If you’re searching for some truly helpful financial tips for entrepreneurs, then this post is for you. One of the most common challenges that aspiring entrepreneurs have is a lack of funds, so it’s very important to manage your money well.
To attain success through financial independence, one must learn how to let their money work for them by establishing a business or any other source of passive income.
This is something that people who strive to work for money will never understand. And for those who do are the ones who have adopted an entrepreneurial mindset.
However, one of the biggest and most common challenges that aspiring entrepreneurs have is the lack of funds. Even if they’re able to get started, chances are they cannot sustain growth due to the lack of effective money management.
The hard truth is that most entrepreneurs will fail repeatedly and lose money for around 6-12 months after starting, sometimes even longer. And in the entrepreneurial world, when the going gets tough, the tough get going.
Remember that failures are crucial stepping stones in business. Anyone can aspire to become an entrepreneur, but not everyone has the persistence needed to keep going and start leveraging mistakes to point them in the right direction.
Unfortunately, failures cost money. Without money, you simply cannot sustain your business even if you do have the drive to keep going.
With this being said, you need to start implementing money management strategies that will fuel your business on the road to success. And for those who often struggle financially to sustain their business, here are the top 7 tactics you can learn.
BEST FINANCIAL TIPS FOR ENTREPRENEURS
1. Have a Cash Cushion Ready
“Try to maintain at least a 3-month emergency fund that can help with unexpected expenses or those months that don’t do as well as you had planned in your projections,” says Marcus Roberts of Mirador Wealth Management.
Having a cash cushion and strictly following a budget is not only important for entrepreneurship. It is also crucial if you want to prevent your personal finances to suffer as you pursue your business.
A good strategy to secure your cash cushion is to have it deposited in a separate account which cannot be used for online transactions.
2. Use Free Apps as Much as Possible
The world of businesses – online or offline – have evolved past a point where a competitive advantage can be bought with money. In online marketing, there are a growing number of premium tools that can speed up company growth and automate time-consuming processes. This is why well-established firms have an easier time expanding and adapting than smaller startups, which are forced to compensate for the lack of funds by working a lot harder and investing more time.
As a small company, you should definitely avoid spending money on tools that are inessential to your business. Focus on the ROI and assess whether or not everything you invest on actually matters to the survival and growth of your company. Fortunately, a lot of paid automation tools have free or trial version alternatives, particularly with mobile apps.
And to make sure you stay wise with your investment decisions, always opt for free tools such as MailChimp (email marketing platform) and Brightbook (online accounting tool) first before purchasing their premium counterparts.
Additionally, you should focus more on motivating your employees (and yourself) to maximize productivity. One tip is to encourage them to work smarter rather than harder. You can do this with time management and focus-inducing apps such as Toggl (time management app) and Noisli (productivity app). The good news is; these productivity-boosting tools are free to use.
3. Seek Help from P2P Lenders
Not to be mistaken for crowdfunding – P2P lending is an investment practice of financing companies in exchange for an interest rate, whereas in crowdfunding, investors are promised either a reward or equity. Looking at the bigger picture, P2P lending is often seen as the less risky option.
“P2P lenders remain private companies funded by investors or institutions looking for returns from alternative fixed income investments,” says Shindy Cheng. “They mostly follow proprietary data models to determine loan approvals, and are competitive when compared to traditional bank financing and depending on credit risk.”
Today, there are several P2P lending platforms you can find online to finance your business needs. If you’re low on funds, consider looking for P2P investors first before trying new ventures in your business. This will help mitigate risks and speed up the growth of your business. To get started, you can find them in a wide variety P2P websites.
Here’s a short list of some of the best, according to Investopedia.com.
4. Refine your Sales Process
With the overreliance on automation and online selling platforms like Shopify, a lot of entrepreneurs, particularly those running online stores, overlook the importance of having a refined sales process.
You could be making sales and even manage to attain positive cash flow. But unless you have a solid, repeatable sales process and having a firm grasp on actual figures (earnings, receivables, etc.), it is nearly impossible to develop measurable and effective plans of action for the future of your company.
You must have a repeatable sales process, as well as a solid knowledge of your numbers. Do cash flow projections for the 12 months ahead, and then document the actual against the forecast figures.
5. Use Low Fee Business Checking Accounts
Every entrepreneur or small business is going to need a business checking account. Unfortunately, not all business checking accounts are cheap. In fact, some can be down right expensive.
Believe it or not, those bank fees do add up. So, as a cash-strapped entrepreneur, you can keep as much of your money as possible by paying attention to the fees your bank is charging you to use their business checking accounts.
6. Get a Business Credit Card
Another effective financial tip for entrepreneurs, especially cash-strapped entrepreneurs, is to apply for a business credit card. Not only will having one improve your credit, but it can help streamline a lot of your recurring expenses.
If you set up payments with third-party services that you use to run your business, you can automate some of your business expenses, and give yourself a buffer during those tight months when cashflow is lower than expected.
So, get yourself a credit card, use if for recurring expenses, but be sure stay away from accruing debt that you can’t pay back every month, as interest rates can start to eat into your profits.
7. “Keep it Simple, Silly”
Again, it is common for businesses to struggle during the first year. A dedicated entrepreneur is expected to invest a lot of time in the business. And from time to time, the entrepreneur may also need to shell money out of his own pocket to support the company’s expenses.
It’s is very rare that an entrepreneur will discover massive financial success early on. So, don’t complicate your efforts with high expectations for fast and high returns. Be sure you’re smart with your expenses, only spend money when you have to, and don’t throw all your chips in at once.
Being an entrepreneur takes guts. It takes a mentality to not work for a salary initially. Ensure you can see out that first 6-12 months with either no, or very little and essential living expenses.
Here’s a quick recap to help your remember each step:
- Have a Cash Cushion Ready
- Use Free Apps As Much As Possible
- Use P2P Lenders If Necessary
- Refine Your Sales Process
- Use Low Fee Business Checking Accounts
- Leverage Low Fee Business Credit Cards
- Keep It Simple and Don’t Over Extend Yourself
Whether you’re trying to save up for a cash cushion or not, frugality is always a strong quality to have for money management. This means you have to consider absolutely anything that can save you money; from walking to work, preparing your own meals, skipping on overpriced coffee, spending weekends at home, and so on. These things can wait; but the heavy costs of supporting a business can’t.
Follow these money management tips, keep moving forward, and it will only be a matter of time before your venture gains some serious financial traction.
Till next time,
PS – If you found these financial tips for entrepreneurs helpful, then you may also enjoy these other useful resources for entrepreneurs:
TOP 10 REASONS TO BECOME AN ENTREPRENEUR
Believe it or not, entrepreneurs are the very backbone of most economies. Their efforts, ideas, and execution help create the jobs everyone else gets to enjoy, the products and services we crave, and the conveniences we love. They say money makes the world go round, but we all know, it’s the entrepreneur who sets everything in motion. That said, if you’re here to learn what the top 10 reasons to become an entrepreneur are, then stick around.
Before we dive into the list, it’s important to know a few key things about entrepreneurs first. An entrepreneur is a risk-taker, innovator, and investor, entrepreneurs make every effort count towards bringing a transformative change in their respective markets.
