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Tag: Entrepreneurship

  • 3 Simple Daily Practices I Used to Stop Mental Burnout | Entrepreneur

    3 Simple Daily Practices I Used to Stop Mental Burnout | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Mental burnout, unfortunately, compliments entrepreneurism. There’s no denying this sentiment, but I’ve discovered three proven practices that continuously help bypass much of that mental exhaustion.

    The practices — rooted in physical health maintenance, meditation practices and mandatory downtime — take minimum effort or time. These insights will help keep you energized in your entrepreneurial journey without burning out — something I experienced multiple times throughout my ongoing entrepreneurial journey and promised myself that burning out would never happen again.

    Related: 3 Insights From the First Large-Scale Study on Burnout and Entrepreneurs

    Identifying and checking for mental burnout

    According to the nonprofit HelpGuide.org, mental burnout is a state of physical, emotional and mental exhaustion caused by prolonged stress. I’ve recognized the following multiple times while leading my agency and productivity consulting practice:

    • Feeling overwhelmed or emotionally drained
    • Lack of motivation
    • Irritability
    • Insomnia or excessive sleep
    • Loss of interest in once enjoyable activities
    • Decreased productivity at work or school
    • Increased anxiety or depression

    These factors can quickly creep in without you noticing it. Author and lecturer Chris Bailey helps us better understand this. In his latest release, How to Calm Your Mind, the productivity hacker says understanding and being aware of the six burnout factors within our work life can help us overcome it.

    The six factors are:

    • Workload (How demanding the workload is)
    • Lack of control (How much autonomy, resources and freedom over workload)
    • Insufficient rewards (Financial, social or intrinsic)
    • Community (Quality of work relationships and interactions)
    • Fairness (Treated respectfully)
    • Values (Does the work have a sense of purpose aligned with values?)

    Bailey says to set reoccurring calendar events to check in on yourself to create awareness around the six factors. He says he checks every six months; I have bi-monthly calendar alerts set now to check on these six factors. It’s shocking how much they pop up, although I’m aware of them.

    With that said, it’s essential to recognize when you are starting to feel burned out so that you can take steps to prevent it from getting worse. Mental burnout can be difficult to identify, but recognizing the signs early on is key in developing strategies for battling it.

    For new entrepreneurs, the following tactics can be eye-opening, regardless of how simple each sound. And for seasoned entrepreneurs, it’s always good to get back to these basics. For example, I recently acquired an entrepreneurial assessment software company and quickly lost myself, forgetting many of these basics.

    Related: An Entrepreneur’s Greatest Asset Is Wellness. Here Are 5 Ways to Protect Yours.

    1. Prioritize energy

    Although many slog through work and become successful, the efforts take more time and longer-term health suffers. This leads to mental burnout. Focus on creating sustainable energy through proper diet, exercise and sleep, and you’ll be able to focus not only sharper but also longer.

    After nearly two decades of biohacking and testing various diets, I mostly follow Dr. Gundry’s diet laid out in Breaking the Keto Code. Still, I tend to rely on more supplements and longer periods of fasting. Exercises include only two strength-training resistance workouts weekly, along with much walking/hiking, stationary biking, off-road motorcycling and bouncing daily on a mini trampoline in my office.

    As for sleep, I learned to regulate my sleeping patterns and use Circadian Optics lighting every morning when I wake up to start the day off through reading, writing or meditating. I hack my sleep in various ways, but my favorite includes a proper cocktail of magnesium, zinc, potassium, GABA, ashwagandha and Kava, along with no food or alcohol at least three hours before snooze time. So test, tune and find what works for you.

    2. Practice meditation and mindfulness daily

    Although the benefits are proven, and it’s well-known across the world of entrepreneurism, many still don’t meditate. It’s a mindset that one must discover, and once discovered, the benefits of relaxed and focused thinking help you produce more quality work in less time.

    I treat meditation like brushing my teeth; it’s just part of life now. It helps clear the mind and provides some insight into any problems causing stress. I’m a huge fan of Vishen Lakhiani’s 6-Phase Meditation Method, which works wonders in roughly 20 minutes per day and doesn’t require traditional methods like sitting in the lotus position or clearing the mind of any thought. Want to make it even more rewarding? Compliment the meditation with a FAR Infrared sauna blanket. I typically do the 20-minute 6-Phase, followed by another 20 minutes of the sauna while listening to theta or delta wave sounds.

    Meditation and mindfulness techniques can clear your mind from negative thoughts and allow you to focus on the present moment instead of worrying about what’s ahead or what’s happened in the past. The outcome is less stress and a fresh look at everything. Others are 5 a.m. Club workoutaholics, but I have more energy and focus on meditation.

    This will help relieve stress levels significantly and enable you to approach work with more clarity and purposeful action steps.

    Related: How Mindfulness Can Take Your Entrepreneurship to the Next Level

    3. Enforce downtime for mental relaxation and productivity

    Scheduling regular breaks throughout the day allows for some time away from work, giving your brain a chance to relax before returning to full focus. My threshold for deep, focused work is about 1.5 hours straight; then I can feel my mind slowing. That’s when I take a break for an analog activity, sometimes a mere 10 minutes of reading something drastically different from what I’m working on or challenging myself for 20 minutes with jazz guitar lessons.

    Working nonstop without any breaks will eventually lead to feeling overwhelmed with everything that needs to be done within a certain period. On my deepest workdays, such as writing or creating client strategies, I break for an hour, typically around noon, to take a bath. This supercharges like no other.

    My office is a rented lake house, which makes day baths simple. If you work in a traditional office building, try working from home on the days you need the most focus and spend some time soaking. All my greatest client strategies and business/investment ideas manifested while soaking.

    It is vital not only to take short breaks daily, but also to schedule mandatory downtime away from work. For example, I totally shut off every Wednesday after 5 p.m. and one entire day on the weekend. That means zero emails, computers, answering calls or anything related. This helps avoid burnout.

    Mental burnout can be a difficult obstacle to overcome, but with the optimal tactics, such as the simple ones above, you can learn how to battle it. By taking time for sustaining energy through physical health, meditation and mandatory downtime, You can become a better you and have time to focus not just on the day-to-day work duties but on ideas that will change the world — a mission that should be the sharpest focus for every entrepreneur.

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    Ron Lieback

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  • Free Event | May 31: Get the Answers to Your Solopreneur Challenges | Entrepreneur

    Free Event | May 31: Get the Answers to Your Solopreneur Challenges | Entrepreneur

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    Running a one person business is challenging, but we’re here to help you. Tune into our video series, Solopreneur Office Hours, as our expert, Terry Rice, answers your most pressing questions.

    Running a one person business is challenging, but it doesn’t have to be confusing.

    In our new series, Office Hours for Solopreneurs with Terry Rice, you’ll get your most pressing business questions answered live while also learning from the challengees of your peers. Be sure to tune in on May 31st at 3 PM EDT as he removes all the guesswork around pricing, personal branding, selling your services and more.

    Don’t miss out—register now!

    About the Speaker:

    Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and host of the podcast Launch Your Business, which provides emerging entrepreneurs with the critical guidance needed to start a business. As the founder of Terry Rice Consulting he helps entrepreneurs make more money, save time and avoid burnout. He writes a newsletter about how to build your revenue and personal brand in just 5 minutes per week.

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    Entrepreneur Staff

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  • 4 Ways Leaders Can Create a Company Culture that Prioritizes Mental Health | Entrepreneur

    4 Ways Leaders Can Create a Company Culture that Prioritizes Mental Health | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    These past several years have taught us a lot about ourselves. The workplace has changed drastically, and we’ve discovered our capabilities as much as our boundaries. In doing so, there have been many changes – one of those being the discussion of mental health in the workplace.

    There is no doubt that mental health affects work in a variety of ways, whether it is related to job performance, job satisfaction, or even employee retention. As leaders, we are responsible for fostering a company culture that puts the mental well-being of our team at the forefront.

    In honor of May being Mental Health Awareness Month, here are four ways leaders can prioritize mental health in the workplace:

    Encourage breaks: Five minutes can change the next five hours of your day

    It is no secret that work can cause anxiety, stress and burnout. As the workplace evolves each day, so does employees’ mental health. While work can be a fulfilling and energizing place, it is important to set aside time for breaks so that we put ourselves first. At The UPS Store, we know how important this is for entrepreneurs and small business owners, and it is critical to keep this in mind amid the everyday challenges of owning a business.

    Five minutes can truly change five hours of your day. By taking a few moments to practice mindfulness, meditate, go on a short walk, or even just step outside and take in some fresh air, you can become more equipped to handle stressful situations. Additionally, you can be more energized and relaxed when tackling the rest of your day.

