Strengthening SMEs to fulfill their Ambitions

We all know of a successful restaurant that starts a second restaurant in another location, and then fails. There are others which go on to become a nationwide chain. What is the difference?

Every business starts small. Most are able to grow and some make it to Rs 10 crores. Some become Rs 100 crore businesses and a smaller number cross Rs 1,000 crore. What allows some to grow faster than others? One of the key areas is the ability to scale.

When a business is small most of the important information resides in the CEO's head. As it grows bigger, there is a need for automation, but mostly that is solved by a basic spreadsheet. At the next stage of growth the company invests in financial services software. Unfortunately, for many organisations this is where the journey stops.

This impacts the ability of the organisation to scale and replicate. Today, even a moderate size business can have over 1,000 transactions per day. It is important to be able to capture this information and retain it, in order to be able to learn from it. Are they repeat customers? Can we give them an incentive to return? There is so much of knowledge buried in the transaction data. In the absence of a data-centric strategy, it is likely to remain a buried treasure. Mr J C Jha, VP Manufacturing, National Engineering Industries comments that "In today's age of competition it is impossible for our business to run without SAP."

So, why do enterprises hesitate to make the leap? In the past, in order to have automation or CRM software implied a large investment in hardware. The software also required a fixed outlay. More than the investment, many smaller enterprises, more so those outside the metros, were hampered by the lack of skilled technical resources. All of this conspired to keep businesses from unlocking their true potential.

To quote Mr K L Jain, Secretary General, Rajasthan Chamber of Commerce, "With SAP solutions, Rajasthan state will surely benefit and will also help in further expansion of SMEs."

What's changed? What makes it possible for firms to now cross the IT barrier to grow their revenues 10x? One is that the cost and complexity of hardware has dropped dramatically. The second is the advent of hosted (cloud) solutions. This allows the software to be hosted remotely and also managed easily. These options cut time to go-live and also reduce costs considerably. And added advantage is that cloud solutions are built on a gold-standard process, so just by adopting them you can get a leap ahead in quality of process too.

Of course, accessibility may still be a concern, which is why efforts such as SAP's Innovation Express that is completing a tour of 12 cities across 4 states is a great initiative. To quote Mr Arun Kumar Bagaria, Executive Director of Mayur Unicoaters, "We were extremely amazed to see the bus. It really helps to understand the solutions first hand and in such quick time."

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10 Thing Sales People Need to Know About C-Level Decision Makers

Selling to high-level decision makers is challenging at the best of times. However, it can be easier if you understand a few business principles. 

C-level decision makers are paid to improve their business results. Regardless of how the media portrays these executives, their primary concern is to improve their business. This includes increasing sales, market share, customer loyalty; reducing costs, errors, or employee turnover; improving productivity, employee engagement, customer service, etc. 

How does your product, service or solution address one of these issues? 

C-level decision makers deal with changing priorities. Improving customer engagement may be a top priority today but tomorrow that executive may be faced with cutting $250,000 in expenses. That means they sometimes go cold after expressing initial interest in your solution. 

Do you have a strategy in place to keep your solution current? 

C-level decision makersare extremely busy. The average executive arrives early in the morning and stays late into the evening. They get dozens of calls every day, receive too many emails, and attend too many meetings. This means that you need to maximize every minute you have when you connect with them. This applies to telephone conversations and face-to-face meetings. 

Do you know EXACTLY what to say when you connect with these individuals? 

C-level decision makersrely on others. Contrary to popular belief, these high-ranking big-wigs seldom make decisions on their own. They often defer to other people on their team and ask for feedback from peers and/or subordinates. This means you need to involve these people in your conversations and include them in the decision making process. 

Do you have the ability to finesse this? 

C-level decision makers don�t like to make mistakes. A major mistake can affect an executive�s reputation in their company. This affects the decision-making process which means you need to uncover their risk factor during your conversations. 

How will you reduce your prospect�s risk factor? 

C-level decision makers have big egos. Most executives have a healthy ego which is one of the things that helped them achieve their status in the company. This means that you need to be very confident in your own abilities when selling to these individuals. Don�t back down when you�re challenged. In fact, doing so could cost you the business because C-level execs want to deal with people who believe in what they do. 

Are you confident enough to deal directly with C-level executives? 

C-level decision makers spend the bulk of their day in meetings.The next time you�re in the office, watch an executive. Chances are you will see them dashing from meeting to meeting. Your prospects are in the same position. They aren�t sitting at their desk waiting for you to call them. 

Are you persistent in your efforts to connect with these individuals? 

