You’re young, you’re talented, you’re driven… and you have your sights set on being a successful entrepreneur. As you get ready to make the leap into the world of owning your own business or running your own company, it is important to know where you are going and that you have the tools necessary to get there. To help you get started, here are 10 questions that all young entrepreneurs need to answer for themselves.

1. Where does my passion lie?

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Everyone talks about passion, but using this as a foundation for entrepreneurship really is important. Sure, you can make money doing something that you don’t really love, but it is usually the people who pour their blood, sweat, and tears into a company who have the better chance at success. Why? Because if you are passionate about your product or company, you will stretch yourself further, work harder, and not be persuaded to give up or quit as easily as those who are motivated by other things.

2. What are my strengths & weaknesses?

Knowing the areas where you are strong, as well as those where you lack experience and talent in, really will help you in getting started. Often times, entrepreneurs will play a variety of roles within a small company or startup operation, but knowing your limits will keep you from sabotaging your efforts. If a position is important to the business, and you are no good at it, be wise enough to hire or outsource it.

3. What is my motive?

Let me start by saying that “money” is not the right answer here. Neither is fame or power, by the way. Yes, you will likely make money and probably even a name for yourself, but if your motive isn’t a little deeper, it likely won’t last. Motive is all about what drives you from an internal place. What you can look for in the mirror each morning, and be proud of. Having pure motives in life and career gives you peace and purpose, and these things are invaluable.

4. What am I afraid of?

Have you ever seen someone freeze or make a really poor choice when they were faced with a terrifying situation? This is because fear is a force that has the power to paralyze, cripple, and incapacitate people. As entrepreneurs, the last thing we want to be is stuck in a place where we can’t think, rationalize, or move. In order to avoid this, it is important to know what you are afraid of. Once you have identified the areas of fear in your life, you will be able to train yourself the proper response patterns to follow if you find yourself in a frightening situation.

5. Does the data match the enthusiasm?

One mistake that young entrepreneurs tend to make is letting their enthusiasm override the facts. Everyone gets great ideas, and many driven people want to act on those ideas immediately, while they are most excited about them. The danger with this, though, is that you risk spending time, effort, and resources on something that may not even be viable once it is analyzed a bit. Take the time to sleep on an idea and do your research. If the data comes back strong and your enthusiasm managed to last through the week or the month it took to gather intelligence, you’ll be in a much better place to act.

6. Who is my mentor?

While many people may not specifically claim having a mentor, everyone has someone that they bounce ideas off of, ask for help from time to time, or simply learn from. Having a mentor not only eases the learning curve for new things, but helps you to stay grounded as well. A great mentor will be someone who has been down your path or a similar one and who is willing to help you navigate the hard parts.

7. Do I have support?

If you are going to be a great entrepreneur, you will have to think outside the box and take some risks that most people wouldn’t consider taking. You will also have to get used to the idea that not everyone will support what you are doing. All leaders and innovators face discouragement, criticism, and those who doubt what they are doing. The best way to combat these nay-sayers, though, is to have a solid circle of people in your life or company that will support you. Identify these people, and then use them as a rock to anchor your ambitions to when you hit a storm of disparagement.

8. Where will I get my cash?

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Having good cash flow for opening a company or developing an initial product really can make or break a business. Unfortunately, most people just don’t have piles of money lying around in their closet to use as startup funds. While you may not know exactly what specific source your cash will come from, you need to have a general plan and a way to execute it. If you plan on taking out a loan, make sure you have the credit or assets to obtain it. If you will use an angel investor, how will you locate and sell this person on your project? Basically, understand that money doesn’t grow on trees and be sure that you are willing and prepared to jump through the hoops that may be required to get the cash you need.

9. Am I prepared for rejection?

Being an entrepreneur requires you to have thick skin and that you be tough. Not everyone wants to see you succeed and many would like nothing better than to toss you on your ass when you ask for their help with something. Your dream is not their motivation and your need is not their problem. So, before you empty your piggy bank and quit your day job to pursue an entrepreneurial endeavor, make sure that you are prepared to deal with the rejections that is inevitable.

10. What will I do with my success?

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I once was told that planning for something puts you in a better place to actually receive it. That being said, you should have a vision for your future successes. Think of the things you want to do for yourself and your family, for your company and employees, and for the community or world at large once you have reached the top. While it may seem childish to sit and daydream about a bright future, it will align your thinking with success and give you an image of your future to work towards.

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“Motivation is what gets you started. Habit is what keeps you going.” – Jim Ryun, American athlete, author, and politician.

While many young entrepreneurs search for a big break or golden opportunity in their life to propel them into success, it is the people who use every little moment of their day to practice being successful that really win in life and career. Why? It is because major deals, monster clients, or huge contracts only give you a foot into the door of the big leagues. What you do and how you perform once you get there determines whether you can stay or not.