    Although taking breaks sounds good, the reality of taking them is not as easy as it sounds. That is why leaders must encourage breaks to ensure the well-being of employees. Whether it is sending out an email to remind employees to step outside or hosting a lunch event where no technology is allowed, there are several ways to get your employees to take breaks and prioritize their well-being over work demands.

    Related: You Have to Lead Yourself Before You Can Lead Others — How to Master the Art of Self-Leadership

    Empower colleagues to set boundaries and say no

    Setting boundaries is a great tool to help prioritize mental health over the constant demands of work. Sometimes an employee may feel overwhelmed with too many tasks, and that is where setting boundaries can be helpful. By setting boundaries, employees can avoid situations that may lead to high stress or, even worse, burnout. One way to do this is by simply saying, “No.” By saying “no” to certain things, employees can find themselves in a better position to say “yes” to the things that matter.

    Empowering employees to have a life outside of work is paramount to success. As our world increasingly addresses how to approach work-life balance best, we are finding that being fulfilled outside of work directly impacts life at work. When employees have time for themselves to do the things they love, work becomes less of a burden and more of a desire.

    Have an open dialogue

    Fostering a culture that prioritizes mental health means opening the door to conversations around it. Creating an open dialogue around mental health will allow employees to feel more comfortable speaking about the struggles they may be facing and allow leaders to understand better what’s going on in their life. Through candid discussions, leaders can more effectively place the mental well-being of their teams at the forefront of the business.

    Ways to create an open dialogue around mental health could include hosting seminars, encouraging employees to use their vacation time, or setting aside time to check on employees in a private setting individually. No matter the format, it is important to authentically communicate with employees so they feel genuinely cared for and bring their true selves to work.

    Related: 5 Ways to Protect Your Mental Health

    Create a culture of gratitude

    Gratitude is scientifically proven to impact our well-being. Listen to any happiness-based podcast or read any self-help book on the subject, and you will find that many researchers point back to gratitude as a source of positivity. This isn’t by mistake: Gratitude can posture us towards the things that are good in life rather than bad. And the same applies to work culture.

    Showing gratitude for others is one of the most effective ways of enhancing performance and fostering positivity. Not only is it a source of motivation, but it also impacts the overall happiness factor for your business. If employees are constantly surrounded by gratitude at work, that sense of appreciation can become infectious. The key to creating a culture of gratitude is that it must come honestly from one person to another — and when it does, the effect is formidable.

    By putting mental health at the forefront of company culture, it can spark more creativity, build relationships and encourage an overall higher quality of performance. Of course, there are endless ways to incorporate mental health strategies into your business, so long as they authentically speak to your workforce.

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    Michelle Van Slyke

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  • People said her business idea wouldn’t work — but it’s now a blooming beauty empire

    People said her business idea wouldn’t work — but it’s now a blooming beauty empire

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    When Trinny Woodall founded her skincare and makeup company Trinny London in 2017, she was often met with skepticism. But since then, she has turned it into a successful business, seeing a sales boom during the coronavirus pandemic.

    Trinny London products include makeup in a wide range of shades, colors and coverage intensity, as well as skincare tailored to specific skin types and issues. An online tool helps customers pick the right products that suit them and support their skin in the best way.

    Speaking to CNBC’s Tania Bryer last month, Woodall explained that she believes being an online business helped her when the coronavirus pandemic hit.

    “We did triple, quadruple the business during lockdown,” she explained, adding that before then, growth had been more steady.

    “It was a pivotal moment,” she said. Before the pandemic, most beauty brands focused on selling their products in person, making it harder for them to adapt to selling online as they had less of a presence there, Woodall noted.

    Building a brand

    But it’s not just about the product — making sure it reaches the right people is also crucial, Woodall suggested.

    “Building a business in today’s world in the industry I’m in is about heralding a community of women and talking in a language they understand,” she said.

    One of the ways Woodall has done this is through social media, both through her own and Trinny London’s accounts and online Trinny London community groups, known as “Trinny Tribes.”

    “Social media allows you to be honest and candid and bring people on a journey,” she explained.

    Now, being genuine and realistic online is a key part of Trinny London’s brand and marketing strategy. This means talking about products in an unfiltered, accessible way and making sure the message matches the customer — rather than using a 20-year-old model to sell products to 35-year-olds, Woodall explained.

    “We want realism, we also want aspiration. And the balance between realism and aspiration is really crucial,” she added.

    The financial side

    Another key part in building Trinny London was securing investors to fund the business. Data from research firm Pitchbook shows a valuation of $22.19 million in July 2018, with its most recent deal size at $36.1 million in July 2021. Forbes reported that the valuation had hit $250 million in early 2021. Data from research firm Dealroom shows the firm booked £59.8 million ($74 million) of revenue in 2021.

    But marketing a female focused brand to predominantly male VCs wasn’t always easy, Woodall said.

    For example, many of them would bring in their assistants or secretaries and ask them if they would buy the product, she said. Others would tell her that women in their 30s and 40s would never buy from an online focused brand, and she should target younger women instead — but eventually Woodall was successful.

    “How we tell the story of what we want to build is crucial as female founders,” she told CNBC, adding that she learned to tell her story in a way that meant “people could hear what I wanted them to hear.”

    She knew all the key figures and her vision inside out, she explained, but sometimes she needed to take it step by step to help others understand it in the same way.

    “I wanted to bring someone in on the whole idea and sometimes you need to do chunk pieces,” Woodall said. “People can follow how you’re going to do it and then they don’t feel ‘I’m lost in this execution’,” she added.

    Her biggest piece of advice for female founders however isn’t about the money, or the product. It’s about staying focused on your idea and your goals.

    “If you’ve got an idea and you go out there you need to stick to your own lane,” Woodall said, adding that paying too much attention to what others are doing can be a hinderance.

    “It takes away your sense of your vision and your belief in your doing what you know and you’ve woken up every morning thinking ‘I love’,” she concluded.

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  • Is Decision Fatigue Making You a Careless Partner? Here’s How to Fix It. | Entrepreneur

    Is Decision Fatigue Making You a Careless Partner? Here’s How to Fix It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every day, entrepreneurs make thousands of decisions. Tiny, trivial choices — fries or salad — and those with high stakes, like terms for additional funding. Sooner or later, you can’t summon the mental energy to choose. Confronted with Netflix queues or dinner options, you sigh and tell your partner, “Whatever you want.” Are you selflessly conceding? Not really.

    Abstaining from choice makes us appear thoughtless. When decision fatigue shows up in our personal relationships, it’s perceived as carelessness. Among colleagues, it signals poor judgment, indecisiveness, or worse, incompetence.

    Decision fatigue is energy depletion that leads to impaired judgment, since choices require brain power for multivariate analyses (If I do x, then y will happen). Projecting outcomes, even unconsciously, comes with a biological cost. The brain seeks shortcuts and becomes reckless when it gets tired — impulse purchases and daily fast-food orders are evidence of this. The quickest shortcut is doing nothing. We opt out.

    “Whatever” or “It’s up to you” are disconnected replies that suggest the choice, and even the person asking, is not important. The burden falls to our partners or co-founders to choose for us. To help you be more present in your personal and professional relationships, here are some tips to prevent decision fatigue.

    Related: Decision Fatigue Is Destroying Your Focus, Motivation and Drive

    Practice decision batching

    High-stakes decisions diminish our energy levels, but so do high volumes. Let’s imagine it takes 15 units of brain power to make one big choice, like hiring for a senior executive role. By comparison, 15 small decisions — medium or large, hot or iced, for here or to go — also require 15 units of brain power. Numerous small choices are also exhausting. It helps to plan for them.

    Decision-batching might include weekly meal prepping on a Sunday afternoon or building a capsule wardrobe and laying out each day’s outfit the night before. Think of Steve Jobs and his famous uniform: black turtleneck, blue jeans and sneakers.

    Easy wardrobe and food options leave leftover energy so you can be more present for those small choices that impact others. Taco Tuesday could prevent a spat over dinner.

    Treat big decisions like tasks

    When consequences are involved, treat the decision like a task. Build time into your calendar as you would for meetings or appointments. We tend to make hasty decisions when we try to fit them in between other responsibilities.

    I’m shopping for a new CMS, which isn’t earth-shattering, but it is an expense. I’ve blocked out time for research, short-listing and onboarding to ensure I don’t do these things sporadically and become overwhelmed.

    If the choice has more substantial consequences, set aside some time earlier in the day when you are most alert. One small study published in the journal Cognition found that chess players made slower, more accurate decisions in the morning and faster, less accurate decisions in the afternoon.

    This tactic can also be applied to household decisions, like family vacations. Set aside time for each family member to choose an activity or excursion. Make the planning its own activity over a big Sunday breakfast. I have two boys, and I do consider teenage boredom a high-stakes consequence for the mood and dynamic of a long trip.

