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The Digital Business Cheat Sheet - 100 Things To Follow By Karan Chopra

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The Digital Business

Cheat Sheet

10**0 Things To Follow

By Karan Chopra

 

The Digital Business Cheat Sheet

100 Things To Follow

Copyright © 2016 Karan Chopra. All rights reserved.

This book is licensed for your personal use only. No part of this book may be reproduced or distributed in any form except in the case of brief quotations for articles or book reviews.

Every effort has been made to ensure the accuracy of the information presented in this book but the author is neither responsible for any errors and nor shall be liable for any loss of damages caused directly or indirectly while putting up the best of his knowledge.

The Author

Karan Chopra, the Chief Executive Officer / Chief Technology Offer of G2OneNetwork, the conglomerate that has a number of products under its banner ranging from self-help blogs to online marketing sites, publications, line of designer shoes and T-Shirts and even the recently launched 24 hour online radio and TV channel. What started off as just a web development company in 2011, G2One Network has come a long way since its inception thanks to the vision of its CTO.

 

SO WHERE DID IT ALL START

 

Hailing from a business family, venturing into business was not new. After completing his post-graduation from the University of Aston in the UK, Karan decided to start something of his own. Karan returned to India in 2011 backed with an education in Distributed and Network Computing as well as experience that he gained in the European market, and launched his first business venture – G2One Network.

G2One Network dealt with web development and design, which although was Karan’s background, didn’t excite him that much. This led him to establish I2Mag, the publication he is best known for. With I2Mag, Karan saw an opportunity in the market, a niche that demanded the presence of good content that was informative as well as entertaining.

 

The success of I2Mag came with a lot of hard work, experience and knowledge which was Karan’s forte. After completion of his degree Karan had spent his time freelancing as a web developer, taking care of content management as well as content generation. During his stay in UK, Karan got exposed to the international market and learnt the intricacies of dealing with clients from all across the globe.

As the CTO of G2One Network Karan has maintained a keen eye towards new developments in the market and has been eager to venture into those that align with G2One’s business interests. From adoption of technology to its in house refinement, branding and the launch, Karan oversees each and every step of the product becoming a reality with great enthusiasm. With the core principle that revolves around maintaining a good work ethic and maintaining a lasting relation with clients, Karan has managed to kick start more than 20 brands under G2One Network.

 

THE JOURNEY SO FAR

 

While 2011 saw the launch of I2Mag, he consecutively came up with JustWP, another publication site that deals with everything related to WordPress and hosting. 2013 also saw the launch of 99Books and 99DollarWebsite that deals with web designing and development.

 

2014 – 15 was a busy period with the launch of seven other publications, as well Brand99, the site that took the G2OneNetwork into the world of e-retail. By 2015, G2One Network was making headway in the internet communication and publication world, and Karan also launched four new consultancy-cum-service sites namely – Business123, Entrepreneur123, Hosting123 and Blogging123.

 

Through these five years, one can see G2One Network grow from strength to strength making inroads not only in digital communication and publication but also networking, designing and consulting. Karan has taken what was just a one man station and made it into a network that has a clientele spread across the globe and a has over the years put together a dedicated team that helps the running of his empire.

 

WHAT IS IN STORE FOR THE FUTURE?

 

While Karan has made a name for himself and his companies, in the world of publication and design, he is now all set to foray into product design and sales. Having recently launched designer shoes and T shirts and with the backing of his online radio and Web TV, Karan is all set to capture the digital technology sector by storm.

Foreword

Starting a business and becoming a digital entrepreneur is not an easy thing to do. Yes, it is bubbly and thrilling in the first stages, when you got the idea, talk about it with family and friends, talk some more about it, research on information on the internet, talk with other digital small businesses and guys you find on blogs.

But it is also hard work, dedication, determination, courage, and responsibility. It requires time, more time and even more time than you initially thought. Actually, everything will be different from what you thought in the first place, once you launch your business. Don’t take my word for it. You will see for yourself, through your own raw experience, through your own trial, errors, failures, and successes. As there will be mistakes, errors and fails but also successes, satisfactions, and achievements. Just don’t expect one without the other. Duality is the world we’re living in. Get used to the good and bad of it. And arrive triumphantly at the end.

Here I present you some advice from my own raw experience. I have tried to present them in a funny, easy-going way, so you enjoy reading and also, so that you don’t get scared away. But, you’re a big grown man or woman and you’re soon-to-be a business owner, so, take what you think is good or you and I hope to see you at the end of the line, successful, millionaire and fulfilled.

Let’s get the BUSINESS started.

Index

The Author – 3

Foreword – 6

The 100 Things – 8

Resources – 39

Annexure: Handy Checklist – 42

#1 Boss Yourself Up

You’ve had enough of busting your butt for others, sweating long hours for little money. You want to be on your own, no bossing around from others. You want to work when you want, how much you want, you want to enjoy what you do, to be passionate about it and keep developing. You want to thrive and be wealthy on your own idea, your own work, and your very own business. Then, join the club of self-made businessmen! You’re welcome!

 

#2 What Is Your Passion?

What do you like to do? What are you passionate about? Do you like to sew, to cook, to make gift baskets, to arrange flowers, to make pizza, to write, to do web design, programming, mobile applications, web templates, read in tarot? That’s the good part of the digital sector. You can be anyone anywhere and still become someone important in the online arena. Do an inner analysis, see what are you most passionate about and would commit to in the long run? Settle to just one idea – the greatest one of all. Then, go rocket with it!

 

#3 Evrika! Got A Business Idea!

You think you nailed the BIG BUSINESS of all centuries? Then, you may want to consider and check-up with these questions:

*
p<>{color:#000;}. Is it a real need for it?

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p<>{color:#000;}. If it’s not a new niche in the digital age, then it’s an increased demand for it?

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p<>{color:#000;}. Can you stand the competition?

 

#4 Should I Really Start NOW? Or Should I Wait?

Procrastination is the stepmother of all evil. It’s the killer of all good things that appear at the horizon but never get to materialize and come close to realization. For the sake of Saint Peter, why would you wait? You’ve got the idea; you have the thrill, why get the chill? Don’t get scared of the future or difficulties. Why wait when the future is actually NOW?

Instead of pulling the brake, why won’t you push the accelerator, when the road is clear and you ride the highway? It’s the same action, pushing a pedal, but what a difference in the outcome.