C-level decision makers have at least 40 hours of work on their desk at any given time. Several executives I know have expressed these sentiment, �I will never get caught up� or �Just when I think I can�t get busier, I do� or �I never call a sales person back because I already have too much on my plate.� you need to give these individual�s an extremely good reason to meet with you or take your call. 

Is your approach effective? 

C-level decision makers receive upwards of 150 emails every day. Many sales people use email as their major form of correspondence and it can be ineffective because most C-level decision makers simply don�t have time to respond to every email. A Managing Director once told me that he prefers telephone correspondence because he simply can�t get to every email, even when he wants to. 

Do you use a variety of strategies to connect with C-level decision makers? 

C-level decision makers think big picture.Stop focusing on your product or your company and start looking at the big picture of your prospect�s business. Most C-level execs don�t get bogged down in the little details of their business�they pay others to take care of the details. I once met with the President of a $125 million company and made the mistake of asking her questions about front-line execution instead of top-level strategic issues. 

Can you see and discuss the big picture? 

Think about your responses to each question and adapt your approach accordingly. 

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You'll Never Hear Successful People Say These 15 Phrases

If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful.

Here are some phrases you’ll never hear a successful person say:

1. "We can't do that."
2. "I don't know how."
3. "I don’t know what that is."
4. "I did everything on my own."
5. "That's too early."
6. "That’s too late."
7. "It's too bad we couldn't work together."
8. "Let's catch up sometime."
9. "I'm sorry, I'm too busy."
10. "That was all my idea."
11. "I never read books."
12. "I'm not good enough."
13. "It's OK." (over and over)
14. "If our competitors don't have it, then we don't need it."
15. "Time off is for suckers."

One thing that makes people and companies successful is the ability to make solving their customers’ problems and demands their main priority. If a need arises repeatedly, the most successful people learn how to solve it as quickly as they can.

Instead of automatically shutting down solution-finding, successful people learn what they can in order to succeed in a project or in their career. For example, you would never see a truly successful international business consultant who travels to Italy multiple times per year refusing to learn Italian.

Pleading ignorance doesn’t make the problem go away. It just makes the asker find someone who is able to work with them to solve the problem. While’s it’s always good to be honest with those you interact with, finishing this phrase with “but I’ll find out” is a surefire way to become more successful.

The best people know to surround themselves with others who are smart, savvy and as dedicated as they are. What makes this work is always giving credit where it’s due, as due credit to you will always come back in hand. Recognize those that have helped you or made an impact and you’ll continue to earn success and recognition yourself.

You would never hear Benjamin Franklin or someone such as Steve Jobs say, “that is too early for me to be there.” If there is a networking meeting, project launch or interview opportunity at the very beginning of the day, the most successful people do what it takes to be there. Part of being successful is being at the right place at the right time, no matter if you’re a morning bird or night owl.

Along the same lines, if you’re asked to a 9 p.m. dinner by a potential business partner, and you can make it, definitely go. You may be tired the next day, but the connections you will make during a small dinner or after-hours meeting can make all the difference when it comes to your career or next project.

Truly hitting it off with someone can be a rare occurrence, but if you truly connect with someone and want to work with them, find a way to make it work. Finding people that you really enjoy communicating with don’t come along too often, so whether it’s a case study or a new business, successful people know that working with those who truly align with your personality and interests are the path to true success.

Many times, this phrase is said as filler, without any true follow up. Successful people know that if they really want to catch up with someone, they follow up to make it happen. This also builds on the idea that the most successful people have worked hard to build genuine connections and relationships within their network, without any hidden agenda. Nurturing your network means being thoughtful of others, while keeping your relationships with them on top of your mind.

If an opportunity comes their way, successful people do what it takes to make it happen. Sure, this might mean longer hours occasionally, but if you want something to work, that is what it takes. After all, according to Lao-Tzu: "Time is a created thing. To say ‘I don’t have time,’ is like saying, ‘I don’t want to.’”

Again, as mentioned in number four, the most successful people spread the wealth when it comes to doling out praise from a successful project. No idea is truly one’s own -- it’s a sum of their experiences from interacting and building off of collaborative ideas with a team. Doling out praise and encouragement is a crucial part of building a successful company and culture.

Tom Corley of Rich Habits found that rich people read (and listen to) books at a much higher rate than poor people: “63 percent of wealthy parents make their children read two or more non-fiction books a month vs. 3 percent of poor.” Also, “63 percent of wealthy listen to audio books during commute to work vs. 5 percent of poor people.” Reading non-fiction (as well as fiction) can help reduce stress, enhance creativity and boost your memory.

Part of being successful is having a high sense of self-worth. Being yourself is one trait that promises success in business and your personal life. Follow your true interests. What you would do in your life if you didn’t need money?