    Related: Decision Fatigue Is Real. Here’s How to Overcome It.

    Know your entrepreneurial mindset

    In my experience, entrepreneurs tend to encounter one of two decision-making challenges: perfectionism or impulsivity. Both can lead to decision fatigue.

    Perfectionistic brains don’t like ambiguity and want to make the “right” choice. In a scenario with no obvious win, perfectionists feel unfulfilled and stressed. But churning over the same choice again and again, without any new information, is just as tiring as choosing.

    An impulsive brain, on the other hand, will make any choice to alleviate the tension of unmade decisions. This can lead to more mistakes, so the same decisions will need revisiting. It helps to know which type of decider you are. Perfectionists can remind themselves that opportunities may be lost if one lingers too long. Impulsive choosers should sleep on it.

    Unlike physical exhaustion, which is palpable, decision fatigue is sneaky. We may not feel tired when our judgment is flawed, and we may not notice how our energy depletion is affecting others. It’s best to form good habits, lest we seem careless or detached. Decision-making is a skill. If we fail to choose, we don’t practice, and we won’t improve.

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    Sherry Walling, PhD

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  • How AI is Changing the Future of Personal Branding | Entrepreneur

    How AI is Changing the Future of Personal Branding | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re looking to establish your personal brand, it’s essential to know the growing impact of Artificial Intelligence (AI) in the field. Staying up-to-date with AI advancements can set you apart from competitors and position you as an industry thought leader. Let’s explore how AI will change the landscape of personal branding and how you can leverage the technology to elevate your personal branding journey.

    In today’s connected world, your brand is imperative. Whether an accountant or a CMO, your branding can help you stand out and get noticed among others. It’s becoming more critical as technology continues to grow and change. With a brand, you may attract more opportunities and build a strong reputation in your field. It’s a medium for others to remember who you are, what you stand for, and your story. If we talk about everyday practices and challenges, your brand demands a solid online presence, showcasing your expertise and unique value proposition and creating a consistent image and messaging across all platforms. However, you must stay true to yourself and maintain an authentic brand image.

    Related: 3 Ways AI is Changing How Startups Build Their Brand

    Why is a personal brand essential?

    Whether an accountant or a CMO, your branding can help you stand out and get noticed among others. It’s becoming more critical as technology continues to grow and change. You may attract more opportunities and build a strong reputation in your field with a brand. It’s a medium for others to learn your story, remember who you are and what you stand for. When discussing everyday practices and challenges, your brand demands a solid online presence, showcasing your expertise and unique value proposition, and creating a consistent image and messaging across all platforms. However, you must stay true to yourself and maintain an authentic brand image.

    The role of AI in personal branding

    As a professional, you may have already heard about the role of AI in transforming various aspects of business operations. However, you may not be aware of the potential impact that AI can have on personal branding space. Now let’s look at AI’s applications in personal branding.

    1. AI for content creation

    Content is king when it comes to building any brand. Creating high-quality and engaging content consistently can be a challenge. This is where AI can come in handy. AI can assist you in content creation by providing suggestions and insights on topics, formats and styles that resonate with your target audience. AI can also assist with content curation, helping you find and share relevant and valuable content from other sources that align with your brand’s messaging and values.

    With AI on your side, you can streamline your content production process and ensure that you consistently deliver valuable and impactful content to your audience.

    Related: Before Spending Thousands on Custom Designs, Prioritize This to Elevate Your Brand Instead

    2. AI for social media management

    You already know that social media is a vital tool for personal branding. Managing your social media presence can be a time-consuming and complex task. This is where AI can make a big difference. AI can help you analyze and track engagement metrics across multiple social media platforms, providing insights into what content is working and what isn’t. By identifying the best times to post, AI can also help you optimize your social media posting schedule to increase engagement and reach.

    3. AI for audience targeting

    Identifying and reaching your target audience can be challenging. For that, you can leverage AI to target your right audience. With AI, you can gain a deeper understanding of your audience and tailor your messages to resonate with them. AI can analyze data on your audience’s demographics, interests, and behavior, providing insights into the content and messaging most likely to be interesting.

    Potential drawbacks of AI

    You’ve seen the benefits and how AI can amplify your personal branding journey. Now let’s look at some potential drawbacks of using AI in personal branding.

    One of the main concerns is the risk of losing authenticity in your brand’s messaging. AI algorithms can generate content and messaging that appears personalized and human-like but may lack the unique voice and tone of the human touch.

    Another concern is the potential for bias in AI algorithms, which can result in personalized content and recommendations that are not inclusive or representative of diverse viewpoints. This can ultimately harm your personal brand’s reputation and alienate potential customers or clients.

    By prioritizing authenticity and responsible use of AI, you can maintain your personal brand’s integrity and build trust with your audience. Remember, while AI can be a valuable tool in personal branding, it’s ultimately up to you to ensure that your brand’s messaging and content align with your values and mission.

    The future

    As a professional who wants to build a personal brand, staying up-to-date on emerging AI technologies and best practices for personal branding is crucial for staying competitive and effective in your industry. AI technologies are constantly evolving, and by keeping abreast of new developments and trends, you can gain a competitive edge and leverage the latest tools and techniques to enhance your personal branding efforts. Staying informed can help you avoid common pitfalls and ensure that you’re using AI responsibly and effectively, supporting your brand’s authenticity and values.

    Whether attending industry conferences, following industry thought leaders, or regularly reading industry publications, investing in ongoing learning and development around AI and personal branding can help you stay ahead of the curve and ensure that your personal brand remains relevant and effective in the years to come.

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    Erica McMillan

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  • Here’s the Best Entrepreneurial Advice I’ve Ever Received | Entrepreneur

    Here’s the Best Entrepreneurial Advice I’ve Ever Received | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ve experienced my fair share of ups and downs as a business owner. I’ve discovered that seeking counsel from others who have already faced difficulties in entrepreneurship can be helpful. In this article, I want to share the best advice I’ve ever heard from other business owners who have successfully navigated difficult situations.

    Being an entrepreneur can be a solitary endeavor. It’s easy to get wrapped up in your thoughts and overlook the bigger picture. The importance of expert entrepreneurial guidance can’t be overstated. They have been in your shoes and can provide insightful opinions that can help you avoid frequent pitfalls and succeed.

    Related: The 8 Best Pieces of Business Advice I’ve Received In The Past 6 Months

    Believe in yourself

    “Believe in yourself” was the first piece of advice I ever got. Although it seems straightforward, many business owners find it difficult. When faced with obstacles or failures, it’s simple to start doubting oneself. But if you don’t have faith in yourself, who will? I discovered that being successful as an entrepreneur requires having a strong sense of self-belief.

    Embrace failure

    Embracing failure was the second piece of great advice I received. Although it’s a normal part of the business path, failure should not be feared. In reality, failure can be a useful instrument for development and learning. I discovered that it’s critical to approach failure with a growth mentality and view it as an opportunity to grow.

    Focus on solving a problem

    Focusing on finding a solution to an issue was the third piece of advice I got. Solving issues is the key to a successful enterprise. I discovered that the cornerstone of a prosperous business is recognizing a problem and providing a solution. You can develop a service or product that customers need and want by concentrating on fixing a problem.

    Related: Advice, Tips and Tricks for New Entrepreneurs

    Build a strong team

    The fourth piece of advice I got was to assemble a solid team. Being an entrepreneur requires a team effort. It’s crucial to surround yourself with people who have a variety of abilities and viewpoints. I discovered that seeing success in any entrepreneurial endeavor requires assembling a solid team.

    Stay agile

    Maintaining agility was the fifth piece of advice I received. Being an entrepreneur necessitates adaptability and flexibility. Success depends on having the flexibility to change course rapidly and react to changing circumstances. I discovered that surviving the ups and downs of entrepreneurship requires remaining flexible and agile.

    Why this advice works

    These five bits of advice are effective because they are based on the insights of successful entrepreneurs. They have been tried and proven in the entrepreneurship trenches. These tenets are supported by data and research, which demonstrate that successful entrepreneurs are those who have confidence in themselves, accept failure, put a high emphasis on problem-solving, assemble capable teams and maintain agility.

    How to apply this advice

    To put this advice into practice, a variety of mental adjustments and doable tactics are needed. It takes a lot of self-confidence and resilience to believe in oneself. A growth mentality and a readiness to absorb lessons from errors are prerequisites for accepting failure.

    Finding a market demand and creating a special solution is necessary if you want to concentrate on solving a problem. Effective teamwork and communication skills are necessary for creating a good team. Making rapid decisions and reacting to shifting conditions are necessary for agility.

    Related: The Most Powerful Advice Entrepreneurs Ignore

    Real-life examples of entrepreneurs who have successfully applied this advice include Elon Musk, Jeff Bezos and Richard Branson. All three of these entrepreneurs embody the principles of believing in themselves, embracing failure, focusing on problem-solving, building strong teams and staying agile.

