Tag: entrepreneurship

Hustle: Do you have it? What does Hustling Mean To You?

The definition of hustle varies with different individuals. To some, its the art of working extra hard to meet your goals while to others, it’s a lifestyle you live by every day. As they say, the end results justify the means. We asked CEOs what hustle means to them and here are the responses. #1- … read more

The definition of hustle varies with different individuals. To some, its the art of working extra hard to meet your goals while to others, it’s a lifestyle you live by every day. As they say, the end results justify the means.

We asked CEOs what hustle means to them and here are the responses.

#1- Powering through the hard parts

Thanks to Jake Jorgovan, Lead Cookie!It’s not about working nights and weekends forever, that just leads to burnout. Instead hustle is about working those nights and weekends when it’s necessary to get over that next hump. Too many people confuse hustle with being a workaholic. You simply can’t stay in hustle mode for your entire life. There are seasons for hustle, and there are seasons to focus on your personal life. It’s important to understand that balance.

 #2- GSD’ing

Thanks to Spencer Chambers Hustle to me is summed up in what I like to call GSD’ing. What is GSD’ing you may ask? In appropriate language, this means Get “Stuff” Done. Work hard, never take no for an answer, make things happen, etc. It’s a really simple concept, but it takes hustle to truly execute and get stuff done on a daily basis.

#3- Simple

Thanks to Taran Ghatrora, Ellebox!Hustle to me is having a clear vision and an unbeatable work ethic to get there. You can’t get stuck in the planning phase or in overthinking.

#4- Executing things

Hustle is the ability to execute steps forward on ideas using discipline to motivate you, instead of inspiration or whim. Your idea is pretty much shit, unless you actually execute on it and do the thing.

Thanks to Ben Woods, Weathered Coalition!

#5- A number of things

Hustling is pursuing your passion when others aren’t. Hustling is saying no to happy hour to work on your business. Hustling is waking up every day at 5 a.m. to write a new company blog post, answer emails or listen to motivational videos. Hustling is spending most of your days alone because you are fervently working to grow your business.

Thanks to Zondra Wilson, Blu Skin Care, LLC!

#6-Having grit

Hustle means having grit. Sticking to it and getting things done while thinking strategically and being engaged. Hustling is about being effective and following through. It’s about the process — start to finish. Be strategic, savvy, and execute. It’s a go-go-go, get it done mentality.

Thanks to Deborah Sweeney, MyCorporation.com!

#7- Performance and productivity

For most entrepreneurs and small business owners, hustle in its most literal sense means that you have to perform and be productive at a high level each and every day. If not, your competitors are likely to get a leg up on you. In a more subjective sense, hustle is a term used regarding a side hustle, which is how many of us get started. If you can find something to do in your spare time which generates income for you, there’s nothing to say that it can’t eventually turn into a full-time position and career for you.

Thanks to Andrew Schrage, Money Crashers!

#8- Motivation and persistence

Thanks to Tom Szaky, TerraCycle!To me, hustle is motivation and persistence. It is being motivated by the word “no,” or the desire to do something others think is not possible. It is thinking big and not settling for anything less than great. Mediocre will not suffice. When TerraCycle first started about 15 years ago, we sold organic worm poop fertilizer. Selling to mom n’ pop stores would’ve been easy, but I wanted more. I wanted to see it on shelves in big box stores so I called relentlessly, no matter how many times they didn’t respond. Finally, we got a meeting and a short time later our fertilizer was on store shelves. Today, we no longer make the fertilizer and TerraCycle is known for recycling difficult to recycle materials. We operate in 21 countries and were just qualified by the SEC for a Regulation A offering which enables any level investor to purchase shares of the company. The capital raise will be used to acquire businesses, allowing us to continue to innovate ways to solve some of the world’s biggest waste problems. Thinking big and persevering despite the no’s in life is my definition of hustle.

