The Wealthy Yogi mindfulness Blog Posts and Articles. Catch the latest information on entreprenuership, success, finance and mindfulness.
Getting a business off the ground and keeping it there is stressful no doubt. Besides creating, establishing and marketing your product or service, you also have to set goals, meet tight deadlines, secure finances and manage a team. The path to success can be shadowed by setbacks and disappointments—it’s never easy to climb to the top.
As most of you know, I attend meditation and yoga retreats throughout the year. I use them as a way to reset and make sure that my ambitious nature remains in alignment with my gratitude practice—to remember that life is complete as it is. This is why mindfulness is one of the key elements of the strategic system that I lead clients through.
After 16 years as host of The Daily Show, in March Jon Stewart announced that he would be stepping down. His decision shocked and disappointed fans—many questioning how such an important commentator on American politics could leave just as 2016 presidential hopefuls began declaring their nominations.
Leading the Chicago Bulls to six NBA championships, an endless list of awards and being credited with helping to popularize basketball all over the world, Michael Jordan is undoubtedly one of the greatest hoop players of all time. Jordan has also achieved unprecedented success as a businessman, which has helped him to become the first athlete in history to become a billionaire this year. His product endorsements with Nike have become a worldwide fashion staple since the 80s and he is now the principal owner and chairman of the Charlotte Hornets.
Oprah Winfrey has achieved an unprecedented level of success in business. Not only has her work as a media proprietor and talk show host propelled her to a net worth of over 3 billions dollars, but she is currently cited as one of the greatest philanthropists and most influential people in the world. President Obama awarded her the Presidential Medal of Freedom, and both Duke and Harvard University awarded her honorary doctoral degrees—a long ways away from her impoverished youth in rural Mississippi and inner-city Milwaukee.
Despite her $80 million net worth and tremendous success as a businesswoman and television personality, “Shark Tank” star Barbara Corcoran is no stranger to failure. On her website she sites receiving straight D’s throughout her academic career and holding twenty different jobs by the time she turned 23. However, that all began to change in 1973 when she co-founded a real estate business that flourished into such an exceptionally successful company that in 2001 she sold her business for $66 million to NRT Incorporated, the largest residential real estate brokerage company in the US.
Robert Kiyosaki’s New York Times best-selling book, Rich Dad Poor Dad discusses the mindset of financially successful people and the choices they make to generate wealth. It explains that more important than education or socioeconomic background are a set of principals that lead people to either live a wealthy life or get trapped in the struggle of the rat race. Although the book is directed to individuals, the principals are universal and can be applied to businesses as well. Are you stuck in the rat race? Here’s what you need to know:
Like many self published authors, I was sick and tired of the book long before my publication date was set. The process was way more time consuming, arduous, and stressful than I could have imagined. I had heated debates with my editors, project manager, designer and branding consultants about the design of the book, how it fit into my overall brand, and the importance of the messaging. Many conversations included me rolling my eyes with internal debate swirling around why I would ever take the time to write a book when I was extremely busy as is. But, now that I have made it to launch, a sigh of relief and excitement has come over me.
A large part of budgeting involves some strategic planning so you can follow through with ease. Simply thinking up a budget is not enough. Acting on it is the next step. To be able to do that, you must consider all possible options regarding your finances before making a decision on how it is that you are going to handle your finances going forward. Looking around you may feel that everyone seems to have money but you. Everyone is going about their daily lives, buying groceries and clothes, or paying for a home or a car while you feel like you are struggling to figure out your basic monthly expenses, leave alone actually affording a vacation this year.
When I decided to become an entrepreneur, it was because I was extremely passionate about educating people on financial literacy. After volunteering with the VITA (Volunteer Income Tax Assistance), I felt strongly about the lack of financial literacy and its adverse impact on so many individuals.
If you had budgeted for your expenses over the next quarter, you would not have to see this day. It seems quite practical yet many loathe it and so budgeting takes a back seat despite its vital role in everyday life. It is fairly easy and essential to budget at the personal level and a steady budgeting habit can provide for long-term projections that permit big purchases, important investments and more. In fact, if you are considering buying a car or home, it is your budgeting habits that come to the rescue when time comes to commit to that upfront down payment.
via @mcuban
You see him weekly on the Shark Tank episodes where he gauges business viability. You also know him as the successful owner of the Dallas Mavericks. Entrepreneur Mark Cuban is no stranger in the business or technology world. In fact, he is so well ingrained in these industries that any conversation on the topic is incomplete without discussing this self-made billionaire. Watching him on Shark Tank over the years, I have learned much that has propelled my interest in technology entrepreneurship and investment.
