6 Things any entrepreneur should do before they turn 40

June 14, 2018 10:00 am


We hear of success stories from the likes of Mark Zuckerberg who started Facebook when he was only 19 years old, but others find their success at a later age.

In the case of Jack Ma, it was only at 35 when he founded Alibaba.

Alibaba didn’t make any profit in its first three years, but today Jack Ma is one of the richest people in the world with a net worth of more than $30 billion.

So, you can see that even if you’re aged anywhere near 40 – a successful company is right around the corner for you to start it.

A few things are required on your journey to success:

(According to Business Insider and Wanderlust Worker).

Read: Amazon and Ebay proxy war to commence in the Middle East?

1- Fail

To become a successful entrepreneur, you simply need to fail multiple times.

Simply put, you learn from failure more than you could from success.

Legendary basketball player Michael Jordan once said: “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”

2- Create and follow a plan

Simple but an easy trap to fall into.

Everyone needs a plan. No matter what you’re striving after, it’s the plan that will get you there. It helps to outline just what steps you’re going to take in which direction you’re going to travel. Keep in mind that a goal without a plan is just a wish.

Tony Robbins, famous American author, life coach, and investor, is famous for creating his plan on a paper napkin. One day, on a train ride through Russia, he mapped out, in full detail, just how he was going to get from Point A to Point B.

Read: Revealed: Reasons behind Bitcoin’s fall from grace and price 

3- Say “no” to people

Seems like child’s play, but this is a mistake a lot of entrepreneurs and manager make. Eva Glasrud, a life coach, said: “We routinely don’t calculate the cost of saying ‘no.’”

According to Glasrud, the best way to muster up the confidence to turn down a request is to recognize that “[t]here are some things you can never have back. Your time, your health, your virtue, your life.”

4- Stay motivated

Staying motivated is hard.

Considering that life simply gets in the way, it’s hard to keep living on Cloud9.

Pushing and pushing when your goals are meaningful to you makes things easier.

That doesn’t paint the entire picture, and even meaningful goals can be abandoned at some point, so keep on fighting.

Dale Carnegie, an author of life advice books, says: “Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.”

Read: Brands, what do you know about the FIFA World Cup audience?

5- Love hate

Yes, we know. Sometimes, harsh criticism can be one of the factors that you lose that motivation.

People generally don’t want to see others close to them succeeding. It’s a painful truth. And, often, they attempt to hold those people back who try to break the mold.

Successful people aren’t unaware of negativity. They know that it surrounds them but they use it as fuel to ignite their passion and prove naysayers wrong.

William Shakespeare once said: “In time we hate that which we often fear.”

Read: Is Mohamed Salah the hero Egypt needs?

6- Follow the 80/20-rule

The 80/20-Rule, also known as the Pareto Principle, states that 80% of the results come from 20% of the efforts. Successful people know how to harness this rule to help propel them forward by first identifying their result-producing efforts, and then scaling those efforts out.

Richard Koch, author of The 80/20 Principle says: “The way to create something great is to create something simple.”

Tags:

Edmon Abdul Nur
By Edmon Abdul Nur
Edmon Abdul Nur, a Junior Editor at AMEinfo, with more than 3 years of experience in technology research.



AMEinfo EXPERTS