 

#5 Born A Leader

You’re born under the lucky star of leadership. You have all the qualities and signs of a great leader. With this ace under your sleeve, you can roll the world and work your way up to the ladder of success.

Don’t wait for another day. Jump in, gather the troops, say the motivational speech like Braveheart (yeah, the movie with Mel Gibson) in front of his mighty army of peasants and off you go on the battlefield. You were born a leader.

Lead yourself to success.

 

#6 Business Plan Anyone? To Plan Or Not To Plan Your Business?

Planning means organizing. Organizing means determining the course of your action. And that takes you to leading. Be the motivating, inspiring and confident Leader of your own business.

 

 

#7 Business Capital Is Capital In Your Business

During planning, you should calculate how much it costs to start up your business, make it running. Set the production costs, the marketing costs, and the final price of your product or service. Profit should be higher than expenses, in the end.

#8 Venture Capital, Anyone?

To venture, or not to venture capital money? THAT is the question. You need to have the first product ready to sell and a customer ready to buy. Then, you have the option of gathering money from family, relatives and close friends (maybe some of them become investors or partners, you’ll see) or money from revenues (which is the best, greatest, and cheapest option). Only then you can start raising money. Act like a pro. A business pro.

 

#9 How Much Equity?

So, you have a partner (which can be a friend, a family member or a person you met at a business conference). And now you wonder how much equity you should give to him or her. Well, make a business plan, sliced into: who’s managing the company, who’s raising funds, who’s got the idea, who’s bringing the revenues, who does the services. Then divide them up equally. Voila! Now you have it.

 

#10 Founders Should Vest

It is recommended that founders vest for 4 years. Vesting takes up and accelerates when the control is changing.

 

#11 Venture Capitalist Can Tell You What To Do?

Well, they gave you the greenies, right? So, you have to kind of listen to what they have to say. But that doesn’t mean that you MUST do everything they say. Be nice, be polite, listen, but don’t feel obliged to execute it, if you think it’s not right or it’s not the case.

 

#12 Technical Co-founder?

If you’re not a technical person or if you don’t have the skill to build your product (be it mechanical, electrical, IT, designed) or operate your services, it’s not necessary to make the tech guy or specialized team co-founder. You hire them. That’s why you’re the boss. To hire others to work for you. It’s not the case to share equities.

 

#13 Barter Equity?

Again, you don’t need to barter equity for services you get. So the answer is NO.

 

#14 What’s Your Type? Business Type.

In a few words: LLC have fewer formalities and obligations than corporations and has a flexible management and accounting. If you’re the only owner, then this is for you. Corporations, be them C or S are more complex, in the taxing system, management, finance, liability. Depending on what your business is about and how big you start up with it, look for more information and chose the right type for you.

 

#15 Begin With A Patent First?

Yes. If your idea is unique, never heard before, patent it. Then get customers and partners. This is extremely important in a fast growing sector such as digital technology. Word travels fast in this area and customers sign up quickly. Unless you want it to be stolen and watch some other tech company get all the benefits of your brilliant, hard worked idea.

 

#16 Let Them Sign

Put everyone who is going to see the details of your idea to sign Non-Disclosure Agreements. Again digital technology can be scaled up very quickly. Programmers are everywhere. All you need is a novel idea and overnight you have a company selling a product. You can never be too cautious with that. Preventing is better than suing.

#17 How To Market?

In the beginning, especially if you don’t have capital to invest in marketing, you do the regular stuff: publicity through family and friends, word of mouth, Facebook, Twitter, Instagram, other social media networks. Later you can move on to other paid publicity and even hire a marketing team.

 

#18 First, BUILD?

Well, that depends. First, you have to try if the product is valid and working. Then make the packaged product. You can’t have an app that crashes every two minutes. Make, test, fix, test again, fix, and then release. It would be disasters to release your product in the market you’re your early adopters just have complaints about it not working.

 

#19 All Is Good, But Nobody Is Buying!

There are more options. If you already tested the market and there is a real demand, then change your marketing tactics or increase the publicity. Work harder to promote it. Try to find costless ideas to market it. Do everything you can to make it visible and known to the niche market you’re targeting. Don’t give up. You have to succeed!

#20 Client’s Blackmail

Yep, that happens. A good client of yours, one that is buying hard your product or services, demands you to hire a friend or a relative, OR otherwise, he won’t do business with you anymore. Well, if he’s that good of a client, just hire that person and keep the business up and running. After all, if you’re THAT successful that a client wants to bribe you to hire someone to work with you, you should be proud. Plus, the client owes you one. The time will come when you will ask him to do something for you, in return. It’s a win-win situation. So, be cool about it.

#21 How To Deal With Rejection?

A customer or a potential client is refusing your product or services. Don’t get angry and don’t hold grudges. You never know how the wheel will turn. Maybe sometime he will come asking you to be your client. Don’t feel humiliated and don’t act desperate by his rejection. Be cool, be nice with him, be polite, part your way shaking in a firm and friendly manner his hand, walk out like there are a million other potential clients just waiting for you outside to seal the deal. Act like you’re the winner.

 

#22 How To Get New Clients?

Market hard. Expand. Add new features, new products, and new services. This is easier in the digital sector than in the real word. Features can be added easily. Cover a larger niche, more niches, and more fields. Hire a social media wiz to help you with the advertising. Pay for online ads, if necessary. Attend business meetings and conferences in your domain or related to it. Attend local fairs, local radio shows or TV shows. Keep in mind that the best clients are the old clients, though.

 

#23 How To Keep The Old Clients?

Keep them interested with new offers, fresh new features and products, special business tailored deal, personalized promotions. Talk to them often, check if they are satisfied with your product or service, ask them if they might need improvements, take their suggestions in coming up with new features and upgrades. It is easy to lose clients in the digital world because there are always options available. But is it also easier to stay on top of changes happening. That too in real time. Seek feedback, email them, offer gifts for participating or for special occasions like Christmas, birthdays, and other events. Always stay in touch with your users. They are an asset. Internet majors like Google, Facebook, and Twitter spend millions to attract new users but invest in billions to retain their old users.

#24 How To Convince A New Client?

When you start, do your best, offer your best services; go over the moon for them. Deliver earlier, deliver more than expected add more features for the same price, and give them special offers. Be extra nice with them, polite, generous. They will be hooked on you. Everybody likes a bigger meal for a small fee. Club your features together and make an offer they cannot refuse.