In fact, if long-term success is to be found as an entrepreneur, consistently disrupting the market has to be a part of their long-game. So, even though to be an entrepreneur is in a way to be heroic, it is no easy task.
Entrepreneurship is Not For the Faint of Heart
It’s not easy to build, design, and run a business, especially these days. Entrepreneurship comes with the baggage of expectations and responsibilities. Entrepreneurs have to not only come up with the business idea, they also have to leverage their time, money, and resources to get things off the ground.
On top of that, they also have to learn how to manage people and create processes once things take off. To be sure, entrepreneurship is an endeavor to be respected.
Entrepreneurship is an unpredictable journey. And for many, it may even seem risky and scary initially, but if executed the right way, it can help generate income like few employees will ever experience. In addition to this, it can also help you acquire a platform for exploring countless opportunities that employees will never have access to.
Entrepreneurship May Be In Your Future If…
So, why should you be an entrepreneur? Well, if you’re the type of person who hates their job, or finds it boring, or if you’re the type of person who has lots of great ideas for how things could be better when it comes to products and services, then starting a small business or side-hustle may be in your future.
For the right person, entrepreneurship can be a golden ticket to a better lifestyle.
With that being said, if you’ve ever consider the possibility of becoming your own boss and trying your hand at entrepreneurship, but have been hesitant to pull the trigger, give these top 10 reasons why you should be an entrepreneur are read. By the end of the article, you’ll know for sure if entrepreneurship is for you.
TOP 10 REASONS TO BECOME AN ENTREPRENEUR
1. You Want to Explore Unlimited Possibilities of Earning
A job may offer you a fixed salary and employment security (which may also vary depending on various factors). People often refrain from doing business thinking that it is uncertain and loss probabilities may be more.
Moreover, in a business, there is no fixed income, and it varies every month and quarter. But there are many who wants to grow their earning and doesn’t want to remain limited to fixed wages which are decided by the employer. Employees can put their preferences, but the final call is taken by the job provider when it comes to salary.
If you feel that you deserve much more than what you are earning at the moment, then starting up your business is your thing. Not only you get the opportunity to multiply your earnings but also make a more significant impact on your overall financial status.
Entrepreneurs may have to incur losses, but at the same time, unlike company employees, their income is not regulated. If the business runs on profit, entrepreneurs get to earn more.
Related: How to Become Rich and Successful
2. You Have The Urge to Try New Ideas
When it comes to innovation, small businesses and startups are always the frontrunners. They are ready to take risks and try new ideas to see what works and what doesn’t, which is an unlikely scenario in big companies. Large organizations typically have a recipe that works, meaning they’re making good money, and so keep to the status quo. As such, they don’t do much experimenting or try new things.
But if you have new ideas that you are eager to give them a try, then start up your own small business and become an entrepreneur. Why? Because entrepreneurship allows you to be innovative and follow your passion, even if it requires taking risks.
Working on your passion and converting your dreams into a reality is something that only entrepreneurs get to witness as they are their own boss and have the privilege to do business the way they want.
Sure, the process may sometime be frustrating, disappointing and you may see failures initially, but if you can stick on to your plan, remain determined and keep trying, then success will inevitably be yours.
3. You Want to Learn More
If you have the zeal and eagerness to learn more about your professional field and enhancing your skills, then you must try becoming an entrepreneur. Becoming an entrepreneur will give you business perspective and insights that you wouldn’t be able to acquire in any other way.
Truly, being an entrepreneur is a never-ending learning process. The more you can learn, the better you can take advantage of opportunities to grow your business.
Successful entrepreneurs are the ones who never miss their chances to learn and are never satisfied with their existing knowledge. They are keen to know more so that they can stay up-to-date with the latest happenings in the market and the industry they are in.
If you discover that regular working hours in office is not catering to your knowledge quest and keeping you limited when it comes to expanding your information base, then you have all the reasons to become an entrepreneur to satiate your knowledge aspirations.
For a true entrepreneur, learning never stops, and that’s an amazing attribute to have. From SEO to real estate, construction, healthcare, and web development, you should try learning as much as you can.
Related: Self-Reliance is The Way
4. You Want to Be Your Own Boss
Some people don’t like to be controlled or be answerable to a higher authority, be it personal or in professional spheres of life. Not having your final say in the decision-making of the business operation is also something that many people can’t accept. Moreover, when an individual’s creativity and professional space gets hounded by the constant interference of an annoying manager, the disappointment and resentment to having an authority increases.
If you are someone who is struggling with the same scenario, then being your own boss is the only solution. For those who don’t like to be governed or managed, entrepreneurship is for them.
By becoming the CEO of your company, you are responsible for every success and achievement. You need to answer anyone for anything, and also nobody will be able to claim a share in your accomplishments.
However, one thing you should never forget that with authority comes new responsibilities. As a business owner, you will be responsible for teaching and training people working for you. So, you must cater to your role as an entrepreneur and business owner demands without fail.
5. You Don’t Want an Average 9-to-5 Job
For aspiring entrepreneurs, the repetitive and monotonous working routine in a 9-to-5 job fails to feed the hunger and passion for doing something innovative and creative. Bound by company policies and regulations, people of a 9-to-5 job are often dissatisfied and tired of being the usual every day and ending up with unfulfilled desires when it comes to making a difference with their expertise in the professional space.
Hence for people who want to translate their potential into the real world and break the monotony of a typical 9-to-5 job, entrepreneurship is the way to give wings to your dreams.
Moreover, in a 9-to-5 job, your earning is capped unless you earn incentives or commissions. But if you want not to survive on capped salary, then being an entrepreneur will be your ideal bet.
With hard work and determination, you can shape your dreams, try creative ideas, and unleash opportunities in your own terms once you become an entrepreneur. If growing your business is what you aspire, you must start your business right away to be the in-charge of your professional decisions.
6. You Want to Bring a Change
Entrepreneurs not only work towards changing their life but are also keen on bringing a change in the world around. Most of the startups in the recent past have contributed towards social causes with their innovative business model and discoveries.
Whether developing useful products or donating a part of profits to charity, entrepreneurs make significant impact with their small gestures and efforts.
From creating job opportunities to adding to GDP, small businesses do a lot for the community. If you would prefer to be a part of such great initiatives, you can start your efforts by starting a business and proving your skills as an entrepreneur. Your transition into becoming a business owner will help the lives of many and bring overall transformation in the world as Mark Twain says, “Explore. Dream. Discover.
Related: How to Become Free
7. You Want to Get Out of The Rat Race
Out of the top 10 reasons to become an entrepreneur, most do it to get out of the rat race. Most people know that working a regular 9-5 job with fixed working hours can get monotonous, and that you may, overtime, start regretting every bit of your life, like most people do. However, if you become an entrepreneur, chances are you won’t lack for adventure, and you have a shot of escaping the hamster wheel of slaving away for 50 years or more.
Entrepreneurship is for those people who are tired of executing someone else’s vision and have no space for innovation. In large companies, working hours, along with what works to do is all set by the employer. Moreover, there is no work-life balance, and people are running in the rat race with no time for recreation and family.
