Get to Know the Competition

Contrary to what some may say, growing a business isn't a blood sport. It's not about killing the competition or winning at all costs. The fact is, successful competitors tend to meet on a more common ground, sometimes collaborating one day and bidding against each other the next. The key to winning market share is to differentiate your company by providing products, services or solutions that your best prospects will find more desirable than what's offered by your closest competitors.

Suppose you call a new prospect and she tells you she's buying from your competitor. Is that good or bad news? Believe it or not, that's good news because it means you've found a qualified prospect. Experienced marketers know it's always easier to fill a need than to create one. Someone who is already using the type of product or service you offer is a great prospect because he or she has a clearly defined need and can afford the purchase.

The job of convincing qualified prospects to buy from you instead of your competitors' is where the real work begins. Follow these four steps to complete a simple competitive analysis that will help you uncover the information you need to effectively differentiate your business from the competition based on your own unique selling points.

1. Do some detective work. The first step in a competitive analysis is to gather your competitors' marketing tools and materials. Examine their web pages, print and broadcast advertising, and articles in which they've been featured. Request their brochures, sell sheets and any collateral materials. Depending on your industry, you may also be able to do some mystery shopping, which will allow you to experience what it's like to shop and buy from companies that sell similar products or services.

2. Evaluate "perceived" competitors. Chances are, you have a lot more competitors than you think. In addition to real competitors, evaluate the marketing tools and materials of any businesses your prospects perceive as offering a similar set of products or services. For example, a custom cabinetmaker may believe he competes exclusively with other companies that build kitchen cabinets to order. But if his prospects think of the customized cabinetry offered by major home centers as competitive products, the cabinetmaker must evaluate the way the major chains market cabinetry in his local area.

3. Focus on the message. Once you've gathered the materials, the next step is to analyze what's being communicated and how. Identify the key promises made by your broad field of competitors. And don't be surprised if you see a lot of "me too" marketing. There's so much out there that's mediocre or worse, you may find the majority of your competitors have similar messaging, with only a few front-runners showing strong points of differentiation.

After assessing the most effective messaging, look at the actual tools and materials themselves. What formats seem to work best overall? At this point, your competitive analysis will reveal whether your company is lacking any standard tools that prospects expect everyone in your industry to offer.

4. Find a unique spin. Now comes the moment of truth. You've gathered all the materials and have learned the key message points of your real and perceived competitors. It all boils down to this: How does your company meet its customers' needs in a way that is both unique and compelling? To find the answer, consider not only the products or services you sell, but also how you operate, including any company-specific characteristics, such as a higher level of customer service or free next-day shipping. If you can't find a selling point based on your current product or service offering that will help you stand out from your competitors, use what you've learned in this competitive analysis to retool what you sell and how you sell it.

This article is picked from Entrepreneur Magazine

Why Competition Is Good

Competition sucks, right? I mean, what if they do it better than me? What if they do it bigger than me? What if they crush me? Crap!!!

I work with tons of early-stage startups. There are many similarities in character traits working within this demographic. I often find myself teaching the same lessons over and over again. Something I hear about often is the fear of competition. Based on my experience, here is a super-positive spin on competition:

Validation. The bottom line is that if you did not have competition, that would be a BAD thing. You think that you are the only one to think of that brilliant idea? Think again. Anything that’s worth doing has a form of it around already. The more competition, the more opportunity. I'm not saying that you have not figured out a way to do it better. I am simply saying that if nobody is doing it at all, it may not be worth doing. I love the saying that my buddy Daymond John always says: “Pioneers get slaughtered, and the settlers prosper.”  If you find yourself alone in a market wondering where all the competition is, you very may be standing alone with no customers.

Learn from the enemy.  Everyone knows the saying, “Keep your friends close and your enemies closer.” This is a tactic from The Art of War.

PRO TIP: If you have not read it, you NEED to read Art of War.