 

#25 Client Asks For More?

Then you’d better deliver it. Or he’ll turn to another competitor who will deliver it in no time. So, once again, go over the moon to get what he wants, be it a new feature, an extra discount, more products for the same price. As in the real market, in the digital world too, competition drives innovation. Don’t play the price war. Play the technology war.

 

#26 B2C Businesses

You’d better be fast, creative and on spot. Otherwise, your competitors will get you. And your clients. And your business – down. So, get new features on a fast pace, like monthly. As you launch your new updates, you could have 2-3 in the pipeline. That’s how IT majors like Google and Microsoft work. Users like getting updates and upgrades. Keep adding features to what your product can do. iPhone is just a phone but there is an update every year and people queue up to get their hands on it.

 

#27 Is SEO Good For Me?

You bet it is! No business can function online without a website and no website is being found without SEO and other smart tactics. Hire an SEO guy – he’ll do miracles for your website, your products will be found by much more people, you’ll get more clients and your business will strive. SEO is a MUST.

#28 Social Media Marketing?

Oh, yeah! You can’t live in this modern internet era without a website and without having social media cover. You, as a business, have to be found EVERYWHERE! All over the place. Have you surf the web and every page you clicked on, there were ads of a certain company? Or you searched a product with a word and you could find it on dozens of website? The first Google search pages were filled with that product? Well, you should be something like this. Facebook, Twitter, Instagram, they are a must in these days. Otherwise, nobody will find you and you will complain that you don’t have clients. Look at other businesses, how they strive, only and just because they are all over in social media.

 

 

 

#29 Never Badmouth A Partner Or Employee

Even if you find a person in your business environment annoying, bad, awful, awkward you should never say bad things about it in front of other employees, partners or clients. You will look bad in front of them and you will ruin your reputation. Be equal and polite with everyone and in front of everybody. Gossip is not a good attitude at work.

 

#30 Don’t Be An Amateur In Business

If you don’t want to look amateurish in front of others, don’t:

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p<>{color:#000;}. Fight with your partners. You can discuss, argue, but don’t heat up. If things seem irreconcilable, split before any bad thing happen.

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p<>{color:#000;}. Raise VC money before manufacturing a product or having a customer

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p<>{color:#000;}. Asking people who don’t know or barely know to introduce you to important people they know

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p<>{color:#000;}. Saying people you want a minute to tell them about your product. It’s more than 1 minute to talk about it and have a discussion about it. You look like a fraud in front of them. Be honest. Say you want 10-15 minutes. It’s more realistic.

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p<>{color:#000;}. Make a PowerPoint presentation with no arbitrage. Clients need to see a change of 100% return of their money.

 

#31 Be A Pro In Business

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p<>{color:#000;}. Find ingenious ways to cut costs every month.

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p<>{color:#000;}. Find ingenious ways to sell, sell, sell every day, as much as possible.

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p<>{color:#000;}. Stay focused to keep on track when you have billions in revenues.

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p<>{color:#000;}. Stay focused and brainstorm new ideas to sell and promote yourself when you have no revenues.

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p<>{color:#000;}. Refuse losers – potential clients, clients, customers, employees.

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p<>{color:#000;}. Accept to meet and make business with people who have winning spirits – clients, employees.

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p<>{color:#000;}. Distinguish a winner from a loser

 

#32 When To Hire Full Time?

When you have enough money to afford it, obviously. When you have revenues. Otherwise, you can’t pay them and you’ll have to come up with money from home. If you don’t sell, you’ll be at loss. Do what you can do alone, until you get revenues.

 

#33 Does It Take Long To Raise Money?

If your business is doing excellent, in less than 6 months. If you’re not doing well, it will take an eternity. Or never.

 

#34 Market Research?

Of course, that is something you should do in the beginning. See who might be potentially interested in your business and your product or service. See what the demand is. See how your competitors are doing. What are the prices. What are the problems. What is the offer to the demand of the market.

#35 Taxes?

Sure. Also, reinvest your money in your business, to pay less. There is no way to can avoid taxes, you know the saying: “Only two things are sure in this world: death and taxes.”

#36 Let’s Talk CEO Salary

What should be the salary of a CEO? If you are not profitable yet, make it 2 times your lowest paid employee. But if you are not funded, then you should not take any salary until your revenues pay for all your employees’ salaries. The Golden rule for a striving business: you, as a CEO, are the last one to be paid.

 

#37 If My Business Is Not Doing Well

Then you should let go some of your employees because you can’t pay them. And it’s best to do it before worse comes and to save some money, too. This happens when you didn’t plan well your business. If your business is starting to make revenues, you can hire the guys back. That is, if they want to come back.

 

#38 Can You Get Involved With An Employee?

Well, love is love, no matter if you found it at work, at a business meeting, on the street, at a friend’s party, on the internet. If it’s love, just follow it. There should be no rules on work, even at work. So, if it’s mutual, go ahead, follow your heart.

 

#39 Reasons To Let Go An Employee

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p<>{color:#000;}. They are lazy, they are late at work constantly or they avoid working too much.

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p<>{color:#000;}. They don’t respect you and talk bad about you and your business

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p<>{color:#000;}. They are unsatisfied with the working hours, working load, salary and you

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p<>{color:#000;}. Coming drunk at work

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p<>{color:#000;}. Insulting, offending or harassing people at work regularly

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p<>{color:#000;}. Not having the right skills

#40 When Should I Give A Raise?

Depends on the revenues and on the employees’ performance at work. When you are happy with their work and your business is striving, you should consult with your accountant and try to give a raise. Otherwise, offer bonuses.

 

#41 The Employee Option Pool

Somewhere between 15-20%.

 

#42 Advisory Board?

Should you get an advisory board? Nah. They are pretty much useless. If you really want to have advisers, pay them with one-fourth of 1%.

 

#43 Board Members?

If you’re such a big company that you have board members and advisors, then know that the board members should be investors. And if they’re not (oh, what were you thinking?) then they should get one-half of 1%.