But when you have your own business, you have the privilege to choose what to do and when. You get the freedom and flexibility to work besides managing your family and household life.
So, if a healthy family life is what matters and you no longer want to be part of the rat race working in companies, you should seriously consider becoming an entrepreneur.
8. You Want Location Flexibility
Working in a company will not give you the freedom to work from wherever you want. Not every profession has the ease of work from home. So, if you think that working in different environments can boost your innovative and creative thinking and you can work even while traveling the world, then becoming an entrepreneur will be your smart choice.
Your own business can be operated online and worked from anywhere as you are the boss. You can make money even while traveling, leveraging various online tools and platforms that allow you to explore the online market as well. Having your business can help you be flexible with changing situations and needs and can assist in building a location-independent business.
9. You Don’t Want To Toe Any Party Lines
Sometimes we end up working for a company who’s values or politics don’t align with our own. It’s not something that we do on purpose, but due timing or the necessity to be gainfully employed, sometimes it just happens.
Certainly, you can just go and work for another company, but there will always be an element of that companies values that don’t 100% align with yours. As such, your best bet for achieving absolute freedom to be, believe, or support who you wish to, is to strive to create your own enterprise.
10. You Want To Unleash Your Creative Potential
One of the greatest aspects of becoming an entrepreneur is the fact that you get to be as creative as you’d like. When you become an entrepreneur, you can bring any one of your creative ideas to the marketplace and see if it’s worth its salt.
Even better, is that you get to test your unique and creative ideas at will. No more sheepishly seeking the approval of some middle manager above you for permission, just to try out one of your great ideas. As entrepreneur, you get to choose the when, the where, the how, and everything in between when it comes to deploying your ideas.
Being able to unleash your creative potential is one of, if not the, top reason why you should become an entrepreneur.
Bonus Reasons To Become An Entrepreneur
Alright, here’s one last bonus section if you’re still looking for even more reasons to become an entrepreneur. It’s a great video created by American entrepreneur Patrick Bet-David that you’ll certainly get some added value from.
So, if our top 10 reasons to become an entrepreneur didn’t quite convince you, well give this bonus video a watch, as PBD does an amazing job covering all the other bases as to why one should consider becoming an entrepreneur. Enjoy:
Video Credit: Valuetainment (Subscribe Here)
Final Thoughts on Becoming an Entrepreneur
There you have it, 8 reasons to solidify if you should become an entrepreneur or not. The very thought of starting your business may sound intimidating for some while energizing for others. But it doesn’t have to be intimidating.
In today’s economy, getting funds for setting up your business isn’t that difficult if you have the right proposal and strategies in place. And in this competitive space, there is no shortage of opportunities, one just has to know how to navigate the territory.
Yes, it will take some dedication, time, and a lot of resources to create a successful and thriving business. But if your research, effort, and execution are on point, you have a good chance of finding the freedom and the heroic status that every successful entrepreneur achieves.
Till next time,
PS – If you enjoyed these Top 10 reasons to become an entrepreneur, then you’ll love these 10 solid reasons why you should follow your dreams.
75+ PATRICK BET-DAVID QUOTES FOR SUCCESS
Patrick Bet-David, a.k.a. PBD is an American entrepreneur, speaker, and author of at least three different books, including a Wall Street Journal #1 best seller ‘Your Next Five Moves’. Bet-David is also the founder of Valuetainment, a rapidly growing media brand that teaches people all over the world the fundamentals of entrepreneurship, the value personal development, while simultaneously encouraging people to take a chance on their goals. That said, the man knows a thing or two about success, which is why we decided to round up some of the best Patrick Bet-David quotes on success and business.
Our aim is to create a short list of some of Patrick Bet-David’s best advice in the form of quotes and sayings that you can come back to when you need guidance, encouragement, or just a good reminder. So, without further ado, if you’re ready to digest some of the best success advice out there on the web today, let’s dive head first into these Patrick Bet-David quotes for success.
BEST PATRICK BET-DAVID QUOTES FOR SUCCESS
1. “Stop constantly taking the easy way out. No blockbuster movie was ever based on an easy life.” – Patrick Bet-David
2. “It takes hard work to make it to the top. It takes twice the effort to stay at the top.” – Patrick Bet-David
3. “If you can walk, talk, hear or see, you have everything it takes to do something big with your life.” – Patrick Bet-David
4. “The most important person to believe in is you. Everyone else who believes in you means nothing unless if you finally believe in yourself.” – Patrick Bet-David
5. “Stop thinking about your past mistakes. Stop worrying about what the future holds. Start focusing on what you can do now.” – Patrick Bet-David
“Stop thinking about your past mistakes. Stop worrying about what the future holds. Start focusing on what you can do now.” – Patrick Bet-DavidTweet Quote
6. “A talented entrepreneur with bad habits eventually becomes an employee. An average employee with great habits can eventually become a great entrepreneur.” – Patrick Bet-David
7. “If you want to be big, you must be willing to disappear for a while.” – Patrick Bet-David
8. “Very few people in business keep their word. When you find them, go into business with them.” – Patrick Bet-David
9. “The first 2 years of being an entrepreneur is a roller coaster ride. The goal is to eventually own the roller coaster and the theme park.” – Patrick Bet-David
10. “In the end, your success will speak for itself.” – Patrick Bet-David
11. “Everyone has a great idea but only a few have great work ethic.” – Patrick Bet-David
12. “The best recruiters in the world are small thinkers. They convince millions of dreamers to give up on their dreams.” – Patrick Bet-David
13. “You either pay the price now or pay the price later, but regardless of your decision, the price must be paid in full.” – Patrick Bet-David
14. “Savings give you a lot of strength, flexibility and control. They are what give you the most powerful Answer in The World.” – Patrick Bet-David
15. “I’ve not found one single mutual fund, on single real estate investment, any gold, silver or anything else that has given me higher returns than me investing in myself.” – Patrick Bet-David
“I’ve not found one single mutual fund, on single real estate investment, any gold, silver or anything else that has given me higher returns than me investing in myself.” – Patrick Bet-DavidTweet Quote
16. ‘Your vision must align with who you want to be. Your choices must align with your vision. Your effort must align with the size of your vision. Your behavior must align with your values and principles.” – Patrick Bet-David
17. “The only way you’re going to make it in business is when everything is your fault, when everything is your responsibility.” – Patrick Bet-David
18. “We never feel completely ready for life’s big decisions; but in taking the leap, we push ourselves to the next level.” – Patrick Bet-David
19. “If you think your critics are wrong, prove it. If you think your haters are wrong, prove it. If you think you’re right, prove it. Results have historically been the best way to prove you’re right.” – Patrick Bet-David