If you pay attention, your competition can teach you the biggest lessons.  In my world, there is a dominant company that is scaling like wild fire. I have an open window into what they're doing, and I can learn what works and what doesn't. I have learned lessons on how to scale the business properly, what materials to use, the use of space, etc. Using this to my advantage, I have the benefit of picking and choosing what I want to offer, not sacrificing my time and money to do research and development. And while this saves you time and money, the lessons you learn from your competition are priceless as long as you are willing to listen, learn, and implement.

Imitation is the best form of flattery. My team works super hard developing programs for the community at AlleyNYC. The stuff we do is copied everyday. If your competition is copying things that you worked your ass off on, it could be super annoying. The truth is that it means what you are doing is more than likely working. They are simply learning from you, as you should be learning from them. It goes both ways. Imitation is going to happen, like it or not, so embrace it and pat yourself on the back!

Keeping you on your game.  A competitive market is what drives capitalism. Don’t hate the player, hate the game. Better yet: Love the game!  Competition drives us to be the best we can be. It takes us out of our comfort zone and forces us to create better products and services. If you do not continue to make things better, you are not innovating. The failure to innovate leads to obsolescence. Keep making your product better and better.

Stay on your game and be competitive. The best entrepreneurs I know are super competitive. If you are not competitive, you may as well pack your bags and hit the bricks.

PRO TIP: Drew Houston knew that cloud service provides like BOX existed and had a huge presence in that market. Google announced around that time period that they will providing cloud services and, well, they are GOOGLE. With all that, he still had a vision of making cloud services simple and easy for everyone. He created DropBox and his personal net worth is now estimated at $1.2 billion. #winning.

Collaboration. Our business culture is shifting to a more collaborative lifestyle, which is why spaces like AlleyNYC are extremely popular. If you work in a vacuum, you are missing out. I have seen startups that had the sense to work with their competition. To my amazement, this actually worked out ridiculously well. I am not saying that it is for everyone, but based on what I have seen, it works more so than not. If it is a big enough market, combining forces can be very powerful. This especially works when there is a larger, dominating competitor in the market. In this case, you work with your smaller competition to get a stronghold over the market share. In this example, the more soldiers you have in your army, the better. Business is a war, people. Collaborate and kick some serious ass!

With all this said, I know how tough competition can be. In the past, I have worked in extremely saturated markets. In my experience, the most saturated markets are the most profitable.  All you need to focus on is doing your thing and doing it harder and better than the rest. In my experience this is a sure fire recipe for success. Let your competition drive you. HUSTLE ON.

This article is picked from Entrepreneur Magazine

How Old Is Too Old to Start a Business? The Answer May Surprise You. (Infographic)

Yes, Mark Zuckerberg started Facebook at 19. But Charles Flint launched IBM at 61.

While Hollywood may love the story of the college kid who starts a billion-dollar business out of his dorm room, that’s only one story. For many, life as an entrepreneur begins much later.

Consider: Legendary wedding-dress designer Vera Wang didn’t start designing clothes until she was 39. Home decorating goddess and business czar Martha Stewart didn’t get into home decorating until she was 35. And San Francisco-based angel investor and founder of business incubator 500 Startups Dave McClure didn’t invest in a single startup until he was 40. That’s all according to a pair of infographics, embedded below, created by the information designer, Anna Vital, at startup organization Funders and Founders.  

When it comes to launching a business, what a person may lack in youthful energy comes back multiplied in experience. Reid Hoffman started the ultra-popular career networking site LinkedIn when he was 36; Sam Walton started Wal-Mart when he was 44; and Joseph Campbell started Campbell Soup when he was 52.

Have a look at the two infographics below. Be inspired. And stop counting the grey hairs on your head.

Click to Enlarge+

Click to Enlarge+

 This article is picked from Entrepreneur Magazine

Making the Most of a Mighty Dollar

The buck is back. Here's how to make the most of a stronger currency—and avoid the costs.