Successful people know when to walk away and stop taking excuses from others. If there is a bottleneck and something (or someone) is preventing you from completing a project on time, build up your business, or move you forward in your goals, then it’s time to set boundaries and decide to limit your involvement.

Copying competitors is one of the many possible deaths for most companies. True innovation comes from the flip side: figuring out what competitors aren’tdoing and fill that niche to answer a need in the industry.

True success should be seen as a well-rounded approach, one with vacations, weekends with friends and family and hours of downtime on the weekdays. While workload varies for everyone at times, taking vacation can make you better at your job.

Sometimes to get to where you want to be, the best and easiest thing to do is to simply follow the examples that others set for you.

What phrases are you going to eliminate from your day-to-day conversations and thinking?

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How Old Is Too Old to Start a Business?

Yes, Mark Zuckerberg started Facebook at 19. But Charles Flint launched IBM at 61.

While Hollywood may love the story of the college kid who starts a billion-dollar business out of his dorm room, that’s only one story. For many, life as an entrepreneur begins much later.

Consider: Legendary wedding-dress designer Vera Wang didn’t start designing clothes until she was 39. Home decorating goddess and business czar Martha Stewart didn’t get into home decorating until she was 35. And San Francisco-based angel investor and founder of business incubator 500 Startups Dave McClure didn’t invest in a single startup until he was 40. That’s all according to a pair of infographics, embedded below, created by the information designer, Anna Vital, at startup organization Funders and Founders.  

When it comes to launching a business, what a person may lack in youthful energy comes back multiplied in experience. Reid Hoffman started the ultra-popular career networking site LinkedIn when he was 36; Sam Walton started Wal-Mart when he was 44; and Joseph Campbell started Campbell Soup when he was 52.

Have a look at the two infographics below. Be inspired. And stop counting the grey hairs on your head.   

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Warning Signs a Startup Is a Bad Investment

A company that’s not growing is dying. This is an unpleasant reality that comes with the capitalist system, and it’s especially harsh for smaller or newer companies. Between concerns over debt, resource acquisition and client maintenance, plenty can go horrifically wrong. It’s no wonder that 80% of small businesses fail.

The prudent investor must watch must watch for these five warning signs.

1. Lackluster products. A common challenge for any new business is separating themselves from the crowd. A company unable to provide a quality or niche product will likely get steam rolled by others already established in their field.

Look through their product catalog to determine if the company has carved out a spot in their niche. If nothing stands out as unique to either the area or the market in general, rest assured someone else is already providing it. You should avoid investing in companies like that because, more often than not, you are disappointed in the end.

2. Lack of vision. To survive, a company needs a solid business plan stating the targeted markets, as well as a vision statement stating how the market will be penetrated.

One of the major issues small companies encounter is their inability to reach out, grasp the public’s attention and convince them to utilize their services or products. Ask to see the company’s planning documents. If they don’t have a one, that is your sign to pass.

3. Lack of growth. A young company needs rapid, yet scalable growth to survive. The reason  is simple. There is no guarantee their faithful customers will be there tomorrow. It’s vital to find new ones as often as possible.

Ask to see the company’s purchasing history and compare it with their list of clients. The company probably doesn’t have a very bright future if they only have one or two major clients and no active plans for expansion. Save your money for a brand that understands the importance of a diverse client base.

4. Crowded marketplace. A market with dozens, if not hundreds, of competitors will prove much more difficult for a new company with limited resources for marketing itself and its services.

Look for companies that start in smaller areas, or have a niche product patented or trademarked. If in doubt, check to see if the company has spread. A startup is much more likely to succeed if it exists in more than one market, especially when competition already exists.

5. No research and development budget. Markets change frequently, thanks to the changes in public demand and the pace of technological innovation. To succeed, a company will need to nimbly recognize changes as they come, adapt and take advantage ahead of their competition. 

Check the company’s financial report. Back away from any firm that does not dedicate a decent chunk of their profits towards preparing for the future. A hefty research and development budget is vital.

VC investing offers no guarantee you’ll make a profit or even get your money back, so pay attention to the warning signs of predictable startup failure. Obtain the necessary documents and consult with a financial analyst if you have the time. Otherwise, stick with more established companies and avoid the 80% failure rate.

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Things Remarkable Startups Have In Common

Why do some startups succeed and others don't? Here's a hint: It doesn't have to do with if an idea is good or bad. Indeed, the successful entrepreneurs are able to run with amazing concepts and pivot otherw when needing. There are a few more tried and true principles that can contribute to the success of your new company.

Among other things, these are four things remarkable startups have in common.