    The finest advice I’ve ever heard is to trust in yourself, accept failure, concentrate on solving an issue, assemble a good team and be flexible. By applying these pointers to your entrepreneurial endeavors, you can improve your chances of success and successfully deal with the difficulties that come with being an entrepreneur. Keep in mind that entrepreneurship is a journey, and success takes passion, attention and a desire to learn and advance.

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    Candice Georgiadis

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  • Free Webinar | May 18: 7 Ways to Raise Money to Launch Your Business | Entrepreneur

    Free Webinar | May 18: 7 Ways to Raise Money to Launch Your Business | Entrepreneur

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    Crowdfunding, equity financing, grants, or debt financing? Which do you choose to raise money for your business?

    Join our webinar, Bianca B. King, Entrepreneur & Marketing Strategist, teaches you 7 methods that you can use to raise money to launch their companies, including the advantages and disadvantages of each type of funding.

    7 Financing Options

    Equity Financing:

    Debt Financing:

    • Small Business Loans

    • Peer-to-Peer Lending

    Alternative Financing:

    Register now to secure your seat!

    About the Speaker:

    Bianca B. King is an entrepreneur and professional matchmaker on a mission to help women accelerate their success. As the CEO & Founder of the exclusive collective Pretty Damn Ambitious™, Bianca matches high-acheiving women with premier vetted and verified coaches so they can finally amplify their ambitions and achieve the personal growth and professional success they desire. Bianca is also the President and Creative Director of Seven5 Seven3 Marketing Group, a digital marketing agency that has served hundreds of entrepreneurs since 2008.

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    Entrepreneur Staff

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  • What Entrepreneurs Can Learn from The Beatles | Entrepreneur

    What Entrepreneurs Can Learn from The Beatles | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The Beatles are one of the most iconic bands in history, known for their groundbreaking music, innovative approach to recording and dynamic personalities. But beyond their musical legacy, The Beatles offer valuable lessons for entrepreneurs looking to build successful businesses. In this article, we’ll explore what entrepreneurs can learn from The Beatles, focusing on their lessons in creativity, playfulness, collaboration and innovation.

    1. Creativity

    The Beatles were known for their creativity, constantly pushing the boundaries of what was possible in music. They were unafraid to experiment with new sounds, techniques and ideas, resulting in some of the most innovative music of their time. This creativity was driven by a relentless pursuit of new ideas, a willingness to take risks and a commitment to constantly evolving their sound. The Beatles drew inspiration from other musicians, including early rock and roll artists like Chuck Berry, Little Richard and Buddy Holly, as well as Motown acts such as The Supremes and Smokey Robinson. Later influences include such notable acts as Bob Dylan and the Beach Boys, whose album Pet Sounds would serve as the primary impetus behind The Beatles’ Sgt. Pepper’s Lonely Hearts Club Band album.

    Entrepreneurs can learn from the Beatles’ approach to creativity by embracing a similar mindset. To build successful businesses, entrepreneurs must be willing to take risks, experiment with new ideas and constantly push the boundaries of what’s possible. Entrepreneurs should also look to other entrepreneurs for inspiration. By staying open to new possibilities and being unafraid to fail, entrepreneurs can tap into their own creativity and unlock new levels of innovation.

    Related: 5 Ways to Unlock Your Entrepreneurial Creativity

    2. Playfulness

    In the 2021 documentary series, Get Back, Oscar-award-winning director Peter Jackson chronicles the making of The Beatles’ 1970 album, Let It Be. The three-part series offers a fascinating behind-the-scenes look at The Beatles’ creative process. What stands out in their sessions together is their playfulness. Despite being under a tight deadline, the group spends time experimenting with their new songs, often in a seemingly unserious manner, playing cover songs and even recalling songs written from their very early days as teenagers. In his book, Hey Grandude!, Paul McCartney writes, “When you play, you can’t help but be creative. Your mind is freed up to explore new ideas and take risks.” While the world may take The Beatles very seriously, being playful and not taking themselves so seriously helped catapult their creativity.

    Like The Beatles, entrepreneurs should embrace a playful mindset and learn to not take themselves too seriously. Instead of approaching tasks with a rigid, serious attitude, try experimenting with new approaches, taking risks and approaching challenges with a sense of curiosity and wonder. The ability to approach tasks with a playful mindset can unlock new levels of creativity and innovation, leading to breakthrough ideas and exciting new ventures. According to Rick Rubin, a music producer known for his work with artists like Jay-Z, Red Hot Chili Peppers and Adele, playfulness is essential to the creative process. In an interview with Rolling Stone, he said, “When you’re playful, your mind is more open to finding creative solutions to problems.”

    3. Collaboration

    The Beatles’ success was built on their collaboration, both with each other and with other musicians, producers and engineers. They were known for their ability to work together seamlessly, combining their unique talents and perspectives to create something greater than the sum of its parts. This collaboration was driven by a deep mutual respect, a willingness to listen to each other and a shared vision for their music.

    Entrepreneurs can learn from The Beatles’ approach to collaboration by fostering a similar spirit of teamwork in their own businesses. By building diverse, collaborative teams and encouraging open communication and mutual respect, entrepreneurs can tap into the collective creativity and intelligence of their teams, leading to greater innovation and success.

    Related: Why Collaboration Is Essential to Entrepreneurship

    4. Innovation

    The Beatles were also known for their innovative approach to recording, pioneering new techniques like multi-track recording, tape looping and backwards recording. They were constantly looking for ways to push the boundaries of what was possible in music, and their innovative approach helped them to create some of the most groundbreaking albums in history.

    Entrepreneurs can learn from The Beatles’ approach to innovation by embracing a similar spirit of experimentation and risk-taking in their own businesses. By staying open to new ideas and approaches, entrepreneurs can find innovative solutions to the challenges they face, leading to greater success and growth.

    In conclusion, The Beatles offer valuable lessons for entrepreneurs looking to build successful businesses. By embracing the lessons of creativity, playfulness, collaboration and innovation that The Beatles exemplified, entrepreneurs can tap into their own creativity, build collaborative teams and find innovative solutions to the challenges they face. So, take a cue from The Beatles and start pushing the boundaries of what’s possible in your own business today!

    Related: Why an Entrepreneur’s Ability to Innovate Will Make (or Break) Future Success

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    Daniel Scott

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  • 5 Unexpected Life Changes You Might Experience When Starting a Business | Entrepreneur

    5 Unexpected Life Changes You Might Experience When Starting a Business | Entrepreneur

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    Starting a business is a goal many people pursue at some point in their lives. Once we see the potential in us and grow to believe in our expertise, we begin considering what would it be for us to start fresh and become our own boss. As intriguing and exciting as it may sound, sometimes business ownership arrives with unexpected life changes we haven’t seen coming.

    Oftentimes I’ve spoken about what we need to be prepared for business-wise — things like saving up for initial investments, finding the perfect business niche and learning how to spot great employees are just the tip of the iceberg when it comes to fully submerging ourselves in the world of entrepreneurship. With time, we usually learn how to adapt and overcome obstacles along the way that are strictly work-related, but what about the certain amount of change we’d be witnessing during our outside-of-office hours?

    Truth be told, it would be rather naïve on our part to believe that such a huge event like starting a business won’t affect our personal and social life in any way. That’s why I’ve decided to shed some light on five unexpected life changes you might witness once becoming a business owner. It’s better to be prepared and informed instead of being taken off guard.

    Related: Starting a Business Isn’t What You Think. Here’s What to Expect Instead.

    1. Your professional and personal lives will inevitably mix

    Right at the beginning of my CEO journey, I assumed the biggest hardships I’m about to witness would revolve around the establishment of my company. Details like building a portfolio, finding the best employees and getting our work out there took a considerable amount of my time, and yet I knew quite well this is what the road ahead is supposed to look like. As busy as it got, I was somewhat prepared — after all, the majority of aspiring entrepreneurs have a good understanding of how their professional life is about to change once they step into the world of business ownership.

    But here’s the thing — our professional and personal lives are so intertwined that is almost impossible for one not to affect the other.

    Feeling constantly overwhelmed, the long working hours, the overall work-related pressure and stress and monitoring how’s your business going on weekends are simply a small part of all business-related consequences that might affect our outside-of-office hours. Naturally, we’d feel pressured by time and deadlines and this could cause disruptions in the way we choose/can to spend our free time. What’s more, all those predispositions may lead to somewhat unexpected changes in our lives that we couldn’t see coming and may bring discomfort and struggle in the area.

    2. You may notice your social circle shrinking

    As disturbing as it may sound, many entrepreneurs (especially right at the beginning of their career journey) share that their friends appear to be drifting away from them once they launched their gigs.