After getting pushedaround for much of the 2000s, the once-wimpy buck is fighting back. The dollar has gained nearly 20% over the past 3½ years, compared with an index of global currencies. It’s now at multiyear highs against the euro and yen.

This is good news because it represents a global vote of confidence in our economy. Investors worldwide snap up bucks when they want to buy things denominated in our currency—including U.S. bonds, stocks, and other assets. The dollar’s current rally got going in 2011 and 2012, as the U.S. economy fitfully grew while Europe and Japan slipped into double-dip recessions. That has made America look like a better relative investment, says Brian McMahon, chief investment officer at Thornburg Investment Management.

And as our recovery gains strength, interest rates should nudge higher, making bonds more attractive to yield-seeking overseas investors. So the dollar could keep bulking up from here.

Dollar rallies have historically corresponded to a strong stock market, but “in any shift in a currency, there are going to be winners and losers,” says Liz Ann Sonders, chief investment strategist for Charles Schwab. You probably have some of both in your portfolio. So here’s a rundown of how things are likely to play out, asset by asset:

U.S. STOCKS

Bet on the American consumer … In part, the dollar boom is a reflection of the same trends that are benefiting any stock that’s sensitive to an improving domestic economy. GDP grew at an impressive rate

of 4.6% in the second quarter.

Yet the dollar isn’t just a mirror of U.S. strength. Its rise will also help lift some parts of the -economy. “The big winner is the U.S. consumer,” says Mark Freeman, chief investment officer for Westwood Holdings Group. One reason: A rise in the dollar tends to correspond to a drop in oil and other commodity prices. Since April 2011, the price of a barrel of crude oil has fallen by around 25%. Lower costs for energy leave consumers with more money to spend on other things.

Transportation stocks, including rail, freight, and airlines, benefit both from lower fuel costs and from consumer demand—more buying means more stuff is being shipped. A simple way to get exposure to the biggest names in these groups is through an index fund like iShares Transportation Average ETF.

… But not on U.S manufacturers. You can make room for a transportation-oriented ETF by lightening up on your exposure to U.S.-based multinationals.

For years, when the U.S. economy was sluggish, it made sense to bet on firms, such as Procter & Gamble  PG 0.081% , that sell a lot to fast-growing markets abroad.

But a strong dollar will make it harder for such companies to compete with foreign rivals outside the U.S.  This is why large exporters such as Ford  F -0.8906%  and tobacco giant Philip Morris International  PM -0.4078%  have cut expectations for profits this year. Industrial companies were once expected to grow earnings 24% in the third quarter. Now the forecast is 8% growth, according to S&P Capital IQ.

Be careful with dividends. In recent years, with interest rates very low, investors have turned to high-dividend-paying stocks to boost their income. So those stocks have boomed. But the rising dollar is signaling a steady shift to higher rates, says Freeman of Westwood Holdings.

Here’s why: Although U.S. bond yields remain low, they are significantly higher than what investors are now getting in many overseas markets. (Ten-year German bonds pay 0.9%, vs. 2.4% for Treasuries.) And the recent momentum in the dollar suggests traders expect U.S. bond yields to stay attractive—a reasonable bet given that the Federal Reserve is signaling that it will start gradually raising rates in 2015.

Better bond yields will be bad news for some high-income stocks, since many investors will switch from stocks that are attractive mainly because of their dividend checks. Income investors should go beyond just grabbing the highest yields and shift to companies that can also increase their payout steadily.

Susan Kempler, a portfolio manager at TIAA-CREF, points to Apple  AAPL 0.5621% , which yields just 1.8% but sits on more than $160 billion in excess cash. Such companies can be found in T. Rowe Price Dividend Growth Fund, which has beaten nearly 80% of its peers over the past decade.

FOREIGN STOCKS

Don’t give up …International investing tends to grow in popularity when the dollar sinks. That’s because when the buck loses value, Americans can make money on international stocks simply on the currency exchange. When the dollar rises, on the other hand, that’s a drag on returns.

