Business and life coach, business consultnt and advisor
Business and life coach, business consultnt and advisor

Elmar Malikov's blog

Elmar shares here his thoughts about business, people, stories from his daily life

Creating an entrepreneur, Part 2
The first trait to build in – positive thinking.

As usual, let's make sure we are talking same terms. Positive thinking is the ability to see good in almost anything going around and expect positive outcome.

Why is positive thinking important for an entrepreneur (I would say to merely anybody living)?

1. Backing on quantum physics, the observer creates the reality. Positive thinking creates positive reality for the thinker
2. You start your business to make it successful. You have to think positive
3. You go to customers, partners, investors. You have to persuade it happens. 4. You have to believe to persuade. Positive thinking is a must again
5. You talk to your team. Imagine something kind of "Join me, guys. I am not sure we succeed and have enough money to pay your salary though…"
Enough evidence above that positive thinking is absolutely required for an entrepreneur.

How do we form it? The big puzzle of success demands all the details be present and on its own place. With some details missing it still resembles the picture, with lots missing you do not define the picture even. So below are the details of entrepreneur positive thinking puzzle

1. We start from beliefs / presuppositions
a. World has enough resources
b. Well established and managed business succeed
c. Employees can be loyal, efficient, smart…
d. …

Perfect if the mentioned beliefs are already there. What if not and the opposite ones are dominating, type of:
* You cannot trust people
* There will always be lack of resources (not scarcity, which is ok)

There are several solutions available for enforcing the positive beliefs, transforming the negative ones.
* NLP techniques, like old beliefs museum,
* Slip of tongue tools
* Meditations
* Direct and indirect suggestions based on Milton-Ericsson model

All of the described methods are widely spread on web, yet we will create a chapter devoted to these techniques soon on EMC website. Certainly, if you work with a professional coach / neuro-coach / NLP master you will achieve the goals much quicker.

2. Beliefs about oneself – self-concepts. Appropriate ones:
a. Successful
b. Confident
c. Energetic
d. … (we have the full list in one of the previous posts)

The opposite ones almost guarantee the failure. The task is to adjust, bring to perfection existing positive self-concepts, transform to positive the negative ones

Building a self-concept includes:
* time-line forming and adjusting
* personal history adjustment - building positive experience from the past
* pattern forming
* forming the appropriate future
* neuro-levels forming according to the desired self-perception concept

Simplifying the process and saying it in human language:

1. Create a positive thinker self-concept, understand, see, hear, feel it
2. Move it from past through present to future
3. Select an "icon" personality possessing this concept in full
4. Decide and accomplish, what a positive thinker wears, whom talks to…
5. How this person moves, communicates, which choices he makes in different contexts
6. What are the abilities and skills of a positive thinker
7. What are the beliefs and values connected to positive thinking
8. Understand the "why" – what makes and gives the power to move to the goal

Creating an entrepreneur

Before moving there, we have to make clear - why would anybody decide making huge effort to develop entrepreneur mindset and skillset? Right, obviously, to succeed. Then we have to understand why they choose to be entrepreneurs. We came to following answers:
There is no other choice

o One is "too old" to get hired

o One is "too young"

o One is an immigrant, so cannot even pretend for a fair paid / legal job in most of the countries

o Up to 50% of current jobs will disappear in coming 25 years. Some of them do it this year

o Higher education is not following the market trends – we still have same amount of lawyers (95% of them are out of work next 5 years), financial analysts (most of analytics perfectly performed my machines NOW)...

o Fresh graduates cannot get hired. Nobody needs their profession any more.

o People want freedom. Freedom. even if you decide to work 20 hours out of 24 day after day, month after month

o The company one is working does not want to implement new development offered

o Some people do, consciously want to make the world better

o Some people become overqualified for their positions as employees. They need bigger challenges

o Some companies decide to outsource part of activities. Ex-employees are best candidates for heading new outsource units

o Some make a business out of hobby

o Ikigai for some of us can only be built with some special business not hiring people

o Inherit business

o Social entrepreneurship

o Create a passive income source

o Create an asset and exit selling it and getting enough money to never think about it again

o One is a top manager, knows everybody in the industry, all the knowledge and skills. It is more efficient starting own.

Next article will finally describe how to build an Entrepreneur in one.

Previous article was devoted to the mindset entrepreneurs possess.

Entrepreneur personality / mindset. What is so special about them? Are they born to be entrepreneurs? Alternatively, is this a learnable combination of skillset and mindset and whatever else?
We have some answers. Entrepreneur mindset and skillset are certainly trainable. Yet, not for anybody.

