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The Truth about Being a Young Entrepreneur

May 24, 2021 By Nagesh Belludi Leave a Comment

I think we should start telling our young people that getting into business is hard.

Let’s stop pumping them up, “Go for it, kid. This is awesome. This is going to be the best thing you’ve ever done. If X can do it, you can do it too. You’re going to smash it.”

Entrepreneurs have a tendency to over-confidence, and the over-confident tend to be socially and culturally primed for entrepreneurship.

Fact is, most first-time entrepreneurs wish that someone had told them how hard it was going to be. Ideas are a dime a dozen. When real-life replaces daydreams, researching, experimenting, taking on customers, building a team, gaining wisdom, and getting cash in the door are all awfully difficult. Most self-employed people put in very long hours and worry about their work, even outside of work. Entrepreneurship simply isn’t for everyone.

America is fascinated by entrepreneurs. But the successful-young-entrepreneur narrative has generated a false affirmation that sets up people for disappointment when they encounter reality.

In recent years, we’ve seen more young people diving into the startup realm. Yes, young entrepreneurs have lower opportunity costs and a better sense of the new generation’s needs. But they don’t have the network, mature frame of mind, industry insight, and adequate financial resources vital to success. Indeed these factors are why older entrepreneurs tend to have a substantially higher success rate.

Let’s stop creating false hopes for young people who don’t realize how difficult business—even a one-person-shop—is. Yes, encouragement is essential, and it can go a long way in helping people succeed. However, let’s lend support to reality and not a myth.

Idea for Impact: If you have the entrepreneurial itch, don’t become quickly sold on tales of grandeur.

Don’t build a startup to become a trend.

Don’t quit your day job yet—especially if your business idea is a spin-off from your present occupation or you intend to turn a hobby or a particular interest into a thriving business.

Don’t give up that steady paycheck until after you’ve built a side hustle.

Don’t listen to the superstars.

Wondering what to read next?

  1. Five Ways … You Could Elevate Good to Great
  2. Book Summary of Oprah Winfrey’s ‘The Path Made Clear’
  3. Beware of Advice from the Superstars
  4. Some Lessons Can Only Be Learned in the School of Life
  5. Writing Clearly and Concisely

Filed Under: Career Development, Personal Finance Tagged With: Entrepreneurs, Learning, Personal Finance, Personal Growth, Personality, Persuasion, Role Models, Skills for Success

How to Turn Your Fears into Fuel

May 3, 2021 By Nagesh Belludi Leave a Comment


Self-doubt is an Important Motivator

It doesn’t matter how successful creative people actually achieve. Feeling inadequate is a common malady in showbiz.

Barbra Streisand avoided live performance for 27 years.

Adele has said, “I’m scared of audiences. My nerves don’t really settle until I’m off stage.” Her concerts mean so much that she fears letting her audience down.

Kate Winslet has admitted, “Sometimes I wake up in the morning before going off to a shoot, and I think, I can’t do this; I’m a fraud. They’re going to fire me—all these things. I’m fat; I’m ugly.”

Otis Skinner, one of the great 19th-century matinee idols, once told his daughter Cornelia “Any actor who claims he is immune to stage fright is either lying or else he’s no actor.”

These superstars are not alone. Michael Gambon, Meryl Streep, Kenneth Branagh, Richard Burton, Fredric March, Andrea Bocelli, Ewan McGregor, Steven Osborne, Derek Jacobi, Stephen Fry, Eileen Atkins, Maureen Stapleton, Ian Holm, Renee Fleming, Carly Simon, Marilyn Monroe, Ellen Terry, Rod Stewart, and Peter Eyre—even actor-trainers such as Lee Strasberg and Konstantin Stanislavsky—have suffered from varying degrees of stage fear.

Fear is a universal problem.

Give voice to your fear self-doubt & take action

Many icons suffer from stage fear, often from the weight of expectation that their reputations place upon them. They throw up, feel paralyzed, or break into cold sweats. Adele once got so unnerved that she escaped from the fire exit at an Amsterdam concert venue.

Consider actor Laurence Olivier, who suffered stage fright even in his sixties when he was the world’s most revered stage performer. Even at the pinnacle of his fame, the National Theatre’s stage manager had to prod Olivier onstage every night.