1. Founders are insanely passionate about the idea. Don't start a business without passion. You won't be able to see it through if you are not really into your idea. Founders of most successful startups started searching for solutions to a problem they cared about and made it their focus.  

"You have to be burning with an idea, or a problem, or a wrong that you want to right. If you're not passionate enough from the start, you'll never stick it out," Steve Jobs has said.

Founders with great passion tend to inspire others to greater success, and they look out for those traits in new hires. According to best-selling authors and workplace strategists Kevin and Jackie Freiberg, passion enables innovation and creativity and makes employees want to stay in their jobs and contribute, even when they’re not feeling their best.

2. They don't try to do too much at once. Laser focus is immensely crucial for the success of every new business. What is the one thing your startup is known for?  Your startup should be focusing on the one thing that makes you stand out. All the successful and well-known startups you know today are doing the one thing that makes them stand out.

For instance, Snapchat knows a picture is worth a million words and have allowed users to send photos and videos that disappear a few moments. Dropbox wants to be the go-to solution for uploading and sharing files in the world.. Most great startups start out to provide simple services or products, but as they grow customers and users tend to demand more, the company needs to improve and make solutions even better.

"The most important things for startups to do is to focus. Because there's so many things you could be doing. One of them is the most important. You should be doing that. And not any of the others." says founding partner of Y Combinator Paul Graham.

3. They value their customers and take great care of them. Does your startup know how to design and deliver great customer service? Successful startups are constantly seeking to satisfy their customers. The importance of reinforcing awesome customer service should be made clear among your employees. Design your products with the customer in mind. Remarkable startups listen and respond to their customers' evolving needs and expectations.

Strive to make your customers feel that signing up with you was one of the best decisions they ever made, and you will likely have their business for a very long time. As your product changess, the best opportunity you have at delivering the best service is a close relationship with your customers that value their feedback and user experience. Your customers are the people that support you, trust you and most importantly, rely on you for the service or product you offer. They could have chosen your competitors, but they chose you. Make them a part of your evolving development process. Startups that grow with their customers ultimately win.

4. Entrepreneurs don't forget the importance of culture. Successful startups establish and maintain some the best company cultures that promotes and motivates employees. The team behind a product or service is one of the most important factors for a successful business. The first people you hire for your startup are critical to your startup's success. And cultural fit is as equally important as competence when hiring your best people.

People with the right skills and personality are more likely to influence your small team to greater heights than just competent hires. Culture takes time and effort to build, but as long as you don't lose sight of it, you are on a journey to building a great company. It is well known that Google has a unique culture and some of the company's success can be attributed to this culture. 

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Reasons Why Your Business Should Be on Twitter

1. Over 500 million tweets are sent per day. 

2. There are 36 million unique monthly visitors to Twitter.com per month.

3. There are 241 million monthly active Twitter users. 

4. The average user spends 170 million minutes on Twitter a month. 

5. 135,000 Twitter accounts are registered every day. 

6. 29% of Twitter users check their Twitter multiple times a day. 

Related : Places to Look on Social Media for New Business Ideas

7. 47% of people who follow a brand on Twitter are more likely to visit that company’s website. 

8. 74% of people follow small to medium sized businesses on Twitter to get product updates. 

9. 72% of Twitter followers are more likely to purchase a product from a brand they follow. 

10. There are 2.1 billion searches on Twitter every 24 hours. 

11. Twitter users are 3 times more likely to follow brands than Facebook users.  

12. 63% of brands on Twitter have multiple accounts Twitter. 

13. 50% of Tweets using Twitter’s native image system get re-tweeted. 

14. 9% of Americans use Twitter while at work. 

15. 40% of Twitter users have earned a Bachelors Degree. 

16. 11% of Americans Tweet every month. 

17. 46% of U.S. social media users access Twitter via their mobile phone. 

18. Twitter made 665 million in revenue in 2013 alone. 

19. 87 % of Twitter’s revenue in 2013 was from advertising. 

20. Wall Street estimates each Twitter user has an average value of $118.00. 

Related: How to Start a Business Online

21. Average sales order value for visitors referred by Twitter: $46.29. 

22 The average Twitter user has 126 followers. 

23. 46% of Twitter users use it at least once a day. 

24. Sunday is the most popular day of the week for retweets. 

25. The top 100 global brands on Twitter send an average of 12 tweets per day. 

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Places to Look on Social Media for New Business Ideas

Social media is a two-way street. It allows companies to increase visibility and awareness, raise their profile, promote a product or service and engage with customers. At the same time, customers use social media to express themselves and provide their opinions about brands. Both sides of the coin allow for a two-way dialogue, an opportunity for companies to receive instant feedback and also help a business cultivate an online following. But this social-media chatter can also provide another advantage -- it allows aspiring entrepreneurs to find the next great business idea.  

