Adrian Nantchev's Blog, page 9

How do I know who to target my products at? - 45/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.You and I need to define a customer persona which is a specific kind of person in the general public that you can target your stuff to. There is a link to download a customer persona template at the back of this book in the resources page, with more information about the customer persona.,I used to believe that I could just create a product and put it into the market place and see what works and who it is that it attracts. I used to imagine it like throwing some spaghetti onto the wall and seeing what sticks. When you see what sticks, you can then tweak, define and refine your products for your customers.I now see it as much more efficient to define a customer persona and create content that is tailored perfectly to them.A customer persona is something much more detailed and complex than a simple target audience. With a customer persona I am defining and understanding everything about the people that are going to buy my stuff. When I define everything I can understand them and create content for them perfectly.Here are some questions examples:Background:Job:Career Path/industry:Company:Family:Education:Demographics:Male FemaleAge:Annual income:City:Country:Identifiers:Demeanour:Communication:Preferences:What makes them light up: What they hate discussing:How do they dress(outfit, style, accessories, personality, trend, fashion):How can we create ideas about / appeal to their sense of...A sense of delight:Adventure:Amusement (Humour):Appeal to their sense of learning:Astonished:Awe (surprise, unexpectedness or mystery):Contextual (a sense of drama / movement)Creativity:Credibility:Curiosity (a knowledge gap):Delighted:Emotion:Environment:At first, you and I can create a customer persona that is entirely fictional, but over time we'll need to create, or refine a persona, based on research, experience and talking to our customers.We need to create content that appeals to them perfectly and one way this can be done is by creating content that will spark different emotions inside of our customers.At first you can create anything from 1-20 customers personas, but do not go too crazy with creating them and think more about quality of the personas you are making. It is better to define 1 type of customer and solve 100 of his problems. This way, that single type of customer will love what you do and what you have to offer.Question of the day: Who is your target audience? How are you attracting them?

I do not know how to deal with taxes - 44/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.Don't be too worried: just get an accountant. I just goggled "Accountant Wolverhampton" (where I live) and I found a few. I was confident that they were skilled and knew what they were talking about, but I was rather naive in picking an accountant, as I went for the one with the nicest office and best car park- but I still think I chose rather well and proficiently.This is why it may also be worthwhile having an accountant because this way you can give him all your accounts to him and he will figure out how much money you owe the government in taxes, thus leveraging his talent and abilities and essentially outsourcing that task to him.Furthermore the more tax you got to pay just means the more money you've made and the more success you have had. Provided you don't go crazy when you spend all the money, because you may struggle to pay the taxes at the end of the fiscal year.As I was worried about how much tax I'd have to spend, I was reassured by my accountant that if put aside 10% of the income in a bank account to pay for the taxes, then I'd be fine.Here in the UK: HMRC try to help you with regards to paying your taxes, as the taxman always wants to make it as easy as possible for you to pay him, no doubt this is the same where you live. The government wants you to pay their taxes and this should be one of your least concerns, because you want to think about growing your business more than you think about your taxes.Furthermore, an accountant has a unbiased opinion towards you and your activities, and can review your performance in order to figure out what it is you are doing wrong, or what it is you can do instead. In New Year's 2016/7 I was informed by my accountant that I need to focus on things that are producing better and bigger results that can be scaled.Question of the day: How worried about taxes are you?

I do not know how to start a business - 43/101 Entrepreneur Questions and Answers

[image error]This is an except from my book: 101 Entrepreneur Questions and Answers.I was reluctant to start my first company, because I knew that I'd have to perform and have to do a damn good job with the company, it's cash flow and balance sheets. At first I doubted myself; I doubted myself because I was not seeing any results in the 1st business that I set up and I was struggling.I was also reluctant because I'd have to deal with the taxes for the company, but as I did not know how to deal with hem, it means I needed an accountant- and that meant accountant fees. Which was another reason why I was reluctant to start a company.When I first began I did not know how to start a business, I used a company registration agency that charged me to set up my company. They charged me £100+VAT, so £120 in total. I have been told that you can do this for as cheap as £10, but once it is done: it's done. I can always claim back that £120 as a business expense later on.You can just start off a self employed person once you start seeing success, you may not need to go straight into setting up a company.Setting up a company is a very easy step, and it forces you to become a better business person, because suddenly there is more on the line and the stakes are higher. Thus, you have to perform.Question of the day: why haven't you started your business yet?