#44 One Client Brings All The Revenues

Oh, man, first, you’re in trouble. What if something happens to him? Try to find other clients, too. You don’t want to risk it all by counting on one single client. You should treat him extra nicely. Send him gifts on Christmas and other events important to him. If he’s a Jew, follow his holidays; if he’s a Hindu, find what are his most important holidays; if he’s a Muslim, the same; and so on. Make him offers constantly. Be ahead your competitors with deals for him often. Go the extra mile for him.

#45 Be A Guru Of Selling

Be a pro and show your client arbitrage: if they pay now, they are going to get 2 times more products or he buys half of the products cheaper. And so on. Always show him that you make him offers, make him feel valuable and that he is buying much more than he pays for. Be a mind-bending seller. That’s the way big businesses are going bigger.

 

#46 Be A Problem Solver For Your Client With Your Product Or Service

Create a fake problem or spot a potential problem and present it to your client. This will trouble him. Then, make him see how your company foresaw it and worked on it to make a product or service that can resolve HIS problem. Now, that the problem can be resolved, make him a GREAT offer. He is now cooling down, reassured that the potential problem can be resolved and that too at a cheap price. You, mastermind of business and his Hero!

 

#47 How To Talk About Your Competitors At A Business Meeting?

The most elegant way is to be vague. Say that ALL your competitors are great, you admire them ALL, you learn from them ALL. Praise them EQUALLY. Be diplomatic; say that they are ALL so great that you can’t even say who’s the greatest or the biggest competitor. Say they ALL are your biggest competitors. And they will all feel great. This way, you don’t upset anyone.

#48 How Much Your Company Values?

Put on paper how much it would cost to reproduce the technology, services, brand and add all the customers. Then make it at least 5 times bigger and you got your value. This is how much you should sell your business when asked to sell it.

This is the virtual world. It is just the perceived value of your business. Who knew a mobile messaging service would cost $22 billion to buy or a detailed depository of CVs would be worth $26 billion. But that’s what happens when your technology is liked by many.

#49 Trouble With The News, Economy Or Stock Market?

Never worry about what you hear on the news, on how is economy doing or where is heading to. Many of the thriving businesses today have started or survived successfully during economic crises. So should you.

 

#50 How To Charge For Extra Services

If you have many features or many extra services, then the tactic is to break them down into small parts, then put a price to each little thing. That’s how it all adds up to your revenues. This way your customer feels they have a bargain and you are making money on every little feature you are offering.

 

#51 Per Hour OR Per Project?

It depends. You can either charge per project or per hour. But you add monthly maintenance services. These are costly, repetitive charges that are important. I follow a simple rule. When buying go by the project so that your costs are controlled. When selling go by the hour. This way you get paid on weekends too!

 

#52 How To Prepare For A Meeting?

Search everything about your prospective client, before you meet him. Know his competition, employee, industry, habits, likes, dislikes, weaknesses, strengths, etc. Be prepared in advance and it will pay up later. You will know how to approach him, what to say to him to impress him and convince him. And how to make him seal the deal with you.

 

#53 How To Sell Hard

Hire professional copywriters to write for you highly targeted sales letters that persuade potential customers and clients to buy from you. EVERY TIME. Don’t try to write it yourself. It will result in a lame, unconvincing letter that will bore your clients out of it. Result: Zero sales.

In the digital world, customers don’t buy the idea. They buy the vision that the product delivers. This vision comes from your ads, your white papers, your website. They can’t b boring.

 

#54 Email Marketing

Hire a professional email marketing guy to write professional and effective sales newsletter for your existent clients. Put up an effective, highly selling marketing team to boost your sales like crazy. Again, don’t try to do it yourself or you will make your clients sign off your newsletter subscription. Let professionals handle it, and it will result in high sales and happy clients.

 

#55 Should I Give Away For FREE?

Sometimes, but only for your existent paying customers. Better not give free products or services to people, in the hope that they will become your customers, eventually. Because they will not. They are cheap people, looking for free stuff, that’s it. They will likely never buy your products and they will not turn into clients. So, don’t play Santa Claus.

In the rising wave of products and competition in the digital sector, you can choose the freemium route. This way you attract customers but they only get to use limited features. Give full features to people who are willing to pay. They are real users and real customers.

 

#56 To Schwag OR Not To Schwag?

This is the question. No, of course, I’m not referring to the weed, I talk about the free stuff for your employees or workers. Why not? You made them happy once in a while, as the good employer that you are. Keeping your employee happy increases your business productivity and profit. So, why won’t you do it?

 

#57 Should I Go To Media Festivals And Presentations?

Unless you’re in the media marketing niche, you shouldn’t bother with that. Better focus on another type of marketing and publicity that are more suited for your type of brand or business. And leave the high-tech conferences to the high-tech guys or companies. You have better things to focus on now. But that does not mean you don’t promote yourself at big occasions. Never leave an opportunity to speak about your product in front of the big wigs of the industry. In the technology world, you never know who is working on what and bigger industries like to take startups under their wings.

 

#58 To Blog OR Not To Blog?

You hear everyone around that they “wrote” a post last night in his or her blog. Made a pizza? Blog about it. Made a kid? Blog about the baby. Got a new husband? Blog about him. Bought a new car? Blog about it. Made a sex-tape? Blog about it. Oh, no not about this one. Sorry. But of course, by all means, blog about your new kid – your business, blog about how it is to be married to your independent job, blog about how your product is made. Make it interesting, spicy, and juicy. Lots of vivid pictures, videos, cool stuff.

 

#59 Everyone Worries About Margins. Should I, TOO?

Not at all. Your least problem now is the margin. Your most important focus now is on the revenues. How to increase it. How to make it sky-rocket for you. Once you start turning a profit, you can concentrate on reducing your costs. The tech world offers a lot of options of cost cutting. But remember, cut costs without compromising on quality of your product or service.

 

#60 Got More Ideas? Should I Make More Businesses?

Is your head spinning with ideas? GREAT. Write them now somewhere, where you know that you can find whenever you need to pull a new great idea from the hat. When the time has come for a new idea to be launched, you know where to look. But no, in the beginning, you have to focus solely on ONE and ONLY business. Make it great, make it super profitable, make it giant, and make it explode of revenues. Then you can expand to other businesses, too. Until then, stay focus on one task. One business. Lots of profit.

 

#61 Should I Hire People Who Are Similar To ME?

No, you should hire people who are good at the specific area of expertise that you interview them for. If they’re great and experienced and if they share your vision or at least they understand it and align with it, then YES, hire them. But never hire someone just because you have common interests like playing golf, eating pizza or supporting the same basketball team. Stay focused. Only hire the cream of the crop for your business.

