Adrian Nantchev's Blog, page 27

Jobs Don't Have Futures, People Do - 23/101 Entrepreneur Mistakes & Lessons

This is a principle that I realised near the very beginning of it all. In early 2016 I said it once to some old volunteers at a charity shop that sold books, and they agreed with me.Because of the rise of automation, which has always been a factor in our civilisation and in a capitalist system. As they begin to replace us humans in the work place, we need to be more innovative and become more entrepreneurial with the free time.Capitalism is always seeking to increase productivity. Meaning: it is always trying to figure out how to create the best product or service with limited resources. It is a very natural system.Economics is the management of scarce resources- where people try to get the most  out of their limited resources.If it were not for automation, we'd still be living in an agrarian economy, where the majority of the population worked the land. And as they worked the land they provide everyone else with food. With the rise of the industrial age and subsequently improved farming methods (i.e.: the tractor, combined harvester, fertilizers, etc). It meant that fewer people were needed to maintain and harvest food for everyone else.As productivity increases it frees up peoples' time to pursue other things. If one person is a skilled musician, then he come start writing and creating music. If another person was a skilled and savvy business man, he could start other businesses and industries.The point is that the free time gleamed from automation, allows people to start industries, start businesses and be entrepreneurial.As they begin new businesses, it all improves our standard of living. Let's say one ex-farmer then started a cotton factory that made clothing cheaper. With his free time he managed to increase productivity and make clothing more affordable.A lot of ex-minders had to be re-skilled once Margret Thatcher shut down the mines in the 1980's.Jobs come and go, but people will always be around. It is about doing and being more with the free time you glean thanks to robots and automation.There are another 100 mistakes that I madehere.

Talk About Money - 22/101 Entrepreneur Mistakes & Lessons

I was in Bulgaria with my dad once and he was talking to the son of his neighbour. The son had started a small business where he was selling some small knick knacks. I asked him how much money was he making? My dad said that that question is rude and he did not translate it to the son.In my mind I was curious as to how successful his business is financially. Because the money records are public record, especially here in the UK. As someone could look up a company and see their profit and loss for each fiscal year. But, I would not ask how he made the money, as that is a trade secret and good businessmen do not reveal 100% of their strategies. It is wise to reveal up to 80-90% of your strategies and knowledge, but not all.I do not fully understand why here in Britain it is a little taboo to talk about money, both in public and with relatives.People do not like to discuss money, income, wages, expenses, bank balances, etc.I personally try to be as open as possible, without appearing to be boasting or smug.You see, the way I see it is that you need to discuss, understand and master money. And one way is to talk about money openly and understand the vocabulary of money. I talk more about being competent with your money vocabulary in lesson 50 in this book.But here, I want to encourage you to discuss money with others. Not only can you begin to solve your money problems by talking to other people and getting their opinions, but you also become confident with money as an object.The only power that money has over you is the power you give it. It is but small pieces of, paper/plastic and digits on a screen. Yet these things have tremendous power in our lives. Yet people do not talk about it...I also feel that by talking about money you are holding your success accountable to other people. They could ask you about your progress, how money smart you are, what are your plans etc. It's obviously a culture thing and it's something I do not like.I cannot understand why people do not talk about the one thing that all binds us. So I encourage you to be more open about money.There are another 100 mistakes that I madehere.

Shop Around for Team Members - 21/101 Entrepreneur Mistakes & Lessons

As I was working on my first business I needed a website developer to build the site. I eventually found one and he was a 35 year old man from Slovenia living in London.Interesting character as he talked about the website, my goals, himself and his life.As I was launching my second business, I again needed a website developer to build the site. This time though, I wanted someone that was closer to where I live. I found a guy in Stoke on Trent, whereas the guy from London is other side of the country to me. I also shopped around more to find a developer that was interested in the project that I was working on. I wanted a developer that cared as much as I do about the business idea I was launching.When I was launching my second business I wanted to work with someone that was closer to where I live, just in case if I ever had to or wanted to meet the guy in person.The lesson that I learnt is that you want a team members that are either:Love the project as much as you do.And not to go for the first one you find, as was the case with my first business.As I am writing this, I realise that distance is not really a priority when it comes to your team, as you have can have an assistant on the other side of the world. But, having someone close to where I live is just a nice thing.But I have learnt that you need team members that give as much damn as you do about the project.You also don't want to jump and work with the first one that you find, as there may be other people that love what you've got and are just as willing to work with you.Shop around and find the right people for you, regardless of the role that you want to fill.There are another 100 mistakes that I madehere.