Unique strategy and competitive advantage
On the show, you will notice Cuban seeking a convincing business strategy from the presenting company. In his discussions, it is clear he likes identifying the competitive advantage a product or service offers right away. The effort an entrepreneur has invested in solidifying their business model is a Cuban pre-requisite for investment. I give equal importance to a unique selling proposition and a readily recognizable benefit to any effort that I invest my time or money in. If, as the investor, you do not see a business’ place to shine, then what promise does the business hold for anyone else?
It’s all about the market to make money
If the cool idea has no strategic partners or no sells, the product or service is probably just creative and not a business. Salability is obviously a large part of what the Sharks at the Tank are considering when they see a new pitch. Cuban looks for entrepreneurs that already know to sell, have the business digits to show for it, and have a loyal client base and prospective investors to boot. He is not looking for a business that needs him to get off the ground. Cuban seeks entrepreneurial types that have already done that part and will now best use his own resources, be that connections or knowledge or some other aspect, to further stimulate business growth. If none of this is visible, then the business is clearly nothing but a hobby.
It’s better to have a niche.
Pair business investment with personal interests or with your ability to leverage the technology into your other business interests. Take a close look at Cuban’s undertakings. They are almost all technology or sports related. He often invests in projects that he can then use in some way with his professional sports team. Many of his technology investments go hand in hand. He is not only an investor in these companies but also an advisor in many others. His actions are clear – make the effort to hone in on your niche. Then pair that with your existing business interests. Or ensure new entrepreneurial endeavors support those businesses. In fact, Cuban goes so far as to state that investing in the stock market should be set aside and investing in oneself should be more the norm.
Go with your gut
If Cuban believes someone is only on Shark Tank for publicity or non-genuine purposes, he is quick to state it and withdraw from consideration. There have been many episodes where he has verbally expressed his displeasure at such publicity tactics and backed out of the running for businesses that looked perfectly viable to you and I. It is the oldest rule in the entrepreneur book, as it is in life – go with your gut. I have had several instances where a gut feeling has saved me from the turmoil that later circumstances could have potentially produced. In business, that gut feeling takes on a whole new meaning especially with the monies and professional reputation involved.
Going by Mark Cuban’s many business successes and entrepreneurial wins, his words are not to be taken lightly whether applied to his technology entrepreneurship and investment advice or his business growth and strategy knowledge. I learn something new every day and it never ceases to amaze me how much more I can learn from his shared thoughts on any facet of the investment business.
Its that time of the year. Spring-cleaning is the mot du jour and entrepreneurs are no exception. Other than cleaning out the clutter in your physical workspace as well as your virtual one (read: email, software, systems), organizing and managing your time is a vital component that many struggle with. Whether you have a team or are going solo, being an entrepreneur means many work hours in the mix and if you do not know how to best utilize your time to get the maximum work done, then you are already falling behind. And we all know time is money!
Maintain focus for group productivity
Working with a team? Always have the big picture in mind. Can meetings and scheduling be handled differently? Then do it! Technology today accommodates geographical differences so no matter where you are, irrespective of time zone, being physically present to get the job done is not always necessary. There are many dial-in conference systems available that will allow all your members to get on a call and accomplish their goals. Appoint a capable team lead to drive the conversation, stay on point with the agenda, keep pleasantries to a minimum and always remember to end with a run through of who is responsible for what and the next steps that follow. Use scheduling software so people are aware that your time is important to you and will only schedule calls when you are available, and only through the software that you specify.
Delegate the specialized areas
Not every entrepreneur knows how to successfully run all facets of their business. And that is okay. You might be a star accountant and not know anything about logistics. You could be the best local journalist but have no clue about law and order. Leave out the specialized fields to the folks that are qualified for it. Delegate what you don’t know because learning every single one of these functions will eat up way more of your time than you are willing to concede. Hire a lawyer for legal disputes. Consult an accountant for your taxes. Turn to an IT company for tech support. You cannot hold on to every aspect of your business so learn to let go in order to grow. Let them focus on their areas of expertise so you can focus on yours – which is to grow your business, make sound financial decisions and be a successful entrepreneur.
Marketing can be the elusive miracle
Putting out the word takes time. Creating an online presence takes time. So if that time is a scarce commodity in your line of work then get the help you need. Nobody can succeed without marketing – whether that is a word of mouth referral or a high-end print and electronic campaign. It would be a needle in a haystack situation to find any business today that does not have a web presence. Even the handyman and locksmith have websites now! So find someone else to handle the marketing, the social media, the websites and blogs that will help power up your business. Being an entrepreneur doesn’t mean knowing how to do everything. It means knowing how to do what you know and having the wherewithal to have the rest addressed.
When its all you
There are certainly a few things that you cannot remove yourself from completely and those include your email and notes, your phone calls, instances where you must be physically present to give a speech or accept an award. But there is still help. Prioritize your emails so only the urgent calls to action are tended to first. Engage a virtual assistant or an answering service that can redirect your calls at the appropriate times. If you have ideas you work with then either dictate into your phone and have it transcribed later or write it into your handy book/phone notes for review. Nothing can substitute you at an event but should a last minute emergency arise then always have a second in command that can make that appearance on your behalf. But if you manage your time well and organize your work efficiently then we shall hope that day never comes around!
