Entrepreneurship Archives

How to Plan Your Goals: The 2 Steps to Success

A dart board representing defining your target market

Do you want to know how to plan your goals and follow through? What do you think is the main obstacle? Most people have at least some idea of the goals they want to achieve. The challenge comes in creating a realistic and actionable plan on which they can follow through. In his book The Sligh Edge, Jeff Olson lays out a two-step process for planning your goals: 1) design a representation of your goal, and 2) create a blueprint for carrying it out. We’ll explore both of these principles below.

What Is Lateral Thinking? An Underrated Skill

What is lateral thinking? Can you really come up with great ideas based on old knowledge or technology? In his book Range, David Epstein discusses the importance of lateral thinking in innovation. He says that contrary to popular belief, you don’t need to think outside the box and come up with brand new ideas to be innovative—sometimes it just takes looking at an existing product and improving upon it. Keep reading for examples of lateral thinking from David Epstein.

Wealth Building and the Power of Compounding

How do you use the power of compounding to build wealth? Can a compounding investment strategy help with taxes? A passive investment approach utilizes the power of compounding to build wealth. You will earn interest on the money you originally invested plus on the interest you have accumulated. As the pool of money grows, your rate of returns will also grow exponentially. This strategy will also help with taxes because you only have to pay taxes once on the accumulated pool of money as opposed to paying each year and diluting the impact of your capital gains. Read on to

The 10-Point Charlie Munger Checklist for Investing

What is the rationale behind Charlie Munger’s checklist? What are the core principles in the investment checklist? Charlie Munger’s checklist for investing is based on his latticework of mental models that help him identify and avoid cognitive biases that could lead to bad investment decisions. The checklist emphasizes thinking independently, analyzing vigorously, measuring risks, and allocating assets wisely. Read on to discover more about Charlie Munger’s Checklist for investing.

The 4 Common Investment Mistakes to Avoid

What are the four common investment mistakes? Why do investors fall prey to investment pitfalls? Common investment mistakes you must avoid include adopting overly complex investment models, listening to false oracles, combining companies with flawed synergies, and buying into companies that don’t expense stock options. The mistakes happen because of the competitive and profit-seeking nature of investors. The desire to get ahead and not lose out leads to avoidable and costly mistakes. Read on to discover more about the four common investment mistakes you must avoid.

Use a Passive Investment Strategy to Win Big

How a Passive Investment Strategy Wins Big

What is a passive investment strategy? Can passive investing outperform active trading? A passive investment strategy involves buying select securities and holding onto them for the long-term with the hope of extracting maximum returns and avoiding the fees involved in active trading. Most passive investors buy index funds that mirror the stock market to ensure diversification. Long-term studies show that passive investing has consistently outperformed active trading because very few people can truly exploit the imperfections in the market. Read on to learn more about the benefits of a passive investment strategy.

The Importance of Purpose: What’s Your “Why”?

Why is passion alone not enough to reach your goals? What is the second key ingredient in goal achievement? According to Angela Duckworth, the author of Grit, passion is not enough to keep you motivated and disciplined in the pursuit of your goals. In addition to passion, you also need purpose. Together, passion and purpose form “grit.” When you have grit, you’ll find both motivation and discipline to keep going until you reach your goal. Continue reading to learn about the importance of purpose in goal achievement.

Technology Partnerships: Strategic vs. Tactical Alliances

How can partnering with other tech companies benefit your business? What are the different types of technology partnerships? Technology partnerships are mutually beneficial on two fronts: supplying your product and boosting your reputation by association. According to Geoffrey Moore, there are two types of technology partnerships: “strategic” and “tactical” alliances. We’ll look at both of these concepts below.

The Top 5 Gary Vaynerchuk Quotes From Crush It!

What are Gary Vaynerchuk’s top quotes from Crush It!? Why does Gary Vaynerchuk say it’s so important to develop a personal brand? In his book Crush It!, social media guru Gary Vaynerchuk teaches readers how and why they should create a personal brand online. Further, he teaches you how to grow that brand so you can eventually monetize it. Continue reading for Gary Vaynerchuk’s quotes from Crush It! with explanations and analysis.

Gary Vee’s Story: From Salesman to Proto-Influencer

What is social media guru and entrepreneur Gary Vee’s story? How did he go from working in his family’s liquor store to being a self-made millionaire? Gary Vaynerchuk (or Gary Vee as he is known online) is famous today for being one of the first internet personalities and for being a very successful entrepreneur. However, Vaynerchuk wasn’t always in the spotlight. Learn about Gary Vee’s backstory and how he grew to be so successful.