone. In fact, there are countless entrepreneurs and would-be entrepreneurs out there who’ve had the same thoughts. No doubt, some of those entrepreneurs and would-be entrepreneurs, will move on to become successful entrepreneurs, while many others won’t. And the one thing that separates the successful from the unsuccessful entrepreneur is “Mindset“.

That’s right, the main differentiator between the entrepreneurs who start and succeed and the one’s that never get going and eventually fail, is their possession of the entrepreneur mindset. To give you a head start on your entrepreneurial journey, we’ve listed the primary traits found among successful entrepreneurs. If you possess any of them, you have a good shot at becoming a successful entrepreneur.

SIGNS YOU HAVE A STRONG ENTREPRENEUR MINDSET

Signs of an Entrepreneurial Mindset

1. You Don’t Accept the Employee Mindset

You refuse to think like an employee. You do not accept the idea of working from paycheck to paycheck, under the order of someone else.

Instead, you want to be the one who gives the orders. You want to live life on your own terms, doing whatever you want, whenever you want.

2. You Are Good at Networking and Communication

Great entrepreneurs have people skills. It doesn’t mean that you have to be an extrovert. Social skills are important for business. After all, they are what carry your business from your mouth to many other ears (the ears of potential clients)

If you are constantly networking, forming relationships, and finding potential clients, whether you are an extrovert or introvert, you possess an entrepreneurial mindset.

3. You Listen to Your Gut

Successful entrepreneurs don’t look to others for guidance. Instead, they listen to what their gut says and test their instincts. They are not afraid of testing themselves.

If you think that you never lose, but instead leverage your challenges as either you winning or you learning. And you take action on what your gut says, you possess one of the traits of a successful entrepreneur.

4. You Have Goals

You do not just dream, instead you have goals to achieve your dreams. You set realistic goals in order to achieve what you want to get out of life.

Great entrepreneurs always plan their journey effectively. They set SMART goals. What are SMART goals? Well, they are goals that are….

– Specific

– Measurable

– Attainable

– Relevant

– Timely

So, if you are setting these type of SMART goals, you definitely have an entrepreneurial mindset.

5. You Learn and Improve

When others hang out with their friends, go to parties, watch Netflix and play video games, you take courses to learn new skills, read self-development books, and listen to entrepreneurial or motivational podcasts.

How you spend your time is what makes an entrepreneur different from others.

6. You Have High Self-awareness

You have a high awareness for your strengths and your weaknesses. You do not try to improve your weaknesses instead you focus more on improving your strengths.

Successful Entrepreneurs are always living in the moment. They have a laser beam focus. If you are someone who is always aware of his feeling at the moment, you have an entrepreneurial mindset.

7. You Are a Problem Solver

One of the most common traits of a great entrepreneur is that they try to solve a problem by themselves. They do not look to others for help instead they meditate on how to find a way out of that problem.

In fact, that’s primarily what entrepreneurship is all about, finding a way to solve people’s problems. And then creating a business that is the solution to someone else’s problems.

You cannot be a successful entrepreneur if you don’t have problem-solving abilities. But if you do have them, well, you definitely have an entrepreneurial mind.

8. You Are an Action Taker

You are an action-oriented person.

Wantrepreneurs read books, listen to podcasts, watch motivational videos and plan out their whole ideas but they don’t act on them or procrastinate. Whereas, entrepreneurs take action the moment a business idea pops up in their minds. They know that there is no tomorrow and are not afraid to take risks.

9. You Always Beat Self-Doubt

You always trust the process. Even though you have doubts but you don’t listen to them.

It is normal to have a doubt about something. After all, we are humans but beating self-doubts will make you a great entrepreneur.

Successful entrepreneurs act as a teacher to their minds and control their thinking. They are not afraid to confront their doubts.

10. You Are Responsible

You know that you are accountable for everything. You do not waste your time by complaining when something goes wrong. You solve it or take it as a lesson and move on.

One of the greatest characteristics of an entrepreneur is that he/she knows the results of something they are doing.

11. You Learn From Failing

You have an entrepreneurial mindset if you take failure as a lesson and don’t get discouraged by it.

Most people take failure as a sign that “it is not for them” or “they don’t have the ability to do it”. Entrepreneurs on the other hand never take failure as a loss. They have a concept that if they fail, they fail forward, meaning that they have learned something.

12. You Are Uncomfortable With the Comfort Zone

Most people are afraid to get out of their comfort zone because they think that they will fail. But you are highly optimistic about yourself and believe that you can only grow if you get out of your comfort zone.

Great Businessmen know that they will never grow if they don’t face their fears. They know that they have to be comfortable with anxiety, risk, and not knowing.