“H is for Habit, winners make a habit of doing the things losers don’t want to do…Just do it! First you make your habits, and then your habits make you!” – Lucas Remmerswaal, author.

So how does one practice being successful on a daily basis? By nurturing good habits that will train your brain to do things the right way. Being a successful entrepreneur really begins when a person is willing to embrace the habits that others fall short of mastering. Here are some to get you started.

10 Essential Habits of Successful Entrepreneurs

1. Set Goals:

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Have you ever tried to use a GPS for directions without having the destination address? It won’t work too well. In our lives and businesses, setting goals is essential because it allows us the ability to plan a route for movement. Long term goals are often like destinations on a long trip, with short term goals being stops along the way. If you want to be successful as an entrepreneur, make it a habit to always be setting clear, achievable goals for yourself and your business.

2. Track Progress:

One of the key motivators that successful entrepreneurs all over the world have given credit to for their success is enthusiasm. One of the ways to keep a steady stream of enthusiasm flowing your way is to get into the habit of tracking your progress on a regular basis. This allows you to see where you have progressed, as well as help you to determine areas that may not be advancing as you would like them to.

3. Work from a Schedule:

Believe it or not, but even entrepreneurs need a schedule! Without something solid to lead from, priority items often get pushed to the back burner, important tasks get forgotten completely, or people simply have more trouble managing their time effectively. By making a habit of scheduling out your day, week, and month, you will train yourself to be organized, to plan ahead, and to meet the deadlines that you set for yourself through a schedule.

4. Wake Up Early:

Rise and shine! While climbing out of bed with the chickens and dragging yourself to the office before noon might not sound like an entrepreneur’s dream come true, many people lose countless hours of productivity because they have developed a bad habit of sleeping in. While rest and getting a good night’s sleep is important, successful entrepreneurs need to develop enough self control to habitually wake up early and get started working without procrastination.

5. Constantly Network:

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One of the best habits that an entrepreneur can have is to network constantly with the people around them. Talking to people as you go through the day doing normal activities can be one of the easiest, cheapest, and most effective ways to grow your business. Whether you leave a business card on the lunch table next to your waitress’s tip, talk about the services your business offers to a friend or family member over coffee, or share your website with the bank teller, networking is a habit that pays great rewards over time.

6. Always Be Learning:

When it comes to strong character traits that an entrepreneur can possess, the ability to adapt and to innovate is at the top of the list. Change happens all around us, all the time, and one of the best habits to develop in order to keep a sharp edge on technology and business trends is to always be learning. From industry seminars to YouTube videos, make it a personal challenge to learn something new every day. Over time, you may be amazed at just how much success will result from such a simple lifestyle tradition.

7. Accept Help & Ideas:

It has wrongly been thought, by some people in the business world, that to accept help or guidance showed weakness. In reality, creating a habit of being open to creative ideas, innovative suggestions, and good old fashioned help is one of the best moves a successful entrepreneur can make! No one knows it all or can do it all, but the ones who come the closest in life and career are those who know how to surround themselves with bright, helpful people, and then use the resources that these individuals bring to the table.

8. Work Hard, Play Hard:

This phrase may sound like a slogan from an athletic shoe commercial, but it is a habit that many successful entrepreneurs have long held. Basically, it means that you have to develop a healthy balance of work and leisure, giving your best to both. If you expend all your energies on work, leaving no time, money, or energy for enjoying your life, you greatly increase your chances for burnout or exhaustion. On the other hand, individuals who habitually neglect their work in order to play all the time are usually unproductive and don’t accomplish much.

9. Be Stubborn & Persevere:

You may have been told as a child that being stubborn was not a positive habit to acquire, but in entrepreneurship, it is nearly essential. Entrepreneurs have to be able to push against the status quo, persevere despite numerous rejections, and be stubborn enough to keep going when things look hard. By developing habits of perseverance and stubborn determination, you will be preparing yourself to run the marathon called long term success.

10. Conquer Fear:

Fear can be one of the most dangerous obstacles to an entrepreneur along the pathway to success. Fear of failure, fear of leadership, fear of public speaking, fear of rejection, fear of the unknown…just to name a few. While you may not be ready to tackle an enormous fear just yet, you can train yourself daily by making it a habit to conquer small fears as they arise. If rejection is your area of trepidation, for example, purpose to put yourself in situations where small rejections arise. Use these to practice holding your ground and before you know it, rejection won’t scare you like it used to.