Laurence Olivier suffered five years of agonizing dread following a press night in 1964, when he found his voice diminishing and the audience “beginning to go giddily round.” He developed strategies. When delivering his Othello soliloquies, he asked his Iago to stay in sight, fearing, “I might not be able to stay there in front of the audience by myself.” He asked actors not to look him in the eye: “For some reason, this made me feel that there was not quite so much loaded against me.” The venerable Sybil Thorndike gave him trenchant counsel: “Take drugs, darling, we do.”

As a sidebar, when Olivier made his stage debut playing Brutus at a choir school in London, Thorndike was in the audience. After seeing Olivier on stage for just five minutes, she turned to her husband. She declared, “But this is an actor—absolutely an actor. Born to it.”

Focus on what needs to be done & break the shell of fear and self-doubt

Some of our most admired icons experienced self-doubt—even Abraham Lincoln and Mahatma Gandhi. What distinguishes most successful people is that they engage their fear. They accept that diffidence and adrenalin rush are something that they must deal with.

Interestingly enough, it’s often the mature performer, not the novice, who’s most likely to succumb to a seizure of nerves. However, superstars know in their heart of hearts that fear of inadequacy isn’t shameful. It’s normal. It’s part of the profession. It’s human.

Successful people know how to turn anxiety into energy. They take steps to minimize adverse effects. Through action, they transform their fear into vitality. Fear becomes fuel. They refuse to let their fears get in the way of their goals and success. They overcome fear through the love of the work and channel the sense of the audience’s or constituency’s expectation and goodwill into their best performance.

Idea for Impact: Don’t Fear it, Embrace it.

It’s natural to feel apprehensive when embarking on any venture. Don’t drown in a sea of self-doubt.

Overconfidence can take the edge off the feeling that you need to work hard. It’s ironic that high self-confidence, so often advised as the cure for low achievement, can cause it.

Fear invites you to work harder on your methods, strategies, and skills. It’s undoubtedly more preferable than the alternative. High self-esteem and overconfidence can lead to complacency and no growth. As Nobel laureate Kazuo Ishiguro reminds in The Remains of the Day (1989,) “If you are under the impression you have already perfected yourself, you will never rise to the heights you are no doubt capable of.”

Focus on turning your fears into positive motivators to improve your work. Action transforms anxiety into energy. The “angels” want you to succeed.

Wondering what to read next?

  1. What Are You So Afraid Of? // Summary of Susan Jeffers’s ‘Feel the Fear and Do It Anyway’
  2. How to Face Your Fear and Move Forward
  3. Fear Isn’t the Enemy—Paralysis Is
  4. Resilience Through Rejection
  5. Nothing Like a Word of Encouragement to Provide a Lift

Filed Under: Mental Models, Sharpening Your Skills Tagged With: Anxiety, Attitudes, Confidence, Fear, Mindfulness, Motivation, Parables, Personal Growth, Procrastination, Risk, Wisdom

How to Face Your Fear and Move Forward

April 23, 2021 By Nagesh Belludi Leave a Comment

The smartest people I know of are those who realize that fear can be immobilizing. They understand that being so afraid of failing at something can push them to decide not to try it at all.

Consider American billionaire Philip Anschutz’s meditations upon his induction to the Horatio Alger Association of Distinguished Americans, 2000:

I’ve had a lot of failures and made mistakes, and it’s important to know that none of these are irreversible in your life. You can fix them. Failure is part of the game. You’ve got to have them, and you should do things every day that scare you a little. You’ve got to take risks, and you’ve to make hard decisions—even when you yourself are in doubt. It’s not failure, but the fear of failure that stops most people.

Idea for Impact: Don’t let fear stop you from moving forward.

Fear of failure has a way of undermining your own efforts to avoid the possibility of a larger failure. But when you allow fear to hinder your forward progress in life, you’re destined to miss some great opportunities along the way.

One of the most powerful ways of reducing the fear of failing is to analyze all potential outcomes, have a contingency plan, and start small. Be open to constantly revising your understanding, changing your mind, and cutting your losses. Be open to reconsidering a problem you think you’ve already solved.

Wondering what to read next?