Why is the mind so important? - 42/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.The mind makes everything possible- every man made you see around you originated from another person's mind. All manmade objects: cars, machines, architecture, phones, chairs, drinks, condoms, paper, bins, condoms, elevators, shoes and light bulbs. The possibilities of mankind is limitless and we have unlimited creative ability as a species.I had this theory back in 2009 which said that because mankind has infinite creativity, thus infinitely different and complex things can dreamt up, thought up and created; including this theory that mankind can come up with endless ideas, thoughts, theories and inventions. A kind of self fulfilling theory, if such a think even exists.All ideas, dreams, ambitions and aspiration germinate, take root and stem from your mind. As I mentioned briefly earlier: the mind is a terrible thing to waste. Your mind has infinite capabilities to come up with life changing ideas and inventions, but, remember, that ideas are inherently worthless, because it is turning those ideas into a reality which is where the value comes from. It is no good having all these ideas and dreams but not acting upon them, because otherwise they will remain just that: dreams.Imagination is the modern day alchemy, where 100's of years ago alchemists believed that they could turn everyday metals into gold. Today, people can turn everyday objects, ideas and topics into figurative gold. You can take an idea someone has and turn it into a marketable product and make money from it.Imagine a container that has a multitude of different particles inside of it. Every particle is a nugget of knowledge that you have learnt over the past days, months and years, these nuggets contribute to your success, your knowledge and abilities. When an external input comes inside the container, whether a comment someone makes, an image you see or an idea you hear- it can be anything. This input is bounced around the particles and generates more energy and momentum. Also as it bounces off the particles, the particles check it and compare it to the knowledge that the particle represents.The more knowledge particles you have inside of you, the more opportunity, ideas and products you can create from thin air.A great example of this is when I was at a car park recently, I saw a 4 leafed clover air freshener in another car and instantly got an idea for a book series. The input was checked against my book writing knowledge particles and gave me the idea to create a series of books based on the 4 leafed clover.What was stopping the owner of the car from coming up with this idea? After all it is his car and he sees the clover all the time no doubt. The difference is the knowledge particles I had inside of my brain which gave me the ideas, which I can act upon and turn them into a reality when I am free to do so, because it is a rather low priority ide.What you feed your mind, in terms of knowledge, words, people and places, determines what you get out of it. The mind is like a field: if you plant a crop, you will get more of the crop back. If you plant a poison, you will get more poison back.The mind is very powerful and is the last great continent that mankind has yet to explore.Question of the day: What are you feeding your brain?

What should I think about? - 41/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.When you are an entrepreneur you often find yourself thinking about your business, successes, mistakes, lessons, knowledge, etc, most of the time. You never truly switch off when you are an entrepreneur- it is the journey and progress towards a better life.Here are some key things to think about and be conscious of:Think about your customers.What problems are they having with your website or with your sales funnel? How else can you help them? Who they are? How are they going to find you? Why should they care about you? What other problems are they having?Remember: the more problems you and I solve, the more you are paid. When you solve more problems, specifically for your customers, and are better at solving problems, we are rewarded by our customers. How else can you and I be of service to our customers?Becoming better.We are a lifelong learning machine. We always want to be correcting our mistakes, learning new things, expanding our comfort zones, learning new skills and going to bed wiser than when we woke up- this is how we get ahead.Identifying ways you can learn more things and correct your mistakes.It is hard, but important that you and I are humble enough to know when we are wrong are humble enough to admit that, and accept where we went wrong. Being humble and willing to accept criticism helps us to become better.How to increase your income?There is nothing wrong with earning more money, but as entrepreneur you and I need to be increasing our income until we are happy with our income or we no longer have a desire to increase it. Remember that we become less happy as we earn more than $75,000 a year, because at this point all of our basic needs are met and we then we begin to have different needs and priorities.You and I want to be increasing our income by diversifying the income streams: book royalties, business income, dividends, investments, etc. Because you don't want to rely on a single income, in case if anything happens to it- something that is out of your control.What are you doing now to increase your income? How much do you want to be worth when you retire? This is important because it is worth having a strong end goal to aim for. Start with the end in mind and reverse engineer your way there.How can your business create a better lifestyle for you?I realised recently that there is no point in having a big , successful business if neither you nor I have the time to enjoy the fruits of out labour. You and I need to work towards creating a good lifestyle from our business and have our business wrapped around us, not the other way around. Otherwise you are then working in your business rather than on.Question of the day: What are you focusing on? Why?