Here are five social media tactics that can help to get the wheels turning:

1. Trending topics. Trending topics have come to represent the intersection of news and social media and appear on Facebook and Twitter – often represented through hashtags. They are the manifestation of social media chatter, buzz and general conversation.

This is also where complaints surface. Think of trending topics as your own personal focus group for any problem. Whether on a global scale or in your community, if you listen and pay attention to trending topics, you may just be able to glean enough important information to get you started on a solution --your next great business idea.

2. Popular pages. Pinterest and Instagram literally provide us with snapshots of what people are interested in and excited about via their popular page section. Exploring popular pages and topics of interest will provide valuable insight and research to inspire great ideas for reaching potential consumers. Entrepreneurs can then reflect on what they think consumers would buy. What can I create to help better their lives? What would they be interested in?

3. Crowdfunding platforms. Crowdfunding sites like Kickstarter and Indiegogo are a great source for discovering trends, new products and services.  Businesses and startups look to these platforms for funding opportunities from venture capitalists, angel investors and the general public. By determining which businesses received funding and what the general public is interested in, individuals are able to gain insight into what consumers are looking for, what interests them and what they are willing to pay for. 

Related : Start Up Business Online

4. TV shows and the second screen. Now that we’re fully immersed in the digital age, the rise of the second screen is becoming increasingly popular. Second screens (often our computer, laptop or mobile device) are used to engage, interact with heighten the media experience. TV shows like Shark Tank and Dragon’s Den are taking the second screen into account when writing scripts and taping. When shows like these air, entrepreneurs should tune in to Twitter or Facebook and read the feedback. Are these new business pitches going to succeed? Would people actually use the product being pitched? If not, what would make it more appealing? Can I improve any of these business ideas? Learning what works and what doesn’t work can help spark the next great idea. And, you have the opportunity to listen to and view investor’s feedback. 

5. Trending pages. We’ve already discussed trending topics, so think of this section as referencing a whole page of trending topics. StumbleUpon and Flipboard have a plethora of trending topics from all industries that have been categorized into trending pages for you -- all you need to do is look. Scour these pages for topics that are popular and then read the comments --what are people saying? If there is an issue, is this something you have the answer to?

If you find that you are just out of ideas and looking for inspiration, these sites can be just the key to spark your creative engine.
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Rules for Texting Anyone You Do Business With

Walk into any boardroom two minutes before a meeting and you’ll find the same scenario: a table full of executives checking their phones with their heads bowed in the “smartphone prayer.”

Text messaging is the fastest way to communicate in business. Quicker than email and more convenient than a phone call, it’s become commonplace. But it’s not always the best choice.

Choose to text message for simple notifications or reminders like “I’m running five minutes late,” or “Remember to bring the report.” As a general rule, consider texting only appropriate for a maximum of two messages -- one message and one reply.

Here are five rules to avoid a text message business blunder.

1. Keep it positive.

Like email, the tone of a text message can be misinterpreted by the recipient. Quick messages can make you come off as flippant or harsh. Instead of staccato phrases, write complete sentences. Add polite touches like “please” and “thank you.” Re-read every message before pressing send to double-check your tone (bonus: no embarrassing typos).

2. Avoid serious topics.

You wouldn’t break up with your girlfriend over a text message -- to be clear, you should not -- and the same goes for business. Never give negative feedback or fire someone via a text message. Any serious conversation should take place face-to-face. It allows for subtle interaction through facial expressions and will ensure clear communication.

3. Don’t abbreviate every other word.

Abbreviations are common in casual texts, but you should be careful how often you use them. Common abbreviations like “LOL” (laugh out loud) and “np” (no problem) are safe choices. However, if you’re communicating with a new customer or acquaintance, take 30 extra seconds and type out each word.

Avoid informal shortcuts like “u” (you) and less common abbreviations like “SMH” (shaking my head) or “MFW” (my face when). Don’t leave your clients and colleagues confused; your texts should convey messages quickly and clearly.

4. Don’t text a last-minute cancellation.

There are a thousand reasons someone may miss a text message. Don’t depend on a quick note to cancel a meeting or change a lunch venue. For an important or time-sensitive message, pick up the phone.

5. Double-check the autocorrect.

Smart phones can occasionally be a little too smart. Autocorrect and voice-to-text features have a sneaky way of changing your intended message into something entirely different and often embarrassing. When using voice-to-text, ensure you’re in a quiet location. It picks up on background noise and may type a nearby conversation instead of what you’re saying.