Our results are based on about 2 000 hours of life and business coaching sessions with entrepreneurs, close to 3 000 of business meeting, 25 NLP modelling sessions.

Let us focus on the term. Entrepreneur is a person who started his own business and succeeded. Succeeded in this research terms means he has been consequently making profit for a reasonable amount of time (at least two years). We have not put minimum / maximum for the size of business and the revenue.

These are the answers from the entrepreneurs to the questions what made them successful:
- I was lucky to be there / I used my chance
- We worked really hard
- I love doing what I do
- I did not have the right to fail
- We had the core customer

These are our answers based on our experience, analysis and modelling:
- Positive thinking
- The team / partners
- The need
- Energy
- Steadiness
- Belief
- Ability to do a routine job, day after day, month after month
- Creativity
- Ability to sacrifice time, entertainment, hobbies
- Honesty, trustfulness
- Confidence
- Independence
- Ability to listen
- Leadership
- Emotional intelligence
- Courage
- Love of freedom

Any item from both the lists one can develop.

Chances increase crucially for those possessing:
- Starting capital
- Networking
- Mentor
- Pattern
- Expertise

There are peculiarities for:
- Service or production or resale
- Country / territory
- Size of business

Next article we will devote to entrepreneur mindset and skillset development toos . We are coming back to you soon with it.

While working in this research we asked ourselves the question: why people become entrepreneurs. We are working on the answers and will return to you with the next article.

GOOD-BYE ICO ERA
LONG LIVE TO BLOCKCHAIN BASED BUSINESS ERA

• Genius bitcoin developers have utilized a cool technology and created the new opportunity
• Thousands people became reach in no time
• Easy revenue created o Easiness to spend money o Expectation of repeat stories with new coins / tokens
• The above has given an unbelievable, never existing before opportunity for start-ups to get financed
• First stage attracted immediately o Dreamers o Scammers o Talented geeks
• Scam projects do not need comments
• Dreamers have raised money and continue dreaming. May be on another project...
• Geeks are still inside the code
• Less than 1% have delivered product / service
• Even less amount are generating revenue
• GOOD NEWS - we do have some fantastic projects
• The final wave brought real business and experienced entrepreneurs. But the bubble is gone. The easy earners have already "invested" their easy money in ICOs and never got them back
• A lot have successfully destroyed their capital on "trading" (subject for one of the next reviews)
• As the buying power of crypto-holders is close to zero, ICOs started moving into traditional fiat markets
SO WHAT WAS WRONG?



1. The utility token idea
a. It is not investment. UT gives no rights to the holder except the product use
b. If token raises in price, the product loses in competition. The token drops to original price and below. The logic "raise is good" is only valid for a monopoly!
c. When the utility token value falls the business goes bankrupt. Their costs are in fiat mostly.
2. Business does need marketing, but ICO teams mainly concentrated on doing the ICO, missing the product deevelopment
3. There are some genius in the industry. May be the highest concentration. Yet most of them have no clue how to make business 4. High cost to accomplish the ICOs – about 100k USD just basic ...
5. Extremely high bonus to early investors. Teams were to pay it back from next round investment.
6. Crazy listing fees from exchanges charging millions of USD
7. Too many tokens distributed to early investors, bounty, partners, swap...
8. This is valid for coins as well. Nothing backs any of them. No asset 9. Speculation, pump and dump stories, lots of scam projects ruining investor trust in the industry
10. Market's over expectation on performance and revenues
THE STATUS QUO




1. None of the coins has become real money
2. ICOs who raised millions now have just hundreds of thousands (eth down to 100 from 1 000 USD) - they physically do not have money for development
3. Those still trying to make Utility Tokens Offering… Well, good luck
4. Thousands of middle men stopped getting revenues
5. Exchanges still trade UT and steadily ignore security tokens
6. Some countries still continue the ban on payment tokens
7. Promising projects travel around conferences, exhibitions, investor roadshows… and still lack financing 8. Coins are not stabile and cannot be
9. Professional investor likes to evaluate the projects professionally and expects professional accomplishment. He also wants to be sure he can sell the tokens the moment he wants
10. Small investor is totally lost, not having enough tools and competence to evaluate the projects 11. Prices for coins and tokens are easily manipulated by market makers
SOLUTIONS VISION: CRYPTO, BLOCKCHAIN, TOKENS AND COINS


