SHAUN STENNING BLOG
The real road of compassion, that is, giving, helping, assistance and community service, is a road that can be set and declared as your life's purpose
Shaun Stenning said, “Entrepreneurs are ambitious problem solvers. In fact, they're becoming so effective at what they do, incumbent firms have no choice but to stand up and pay attention -- lest an energetic, insurgent start-up takes too big a piece of the pie.”
Making your startup successful has far more to do with what you'll figure out than what you already know. There's a brutal truth in life that some people refuse to accept--you have no control over many of the things that happen in life “A critical shift in mindset is at the heart of this success. Today's entrepreneurs are de-emphasizing experience and expertise in favor of pursuing the raw opportunity.” Shaun Stenning said. The most successful entrepreneurs set their direction based on prevailing opportunity rather than previous experience. The stuff of legend. Jeff Bezos took Amazon.com from his garage to a multi-billion dollar company. He believed "if you decide that you’re going to do only the things you know are going to work, you’re going to leave a lot of opportunity on the table." Bezos understood that past experience could be a limiting factor when it came to exploring the most relevant and valuable options for creating value. High stakes and even higher returns. Another great example of opportunity over experience comes from the privatization of the Turkish spirit, Raki. As the national drink, Raki was manufactured and sold by a state-run monopoly. Shaped by need. Entrepreneurial activity grows from an increasing desire to escape more traditional working environments. It also springs from necessity. Current economic conditions have left many without historically typical employment options.
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Shaun Stenning said, "Building a business from the ground up is one of the most challenging, demanding, and rewarding things you can venture into."
Shaun Stenning experienced this first hand after starting his business. However, managing your finances is vital to the success of your business. If there isn’t enough cash flow and capital to run operations, make payments, and sustain the company, you may end up closing it sooner than expected. “When it comes to finances, you have to be smart about your spending to avoid splurging money on unnecessary aspects of the business. For example, during your first year, it won’t make sense to hire numerous employees when you can’t afford to pay them all.” Shaun Stenning said. Read our following financial tips for entrepreneurs launching a startup. Your Time Is Worth More Than You Think Bill Gates, one of the world’s richest people, famously plans each day virtually down to the minute. Why? Because even he, with almost infinite monetary resources, cannot buy time. As a Startup, Keep Your Fixed Expenses Spartan Another common trap for startups is spending too much time and money on impressing customers (and even friends) with big offices, new cars, and the best equipment. Manage Your Cash Flow As Your Survival Depends on It According to Shaun Stenning, The reason we word it this way is that ultimately your cash flow is the be-all and end-all of your business’s survival. It’s very easy (and common) for fledgling startups to be so enamored with their product or service that they either underestimate the importance of their cash flow or worse, ignore it altogether. Be Specific in Your Financial Goals If you’re like a lot of entrepreneurs, you’ll be almost obsessed with your idea, and realizing its value with your audience. So when it comes to setting financial goals for your startup, they might somewhat fall by the wayside. If you’re looking to create your own startup, we applaud you — it will be a tough road, there is no denying that. However, with the right knowledge and discipline, you have every chance of immense success. For that reason, we very much hope the free information we’ve given you here will help find the right track for success and stay on it. Shaun Stenning said, Many of life’s lessons must be learned by actually experiencing the messy stuff of life, but some of the most important lessons are best learned from our parents. Parents are often a person’s greatest teachers.
Our upbringing is an important part of the people we become and the way we view the world. We learn many things from our parents; some of these things we grasp at the time of the teachable moment and others don’t reveal themselves until we’re further down the road of life. Shaun Stenning always says, “It’s no secret that my parents had a HUGE impact on the person I am today. In fact, I’d say they were the biggest reason I’m so passionate about personal finance and development.” These lessons are some of the most essential ones that my parents taught me:
“My parents were a living example of this, and I hope that we are all teaching this lesson to future generations as well.”— Shaun Stenning Every day we make a choice to either be a leader or a follower. Even if your role is as an individual contributor with no direct responsibility for others, your attitude can determine whether you are a leader or a follower.
Every business needs leaders and followers. Contrary to common belief, it’s not leaders that shape followers, but supportive followers that shape leaders. So you may be wondering are some people, naturally great leaders and followers? According to Shaun Stenning, “The obvious answer is yes, but that doesn’t mean we’re all good as leaders or followers even when it’s our preference. By being a ‘natural’ just means it comes more naturally to us, not that we have perfected the skill.” Here’s a list of what successful leaders do: Lead by exampleA leader must always lead by example, and this is called ‘walking the talk’ Communicate ClearlyShaun Stenning saind, "There can never be confusion in a leader’s message as that will divide loyalty among followers." PracticeHoning the message until it is comprehensible and coherent without contradiction is the goal of all successful leaders. Maintain A Healthy EgoA healthy ego gives leaders the confidence to get on with it, and they will push themselves further than anyone else would or could. Healthy Respect for FollowersIt is the team that understands the strategy, takes instructions from the leader, and works well together that wins. According to Shaun Stenning, "In business, leaders will always get more praise. However, the appreciation of followers is heightening. No longer are they perceived negatively as ‘yes-people’, or ‘sheep’. Hiring people who don’t aspire to be leaders yet can take direction, work independently, and show initiative is, in fact, critical and likely improve the company’s overall performance. |
AuthorAs an investor, Shaun Stenning makes sure he invests in companies and people who are truly passionate about every day, and making every day an amazing day. Archives
March 2024
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