So Americans’ attraction to foreign investing is likely to cool, says Scott Clemons, chief investment strategist at Brown Brothers Harriman. Yet this is precisely why you shouldn’t turn your back on international equities now.

For one thing, valuations abroad, especially for European shares, are low. Doug Ramsey, chief investment officer for the Leuthold Group, notes that U.S. stocks have historically been cheap—as measured by price relative to past earnings—compared with global shares. Recently, though, U.S. stocks have jumped to a 20% premium. On valuations alone, he says, “foreign equities should produce total returns of about two percentage points annualized above the U.S. over a seven-to-10-year horizon.”

You can gain European exposure through a broad-based fund that invests globally (so you’re still diversified) but with big positions in Europe. An example is Oakmark International, which is on our MONEY 50 recommended list of funds. The fund keeps more than 75% of its assets in European equities.

… But tread lightly in the emerging markets. As the dollar strengthens, expect rockiness in emerging markets as global investors reassess their portfolios.

Once rates start to climb in the U.S., says Kate Warne, investment strategist for Edward Jones, investors will shift to a more conservative mode, since they won’t have to take as much risk to earn a return. Many are likely to pull money away from emerging-markets investments. Warne says her company recommends that investors keep only 5% of their total portfolio in emerging-markets equities.

BONDS

Don’t assume the worst …

One cause of the strong dollar—-expected rising rates—may have bond investors shivering. When rates rise, the value of older bonds in your fixed-income funds will fall, reducing your total return.

But take a breath. A gradual rise wouldn’t be a catastrophe if you hold conservative short- and intermediate-term bond funds. Meanwhile, a strong dollar also brings some good news for fixed-income investors. Inflation, a major enemy to bond investors, is held in check by the rising dollar, thanks to lower commodity prices.

… But hedge your foreign exposure. As with stocks, American investors have used foreign bonds as a way to profit from a weak dollar. Indeed, the currency effect added about two percentage points to foreign bond fund total returns since 1985, according to the Vanguard fund group. But a strengthening dollar going forward would mean the currency trade hurts, not helps.

You can still maintain foreign fixed-income exposure for diversification, but in a way that hedges your bets. A few funds lessen the impact of currency shifts by essentially buying dollars in the open market every time they buy

a foreign bond. One solid option is Vanguard Total International Bond Index, which charges just 0.23% of assets a year. Sometimes you are better off playing just the investment and not the currency it’s wrapped in.

This article is picked from Time Magazine

6 Small Changes To Your Morning Routine That Will Transform Your Entire Day

iamtheo via flickr

How you start your morning affects your whole day.

The first few minutes of your morning are the most important of your day and can set the tone for positivity and productivity. Ideally, you have an app or clock that taps into your natural circadian rhythm and wakes you during your "best time" within a certain window. Getting jarred out of a deep REM slumber to the sound of a blaring alarm clock sets you up for a negative day brimming with fatigue and crankiness.

But getting the right alarm clock is only part of the battle.

Here are six ways to start your morning better while kicking bad habits that destroy good sleep hygiene.

1. Give yourself at least a 15-minute window of no screen time.

Besides turning off an alarm that might be on your phone, resist the urge to check your email or social media. It sets you up for a day of being enslaved to technology, and your morning time should be reserved just for you. This might mean disabling notifications on your home screen so you're not tempted by that Facebook notification or mounting emails.

2. Swap out the coffee for lemon water.

Lukewarm water with a fresh lemon squeezed into it has numerous benefits — but you need to drink it first thing in the morning. It starts your metabolism to burn the most fat while sustaining muscle, cleanses your mouth and throat, and gives you a boost of energy. Wait at least 30 minutes before brushing your teeth, drinking or eating afterward. This might be a toughie for caffeine addicts, but you can manage 30 minutes and it's a great way to ease off the coffee fix.