How do I change my attitude - 40/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.Something to accompany your affirmation is a vision board, which is a collection of images of the things that you wish to achieve and see in your life.Go to Google images, download a collection of images and put them into Microsoft word and then print them all off. It is best to use a foam board and pins, so you can change your board over time. When you have these images around you, you begin to see them and think about how to achieve them. It activates your reticular activation system in your brain, which increases your awareness, thus increasing your ability to see how you can achieve these things in your life.Be around empowering people and associate with people that will push you to be better, smarter and wiser. This is also a way that you can remove negative thoughts from your mind, as their habits, attitudes, calmness, knowledge and wisdom will spill onto you. You are the average of the 5 people that you associate with- so who you do you associated with? Your income, also, is the average of the five people you associate with. Remember that bad associations spoil good habits.Question of the day: what are you doing to change your attitude and why?

How do I replace negative thoughts? - 39/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.There was a coffee experiment where different actors approach different people in the street and gave them a cup of coffee to hold as they tied their shoe laces, the only difference in the experiment was the temperature of the coffee. 30 Minutes later the people were asked to give their opinion on a short story, as presented to them by a researcher. They were asked how they perceived the person in the story and those that were given the cold coffee saw the character in the story as colder and less personal, where as the ones that got the hot coffee saw him as friendlier. Demonstrating that your tenses determine how you think and feel.Stop thinking about what it is you fear. Remember that what you focus on expands- what you think about will begin to fill your mind.You have to change yourself, your brain and your mindset before you can truly eliminate negative thoughts. This is how the ordinary person can become invincible: they change their mindset and stop disempowering thoughts from entering into them, which ultimately stop themselves in their tracks.Focus on what you do want, and think about how you can achieve it. As you begin to focus on positive and empowering things, then they begin to fill your life and you change for the better.Smile. Force yourself to smile, because as you do this it sends a signal to your brain that you are happy and thus, you change and become happier- for no reason.Whistle. This is a way of sending signals to your brain that you are happy, in control and content. As you whistle you become empowered and you are sending a message to the world that you are in control and happy.Say to yourself "I'm happy because I'm smiling, I'm smiling because I'm happy" and you will become happier. When you become happier you become stronger mentally.Exercise. I recently found some dumbbells and I'm going to endeavour to put on some YouTube videos that are in my watch later list and exercise while I listen and learn. That way the exercise can get rid of the negative thoughts and I can learn something whilst going through my watch later list.The mind is a terrible thing to waste- never leave it to rot and degrade. Your mind and your thoughts are very powerful you've got to learn to control them and master them all the time.Question of the day: What are you doing now to beat negativity and why?

