Every entrepreneur deals with adversity in his or her journey to success. You have your own ideas and not everyone will agree with you. Whether you’re starting a networking business or opening a retail store, there is a better way to handle tough challenges and rejection.
Change Your Thinking
As entrepreneurs, we have to be flexible in every difficult situation. You can’t be dragged down when something doesn’t happen the way you envisioned. Challenges aren’t always a bad thing, challenged are good for you! They help you figure out problems and teach you how to get around difficult situations.
NEXT TIME: The next time a difficult situation arises, change your thinking from “I can’t…” to “How can I…“. When you think of how can you handle a situation, your mind immediately goes to work for you and think of ways you can handle the situation.
Remember Why You Started
You will receive it all of your life, get used to it. All entrepreneurs go through rejection because not everyone thinks the same, and that how it should be! You don’t want everyone to have your ideas, you just have to present them in a way people will like it. KFC founder Colonel Harland Sanders was 40 years old when he started his business and was rejected 1,009 times before he found someone to buy his fried chicken recipe. But he pursued his dream because he was in love with his craft, and that’s all it takes.
NEXT TIME: The next time you come against rejection, remember why you started. Rejection isn’t a bad thing. Find out why you got rejected and if there was no reason, simply try again with a different approach.
Succesful entrepreneurs are at the top because they built tough skin to stand against rejection and difficult situations. Entrepreneurs are not average people, they are tough, smart, and have excellent communication skills. If you’re an entrepreneur, associate with like-minded individuals and find a mentor. Always be positive, teachable and look forward to the next opportunity.
SBUX (Starbucks, $56.64) former CEO and executive chairman, Howard Schultz, made announcements to depart from the company yesterday. Schultz bought the company in the 1980’s. With a net worth of 3.1 billion, things weren’t always easy for Shultz. In his early life, he was born and raised in Brooklyn, NY and grew up in a city housing authority. His family of five was poor and saw an escape in sports such as football, baseball, and basketball. Though Shultz had a rough start, he took charge and has won many awards of excellence.
Howard Schultz has been nominated as the world’s most influential people by Times Magazine as well as achieving 16 years in a row on Fortune’s global list for fifth-most admired company. He Shultz told The Times,”One of the things I want to do in my next chapter is to figure out if there is a role I can play in giving back. I’m not exactly sure what that means yet. I intend to think about a range of options and that could include public service.”
In his closing letter to his employees, he said,” Who could have imagined how far we have would travel together, from 11 stores in 1987 to more than 28,000 stores in 77 countries. But these numbers are not the true measures of our success. Starbucks changed the way millions of people drink coffee, this is true, but we also changed the people’s lives in communities around the world for the better.”
Starbucks has filled Schultz position with new vice chairwoman, Mellody Hobson. Hobson, president of Ariel Investments, was also the former chairwoman of DreamWorks Animation. Mellody Hobson was the first African-American woman to be the head of The Economic Club of Chicago.
So you just started investing and you purchased your first security, now what?
Whether you’re using an investing app or you opened a brokerage fund account, congratulations! It takes courage to start investing in the stock market and it may often feel lonely. Here a few things you need to understand now that you are a stock investor.
Knowledge is Power
Intelligent investors always keep up political and business news. This is necessary because the news will help you keep up with company announcements, or when to buy or sell. Now, you don’t have to read the newspaper every morning for breakfast like your grandpa does (though that’s not a bad idea either), but this may be as simple as subscribing to a few business apps such as Bloomberg, WSJ ( Wall Street Journal), or Market Watch. Take a few minutes every morning to read about recent earnings reports or business updates on the companies you’re invested in.
Depending on your investing style, DO NOT let the fluctuating prices changes keep you up at night. Many investors understand to not place all of their life savings into the stocks market. It’s crucial to have a separate emergency savings account and investments to hold long-term. This will give you financial stability in your personal finances because that’s what you want, right?
Always keep in mind that when you invest in the stock market, you need to research and view your investment as if your buying a business. However, if you lose money on a bad investment, step back and recreate a strategy that will work for your investing style.
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Do you know why? It’s because YOU keep reading about it! Personally, I believe the more we read these type articles, there more likely a stock market crash bound to happen.
Stock analysts are paid to write about stock market trends and paid to gossip about what “will happen in the future”. First and foremost, you cannot predict the future, but if you can manipulate your audience, it most definitely will. You may be familiar with the quote, “What goes up, must come down”, this is true when it comes to investing in the stock market. But without high volatility, comes stagnant growth. And hey, that’s not entertaining is it?
As an investor, a vast majority of your information comes from the internet. It is an exceptional way to receive the best information, quickly. On the other hand, this can be detrimental to your portfolio. As advised by the famous business mogul and investor, Warren Buffett, sometimes it’s best to turn off the noise and don’t touch your stocks.
Turn Off the Noise and Don’t Touch Your Stocks
If you think about it, growth comes in hand with time. It takes time to build a stock portfolio as well as it taking time to grow a garden. You have to water it, de-weed it, and reinvest back into the soil you have taken care of. There will be moles and rabbits to eat your harvests, but if you prepare for the worst, you will not be shaken when the worst comes. No one can make that decision but you.