3. Sit up correctly

There are endless "bad ways" to get out of bed, but only one best way if your body allows for it: Roll over onto your right side, then push yourself up into a sitting position before standing with a straight back (no hunching). It's the gentlest way to get up, takes the pressure off your heart and back, and is a great, easy ritual to start your morning right.

4. Set and affirm your goals for the day.

While stretching in bed or prepping your lemon water, set some feasible goals for the day, but limit them to three. This might include packing your lunch instead of eating out to save money, committing to that noon yoga class, or scheduling the doctor's appointment you've been putting off.

Lisa Maree Williams/Getty Images

A little bit of stretching will change your whole day.

5. Stretch.

It seems so obvious, and yet so many people ignore it. You can do this in bed, such as a simple stretched out legs and arms overhead movement. You can indulge in a supine twist on the padded floor, or you can practice whatever feels right for as little or as long as you like. Your body's just been booted down for hours — you can't expect it to be warmed up, energized and raring to go right away.

6. Meditate.

Don't skip over this one just because it sounds boring or like you don't have time for it. Meditation is only as strict, long, short, boring or annoying as you make it. A "successful" meditation in an entire lifetime might be only a few seconds. However, sitting in a comfortable position and focusing on clearing your mind — even if it's for less than a minute — can help your mental clarity, spiritual well-being and set the stage for the day.

You probably already know which morning habits aren't serving you, so why keep doing them? Instead, focus on what really makes your mornings better and prioritize them.

This article is picked from Business Insider

7 Tips for Network Marketing Success

You probably have an image firmly planted in your mind of what network marketing (also known as direct sales or multilevel marketing) is all about--housewives buying and selling Tupperware while gossiping and eating finger sandwiches, or a high-pressure salesperson trying to convince you how easily you can become a millionaire if only you and your friends and their friends and so on would buy and sell vitamins with him.

Both of these images couldn't be further from the reality of network marketing. It's neither a hobby nor a get-rich-scheme but an opportunity for you to earn money running your own part- or full-time business.

But what does it take to succeed in this industry? Vincent J. Kellsey, director of member services for the Direct Selling Women's Alliance, an organization that provides a variety of resources to women and men in the direct-selling industry, offers these tips for making it:

Choose wisely. There are six key elements you should be looking for [when selecting an opportunity]. Number one: stability. How old is the company? Number two is excellent products or services that consumers will use and need more of.

Number three is the pay plan--how even and fair and generous overall is the distribution? This is really crucial as the pay plan represents exactly how you'll get paid--or not get paid. There are really only two questions to ask [regarding this]: How many pennies out of each sales dollar get paid back to the distributors each month, and how fair is the distribution of these pennies between the old members and the new members?

Number four is the integrity of the company and the management. As much as possible, [investigate] the experience of the CEO, [their] experience in the network marketing industry, and their background. [Have] they been successful in other companies in the industry? Do they have a good reputation?

Number five is momentum and timing. Look at where the company's at, what's going on with the company, and if it's growing.

Number six is support, training and business systems. You may have [chosen] a great company with excellent management, products that make a difference, a pay plan that's uniquely fair and very generous, and momentum and stability, but if you don't have a system in place that works, all of that [doesn't matter]. Most companies will have a transferable training system that they use, and that's where mentorship comes in.

Practice what they teach. [To succeed,] you need to be willing to listen and learn from mentors. The way this industry is structured, it's in the best interests of the [MLM veterans in your company] to help you succeed, so they're willing to teach you the system. Whatever [your mentor] did to become successful, it's very duplicatible, but you have to be willing to listen and be taught and follow those systems.

The higher-ups. It can be called various things, but the general term is the "upline," meaning the people above you. How supportive are they? Do they call you? Do they help you put a plan in place? Are they as committed to your success as they are to their own? You should be able to relate to [the people in your upline] and be able to call them at any time to say "I need some help." How much support there is from the people above you in the company is very important.