“Good habits are hard to form and easy to live with. Bad habits are easy to form and hard to live with. Pay attention. Be aware. If we don’t consciously form good ones, we will unconsciously form bad ones.” ― Mark Matteson, motivational speaker & author

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Merriam-Webster’s dictionary defines the word motivation as, “a force that creates stimulus, influence, incentive or drive; to provide with a motive.” In layman’s terms, this basically means something or someone who gives you a reason to work your ass off. Motivation is important, powerful, and we all need it in our lives.

For a long time, it was commonly thought that money was the most powerful motivator. People went to work and did a good job in order to be paid a fair wage. If they worked hard and long enough, that wage would increase, giving them additional motivation. It was a full circle concept where Money = Motivation, Motivation = Work and Work = Money.

While this concept seems solid, the truth of the matter is that many people don’t necessarily consider money to be the top motivator at all. Obviously, money is a major factor in their choice to work, but beyond that, other incentives are often more important when it comes to stimulating their work ethics and increasing their job productivity. So, what motivates more than money?

#1. Time

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“Time is more valuable than money. You can get more money, but you cannot get more time.” Jim Rohn, American entrepreneur and motivational speaker.

Even in today’s age of time-saving technologies, many people are acutely aware of how their time is being spent. From Hollywood movies and songs to sappy cards and print media, people are constantly being reminded by society at large to make wise use of their time. Because life quickly passes us by, with or without money, many people agree that being rewarded with or given time away from their jobs to do what they love is a major motivation.

#2. Happiness

“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” – Benjamin Franklin

Happiness as a motivator may sound cliché, but you can’t argue with truth. People want to be genuinely happy in their lives and often, this means making a choice between doing something they love and making a few more bucks a week. If employers truly want the very best performance out of a person, their best bet is to hire people who are happy with their jobs, and then keep them happy, plain and simple.

#3. Recognition

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“Money will buy you a fine dog, but only love can make it wag its tail” – Richard Friedman, professor & scholar

Having a lot of money is great, but people need more than just money to satisfy their lives and motivate them to accomplish more. In fact, some of the most ingenious entrepreneurs have stated that a desire for recognition of their accomplishments was what drove them out from under the confines of a corporate company and into the limitless arena of entrepreneurship. While it may not be feasible to recognize every outstanding employee and acknowledge each of their accomplishments, it is extremely dangerous not to try at all.

#4. GoodWill

“You have not lived a perfect day, even though you have earned your money, unless you have done something for someone who will never be able to repay you.” – Ruth Smeltzer, author

Charities and not-for-profit organizations all across the globe have long understood the concept that goodwill trumps money as a form of motivation. From highly-paid doctors volunteering their services pro bono to sick children in third world countries, to celebrities and wealthy business owners writing six-figure checks to support worthy causes, people love being a part of anything that makes a positive difference in the world.

#5. Challenge & Movement

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“The greatest thing in the world is not so much where we stand, but in what direction we are moving.” – Oliver Wendell Holmes, poet & American author

Stagnant water stinks, and stagnant people accomplish very little in their life. Everyone needs to be challenged, pushed and encouraged to broaden their horizons further than ever before. While promotions often come with a raise in pay, it is often the new position, new responsibilities and excitement of change that is the true motivation. Companies that embrace this concept and provide adequate opportunities for challenge and movement within their employee base find that they consistently have groups of workers who think outside the box, ask for more responsibilities and stretch beyond the limits of their “job description.”

While fair compensation for work is necessary, it is not always the strongest motivator. Those driven by money often develop very selfish and self serving attitudes, diminishing their ability to be a team player, and the relationship that develops between an individual and his work is strictly out of necessity… and very little else. On the other hand, those who are motivated from a deeper source tend to commit to their work with a passion and a pride that is invaluable.

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Halsey Minor, the founder of web content company and TV network CNET, built an empire for himself back in the early ninety’s and seemed to be a regular Silicon Valley success story. His company, CNET, which was founded in 1992, would take only four years to become the first web content company to go public. This venture, along with several other smaller companies that excelled, would earn Minor the title of “entrepreneurial genius” and place his net worth at more than $1 billion dollars in the years that followed.

Fast forward just a few short years later, and Minor is now making headline news for a different reason… because he is flat broke. At the ripe old age of 48, this tech pioneer is blazing new trails that include filing for bankruptcy and selling off his assets to pay debts, including an opulent mansion in Los Angeles, a Versailles palace look alike in San Francisco, and a historical James River plantation home in Virginia.

The Debts
It is alleged that Minor owes money to about 60 creditors, for a total debt amount that could be as much as $100 million. Some of his reported creditors are Bank of America Home Loans, the Internal Revenue Service, UCLA Medical Center, Verizon Wireless, various divisions of California state and local government (including the California Department of Motor Vehicles and the cities of Los Angeles and San Francisco), AT&T, and Sotheby’s auction house. Since filing for chapter 7 bankruptcy earlier this year, a trustee has been appointed to oversee the liquidation of Minor’s assets, as well as the repayment of his outstanding debts.