Photo via @johnhopebryant
John Hope Bryant is the only bestselling author on economics in the world who is also of African-American descent.
Do I have your attention now?
His online profile reads as follows: John Hope Bryant is the Founder, Chairman and CEO of Operation HOPE and Bryant Group Ventures, a Magazine/CEO READ bestselling business author of Love Leadership: The New Way to Lead in a Fear-Based World and his newest bestselling book is How The Poor Can Save Capitalism: Rebuilding the Path to the Middle Class. He is a Member of the U.S. President's Advisory Council on Financial Capability for Young Americans, co-founder of the Gallup-HOPE Index with the Gallup Organization, and co-chair for Project 5117, which is a plan for the rebirth of underserved America.
Go ahead and do a Google search on him to see his many achievements in life. But his latest post on LinkedIn sharing his life’s failures will give you better insight into his work ethic. Different entrepreneurs inspire for different reasons. Read on to see how I have learned to be a better businessperson because of him.
Humility as an entrepreneur
The very fact that Bryant is sharing all his failures on a wide-reaching source such as LinkedIn is proof enough that humility is one of his many virtues. He mentions how it is difficult to be humble as an entrepreneur but be humble you must. So you’ve built a business from the ground up and your friends put you on a pedestal, worshipping you as the one that did not succumb to the cube farm. Don’t let that get to your head. Simply being the anomaly does not make you better. There will be people to boost that ego, others that will nurture it for their own agenda and many that will use it for your downfall. Humility is the essence of a successful entrepreneur.
Love Leadership
This was the title of Bryant’s first book and one that gained him many followers from all walks of life. He showed how leading with love and respect creates success in business and life, and addressed that the best way to get ahead is to figure out what you have to give to a world that is obsessed with what they get out of it. The book outlined his five laws of love-based leadership: Loss Creates Leaders (there can be no strength without legitimate suffering), Fear Fails (only respect and love leads to success), Love Makes Money (love is at the core of true wealth), Vulnerability is Power (when you open up to people they open up to you), and Giving is Getting (the more you offer to others, the more they will give back to you). The book marries sound business advice and much-needed inspiration for all.
Busyness is not business/Knowledge is not wisdom
In today’s electronically driven, fast-paced global economy, we mistake being busy with being in business but Bryant points out clearly, that is simply not true. Attending meetings for the sake of it does nothing for your business. Neither does fancy lunches with people in suits. And the notion that knowing about something makes you the expert at it is another faux pas many commit all the time. Applying that knowledge to real life situations results in wisdom. We all know while textbook learning in school helps in theory, nothing quite prepares you for the practical experience you gain in the work place.
Never Give Up
Having become an entrepreneur at the young age of 10, Bryant has witnessed many ups and downs in his life, personally and professionally, to say with much conviction, the one rule of thumb that any business owner will swear by, and that is to never give up. That is usually the one driving force that motivates many entrepreneurs to keep at it, to continue being the powerhouse they are, and to find solutions to their problems so they can progress. No matter the dilemma, moving forward is the only way. You face the situation head on, learn to deal with it and forge your path to success. Giving up is simply not an option that crosses a successful entrepreneur’s mind. #BestAdvice
Photo Credit: Sam Kaplan
I am a big fan of Kat Cole. Leave aside that she is a female professional who is top of her game, leave aside her claim to fame as the Cinnabon legend or her many media clips and conference talks. I am a fan of Kat Cole at her core. Her principles as an individual, contributing to her corporate environment and to the community at large, is something that her position or profession doesn’t dictate - it is her essence, and that is what I try to imbibe the most from her.
Conscious-capitalism perspective
I had the opportunity to hear Kat speak to a room full of eager listeners at the Hope Global Forum in Atlanta GA. She inspired me with her thoughts on conscious capitalism – something that she is very passionate about and actively pursues by pledging her time to organizations that support women and children, nutrition, and homelessness prevention. Kat explained that being a connected capitalist helps by serving as a bridge between communities, and this bridge is integral in order to bring about communication, progress and inclusion. By addressing the economic impact of business strategies on communities, a capitalist can start to build trust with the communities, which will lead to support and then drive customer adoption. As a result, society progresses through innovation.
Branding and social media
It is imperative in today’s business scenario to be involved and engaged in social media. Kat hits the nail on the head in her CNBC Closing Bell segment where she talks about business today being the “intersection of product, community and commerce” – a fact that can no longer be ignored or neglected or it will affect your business directly. Being present and active on social media is critical to brand building and community building for your business to succeed in an environment where there is so much competition and clutter in terms of marketing and advertising. Social media is the best way to create community, love, testimonials and commerce. You cannot succeed if you don't have a community for your business.