#9- Making things happen

It takes drive, creativity, energy, passion, chutzpah, and resilience. As the founder and CEO I know there are going to be times when doors close or I have to pivot to turn my vision into reality. If it were easy someone would have thought of it and done it before. If you are committed to making your dream come true you have to hustle. No one else wakes up every day thinking about your business. It is on you to hustle. If you want it more then you just have to work harder and hustle to make it happen.

Thanks to Paige Arnof-Fenn, Mavens & Moguls!

 #10- Solving problems

Hustle is a term that gets thrown around a lot by entrepreneurs, we say with pride that we worked 14 hours a day for the last week. I’m working on being more conscious of framing my relationship to the word hustle, I now relate it to resourcefulness. When you’re running your own business, a lot of different things come down the pipe, and you’ve got to be able to dig deep and have a high capacity for problem-solving.

Thanks to Justin Shaw, One & Zero!

#11- Hard work

Hustle is working day in and day out even when the results aren’t showing. It’s doing all of the work when you don’t feel like it or you’re stressed. Hustle means not complaining and putting in the hours no matter what because you’re dedicated. In business, it takes a long time for the fruits of your labor to show their effects. I believe you have to be willing to work very hard now for rewards later. That’s what hustle means to me.

Thanks to Carmine M, Pierro Shoes!

#12- It’s everything

Thanks to Rune Sovndahl, Fantastic Services!Business and hustle go hand in hand when being an entrepreneur and it can be fantastic, but also really challenging at the same time. What is “hustle”, you may ask? It’s everything. To me it is breathing, living and feeling the pulse of the business. It’s about making constant growth sustainable. Hustle is about a constant state of peak performance and ability to find the positive in every situation. It is also used to remind one that good things don’t come to those who wait – it comes to those who work hard, sleep and breathe work, and deliver. No matter what type of problem is thrown at you, you have to keep hustling!

#13- To keep moving

Hustle to me means rolling with the punches and never giving up. When your business or your professional career there are going to be low times, failures and even lull’s. You need to make sure to keep working through these times. This is where most people give up and try something new. Have faith and believe in yourself. Hustle your way through these hard times.

Thanks to Garrett Smith, Pitch + Pivot!

#14- Several things

Being the Executive Director of a very small nonprofit, hustle means something very different to me than how the average CEO probably sees it. For me, making as many connections as possible and going to as many networking events as possible are critical. I also need to be fearless when it comes to asking people, companies, and organizations for support and resources for our organization whenever we need it. Hustle also means having my elevator pitch down to a science, so I can easily and efficiently sell our organization to potential new supporters and partners on the spot. For me, hustling also means keeping in touch with connections even if you can’t work with them right away, because you never know if they might be able to help you later on, or who else they might know who might be able to help you, too. Additionally, being ready with a list of things you need assistance with – and being ready to vocalize that list of needs when opportunities arise – is definitely critical to hustling, as is working all channels available to you (like using social media for instance) to crowd-source resources and connections that can benefit us as well.

Thanks to Melissa Norden, Bottomless Closet!

#15- When you say, enough talking – it’s time to do something

Your business began with a dream, that dream morphed into a vision which then becomes a goal. The world is full of dreamers. You have to do more than dream and believe; you have to have a shared goal and hustle to reach it! We teach our team in our EntreLeadership classes to clearly define dreams, visions and goals, share them and share them with their teams. Hustle happens when the team fights and claws together to get there.

Thanks to Dave Ramsey, Ramsey Solutions!

#16- Making it work

“Detroit Hustle” is a known state of mind in the Motor City, where my outdoor advertising agency is headquartered. To me, hustle means always making it work and never giving up. I’ve worked essentially 24/7 since starting Brooklyn Outdoor 5 years ago and I wouldn’t change it for the world. My days are jam-packed with meetings, conference calls, and tight deadlines. I think the most important part of the hustle is being invigorated by hard work instead of feeling drained.

Thanks to Candice Simons, Brooklyn Outdoor!