20. “No one remembers average and ordinary. NO ONE! Give your VERY best. You only get one shot at this thing called ‘life’.” – Patrick Bet-David
“No one remembers average and ordinary. NO ONE! Give your VERY best. You only get one shot at this thing called ‘life’.” – Patrick Bet-DavidTweet Quote
21. “If you’re going to overdose on anything, overdose on getting better. It’s one of the greatest natural highs of life.” – Patrick Bet-David
22. “The only way to be bulletproof is to focus on you improving your game.” – Patrick Bet-David
23. “Sometimes God will put a Goliath in your life, to bring out the David within you. Chin up. Look up. Rise up.” – Patrick Bet-David
24. “Underachievers think they’re working harder than they actually are. Overachievers think they’re not working hard enough. Underachievers think they know it all. Overachievers think the don’t know it all. History favors the overachiever.” – Patrick Bet-David
25. “The less your business depends on you the more it’s worth.” – Patrick Bet-David
26. “Change will come only when the pain of staying the same is greater than the pain of change.” – Patrick Bet-David
27. “One cannot charm or seduce their way out of lost time. Time has no mercy for those who take it for granted.” – Patrick Bet-David
28. “The bigger the vision you have, the more important it is for you to think on what type of a team you’re going to put around you.” – Patrick Bet-David
29. “The more you pay the price the more you improve. The more you go above and beyond the more you lead. The more you overdeliver on your promises the more you do things others aren’t willing to do, you eventually expect success. It’s not longer a question. It’s inevitable.” – Patrick Bet-David
30. “Focus on doing MORE.” – Patrick Bet-David
31. “Take responsibility for what you have control over and focus on that.” – Patrick Bet-David
32. It’s tough to start the next chapter of your life if you keep re-reading and re-living the last one. Grab the pen of life and start writing the next one.” – Patrick Bet-David
33. “Short-term thinkers are a dime a dozen. Long-term thinkers are extremely rare. History books favor the long-term thinkers. Don’t let short-term attention distract you from your long-term vision becoming a reality. Chase the big.” – Patrick Bet-David
34. “Every time you change, you create new enemies and new allies. Don’t be surprised when this happens. It’s sciences. It’s human nature. It’s inevitable.” – Patrick Bet-David
35. “Instant gratification is the kiss of death. That mindset hurts anything it touches. Business, health, politics, friendship, relationship, finances. It attracts short-term thinkers and turned off by long-term thinkers. Don’t fall for this trap.” – Patrick Bet-David
“Instant gratification is the kiss of death. That mindset hurts anything it touches. Business, health, politics, friendship, relationship, finances. It attracts short-term thinkers and turned off by long-term thinkers. Don’t fall for this trap.” – Patrick Bet-DavidTweet Quote
36. “Respect the game. It’s easy to do when you’re smaller, tough to do when you get bigger. And even tougher when you become number one.” – Patrick Bet-David
37. “Sometimes the more you think, the less you do. Sometimes the less you think, the more you do. Simplify. It’s not that complicated.” – Patrick Bet-David
38. “Reading the right books can change your life. Reading the wrong books can confuse the hell out of you.” – Patrick Bet-David
39. “If someone is winning at a higher level than you are, either lower your expectations to match your work ethic or increase your work ethic to exceed your expectations. If you do neither, you’ll be miserable. What it all boils down to is that alignment is the key to fulfillment.” – Patrick Bet-David
40. “To get better you must reflect on your mistakes.” – Patrick Bet-David
41. “Don’t compare yourself to others you see around you. Get really clear on who YOU want to be.” – Patrick Bet-David
42. “Money is made in good times. Wealth is made in great times. Generational wealth is made in bad times. Don’t fear a market crash. Just be ready for it. The upside can be very big.” – Patrick Bet-David
43. “Humility has a different meaning to different people. It doesn’t mean to be a priest, a monk, or a pastor. It simply means you don’t know it all.” – Patrick Bet-David
44. “All it takes is ONE. One big victory silences all your critics. One big victory validates your hard work. One big victory over shadows the 1,000’s of mistakes and bad ideas. One big victory can lead to more victories. Go get your ONE big victory.” – Patrick Bet-David
45. “Travelling isn’t about the destination, it’s about the people you travel with.” – Patrick Bet-David
“Travelling isn’t about the destination, it’s about the people you travel with.” – Patrick Bet-DavidTweet Quote
46. “Never underestimate the upside of a person with a positive attitude. A college dropout with a positive attitude will go further in life than an MBA grad with a negative attitude. Attitude matters.” – Patrick Bet-David
47. “The moment you start fighting for something bigger than YOU, you’ll be introduced to a version of YOU that you’ve never seen before.” – Patrick Bet-David
48. “There’s a path for everyone — as long as you have self-awareness and the willingness to think fie moves ahead.” – Patrick Bet-David
49. “All the motivational quotes in the world can’t move someone who doesn’t know what they want.” – Patrick Bet-David
50. “We aren’t put on this earth to pay the bills. We are put on this earth to do something special with our lives.” – Patrick Bet-David
“We aren’t put on this earth to pay the bills. We are put on this earth to do something special with our lives.” – Patrick Bet-DavidTweet Quote
51. “Reading an hour a day is only 4% of your day. But that 4% will put you at the top of your field within 10 years. Find the time.” – Patrick Bet-David
52. “Winning is about how you perform on your worst days, not just your best days.” – Patrick Bet-David
53. “The whole thing that makes Capitalism works is competition.” – Patrick Bet-David
54. “You’ll notice that some of the people who don’t achieve success, they always want people smaller than them around them because it makes them feel bigger.” – Patrick Bet-David
55. “The people you meet that are super successful, they always put themselves in situations where people are bigger than them, because it’s the next platform, the next level they’re getting to.” – Patrick Bet-David
“The people you meet that are super successful, they always put themselves in situations where people are bigger than them, because it’s the next platform, the next level they’re getting to.” – Patrick Bet-DavidTweet Quote
56. “I believe anybody can reach their capacity. Anybody has that shot, but it takes so much fricking work, pain that not a lot of people want to go through it.” – Patrick Bet-David
57. “Capitalism works. It’s those who don’t work that hate Capitalism, unfortunately.” – Patrick Bet-David
58. “The market rewards people who outwork and out-improve.” – Patrick Bet-David
59. “Arrogance steals your potential. Preparation and effort accelerated your chances at reaching your potential.” – Patrick Bet-David
60. “Your life is a byproduct of the way you think. Your way of thinking produced the life you’re living today. If you don’t like your life today, maybe it’s time to change the way you think.” – Patrick Bet-David
“Your life is a byproduct of the way you think. Your way of thinking produced the life you’re living today. If you don’t like your life today, maybe it’s time to change the way you think.” – Patrick Bet-DavidTweet Quote
61. “Generational wealth doesn’t mean anything if good habits don’t generationally transfer. If habits don’t transfer with the money, the money will eventually run out.” – Patrick Bet-David
62. “Wealth won’t last if good habits are not being passed down.”