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What to Expect When You're CEO of a Successful Startup

Leading a startup is analogous to being a first-time parent. You can read books and articles, you can talk to others that have been through it, but no one can ever fully determine what it’s like until he or she experiences it first-hand. Since joining Sumo Logic as a first-time CEO in 2012, it has been quite a ride.

Boiling down the experience of my first two years as a CEO of Sumo Logic, I have found eight tenets that I want to share:

1. Few will understand your process or state of mind. Many will try, but few will succeed in understanding the investment of time, emotion and energy associated with leading a start-up company. Though it is difficult, accepting the isolated nature of being a leader is important. This acceptance will embolden you to move forward with your work rather than exert energy to seek the understanding or acceptance of others. It’s lonely. Get over it.

2. Listen to your gut. Entrepreneurs receive a landslide of advice from well-meaning colleagues, friends and family  – even total strangers offering advice in columns such as this one. But, even the best advice can prove worthless when it is heeded in the wrong situation. So while it is important to appreciate good advice, it is also critical to trust your gut. Often your first idea is the best and your first inkling is correct. Furthermore, if things go wrong – you will have no one to blame but yourself.

3. Ban the phrase “other people’s money (OPM).” Every entrepreneur should always behave as if the money they are spending is theirs. People often become lackadaisical when they internalize that they are using OPM. And a startup cannot afford to be frivolous with resources.  

4. Believe in karma. I’ve seen many people sabotage their careers with arrogance. You never know how people will enter, exit and re-enter your life. Especially in Silicon Valley, where the entry level engineer today is tomorrow the startup founder on the rise. It is important to plant your feet firmly on the ground, keep a level head and be courteous to everyone you meet. As the old saying goes, “Keep your words sweet, you may have to eat them one day.”

5. Listen more than you speak. You don’t learn too much while you’re speaking. However, I learn many things during brainstorms with my team. A good leader listens first and speaks last. This will allow you to see all sides of a situation before weighing in. Silicon Valley is home to some of the brightest people in the world. What is the point in hiring them if you do not make time to listen to their ideas?

6. People matter. Though technology is a focal point of many businesses, people are still the foundation of the business. People are still the decision-makers. So it behooves the leader of a company to find the best people and create an environment they want to come to every day. Balancing the needs of people with the needs of the business will go a long way when scaling the business.

7. Your investors are a great resource. Working with high-quality venture capitalists (VCs) can change everything for a startup company in Silicon Valley. Their access to customers, top talent and strategic partners is invaluable.

For Sumo Logic, our VC partners, Greylock, Sutter Hill Accel and Sequoia, have been instrumental in bringing us amazing talent and marquee customers. Venture capitalists make a living on identifying the right markets with the right teams with the right momentum. Markets and momentum can swing though, so be sure to secure funding when you are on the way up.

8. Belief in your mission inspires. As unoriginal as it sounds, you must believe in yourself and your company more than anyone else. If you are not passionate, your employees, investors and customers will not get passionate about your company. In many ways, enthusiasm and belief in your vision is the most important asset of any entrepreneur.

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Questions to Determine If You're Ready to Be an Entrepreneur

The only difference between people who want to be entrepreneurs and the ones who actually are is the work and the risk of getting started. If you feel like you want to be an entrepreneur but aren’t certain if you’re ready yet, here are five questions to help you determine your capabilities.

1. How comfortable are you with being uncomfortable?Entrepreneurship will mean a lot of uncertainty. If you’re the kind of person who needs a lot of control and a strictly scheduled life, you may not be able to handle the ambiguity that surrounds entrepreneurism. That being said, don’t think just because uncertainty makes you nervous you can’t be an entrepreneur. If you find you have a need for a controlled schedule, that trait could actually work in your favor.

Entrepreneurship requires long hours, hard work and dedication when you start out. Being able to manage your schedule and control your environment could help you with the organization of your business. However, you might want to plan before you leap in. A few great ways to do this are to stockpile savings, already have a business plan you’re prepared to work and seek out a community of support to talk you through the tough times.

2. Are you disciplined? You are totally responsible for yourself. Right now, wherever you’re at, whatever you’re doing -- it’s your choices that got you here. How do those statements feel to you? If you feel yourself bristling and ready to argue, then you might not be in the right mindset for entrepreneurship yet. When you start, you must take full accountability for everything -- there’s no back-up plan on why you got passed over for a promotion or why you didn’t get your report done on time. Clients won’t want excuses and they’ll drop you.

Even when it’s their fault you have to be prepared to deal with the possibility that you’ll have to handle it. You need discipline to survive and stay ahead of your work, ahead of your bills and to grow your business. If you struggle with accountability and discipline, don’t rule out entrepreneurship forever. Take stock of ways your current situation could be improved by better decisions and try holding yourself accountable.