Reports say that Minor’s financial troubles are largely due to many years of ill-fated investments which include, among other things, expensive artwork and hotel development. Inside sources also reveal that Minor lived a very lavish lifestyle, spending his time flying around in his own private jet airplane and purchasing large ticket items, such as homes and estates that he didn’t even have a use for. Additionally, Minor’s fortune also was diminished by $50 million when he divorced his wife, Deborah, in 2006.

The Properties
Up for sale first on the list is Minor’s four bedroom, six bath, Bel Air mansion that was built in 1964. This gated estate sits cliff-side and claims to have some of the most stunning views that Los Angeles has to offer. Listed at nearly $15 million, the home is a bargain price, compared to the $20 million that Minor paid for it in 2006, but is said to need major renovations before a new occupant can move in.

Image via MLS

Just a short trip across the state of California brings us to an even larger estate that is being liquidated in the Halsey Minor bankruptcy sale, listed at a whopping $21 million. This 18,000 square foot palatial home was designed and built to resemble Marie Antoinette’s Le Petit Trianon in Versailles, and features eight bedrooms and seven bathrooms. Located in the exclusive Presidio neighborhood of San Francisco, this home has also fallen into a state of disrepair and is will need a little TLC to bring it back to its former glory.

Image via Trulia

The third and final of Minor’s properties, which was placed at auction earlier this year, is a historic Virginia plantation home, that was built in 1755 and which is located in the James River district. “Carter’s Grove”, as the home is called, was purchased by Minor in 2007 for a ridiculous $35 million and would sit empty for years, until historical preservation enthusiasts forced it to auction, stating gross neglect, lack of upkeep, and disrepair of a historically significant structure.

Image via Flickr/ Melissa Wilkins

The Response
While many people would take their fall from wealth and success extremely hard, Minor seems to be handling the situation quite well. In a letter, written to the Wall Street Journal, Minor says,

I love being an entrepreneur even though it involves financial risk. I have been fortunate enough to play a meaningful role in building great companies like CNET Networks, Salesforce.com, Rhapsody, NBCi, the service known as Google Voice and others. But if you win some you are going to lose some too.”

Only time will tell whether Silicon Valley entrepreneur, Halsey Minor, will be able to recover the billion dollar fortune that he has squandered and return to his former spotlight as a genius in the tech industry.

The post From Billionaire To Broke: CNET Founder Halsey Minor’s Estates Put Up For Bankruptcy Sale appeared first on Wall Street Insanity.

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One of the biggest questions that managers, supervisors, and business owners are faced with is, “How do I keep my employees focused and working efficiently?” This age old question is not easily answered, though, and you could literally spend years learning various methods, tactics, and tips that have worked for some people. While specific strategies will vary widely, they all fall into one of two categories… motivation or manipulation.

Motivation and manipulation not only sound very similar, but they are often confused as the same thing. In reality, though, they really are polar opposites of one another.

Motivation

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The key point to remember when it comes to motivation is “self-interest”. Basically, motivation means that someone is driven to succeed or work hard by a desire to improve their life or their condition. For example, many parents offer their children an incentive program for having good grades in school. The child, in turn, is motivated to study and perform well in class so that they can receive the reward of the incentive.

In corporate America, motivation shows up in a variety of ways. For some people, the motivation that drives them is the opportunity for promotion, pay increases, bonuses, commissions, or even employee recognition awards. These are all set up with the end goal of bettering the life or condition of the employee as a reward for their hard work and superior results.

The second thing, as a manager, to realize about motivation is that there is a true underlying desire to see your employees succeed. Those who excel at motivation tend to get excited when those under and around them reach a career goal, make a major sale, or land a big client. Motivation isn’t just about making sure that work is done or that money is made, but about the company… and its employees …becoming successful together.

Manipulation

Manipulation, on the other hand, is all about “self-preservation.” Instead of working hard to achieve a better place in life or career, those who are manipulated tend to be working out of a fearful desire to simply hold on to what they have currently. An example of this would be a child who is threatened with losing extra curricular activity privileges if they do not make good grades at school. While the child’s grades may improve with this method, there has likely been no change in their motivation.

In the workplace, manipulation is used regularly, though it is not always called that. Many employees experience threats of demotion, layoff, pay cuts, or disciplinary action if they are not performing at a certain level. In the sales world, manipulation often shows up in the form of minimum quotas and deep commission cuts when certain sales numbers are not met or maintained for the period.

Manipulation, at its core, is a selfish desire to see a company, department, or manager succeed, while those employees that are of a lower level continue to struggle. It is the proverbial “shit runs downhill” slogan that insinuates that those of a higher pay scale have the right to live large while their employees do the dirty work for them. While this strategy may work for a short term, companies who use it typically have high turnover rates, low employee morale, and very little teamwork and cooperation within their ranks.