  1. What Are You So Afraid Of? // Summary of Susan Jeffers’s ‘Feel the Fear and Do It Anyway’
  2. How to Turn Your Fears into Fuel
  3. Resilience Through Rejection
  4. Fear Isn’t the Enemy—Paralysis Is
  5. To Be Lost is Simply to Be Becoming

Filed Under: Mental Models, Sharpening Your Skills Tagged With: Anxiety, Attitudes, Discipline, Fear, Learning, Personal Growth, Procrastination, Risk

Five Ways … You Could Elevate Good to Great

March 18, 2021 By Nagesh Belludi Leave a Comment

  1. Don’t be too self-critical. If you must dissect your faults, do so with a mirror, not a magnifying glass. For instance, reframe “I’m buried in debt” as “I owe $800 on credit cards and $10,000 in student loans.”
  2. Set easy-to-meet, incremental goals. You’ll feel so good about the results that taking the next step will be much easier. The best plans are only good intentions unless you set deadlines for yourself and achieve results. Keep a written list of all your accomplishments, however small, and celebrate your progress.
  3. Don’t try to do everything. Continuous learning on a few areas will help you pin down and sharpen the essential skills to move up.
  4. Make the most of mentors. Bring together a range of experts and tap into their knowledge and experience. Watch and learn how those you admire got to where they are now. Take responsibility for your own development and placement. Map out your own journey.
  5. Seek out opportunities. Join cross-team projects. Get involved with all aspects of your job. Keep your eyes and ears open to everything up for grabs. Ask for what you want and take risks—you’ll accomplish more and feel good about being brave.

Bonus: Come to terms with your limitations and deal with problems deftly before they metastasize.

Wondering what to read next?

  1. Some Lessons Can Only Be Learned in the School of Life
  2. How to … Be More Confident at Work
  3. The Truth about Being a Young Entrepreneur
  4. Hitch Your Wagon to a Rising Star
  5. Reverse Mentoring: How a Younger Advisor Can Propel You Forward

Filed Under: Career Development, Sharpening Your Skills Tagged With: Getting Ahead, Learning, Mentoring, Personal Growth, Role Models, Skills for Success, Winning on the Job

Overtraining: How Much is Too Much?

February 16, 2021 By Nagesh Belludi Leave a Comment

The amount of practice on an instrument is the most significant contributor to musical performance success. However, an obsessive orientation toward practice can burn you out and make you stiff.

Rather than carving out more time in the day for practice, celebrated musicians (not unlike specialist athletes and chess masters) tend to excel by making modest levels of practice more productive.

Itzhak Perlman on why practicing too much is bad Like all great teachers, virtuoso violinist Itzhak Perlman preaches not too much practice:

When kids ask me for an autograph, I always sign my name and then write, ‘Practise slowly!’ That’s my message to them. If you practise slowly, you forget slowly. If you practise very quickly, maybe it will work for a day or two and then it will go away, because it has not been absorbed by your brain. It’s like putting a sponge in the water. If you let it stay there it retains a lot of water.

There are a lot of people who believe that the more you practise the greater the improvement, but I don’t believe that. Again I cite the sponge example. When you put a sponge in the water, after a while it reaches saturation point. Keeping it in there for any longer won’t help, as it’s absorbed as much as it can.

Choosing to focus on quality over quantity of practice helps musicians free up time for score study, concentrated listening, and other learning activities away from their instruments. All these ultimately make practice more effective.

Idea for Impact: Mindless repetition is ineffective. To reach the highest levels of expertise, focus on the quality of practice. Skill formation relies on consistency and deliberate practice. Under a mentor’s guidance, a consistent and intentional practice can bring about clarity and make you observe yourself and open for feedback.

Wondering what to read next?