63. “They call us dreamers, yet we’re the ones who get the least amount of sleep. We’d rather die trying to make our dreams a reality, rather than just a part of our imagination.” – Patrick Bet-David
65. “Staying in a funk for too long will make you doubt yourself. The key is to snap out of it ASAP.” – Patrick Bet-David
“Staying in a funk for too long will make you doubt yourself. The key is to snap out of it ASAP.” – Patrick Bet-DavidTweet Quote
66. “Anybody that learns the skillsets of a millionaire can become a millionaire.” – Patrick Bet-David
67. “Rule number one of creating wealth; never ever work for a sexy established company. If you work for a sexy established company no one knows you. If you quit, you get fired, you were just another employee. Go to a company, help it become sexy, established. Be a leader, own a piece, you’ll become wealthy.” – Patrick Bet-David
68. “Big thinkers smell and read other big thinkers. If you’re urgent and want to get things done fairly urgent, you’re in the big thinkers camp. If you got all the time in the world, you ain’t part of the big thinker’s camp, you get to pick and choose.” – Patrick Bet-David
69. “Everybody has been given this gift by the man upstairs, and it’s this thing called imagination. Some of us use if for negative and some of us use it for positive.” – Patrick Bet-David
70. “Many talk, a few do. And even fewer keep doing.” – Patrick Bet-David
71. “If you know every show on Netflix and you’re broke, you have a problem. You’re lazy.” – Patrick Bet-David
72. “Everything about money is a double’s game.” – Patrick Bet-David
73. “Never get complacent. Nothing lasts forever. Constantly be in recreation mode!” – Patrick Bet-David
74. “Massive success comes down to rare moments of opportunity. Be ready for it. They don’t come by often.” – Patrick Bet-David
75. “If anybody tells you it’s tough to make money, they are just not taking advantage of all the tools available to them.” – Patrick Bet-David
“If anybody tells you it’s tough to make money, they are just not taking advantage of all the tools available to them.” – Patrick Bet-DavidTweet Quote
Bonus X Quote
Bonus: Alright, here is one of our favorite quotes by Patrick Bet-David. We added it as bonus, because we stand behind it 100%. There truly is power behind setting a goal for yourself.
There you have it, some of the best Patrick Bet-David quotes on success and entrepreneurship. We hope they’ve given you a bit more insight on what it takes to succeed in the world today, as well as inspired you to dig deeper into his success philosophy.
He has a handful of books that give great advice, and he has an extremely popular YouTube channel where he often publishes loads of invaluable success insights.
That said, we hope you’re at least a little bit more inspired leaving our page than when you arrived.
Till you reach your ambitious aims,
PS – If you enjoyed these inspiring Patrick Bet-David success quot
7 BEST BOOKS FOR ASPIRING ENTREPRENEURS IN 2023
Entrepreneurship is not for the faint of heart. You don’t need lots of money, status, or influence to make it as an entrepreneur, but you will need ideas, vision, determination, and a relentless willingness to execute.
Everyday a new entrepreneur gives their dreams a shot, and equally, every day another entrepreneur decides to call it quits and close up shop.
Considering this fact, we decided to create a post for all aspiring entrepreneurs who are looking for a few keys to help them get their enterprise started with the right mindset and on the best footing. The hope is that these resources will encourage many to get started on their dream business, and equally plant in them the seeds of success they will need to see their venture through till the end.
Without further ado…
THE BEST BOOKS FOR ASPIRING ENTREPRENEURS
Note: We’re reader-supported. When you buy through links on our site, we may earn an affiliate commission.
1. The Obstacle is The Way
Without a doubt, as an entrepreneur you are going to suffer set backs. On top of this, you will doubt yourself almost every step of the way. And if you are like most entrepreneurs, you will consider throwing in the towel just about every other week, because, well, starting a business is hard freaking work. The great news is, you’ll have either read The Obstacle is The Way, or you’ll have it in your arsenal to encourage you to engage with and even accept your challenges and obstacles as welcomed friends that you’ll need to embrace if you wish to succeed.
The books is not exactly made just for entrepreneurs, but the lessons of turning trials into triumph is exactly what you’ll need to be hearing, reading, and absorbing inf you are going to make it through the entrepreneurial gauntlet.
So, if you don’t already own this book, do yourself a favor and get it now.
2. Think and Grow Rich
Everyone has heard of Think and Grow Rich, and it is absolutely one of the best success books ever written. And the reason it has made this list for books every entrepreneur should read, is because of it’s ability to help you believe that you can be succeed. This book does a great job helping you obtain the mindset you’ll need to endure and bring your vision to life.
Beware, it is an old book. Put the principles are as true today as they were when the book was written in the early 20th century.
So, get this book and read it often as you make the journey towards creating your business empire.
3. Blue Ocean Strategy
Blue Ocean Strategy is not an inspirational book at all. In fact, it is quite boring to read. However, it is a book that many MBA students and executives have been required to read over the past decade. In fact, we listed it here, because every entrepreneur needs to take a vary rational and strategic approach to their business if they want to succeed. By reading this book, you’ll give your venture a chance at success, so long as you apply the principles.
In this day and age, you can’t just start something you love and accept that it will succeed in the market. No, you have to ensure that what you are offering is unique, fresh, and uncontested in the markets if you want your venture to thrive.
So, read this book, create your strategy and then go make your dreams (anchored by reality) come true.
4. 10X Rule
Grant Cardone is a pretty inspiring guy, but don’t expect a super polished and pedantic lesson; rather, Grant will teach you what it will take to succeed in today’s hyper-competitive world the way he learned his lessons; up front, real and in your face. There is no hand-holding with this book. So, pick it up, brace yourself, read it, and then apply his hard learned lessons and watch your success sky-rocket.
5. Millionaire Fastlane
A successful entrepreneur at the end of the day makes money. If you start a business that doesn’t generate enough cash to keep you fed and the lights on, then you may have started a hobby not a business.
We recommend this book for every entrepreneur. Especially before they take the leap because it will give you a taste of what entrepreneurship really looks like, from bootstrapping, to losing tons of money, to making it all back. In short, it will help prepare you for the journey that lies ahead.
The book is also a great starting point for the type of mindset you’ll need to acquire if you wish create a business that thrives financially, and you will come to understand the value of execution and taking action on your business goals.
So don’t hesitate to get this book if you are about to take your entrepreneurial leap.
6. The $100 Startup
The $100 Startup by Chris Guillebeau is a fantastic book to read if you are an aspiring entrepreneur. This book provides powerful ideas that encourage the reader to think outside the box. But more importantly, the book does a good job at helping the reader realize that starting a business doesn’t require some grandiose idea, or massive amounts of capital.
So, if you’re looking for a bit of encouragement and a few good ideas that can help you thinking differently about entrepreneurship and creating a business you love, you should read this book.
7. The Lean Startup
The Lean Startup is one of the best books for aspiring entrepreneurs because it deals with a commonly overlooked aspect of entrepreneurship; over-committing. This books does a great job at relaying the necessity of starting your entrepreneurial endeavor with a minimal viable product to test, versus committing all your resources to an idea/product/service that the market may ultimately reject.
So, if you’re truly considering entrepreneurship, do yourself a favor and pick this book up. It will give you the framework to approaching business in a lean way, and could potentially save you lots of money, time, effort, and heartache.
Bonus Book For Entrepreneurs
Alright, here’s one last bonus book that every entrepreneur should read. How To Win Friends And Influence People should be essential reading for every budding entrepreneur. Why? Because no matter what business you choose to get into, you will need people skills.
And like it or not, your people skills will play a major role in how much success you find. Sure, there are some businesses where you can eek by without dealing with people too often, but those businesses are few and far between.