To Motivate or to Manipulate
Generally speaking, motivation always should be a top priority. Employees that are truly motivated work harder, provide better results, foster stronger loyalties, and will do it all with a much more positive attitude. Highly motivated workers will go above and beyond on a regular basis, will promote and talk up their company to everyone, and will usually be extremely willing to grow, expand, and stretch their limits when asked. These employees don’t just “do their job” but they truly enjoy the work that they do.

Manipulation, however, does have a place in corporate America and may need to be used as a last resort for some individuals. For managers who are faced with individuals that do the bare minimum for their paycheck, manipulation may need to be used in order to focus their work and force growth until a better, more motivated employee can be found to replace them. It is vital to remember that manipulation will always be a short-term fix, and not ever a long term solution.

So, are you ready to motivate? Start by taking a long look at your reasons for implementing any program and the outcomes of those programs. If you cannot genuinely say that the employees and the company benefit together from the work, then you are likely employing manipulation. Motivation always provides a confident win-win scenario that sells itself to those involved.

The bottom line? Be a motivator, not a manipulator!

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When most people think of great entrepreneurs, names of CEO’s, inventors, and even sales gurus typically come to mind. But, one of the greatest things about being an entrepreneur is that literally anyone can do it. You don’t have to fit into some box, have a certain college degree, or even wear the right shirt. You simply have to be able to rock the shit out of what you have to work with. The other great thing about entrepreneurs? The sky is the limit on what, how, and when you can be successful.

Case in point… Jay-Z… or Jiggaman… or Shawn Carter… or whatever he is going by these days… the man is an entrepreneurial legend. Not only has he managed to be one of the most successful solo recording artists that Billboard has ever seen, but he also moonlights as a record label owner, major clothing line name, author, and now…wait for it… sports agent? Damn right.

So how, exactly, does a high school drop out and small time drug dealer end up being a prominent figure in the business world and amass an estimated worth of $450 million in just a few decades? He diversified and did what he wanted to do, plain and simple.

Small Beginnings
Born in 1969, Shawn Carter was raised in project housing on the wrong side of Brooklyn and considered his hobby of free-style rapping much more important than finishing high school. Like many of the other kids he grew up with, Shawn was exposed to his fair share of drugs, violence, and street life. This exposure, along with a passion for music, propelled Carter into the infamous rap world, where he failed miserably at getting himself signed by any major record labels. So, what does a twenty-something, been rejected by everybody famous, freestyle rapper do? He and a few likeminded friends decide to form their own record label, which they named Roc-A-Fella.

Things “Blow up”
Fast forward less than five years later. That same struggling kid, who decided not to let rejection slow him down at all, now has sold 50% of his record label for 1.5 million, has released four albums, and is becoming a major player in the music industry. He also has decided to diversify his brand by co-creating a clothing and accessory brand, Rocawear.

Changing It Up Again
In 2004, at the grand old age of 35, Jay-Z announced to the world that he would be retiring from his solo recording artist career. But playing golf and taking life slow was not on the agenda…in fact, in the same year that he announced his retirement, he was also named President and CEO of Def Jam Records. He would also continue to work closely with the product marketing and development of Rocawear.

Back To Basics
While many people would have been completely satisfied to spend their lives as CEO of a major record label, trying to spend all their money, Jay-Z had higher ambitions still. He wanted to create a label that would give new artists, on a variety of fronts, a chance at success. A label that would be “outside the box” of tradition and that would reflect the culture of hip-hop and music as he saw it. So, in 2008, Jay-Z makes yet another bold move, and leaves his position as CEO of Def Jam to launch Roc Nation.

If it Works…Expand!
While music has obviously been a large part of the man that is Jay-Z, he also seems to have a genuine passion for locating, developing, and representing new talent. While he has certainly done this by signing breakthrough artists like Shakira and Rihanna at Roc Nation, his latest venture looks like he will be putting these skills to good use in the sports arena as well. Roc Nation Sports, Jay-Z’s latest undertaking, announced recently that they will be the sports agency representing Robinson Cano, second baseman for the NY Yankees.

So the next time you are tempted to put yourself, or another entrepreneur, into a box or professional category, just remember these lyrics from Jay-Z’s “You Don’t Know”,

“That’s another difference that’s between me and them
Heh, I smarten up, open the market up
One million, two million, three million, four
In eighteen months, eighty million more”

Be you… do what you want… diversify… and fucking rock it all the way to the bank.