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  3. A Majority of Formal Training Doesn’t Stick
  4. How to Face Your Fear and Move Forward
  5. To Be Lost is Simply to Be Becoming

Filed Under: Mental Models, Sharpening Your Skills Tagged With: Coaching, Development, Discipline, Learning, Mentoring, Personal Growth, Training

How to Own Your Future

January 14, 2021 By Nagesh Belludi Leave a Comment

Work seems to be shifting faster than ever. The New York Times columnist Thomas Friedman provides a particularly emblematic example of the profound changes in the way people work and the way organizations design jobs and work environments:

Work is being disconnected from jobs, and jobs and work are being disconnected from companies, which are increasingly becoming platforms. A great example of this is what’s ha ppening in the cab business. Traditional local cab companies own cars and have employees who have a job; they drive those cars. But, now they’re competing with Uber, which owns no cars, has no employees, and just provides a platform of work that brings together ride-needers and ride-providers.

Adaptivity via Self-Directed Learning

Dramatic economic, social, and technological changes necessitate professionals at all levels to be almost continuously trained and re-trained just to keep abreast of all facets of working life.

The career implication of this continuous transformation is the increasing need for ongoing learning. You’ll have to equip yourself to stay ahead of changes. In other words, you’ll need a growth mindset to learn, apply, reorient, and keep learning.

More Will Be Now on You

You’ll need to be self-directed. You’ll need to take the initiative and responsibility for the learning process. You’ll need to recognize training needs and choose how you’ll meet these needs rather than rely on your organization to tell you what to learn and how to do it. The smarter organizations out there are enabling and promoting individual choice and self-directed and self-determined learning.

What will set successful professionals apart in the future is that they take responsibility for their continuous learning. They proactively explore what they may be interested in and what the future will demand instead of indifferently waiting for options to present themselves.

Idea for Impact: Own Your Learning

Set your sights on a long career with multiple stages, each involving ongoing training and re-skilling. If you want to achieve career greatness, you will likely find your current skill sets obsolete in less than five years without self-directed learning.

Develop a growth mindset that’ll help you grow, expand, evolve, and change.

Wondering what to read next?

  1. Some Lessons Can Only Be Learned in the School of Life
  2. Overtraining: How Much is Too Much?
  3. “Follow Your Passion” Is Terrible Career Advice
  4. Resilience Through Rejection
  5. Risk More, Risk Earlier

Filed Under: Career Development, Sharpening Your Skills Tagged With: Assertiveness, Career Planning, Coaching, Critical Thinking, Discipline, Learning, Personal Growth, Winning on the Job

Book Summary of Oprah Winfrey’s ‘The Path Made Clear’

December 8, 2020 By Nagesh Belludi Leave a Comment

The title of Oprah Winfrey’s The Path Made Clear: Discovering Your Life’s Direction and Purpose (2019) might lead one to expect profound insights. Upon delving into its pages, one finds it’s merely a delightful mishmash of feel-good quotes from her illustrious guests.

'The Path Made Clear' by Oprah Winfrey (ISBN 1250307503) Winfrey opens each of the ten chapters with a short personal anecdote of her hard work, persistence, and gratitude. Her meditations illuminate her passion-driven inner self: “Pay attention to what feeds your energy, you move in the direction of the life for which you were intended” and “Your life is always whispering to you.”

Apart from the prologues, the reflections of Winfrey’s guests are poorly organized and fail to effectively guide readers towards discovering their purpose and living it. Some of the guests’ thoughts are poignant and thought-provoking:

  • “When problems show up, relax, and lean away from the noise that the mind is making. Give the noise room to pass through and it does. It passes right through. Don’t let fear take over. Like if you get on a horse and you’re scared, you’re not going to be a very good rider, right? But that doesn’t mean you let the horse go wherever it wants. You learn how to interface and interact with life in a wholesome, participatory way. Letting go of fear is not letting go of life.”—Michael Singer, meditation teacher
  • “Inspiration comes from three areas. It’s the clarity of one’s vision, the courage of one’s conviction, and the ability to effectively communicate both of those things.”—Jeff Weiner, executive chairman of LinkedIn
  • “Don’t pray to have a challenge-free life. Pray that the challenges that come will activate your latent potential.”—Michael Bernard Beckwith, New Thought writer
  • “Luxury is a matter not of all the things you have, but all the things you can afford to do without.”—Pico Iyer, essayist & travel writer

Recommendation: The Path Made Clear is worth a quick scan. While it makes for a lovely addition to your coffee table or nightstand, offering moments for contemplation, don’t expect much in terms of substance.

Wondering what to read next?