    There could be numerous reasons for this: For instance, people from your social circle might feel neglected or as if you’ve chosen work over spending quality time with them. Another possible, yet bitter option, is that they might start witnessing their lack of development as now you’re skyrocketing your own business.

    Whatever the reason is, your social circle shrinking is a plausible outcome of your entrepreneurial goals — and it’s better for you to be prepared, just in case. Honest and open conversations about how each person feels usually help get rid of the issues and misunderstandings and you can all salvage the relationship.

    Related: How to Prevent Your Business From Ruining Your Personal Life

    3. New people may come into your life and stay for good

    Usually, when people opt for business establishments, they need to communicate with fellow entrepreneurs, clients, prospective investors, etc. The more you put yourself out there and attend networking events, the higher the chance is for you to widen your social circle and let newcomers appear. More often than not, relationships built on mutual business interests tend to last for long as people share experience and expertise, while also providing support and guidance.

    4. You might find it extra hard to keep a balance between work and personal life

    When we are employed, we usually treasure our time off from work and look forward to it, but things change when we lead our own business. You might find it hard to juggle between opening your laptop and checking that minor detail on a Sunday afternoon even though it could wait until Monday, especially at the beginning.

    In the long-term, this lack of balance and fruitful relaxation time could have a tremendous effect on your mental health as you’d find yourself always being at work subconsciously. So it’s important to set certain standards for yourself when it comes to taking some time off and enjoying life outside of the office.

    5. You might experience a change of heart when it comes to your career

    Some people find out business ownership is not as enjoyable as they thought it was and prefer getting back to being employed. Others might enjoy running an enterprise in general, but realize their desired niche is not the one they primarily chose. All those instances, even though troublesome at first, are a good thing — it’s the ultimate path toward self-discovery and paving one’s way to a successful career that aligns with who they are.

    Related: 10 Ways to Improve the Quality of Your Business Life

    Of course, all those are assumptions — as often as they may appear, some entrepreneurs never face obstacles and difficulties of this sort. It doesn’t hurt to be prepared though — owning a business isn’t merely about running some numbers and never expecting anything to be different. At the end of the day, change helps us grow.

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    Ivan Popov

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  • 5 Surprising Benefits of Professional Networking | Entrepreneur

    5 Surprising Benefits of Professional Networking | Entrepreneur

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    For those yet to understand its value, professional networking can often be viewed as a necessary evil — something you must do to build your career or grow your business. Networking has long been recognized as an essential element of building a career, establishing oneself in a community or growing a business. But the benefits and impact of professional networking go far beyond simply making connections.

    Professional networking can open doors that may have previously been inaccessible, expand your thinking and allow you to innovate, making it one of the smartest investments you will ever make. Here are some of the surprising benefits of professional networking:

    Related: How Networking Can Increase Your Business’ Net Worth

    1. Access to new opportunities

    One of the most obvious benefits of networking is access to new opportunities, but just how valuable these opportunities can be is often overlooked. Whether you’re looking for a new job, seeking investors for your business or looking for new clients or customers, networking can help you get your foot in the door. By building relationships with others, especially those outside your usual sphere of influence, you’ll have access to a wealth of opportunities that you may previously not have been able to access or tap into.

    2. Learning and development

    Networking is not just about making connections — it is also about learning, developing and expanding your perspective. By attending events, participating in forums and discussion boards and connecting with others, you’ll have the opportunity to learn from others and expand your knowledge and expertise. The best networking comes from meeting people who have a unique perspective to your own. You may even find a mentor or coach to help you grow your skills and achieve your goals.

    3. Building your reputation and brand

    Networking can also help you build your reputation and brand. By attending events and participating in online communities, you’ll have the opportunity to showcase your expertise and skills and cultivate a positive reputation. The more people who have positive interactions with you and identify you as a knowledgeable person with which they can build rapport, the more likely you are to have increased visibility, more clients or customers, and even more opportunities. People often say they do not invest in a business, they invest in a person. Your reputation and brand are often considered one of the cornerstones of success and a deciding factor for many people choosing to do business with you.

    Related: Why Networking Is a Must for Successful Entrepreneurs

    4. Emotional support

    Building a professional network is not just about business — it’s also about building relationships with others who understand the challenges, stresses, highs and lows of your field. Many business leaders struggle with feelings of loneliness while running their businesses. By connecting with others, you’ll have access to emotional support and camaraderie, which can be invaluable for your mental health and well-being, and you’ll also have the opportunity to learn from others and potentially avoid stressful or costly mistakes. No person is an island, and there truly is no reason to go it alone, especially with so many people on a similar journey to your own. Feeling supported enables us to push our boundaries and navigate difficult times more effectively.

    5. Increased confidence and self-esteem

    One of the most impactful unexpected benefits of networking is the profound positive impact on your confidence and self-esteem. The more time spent networking and communicating with others, the more significant this impact will be. By curating meaningful connections with others, you’ll likely feel more confident in your abilities and more secure in your career or business.

    You may even find new opportunities or ideas that were previously unconsidered, which can boost your confidence and help you grow. From speaking to a wide range of people from different levels and fields, you subconsciously increase your experience and expertise in presenting, public speaking and maintaining positive interactions, enabling you to adapt to social situations and opportunities to discuss ideas.

    To maximize the benefits of networking, it is important to approach it strategically and meaningfully. This means setting clear goals, identifying people of interest and developing a plan to build and nurture relationships over time. It is important that you are authentic and transparent in your interactions with others and follow up regularly to maintain and strengthen relationships as they grow. Relationships generally cannot be built overnight, and although there will be instances where you and another individual hit it off right away, most relationships will take time and patience.

    The benefits and impact of professional networking go far beyond just making connections. Networking can help you access new opportunities, learn and develop your skills, build your reputation and brand, find emotional support and increase your confidence and self-esteem. By ensuring networking remains a priority, you’ll have access to a wealth of resources and support to help you achieve your goals and thrive.

    Related: Why Building Your Network Is More Important Than Ever

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    Keith West

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  • Silicon Valley Bank collapse renews calls to address disparities impacting entrepreneurs of color | CNN Business

    Silicon Valley Bank collapse renews calls to address disparities impacting entrepreneurs of color | CNN Business

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    CNN
     — 

    When customers at Silicon Valley Bank rushed to withdraw billions of dollars last month, venture capitalist Arlan Hamilton stepped in to help some of the founders of color who panicked about losing access to payroll funds.

    As a Black woman with nearly 10 years of business experience, Hamilton knew the options for those startup founders were limited.

    SVB had a reputation for servicing people from underrepresented communities like hers. Its failure has reignited concerns from industry experts about lending discrimination in the banking industry and the resulting disparities in capital for people of color.

    Hamilton, the 43-year-old founder and managing partner of Backstage Capital, said that when it comes to entrepreneurs of color, “we’re already in the smaller house. We already have the rickety door and the thinner walls. And so, when a tornado comes by, we’re going to get hit harder.”

    Established in 1983, the midsize California tech lender was America’s 16th largest bank at the end of 2022 before it collapsed on March 10. SVB provided banking services to nearly half of all venture-backed technology and life-sciences companies in the United States.

    Hamilton, industry experts and other investors told CNN the bank was committed to fostering a community of minority entrepreneurs and provided them with both social and financial capital.

    SVB regularly sponsored conferences and networking events for minority entrepreneurs, said Hamilton, and it was well known for funding the annual State of Black Venture Report spearheaded by BLK VC, a nonprofit organization that connects and empowers Black investors.

    “When other banks were saying no, SVB would say yes,” said Joynicole Martinez, a 25-year entrepreneur and chief advancement and innovation officer for Rising Tide Capital, a nonprofit organization founded in 2004 to connect entrepreneurs with investors and mentors.

    Martinez is also an official member of the Forbes Coaches Council, an invitation-only organization for business and career coaches. She said SVB was an invaluable resource for entrepreneurs of color and offered their clients discounted tech tools and research funding.

    Minority business owners have long faced challenges accessing capital due to discriminatory lending practices, experts say. Data from the Small Business Credit Survey, a collaboration of all 12 Federal Reserve banks, shows disparities on denial rates for bank and nonbank loans.

    In 2021, about 16% of Black-led companies acquired the total amount of business financing they sought from banks, compared to 35% of White-owned companies, the survey shows.

    “We know there’s historic, systemic, and just blatant racism that’s inherent in lending and banking. We have to start there and not tip-toe around it,” Martinez told CNN.

    Asya Bradley is an immigrant founder of multiple tech companies like Kinley, a financial services business aiming to help Black Americans build generational wealth. Following SVB’s collapse, Bradley said she joined a WhatsApp group of more than 1,000 immigrant business founders. Members of the group quickly mobilized to support one another, she said.