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“Confidence comes not from always being right but from not fearing to be wrong.” — Philosopher, Peter McIntyre

While the concept of confidence is really quite complex, most people consider it to be an outward expression or appearance of knowing what you are worth. It is having the ability to show those around you that you understand and appreciate yourself and your talents, and know the value of what you have to offer. For an entrepreneur, this couldn’t be more important. Here are the top reasons why it is vitally important for every entrepreneur to be confident.

Confident Entrepreneurs = Confident Investors

Because entrepreneurship is largely about doing or being something that has never been done or been before, people who are on the outside looking in don’t want to throw their hat into the ring unless they have some assurances. While investing and working on a start-up company is always risky, it is much easier to get on board with someone who at least believes in themselves and their idea. If an investor has little history or financial data to base their decision on, they really have to go with their “gut feeling” about the offer. While confidence will not always get you the deal of a lifetime, it does genuinely help. In fact, many angel investors and investment clubs have often stated that they select confident entrepreneurs nearly 100 percent of the time. Why? Because if success leads to confidence, then the opposite is also true… confidence leads to success.

Confident Entrepreneurs = Confident Buyers

Once an entrepreneur has received their initial funding and the beginnings of a company is in place, they now have to find someone to buy what they are selling. Whether you are talking about pedaling cosmetics door to door, selling high tech computer components to government agencies, or promoting services as a life coach, having confidence in what you are offering is key. People are naturally opposed to change, and even something as simple as switching phone companies can cause deliberation. It is because of this that successful selling requires confidence. A successful entrepreneur has to believe… and be confident enough in that belief to convince others… that their company is the best choice. That what they are offering is worth the time and money required to make the switch. Entrepreneurs who can accomplish this on a large scale are those who get where they want to be.

Confident Entrepreneurs = Confident Employees

A third area of great importance for any successful entrepreneur is in the other people who represent them and their company. From the lowest paid worker to the highest VP, the caliber of employees that a company has really says a lot about their culture and the odds of their future successes. When people have a leader who is confident in their abilities and in the work that is being done, it is only natural for each employee to begin to develop confidence of their own. Something as simple as acknowledging past victories and showing expectation in conceptual future successes can make the difference between a hum drum employee and one who literally talks up his company everywhere he goes. Just as “shit runs downhill,” so does confidence. Confident entrepreneurs have the opportunity to be the primary source and example for their employees.

Confident Entrepreneurs = Confident Innovations

A final area that is talked about so much in the entrepreneur universe is innovation. Everyone is looking for and striving towards the proverbial “think outside the box” vision for their company. But, in reality, this can only come from a place of confidence within an organization. Most people have some level of creativity, originality, and untapped intelligence inside of them, but are often too afraid of their idea being rejected to run with it. So, what’s the best way to draw out these hidden initiatives? Be confident, as an entrepreneur, in your company’s direction as an innovator. When it is clearly evident that you are a confident promoter of new ideas and an advocate for inventive improvement, people will be much more likely to come to you with their concepts and brilliance. After all, who better to share a dream with than another dreamer?

Just like most other traits, confidence can be developed and increased over time. It all starts with identifying where you are strongest and taking the time to appreciate those areas of yourself. Once you have come to a place where you can confidently recognize and trust your own abilities, decisions, and insights, it is simply a matter of time before this inner confidence builds to a place that others around you see it as well. When this happens, be ready… because confident entrepreneurs = successful entrepreneurs!

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While fears will vary from person to person and situation to situation, they must all be addressed and overcome if success is to be achieved in any area. For business owners and entrepreneurs, this is especially true in five areas.

1. The Fear Of Rejection

Whether you are talking about an award winning screenplay or an innovative tech gadget, every person who has ever created a product, envisioned a service, or had an idea has had to overcome the fear of rejection. Why? Simply put, it is because not everyone is as smart as you are. Not everyone that you pitch your idea to, let read your manuscript, or present your business plan to is going to see the potential. In many cases, it may just be because it isn’t what they are looking for. In other cases, they might just be too much of a dumb ass to see a good thing when it comes along. Regardless, though, being able to overcome a thousand “no’s” to get to the successful “yes” is key. If you believe in what you are doing, keep doing it until you find that someone else who believes in it too.

2. The Fear Of Financial Decisions

Money talks, right? And for many entrepreneurs and up and coming business owners, it seems that there is never enough money in the coffers to get your voice heard. Even those who have managed to get funding for their start-up company or product launch often find that keeping a business afloat until it takes off can be much more expensive than they originally thought. Because of this, many just don’t even try to be successful. They let the fear of making financial decisions hold them back from even trying. While the complexities of managing the money can definitely be stressful, it is a necessary evil that must be dealt with. Oddly enough, though, being able to overcome your fear of making the wrong financial decisions when you are a small business is really just a training camp for being able to make the right choices with money on a large scale.