 

#62 Should I Ever Say NO To A Client

Yes, you can say NO. When you can’t deliver what they ask for. Don’t lie, trying to get them to buy those products that you know you can’t deliver, and then, make a fool out of yourself when the deadline has passed and you can’t deliver them the goods. You will get a bad marketing. Just be bold from the beginning. Say NO from the start. Or when clients ask too much from you, for too little money. Say NO. Or when they are insulting, disrespectful, and aggressive. Say no to do business with them again.

 

#63 Should I Always Say Yes To A Client?

NO, you should not say yes all the time. There are times when you can say yes, and others when you have to say no. Don’t say yes just to please them.

 

#64 Should I Get Sexually OR Emotionally Involved With An Employee?

That’s not a business question, SIR. Pass to the next one. Your private life is none of our business.

 

#65 Should I Negotiate The Best Terms With A VC?

VC’s are extremely interested in the technology sector because they are can reap high benefits in less time. But that’s what they are in for. They might be ready to give you more than you need but will pressurize you to sell when your product is not ready or sell out when you an offer is made. You should choose a VC that you get along with, that’s important. In the difficult situation or harsh moments, you should be able to talk openly with them, pour your real, most intimate thoughts about your business without any restraints or fears. You should choose a VC that you trust and is reliable. Money can be raised but a VC cannot be erased.

#66 Bonuses OR Gifts?

For a well-done job, you should show appreciation for your employees with bonuses or gifts. Gifts are cheaper. Bonuses are tricky. You might get them used to expect money every time they deliver or do a job well.

 

#67 How To Celebrate Christmas At The Company?

Order bulk discounted gift baskets for your employee and your clients. And even to your potential clients and former clients. You never know when they might turn to you. Insert your business cards in the gifts for your clients or potential clients.

 

#68 One Of My Clients Got Divorced

You wonder if to congratulate him/her or to present your sincere support? Just flip a coin. No, kidding. Be compassionate. Joke with them. Tell them you have a lot of great women employees in your business and he should visit you more often.

 

#69 When Should I Give Up On My Idea?

When it’s not producing any money no matter how hard you tried. Don’t wait too long so you won’t lose too much money in the process. Be smart. Retreat in time. You might not want to give up on an idea. But sometimes the market is not ready for it. It’s best to cut losses and re-enter when the time is right.

 

#70 Why Didn’t The Client Call Back?

You two had a meeting that you considered fabulous? Everything went great, on your opinion, and he promised he’ll come back tomorrow with an offer to seal the deal? Well, reality check: yesterday is not today. From yesterday until today, many phone calls, competitors, interventions may have occurred and your client is not operating based on emotions in the past, but on the best and most immediate offer. Which it might not be you, in this case. So, don’t stay like a dumped girl by the phone, waiting for his call. Go meet other clients. The pool is full of fish. Go get them.

 

#71 Do I Need A Professional CEO?

No, why? Anyone can be a CEO. You don’t have to be a professional. Don’t bother with that.

 

#72 A Client Called In The Middle Of The Night

You wonder if you have to take the call or throw your phone out through your window. Probably neither of them. Your phone has no fault that the arrogant, selfish client called at 1 or 2 AM. So, why would you punish it? Discuss with your client the hours when you are available for them to reach you. Keep strict limits with that. Respect yourself, your time, your free time and your clients will respect you, too. Be available at any hour of the day and night and lose your entire client’s respect or privacy.

 

#73 Do I Need A Professional Sales Director?

NO. You are going to be the sales director and you’re going to learn to do your job well. At least, wait to make 15 million in sales. Then, you can step back and hire a sales director, while you’ll enjoy more free time.

 

#74 Oops, I Did It. Should I Tell My Client About My Mistake?

It depends on the mistake.

If it’s something that it involves and it reflects upon your client or his order, and IF there is something you can’t fix in time so he won’t notice, then, by all means, DO tell him before he sees it first and asks you about it. Come before him and tell him the truth. Then, see how you can solve the problem.

If there is a mistake that does not reflect on your client or his order or it does, but you have the time to solve it, without him noticing, then by all means DON’T tell him anything. Let him think that all went perfect and that your company delivered great product right on time. The image, you company’s image counts. Don’t screw it for something you were able to fix anyway and didn’t hurt anyone. Don’t screw your image at the end. Be a professional.

 

#75 Investors Dictators

I have many new products ideas and I’d like to expand. My investors asked me to stay on the products we have right now and increase sales. What should I do? Should investors dictate which way my company should go or what should I do?

By all means, if you have new ideas and you are sure that they will be a hit, just go for it. Don’t let some investors stay in your company’s development, just because they invested in it. It’s your business, anyway. They invested in you, too. If they invested, it means that they trusted you, your ideas and your sales. So, they should keep trusting and supporting you. If you increase sales, they will be happy.

So, don’t let some investors dictate what your company does or does not. You are your company. Act accordingly.

 

#76 Personal Money – Business Money

I need money for my own necessities. Can I borrow from the business money? If your company already made crazy sales and at this moment it got enough money to go through a potential crisis for 6 months without any sale, then you can. But better call a friend. And don’t take credit from banks! They will rip you off.

 

#77 Two Under One Umbrella?

I bought two profiting companies and I wonder if I should put them both under the same name. My Company’s Name.

My answer is that you should keep them separately, especially that they are new to you until you see how they perform, how many sales they produce and figure out where you go with them from there. Better keep them separately, for in case one is not going well, you sell it just as it is, without involving your company in it.

 

#78 Quit My Job – Become A Full Entrepreneur?

Hold you horses, Mister Boss. Don’t jump into this transition until you’re sure that your business is giving you enough revenue and sales on a constant pace. I mean, until your business IS already paying forward your efforts and time you invested in them. But until then, you have to keep your steady job and safe salary to give you a good night sleep every night, no matter what your new business is doing. You have to secure your monthly revenue.

 

#79 I Doubt

If you have doubts about your business’ future, you should start applying positive affirmations, manifesting abundance or miracles, self-transformation training, read or listen to Anthony Robbins. Empower your mind and trust and your business will be automatically empowered by your new strong positive vision.