Imagine Your Success - 20/101 Entrepreneur Mistakes & Lessons

Recently, in December 2016, I discovered the power of imagination.I saw a video with Tony Robbins where he asked two people to stand up, and stretch their right hand in front of them and point forward.They were then asked to rotate their right arm and upper body clockwise, while keeping their feet and lower body pointing forward. The task was to see how far you could bend your arm around your body, you can rotate your chest.Looking from above, I started pointing at 12 o'clock, I managed to point my hand to 8 o'clock, going clockwise.Stand up with plenty of room around you and see how far you can bend your arm around your body, and then take note as to what you were pointing at as well as the environment around it.Then imagine yourself managing to point much further around your body. As you do this, you are enabling your mind to do more.You can use this same imagination to enable you to achieve and become more.Your imagination is very important. If you cannot imagine success, then you may struggle to get it.Success begins in the mind, and if you cannot conceive it there, then you'll struggle.By doing this exercise you are enabling yourself to do more. You can take the exact same principle from this exercise and apply it to your business. Imagine that you've achieved what you want already. Imagine your success. Imagine your achievements.When you imagine them, then your subconscious brain works behind the scenes to make it happen. It works to make what you imagined a reality.Without going into too deep of the human mind:You've got to be careful what you focus on and what gets your attention. Careful of the words that you use, careful of the words that you hear and control your thoughts.Because thoughts become actions. Your subconscious mind cannot distinguish between what we'd consider positive, constructive, negative and destructive.When you have the right kind of imagination, you can create new worlds and realities.There are another 100 mistakes that I madehere.

Have a Monopoly and Start Small - 19/101 Entrepreneur Mistakes & Lessons

Whilst I was setting up my first business, I learnt that when you start a business you need to have a monopoly in a small niche in a specific industry.So, I decided I'd try to have a monopoly on selling video game keys in Bitcoin in late 2014. As I believed I would be the first person, certainly in the UK, to accept them.I even contacted Max Keiser on Twitter to see if I could get a slot on his television show The Keiser Report, but it never came to anything.So, when you start small you can have a monopoly on a niche set of audiences. This was so you can focus your time and energy serving their needs and as you become more established you can pivot, grow or maintain your business and turn your business into a lifestyle business.When you have a monopoly it means that you are the only supplier of a very niche product or service.By choosing to niche your business in such a unique way that you end up attracting only a certain kind of customer.As you attract these customers you could pivot your business in order to expand it. Defining and targeting new types of customers similar to your original one and/or creating new products that others may like as well. While still catering to your original customers.Although, when you pivot you may need to change your business, as the new customers would have different tastes and requirements.One way to define who to attract is to define your target audience in great detail. Let's say you are a graphic designer firm and your specialization was logo design and creation. You could target:Small businesses.Recently founded small business.Recently founded small businesses that work in the ecommerce industry.Recently founded small businesses that work in the ecommerce industry selling clothes.By having a monopoly by niching your business, you can begin to appeal perfectly to a specific audience.When you generate content (blogs, videos etc) that's shares your expertise (with a call to action to your website if they want to work with you) they'll value you more and you can charge more.There are another 100 mistakes that I madehere.