13. You Are Patient

Entrepreneurs know that success doesn’t come overnight. It takes years of hardships. Entrepreneurs are comfortable with years of consistent hardworking and not getting any results. But they know that in the end, their patience and optimism would pay off.

If you think like that, you think like an entrepreneur who is destined for success.

14. You Are Emotionally Strong

You know that entrepreneurship is a journey where there are lots of ups and downs. You know that people will laugh at you and criticize you but you should never pay attention to them and not get discouraged by them.

Furthermore, you know that you have to handle failures, people will betray you. The whole world will seem to be against you but you know that it’s part of the journey. You believe in yourself.

15. You Are Passionate

It does not make any sense if you want to be an entrepreneur but you aren’t passionate about it.

An entrepreneurial mindset is the one that has a love for the process. If you think that entrepreneurship is cool but you don’t like the process of it, it is not for you. All great entrepreneurs are great today because they followed their passion and endured the process.

Conclusion

If you want to become an entrepreneur and already have some of the traits mentioned above in your possession, you have an entrepreneurial mindset.

But if you don’t have the mindset of an entrepreneur, it doesn’t mean that you can’t develop one. It is not your fault if you don’t have a business mind. The problem is with the society. In schools, they teach you to get a good job but they don’t teach you to be a good entrepreneur.

The great news is, you can always practice and change your mindset completely.

But remember, entrepreneurial mindset can’t be developed overnight, but it can be developed. So, keep practicing and trying your hand at entrepreneurship, and before you know it, you’ll have the mindset needed to be a successful one

Till then,

STRIVE

PS – If you enjoyed this article on the entrepreneurial mindset, then you’ll certainly enjoy some of these other helpful resources on entrepreneurship:

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Entrepreneurship

10 BEST ENTREPRENEUR AFFIRMATIONS FOR NAVIGATING THE GAUNTLET OF BUSINESS

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Entrepreneur Affirmations

Entrepreneurship can be like a wild roller coaster ride full of dramatic ups and downs. Indeed, every single entrepreneur will experience their fair share of challenges, obstacles, and roadblocks before they ever achieve success. And the one thing every entrepreneur must gain control of if they wish to successfully navigate this challenging gauntlet of entrepreneurship is their own mind.

“What You Focus On Expands; Results Follow Focus.”

– MARCUS BUCKINGHAM –

That’s right, the number one way to make it as an entrepreneur (beyond having an amazing product or service) is to find a way to control what goes on between your own two ears. The entrepreneur who lets their emotions to get the best of them, who allows their fears to dictate action, and permits their focus to be scattered by all the “happenings” of the world, will sooner or later be out of business.

Fortunately, every entrepreneur has within their power that ability to control their thoughts and mindset, and one of the best ways to do so, is to use affirmations. If you’re not sure about affirmations, read this first: what are affirmations?

With that said, we’ve pulled together the most powerful entrepreneur affirmations that every entrepreneur should absolutely use to keep their mind in check, so as to keep their business alive and moving forward.

So, if you’re ready for some powerful affirmations to help you reign in those thoughts, so you can ultimately experience more success in your business, then let’s dive in.

Best Entrepreneur Affirmations

Best Entrepreneur Affirmations

Affirmation 1: I Am a Fearless Action Taker

Taking a Leap of Faith: The biggest struggle for most aspiring entrepreneurs is taking that first leap. It doesn’t matter if it’s you resigning from your day job, launching that website, making your first phone call, or going to that first networking event to practice your pitch, taking that first leap is that hardest.

As such, this affirmation provides one of the best ways to convince your mind that you can do it, and that you have nothing to fear. Indeed, it will prompt you to take action.

Affirmation 2: I Trust That Success Will Happen In It’s Own Time

Patience: The ‘overnight success’ is a myth. There is no such thing, especially in business. In fact, success as an entrepreneur is more about making small steady gains over time, and remaining patient for the results you seek. So be urgent about putting in the effort, but patient about seeing the results.

And remember, empires aren’t built in a day, and fruit slow to grow always bears the best fruit.

Entrepreneur Affirmation For Stress

Affirmation 3: I Always Manage My Time Effectively

Time Management: Time flies for the entrepreneur, but probably a little faster than we’d like it to. As an entrepreneur, it’s easy to feel overwhelmed with everything that has to get done with so little time to do it all. It’s also easy to spend too much time on those things that don’t keep the lights on.

So, use this affirmation to get your time management tightened up so you business and life can run a bit more smoothly.

Affirmation 4: When I am Diligent My Results Are Positive

Due Diligence: As an entrepreneur you are likely a risk-taker at heart, but that fearlessness can also lead to issues when due diligences isn’t followed in your undertakings. Many businesses have crashed and burned all because of some small oversights that lead to big legal issues.

