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3 Life-Changing Tips from Successful Entrepreneurs

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Becoming an entrepreneur is not just being a business person, it’s a way of life. Successful entrepreneurs live like they love and love like they live. It is quintessential that budding entrepreneurs get into the correct mindset from the get-go that propels them in a forward-thinking direction.

Here is a handpicked selection of life-changing tips from some of the most successful entrepreneurs that confidently stride Planet Earth that will give you a fascinating insight into what it takes to become a successful businessperson.

 

1. “If you can improve people’s lives, you have a business.” – Richard Branson

Finding a niche is uber-important in the business world. Are you a leader or are you a follower? Successful entrepreneurs are leaders and Mavericks at heart, and nobody personifies this ethos like the famous British billionaire businessman, Richard Branson. Known for building his Virgin Group empire that comprised of over 400 companies, Virgin, under the tutelage of Branson, rose to unparalleled heights in the business world over the past 40 years.

The mercurial entrepreneur has reached demagogue status in the business world and bestowed pearls of wisdom when talking with CreativeLive on their 30 Days of Genius podcast. Branson stated that if you can improve people’s lives, you have the foundations of a successful business. Although it is easy to think that everything has already been thought of, there are still gaps in the market and niches ready to be exploited, especially when it comes to improving people’s lives. Just ask Apple.

 

2. “If you’re going to start a business, you need to really love it, because not everybody is going to love it.” Arianna Huffington

Loving what you do is always an important part of entrepreneurial success. Nobody wants to wake up on Monday morning to do something they despise. This is a major reason to become an entrepreneur in the first place so you have more control over your life, finances and business ventures.

As co-founder and former editor-in-chief at the Huffington Post, Arianna Huffington is an extremely successful businesswoman and entrepreneur that really knows her stuff. Arianna left her editor job at the Huffington Post to start up her own wellness venture that was a passion for her.

Arianna offered some top advice for those striving to become successful entrepreneurs when saying it is important that your business is something that you love because if you love and believe in your product, you will have more perseverance in the face of naysayers and doubters. If you are thinking of starting a new business, make sure it is something you are passionate about, or how do you expect your potential customers to be passionate about your product?

 

3. “Good ideas are cheap, and success comes from hard work, not a stroke of genius.” – Nir Eyal

Entrepreneur and author, Nir Eyal, wrote the book, ‘Hooked: How to Build Habit-Forming Products’, and has some fantastic advice for newbie entrepreneurs trying to break into the marketplace. In his book, Nir makes some valid points about how anyone can conjure up a great idea, but “good ideas are cheap.” He advises first-time entrepreneurs that success generally comes from lots of hard work and has nothing to do with being a genius or having genius-type ideas.

Work ethic and vision are what sets successful entrepreneurs apart from the rest. Procrastination and laziness are the kryptonite for businesspersons and anyone else in the world trying to achieve something.

The conclusion is that budding entrepreneurs need to find a business idea that can improve people’s lives and would advisedly be something you are passionate about or at least very good at. And even if you have a great idea, you need to work tirelessly with tenacity to reach your goals and to ensure the venture is a success.

Featured image from Shutterstock.

Alan is a professional writer with a love for the economy and the financial markets. Originally from the UK but now living and working out in Asia, Alan loves writing about all aspects of financial freedom.

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Can Investors Benefit from Google Trends and Cryptocurrency Volatility?

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google trends

With both traditional stocks and cryptocurrencies seeing steep price declines in the last 36 hours, an article recently written by Marc Howard caught my eye. In “How I Created a Bitcoin Trading Algorithm Using Sentiment Analysis With a 29% Return,” Howard provides a breakdown of how he built the bot.

Using Google Trends, he obtained the data for the preceding 90 days for the terms “BTC USD” and “buy bitcoin.”

Historically, cryptocurrencies have been much more volatile than traditional stocks, and Howard was hoping to use this to his advantage with readily available data from Google. He surmised that if people were searching for terms like “buy bitcoin” and “BTC USD” that market sentiment was good and the price of bitcoin was likely to rise, even from day to day.

He combined this with an analysis of the price of bitcoin over the same 90-day period and set about building the bot with Excel. The results suggested that when the price had risen by more than $80 on the previous day and the ratio of the two terms “buy bitcoin” to “BTC USD” was more than 35%, it would be prudent to place a buy order and conversely sell when the opposite was true.

Using Google Trends

As Howard points out in the article, some of the parameters used, like the prior day price increase of $80, were fairly arbitrary so we thought we would verify the results and consider possible improvements for the bot.

Howard had produced a paper gain of 29% over the 90 day period which compares favorably with a break even from either a daily buy and sell or HODL throughout the period.

Can Investors Benefit From Google Trends and Cryptocurrency Volatility

We built the Google Sheet above, which is available for download as a local Excel file, and it contains two worksheets, “Marc Howard” and “MoneyMakers”. The “MoneyMakers” worksheet was created before we contacted Howard with our findings, and rather than use the average daily closing price for bitcoin we used the Coinbase closing price.

This was done on the basis that an average price is simply that, an average and an actual exchange price would be closer to reality. Coinbase is one of the biggest exchanges in the US, and we were able to pick up the closing prices with an API whereas Howard manually entered the average closing prices.

In addition to the variances between Coinbase closing prices and average closing prices, we noticed that the Google Trends data in the original report produced by Howard was different from the data we had obtained.

In some cases, the difference was relatively small, but on other days it was quite significant. A Google search confirmed that Google Trends data does vary and even modifying our IP address to various geographical locations didn’t help.

Trading Bot Design

As shown in the screenshot above, we were able to validate the results of a 29% return over the 90-day period by using identical data to Howard. Unfortunately, the bot is quite sensitive to small variances in the input data and using a similar methodology on the Coinbase exchange and accepting variances in Google Trends data would have given a break-even return.

One major weakness in the original design of the bot, as highlighted by Vikram Urun, is that Google Trends doesn’t provide real-time data and is generally two days old, thus rendering the bot unusable.

Howard is looking to enhance the bot in due course and acknowledged the time lag with Google Trends. As a workaround he suggested:

to change the timespan to Hourly then you can aggregate to a daily metric.

We commend the work carried out by Marc Howard and look forward to seeing his further iterations of the trading bot.

Featured image from Shutterstock.

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