3. The Fear Of Expansion

There is a quite common misconception in the world of entrepreneurship that expansion is on everybody’s to do list. While it is probably true that most people who start their own business hope to one day be able to move from their garage or basement to a more conventional business locale, the truth is that expansion scares the shit out of a lot of people. In many ways, the thought of expanding or branching out with your business is almost as terrifying as starting the business to begin with. People are afraid to move from a “known” thing to anything “unknown”, no matter how great it looks on paper. Additionally, many business owners are afraid to expand for fear that they will lose some of their control. Because many small businesses and start-up companies were literally created from the ground up by a core group of people, letting newcomers into the group is a bit like letting your teenager take the car out on their own…scary. But to be successful, you cannot let this fear paralyze your business. New ideas, product offerings, and expansions will always have some kinks to work out, but without freshness and innovation, even the greatest of starts and successes will disappear from the map without a trace.

4. The Fear Of Leadership

While the thought of being a leader often is surrounded with glamorous sentiments, for many people it can also be quite daunting. As a leader, you are responsible for those under you and for the outcome of decisions that you make. There is sometimes no one else to turn to when you face a challenge, no additional upline to direct a problem to, and the decisions that a leader makes will generally be those that matter. Leadership, if truly defined, would include a lot of hard work, the carrying of more stress than other positions, and a responsibility to the company and those which work there. Despite all of these things, though, leadership is also a privilege and a position that allows for immense impact on the organization. Truly great leaders are the ones who conquer their fear of making a mistake and dive head first into the shit pile with one thing on their mind… do their best and make a difference.

5. The Fear Of Success

Who the hell would be afraid of success? Well, believe it or not, the fear is real. As people begin to finally see the light of day at the end of their proverbial tunnel, the imagination begins to play out scenarios that can be quite intimidating. These include thoughts that a person will “change” when they become successful, that they will taste success but not be happy or satisfied as they dream, or that they will just barely tap into the height of successful living and then have it taken away from them. In short, any major success changes the game, and game changes are often difficult to swallow… no matter how great they appear. The key, though, is to overcome and not let outrageous “what is” scenarios rule your mind. Sure, bad things could happen…but so could great things. Figure it out when you get there… and in the meantime… enjoy the ride.

“It is not because things are difficult that we do not dare, it is because we do not dare that they are difficult.” ― Lucius Annaeus Seneca

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Bill Gates, the founder of Microsoft, is a public figure that most people know quite a lot about. From his current status as the world’s second-richest man to his many charitable foundations and political stands on public education, he is quite possibly one of the most interesting entrepreneurs around. But, as with many public figures, this kind of knowledge only scratches the surface of who the man really is.

While many interviews that Gates participates in ask the run-of-the-mill questions, some have gone beyond the norm to engage the Microsoft guru on a more personal level. So, from across the Web, here are some of the highlights of the most interesting interviews and 10 things that you probably didn’t know about the Microsoft billionaire, Mr. Bill Gates.

1. He listens to Bruno Mars & Lady Gaga. While these artists may not top his “most played” list, he certainly has a concept of who they are…thanks to his children. Gates laughed as he told the Daily Mail in an interview how he is teased by his three kids (Jennifer, 15, Rory, 12, and Phoebe, 9) when they sing the lyrics of ‘Billionaire’ to him aloud at home. Smiling, he even sang a few bars…

2. He is a “hands-on” father who doesn’t spoil his children. Unlike many other parents who have the ability to give their children anything that they desire, Gates works very hard to make sure that his family life is not greatly affected by his fortune. He told the Daily Mail in an interview that his children are taken care of and will be provided the best education, but that they are otherwise very normal kids. They have chores, are often found cruising the streets with their dad in the family minivan, and will be expected to choose a job and work when the time comes.

3. His first computer software program was a game. That’s right, while he is famous for the legacy that is Microsoft, everyone has to start somewhere. For Mr. Gates, this was writing a tic-tac-toe game that allowed the end user to battle out the classic game of X’s and O’s against the computer.

4. His close friends list includes U2 star, Bono. When the Daily Mail asked about his friendship with U2 legend Bono, Gates said that the two had been friends for years and that the musician stayed at his home while in Seattle performing. In fact, Gates took time out of his schedule to attend the U2 concert, taking his daughter and three of her friends along with him.

5. He owns historic artifacts of Da Vinci, Abraham Lincoln, and Isaac Newton. While some would assume that because Gates made his fortune in the tech industry he would not have an appreciation for history, they would be dead wrong. In fact, Gates said that if his home ever caught fire, one of the first things that he would rescue would be the Codex Leicester, a Da Vinci notebook valued at more than $30 million.

6. He is social media savvy. While it may come as a bit of a surprise, Bill Gates admits to having his own personal account on both Twitter and Facebook. Not surprisingly, he also said, “I had a problem with Facebook, because the friend requests got out of hand.”