3. How’s your health? Taking care of your body is important for everyone, but can have particularly far-reaching implications for the entrepreneur. There are no sick days in entrepreneurship when you’re getting started. There’s a chance there won’t be for years. That’s going to mean you have to be productive, even when you don’t feel good, or risk missing business opportunities. You have to keep yourself in good health with diet and exercise that keeps your body strong and your mind keen.

If you aren’t a healthy person, you may want to figure out a plan for improving your lifestyle before you transition into entrepreneurship. Also important, think of how you’ll cover health insurance and medical needs when you start your journey. Get a plan for your health and work it.

4. Do you love what you do and are you good at it? There are going to be long hours in entrepreneurship. If you enjoy what you’re doing and are passionate about your project, that intense amount of work is enjoyable. Don’t fool yourself into thinking money alone will be enough to motivate you.

Make sure you’re passionate about what you’re intending to pursue as an entrepreneur and that you have the skill set to get to work. If you don’t, consider how you can improve your skills before making the leap and how you might get involved in something you’re passionate about doing.

5. Do you play well with others? You might think entrepreneurship is a solo activity, but the truth is that having great relationships is crucial to long-term success. It's not only for the value that comes from referrals and the camaraderie of close relationships, but also for the support you will need. If you’re starting out as an entrepreneur, you’re going to have periods where you need to rely on the strength, wisdom and friendship of others.

Look for opportunities to build your network: mentors, mastermind groups and other programs will help you find the right people. Just be sure that you invest in them, too. Relationships are based on give and take. Build strong relationships and open yourself up to the great support and learning that comes from others.

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Other Ways Entrepreneurs Can Use Crowdfunding

There’s a lot more to the crowdfunding concept than just indiegogo and Kickstarter. While they are a major force in getting cool projects off the ground, there are other outlets and uses for crowdfunding that may surprise you, including platforms that enable you to act like an investor and back other entrepreneur’s projects.

Under the JOBS Act (Jumpstart Our Business Startups) that was put into effect by President Barack Obama, the playing field of investing has opened up to smaller accredited investors. Think you might be interested in participating in a crowdfunded startup or maybe a commercial real estate investment through crowdfunding? Here are three ways entrepreneurs can get in on crowdfunding for investment or as a means for raising capital, not just rewards.

1. Fundable is a nice crossbreed of the two uses for crowdfunding: investment and investing. Co-founded by serial entrepreneur Wil Schroter, Fundable wants to change the way startup founders get access to capital and the investment options of backers.

What’s the main difference if you’re looking to crowdfund your business using Fundable over another platform such as Kickstarter or indiegogo? With Fundable, you choose whether you want to go the rewards route or the share-options route for getting the capital you need. The ability to choose how you get your funding puts more options in your hands for getting the capital you want.

2. Asset Avenue. Get involved in commercial real estate with this crowdfunded property-purchasing powerhouse. Backed by Adam Chapnick, one of the principals of indiegogo, this crowdfunding platform allows you to get involved in commercial real estate by funding property deals as an investor.

Asset Avenue breaks down the complex and high barrier to entry of commercial real estate projects so that you can participate as an accredited investor and help crowdfund projects with confidence in the hard asset of property. It’s also reassuring that it’s a crowfunding platform whose growth is being managed by a crowdfunding expert.

3. Fundrise is another cool investment platform that is founded on the idea that anyone can and should be able to get involved in real estate in their area. Co-founded by Daniel Miller and Benjamin Miller, their combined expertise and experience in finance and real estate led them to realize there was a better way to do real estate deals that involved the “little guy” and tons of transparency about fees and ROI.

Fundrise offers up plenty of low price-point entries (starting at $100) and in localized regions so you can make more informed investment decisions based on the areas you already know. The platform wants you to enjoy the rewards of backing real estate that impacts your community, in ways you can understand and see.

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Reasons to Start Your Own Business

If you’re an entrepreneur you have heard the million reasons not to go into business: It’s too risky, you might go into debt, you’ll probably lose sleep, your social life is kaput, and the list goes on. But even with all these uncertainties, people are still attracted to the startup world. There are just as many, if not more reasons to take the leap and go into business for yourself.  Here are just a few:

1. Spare time. This one can take some time.  Initially you’ll work longer hours for less pay.  But if you do it right, you could start to master your schedule and the freedom that being an entrepreneur provides is awesome. 

2. A story to tell. Whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I always am able to provide a tale or two, and the best part is that I get to determine the story's chapters. (When working for a corporation, people most likely have less input.)