1. ICOs exchange their utility tokens to security / equity ones
a) it calms down the market
b) investor feels himself an investor
c) ICO teams feel responsibility and report exact information on project status
2. New projects move to STOs or ETOs on the same reason
3. New level coins to be introduced to the market - NIC www.nirvaana.club - an example. They should be stable and fully backed 4. Exchanges understand they mistake and switch toi security / equity token listing or
5. Each project has its own platform with fiat / crypto gateway
6. ICO advisors replaced by business advisors - real business experts
7. Massive, infrastructure, governments supported projects go to financing through STOs / ETOs
8. The financial reporting system of the projects offered is absolutely transparent and held in blockchain
9. STOs and ETO serve for scaling of existing business as well. The world needs successful projects for mass adoption 10. Evaluation of projects made by independent experts
11. Crypto coin adoption accomplished
03.09.2018, Meet-up, Jimbaran Hub Bali
The process and the result
Five speekers from five countires, inspired people, the business and investor club established, accelerator planned, one of the projects under DD research for 2 000 000 USD investment... The result. The new reality.

Tens of cool projects will get a chance to become business, a blockchain hotel will be constructed, local business will get inspired... The future reality.

The venues hesitate - you create their vision, speakers doubt - you coach them, marketing fails - you build your own team... You research existing reality and create yours.
Expert models everywhere
Talent, experience, attitude
You find professionals in unexpected places and moments. About a month ago, I stopped by a market to take some fruits. Markets are very special place on Bali - on a relatively small area fish sellers neighbor vegie traders, the last is facing leather bags store, next to which you find carpentry tools corner...
The area is fully packed, and this is not really properly describing how squeezed the passages are. Moreover, it does not absolutely hinder local custom of driving scooters right between all this tomato, shoes and prawn shelves... When you are not accustomed, some small troubles happen... My small trouble was a nail on one of the shelves, which I acquainted more closely than I would want to, trying to let the next motorbike pass through... I needed the change... Good news I was in the proper place. Someone was selling trousers 10 meters away from me. I approached. Quick look from him. He hands me one of the thousand pants laying, hanging, on, under, among his shelves. I take it, select about 10 more, go try them. Last ones were the pants he had offered. Those fit best. Came back, paid. Forgot the story.
In a week, I dropped my ink pen on the next pants. An important meeting was planned in 50 minutes. Just enough to stop by my pants seller's shelf and still be in time.
He was there, smiled and dragged out a pair. This time I only selected two more to try. You know the result - the ones he selected was the best... Next time I do not bother even selecting or even trying them on.
Can you imagine perfectly understanding customer demand in multy million deals? For me it is worth learning Indonesian ask and get the answers and build the model.
Investor risks in investing in startups, ICOs, ITOs
Beginner investor must read before making the decision
1. The leader leaves the project (whatever – tired, sick, disabled…)
o Startups are on big extend built on leader knowledge, network and charisma
o Losing the leader project significantly weakens or dies even
2. There appears a stronger competitor and takes the market share
3. Project performs bad, loses customers and value
4. Key team members leave the project, opening a copy of the business - key customers may follow them
5. The project appears to be scam
6. Regulators block the project
o Causes temporary or permanent stop of project activities
7. Mistakes in budgeting
o The project does not have enough financing at some point. It could slow down or stop project development
8. Token distribution mistakes (for ICOs) - vesting and lockups not well thought, to many free or bonus tokens spread
o Leads to abrupt fall in token price after listed on exchanges
9. Weak marketing
o Company does not get enough clients, financial targets are not met, tokens lose value

Well, does this mean not to invest in ICO and startups? The bullet proof no. Investing at early stages is almost the only legal still quick way to financial freedom. Just do it wise.
Open letter to start-up / ICO founders
Start-ups / ICOs often contact us on advising and fundraising. The questions below are for you to answer preliminarily.
Why is this important?
- We protect our investors, the community and the society taken general from scam projects
- We give you a chance not to make a mistake and devote your resources in something most probably does not work
- We really care about our time

The first set of questions is about you


1) Do I want to devote myself to it for the next 5 years?
2) Do I clearly understand investment is not a gift and the investors do expect me to return their finds back with revenue on top?
3) Why do I want to do that?
4) Why am I the best to do that?
5) Do I have managerial skills?
6) Do I have the expertise in the subject?
7) Do I have the team?
8) Do we have network?
The second set - about the product

1) What is wrong with the existing product in the market?
2) Why is it good timing now?
3) What is the market size and whish share of it is the target?
4) Who are the main competitors and what do I do better?

The third set – investment

1) Do I really need investment NOW? Could I launch the MVP first?
2) What happens if I raise zero?
3) Am I ready for the escrow, daico secured investment?
4) Do I have well thought investment return plan?

Additional

1) Do I have basic funds for travelling to conferences, meet-ups, nice website...?

And please do contact us if you are still keen to go on with your project after answering the questions..
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