Adrian Nantchev's Blog, page 14

How entrepreneurs recognize opportunity

The brain is like a container of knowledge and the more knowledge you have inside your brain the more opportunity you can create from thin air.Question of the day: What kind of knowledge are you filling your brain with?My Answer: I am filling it mainly with marketing knowledge.Read my book: 101 Entrepreneur Mistake and Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

5 Reasons why entrepreneurs fail in business

There could be a whole variety of different reasons as to why entrepreneurs fail in business, but here are 5 common ones:Wrong pricing. Meaning that you are pricing things either too highly or not high enough.  When price things too high, then people do not see it as value for money, where as often, being too cheap can result in people thinking that it is not worth it. More often than not, it is because you are priced too high and you cannot justify the price- whether through trust, branding, reputation, etc. You want don't want to compete with other businesses to be the cheapest, but instead, you want to be compete to the best and most expensive- therefore, you are the one providing the most amount of value.Bad timing. Your business can suffer if you entered the market at the wrong time- meaning, that if you entered the market either too early or too late, then your business will flop. You need to find the inflection point (the point of mass adoption) and start your business as close as possible to that. For example: social medias were around in the late 1990's and the ealry 2000's, but it was not until MySpace that they started to see some traction, but it was not until Faebook started to gain mass appeal and popularity did it start to go mainstream. People, come 2008, were all talking about social media and joining one or another, they were mostly joining Facebook, simply because "that is the one everybody is one", and that is hard to plan and coordinate.Bad business model. Often, your business model and what you are selling can be bad or not very optimized. Bad marketing. When you fail to grab attention and/or trust, then your business can flounder. If no one knows you exist, then no one is going to bother. If people know you exist, but do not buy from you, then you may have a trust problem. Lose passion/interest. You can start a business thinking that you will love it for ever, but over time you can loose interest in it for one reason or another. This happened to me in my first business as I launched it but over time lost interest in the product and sector. I tried to pivot, but ultimately the idea fizzled out and lost momentum, after which I started something else.Question of the day: which of these do you think you are at risk of?My Answer: for my 2nd business, it is definately the 3rd one, because not everyone knows or undersrtands what I am selling, as I suspect I am too ealry to the market.Read my book: 101 Entrepreneur Mistakes and Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

2 Reasons why entrepreneurs must always be innovative

Firstly, there is competition out there that is trying to take your market share and/or steal your customers (in one way or another). This means that you need to innovate, so as to provide more value to your customers, provide it fast enough so your competitors cannot compete- because you have made them redundant. Therefore, you do not need to compete; you just need to dominate the marketplace and so so unique and offer something so different so as to make your competition irrelevant and not a choice for your customers simply because they do not offer the same thing you do.Additionally, the world changes all the time. Thus, you need ot change and tweak your strategy every 2-4 years, because the world changes and you need to keep up with it. Technology, business, trends, fashion etc. Question of the day: How innovative are you?My Answer: I will soon be starting a podcast where I am interviewing other entrepreneurs, so as to capture more attention and build more relationship capital.Read more in my book: 101 Entrepreneur Mistake and Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

Where can an entrepreneur obtain information from?

These days there are so many sources of knowledge and so much information out there, that you can easily become swamped with knowledge and information, and often there is conflicting information too. Here are 5 ideas for sources of information that entrepreneurs can use:1) Books.If you want to learn something, then endeavor to read at least 3 books on the topic. By reading 43 books then you know more than most people in a subject. By reading a book you are learnign the mistakes and lessons, as well as from the research of the author- what is called the convergence rate. Where it may take someone 10 years to learn a lesson, and then write it down- but you can learn that same lessons but in a much shorter time span.2) Podcasts.Podcasts are slightly better than YouTube videos- because with a YouTube video: anyone could bee talking. However, with podcasts the person being interviewed is often a professional and someone that knows what they are talking about. Therefore, there is often better advice inside a podcast, as opposed to just YouTube videos.3) Mentors.This is where you are working with someone that has achieved more than you and are providing them with time, free hands or your labor.4) Consulting from me.People have always told me that I should be teaching and sharing my knowledge and that I have always been told that I speak very elegantly, and very smartly. You can learn more about my consulting here.5) Work for free somewhere and observe.This is similar to working for a mentor, but you are working for free. Having a mentor is a 2-way streak, where you have to give something in return for the knowledge. The magic phrase is "how can I work for you for free, in order to learn from you?" This way you are providing them with your time and labor so as to learn directly from their business.Question of the day: what are you doing now to learn new things?My Answer: I am mainly observing different people and channels in order to just learn from them, by lookign and thinking "there is a lesson here I am missing, but what is it?"Read more in my book: 101 Entrepreneur Mistakes and Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

2 things every entrepreneur should know

Entrepreneurs need to realize that starting a business, and running one, can be a long and difficult journey. A long road because it takes time to achieve the things you want to achieve and it can be difficult because there are always different challenges that you need to overcome. Whether internal or external- whether the supplier is late, or you do not feel in the mood to act today.Furthermore, you will make mistakes, and probably fail, in your first business. This is because you do not really know what you are doing.Question of the day: where are you today in regards to these 2 points?My Answer: I am working on the long road. I know what I am doing, but I realise the tasks ahead of me and what I need to do.Which book suits this blog article? https://authorcentral.amazon.com/gp/h... more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

What qualities do entrepreneurs need?