    Immigrant founders often don’t have Social Security numbers nor permanent addresses in the United States, Bradley said, and it was crucial to brainstorm different ways to find funding in a system that doesn’t recognize them.

    “The community was really special because a lot of these folks then were sharing different things that they had done to achieve success in terms of getting accounts in different places. They also were able to share different regional banks that have stood up and been like, ‘Hey, if you have accounts at SVB, we can help you guys,’” Bradley said.

    Many women, people of color and immigrants opt for community or regional banks like SVB, Bradley says, because they are often rejected from the “top four banks” — JPMorgan Chase, Bank of America, Wells Fargo and Citibank.

    In her case, Bradley said her gender might have been an issue when she could only open a business account at one of the “top four banks” when her brother co-signed for her.

    “The top four don’t want our business. The top four are rejecting us consistently. The top four do not give us the service that we deserve. And that’s why we’ve gone to community banks and regional banks such as SVB,” Bradley said.

    None of the top four banks provided a comment to CNN. The Financial Services Forum, an organization representing the eight largest financial institutions in the United States has said the banks have committed millions of dollars since 2020 to address economic and racial inequality.

    Last week, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow that his bank has 30% of its branches in lower-income neighborhoods as part of a $30 billion commitment to Black and Brown communities across the country.

    Wells Fargo specifically pointed to its 2022 Diversity, Equity, and Inclusion report, which discusses the bank’s recent initiatives to reach underserved communities.

    The bank partnered last year with the Black Economic Alliance to initiate the Black Entrepreneur Fund — a $50 million seed, startup, and early-stage capital fund for businesses founded or led by Black and African American entrepreneurs. And since May 2021, Wells Fargo has invested in 13 Minority Depository Institutions, fulfilling its $50 million pledge to support Black-owned banks.

    Black-owned banks work to close the lending gap and foster economic empowerment in these traditionally excluded communities, but their numbers have been dwindling over the years, and they have far fewer assets at their disposal than the top banks.

    OneUnited Bank, the largest Black-owned bank in the United States, manages a little over $650 million in assets. By comparison, JPMorgan Chase manages $3.7 trillion in assets.

    Because of these disparities, entrepreneurs also seek funding from venture capitalists. In the early 2010s, Hamilton intended to start her own tech company — but as she searched for investors, she saw that White men control nearly all venture capital dollars. That experience led her to establish Backstage Capital, a venture capital fund that invests in new companies led by underrepresented founders.

    “I said, ‘Well, instead of trying to raise money for one company, let me try to raise for a venture fund that will invest in underrepresented — and now we call them underestimated — founders who are women, people of color, and LGBTQ specifically,’ because I am all three,” Hamilton told CNN.

    Since then, Backstage Capital has amassed a portfolio of nearly 150 different companies and has made over 120 diversity investments, according to data from Crunchbase.

    But Bradley, who is also an ‘angel investor’ of minority-owned businesses, said she remains “really hopeful” that community banks, regional banks and fintechs “will all stand up and say, ‘Hey, we are not going to let the good work of SVB go to waste.’”

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  • I Ran a Marathon Without Training. Here’s What I Learned and How It Made Me a Better Entrepreneur. | Entrepreneur

    I Ran a Marathon Without Training. Here’s What I Learned and How It Made Me a Better Entrepreneur. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Physical exercise has always been an important part of my routine. In the course of starting my company, I’ve used long-distance running and cross-training as a means to de-stress, socialize and insert some level of control and predictability into a professional lifestyle that is pretty chaotic.

    I’ll preface this with the obvious: I’m an average athlete. However, as I’ve gotten older, my approach to physical activity has actually taught me a lot about how to be a better company founder and entrepreneur.

    These are a few of those reflections and lessons I’ve learned along the way:

    Related: 5 Things Running Races Taught Me About Running a Business

    Put in the miles

    In the process of building my last company, I picked up David Goggins‘ book, Can’t Hurt Me, in which Goggins outlines his personal transformation from a potato chip and chocolate-shake-drinking, gelatinous pest exterminator to a badass Navy SEAL and Ultra Endurance Athlete. I was fascinated by Goggins’ story, particularly with how he was able to train his mind to push through pain to achieve his goals. His most famous (and insane) feat was running a 100-mile ultra-marathon in under 19 hours without formal training, which ultimately led to kidney failure and broken feet.

    Nevertheless — I thought, what the hell? If this Goggins guy can run 100 miles without training, why couldn’t Justin Vandehey, an average athlete in decent cardio shape, finish a marathon without formal training?

    So, that’s what I did, and boy, was that stupid.

    First, I attempted to condense training. I was doing CrossFit four days a week and purchased a weighted vest to strengthen my legs. According to my math, if I ran five miles each day with a 20lb vest for three months, that SHOULD equate to the wear and tear that my body would experience over the course of 26.2 miles.

    The result? I finished my marathon time at the same time as Oprah. What’s more, I had stress fractures throughout both my legs and broke three toes.

    What did this teach me? For one, I’m not David Goggins. More importantly, as an entrepreneur, the miles really matter. Whether it’s fundraising, sales or building products, how you train matters. There are no silver bullets to learning these functions or building an exceptional company. Find a coach, mentor or advisor who can help you build a plan toward achieving your outcome in each of these crucial aspects of your business. Put in the miles.

    Related: 5 Reasons Why Every Leader Should Run a Marathon

    Take the rest when you can

    In my second marathon attempt, I was committed to a plan. I purchased an online training program from Hal Higdon, updated my Apple Watch and began actively tracking my miles and heartbeat while putting in the work, including the long 20-mile weekend runs.

    My goal was to qualify for Boston, a 3:05 marathon finish according to my age bracket. I was feeling really good. I was maintaining a seven-minute race pace during my training runs and had read on running forums that adrenaline usually pushes runners to an even faster pace during the race.

    I wanted to put everything I had into training for this race, so three days before the event, I elected to get two non-prescribed squat training workouts during my taper week.

    The result?

    On race day, the adrenaline kicked in, and I maintained a 6:45/mile pace through 18 miles. However, I came out way too fast — and ultimately, those two additional leg workouts taxed my IT band to the point where I couldn’t put any pressure on my left leg. That pain led to further GI issues, which arose (literally) at mile 23. My pace for the remaining eight miles fell to nine minutes/mile. I finished the marathon in under four hours but fell incredibly short of my goal

    What did this teach me?

    Take the rest when you can get it. Ignoring taper week and doubling down when my body needed to recover was incredibly stupid. As entrepreneurs, we often can’t force an outcome by pushing all of the time. When you need to rest, or when it’s prescribed that you rest, do it. You’re working toward the best outcome for your business, and there is no extra credit if you’re overextending yourself.

    What’s more, you can’t control all of the variables that occur when things start to go off the rails. I had trained to eat during the race, but the pain that I was experiencing in my IT band triggered reactions from my body that I could have never anticipated. Sometimes negative momentum is just as powerful as positive momentum. Embrace it for what it is, and be kind to yourself when things aren’t going as expected.

    Related: How Marathon Running is Inspiring Present Day Entrepreneurs

    Embrace the suck

    After a handful of marathons and half marathons, two of my friends convinced me to join them as a third teammate in a CrossFit competition (Hey bro, did I mention I do CrossFit?) I entered the competition confident, knowing that I had just come off hardcore marathon training and felt good about my strength endurance. The competition consisted of four lifts, all of different movements to test an athlete’s fitness level.

    For the first lift, I absolutely smoked the field, which contained a heavy cardio component and a long outdoor run. However, for the second lift, we were asked to do a single rep maximum lift of a clean and jerk movement. This was purely a strength exercise, and I am without a doubt an endurance athlete with poor shoulder mobility.

    The result? I came in dead last out of 35 people on the heavy complex lift. I was pretty embarrassed with my individual performance. However, my other two friends on our squad crushed their individual lifts and raised our average to the middle of the overall competition.

    What did this teach me?

    It’s okay to suck at something and just fully absorb that failure. It keeps us honest and humble about our abilities and gives us something to build on. It also reminded me of how critical a diverse team is to overall success. We all have things we’re going to excel at, so focus on doing those things well and lean into the strengths of the others on your team. For what it’s worth, I did come in eighth place in the heavy farmer’s carry, which I’m assuming comes from some combination of hauling groceries, growing up on a dairy farm or carrying little humans (a.k.a. my kids) around.

    As entrepreneurs, we question the impossible and challenge the limits that are set for us. Many people think we’re programmed for success (nature) or that we’re born into circumstances that forecast excellence (nurture). I’d argue that this process is an evolution, not a static moment in time nor something that we inherited or are born with. It’s also a process that we should try to enjoy.