If you’re doubting your products are good enough, I suggest you to go through the same self- help, positive transformation, to build your confidence, to strengthen the power to manifest your ideas and dreams, to make your marketing rock, your products sell fantastically and the money roll into your company’s pockets.

Also, try to see if you can improve your marketing strategy, your features or functionality of your products. But basically, it’s all in your mind.

#80 Competitions Is Killin’ Me

Well, then, kill your competition. Or, better, your fears and envy.

Kill your competition with killer products, killer marketing and sales, killer offers for your clients and a killer confidence in your business.

Kill your fears and mistrust with killer self-help techniques or motivational trainer. Kill ‘em all and live in peace, trust, confidence, power and abundance.

Also, know that having competitors is a good thing for your business. It stimulates you, your business, your growth, your marketing department. You will all grow together, in making your company rock, the best, with killer products and killer offers. That’s it. The rest, it will be history. The history of how you succeeded though a killer competition that actually stimulated your company’s growth.

 

#81 Forgot About Your Life Partner?

Hmm, so, the least expected problem: your life partner, wife or husband is complaining that you’re bigamous. You married with your business lately. Damn, and you thought it won’t be noticed. Spending less and less time with your significant one, coming home late at night, maybe after they are already asleep and leaving home early in the morning, maybe before they woke up and you thought it won’t get noticed? Well, you got busted. Guilty as charged.

Now, what can you do? Know that this is not really about your business start-up needing your time and your life partner needed to be more understanding. Well, it could be a month or two, but not 6 or 12 months. The thing is time management, setting priorities in life, taking your mind off of your business, stop obsessing about it. I could go and on and write a whole book about this topic only.

Try to see what’s important in your life, what comes first: your life or your money? My guess is that if your relationship is suffering, then you suffer, too. You don’t have time to enjoy life as it is, outside your business area. Allowing yourself to drift away from being alive – really living your life happily, with all the dear ones around your, enjoying every minute of it, with all the little things – is just not going to bring your abundance. Just some money that you will not be able to enjoy, being too sick, too lonely, too unhappy. So, put aside some time for your family, your loved ones, your friends, your life. You and your life are more important that your business.

 

#82 Torn Between Business And Relationship

If you’re in a middle of a storm in your private, intimate life while you’re starting your business, it will be a nightmare. You have to find a balance, solve the problems; otherwise, the emotional and intimate problems will affect your judgment, your decisions, your efficiency, your focus and attention at work, your dedication to what you’re passionate about – your new idea transforming into a business. It will mess up with your whole life, and of course, your whole business.

So, you have the option of trying to solve the relationship problems as soon as possible, or if it’s not possible, maybe take a break from it, see how it’s going. I’m not a couple counsellors, but it is common sense.

You don’t have to choose between business and relationship, as they are both part of your life. Just solve the problem on the side that is in crisis, so you won’t get into a total disaster crisis with your business, too.

 

#83 Conquering The World

Not so fast. Well, Magellan, don’t take the business boat out in the wide ocean, while you’re still building it. First, finish its construction and consolidate it, try it in the harbor, then send it to the four corners of the world, to conquer other markets, cities, and countries. This is the natural way of expanding your business.

This is even truer in digital technology sector. If you spread yourself thin, then more and more people see your product and also its flaws. Alternatives can come up overnight and you will lose your advantage. Inspite of many alternatives, Microsoft Office still rules because the basic product is very robust and without flaws. So good, that you’d pay to use it, even after you spent money buying their operating system.

#84 Clients Yell At Me During Meetings

Ahem, before pointing out the finger right at them, you should check your behavior first. Or maybe your business’ performances. If it’s one angry client, it might be his problem, but if there are more, then, well, the problem resides with you. See what could be the issue. If you can’t figure it out, ask your coworkers, your business partner, your loved ones, your friends. If they tell you that you have an arrogant, patronizing, sarcastic, mean, angry attitude, then you should take measures to change it to the better and start treating your clients (and other people, too) better. Kindness, understanding, amiability, sociability, friendliness are the traits of a leader, too.

Or the problem might be the quality of your products, services or of some employees. Treat the issue seriously, trying to solve it, in order to see your client’s attitude change. Take each potential problem and see if it is the problem. If there is a problem with the quality of your business, then solve it immediately and you will see your clients’ behavior change, too. Probably, they got angry at the quality of your services, your total ignorance in the matter, your employee negligence, your employee carelessness, etc. But once the problem is solved, your clients will be happy when your services are satisfactory.

 

#85 Oops, I Undercharged A Client

Or a batch of clients. That is a problem.

You can either: explain them with solid arguments and correct calculation that an error has been made in calculating your services to them. Make the correction, once you announce them and charge them the rest of the money or make an agreement and charge them more at the next payment.

Or you can leave it like this and include in the price for their next offer what you lost now, without telling them anything. This way you recover your losses.

Or you can leave it like this and take it as a lesson to be more attentive when making calculations and charging your future clients.

 

#86 I Want An Application – Now What?

You’ve got an idea to make an application, but you don’t have the knowledge to do it. Don’t worry, I got you covered. You can hire a professional for a lot of money. Or you can hire a freelancer for less money. The results can be pretty much the same, just that the price is different.

 

#87 To Franchise OR Not To Franchise?

Sure, if the franchise is already making lots of money and you see an opportunity to open it in your town. Or maybe, in a city nearby. And you have the resources to finance it all; being sure that it will produce for your money constantly, in an increasing pace.

Look for a franchise that it belongs to an old family with no children or heirs to inherit it. Or a franchise that is going well, but the person owning it went bankrupt for other reasons or had some losses with another business or is in debt. There is also the case of a couple owning together a business and getting a divorce. In all these cases the owners will sell their business cheap.

There is also the situation of a franchise that is not making good money only because of poor management. You seize the opportunity, see the potential, know the solution and are confident that you will make it develop, expand, be successful and cash in really good money.

So, yep, franchises can bring you good business potential and good money.

 

#88 Traffic With No *Ka*-Ching

Lots of traffic on your website and no customers? First, check what could be the problem. Your website or online shop looks like you can’t trust it? Is it looking poor or lame? The descriptions of your products or services are unappealing, are not well written in terms of call to action?

If you can spot the problem, you can solve it with better and convincing descriptions, better web design, better calls to actions, you will soon start to see the traffic transforming into revenue.