There are certain qualities that an entrepreneur needs to exhibit:Patience, because, unfortunately, businesses take time to grow, to see results and to foster the rewards that you want to see.Self reflection - what is called reflection in action, because you have to realize your mistakes, and correct your course of action, as you are acting and striving forward.Furthermore, you have to be happy and competent with what you are doing in your business. You can can be happy and digging a hole- and nothing is wrong with that. So long as you are happy and competent with what you are doing.Expanding your comfort zone- because the more tenacious you are, the more you dare to do and strive to accomplish.  "you miss 100% of the shots you don't take" - Wayne Gretzky, Canadian professional hockey player.Increasing your knowledge - because the more you increase your knowledge by, the more opportunity you can generate from thin air. And, that means that you can create an income from nothing- yes, the more knowledge you have in your brain (especially with a tonne of different ideas, and capabilities) then you can accomplish more.Question of the day: which quality do you need to work on?My Answer: I proably need to work on patience.Read more in my book: .Learn more about me: Subscribe to me on Youtube: Follow me on Instagram: 

What does it mean to be an entrepreneur

I used to believe that entrepreneurs were all about selling products- find a product and then find a buyer. But, now I realize, that entrepreneurship is about doing that and solving a problem. It is working on something bigger than yourself and making a difference in the world.Understand, also, that the more problems you solve for people: the more they will reward you. The bigger the problem is that you solve for more people, then the more you will be rewarded. The world is one great big game of reciprocity and the more you give to the world, the more you will get back.You need to earn peoples' trust too- as trust is a very important aspect of today's world. The more trust people have in you (along with a few other variables, such as pricing, fashion and taste) then will buy from you. Question of the day: what are you doing now to earn peoples' trust?My Answer: I am giving away free knowledge and helping entrepreneurs become remarkable.Read more in my book: 101 Entrepreneur Mistakes & Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

What it takes to be an entrepreneur

There are a few things that entrepreneurs need:Persistence - be impatiently patientHard skin- so as to take reject on the chin, but keep moving forward.Hustle - because it takes energy and time.Smart and hard work - you need to be working smart, but you also need to work around the clock, working smartQuestion of the day: do you have what it takes to be an entrepreneur?My Answer: I do.Read more in my book: 101 Entrepreneur Mistakes and Lessons.Learn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

What kind of business should an entrepreneur start

The kind of business you start has got to be something you like, because when you like what you are selling, advocating and talking about then you have full faith in your business and products. And this faith shows up in your marketing and communication.It also helps if the business you are dealing with is something that you can handle- something that you work with and that is not outside of your comfort zone.Furthermore, it helps if it is something that you can effortlessly talk about for 20+ minutes to people when giving a presentation.Lastly, it is probably best that your business is something that you can outsource and leverage using an existing system. Because you do not need to create the entire supply chain, but you can use arbitrage to get what you are after. Furthermore, by having as much leverage as possible, it frees up your time to grow the business and/or enjoy your free time. What I try to ask myself now is: what do I need in place so I can go off the grid for 4-48 weeks, and my business is still running itself?Question of the day: what kind of business are you working on now?My Answer: I am working on my personal brand, which is around 80%of my energy, where as another business of mine is 20% of my energy.Read more in my book: 101 Entrepreneur Mistakes & LessonsLearn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/

4 subjects to study as an entrepreneur

When you start out as an entrepreneur, there are certain skills you need to learn and master, so as to be the best kind of entrepreneur that you can be.1) Communication skills/ languageYour language skills are important- because if you cannot communicate your idea across effectively, or communicate in clear English, then you are at a disadvantage from day 1. Your communication skills are important to be heard and understood in this world.2) Your industryLearn more about your industry and sector- the place in which you want to start a business. Because, you have to be aware that things change over time and that you'll need to modernize your business every 2-4 years. The market never stays still and you have to be up to date with what is happening.3) MarketingWhen you can market your idea or business, so as to get attention and command respect, then people will begin to flock to you. When you can understand human psychology, then you can begin to achieve all sorts of things- as you understand human psychology you can then predict how ~7 billion people think, feel and perceive the world. When you can market your idea, effectively, then you can get people to buy from you ever more easily.4) SalesUnderstand how to ask for money and how to make a sale- and remember that your doubts or insecurities do reflect onto you as you ask for the money. It is worth also understanding how money works and how we perceive prices. Getting sales is the grass roots and fundamental way of growing your business- because without sales you are nothing...Question of the day: which field do you need most work on?My Answer: mainly marketing, because everything else, apart from sales, is on point.Read mroe in my book: 101 Entrepreneur Mistakes & lessonsLearn more about me: https://www.nantchev.com/Subscribe to me on Youtube: youtube.com/nantchevFollow me on Instagram: https://www.instagram.com/adriannantchev/