    As I train for an Ironman competition this Fall and have already discovered my lack of buoyancy and the inability to move my hands and feet at the same time, I’m trying to remember that. So, if you’re reading this and know a good swim coach, you know where to find me. I’m the lanky guy in the pool with poor shoulder mobility, laughing and crying while trying not to drown, fully embracing the suck.

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    Justin Vandehey

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  • Why You Must Master the Power of Podcasts | Entrepreneur

    Why You Must Master the Power of Podcasts | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Podcasts have exploded in popularity in recent years, and for good reason. They offer a unique way to engage with audiences and can be a powerful tool in every stage of the marketing funnel. In this article, we’ll discuss how to leverage podcasts across different stages of the marketing funnel and achieve maximum impact.

    Related: 5 Reasons Why Brands Should Think About Creating a Podcast

    Top of Funnel (TOF): Attracting potential customers

    The top of the marketing funnel is all about attracting as many potential customers as possible. Podcasts can be an excellent tool for this stage as they offer a unique way to engage with a broad range of potential customers and showcase your brand’s thought leadership. By providing valuable content in the form of informative and entertaining podcast episodes, you can capture the attention of potential customers and start building a relationship with them.

    To leverage podcasts in the TOF stage, you’ll want to focus on creating content that’s informative, educational, and entertaining. Consider interviewing industry experts, providing behind-the-scenes looks at your business, or offering tips and tricks related to your niche. By providing value to your listeners, you’ll establish your brand as a thought leader in your industry and create a positive association with your business.

    Additionally, it’s essential to promote your podcast effectively to attract new listeners. Consider leveraging social media, email marketing, and paid advertising to reach new audiences and drive traffic to your podcast.

    Related: Podcast As Marketing Tool: It Creates Value For Listeners

    Middle of Funnel (MOF): Nurturing potential customers

    The middle of the marketing funnel is all about nurturing potential customers and building their trust. Podcasts are an excellent tool for this stage as they offer a more intimate and personal way to connect with your audience. By sharing your brand’s values, mission, and culture through podcasts, you can build a deeper relationship with your audience and create a sense of community around your brand.

    To leverage podcasts in the MOF stage, you’ll want to focus on creating personal and engaging content. Consider showcasing customer success stories, hosting Q&A sessions with your audience, or providing in-depth product demos. Doing so will build trust and credibility with your audience and create a sense of connection with your brand.

    Additionally, it’s essential to create a consistent podcast schedule to keep your listeners engaged and build a loyal audience. Consider releasing new episodes regularly, such as weekly or bi-weekly, to keep your listeners coming back for more.

    Related: 4 Reasons to Start Your Own Podcast

    Bottom of Funnel (BOF): Converting potential customers

    The bottom of the marketing funnel is all about converting potential customers into paying customers. Podcasts can play a critical role in this stage by providing an engaging and entertaining way to directly promote your products or services.

    By creating podcast episodes that focus on specific products or services, highlighting their features and benefits and offering exclusive discounts or promotions to your podcast listeners, you can convert leads into paying customers more effectively.

    To leverage podcasts in the BOF stage, you’ll want to focus on creating direct and actionable content. Consider featuring customer testimonials or case studies that showcase the benefits of your products or services, hosting live Q&A sessions to address any lingering questions or concerns, or offering exclusive discounts or promotions to your podcast listeners.

    Additionally, it’s essential to include a clear call-to-action in your podcast episodes to drive conversions. Consider directing listeners to a landing page, product page, or contact form to make it easy for them to take the next step and become paying customers.

    Related: The Basics of Podcasting and How It Can Grow Your Business

    Conclusion

    Podcasts offer a unique way to engage with audiences and can be a powerful tool in every stage of the marketing funnel. To leverage podcasts effectively, you’ll want to create valuable and engaging content that speaks to your audience’s needs and interests, promote your podcast effectively to attract new listeners, and include clear calls-to-action to drive conversions. By doing so, you can differentiate your brand from the competition, build trust and credibility, and reach new levels of growth. .

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    Lewis Schenk

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  • Free Event | April 26: Get the Answers to Your Solopreneur Challenges | Entrepreneur

    Free Event | April 26: Get the Answers to Your Solopreneur Challenges | Entrepreneur

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    Running a one person business is challenging, but we’re here to help you. Tune into our video series, Solopreneur Office Hours, as our expert, Terry Rice, answers your most pressing questions.

    Running a one person business is challenging, but it doesn’t have to be confusing.

    In our new series, Office Hours for Solopreneurs with Terry Rice, you’ll get your most pressing business questions answered live while also learning from the challengees of your peers. Be sure to tune in on April 26th at 3 PM EDT as he removes all the guesswork around pricing, personal branding, selling your services and more.

    Don’t miss out—register now!

    About the Speaker:

    Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and host of the podcast Launch Your Business, which provides emerging entrepreneurs with the critical guidance needed to start a business. As the founder of Terry Rice Consulting he helps entrepreneurs make more money, save time and avoid burnout. He writes a newsletter about how to build your revenue and personal brand in just 5 minutes per week.

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  • How to Overcome Failure and Build a Thriving Business | Entrepreneur

    How to Overcome Failure and Build a Thriving Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Being an entrepreneur in the real estate industry is not for the faint-hearted. It requires a high level of dedication, creativity and a willingness to take risks. Throughout my journey, I have learned that challenges and failures are inevitable but should not deter you from achieving your goals. It is crucial to remain optimistic, persistent and adaptable in facing challenges.

    One of the significant lessons I have learned is the importance of building and maintaining solid relationships with clients and other industry professionals. Providing excellent customer service, being transparent, and treating clients with respect and integrity can go a long way in building trust and long-term partnerships. Additionally, staying up to date with market trends and changes in the industry can help you stay ahead of the competition and provide value to your clients.

    Related: 10 Steps to Achieve a Growth Mindset in Business

    Entrepreneurial mindset as a broker

    I have also learned the importance of having an entrepreneurial mindset. This means being willing to take risks, thinking outside the box, and constantly looking for new and innovative ways to grow your business. In the real estate industry, there will always be market conditions that could be more favorable. Still, if you have an entrepreneurial mindset, you can find ways to succeed even in the toughest of times.

    Another critical lesson that I have learned is the importance of networking. As a real estate professional, your ability to connect with others in the industry is vital to your success. This means joining networking groups, attending expos and events, and actively building relationships with other professionals in the field. By expanding your network, you will gain access to new business opportunities, learn from others in the industry and build a reputation for yourself as a well-connected and respected professional.

    Setting goals you can measure and improve

    One of the most common challenges that real estate professionals face is the issue of generating leads. This is an ongoing process that requires constant effort and attention. I’ve always leveraged social media to communicate with potential clients, acquire new clients and get more deals. Setting goals and creating a plan to achieve them is critical to success. By setting specific, measurable, and attainable goals, you will be able to stay focused and motivated, and you will be more likely to achieve the results that you are looking for.

    Another critical aspect of building a successful real estate business is having the ability to negotiate and close deals effectively. This means being able to understand the client’s needs and preferences and being able to present them with options that will meet those needs. It also means negotiating purchase/sales prices and terms for purchase/sales agreements and advising clients on ways to structure their offers to win the bid. By being an effective negotiator, you can secure more deals and build a professional reputation for getting the job done.

    Building your reputation as a professional who delivers high-quality products and services is essential. This means exceeding client expectations and providing them with the support and resources they need to make informed decisions about their real estate transactions. By building a solid reputation, you will be able to generate more leads through referrals, and you will be able to command higher fees for your services.

    Related: How to Build Reputation in an Industry From Scratch

    Investing in yourself as a real estate professional

    In addition to the fundamental principles mentioned above, investing in yourself as a real estate professional is essential for success. This means continuously learning and staying up-to-date with industry trends, regulations, and best practices. It also means investing in tools and technology to help you work efficiently and provide better client services. Some of these tools include customer relationship management (CRM) software, marketing automation tools, and virtual tour software for showcasing properties online. By investing in yourself and your business, you will be better equipped to handle challenges and provide top-notch services to your clients, ultimately leading to long-term success and growth.

    Wrap up

    Who’s ready to build a real estate empire! It seems like you’ve learned a thing or two about what it takes to succeed in this cutthroat industry. But let’s be honest here, it’s not just about having a nice suit and a flashy car (although those things certainly help).

    Building a successful real estate business takes grit, determination, and a whole lot of caffeine. You’ve got to be willing to put in the work, network like your life depends on it, and close deals like your commission check depends on it (because it does). But don’t worry, with a little bit of elbow grease and good luck; you too can be the next Donald Trump. Or, you know, maybe just a successful real estate agent who doesn’t get impeached. Either way, you got this.

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    Chris D. Bentley

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  • Free Event | April 11: Get the Answers to Your Solopreneur Challenges | Entrepreneur

    Free Event | April 11: Get the Answers to Your Solopreneur Challenges | Entrepreneur

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    Running a one person business is challenging, but we’re here to help you. Tune into our video series, Solopreneur Office Hours, as our expert, Terry Rice, answers your most pressing questions.

