Sorry for the delayed absence guys (yes, I'm still alive). I've been working like a maniac on my latest startup (which is going to be released soon), but I'll be posting regularly again from now on.

With startups there's an endemic barrier to entry that can deter just about anyone, and it's important to fight it off. The most depressing (and yet natural) of them all is as follows:

Your idea seems perfect, but you eventually realize that nobody wants to buy it

Before you throw the idea/work in the trash compactor, try to refine it first. I could throw out a lot of different examples to illustrate how, but the easiest one is Play-Doh. If you're a cinefile, you'll note that this story was recently told in the movie 'How do you know' (which was a waste of time by the way).

The short version of Play-Doh: It was created as a wallpaper cleaner. It wasn't doing so hot. They realized that people were using it as pliable clay instead. So they marketed it as such, and it all worked out.

Interestingly, this cyclical repositioning/refining technique appears in almost every successful business to some degree.

There's an important book that most entrepreneurs I've met have all read called Founders At Work: Stories of Startups' Early Days (You can get it by clicking here). The book details how so many businesses have had to shift their focus, and this is what ultimately made them successful.

One of the many examples in the book is PayPal. PayPal basically started as a method of transferring money between two wireless devices. This was their 'idea'. While the idea was cute, it wasn't especially profitable. Thus, the idea was refined, and it ended up taking the form of third party company that assists with transfers online. It's now a titan of the online world.

There are countless other examples in the book of companies that have followed the same cyclical repositioning path. The book is basically a collection of case studies from successful businesses.

This technique of:

1. Release the product
2. Collect feedback
3. Refine (make changes)
4. Repeat

is at the heart of being an entrepreneur. This is the framework you must follow. You need to fail in order to succeed. Here's a variation of the cycle, which is employed by the vast majority of entrepreneurs who fail:

1. Release the product
2. Ignore feedback
3. Wait out the storm (do nothing)
4. Try to advertise more
5. Go down with the ship

The goal of your startup should be continuous refinement/improvement of the product. This technique has become so important, that there's actually a second book that is dedicated entirely to this concept. It's called Getting to Plan B: Breaking Through to a better business model (Get it by clicking here). The book is written by John Mullins, and Randy Komisar (who most know from Stanford University's Entrepreneurial Thought Leader podcasts). The book basically ascertains that your business is almost definitely going to fail in its early stages, and that's fine. In fact, that's natural. Only once you've failed can you start to refine the product and reposition it accordingly.

If you follow this type of framework, you'll find yourself much less stressed by early signs of failure in your business. If you go in with the mindset that you're going to need to adjust on the fly, you won't panic when the initial reaction to your business sucks. You'll automatically only worry when you need to; in this case, you only need to worry if you can't reposition the product for success. Only at this point should you be looking to dispose of the idea like it was last week's leftovers.

So don't be afraid of failing. In fact, embrace the need; The Need to Fail.

Just make sure you build off it and come back with a better product.

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Simply hanging around these 5 types of people will enhance your business. Absorb their intelligence and drive, and inject it into your business

1. The Battle-Tested Veteran
If you are trying to find a business partner, you The Veteran might be the best choice. The Veteran has been there before. They know what it takes to launch a successful startup firsthand. On the surface, they are the toughest type of resource to acquire; they're actually the easiest. While you might not know any successful entrepreneurs personally, you can find business mentors in less than 10 minutes. A quick Google search for entrepreneur clubs or meetup groups in your area will yield plenty of results. They usually meet at mixers or small events. Attend an event (or better yet, many), and get to know some of the entrepreneurs that have gone before you and won. Most are happy to share their experience with you; some will even agree to work with you (if your idea is a good one). There's a reason every sports team in the world wants players that have won before; it makes a big difference. Find yourself a Battle-Tested Veteran for your team


2. The Grinder
The Grinder only has one speed, and it's always set to Max. They love to work, and will relentlessly attack any problem in front of them. The Grinder spends more time in the office than anyone. You'll find them first thing in the morning, and you'll find them when you shut down the lights. The Grinder never gives up: Ever. Having them around boosts everyone's morale. They set the tone in the office, and their presence makes everyone work that much harder. They are arguably the most inspirational members of the team, and their effort never fails to galvanize everyone else. If you your team starts lacking motivation, bring in a Grinder. If you are trying to find a business partner, the Grinder might not be the best choice however. Experience and talent needs to be favored more importantly than raw effort if you only have room for one more member.