What does hustle mean to you? Tell us in the comments below. Don’t forget to join

(courtesty of CEO Blog Nation)

Entrepreneurship Ain’t For Sissies

I’ve often said it takes a special breed of person to be an entrepreneur. Being your own boss, starting your own business and growing that venture will test you to every limit you have. Personally, it will either make or break you. In the boutique and handmade world, we see trends come and go, we … read more

I’ve often said it takes a special breed of person to be an entrepreneur. Being your own boss, starting your own business and growing that venture will test you to every limit you have. Personally, it will either make or break you. In the boutique and handmade world, we see trends come and go, we see hot products everyone wants… supply and demand ebbs and flows, but what makes a small or micro-business be able to stand the test of time?

I’ve personally been the owner of my own small business ( Goosie Girl) for almost 14 years now. The Wall Street Journal reported in September 2013 that 56% of Americans thought that they were capable of launching their own company while 9% actually took the plunge and took steps to start a business. Against this backdrop of optimism and confidence stands another set of sobering statistics that outline the causes of small business mortality. Small business failure rates vary, but from 50-70% fail within the first 18 months.

To gain insight to the contributing factors to business mortality, researchers at the University of Tennessee studied failures of thousands of small businesses and attempted to identify the primary culprit leading to demise. They grouped their findings into broad categories but “drilled down” within each to identify root causes of failure.

The leading cause of business failure was determined to be “Incompetence”. Fully 46% of failures could be explained by this broad-brush term. The specific behaviors that underlie this headline, however, are fairly specific and revealing. These include:

  • Taking an emotional approach to pricing
  • Non-payment of taxes
  • No knowledge of industry pricing conventions
  • No knowledge of financing requirements and conventions
  • No experience in record-keeping
  • Living beyond the means of the business
  • Lack of planning

Next in line as a primary contributor to business failure was “Unbalanced experience or lack of managerial experience”. This condition explained 30% of small business failures and was manifested primarily by poor credit-granting decisions.

Eleven percent of failures were attributed to “Lack of experience”. Specific shortcomings that proved lethal included the failure to maintain adequate inventory, no knowledge of suppliers and wasted advertising budgets.

*Source http://isbdc.org/small-business-failure-rates-causes/

The point is that few entrepreneurs, especially first time entrepreneurs, are ready for what comes at them from a people perspective when building a business. In order to succeed, they need to be able to step outside of their comfort zones and reinvent themselves – finding the courage to do things they never thought they’d have to do, or that they’d be capable of doing. I have often said, in business you must constantly reinvent yourself, or find new products, or find new ways of doing the important things which keep a small business afloat such as promotion, networking and marketing.

So how can entrepreneurs get out of this conundrum and learn to reinvent themselves while at the same time reinventing their business?

  • The first step is two-fold: recognizing that reinventing yourself is just as important a task as reinventing your business. Then, once you’ve convinced yourself of the imperative, doing an inventory of your challenges. No one likes to admit weaknesses, but just as you look for the strengths, weaknesses, opportunities and threats (SWOT) in a business deal, use that same rubric on yourself. Where are your blind spots? What do you struggle with? Be honest.
  • The second step is to assess your own personal motivation. You’ve done your personal  analysis and find that you struggle with sales, or networking or at delivering bad news. The next step is making sure that this is something you actually care about improving. What’s in it for you to get better at this? Will it help your company grow and thrive? Probably. Will it help you become a more effective businessperson? Will it help you achieve your goals and ambitions? Definitely. Embracing your internal motivation is an essential step for making anything happen, especially personal transformation.