Take up the lead with your downline. There's a term in the network marketing industry called "orphans"--when somebody is brought in and then the person who brought them in is just so busy bringing in other people that they don't spend the time to teach and train [the new person]. You should be prepared to spend at least 30 days helping a new person come into the industry--training them, supporting them and holding their hand until they feel confident to be able to go off on their own. You really need to ask yourself, are you willing to do that? Are you able to do that? This is really about long-term relationship building. It's not about just bringing people into the business and just moving forward. It's about working with these people and helping them to develop relationships.

On the net. People are utilizing [the internet] as their main marketing tool. [You can set up your site] with autoresponders so when you capture leads, the autoresponder can follow up with that person. One of the greatest keys to success in this industry is follow-up. Many people will have someone call them who's interested or they'll call the person and say they're interested, but then they don't follow up with it. Automation on the internet has allowed a much more consistent method of following up.

The only drawback with the internet is people who utilize it to spam. If there was one thing I could put forward to say, "Do not do" when utilizing the internet as a marketing tool, it's spamming because that can give a very bad reputation not only to you but also to the company you're working with.

Taking care of business. This is a business, and just like if you were running a franchise or a storefront, you [should have an] accountant. You have all the same write-offs tax-wise that you have with running a [full-time] business, so it's very important to [do your research] prior to getting involved, before you start making money from it. How is that going to affect you tax-wise? What are your write-offs?

It's important to set up a [support] team around you. I'd suggest seeking out lawyers who deal in network marketing, so they're very versed in all the laws and how that affects [your business.]. There are also accountants who specialize in dealing with homebased businesses specifically in the direct-selling industry.

Don't quit your day job...yet. Never leave your full-time position unless you're absolutely certain that the income that's coming in with this company is going to be there. [Be sure that] you've been with the company [for awhile] and that you know it's a stable company, and the income that you're earning is equal to or greater than the income you're earning from your job before quitting.

This article is picked from Entrepreneur Magazine

6 Questions to Ask Before Becoming a Network Marketer

Q: I'm looking for a homebased business opportunity or a network marketing company to represent. What questions should I ask the company before I make a decision?

A: Whether you are looking for a part-time opportunity or a full-time career change, selecting the right business venture is clearly a major part of your formula for success. Thousands of potential homebased independent distributorships, franchises and network marketing opportunities are being offered in newsstand opportunity magazines, on those spam e-mails you receive regularly, or from friends and relatives who are convinced they've found the holy grail to make you both wealthy.

Unfortunately, many people jump at opportunities based on advertising hype or unsubstantiated promises and are quickly disappointed. There's nothing wrong with a company promoting its opportunity in the best light, or with your friends focusing on the potential benefits available in their own ventures. It's just that you need to separate facts from illusions, reality from fantasy and true potential from the enthusiastic sales pitch of the people who stand to profit from your involvement. They may have taken a leap of faith themselves without having done their own due diligence. There are many good opportunities for those willing to work and work hard. Any business that offers real opportunity requires real effort. Just remember, if it sounds too good to be true, it probably is.

Here are the six questions you should ask to help you make educated decisions about your time and money investment.

1. How long has the company been in business? If they've been around for several years, they'll have network marketing operators who have already paved the way. Ask for references. And if they won't give you any, dig deeper to find out why.

If this is a start-up venture, look for signs of financial stability. Are they properly funded to deliver on the promises they promote?

2. Who are the people behind the company? Do they have proven business expertise? Have they had other successes prior to this business that assure you they understand what it takes to succeed? Do they have a successful network marketing background? If not, is a member of their executive team or a consulting organization guiding them?

3. Are the products or services of personal interest to you? You usually won't do well in a business when you can't personally relate to the products. Would you buy this product yourself? Would you recommend it to friends even if you weren't paid to do so? Have you actually tried the product?

