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mistakes millennial entrepreneurs need to accept

one of the trends that are taking over entrepreneurial community is “millennial entrepreneurs”. the term ‘millennial’ primarily refers to people who were born between 1981 and 2001, one could further classify the millennials as generation y and generation z. generation y refers to people who were born between 1981 and 1991 and generation z refers to people born between 1991 and 2001. the primary difference between the two is that while the former was exposed to personal computers, cell phones and video games; the latter grew up with smartphones, tablets and apps at a young age.

this is reflected even in the type of companies that each start, two of the most prominent millennials in the billion-dollar club right now are mark zuckerberg of facebook inc. and evan spiegel of snap inc. and we are very familiar with how both of them started up.

while these two names are successful, there are many who started up but never made anything out of their company. reasons? the mistakes they made as millennial entrepreneurs! while the reasons for the failure of a startup could be many and could be applicable not just for millennial entrepreneurs, here are 5 mistakes that entrepreneurs (especially millennial entrepreneurs) need to avoid.

1. what if someone steals my idea?

this is a common paranoia when it comes to entrepreneurs, “what if someone steals my idea?”. truth be told, no idea is unique and every idea (or at least some variations of it) would’ve been tried by someone in the past.

if you consider that your idea could be easily stolen and executed by someone else, then it is high time you forget that your idea is unique. you need to realize that the success of a company lies in building for the consumers and that needs market validation. start speaking with people and validate your idea.

above all, learn to accept criticism to your ideas and apply them as feedbacks to create a strong and compelling value proposition when you are executing your idea. the real success of a startup does not lie in the idea but lies in the way you execute your idea.

2. hiring the right person for the right job

once you validate your idea, you will start working on your product. being a novice entrepreneur, one cannot expect you to excel at everything (sometimes anything). during those times, you might feel that if you had an extra helping hand then it could solve everything.

so far so good right? well, this is where most companies make mistakes. while an extra hand might help you at times, you need to understand whom you hire and ensure that you as a leader are able to guide them in achieving your vision for the company.

sometimes unnecessary hires in the early stages to show growth might bite you in the back when you are trying to become cash flow positive. hiring the right person for the right job is another crucial skill that you need to equip yourselves during the initial days of the company. apart from the mission and vision, it is also important to establish certain core values of the company, which will set the foundation of the company’s culture and will ensure higher employee satisfaction and retention in the long run.

read full article on moolya blog

#millennials #entrepreneur #entreprenuership #startups #startup tips #moolya #moolya global #moolya blog

3 golden rules of time management for a busy entrepreneur

it is often said that time management is life management.

but for an entrepreneur, his business is his life, and he simply cannot afford to waste even a fraction of that. if that entrepreneur is the founder of a startup, then the issue of time management becomes more complicated – he will have to manage sales, marketing, operations, customer service and even hr.

there are only 24 hours in a day, and it comes imperative for the entrepreneur to optimally utilize his time, in order to achieve maximum productivity.

do you feel overwhelmed with tasks sometimes, and wish that this vicious cycle ends? are you avoiding spending time with your family, or eating because you feel that these are ‘inconveniences’? every night, when you go to sleep (rather reluctantly), do you feel that nothing was accomplished?

if your answer is yes, then you are in desperate need for some time management solutions; and multi-tasking is certainly not one of them.

but.. what exactly is time?

before we discuss the golden rules of time management for the busy entrepreneur, let us ponder over the very concept of time.

there are basically two forms of time: clock time and real time, and it is very important to distinguish between these two if you really want to manage your ‘time’ optimally.

clock time is the time which has been invented by human beings, to manage the world affairs in an orderly way. a clock is the platform using which the clock time is managed, and on some level, it is crucial as well. the clock time is divided into years, months, days, hours, minutes and seconds, and its rules are uniform – whether it is the london airport or the railway station at junagarh.

for all practical purposes, when a person turns 45, then he is 45 years old, be it any part of the world. clock time is mechanical, a necessity for the world to operate.

the other form of time is real time, and this is relative to your actual life. time spent with your business operations flies away, meanwhile time spent at a boring party just drags on.

what does it mean? this means that real time is the actual time which you need to manage, not the clock time. there exist tons of apps, tools and ‘systems’ which assures you of managing your clock time, but that doesn’t cut the cookie.

if you are able to manage and optimize the real time, then the problem is solved. clock time is automatically managed, and everything falls into place.

but what is the problem then?