3. Tax benefits. For entrepreneurs (freelancers included), they have the opportunity to take advantage of some nice tax perks. Many can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. Also, certain startups qualify for government incentives. Make sure to ask your accountant about what tax benefits you may be eligible for.

4. Pride. When you build something successful, it’s a great feeling. You had a vision, were able to execute it and not can reap the benefits of saying "I did this." On the other hand, it’s tough to be proud of the zillionth request for proposal you fill out for your employer.

5. Your posterity. If you’re a doctor, plumber or bus driver it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, that’s something you can pass on to the next generation. And be proud of it, because you created it.

6. Job security. Have you ever been laid off, downsized, or fired?  If you have, you get this. With entrepreneurship the security lies in the fact you are your own boss. You run the show and don't have to worry about getting let go.

7. Networking. Entrepreneurs are communal creatures.  We love to meet each other, swap stories, and learn from each other’s experiences. Your circle of friends and acquaintances always grows when you become an entrepreneur, as many founders need others to lean on to survive and talk about the challenges only known to them.

8. Doing good. While this isn’t exclusive to entrepreneurs, it’s definitely a perk. You control where your company profits go and if you choose, you can give allocate your financial gains to others. You can sponsor a charity, a non-profit or just personally give back to the community.  This is quite honestly one of the best parts of being an entrepreneur.

9. Novelty. We, as humans, love new experiences but rarely can you experience a host of new things from inside your cubicle. This all changes when you are running the show. Starting your own business will ensure you’ll always be facing new challenge and experiencing something new.

10. Mentorship. Having had mentors and getting to be a mentor have been some of the best experiences of my life.  Learning from the masters and getting to help those less experienced than you gives you such a sense of satisfaction. From my experience (and other's stories) the entrepreneurial community is very willing to give back and lend a helping hand.

11. Becoming an expert. This point goes along with mentorship.  Regardless of what you do as an entrepreneur, if you stick with it, you’ll probably become very good at it. And this gives you a sort of soapbox, so use it. You'll have the chance to be interviewed for your expertise, write about it and get to spread your message.

12. Skills. People ask me how I learned about SEO, social media, pay-per-click, PR and all the other marketing techniques I utilize. I tell them that I was forced to learn them, otherwise I wouldn't survive.  The same way I was forced to learn how to build a spreadsheet, how to balance a budget, how to negotiate leases and countless other skills I picked up because I was the only resource I had. While developing new skills can be tough and takes times, it can pay off in spades.  These skills will be invaluable throughout your life.

13. Determination. Everything I’ve done as an entrepreneur has affected me in my personal life.  I used to be poor at committing to changes. But having been an entrepreneur for over a decade has forced me to become dedicated and determined to causes. (Now I can stick to an exercise plan much easier.)  I’m also better at being a father and husband because of that determination I learned.

14. Recognition. There are literally thousands of local, regional and national awards that recognize entrepreneurs in every field and industry. This shouldn’t be your only reason to start your business, but it certainly is a great feeling when you receive this recognition.

15. Financial independence. Let’s be honest, this is probably the biggest reason people get into business for themselves.  And that’s a good thing!  You should want financial independence.  However you define financial independence – retirement stockpile, unlimited cash potential or having the money to buy what you want --  entrepreneurship can allow you to achieve it. Trust me, money doesn’t buy happiness, but it does make finding happiness much easier.

16. Reinvention. I’ve started and sold several companies over my career.  And every time I sell a company, I’m presented with an opportunity to reinvent myself all over again. On the flip
side, if I had received my law degree, I’d be a lawyer (not a lot of room to recreate myself). But as an entrepreneur, I get to be whatever I want to be.

17. Change the world. Everyone jokes that every entrepreneur says they’re going to change the world. It’s difficult to imagine how a cell phone accessory kiosk in the mall is going to change the world.  But there are those that do succeed.  Take a look at Elon Musk, Bill Gates, Sergey Brin, and the countless other entrepreneurs who really have changed the world in some small (or major) way.

18. Create jobs. There’s nothing like the satisfaction of knowing you’re responsible for the success of your employees.  Your ideas provided them the opportunity to earn a living, provide for their family and fulfill their own dreams.

19. Your brand. Being known for something is awfully enjoyable.  People may start referring to you as the marketing guy, or the retail maven or the software guru.  Whatever it is you’re recognized as, it’s fun to build that brand and earn that recognition.

20. Your reason. I’ve given you a list of why I think you should get into business.  But all that really matters is your reason to start your own business.  So, what is it?  Tweet out this story and add your reason.  Comment below and share with us why you did it.  I know it will be a good one. 

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