I have been self-employed for close to 30 years. I have had multiple businesses, some I stayed in for too long and some I may have quit earlier than I should. I am looking to spread some knowledge, but need specific questions so that I can answer them truthfully and show you what could have been done differently. Basically I want to use the knowledge I have gained to show you how not to do it.
Do you see any patterns in yourself for the times you were in a state of flow, and really happy and successful? Where things came easily to you and money flowed in.
What do you think triggered the good times?
Money flowed in when times were good and my mindset was positive. Having set goals helps, but here is the thing when politicians make dumb statement, work can dry up in a heartbeat.
I live in Africa and politicians statements can fuck everything up in days you can go from surplus because the world is a positive place, to wondering where the next meal is going to come from.
Uncertainty in the political arena, lack of faith in the economy are all negative indicators. Elections seem to bring out the worst in politicians.
What is the most effecient and easiest way to keep up with technology and “smarter” solutions? I mean you have experienced the rise of the internet and artificial intelligence. Do you just constantly have to be up to date or do you need to rely on consultants, network and “new generations”?
The most efficient way is probably having people good at that stuff, My way is learning what I need when I need it. New generations seem to find it easier to learn new stuff, the older I get the less ambition I have.
I used to be an early adopter, but now I find adopting early just pisses me off. I am finding AI to be more of a pain in the arse than a real benefit, most tech starts that way though, and gets better.
Is moving to a big city/country good? I’m planning on moving to Japan/Eu or maybe UAE.
In small towns there is generally less competition and less work, In big cities there is more. It makes very little difference really. The pie is bigger but there are more slices.
Mainly, that you either are or aren’t one. You can’t force it if it’s not part of your nature.
Balls, In South Africa there are a gazillion accidental entrepreneurs. People that ended up without a job, couldn’t find one and started a business in desperation, Some make a great success, others survive. but if you ask them if they wanted to be entrepreneurs they would answer negatively.
How much you really need to manage employees
My experience of employees has not been good, but I live in a country where firing useless employees is almost impossible. There are basically three types of employees IMO, the ones that cause more work, the ones that do just enough and the good ones who will be leaving to improve their lot.
The ones that cause more work need micro-managing to prevent them from killing your business, The ones that do just enough can be encouraged to do better, The good ones need very little supervision.
How has your luck been finding part time employees? I am currently working on opening a business with relatively tough hours so I am banking having a hand full of part time.
i use part-time employees on occasion but mostly for unskilled jobs. It’s easy to find the unskilled in my area, They hang around street corners here.
As for part-time skilled workers, I live by the dictum, that if you want it done properly do it yourself. My experience with employees, part-time and full time has been from mildly annoying to absolute disaster.
Okay good to know thanks for the explanation. Would you say offering incentives to full time employees or just raising pay has done you more justice in having a reliable employee?
I have always paid the good ones more, because those that add value, deserve more. I tried various incentives like if this job is finished by, there’s a bonus in it, The good workers would deliver, the others not so much.
Makes sense to me. Thanks guy
How many interviews does it take to find out which one they are?
Some people are good at interviews and make terrible employees, and some are terrible at interviews and make fantastic employees. I have my doubts that you can find out much from an interview other than are they on time and do they have the requisite knowledge.
Do you have only one active business or do you manage more of them at the same time? How do you usually find clients: organic or ads or what? In percentage how many of your projects fail?
If you could focus more attention on one thing over the other two, what would it be?: School/Education, Networking, or Diversifying Skillsets?
wrong question. You should focus on the things that are working and making a profit.
How is it a wrong question if I am asking about you in particular, it isn’t for me. Simplified: Which one of these three do YOU attribute to most of your success?
Edit: There are many ways to make something work, whether it is theory, practice, or both. And, there are many ways to make a profit through diverse types of intelligence.
This is an entirely subjective question aimed at you, one’s success is subjective and there’s no cookie-cutter way to success.
Continuing education is always important, I never stop learning, This is one thing that works for me. Diversifying skillsets is the same as continuously learning.
Networking is always important, the more people you know, the more people will know about you. but networking is a skill that must be learned.
Nobody is going to tell you what to do. It’s great, but the burden is on you to make decisions on everything from high-level strategy to every day tactical execution. If you don’t build systems and processes to follow, you’ll be making it up as you go forever, which is exhausting.
Wrong, Your customers are going to tell you what to do.
Is network building really important while starting as an entrepreneur?
Networking if done correctly works, don’t be the dumbass in the corner shouting I build websites, I build websites, be the networker looking to solve problems, get leads and add value for your network. The more value you add, the more you will get.
Can you give an example (or two!) of how you’ve added value for your network? I think I’m probably the dumbass in the corner all too often, but I’m not sure what else to do.
It will help you get closer to your goal. People near you have already figured it out, why not use their experience.
This makes your hustle easier!
Do you believe in niche saturation?
absofuckinglutely.
How to avoid burnout?