#time management #entrepreneur #startup culture #startup tips #task deligation #moolya #moolya blog #moolya global

7 phrases to avoid using in written communication (because these can make you look stupid)

words are the medium through which we express ourselves, and words form the base of our communication – be it written or spoken.

one should be very careful while writing words, because, it is the mastery of language which differentiates us. words are slippery, and words are vulnerable. words are like arrows, and once released, it can not be pulled back.

and when it comes to the internet, then the modern-age communication has experienced a transformation; simply because every written word is saved forever. that email which you had sent 5 years ago is still saved at some server, the recipient can use that bunch of words and sentences to form an opinion about you.

be it email, chat or innocent looking social media update – words are everywhere, and you should be very careful with them. if it’s spoken communication, then we can assume laxity for a moment or two because human mind seldom stores a listened word/sentence for a long time (unless those were spoken by bill gates or steve jobs); but if it is written word, then it is stored forever.

if you an entrepreneur, a manager, a professional or a housewife; it doesn’t matter. your word is your reflection in this world, and you need to be protective of it.

here are 7 phrases which should be avoided using in a written communication; and the reason behind is that, these phrases can actually make you look stupid.

don’t believe? here is the list:

1) ‘as far as i know’:

while trying to make a point, or to emphasize on a fact, you may feel tempted to add ‘as far as i know’ to a claim. the good thing is that this may work on the reader, as he or she can assume that you have enough professional experience to make this claim.

but what if the claim is wrong? your entire image and impression will be destroyed, because you have already stated that ‘as far as i know’. always leave an open space, when you are trying to make a claim. and always leave a door open, in case the claim is proven to be wrong.

2) ‘in all honesty’:

studies have shown that those who use terms which include ‘honest’ or any derivative of that, are actually not honest themselves. and they know it, hence, they will need to push their ‘honesty’, by writing it down repeatedly. when you use this term, the reader or the listener will automatically assume that you are not honest. because an honest person need not write that he is honest.

besides, this can be a great tool to judge the actual honesty of others as well.

3 powerful ways to motivate an employee, which defies tradition & maslow’s motivation theory

in the year 1943, an american psychologist named abraham maslow wrote a paper titled “a theory of human motivation” in psychological review magazine. in the paper, maslow decoded human development psychology, by classifying different layers of the growth experienced by a human mind.

the paper created ripples across the country, as economists and industrialists realized how powerful maslow’s theory is. such was the impact that in 1954, he published a whole book on his theory, called ‘psychology & motivation’.

what is maslow’s hierarchy of needs?

the base of maslow’s theory was a pyramid, which he called ‘maslow’s hierarchy of needs’, wherein the needs of a human being were categorized from lower to a higher order. the lowest level of the hierarchy was devoted to physiological needs such as food, water, and air. as per the theory, unless the most basic, physiological needs are met, a human being cannot function.

once these needs are met, the person needs the second layer of requirements, which maslow called safety layer. personal security, job security, health, and fitness formed the major components of this layer.

once these are achieved, the person moves to the third layer of needs, termed as love/belonging by maslow. in this layer, the person seeks love and affection from family and co-workers.