If everything looks perfect and still no buying interest from your visitors, then maybe your products or services are not needed or in demand.

You can sell the business and website or you can just close it and put it on the waiting line for a better moment.

 

#89 No Traffic At All

If you’re not good in bringing traffic to your website, don’t despair. Hire people who can do it. Look for freelancers to do that for you. You can pay cheap or pretty decent for their services, and you will see your traffic increasing. Then, your revenues.

 

#90 Should I Hire A Professional PR Team?

You’re in the beginning. You don’t have the luxury on paying a whole PR team. Better, hire some very good freelancers to do this job. You will pay less and see your business thriving.

You can also try to do it yourself, by reading internet resources, books, eBooks and watching YouTube tutorial. But, you don’t have this time to lose. Why would you learn this at the expense of your own free time? Plus, your life partner was already complaining of you absence at home. Better use your free time doing the things you enjoy and pay some little money to freelancers to do this job for you. They already have the knowledge and experience in doing that.

 

#91 Jealous On Your Competitors

Your competitors have better metrics than you? Well, try to improve yours. See what you can do. But if you try and try, and nothing really changes, then sell your website and your business.

If you can’t sell it, because it’s underperforming, just shut it down and start up with the idea number 2. It’s always a good thing to start over. Don’t let one unproductive business drag your spirit down. Go forth with courage and confidence in your success.

 

#92 5 Years And Your Business Is Still A Midget

Not all businesses are alike and not all grow in the same rhythm. Yours might need some time to develop. Maybe not as fast as you would expect or envisioned, but it stills grows.

First, see what the main reason is. Or the main reasons. Maybe there are more things slowing your business’ growth. Maybe you didn’t present a new product since you started. Maybe you’re not up to all the technological developments. Maybe you don’t have a strong attractive and enticing presence on the social media networks. On ALL social media networks. Maybe you don’t have a good marketing strategy. Maybe you don’t have a marketing strategy at all. Maybe your website is underperforming. Maybe it’s not updated or looks unattractive. Find immediately solutions the entire problem you find as being responsible for your business slowing down.

Improve your website, your marketing strategy, your social media presence, your offers, your presentations, your sales tactics. Find new ideas of products or services that you can offer. Come with something new every 6 months, at least.

Try more in every direction. Then you will witness your business thriving.

#93 I Worry That It’s Wrong To Have A Job AND Run By Business

Why? Many people have more than one job to support their families. Well, you have one job and A BUSINESS! That’s even cooler. And you’re an entrepreneur. There’s nothing wrong with that. It’s AWESOME, dude! Get used to the idea and feel great about it.

 

#94 A Customer Asked Me On Friday For A Meeting, But I Can’t Talk To Him Until Monday. Is There A Problem?

No, no problem. You have to have your own free time, too. Being in a business doesn’t mean that you’re the private slave of your customers.

They have to learn to respect your own private life outside your business. You’re a man, too, not only a businessman. Teaching your customers to respect your weekend is a gained point. They will respect you more, if you respect yourself, first.

Don’t act like you SHOULD do anything to make your customers happy, and by that, I mean that you have to forget about your own life, cancel your family gatherings or events, let go of vacations. These are big No-no’s.

Respect yourself AND they will respect you.

The Apocalypse doesn’t come when a customer wants to.

 

#95 Another Business Sold For ‘X’ Millions. But I’m Better So This Means That I Am Valued Much More.

NO, it doesn’t mean anything. Your comparisons are irrelevant. And don’t put your business for sale just because a competitor just did so and got a lot of money for it.

Only sell when time has come. You’ll know it when. And your value is to be determined.

#96 Should I Meet Investors OR Customers If I Need Money?

I think that you should have figured that out by now since you are in business. It shouldn’t be that hard to guess. What do you think?

 

#97 What Should I Answer When I’m Asked Why Do I Sell My Business?

You already went through your business birth pains and you already feel the growth signs of your fast growing business. You want to find your business a mature company to grow into, with an owner that already has the experience of expansion and knows exactly what to do and when. That you feel the need to secure your own baby business in the hands of an excellent, experienced, professional and expanding businessman, the right place to be.

 

#98 What Should I Do With My Start-up Business?

If it’s already making good money and going viral, by all means, SELL it quickly (until it’s still hot) for cash. No regrets, no hard feelings, not attachments.

Then, immediately, start another great business. Sell it when it’s hot and cashing in.

Your algorithm should be: Start-CashIn-Sell; Start-CashIn-Sell. Keeps it going and you will keep on rolling big cash in your pockets. Be sure you take great money making ideas out of your hat fast, for every new launch.

#99 I Thought That My Business Will Impact The World, Make It Different

Well, I appreciate your grand thinking, but maybe it’s a bit too much on your dreamy side. Your business should only impact your seller and your pockets. Making money while developing an idea you’re passionate about it’s a great thing. Especially when it brings you A LOT of money.

Of course, you change the world. You’re not Bruce Willis , Armageddon, Superman or Batman. Well, you’re no superhero. Just a regular guy following great ideas in order to make money.

You got the idea. Got the business. Got the money. Sold the business. Got the money, again. Then, you should be happy. You changed your seller’s life. Now, you changed something, see?

 

#100 Are You Really Ready For It?

You will surely not change the world by starting your own business, but you will surely change yours. So, I am asking you: are you ready for the BIG CHANGE? Don’t dream, don’t assume and don’t expect unreasonably that you will get rich in a blink of an eye (like your neighbor did or like you saw in some Hollywood movies). And it’s essential that you don’t expect that your new venture will take you out of all your financial problems and will offer you eternal salvation. Cause it won’t. Just be realistic and think twice before starting it.

A new business is a real hard work. A real pain in the back. Requires determination, tenacity, learning abilities, skills, time. Take into consideration that it only pays off in the long term. It won’t make you cash overnight. Or in a few weeks. Or months.

So, the question is: ARE YOU REALLY READY FOR IT?

Resources

Accounting Terminology Guide: The guide will help you learn about accounting terms.

AccountingWEB: The site offers accounting industry news, information, tips, tools, resources and insight.

American Association of Franchisees and Dealers

Backpack: A web-based service that organize your company’s information with an ease.

Better Business Bureau: Browse or search for a business or charity’s reputation.

BizBuySell: The site will help you buy a franchise.

Bizwomen: An online community for women business executives and entrepreneurs to connect.