Become an Idea Generating Machine - 18/101 Entrepreneur Mistakes & Lessons

Near the start of my journey I listened to a recording of Earl Nightingale's Attitude, and he recommended that people come up with 5 ideas a day. At 5 ideas a day that is 1,825 ideas a year and he stated that at this rate you'd come up with one pure golden idea a year.One idea that could change your life and change your fortune.At first, I thought it was a crazy idea, but I knew deep down inside that it was achievable.I later watched a video about a series of entrepreneurs that gave some advice, and one character stated that he carried around an idea book. At this point I knew it was possible.Creating 5 ideas a day is down to how you shift your mind and what you are focusing on. When you begin to think, see and peruse ideas and inspiration you begin to see them. I talk more about this late in the book in lesson 44, where I talk about the reticular activating system.When you know what you are looking for, you then begin to see it, and soon 5 ideas a day is easy. Eventually, 5 is not enough...Ideas are the modern day alchemy: where you turn everyday objects, comments, questions, images etc, into golden opportunities.At 5 ideas a day, you'll produce 1 pure golden 24 karat idea a year -maybe more.These golden opportunities could change your life, and they are not to be missed. When you figure one you, you'll know that it is a golden opportunity.Train yourself to be curious and seek information, and as you begin to expose yourself to new ideas, places, people and topics, then you'll start to find opportunity easier. Because you have a deeper reservoir of knowledge inside you to check your ideas by.When you get an idea you need to jot it down as soon as possible. Send an email to yourself, write it down in an idea book, write it in evernote. Wherever. The principle is you need to write it before you forget it.There are another 100 mistakes that I madehere.

Start Now - 17/101 Entrepreneur Mistakes & Lessons

In August 2015 I heard through social media about a business that was selling a rather unique product that world thought was funny and loved it.The business sold personalised messages on potatoes, whether for birthdays, anniversaries, surprises, etc.Having recently read a book about how to generate word of mouth, I thought that this business principle and idea was brilliant. I thought two things:I could do that and better for the UK.A lot of the principles in the book could be magnified through this business.For a short while I decided whether I actually wanted to start this business, because it meant that I needed to have a steady stock of potatoes and I would have to go to the post office every day to ship the them.In just over one month I went from an idea, to a fledgling business. Come late September 2015, I had started my second business: Potato In The Post.There is no time like the present.When you delay, hesitate or over analyse, you are losing time and momentum. When you get an idea for something, you need to qualify if it something whether it is worthwhile perusing. If it is, then you should not delay with starting even your research and planning.When you delay, the world is passing you by and you risk being left behind.With Potato in the Post, I thought about whether I wanted to do it and then began doing the research. I believe now I could get started much faster, apart from the fact that I outsourced the creation of the website, which the time it took to create the website was out of my control.Create a MVP - Minimal Viable Product, which is the minimum required to get off the ground. But I also learnt from Guy Kawasaki, the ex-chief evangelist from Apple, that you should in fact create a MVVVP. Which is to say a Minimal Viable, Valuable and Validating Product.It's got to be valuable to your audience, and validation that they actually need/want it.Do not delay- you'll miss out otherwise.There are another 100 mistakes that I madehere.

Argue Against Yourself Better Than Your Opposition Can - 16/101 Entrepreneur Mistakes & Lessons

Speaking of championing a cause and to build upon what I mentioned in the 4th lesson about you being able to argue angst yourself better than your opposition can.When you seek to champion something, be it political, religious or such, you should seek to be able to argue against your own points and viewpoints better than your opposition can.By doing so enables you to have unshakeable confidence in what you are doing, as you've tried to sink your own boat. You've tried to prove yourself wrong, but you cannot do it.It is wise to understand both the pros and the cons of what you are championing, that way you can have pure faith in what you are doing and you know it to be just.If you do not argue against yourself, then you are open for attack and you can be dissuaded from what you believe. And if you do not stand for anything, you'll fall for anything.By being able to argue against yourself, you prepare yourself for the opposition.By arguing against yourself, then there is no argument your opposition can use on you because you've already prepared and are ready with responses. They cannot catch you off guard.Also, by being able to do this, you are destroying your own doubt in the purpose you champion, because you know it inside out. And when you know it inside out you destroy your doubt in it because you understand it from every angle possible, not just a certain narrative that is fed to you.Seek to disprove yourself before you go headlong into championing something. Then you know for sure it is the truth, because you know of no counter arguments to prove it is not the truth.As soon as you can argue against yourself you can then have full faith in what you are doing.There are another 100 mistakes that I madehere.