Read full article on moolya blog

#maslow's hierarchy #abraham maslow #employee motivation #startups #entrepreneurship

the necessity of exit plan for entrepreneurs

the startup spirit, the entrepreneurship enthusiasm always posts a negative monosyllable (no) to a prerequisite for a successful legacy. yes, the exit planning. a white paper published by a plan for transition on the psychology of exits – moving owners to action, states that the essential attitudes for entrepreneurial success such as-

risk-taking propensity

high innovativeness

need for achievement

tolerance for ambiguity

need for control

makes the “no” for exit planning

the necessity

veteran entrepreneur celeste hilling, CEO and founder of “skin authority” views the exit planning as a primary atom for the company’s growth. her words of wisdom are, exit planning acts as a reassess for the business, it clarifies the end goal of the business whether to sell it (or going public) or to create a legacy for your children’s future. she insists that the way we exit tells us whether the goal is still relevant for our company, i.e. whether all the indicators are driven towards the end goal or not. the facts and the factors in your exit plan will make a mark about your brand appeal to the public.

the major product of an exit plan is, the way down to the lane of reality. this lane of reality portrays the feasibilities of the company’s actions. take for instance, you plan to exit in 50’s and you are at 40’s, now it’s never profitable to work on products which revolutionize the world after that 10 years because, at the end of the day we all need wealth, fame and should be contempt of achieving greatness.

nowadays, startups are all attracted towards the early exit for the exchange of lucrative offer some of the standing examples are flickr was sold for 30 million in its 1.5th year, club penguin was sold for 350 million in its 2nd year and the great youtube sold at 1.6 billion in its 2nd year.

in “why every company should have an exit strategy” from strategic exits, preaches the 2 stronghold points for the need of exit plan –

1. it’s a business process:

it’s a process like yet another product development, financing plans or market strategy. the biggest difference is that this makes more money to shareholders than other processes in the company’s lifetime. designing and executing the exit plan can increase the value of the organization by 50%.

2. it is a financial strategy:

it gives the capitalist and investors a clean and high-resolution picture of the company even after the CEOof the company is shown exit. this builds the investor-company relationship strongly with a space for a further move for the company. some investors are not compatible with certain exit strategies. so having a pre-drafted exit plan will avoid the turmoil at the time of unexpected circumstances.

Read full blog on moolya.global

#exit plan #startup #startup tips #business process #financial strategy #moolya #moolya global #moolya blog #exit plan for startups

7 hacks to stop multitasking & become more productive, creative & intelligent entrepreneur

multitasking is injurious to the health of an entrepreneur, because it damages the brain, stops creativity and destroys focus. with multitasking, the entrepreneur is under the ‘illusion’ of doing a great lot of work, but in reality, important tasks are ignored, and a sublime sense of achievement takes over, which in reality is just an illusion.

as per neuroscientist earl miller, “our brains are not wired to multitask well…when people think they’re multitasking, they’re actually just switching from one task to another very rapidly. and every time they do, there’s a cognitive cost.”

in fact, as per university of london research, IQ level of the multitasker drops considerably, as the brain switches to simultaneous tasks at the same instant, thereby losing focus and concentration.

in other words, multitasking slowly but gradually kills our brain.

in order to accomplish more, and to lead a balanced life, it is very important to stop multitasking, and to convert into uni-task mode. but, multitasking is a habit, which becomes addictive very soon.

here are 7 hacks, using which any entrepreneur or an artist, professional can stop multitasking, and become more productive, creative and intelligent:

hack 1: avoid gadgets as soon as you wake up in the morning

the first few hours after you get up in the morning are the most important hours for any person. during this time, the mind is clutter free, razor sharp with focus and fresh after the night’s rest. if you immediately start checking your emails, or facebook comments, then the mind will lose that edge, and transform into the ‘reactive’ state.

and this means, that instead of retrospecting the possibilities of the day, your mind will convert into the vicious cycle of multitasking, replying to emails, checking social media posts, reading news and more.

for the first couple of hours, do some exercises, think into the pending tasks, have a walk, and just relax; allow your mind the luxury of silence.

Click here to read all the other hacks.