More than another generic story
For the uninitiated, Kat Cole’s experiences have taken her from Hooters of America, Inc. to Cinnabon, Inc. and onto a larger role now at parent company FOCUS Brands, Inc. all within a very short span of time, highly unlikely for somebody from her background, age range, qualifications, the list goes on. Where she started at age 17 to where she is now has all been the result of her hard work. When you hear her speak, her experience comes across clearly. Her ethics are straightforward. Do what you need to do to get to the top, do your job well, be good at it. What’s not to learn from someone that can share her personal journey up the corporate world!
The 'hotshot rule': Kat's trick to nix complacency
Which then brings me to her latest piece of advice. A recent article I read online talked about her ‘hotshot rule’ – where she discusses her strategy to address the complacency that sets in once progress has been achieved. Very simply put – what would some hotshot do in her place when it comes to her company’s state of affairs, what would be the 2-3 things that would be unacceptable to this person, what would they do to enhance the brand? Kat has carried out this exercise consistently over the least few years, and has the results to back it up. She even shares her findings with her team. Talk about putting yourself outside the box to produce solutions!
We often hear about thinking outside the box. How often do we recognizecircumstances that require it? Going by Kat’s experiences we can actually do it consistently, as a continuous performance driving measure that aids in motivating us to do the right thing, not simply because we think so, but more because of the fact that we know someone else in our place would do just the same. I learn from many of Kat’s leadership lessons because they have the substance to convince me of a positive result. Kat Cole has taught me some of the best business advice ever!
Amplify 4 Good held its first Goodie Hack in Atlanta for 2015. Amplify 4 Good is an Atlanta-based non-profit that raises basic need averages of underserved communities by amplifying the capacity and funding readiness of non-profits and minority entrepreneurs. As a Member of the Board, I helped build awareness for this event by inviting my entire civic-minded network to engage at the Goodie Hack,
In the same way that you can share your living space, you can also share your ride. Yes, the sharing community has figured out this convenience as well! We all know about the cool rideshare services such as Lyft, Zipcar, RelayRides and Uber. Each has its own pros and cons but the strategy is to assist with our busy lives today by bringing ease and accessibility to the mobility aspect. Each service has its loyalists and fans but depending on your location and other preferences, a certain service might work better for you than its competitors in the market. All said and done, if your dream car is what you want, then that is what you will get!
Since I have never enjoyed driving, I definitely prefer someone else driving me to my desired destination. But if you want to drive up to some VIP event in a much-adored Range Rover, Porsche or Lamborghini then RelayRides is the way to go. We all know that trying to pretend to be someone you’re not is never advised. But if you want to treat someone special for a beautiful drive down the coast of California, a nice Porsche convertible might be the perfect addition for your trip.
With RelayRides, a peer-to-peer car-sharing marketplace, private car-owners can rent out their vehicles via an online interface. Vehicle owners set their own prices so that translates to reduced rental costs for you when compared to other car sharing services. What’s even better is that well before your desire for the material object wears off, you have already willingly given the vehicle back to its owner. To me, this is the best of both worlds - You can rest assured that you didn't attempt to buy something that is utterly ridiculous and you made a smart financial decision. However, you can satisfy your passion for the latest machines by renting such a vehicle every now and then. It’s a win-win for everyone - the owner, the renter, and the joy that is released into the universe.
You can still choose to go the traditional car rental route, but it’s difficult and expensive to find one that suits your needs and budget at any given time. It is also impractical to maintain the vehicle in accordance with all the rules and regulations stipulated in the contract you sign with the car rental company. Costs vary across markets, car models and rental times so trying to decide on exactly which company is giving you the best bang for your buck might sometimes be a mind-boggling experience. References from friends and crowd-sourced review sites might be your only aid in such a case. Some car rental companies might have a stronghold in a certain market so if your preferred provider does not have sufficient representation in the area, the limited pick-up and drop-off points might prove more an inconvenience than an asset to your lifestyle design.
An absolute no-cost option to you is to exchange your ride with a friend or acquaintance that owns a vehicle you would like to experience for a few days. Especially if this is a vehicle that will be sitting idle while your contact travels then being able to keep the car in working condition and undertaking responsibility for their property might be a good arrangement that works in your favor as well as theirs. Of course, nothing stands in the way of you purchasing your dream car for the full satisfaction of owning the mean machine you have always wanted. But all of the options above are helpful in ensuring you make an educated choice as to where you put your money and the make, model and brand you invest in for the long run.
Driving your dream car is no more a dream. Today’s sharing economy has turned it into a reality. At the click of a button or swipe of an app on your mobile phone, the vehicle you have always wanted to drive is all yours for the experience. Enjoy this newfound convenience – the options are only going to increase…safe driving!