    Running a one person business is challenging, but it doesn’t have to be confusing.

    In our new series, Office Hours for Solopreneurs with Terry Rice, you’ll get your most pressing business questions answered live while also learning from the challengees of your peers. Be sure to tune in on April 11th at 3 PM EST as he removes all the guesswork around pricing, personal branding, selling your services and more.

    Don’t miss out—register now!

    About the Speaker:

    Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and host of the podcast Launch Your Business, which provides emerging entrepreneurs with the critical guidance needed to start a business. As the founder of Terry Rice Consulting he helps entrepreneurs make more money, save time and avoid burnout. He writes a newsletter about how to build your revenue and personal brand in just 5 minutes per week.

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  • How Unlearning These Toxic Traits Made This Entrepreneur a Better Communicator | Entrepreneur

    How Unlearning These Toxic Traits Made This Entrepreneur a Better Communicator | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I could see it in her eyes. I scared her to the point of shivering. At the time, I didn’t care. I didn’t apologize. But a week after the incident, the guilt of the pain I caused started to set in, and I knew that changes had to be made.

    This wasn’t the first time my aggressive and combative communication style had killed a relationship. It was a toxic behavioral pattern — one that I was repeating too many times to count — and it was impacting my life both personally and professionally.

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    Simon Lovell

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  • 3 Key Lessons I Learned While Working for P. Diddy | Entrepreneur

    3 Key Lessons I Learned While Working for P. Diddy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The only thing I love more than sports is music, more specifically the art and science of music production and the business of music and entertainment. In fact, in the process of completing my University degree in business, I enrolled in community college courses to learn the basics of audio engineering and music production. I wanted to be a music mogul. I wanted to be P. Diddy.

    So, one afternoon while browsing the music catalogue of the Notorious B.I.G., I stumbled upon the careers page for Atlantic Records and Bad Boy Entertainment. There was a newly posted opportunity: Join Bad Boy and Atlantic Records international marketing team.

    I knew my odds of getting the gig were low, but I said screw it, “what would Puff do?”

    One week after submitting my application, I heard back from a recruiter who said the hiring manager liked my content samples as a beat writer for a Fantasy Football website. He also needed help building out his fantasy football roster. I got the job.

    That next day, I notified the registrar that I was taking a leave of absence after my Spring Semester and dropping out to move to New York to become a music mogul.

    This is what I learned in the process of working for P. Diddy and Bad Boy Entertainment — and how I’ve applied these insights to my own personal development and journey as a professional and entrepreneur.

    Related: From Paper Boy to Music Mogul: Entrepreneurship Lessons From Sean ‘Diddy’ Combs

    Land and expand

    Before joining the label, I had a very limited view into all of the alternative revenue streams that existed outside of the music catalogue. I assumed the majority of artists made their fortunes from their work in the studio. However, it became clearer to me that the music was the catalyst for building a brand that transcended Billboard charts.

    Obviously, the music had to be incredible; However, Diddy was one of the first to extend the value of his brand into other categories that have made him a billionaire, such as fashion, media and alcohol. He was able to build thriving businesses that were connected to his brand persona. What’s more, he invested time and energy into businesses he understood. The intersection of those two forces had compounding effects.

    I now apply this model to every new opportunity I evaluate or take on. I know that I have experience in enterprise SaaS sales with a passion for company building at the earliest stages. It’s what led me to start my podcast, it informs which companies I invest in and advise, and it’ll ultimately help influence which company I build next.

    Whether you’re a music icon or a business-to-business SaaS founder, once you’ve mastered your craft and established a brand persona and reputation in your space, diversify your channels of impact by expanding into connected categories in the domains that you know well.

    Related: Lessons on Innovation and Evolution From 3 Top Hip-Hop Artists

    The muffins matter

    During the release of Making the Band‘s solo artist Donnie Klang’s album, “Like a Rolling Stone,” I met P. Diddy for the first time. Diddy hosted a release party in Atlantic Record CEO Craig Kallman’s office, and I was there to represent International Marketing.

    Diddy sat in the middle of a room as the entire album played from start to finish on the giant tower speakers. He listened to every track, barely able to keep himself from dancing out of the chair. At the same time, he critiqued every track and every lyric, while he surveyed the room to see the impact that the music and the environment were having on his audience.

    Twenty minutes in, he pointed to the sky and asked to stop the music. He looked over in my direction and asked one of his assistants, “Who’s the guy by the breakfast table?” I introduced myself, to which he replied, “Breakfast is the most important meal of the day. This room needs some #$#% muffins.” Following the breakfast incident, later that day, I remember seeing a copy of a press release with Diddy’s approval on it for the album to ensure that the quality was up to his standards. His attention to the details and involvement in so many of the seemingly smaller decisions are what stuck with me.

    As entrepreneurs, we are often faced with the question of how to “run the business” without being “run by the business,” as well as when to delegate or take ownership in order to scale. Personally, I struggled with this when we were attempting to scale our sales efforts at my company, Disco, and ultimately realized that I needed to be more heavily involved in the direct selling effort to ensure that our brand, positioning and message were on point with the story we were selling.

    If you’re hosting a party, make sure the party is awesome before you decide to leave the room. If you want the party to remain awesome, the details matter. Even the muffins.

    Related: When Should a CEO Get Involved in Day-to-Day Details?

    Keep reinventing yourself

    Sean Combs has taken on many identities in his lifetime — Puff Daddy, P. Diddy, Diddy, and most recently, LOVE — all showcase the evolution, growth and maturation of a music icon, entrepreneur and father. Similarly, the music industry itself has undergone several evolutions and identity shifts. Retail sales were disrupted by digital distribution, which was enhanced through the improving infrastructure of the web and streaming.

    Watching this play out in real time taught me that we’re all a work in progress and that it’s important to continue to evaluate our position to stay relevant but also true to ourselves.

    After a year and a half in New York in an unpaid internship, bartending in NJ, cleaning up vomit to make ends meet and eventually losing everything I owned in an apartment break-in, I decided it was time to reinvent myself. To my parents’ delight, I returned to college to finish my degree.

    To be clear, my return to school wasn’t just driven by the barrage of pastry requests I was getting at the label. After seeing what was happening in the business of music and the disruption occurring to their business model, I knew I needed to get closer to the source of where those services were being built. I felt like I could build relationships with a network of entrepreneurs working on the business I cared about.

    Two months later, I interviewed for a job at Intuit. And to this day, I haven’t eaten another muffin.

    Here are a few points to summarize what I learned from working for P. Diddy and my experience as a “music mogul.”

    • Land and expand: Once you’ve nailed your craft or created your niche, experiment with channels to extend your impact in connected categories that you know well.

    • The muffins matter: Great founders don’t “run the business,” but they do sweat the details.

    • Keep reinventing yourself: Don’t be afraid to experiment and revisit your purpose or explore an alternative path that might help you get to the place you aspire to be.

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    Justin Vandehey

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  • Free Webinar | April 6: When to Use an LLC, S-Corp, or C-Corp? | Entrepreneur

    Free Webinar | April 6: When to Use an LLC, S-Corp, or C-Corp? | Entrepreneur

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    Making your business official through incorporation can help attract investors, save you money during tax time and protect your personal assets from debts and liabilities. Incorporation can come in the form of an LLC, S-Corp or C-Corp. So which is right for you?

    Mark J. Kohler, CPA, attorney, and author of The Tax and Legal Playbook, and Mat Sorensen, attorney, CEO of Directed IRA & Directed Trust Company, and author of The Self-Directed IRA Handbook, will be breaking down all of the options and help you determine which entity is right for your business.

    Topics to be covered:

    • Pros and cons of an LLC

    • How an S-Corp saves taxes

    • Understanding asset protection of your entity

    • Why the C-Corp isn’t the right fit for most businesses

    • What state you should set-up your entity in

    • Avoiding bad advice and scams for your entity

    Don’t miss out! Register now join us on April 6th at 3:00 PM ET.

    About the Speakers:

    Entrepreneur Press author Mark J. Kohler, CPA, attorney, co-host of the Podcast “Main Street Business”, and a senior partner at both the law firm KKOS Lawyers and the accounting firm K&E CPAs. Kohler is also the author of “The Tax and Legal Playbook, 2nd Edition”, and “The Business Owner’s Guide to Financial Freedom”.

    Mat Sorensen is an attorney, CEO, author, and podcast host. He is the CEO of Directed IRA & Directed Trust Company, a leading company in the self-directed IRA and 401k industry and a partner in the business and tax law firm of KKOS Lawyers. He is the author of “The Self-Directed IRA Handbook”.

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    Entrepreneur Staff

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