What do I need to achieve? - 38/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.You can achieve anything and everything you put your mind to.Generally speaking, in life, there are four different areas you and I need to focus our energy on in order to achieve what we want. These are four are:Health.Wealth.Love.Happiness.As you master one, normally it is wealth, all the others fall into place. When you are mentally sound these different aspects of life keep you together, so that you can become more and do more.Health is your body and all things related to it, whether that is your blood pressure, BMI, how tall you physical, your heart, lungs, diet, etc. When you have a sound health, you can achieve other things in life because you are not having to worry about your wellbeing or is your wellbeing a disadvantage or a handicap to you.Wealth is your income, it is the money that comes to you automatically and without much energy or effort. Wealth is your businesses, investments, systems, sales funnels, etc. When you have wealth, you can afford to do what you wish and much more.Love is your relationships with other people. It is being connected with your peers, mentors and your ability to connect with others. These are your friends and family, these are the people you can call upon when things are dire and the people that can help when they call upon you. When you have love sorted it allows to the confidence to do what you want and become the person you wish to be.Happiness is about your mental wellbeing. When you are happy with who you are and what it is you are doing, then you dare to expand your comfort zone to do more. It is also your mental wellbeing as far as confidence is concerned, because half of success is simply turning up.These are the four pillars of the things I would focus on at different stages in my life and these are the main things you and I need to focus on. Because everything we do falls into one of these categories and these helps us becomes a better human being.Question of the day: What are you working on why?

How can I achieve the entrepreneur mindset? - 37/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.It's a state of mind that can be achieved through experience, persistence and practice.Start small, build momentum and be prepared to risk cash that you can afford to lose.You can use affirmations to achieve the entrepreneurial mindset. Affirmations are phrases that you repeat to yourself twice daily on the things that you wish to see in your life, whether these are goals, businesses, health interpersonal skills, etc. Figure out what it is you want to achieve and then being to write them down and say them to yourself while looking at yourself in the mirror. As you do this you are expanding your comfort zone and the information seeps into your subconscious mind and you begin to act on it. Affirmations, like washing and bathing, has to be done daily to receive the full benefit.This is how you create affirmations: define the things you want and break them down in different and empowering phrases.Here are some affirmations that I use:I'm always working towards achieving my goals and I focus like a laser. Everything I do is for my success. I focus on writing books, creating videos, writing blogs, building my brand and building WeWantHemp. All of which will compound over time.I create more and more assets: I write books fast, as I need to finish them by X date. Each one will spawn 10+ different videos and blogs topics.You and I need to update our affirmations over time; whether because we achieve what we set out to achieve or our priorities change.When you are creating your affirmations, use empowering phrases such asI enjoy.I become.I create.I am.We have to use positive phrases and not ones like "I don't", because the subconscious brain cannot tell the difference between an "I can " and a "I cannot". Because the brain only hears the part after it "I can build a life I want". I also end my affirmations with an "I love you" at the end to remind myself that I have value and self-worth.Question of the day: what are you doing now to get the entrepreneur mindset?

I've got so many passions, how do I know what to focus on? - 36/101 Entrepreneur Questions and Answers

This is an except from my book: 101 Entrepreneur Questions and Answers.You simply have to focus down onto the one specific passion you the most damn about. Focus and double down on the one thing you wish to be known for and the difference you want to make in the world.Ensure that you are happy to work on it, that you are competent with it and ensure you can figure out ways in which you can do the work once and get paid forever. Because you can be busy in successful and profitable business, but you may have to do the same work over and over again, repeating yourself, in order to maintain profitability.Try a process of elimination where you try each of your passions for 1-3 months and see what kind of results you get. This way you can experiment to see what you like and do not like, and if you realise that you no longer like something then you can learn from that experience and move on. Besides, life expectancy is only going to go higher, so you can always return to one of your things in the future.Over the past few years I have tried MLM, FOREX trading, Binary Options, property investing and more, each of them I learnt great and important lessons. Lessons that have helped shape the person I am today, helped shaped this book and others book I've written, they have also shaped the knowledge and content that I share.I eventually settled on ecommerce, because I finally realised that you need to start a business on your strengths. My hemp idea was initially going to be with hydroponic farming, bio fuels and series 1 investments, but I learnt that you need to build your business on your strengths. Thus I pivoted the business ideas and built WeWantHemp, with the vision to Champion the use of Hemp and Bring it into the Mainstream Conscious- my passion is to raise awareness of hemp.As mentioned earlier: define 25 goals that you wish to achieve in your life, and then highlight the 5 most important ones and focus on these 5 first. The other 20 are your not-to-do list, as they will distract you from the 5 main ones.Question of the day: What are you passionate about?