4. What type of training is offered in the beginning? You can't do what you don't know, so make sure you have access to beginning and ongoing training support.

5. Does the company offer great support tools? Do they provide a time-tested and proven marketing and sales system, as well as tools to help you? Video and audio training or sales presentations, printed literature, catalogs and a strong Web site linked to an online e-commerce catalog are all considered standard sales support. Linking your personal Web site to the company site is a must when marketing branded consumer products--you need this to ensure sales credit for your customers' online purchases.

Also, what's the product warranty? Will your customers be on your doorstep if there's a problem, or will the company stand behind the product . and behind you?

6. How do you earn your money? If you're buying products or services at wholesale and marking them up for your profit, the company should have a suggested formula for profitability. Is it rich enough to return your investment quickly? Is the compensation plan easy to understand? Find out whether the profit percentages are paid on retail sales, wholesale after retail commissions are deducted, or on an amount selected by the company based on product profitability. Don't judge the plan solely on the promotional copy. Ask questions and make sure you understand when you'll receive your profits. Also, ask someone you trust who has network marketing experience to evaluate how the money will flow. The company should have a detailed explanation of their plan to help the novice work though the complexities. Good compensation plans can be complex. Don't let this scare you. Just take the time to understand the reward for your investment.

You can't afford to make hasty decisions in choosing a network marketing business. Your time is your life. Waste your time, and you waste your life. Making good decisions means seeking out the facts. It's well worth the effort--it saves you time and money by eliminating the bad choices and finding winners.

One other thing: Sometimes you'll make your decision based on pure emotion and gut feeling. If the opportunity is recommended by a friend, as is the case with most network marketing programs, look upline several levels from your sponsor to determine the type of support you'll receive in building your business. You rarely succeed alone. It takes a team effort matched to a good product and support system. But in the end, the dollar bill won't sprout wings and fly into your mailbox. You have to make it happen.

This article is picked from Entrepreneur Magazine

7 Insanely Productive Habits Of Successful Young Entrepreneurs

Entrepreneurship isn't for the faint at heart. Founders must forge their own path, gather resources and take on huge financial risks — all in the hopes of avoiding the fate that 80 to 90% of startups suffer: failure.

So to be successful, entrepreneurs really have beaten the odds — especially young entrepreneurs. Starting with almost no wealth, network, or business experience, many create more success in a few years than most people do in their entire lifetime.

To understand what they do differently, we interviewed several young entrepreneurs from this year's Empact Showcase, an annual program highlighting the power these founders and their companies play in the community.

Rather than focus on generic insights or basic hacks, we looked at unique, concrete habits you can immediately adopt in your life and business that can have a game-changing impact.

Create a regimented schedule.

My overarching goal is to be consistent in my schedule, and as a result, I live a lifestyle that allows me to maximize the amount of work I get done. I believe this type of prioritization has made a huge impact on how quickly Fueled has grown.

My dinner ends at 11 p.m., and I always have a solid work session afterwards until 3:30 a.m. Setting aside a block of time in my schedule for uninterrupted productive creation is vital to my work process. It's when I answer emails and do my thinking around bigger ideas without any distractions. Then I go to bed every day at exactly 4:00 a.m. and typically wake up without an alarm clock.

Other people might want to focus on other areas, like family, but a consistent schedule is key.

—Founder Rameet Chawla of Fueled

Ask yourself this question before going to bed.

Every night before bed, I think about this question: If I live every day the same way I did today, what kind of future would that create? It forces me to constantly evaluate whether or not my actions are lining up with my priorities. The future is shaped one day at a time, and it's never as far away as we think.

—Cofounder Jesse Lear of V.I.P. Waste Services

Take an adventure walk every weekend to connect the dots.

Every weekend, I go on a long hike in a place that I've never been before. I do the research in advance and sometimes, I drive as far as an hour away. My hikes are anywhere between one and four hours long. I take an old-school composition notebook with me, and I let the thoughts come; I don't force anything.