#startup #startup hacks #multi-tasking #productivity hacks #stop multi-tasking

3 reasons why multitasking is injurious for the entrepreneur’s health & business

people think focus means saying yes to the thing you’ve got to focus on. but that’s not what it means at all. it means saying no to the hundred other good ideas that there are. – steve jobs

here is a familiar scene, which most of the entrepreneurs would relate to: facebook opened in one tab of the browser, whatsapp being used on the phone, and TV screen shouting about some breaking news. some even go one step ahead and have their meals along with these activities, and some, god forbid, even check their company’s monthly reports.

if viewed as a third person, that entrepreneur will look like an action hero of a business movie: juggling between various tasks, looking super busy, occupied with a purpose, and solving the world’s problems in a single instant.

technically, what that entrepreneur is doing is multitasking, and according to the science of productivity, this is a disaster.

in this age of cut-throat competition, multitasking seems like a viable and somewhat necessary requirement for the entrepreneur. and after a while, it becomes a habit.

but, in reality, multitasking is bad for your mind, heart and body. and this means multitasking is bad for your business as well.

here are three reasons, explaining why multitasking should be avoided:

1. multitasking is like taking drugs: gets you an illusion of happiness

when you juggle between several tasks, simultaneously, then you may feel as if you are accomplishing and finishing all these tasks, without wasting time. but that is not the truth.

what actually happens is, just like taking a psychotic drug, multitasking ‘makes’ you feel as if you are productive, which incites a sense of ‘fulfillment’ within you. in other words, you feel satisfied, and this satisfaction has nothing to do with the quality of actual work done.

as per researcher zheng wang, who is an assistant professor of communication at ohio state university, and has conducted a study on multitasking: “there’s this myth among some people that multitasking makes them more productive. but they seem to be misperceiving the positive feelings they get from multitasking. they are not being more productive – they just feel more emotionally satisfied from their work.”

when a task within the vicious cycle of multitasking is finished, your brain receives a dose of dopamine hormone, and you feel good.

but this feel good feeling is actually an illusion, because with time, in order to achieve that dose of dopamine, you will start doing smaller, less significant tasks, because the accomplishment dose of hormone received after checking that facebook notification and completing an important project would be same for your brain.

Read the complete article on moolya blog.

#startup culture #multi-tasking #startup hassles #moolya #moolya blog #entrepreneur

when you are looking for legal help, remember “to do it costly”

entrepreneurship represents the essence of serving humanity and creativity (may be controversial for non-entrepreneurs). the startup environment unanimously agrees that the “need to serve humanity” attitude is the prime wheel that keeps the startup to roll in the path to path-breakers legacy.

this attitude and creativity are the “to be transferred info” in a network, then there are some refining needed to make the LAN (local area network) a WAN (wide area network). the primary refining should start from the onset itself if there is a vision for WAN. the most important of all the primary refining is the legal ripples faced by the “scaling up visionaries”.

when it comes to the legal issues remember the words “ Do IT COStLy”. yes, an acronym indeed.

do-documentation

i–intellectual property

t– taxes

c–contracts

o–ownership equity

st-structure of the startup

ly-laws on activity

documentation:

when the startups are small and minimal, there are no signs of dangers or competitiveness. once the startup faces the ivy league, there is competition. this competition sends a non-voluntary invitation to everyone starting the IT officials to a deep-pocketed organization for uprooting. so everything should be in black and blue.

let it be the expenses, employee records, minutes of the meeting (however small it may be) everything should be recorded in order to claim your stand in future. use simple tools to record the events like MSoffice and other software and don’t forget to endorse it with the respective in-charge with the date.

intellectual property:

the seeds may be different, if the fruits are same then there is going to be a problem. the startup idea which beams in people’s mind need not necessarily vary when there are physically identical people why can’t there be mentally identical ideas. the minute your mind ensures that this is going to be a reality, then you ought to protect it at whatever cost. this is a bit tiring in this digital world as there is every chance of “SHARE” option of your idea.

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