  1. Some Lessons Can Only Be Learned in the School of Life
  2. The Truth about Being a Young Entrepreneur
  3. Five Ways … You Could Elevate Good to Great
  4. Beware of Advice from the Superstars
  5. To Be Lost is Simply to Be Becoming

Filed Under: Living the Good Life Tagged With: Attitudes, Learning, Mindfulness, Personal Growth, Role Models, Skills for Success

What Are You So Afraid Of? // Summary of Susan Jeffers’s ‘Feel the Fear and Do It Anyway’

June 1, 2020 By Nagesh Belludi Leave a Comment

Title: Psychologist Susan Jeffers’s self-help classic, Feel the Fear … and Do It Anyway (1987, 2006.)

Idea for Impact: “You can drop an awful lot of excess baggage if you learn to play with life instead of fight it.”

Central Premise: You’re often held back by a “Grand Canyon” of fear. You’re wasting far too much time trying to perfect your mental state and seeking to feel happier, confident, and motivated.

Thought-Provoking Snippet: “It is reported that more than 90% of what we worry about never happens. That means that our negative worries have less than a 10% chance of being correct. If this is so, isn’t being positive more realistic than being negative? … If you think about it, the important issue is not which is more realistic, but rather, “Why be miserable when you can be happy?””

Mindset Change: Recognize the limited control you have over your emotions. Accept fear as a natural part of your mental development and learn how to live alongside your fears and self-doubts. Use positive affirmations—e.g., replace “It’s gonna be terrible!” with “I can handle it … it’ll be a learning experience!”

Caution: Don’t overdo affirmations. Cheery slogans such as “I Am Powerful and I Love it!” may lift your mood. But repeating them “at least twenty-five times each morning, noon, and night,” as Jeffers suggests, could make you feel worse by evoking the peevish internal counterargument that you’re not and you don’t.

Action Plan: Get on with the things you want to do. The momentum of positive emotions builds up as soon as you start taking action. “Every time you encounter something that forces you to “handle it,” your self-esteem is raised considerably. You learn to trust that you will survive, no matter what happens. And in this way your fears are diminished immeasurably.”

Why Read: An insightful prescription for why and how to get over your “urgh.”

Wondering what to read next?

  1. How to Turn Your Fears into Fuel
  2. How to Face Your Fear and Move Forward
  3. How to … Overcome Your Limiting Beliefs
  4. Resilience Through Rejection
  5. What the Dry January Trap Shows Us About Extremes

Filed Under: Living the Good Life, Mental Models, Sharpening Your Skills Tagged With: Anxiety, Attitudes, Books, Discipline, Emotions, Fear, Lifehacks, Mindfulness, Motivation, Personal Growth, Procrastination

How to Improve Your Career Prospects During the COVID-19 Crisis

May 7, 2020 By Nagesh Belludi Leave a Comment

Now that the COVID-19 pandemic has plunged the world into despondency and uncertainty, it’s easy to worry about your career prospects, feel risk-averse, and become inert.

However, if you could look beyond the short-term challenges, now’s a good time to take on new skills, tend to your network, and accelerate your long-term career prospects.

Here’s how to take a bit of initiative and think creatively about your career during the current lockdown.

  1. Reflect upon your goals for your life and career. Think clearly through the steps you must take to realize your aspirations.
  2. State clearly your aims. If you want to earn more or get a better responsibility, speak to your boss about what it’ll take to secure a promotion.
  3. Seek specific feedback, but don’t just reflect on the past. Asking for feedback puts you—not your boss—in the driver’s seat. Ask lots of questions and decide what you could do to make a positive change.
  4. Redefine your goals at work. Identify worthwhile measures of success. Agree on targets that stretch but don’t strain.
  5. Work with your boss to find gaps in your experience. Find projects where you could develop and use those skills.
  6. Don’t try to do everything. Prioritize. Ask yourself, “Where do my strengths lie?” Focusing on one or two areas could help you isolate and sharpen the necessary skills to move up.
  7. Seek out new opportunities. Be alert to points of diminishing returns on learning new skills.
  8. Take the lead on a project that others don’t find particularly interesting (see Theo Epstein’s 20 Percent Rule.) You could not only learn by way of broader experiences and gain confidence but also become more visible to management and situate yourself for a promotion.
  9. Offer to share responsibility. Take an interest in your colleagues’ work. You could win over grateful allies and open up new opportunities within your company.
  10. Reevaluate what’s essential. To the extent possible, divest yourself of the boring, time-wasting, frivolous, and worthless—anything that doesn’t “move the ball down the field.”
  11. Pursue side projects. Cultivating knowledge and trying out new skills during your free time is a definite path to career reinvention.
  12. Seek out mentors. Make the right contacts. Bear in mind, those who influence decisions may not necessarily be the ones at the top.
  13. Begin actively networking. It’s never late to put together a range of experts whose knowledge and experience you could tap into.