So, if you’re just starting out in business, or if you are an already established entrepreneur, get this book, because it will strengthen your ability to work with people (i.e. prospects, customers, team members, etc..), and as a result, it will directly increase your success in business.
Related: Inspiring Entrepreneur Quotes
Final Words on The Books Every Entrepreneur Should Read
And there you have it. The best books for aspiring entrepreneurs. We sincerely believe every entrepreneur should read these books before deciding to dive into the deep sea of entrepreneurship.
Sure, we could have added more books, but didn’t want to waste your time, because as you’ll soon learn as an entrepreneur, time is money.
Till next time,
PS – If you enjoyed learning about our selection of the best books for aspiring entrepreneurs, then you certainly enjoy learning about these best business audiobooks. And if you’re thinking about entrepreneurship, but not sure which business to start yet, then you’ll love this article.
HOW TO BE FREE IN A WORLD THAT DOESN’T WANT YOU TO BE
We are all chasing something. Some of us are chasing fame, many others power, and the great majority…money.
Most of us crave these things because we’ve lacked one or all at some point in our lives. For many of us, years and years pass as we yearn for what we lack.
Until! Until that one day arrives. The day we make up our minds to change things.
And so, we attempt to take matters into our own hands.
We pursue with zeal, that thing we have convinced ourselves we were lacking.
We chase relentlessly our much-needed fame, power, and fortune.
And for the most part, many of us eventually reach our zenith. We reach a semblance of that intended aim.
Yet, once attained, something usually doesn’t seem right.
The exuberance gained from obtaining our goal quickly fades.
And unfortunately, that feeling of accomplishment is almost always short-lived.
Because in most cases, all too many of us chase goals without understanding the deep and true intentions of our pursuit.
We think all we really want is the money, the fame, and the power. We think once we get these things, everything in our lives will be fine. And all our problems will magically be solved.
But this is not true.
WHAT YOU REALLY WANT
This is not true, because money, fame, and power is not what you really want.
What most of us really want. What most of us really need, is to feel as if we own ourselves.
We all want the peace of mind that comes from knowing we can manage, survive, and even thrive on our own in this world.
From the day we are born, we seek out and continually struggle for more and more independence.
We want to know we can do it on our own.
Every waking moment, from our first breath to our last, we strive to own ourselves. We strive to find a way to move through this life unfettered, freely, and without restraint.
“You should have a greater fear of what will happen to you if you remain dependent on others for power. Your goal in every maneuver in life must be ownership.” – Robert GreeneTweet Quote
We seek the dignity that is bestowed upon the person who has learned how to become the master of their own life.
My friend, what we really want is freedom.
And freedom can only be found in one way.
And the way is through self-reliance.
NOT LOTS OF MONEY
On the surface, the money, fame, and power appear to be what we crave most. But it is not. It is the freedom those things can provide when the money, fame, and power are acquired.
However, without self-reliance, the fame, the money, and the power will always be limited. Without self-reliance you can never be free.
The self-reliant person can always find ways to acquire money. But, the reliant person will always be limited by their dependencies;
Dependent on an employer for a paycheck? Not Free.
Dependent on the government? Not Free.
Dependent on someone to take care of you? Not Free.
Dependent on a trust fund? Not Free Either.
You see, even the person who finds their way to some big money by good luck but lacks self-reliance, risks losing it all.
Look at all the tales of lottery winners and ex-professional athletes gone bust. They acquire loads of money, but never learn the value of self-reliance. They never learn the value of taking ownership of their own lives. They never truly learn how to be free.
As a result, they become victims of their outcome, prisoners of their bad habits, and almost always quickly go from having it all to losing it all.
The self-reliant knows how and where to look to find fame and recognition. The reliant is bound by their ignorance and those with whom they owe their fame to.
A person who finds fame, but lacks independence, ends up much like the lottery winner who never learned the value of self-reliance. Such people eventually find themselves without their cherished celebrity-like status, and struggle mightily to get it back.
They hope their managers, agents, or talent scouts can help them, and they can, but it always comes with a price. And that price is freedom.
And the minute a person realizes they don’t have true freedom, their fame loses its luster.
The self-reliant person easily learns the inner workings of power. And when you combine their independence with their deep understanding of power, gaining the upper hand (when it comes to power) is made so much easier.
A person who wields power, but is dependent on others, always comes up short. Power is best managed and kept by the self-sufficient, self-supporting, and the self-reliant. A person who depends on another, always forfeits their power over to the person they depend on.
Power seeks dependents, not dependency.
And that is why, only he who is self-supporting is self-reliant, independent, free.
HOW TO BECOME FREE
So how can you become more self-reliant? How can you become free?
You decide to be. Then you work for it, labor for it, earn it.
Independence, freedom, and happiness will always come through labor, not idleness. You can’t get to a Super bowl, let alone win it, by accident. The same goes for the World Cup, the Olympics, or name your highly cherished endpoint.
There’s no pill you can take that will automatically show you how to be free, nor is there an easy shortcut for learning how to become self-reliant. But there is a formula, and it’s quite simple.
Simple formula, yes, easy formula, no.
And the simple formula is this… awareness + action.
Related: Inspiring Self-Reliance Quotes
If you truly want to learn how to be free, you must make up your mind to become the master of your circumstances. You must decide to become the captain of your own ship.
And that starts to happen when you become aware that you are fully responsible for your decisions, your actions, for your life.
And in so doing, you’ll realize that all your efforts, or lack thereof, have lead you to the exact point where you find yourself today.
This realization is your starting point. It will be your foundation for future action towards your true aims. Freedom.
The self-reliant person is too strong, too decent, too dignified to depend upon others, like some needy infant, for his support.
He strives to learn, shuns self-conceit, embraces self-trust, and becomes a person of quick decision.
The self-reliant man, the free man, is a man of action.
Are you a man…or woman of action? You get to decide.
You have the keys on how to be free. They were just given to you, so what will you do with them?
If you wish to maintain sovereignty over yourself in the highly connected world we find ourselves in, you must get comfortable with maximum effort, and continuous striving.
You absolutely must become a person of action.
If you truly want to be self-reliant and free, you must begin trusting yourself as a task-master. Take responsibility for everything that has happened and is happening in your life.
Most importantly, if you don’t like where you are going, or if you feel you are over dependent on anyone or anything, have the courage to take massive action.
Grab the helm of your ship, and steer it into the harbor you seek. Your freedom awaits!
Till you reach your aims,
PS – Achieving freedom doesn’t just magically happen. Achieving freedom requires a plan. So, if you truly want to captain your own ship and be free, you’ll need something like this to steer your ship from point A to point B.
10+ SUCCESSFUL YOUNG ENTREPRENEURS WHOSE STORIES WILL INSPIRE YOU TO BECOME ONE
If you’re searching for some inspiring young entrepreneurs stories then you’ll enjoy this page.
The term ‘entrepreneur’ often conjures up images of experienced, successful individuals who had arrived at a point in their lives when they felt confident to take new risks and face new challenges. Harland David Sanders was 62 when he launched Kentucky Fried Chicken, and Robert Noyce was 41 when he founded Intel. Even research shows that the average age of an entrepreneur today is 40.
