Let's be real. In the stressful world of entrepreneurship, sustained success isn't about luck or following the latest fads. It's a courageous journey that demands commitment, resilience, and a whole lot of hustles and long-term focus.
First things first, figure out your "business obsession"—that one idea you can't stop obsessing over. Once you've nailed it, get ready for the long and stressful journey. Commit to this thing for at least ten years. Your business plan? Aim high, be as bold as you can. Go for a 100x growth in five years. Even if you only get 10x, that baldness will catch investors' eyes.
Speaking of investors, while you should talk to all, if you're thinking about venture capital, be prepared for the harsh truth: two out of three startups fail. To convince VCs to bet on you, show them how your ambitious plan can offset their losses elsewhere.
Now, let's talk about your team. Forget the stereotype of a bunch of tech guys in hoodies. You need a diverse crew with different skills. Sales, marketing, finance—it's all important. And diversity isn't just an ESG buzzword; it's about different perspectives that lead to better decisions. Women in leadership positions should be a priority as women are often better than men at managing teams, at building ethical products and at managing risks.
Optimism is your fuel for growth. Stay positive, even when things get tough, and you see no exit in the horizon. Surround yourself with positive people, read inspiring stuff such as the “Power of No” of and the “The Subtle Art of not Giving a F..k”, and don't forget to be grateful and practice meditation every chance you get. Learn to tolerate and ignore pain deriving from the ups and downs of your business, and as the great writer Mark Manson says “when you stop giving a f… about pain you become unstoppable”.
Listen up: Focus on what you're damn good at or what you can become good at. Should you jump on the AI bandwagon just because it's hot right now? Absolutely not. Unless AI is your core expertise, don't get distracted by the shiny trends such as blockchain, AI or machine learning. Become the best at what you do. That's where real value lies and where the 100x could come from.
Stop complaining and start solving problems. Every day, tackle challenges head-on. Take responsibility even when it is not your fault. This builds incremental momentum and shows the world you're a doer, not a talker. You want to be renowned for the person that always delivers.
Don't try to do everything yourself. Delegate, automate, outsource—whatever it takes to get things done efficiently. Use technology to your advantage and stop being a micromanager as this is poisonous and will get you to lose precious staff.
The information provided by Empower Capital is for general information purposes to foster the dialogue and the discussed topics. All the information on these articles are provided in good faith. However we make no representation or warranty of any kind, expressed or implied regarding the validity, adequacy, accuracy, completeness, and reliability of any information provided.
Editors’ Picks
AUD/USD holds ground as RBA leaves the door open for a hike
![AUD/USD holds ground as RBA leaves the door open for a hike](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/AUDUSD/australian-currency-8768154_XtraSmall.jpg)
Tuesday's session witnessed the Australian Dollar clearing losses against the US Dollar following the release of the hawkish RBA minutes and the US JOLTs figures from May. For the USD, the confidence of Jerome Powell on inflation coming back down sooner on the prospects of a cooling labor market weakened the Greenback.
EUR/USD needs to clear the 200-day SMA for further gains
![EUR/USD needs to clear the 200-day SMA for further gains](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/world-currencies-53600634_XtraSmall.jpg)
EUR/USD managed to extend its multi-session apathetic advance amidst the flattish price action in the Greenback and the majority of the risk-linked assets, all prior to the publication of key releases in the US docket on Wednesday.
Gold falls amid falling US yields, soft US Dollar
![Gold falls amid falling US yields, soft US Dollar](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-gm187363896-28836378_XtraSmall.jpg)
Gold price slid during the North American session as market participants digested Federal Reserve Chair Jerome Powell’s comments at a European Central Bank forum in Portugal. Powell turned slightly dovish, yet US Treasury yields remained firm. The XAU/USD trades around $2,324.
Ethereum ETFs set for $5 billion inflows despite ETH Foundation's continuous sales
![Ethereum ETFs set for $5 billion inflows despite ETH Foundation's continuous sales](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_XtraSmall.jpg)
Ethereum is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Benefit of the doubt: US consumer confidence and elections
![Benefit of the doubt: US consumer confidence and elections](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/ConsumerSpending/ConsumerConfidence/woman-selling-bread-at-the-bakery-gm469225978-62283160_XtraSmall.jpg)
Despite widespread expectation for the US economy to be in recession in 2024, that fate has been avoided thanks to a resilient consumer. Yet it is difficult to square this undaunted spending with consumer confidence and sentiment readings that are lackluster at best.
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