Business Owner’s Tool Kit : The tool kit offers 5,000+ pages of free tips on cost-cutting, step-by-step checklists, case studies, startup advice, and business templates to help small-business owners and entrepreneurs.

Business123: The Biz Guide

BrandChannel.com: BrandChannel.com offers global perspective on brands and the art of branding.

Chief Marketer: Chief Marketer offers marketing executives with insights into key marketing issues.

CPAdirectory: CPAdirectory is the largest online database of Certified Public Accountants.

Direct Marketing Association: The Direct Marketing Association is the largest trade association for businesses.

Electronic Frontier Foundation: Intellectual Property

Entrepreneur123: The Entrepreneur Guide

Federal Trade Commission: Franchise and Business Opportunities: The site offers Guide to the FTC Franchise Rule, consumer alerts, Before You Buy pamphlets, and state disclosure requirements.

Franchise.com: The site offers available franchise opportunities.

Franchise Expo: The site offers detailed information on nearly every franchising opportunity known.

FreshBooks: FreshBooks is an online invoicing and time-tracking service.

Fundability: A marketplace where entrepreneurs and investors meet.

Google Checkout: Online payment system by Google.

Google Docs: Google Docs allow you to share and collaborate online.

Hoover’s: Hoover’s offers you up-to-date information about industries, companies and key decision makers.

I2Mag (Business): A well versed publications which offers tips on business along with other things.

Internal Revenue Service: The place where business owners can get all of their federal and business tax information.

LinkedIn Jobs

Microsoft Small Business Center

Mint: Mint helps entrepreneurs with personal finances, money management and budget planning.

National Association for the Self-Employed

National Association of Women Business Owners

NextBigProduct: A website which offers reviews as well as ideas about different businesses over the web.

PayPal: PayPal allows web sites to receive and send money electronically.

Salesforce.com: Salesforce offers online solutions for sales, service, marketing, and call center operations.

Small Business Administration: SBA helps you learn how to start your own business and finance it.

Survey Monkey: Create and publish custom online surveys to gather data you can use.

TradePub.com: TradePub.com offers extensive list of free business, computer, and engineering trade newsletters and magazines which you can subscribe to for free.

U.S. Chamber of Commerce

U.S. Copyright Office

U.S. Department of Labor: Office of Small Business Programs

U.S. Patent and Trademark Office

Yelp: Yelp works as yellow pages for businesses where one can list their business as well as people will review businesses too.

Zoho: Zoho offers a suite of office productivity tools online, including a word processor, spreadsheet program, invoicing tool, presentation creator, web-conferencing functions and calendar organizers.

Annexure: Handy Checklist (Tick either YES or NO)

Yes No

Considering Starting Up

#
p<>{color:#000;}. Find out whether you can work for yourself

#
p<>{color:#000;}. Develop your business idea

#
p<>{color:#000;}. Starting a business: the basics

#
p<>{color:#000;}. Research and develop your business ideas, new products and services

#
p<>{color:#000;}. Common mistakes when starting up – and how to avoid them

#
p<>{color:#000;}. Starting a part-time business

#
p<>{color:#000;}. How do I survive until my business is off the ground?

#
p<>{color:#000;}. Thinking about starting a social enterprise?

#
p<>{color:#000;}. When economic conditions are tough

#
p<>{color:#000;}. Think about the money

Business Planning

#
p<>{color:#000;}. Create your business plan

#
p<>{color:#000;}. Plan to run your business

#
p<>{color:#000;}. Develop your sales and marketing strategy

Business Structures & Naming

#
p<>{color:#000;}. Business structure decided

#
p<>{color:#000;}. Legal name taken

#
p<>{color:#000;}. Hire Chartered Accountant (for discussion purpose)

#
p<>{color:#000;}. Domain name purchased

Money Matters

#
p<>{color:#000;}. Business budgeting

#
p<>{color:#000;}. Financial and management accounts

#
p<>{color:#000;}. Set up a simple profit and loss account for your business

#
p<>{color:#000;}. Investment appraisal techniques

#
p<>{color:#000;}. Debt recovery

#
p<>{color:#000;}. Insurance

#
p<>{color:#000;}. Exit strategy

Tax, Expense & Benefits

#
p<>{color:#000;}. Understanding Tax Requirements

#
p<>{color:#000;}. Expense and Benefits (for employers)

Sales & Marketing

#
p<>{color:#000;}. Research

#
p<>{color:#000;}. Branding

#
p<>{color:#000;}. Pricing

#
p<>{color:#000;}. Marketing Strategy planned

IT & eCommerce

#
p<>{color:#000;}. Create your first website

#
p<>{color:#000;}. Get started with e-commerce

#
p<>{color:#000;}. Choose and manage your IT supplier

Once you are done with selecting (YES or NO), count how many numbers of yes and numbers of no you have got and according to that you will able to know what and how much work still left before you actually starting up with your business.

45 | Page

 


The Digital Business Cheat Sheet - 100 Things To Follow By Karan Chopra

Starting a business and becoming a digital entrepreneur is not an easy thing to do. Yes, it is bubbly and thrilling in the first stages, when you got the idea, talk about it with family and friends, talk some more about it, research on information on the internet, talk with other digital small businesses and guys you find on blogs. But it is also hard work, dedication, determination, courage, and responsibility. It requires time, more time and even more time than you initially thought. Actually, everything will be different from what you thought in the first place, once you launch your business. Don’t take my word for it. You will see for yourself, through your own raw experience, through your own trial, errors, failures, and successes. As there will be mistakes, errors and fails but also successes, satisfactions, and achievements. Just don’t expect one without the other. Duality is the world we’re living in. Get used to the good and bad of it. And arrive triumphantly at the end. Here I present you some advice from my own raw experience. I have tried to present them in a funny, easy-going way, so you enjoy reading and also, so that you don’t get scared away. But, you’re a big grown man or woman and you’re soon-to-be a business owner, so, take what you think is good or you and I hope to see you at the end of the line, successful, millionaire and fulfilled. Let’s get the BUSINESS started.

  • ISBN: 9781310593659
  • Author: Karan Chopra
  • Published: 2016-06-23 13:35:10
  • Words: 10338
The Digital Business Cheat Sheet - 100 Things To Follow By Karan Chopra The Digital Business Cheat Sheet - 100 Things To Follow By Karan Chopra