3. The Beautiful Mind
The Beautiful Mind is typically the smartest person you personally know. They're usually fans of Start Trek (I don't know why this is so, but most are). Obviously, they need to be intelligent with respect to your industry (being a chess master won't help you if your business is ERP software). If they are on your team, fantastic. If not (why not?), they are still a resource that you can consult with when you get stuck. The Beautiful Mind is capable of formulating solutions that would otherwise go undiscovered. They understand how to solve a problem, and they are well versed at implementing the solution. Having them around can rectify problems that would otherwise cripple a startup. If your business has hit a roadblock that seems impossible, consult with the Beautiful Mind


4. The Negotiator
Often, the Negotiator is not actually part of a team. Their skill set is somewhat narrow, and as such, they are not often rewarded with an equity in the team. Negotiators are often lawyers, or aspiring lawyers, but this is not a necessity. They are tough, intelligent, and unpleasant to deal with. They drive down prices for you, and they're not afraid to ruffle feathers if your company is getting ripped off. Did a hosting company accidentally take your site offline for 2 hours? The negotiator makes sure that you're well compensated for the mistake and then some. This position can be filled by any of the other 4 personalities listed. They are indispensable, and a key to ensuring that nobody pushes your business around


5. The Believer
The Believer is among the most underrated people to have around. The Believer always has faith that your business will succeed, because they believe in you first. They help you maintain confidence, even when you've experienced setbacks. You can find them in the form of family, girlfriends, boyfriends, and close friends. Their support can re-ignite ambition that has been diluted because of setbacks. Utilize them to 're-fuel' when you're stagnating

Know of any more people that can strengthen your business? Throw them in the comments below!

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Be cautious of these 5 types of people when you launch a business; they pose very real business threats.

1. The Jester
The Jester loves to passively take shots at your business idea in a playful manner. Jester's are fond of throwing out barbs such as "any profits today haha", or "here comes Donald Trump". They quickly follow up their barb by saying "I'm just kidding". The Jester is among the most irritating of personality types, but also the most satisfying when you shut him up


2. The Lottery Winner
The lottery winner likes to empathize with your entrepreneurial challenges because they see themselves as an entrepreneur too. What separates them from you, is that they inherited all of their contacts and business infrastructure from a family member. They basically had someone else run the marathon, and let them take the last few steps through the ribbon. While occasionally well-meaning, lottery winners often feel compelled to brag about their huge earnings, in an effort to assert superiority over your accomplishments. Don't worry about Lottery Winners; your success will be far more meaningful than theirs (if you can call what they walked into success)


3. The Cynic
The cynic feeds off disparaging comments. They love nothing more than breaking the morale of anyone that is working to accomplish more than they are. Their primary means of destruction revolves around 'convincing' you that your idea has no possibility to succeed. They will drill in on every possible problem you could encounter, and completely neglect any reason you can succeed. They are fond of saying things like "I just don't think anyone is going to care for that". Take note of what the cynic has accomplished in life. Almost all have stagnated in the same position for years, without any motivation to improve. The toll of their frustrating advice is less obvious than other business threats, but they can wear you down if you're not careful. Avoid them


4. The TimeCop
The TimeCops live in a world where there's seemingly no time to accomplish anything special. Jean Claude Van Damme sums up their mantra in the movie TimeCop, with the line "There is never enough time". Even reading a short business book is out of the question for them; there simply isn't time. They love to say "well that's great for you, but I don't have any free time because I have a job". It doesn't matter that you might have a job too; theirs is so much tougher, that there isn't a second in their day to work on a business (or exercise. or read a book. or take up a hobby. etc). TimeCops live their whole lives without realizing how much free time they actually have. These individuals typically consume 3 hours or more of television each day (they will tell you that it's because they need to relax after their impossibly difficult job). Avoid the TimeCops. They will offer you nothing of benefit as an entrepreneur


5. The Genius
The genius loves to give you advice, and sneer at your decision making abilities. They honestly believe they know how to do everything better than you can; if they had their way,you would simply channel their ideas. Most of these 'geniuses' have never stepped on the battlefield of entrepreneurship, and their advice is typically useless. Unless the genius has had success as an entrepreneur (or similar career path), ignore them. After all, if they are so smart, why haven't they launched a successful business?