Have a Strong and Clearly Defined Purpose - 15/101 Entrepreneur Mistakes & Lessons

This is a lesson that I've mastered rather recently: whenever you start a business or a venture, there needs to be a purpose, a grand vision and a reason for you doing it apart from money.There needs to be a purpose behind what you are doing, and you use that purpose as a guiding principle for your actions.In my third business: We Want Hemp, my purpose is to. Meaning, I want to raise awareness and recognition of the use of Hemp and begin to tackle things like hemp legalisation and recognition.I did not have a purpose behind my first and second business.With a clearly defined why for starting my business, I have a clearly defined path in which to grow and take the business. With a 'why' I have a world changing purpose.When you start something it has to have a bigger purpose behind it other than making money.Money is the result and consequence of you doing business. The bigger the problem you solve for people, the more money you make.You need to define your own purpose when you do things. It'll give you an overarching principle to follow and a philosophy to have within the business. It'll guide you and affect what kind of products you sell, how you sell them, the people you sell them to, the people you hire and such.If you struggle to define your own purpose, then check out theUnited Nation's 17 Goals, which are 17 sustainable development goals that all government have adopted in 2015. As these goals will "guide global development until the year 2030".These are world changing problems that they have defined and want addressing. See if you can find one that you like the sound of and think how you can play a part in achieving that goal. It does not have to be one of the goals, you can derive a purpose from them and/or work on more than one goal.For We Want Hemp, it'd be goal 12: .Which can be achieved by using Hemp industrially.There are another 100 mistakes that I madehere.

Is money the root of all evil? No!

People often cite the quote that money is the root of all evil, which can be found at 1 Timothy 6:10. In the American King James translation goes like this: "For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows".Furthermore, Mark 4:19, from the same translation, backs up this argument: "and the cares of this world, and the deceitfulness of riches, and the lusts of other things entering in, choke the word, and it becometh unfruitful".Firstly, it is worth understanding that money amplifies the person that you already are- so if you are a an angry person, then you will be an even angrier person. If you are generous, then you will be even more generous.This does not mean that money is inherently evil, but when you are all consumed with chasing money whilst ignoring your emotional, physical or spiritual needs, then that is where the pain comes from: those needs notbeing fulfilled. By being all consumed in your pursuit of money, then that can lead to painful things in your life, whether in health, love, happiness, family, spiritual, etc.The writer of 1 Timothy 6:10 wrote it with the prerogative uniting the 1st century Christian congregations and thus warned against things, such as wealth, that would distract and consume a Christian's life, thus they would turn away from God.Discouraging people from seeking wealth on the grounds that if they fail to achieve wealth they will be hurt, not necessarily physically, but that they be disappointed.Money is important and do not let dogmatic views get in your way. It is all down to moderation and your approach to money, because if money is all consuming than this bible verse will be fulfilled because when you trip, fall or make a mistake in your journey to riches, then you can suffer and you will be hurt. You cannot let your desire for money to be all consuming, but you have to recognise that as money is important whilst working towards achieving more of it, if you do so desire.Money is important and this is stated in the bible at Ecclesiastes 7:12 "for wisdom is a defence, and money is a defence: but the excellency of knowledge is, that wisdom giveth life to them that have it" and Ecclesiastes 10:19 "a feast is made for laughter, and wine maketh merry: but money answereth all things".So, the bible is not truly against the accumulation of money, but demonstrates that you need to have a moderate approach to it, because you can also look at Hebrews 13:5 which states "let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee".The bible in fact encourages us to view money with a genuine approach and manage it well. Luke 14:28 "for which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?"You only need to get rich once, when you are rich you just need to protect it. That is what this bible verse is also talking about how when you lose your money- just how it is painful when you lose the house you've built and lived in for 50 years because of a storm.This is why you have to start a business with a passion and a purpose because the money is the result, and a symptom, of your activities and its successes- this way you are working for a purpose and not for the money.Lastly, it is worth understanding that for a business to function it needs money- it needs profit. A business is voluntarily when it comes to the customers and by putting its customers and their needs first, its profits. When it solve other peoples' needs, it makes money. For you to get what you want, in business, which often is money, you need to give people what they want. Business is a voluntary transaction and an exchange of value. I want your money more than my stock, and you want my stock more than the money you have.Money is a very powerful tool to understand, master, control and leverage in your life. Do just that with is: master money and use it to your advantage.Learn more about this topic in one of my books:101 Entrepreneur Mistakes and Lessons.