The habit helps to relieve stress and unpack the ideas from the week. It's kind of like meditation. By constantly evaluating ideas and how they fit into your business, you can slowly render them into reality and watch your imagination unfold.

As an added benefit, research in the new field of inactivity studies shows that moving around daily is critical to health. In fact, sitting for an hour is worse than smoking two cigarettes, according to another study.

—Founder Ryan Kania of Advocates for World Health

YouTube

Daily hot-cold contrast showers energize the founder of Dashed.

Take a hot-cold contrast shower every morning.

My most unique personal habit is the hot-cold contrast shower.  I've done it every morning, no matter where I've lived or what hotel I'm staying in, for 14 years. By doing 30 seconds of ice cold water, followed by 30 seconds of hot, then 30 seconds of cold water (always ending with cold water), I gain the energy and clarity to start my day feeling refreshed.

To get started in this habit, do a normal shower. Then crank the water as cold as it goes for 30 seconds. Then crank as hot as you can stand it for 30 seconds. Then ice cold for 30 seconds (this cold-hot-cold is one cycle).

I'd start with one cycle for the first time. If it's too much, try it on the legs first. (That's what my girlfriend does; she also thinks I'm crazy.)

Not convinced? Learn about the research behind cold showers.

—Founder Phil Dumontet of Dashed

Reflect on critical open questions through different lenses.

Most of the technologies we've ended up inventing and developing, and most of the strategies we've ended up pursuing, have been borne by a long cultivation of an open question, followed by the nurturing of a slow hunch. I am able to tolerate open questions for months, or years. Open questions could include queries about how to find a co-founder for your business idea when people have their own interests and projects to work on or how to sell your new product to an entity that is typically averse to risk (Answers: Work with them on their projects to show your worth and tempt them with interesting questions; show how to dramatically reduce a risk they already bear.)

Usually, the simple answers that come quickly do not satisfy me. But instead of giving up or forgetting it, I work at the problem each day from different angles, under different lenses — which can include but are not limited to: looking at extremes, considering what essential assumptions are and how to test them, and discovering how a different industry might solve a problem. Eventually I find some real traction with an idea that seems novel and has a good chance of working.

—Cofounder Danielle Fong of LightSail Energy

Ian Forsyth/Stringer/Getty Images

Making goals and writing lists can help you stay organized and on track.

Set three specific goals weekly and monthly — and ignore everything else.

There are a million things you can do to improve your business. The problem is, if you try to fix or improve them all at once, you end up not making much progress in any of them.

You need to be relentless in following your goals. At least once a day, I find myself asking, "Is what I'm working on directly helping one of the three goals?" It's easy to distract yourself with tasks that aren't critical. You just need to stay on top of it. This helps us accomplish big things quickly.

To hold ourselves accountable and stay on the same page, we have weekly meeting on Fridays. During these meetings, our company sets the goals for the upcoming week and see where we are on the previous week's goals. It's a lot easier to say "what went wrong this week" then "what went wrong this quarter"

—Cofounder Patrick Ambron of BrandYourself 

Make lots of lists as soon as you get to the office.

My habit is that I create lists for everything for one hour as soon as soon I get to the office every morning or the day before at the end of the day. I record these lists in Notes on my iPad, computer, and iPhone. I also use Gmail Tasks so I can link my lists to emails.  

It forces me to think through my day, my week, my year, and my long term plan before beginning to execute. This improves my organization and clarity. In the past,  I got caught up with the day-to-day details, and I took my mind off of the big goals.

There is a great YouTube video that I love, which inspired me to start the habit.

—Founder Jonathon Nostrant Of ivee

Forming the right habits is critical to success as an entrepreneur. In fact, 40 % of our daily behaviors happen automatically as a result of our habits according to researchers at Duke University. So, if you choose the right behaviors to turn into habits, you've just supercharged a large portion of your day.

This article is picked from Business Insider