7. He doesn’t want a legacy. In fact, Gates went so far as to call the entire idea of legacy “stupid.” What is his goal, then? Gates told the Daily Mail, he desires to empower people and to be a part of finding and distributing a malaria vaccine. “Understanding science and pushing the boundaries of science is what makes me immensely satisfied.”

8. He self-identifies as a “geek.” While the term geek may have been used by some in a derogatory way to describe Gates, he laughs off this label completely. He says, “Hey, if being a geek means you’re willing to take a 400-page book on vaccines and where they work and where they don’t, and you go off and study that and use that to challenge people to learn more, then absolutely, I am a geek. I plead guilty. Gladly!”

9. He is an avid reader. His love for books is evident to those who have visited his home and seen his personal library. While Gates says that he appreciates the convenience of digital reading devices and believes that this technology will eventually take over the market, he still prefers the more traditional method of reading. “It is just nice to open a book.” He says.

10. He made a near perfect score on the SAT, then dropped out of school. For most college bound kids, the ultimate goal is to test high on standardized tests and use that as a jumping off platform for future greatness. While Gates SAT score weighed in at an impressive 1590 (out of 1600 possible), he felt that his time was better spent working and running his own business than sitting and learning in a classroom. So, before graduating, he dropped out to pursue his own way in the world. Before leaving school, Gates is said to have told a professor that he would be a millionaire by age 30. He, in fact, became a billionaire at age 31.

Gates has been called, by many, socially awkward, brilliant, and a technological genius. While these things all may be quite true, this rare glimpse into Gates’ personal life tells a little more of the story. While he may be naturally shy of publicity and uncomfortable in interviews, one thing is certainly clear… Gates still has a lot left to achieve in his life and the drive and passion to do it all.

The post 10 Things You Didn’t Know About Bill Gates appeared first on Wall Street Insanity.

When it comes to success, the formula for achieving it seems to be as varied as it gets. All it takes is a quick search online and you will be inundated with rules, tips, tricks, steps, and keys to making it big in the world. Some will speak of hard work, determination, and passion, while others boast of dumb luck and pure chance.

A recent study by Jonathan Wai, research scientist at Duke University, announces yet another opinion on this subject. Research suggests that “the top one percent in wealth highly overlaps with the top one percent in brains” which would imply that the key to making it big is in how intelligent one is.

The study throws out some interesting statistics. For example, did you realize that “about 45 percent of billionaires are in the top one percent of cognitive ability”? Additionally, of all the Fortune 500 CEOs, nearly 40% are in the top one percent of brains. While this may be completely true, and let’s assume that it is, this accounts for less than half of the richest and most successful people around. What about the rest of them?

Another flaw in the study was the way that these statistics were gathered. Apparently, “cognitive ability” was measured largely on attendance to elite colleges. The problem with this, though, is that everyone knows that being smart isn’t the only way into the door of a top Ivy League school. Other factors, such as wealth, sports abilities, and family connections can be just as persuasive to admissions reps. And what of the billionaires that chose not to finish college? Minds like Bill Gates and Mark Zuckerberg, for example. Where do they compute in this billionaire brain power study?

But, before you throw your hands in the air in frustration, and say a great big good fucking bye to your dreams, let’s talk about another study. This one, conducted by Ohio State University, had very different results. While the findings did show that intelligent people and those with high IQs often earned a relatively good income, this elite population didn’t score any higher on managing their finances or on building substantial wealth than the rest of the population. In fact, research scientist Jay Zagorsky states “People don’t become rich just because the are smart… and being smart does not protect you from getting into financial difficulty.”

The biggest finding of the survey, though, was in the percentage of very smart people who maintained their money long term. “How could high-IQ people, on average, earn higher incomes but still not have more wealth than others?” Maybe it is because those with higher IQs had a greater percentage of maxed out credit cards than less “intelligent” study participants, or perhaps it’s because the number of bankruptcy filings and missed bill payments rose with IQ as well. Sounds like even the smartest people around make some dumb choices with their money.

In his closing statements, Zagorsky speaks of the faculty parking lots of the nation’s best universities as a prime example to prove his findings. “Professors tend to be very smart people,” he says, “But if you look at university parking lots, you don’t see a lot of Rolls Royces, Porsches or other very expensive cars. Instead, you see a lot of old, low-value vehicles…Intelligence is not a factor for explaining wealth..” His advice? “Those with low intelligence should not believe they are handicapped, and those with high intelligence should not believe they have an advantage.”

So, while I will admit that being intelligent…brilliant even…will likely increase your chances of earning a good income to some degree, I am certainly calling bullshit that it is required for success and wealth. And for the record, billionaires probably aren’t “just smarter than everyone else.”

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