But success can come at any age. And many ambitious youngsters are going against the grain to launch their own startups during their 20s and 30s… and some while they’re still in school! If you’re a young person with a big idea, it’s important to know that you don’t have to wait until you’re older to put your plans into action. Having said that, here are 10+ inspirational young entrepreneur stories that might motivate you to get started:
10+ INSPIRING YOUNG ENTREPRENEUR STORIES
1. Nicholas Boehnlein
Boehnlein’s inspirational story shows that passion and determination are more powerful than age or experience, with the young entrepreneur’s rising star shining amongst the more seasoned professionals.
Graduating with an MBA from the EU Business School in 2017, Swiss-born Nicholas Boehnlein is now one of India’s most promising young entrepreneurs. Alongside business partner Ankit Chaudhari, Boehnlein founded Aiisma; one of the world’s first data marketplaces that is successfully changing the way consumer data is used, and working to transform data sets into essential, usable business assets.
Boehnlein had little doubt about his future, having grown up in a highly competitive and entrepreneurial household in Switzerland, inspired by his father’s and grandfather’s own entrepreneurial journeys. Yet despite success being in his blood, he states that the path to success ‘is not always rosy’, especially for ambitious youngsters trying to compete against seasoned professionals experienced in the industry.
The secret to his success? “As a young entrepreneur, having one foot in education and one foot in the professional life is an absolute must”, says Boehnlein. He achieved this by taking back-to-back online courses – a Bachelor’s degree in Business Administration followed by an MBA – which allowed him to expand his theoretical knowledge while also gaining valuable practical experience out in the field.
2. Keiana Cave
Cave’s inspirational story shows that women really can have it all. She’s the example many young girls need, demonstrating how it is possible to juggle high school, extracurriculars, and business success.
Aged just 18, Cave is one of the youngest honorees on the Forbes ‘30 Under 30’ list for 2021. Based in New Orleans, Louisiana, Cave is the Founder of Sublima Pharmaceuticals, where she acts as CEO and Chief Scientist. The female-led startup is on a mission to launch the first non-hormonal birth control pill in the United States in a bid to provide women with more choice and control over their own bodies.
While Cave enjoyed life as a regular high school student, participating in ballet, track, and cheerleading, her passion for nanotechnology proved overwhelming. Her story fully begins in 2014, when she was awarded $10,000 – presented by NFL Quarterback Drew Brees – during the New Orleans Entrepreneur Week, allowing her to conduct research into the BP Gulf oil spill that attracted the attention of Chevron.
Having raised $1.2 million from the partnership, Cave drove the funding into her research at the University of Michigan, where she gained a Bachelor’s degree in Chemical Engineering, Aerospace Engineering, and Entrepreneurship.
Today, Cave and her team are committed to building a community that both educates and empowers women to take back control of their own healthcare and bodies.
3. Mozia Bridges
Mozia Bridges’ inspiring entrepreneur story demonstrates that age doesn’t matter when it comes to business, all that matters is whether or not you can create something people want.
Mozia Bridges is the 21-year old Founder, President, and Creative Director of Mo’s Bows, a hand-made bow-tie company he started when he was just nine years old. His company now makes bow-ties, neck ties, pocket squares, and other fashion oriented apparel.
Mozia secured the mentorship of Daymon John after getting onto to the hit reality show ‘Shark Tank’. And since the start of his company, it’s grown by leaps and bound and is now an international company, he has a country with the NBA, and his products can be found in big name retail outlets all over the world.
4. Henry Burner
Burner’s inspirational story shows that not even a learning disability can slow down a great entrepreneur. He’s living proof that you don’t need to get top grades to build a successful business from the ground up.
Although he’s still in school, Henry Burner has already enjoyed quite the entrepreneurial journey, having gone from regular schoolboy to Founder of a company supplying Walmart within just a few years.
With the help of his family, Burner launched Buttonsmith in 2013; a company selling pinback buttons in a range of designs, including political pins and buttons inspired by famous artists like Van Gogh and Monet.
What makes Burner’s journey all the more inspirational is that the young entrepreneur had long struggled at school. Diagnosed with dyslexia, Burner found academia to be challenging and worried about his future.
The young boy, however, found that he had a very business-focused mind, and began selling his buttons at a local farmer’s market before moving into eCommerce with his own website.
With the help of a successful Kickstarter campaign in 2015, Burner’s business went from strength to strength. Today, Buttonsmith operates a physical store in Carnation, Washington, and 1600 Walmart stores across the US now stock Tinker Reel badge reels.
Despite still being in education, Burner oversees 18 employees, and is inspirational proof that struggling at school doesn’t mean you can’t succeed.
5. Espen Larsen-Hakkebo
Larsen-Hakkebo’s inspirational story shows that even when things seem challenging, it’s worth battling through. Despite financial difficulties during the early years, he now co-owns a thriving tourism business.
Alongside Agnes Arnadottir, Espen Larsen-Hakkebo is the Co-Founder of Brim Explorer; a cruise company that offers voyages onboard its silent, pollution-free, hybrid-electric vessel of the same name. In 2019, Larsen-Hakkebo and Arnadottir were together crowned Young Entrepreneurs of the Year in front of King Harald of Norway at the Nor-Shipping awards, and today the young businessman acts as CFO of the firm.
However, it wasn’t always this way. Larsen-Hakkebo earned his Bachelor’s degree in European Studies, followed by a Master’s in Innovation and Technology at the University of Oslo in Norway, and went on to work as a business consultant specializing in public affairs, and as a Project Manager for a political youth organization Jeunes Europeens Federalistes before finding his passion for sustainable tourism in his 30s.
Speaking to Nor-Shipping, he described his entrepreneurial journey as “a bit of a battle”, relying on donations from friends and family to get the business off the ground before later receiving funding from ENOVA and Innovation Norway. It was two years before the firm took delivery of their first vessel.
Larsen-Hakkebo is proof that it’s never too late to make a change and to follow your dreams.
Related: Quotes For Entrepreneurs
6. Jack Parsons
Parsons’ inspirational story shows that where you come from doesn’t have to dictate where you’re going. Once a vulnerable young person, Parsons now supports those growing up in similar circumstances.
20-something Jack Parsons is the Founder and CEO of The Youth Group; a UK-based global initiative that supports young people as they strive to reach their full potential. What’s so inspirational about Parsons is that he was once a vulnerable young person in need of support himself, having experienced a difficult childhood and a lack of school support. Today, he’s in charge of a company of more than 155 people.
By age 26, Parsons had recognized the value of learning from failure, and he became motivated to take his own experiences and use them to help others. He launched The Youth Group as a way to build strong professional networks and secure placements, apprenticeships, and employment opportunities for those that lack academic qualifications. To date, the initiative has helped 1 million people around the globe.
Parsons’ tips for other budding entrepreneurs? Focus. “You may feel overwhelmed, feel like you want to stop, that you no longer want to be an entrepreneur, this is why it’s so important to be present in the moment and in the task you’re completing”.
Parsons believes in taking things one step at a time and never losing sight of your vision; two techniques that have helped him get to where he is today.