While these 5 personality types are the ones to avoid, you can actually immunize yourself with 5 personality types to help your business. We'll profile those in tomorrow's article.

Do you have any more personality types to add to the ones above? Throw them in the comments below!

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The internet is saturated with advice for entrepreneurs. Unfortunately, a lot of the advice is a waste of time. Here are 5 pieces of 'advice' you should ignore when you start your own business.

1. You need a business plan to be successful
For the vast majority of startups, a business plan will become irrelevant after only a few weeks. Why? Because you really don't know exactly how customers will embrace your product. Business plans are based upon assumptions (aka- guesses), which will inevitably need to be changed. On top of these assumptions, more assumptions are drawn, and on it goes. Sure, venture capitalists will want to see your business plan before investing in your idea, but your plan is a formality in their decision. They will invest in you, as in you the person first. Next, they will invest in your idea. They will not invest in your business plan, no matter how elegant it seems. Does this mean you should avoid planning before starting a business? Of course not (unless you enjoy the sensation of failure). What it means is, make sure you are solving an important problem for a certain segment of the market. Next, make sure you know exactly who you are going to sell your product to. And lastly, make sure that you can do it while making a profit. These are all going to be guesses; just make sure they are educated guesses. They're going to change, so don't waste your time amalgamating them into a fancy business plan document


2. If you have an original idea, you should keep it a secret, or someone might steal it
Almost no idea is original anymore. The chances of your business offering something that is truly unique, are very slim. On top of that, it will take thousands of hours of effort to make any 'idea' into a successful business; a passerby that happens to hear your idea is not going to put the time into it. Think about it; it's hard enough keeping yourself motivated when you start your own business, and it's your idea! In fact, most of the time, it is actually beneficial to discuss your business idea with others. You can get feedback immediately (some of which might be useful), and they might be able to key you in on key competitors you might not have thought of


3. You can be successful by relying exclusively on Google Adwords to bring traffic
Despite the claims of hundreds of 'get rich overnight' websites, you cannot build a sustainable business purely with Google Adwords. Why? First, the CPC estimates you begin with WILL change as you go along. Sometimes they will get cheaper for each keyword. Most of the time, they will increase. The CPC average is dependent on the performance of you advertisement. If you can keep a solid click-through-rate, you can keep the CPC costs down. But if you can't, they will rise exponentially. If you decided on the price of your product by factoring in your expected CPC costs and these CPC costs go up, your product might become unprofitable very quickly. On top of your CPC costs rising because of your ad performance, they can also increase if more competitors decide to bid on them. In light of this, you need organic search traffic to be your primary means of acquiring visitors


4. E-Books are a great way to make money
Information products have a fantastic advantage; they can be reproduced for free, and there is no inventory to ship out. Unfortunately, it is unlikely that most people are going to want your information product, unless you are an expert. By expert, I don't mean the guy that knows the most about a certain subject in your family. You have to have tangible credibility. What is tangible credibility? It's university degrees, certifications, citations, and media appearances. If you are a certified expert, you can sell information products, and have a decent shot at success. If you are posing as an expert, you will probably fail. You can find certified experts for virtually any type of subject matter online; it takes less than 2 minutes to locate them. With that in mind, why would somebody buy from you, when they can purchase from an expert with far more credibility? If you are serious about selling information products, make sure that you first become an expert with tangible credibility (Tim Ferriss's 4 hour work week book has a good amount of advice on how to become an 'expert')


5. You can make money with a blog by selling banner ads
A blog needs to pull in thousands of people per day to make any significant money on banner ads. Why? Because only a tiny fraction of your users are going to click the ads on your website. And it gets worse; when they do click them (hallelujah), you're only going to be making a tiny amount of money. The business model of strictly relying on a blog to make money is simply not feasible for the vast majority of entrepreneurs. Of course, there are bloggers out there that make decent money; but they all have thousands of people each day pouring into their website. If you are considering a new blog as your business' primary source of revenue, you need to go back to the drawing board. Don't start your own business on the premise that a blog will make you a quick income.
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