  • Finally, the last step is to beta test your newly reinvented self. Try out the new behavior. Look at how others do it, and ask friends for help. Maybe even enlist the help of a coach. If beta test number one doesn’t work, try again. Tinker with the behavior, or try it in a different setting. Remind yourself of your motivation to go out there and do it, and just like you’d beta test and improve a product, do the same with this new version of yourself.
  • *Source: Linked In Article by Andy Molinsky

You miss 100% of the shots you don’t take

there are many reasons to tweak your business model–or to try out a whole new one–that make perfect sense. If you do it thoughtfully, it could be the best business decision you ever make. ~ Entrepreneur Magazine

If this information has urged you in the direction of reinvention of your small business,and tipped the scales for our readers who are makers looking for a new venue, such as Gypsy Spoonful here are the top three tips on HOW to do it sourced from Entrepreneur Magazine and some experienced business coaches such as Karyn Greenstreet, a Philadelphia-area small-business coach specializing in self-employment and business reinvention as well as Steve Strauss, a business speaker and author as well as a columnist for USA Today

  1. 1. Know When to Make a Change : Timing Is crucial. The first step is deciding if it’s the right time for a change. (Every.Single.Day. I receive applications from makers wanting to abandon the venue they are currently selling on and joining up with Gypsy Spoonful. A popular marketplace has definitely changed, and many are jumping ship. If it’s working for you, I’d advise to keep selling there, but NEVER keep all your eggs in one basket. A variety of marketplaces are GOOD to reach different customer bases. By all means, if it’s not working for you anymore due to policy change, lack of support, mass produced or imported items being sold on the same venue and undercutting your pricing… then it’s time to move on. We are entering a new season for handmade~ and the time is ripe for a marketplace solely dedicated to handmade goods.)
  2. Decide What You Want
    After the decision is made to change, you need to decide what type of change is necessary to meet your goals. “Once you decide there’s something you can do better, you need to decide whether to make a little tweak or a major overhaul,” Strauss says. “You have to decide what’s best for your brand.  (Learning a new craft and/or adding a new item to your product line up can bring new life to your handmade microbusiness. Once you decide what it is you truly want out of your business, It is so true to say “Entrepreneurs have more ideas than they have time for. The absolute first stage is deciding to cut off all those other ideas and focus on one. Making a decision to make a decision is the hardest thing for entrepreneurs to do.” Once you have clarity on your goals and values, making a decision should be easy. (We often ask potential new members to read what Gypsy Spoonful believes about handmade, and small business, and doing business in America before committing to applying as a maker. You can see this our ideals and values by clicking here.)
  3. The next step is something every business owner should be experienced at–making and following a business plan. “You need to act as if you’re starting from scratch,” Strauss says. “You need to think it through thoroughly, figure out who the competition is, how you are going to beat them and what the costs are. Strauss and Greenstreet suggest sharing your plans with other business owners or a mastermind group. “Entrepreneurs tend to rely on intuition a lot, but you need to make sure other people think your plan is a good idea,” Strauss says. (This is why Gypsy Spoonful has been built around the concept of “community”, we rely on our “mastermind group” to support, share and build each other up. Being an entrepreneur can be a lonely venture, if you are in community with other like-minded small business owners, it makes it more enjoyable, less stressful and you can learn from other’s successes and mistakes as well).

“Business owners sometimes need people to bounce things off of to keep them from going off in crazy directions,” – Pamela Wilson

During the transition, you’ll likely be running two shops at once as you phase out the old business model and ramp up the new one. “Sometimes reinvention means running two businesses simultaneously for almost a year,” Greenstreet warns. “It’s overwhelming, and business owners are often so excited about the new model, they want to let go of the old model. It’s like going through a long divorce before committing to a new relationship.” The solution is to create a detailed exit strategy. (Gypsy Spoonful doesn’t want to be the only venue you’re a part of, we just want to be the best and favorite one 😉  )

Entrepreneur’s article suggests to : “Be transparent through the whole process with vendors, customers, employees and, most important, your family. Give everyone notice that changes are coming, when they will happen and what it means for them.”

If it’s time to reinvent your business and switch venues, and hop aboard the NEW home for handmade, we encourage you to go through the application process: Get the process started here