Idea for Impact: Mulling over how to improve yourself and enhance your career is a great shelter-in-place project. As President Dwight D. Eisenhower once declared, “Plans are useless but planning is indispensable.”

Wondering what to read next?

  1. Five Questions to Keep Your Job from Driving You Nuts
  2. What Every Manager Should Know Why Generation Y Quits
  3. Five Questions to Spark Your Career Move
  4. Before Jumping Ship, Consider This
  5. What’s Next When You Get Snubbed for a Promotion

Filed Under: Career Development, Sharpening Your Skills Tagged With: Career Planning, Coaching, Feedback, Job Transitions, Managing the Boss, Motivation, Networking, Personal Growth

Let Your Work Do the Bragging for You?

March 26, 2020 By Nagesh Belludi 1 Comment

From American clergyman Madison C. Peters‘s Wit and Wisdom of the Talmud (1900):

All the other rivers said to the Euphrates: “Why is the current of thy water not heard at a distance?”

The Euphrates replied: “My deeds testify for me. Anything sown by men at my shores will be in full bloom within thirty days.”

The rivers then addressed the Tigris: “Why is the current of thy waters heard at a distance?”

“I must direct the attention of the people to me by my tumultuous rapidity,” the Tigris replied.

The moral: The less the merits of a person are, the more he will feel urged to proclaim them to the public.

If you know that you’re great, you shouldn’t feel a strong need to tell anyone about it. “It is always the secure who are humble,” noted the English writer, philosopher G. K. Chesterton in his insightful essay “In Defense of Humility,” included in The Defendant (1901.)

Your Good Work Should Speak for Itself, But …

Reminding that there is nothing that says more about its creator than the work itself, the Canadian entrepreneur Matshona Dhliwayo has said,

Let your work speak for itself:
If poor, it will remain silent.
If average, it will whisper.
If good, it will talk.
If great, it will shout.
If genius, it will sing.

Your feelings of self-esteem and self-confidence hinge on being able to take pride in your achievements. However, be mindful of the thin line between confidence and conceit—confidence is believing in yourself, but conceit is bragging about yourself.

Unfortunately, in the current world of work, it pays to promote yourself—you must speak up about your accomplishments because no one else is going to do it for you.

Use your work to lead others to view you favorably—but beware, nobody likes blatant braggarts. If other people sense that you’re trying too hard to blow your own horn, they’ll be turned off, and you’ll achieve the opposite of your intended effect on them. This is especially true if the attributes you’re trying to flaunt aren’t the ones that interest the others.

With competition more intense than ever before, what really matters is “who knows you” and “what they know about you” than about “whom you know.”

Do more than is asked. Deliver more than is expected. Show up where the action is. And make a show of your work.

As the boxing legend Muhammad Ali once declared, “It’s not bragging if you can back it up.”

Wondering what to read next?

  1. How to … Know When it’s Time to Quit Your Job
  2. Five Questions to Spark Your Career Move
  3. How You Can Make the Most of the Great Resignation
  4. Five Questions to Keep Your Job from Driving You Nuts
  5. Transient by Choice: Why Gen Z Is Renting More

Filed Under: Career Development, Effective Communication Tagged With: Career Planning, Parables, Personal Growth, Persuasion, Work-Life, Workplace

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About: Nagesh Belludi [hire] is a St. Petersburg, Florida-based freethinker, investor, and leadership coach. He specializes in helping executives and companies ensure that the overall quality of their decision-making benefits isn’t compromised by a lack of a big-picture understanding.

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