7. Mariia Plotkina
Plotkina’s inspirational story shows that one person really can make a difference. The young entrepreneur is changing the face of Russian education because she was brave enough to take action.
Mariia Plotkina launched Geek Teachers in her native Russia back in 2018, and just two years later was recognized as Female Entrepreneur of the Year (Europe) by Youth Business International. The organization offers online classes to support teachers as they incorporate new technology into their lessons, and Plotkina was awarded $5000 from Citi Foundation in 2020 to develop her enterprise.
Plotkina’s professional story begins with graphic design and later moves into education. Her entrepreneurial story, however, begins in a computer science classroom in Russia, where the young teacher began to feel ‘deflated’ by the current state of education across the country. Keen to make a change, Plotkina, with zero business experience, launched an innovative firm… all before age 30.
Today, Plotkina is in charge of a team of 15, with more than 40,000 users across Russia logging in to training masterclasses with the former teacher to build their confidence using technology in the classroom. And as a young entrepreneur, Plotkina believes she still has a long way to go, with big plans to expand into the United States and create a form of ‘exchange program’ with American establishments.
8. Fung Lam
Lam’s inspirational story shows that small beginnings can lead to big things. He’s living proof that taking even the smallest steps towards your goals can form solid foundations for growth and development.
He’s only in his 30’s, but Melbourne-based Fung Lam has already been crowned Australian Young Entrepreneur of the Year, and has a place on the Young Rich List for 2020. Lam is the Founder and Executive Director of New Aim; a small startup that grew to be one of Australia’s leading online retailers, reporting a growth rate of more than 40% over the past decade and with an annual turnover of $300 mil.
Lam’s story starts with a Bachelor’s degree in information technology, which was obtained from Monash University in 2003. Lam put his IT knowledge to good use, using the web to upsell low-cost products on eBay sourced from Melbourne’s two-dollar stores.
Drawing on product-sourcing networks in his native China, Lam transformed his startup with no external funding into a leading marketplace supplier.
The hardest part about moving from graduate to business leader, according to Lam? Managing people. “Data doesn’t have emotion; it doesn’t change what it says. Understanding human behavior is difficult but you need to understand why people think the way they do”.
Today, Lam’s business employs upwards of 300 people, supplying marketplaces like Amazon with thousands of products like tools and furniture.
9. Adelle Archer
Archer’s inspirational story shows that success can be born in the strangest and most unusual of ways. Archer is proof that groundbreaking ideas and true passion can hit you when you least expect it.
Adelle Archer may only be young, but she’s already become one of the leading names in the grief wellness industry having founded Eterneva back in 2017. Based in Austin, Texas, Archer’s company turns ashes into diamonds; a process that takes around 8 months. A self-confessed mission-driven person, Archer has featured on Shark Tank and now acts as CEO of her firm, transforming the death care sector.
Archer’s inspirational story begins with the untimely death of a close friend and mentor, and the disappointing, impersonal experience she had from another company when turning the ashes into a keepsake. The former Product Manager and Business Development consultant decided to put her Master’s in Entrepreneurship and Business Administration to good use, starting her own company.
Although Archer comes from a long line of what she calls ‘enterprising, stereotype-busting ladies’, she believes that the true secret to success is driving your energy into something you’re really passionate about. “I work on something that feels aligned with my passion and my values. Whenever I encounter hardships, they seem more surmountable because the motivation is deeper” says the California native.
10. Grace Beverley
Beverley’s inspirational story shows that your natural, inherent talents don’t always have to be the pathway you follow. The British entrepreneur is proof that you get to choose your own destiny.
Grace Beverley is the 20-something founder of sustainable fitness label TALA. Which is inspiring enough on its own. Add in the fact that Beverley achieved this while at the same time studying at England’s prestigious Oxford University, and the inspiration is even greater. Today, Beverley acts as CEO of the company, which promotes slow fashion and offers fitness wear for all different body shapes and sizes.
Originally planning on becoming a musician, Beverley studied violin at the Royal Academy for Music at the University of London before becoming a music major at Oxford. However, a passion for sustainability took her down a different path.
Gaining a Sustainable Business Strategy certification from Harvard Business School, Beverley went on to launch TALA, and was a Forbes ‘30 under 30’ honoree at age 23.
One of the hardest aspects of being a young entrepreneur, according to Beverley, is not how other people see you, but how you see yourself. Beverley has openly discussed feelings of imposter syndrome, often feeling like she doesn’t belong amongst others who have achieved great things at a young age. Her advice is to believe in yourself, and understand that age isn’t a barrier when it comes to success.
11. Claire Cleary
Cleary’s inspirational story shows that it’s OK to not know exactly what you want to do with your life in your teens, and that it is possible to become a young, successful entrepreneur following a career change.
Author of popular articles such as 7 Ways to Get and Stay Motivated, New Jersey-based Cleary is the Founder of Claire Cleary Coaching; a self-improvement business offering life coaching and personal training to help women achieve their goals. Cleary has been featured on ABC’s Good Morning America, Fox News, and Business Talk Radio, where she’s shared her story with the world.
And her story is truly inspirational. Despite seemingly having it all, Cleary began to feel ‘stuck’ in her 30s; as though she could achieve more, but didn’t know how, or even where to start. She bravely made the decision to step away from the stability of the corporate world to focus closely on her passion for fitness and, having found a way to realize her own dreams, is now on a mission to help others realize theirs.
“Even when people feel physically strong and healthy, some are still stressed, unfocused, and unhappy” says Cleary, who felt that way herself. Today, Cleary is a National Academy of Sports Medicine-certified personal trainer, behavior change specialist, corrective exercise specialist, and performance enhancement specialist, and is one of only 300 certified High Performance Life Coaches in the world.
12. Fraser Doherty
Fraser Doherty’ entrepreneurial story shows how small a passion, can transform into an amazing business opportunity that revolutionizes your entire life.
Fraser was only 14 years old when he started his first business. He took what his grandmother taught him about making marmalade, and transformed it into a recipe and brand he called SuperJam.
His jam product consisted of 100% fruit and after selling it to friends, neighbors, farmers markets and people around his community, people fell in love with his product.
As demand grew, he decided to get onto the shelves of his local supermarkets. He devised a production plan, and got to work.
And it wasn’t long before word spread far and wide about how delirious and healthy his sugar-free jam was. Doherty’s business exploded with his products flying off the shelvs. He’s since sold millions and millions of his special SuperJam. And with all those sales, he’s also become one of U.K.s youngest ever self-made millionaires.
Becoming an Entrepreneur
Many people – particularly young people – have big ideas, yet feel held back by their age or lack of experience. But as these inspiring entrepreneur stories show, some of the world’s most innovative and transformative new companies have been built by those who are still in school, or by those who have completely shifted their career path to follow their passions.
Today, you are reading these stories. But tomorrow, you could be one of these stories. It’s never too early – or too late – to follow your dreams.
Till next time,
PS – If you enjoyed these inspiring young entrepreneurs stories and if becoming an entrepreneur is something that is interesting to you, then you’ll likely love this article on the top reasons to become an entrepreneur.
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