So, be sure to use this entrepreneur affirmation to help you keep your head about you in the midst of your entrepreneurial adventures.

Affirmation for Entrepreneurs - Results

Affirmation 5: I Am Smart With Money And Put Every Dollar To Good Use.

Cash Flow: Money worries in the form of cash flow management is cause for some of the biggest headaches as an entrepreneur. So, it is critical that you, as the CEO of your owner of your company that you give enough attention to ensuring your cashflow is sufficient to keep you in business.

This affirmation won’t make money appear out of nowhere, but it will help you zero-in on your cash flow and money management issues.

Related: Affirmations For Money

Affirmation 6: I Am In Control Of My Ego

Keeping Ego Under Control: Success as an entrepreneur can lead to issues caused by your ego. Believe it or not, your ego can cause you to make mistakes, bad decisions, and ruin important relationships.

So, to keep your ego in check throughout your entrepreneurial journey, use this affirmation.

Entrepreneur Affirmation For Ego Management

Affirmation 7: All Areas Of My Life and Business Are Harmonious And Balanced

Work/Life Balance: It’s so easy to get caught up in our business dealings as an entrepreneur. In fact, most entrepreneurs struggle to maintain a healthy work/life balance, and overtime it eventually impacts business.

So, use this affirmation to help you keep your life and business well-balanced. Because when your balanced your business will be too.

Affirmation 8: Delegation Isn’t Failure, Delegation Is Growth

Delegation: Every entrepreneur will eventually struggle with delegation at some point or another. But, if you want to take your business to the next level, you’ll have to learn to let go of the reigns and delegate.

This affirmation will help you focus release some of that control so you can get more of what you really want, growth!

Affirmations For Entrepreneurs Delegation

Affirmation 9: Every No Is A Lesson That Gets Me Closer To a Yes

Fundraising: One of the scariest aspects of entrepreneurship can be putting yourself out there to gain new clients or request funding. Either way, you have to give a pitch to virtual strangers, and more often than not, you’ll be rejected. But, it is something that has to be done to scale your business.

So, use this affirmation to give you the poise and confidence to sell the value of your business with ease.

Affirmation 10: I Accept Adversity With Enthusiasm and Courage

Dealing With Failure: Our business ventures will see setbacks, it’s the name of the game. But how you manage those failures and setbacks will determine how well you bounce back. So, don’t lose heart if your business begins to underperform, or if bankruptcy seems like it is just around the corner. You can get through it, especially with this affirmation.

So, use this entrepreneur affirmation to help you keep your chin up, stay positive, and look for the seed of equal or greater benefit in each adversity.

Runner-Up Affirmations For Entrepreneurs

This list below consists of a handful of additional entrepreneur affirmations that you can use to help you on your entrepreneurial journey. Each one will cover some aspect that every entrepreneur as some point in their ventures deals with. Enjoy.

1. I take the first step and make things happen now.

2. I am worthy and capable of creating a thriving business.

3. I attract new business opportunities every day.

4. I am driven and will achieve my goals.

5. I am a powerful and energetic creator.

6. I appreciate the freedom and flexibility by business affords me.

7. My business is growing.

8. I am energized by the obstacles I face.

9. I exude confidence and success.

10. There’s a solution to every problem.

11. Entrepreneurship is freedom.

12. I resist all temptations and remain focused on success.

13. My success grows with limitless expectations.

14. I am an effective executive who gets things done.

15. I am responsible for the success of my business.

16. Nothing can hold me back, not even my own doubts.

17. What I do today will determine my results tomorrow.

18. I am persistent and consistent.

19. I am worthy of what I desire.

20. I create my own destiny with small acts of courage.

21. I appreciate my employees.

22. My goods and services provide massive value to the community.

23. I will find a way, not an excuse.

24. I don’t wait for opportunity, I create it.

25. Even if I fail, I will try again.

Related: Affirmations For Success

Final Thoughts

There you have it, some of the most effective affirmations for entrepreneurs. We hope you enjoy them, and put them to good use. Of course, one important thing to keep in mind is that in order for these entrepreneur affirmations to work, you’ll have to put them to use consistently.

Remember, the purpose of these affirmations is to rewire your mindset so we can effectively modify our behaviors. And we’re modifying behaviors to ultimately get different/better results in our business. And just like exercise, the more of it you do, the quicker you’ll see results.[1]

So, book mark this page, and use these affirmations often until you’re business venture is humming along.

Till then,

STRIVE

PS – If you enjoyed these entrepreneur affirmations, then you’ll likely love these powerful business affirmations, or these empowering entrepreneur quotes to prime your mind for entrepreneurial success.

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