Personal Obstacles That Limit your Success

Though th

FIRAS KITTANEH

ere are many advantages to owning your own business, the path to actually being an entrepreneur is not so rosy. And many of the problems actually affect the mindset of the entrepreneur.

Here are some of the most common psychological obstacles that hold potential business owners back from succeeding, and how you can avoid or overcome them:

1. Financial burden causing emotional stress

Starting a small business is usually an expensive proposition. The average small business costs about $30,000 to launch and operating costs can tack onto that price tag quickly. Even small home-based businesses that come with little overhead have a significant opportunity cost. Instead of working in a steady job and earning a reasonable salary with benefits, you’re taking on the burden of making money for yourself.

And knowing how difficult it is to estimate when your small business might start turning a profit makes the whole prospect both terrifying and paralyzing.

Related: 5 Decisions Every Entrepreneur Must Face

The bottom line is that you need some sort of financial net to cover your personal expenses, at a minimum, while you’re building your business. Waiting until you have a year or two of savings is a good idea, but is not always practical.

At least try to find a side source of steady income. You can moonlight as a consultant in your area of expertise, do some freelance work or participate in the sharing economy by running tasks for TaskRabbit, driving for Uber or renting out your home on Airbnb.

The financial security that results will allow you peace of mind and the ability to make decisions based on long-term success and sustainability, instead of the kind of desperation that comes from trying to drive short-term profits.

2. Tying personal value to your company’s value

Starting your own business is an extremely personal venture. As your business starts to take off, it’s easy to feel that you’re a success. Yet the problem with tying your sense of self-worth to your business’ accomplishments is that entrepreneurship is a bumpy path. Businesses start off slowly and come with many challenges and missed goals along the way.

In fact, only one-third of all start-ups even last a decade. It’s easy to see how this can quickly become disastrous for entrepreneurs.

Instead of tying your value directly to business success, then, consider your achievements outside of entrepreneurship. If you have trouble recalling these, keep a list handy. Whenever you start feeling low self-worth due to your company’s performance, reference the list and reflect on the other positive aspects of your life.

3. The perfection paradox

Inertia is one of the greatest enemies of success. As an entrepreneur, you need to be quick on your feet, and reactive. You cannot wait until you have the perfect plan before taking action. You need to simply dive in and take a few risks.

By taking action and letting go of your need to always be perfect, you’ll have the chance to swing for the fences on moonshot ideas and potentially hit a home run.

4. Lacking substantial guidance

One huge obstacle many entrepreneurs face when they’re first getting started is their lack of formal guidance. When you have a traditional job, there is a list of duties you need to perform and a manager who holds you accountable. When you’re running your own business, you must be the one to hold yourself to a higher standard.

One simple way to keep yourself on track isto compile a list of all the activities you need to perform for any specific day, week or month, and to maintain that schedule. If you need to bounce these ideas off somebody or look for a little guidance, seek out successful entrepreneurs you know and respect.

If you don’t have any connections, look for a local Small Business Development Center. These centers provide free consultation and mentors who can change your attitude and mindset so you are no longer your own biggest obstacle to success.

5. Overworking yourself

The average entrepreneur works very long hours, which can lead to burnout and encourage unhealthy lifestyle choices. Constantly on the run, you’ll end up over- or under-eating, and what you do eat may actually have negative consequences on your personal health and work performance. Additionally, you may not have the time to sleep or exercise as often or as long as you’d like. The combination of this lifestyle and stress can cause serious health issues and ensure that you are rarely in a mindset for success.

To avoid this, you need to make a concerted effort to invest in yourself. Exercise each day and schedule time to get a full night’s sleep. If you’re having problems holding yourself to these standards, see a doctor regularly. Your doctors can keep you accountable to a healthy lifestyle and ensure you’re not working yourself into poor health.

The business responsibilities that come with being an entrepreneur are vast and challenging, but the personal responsibilities are just as important.

By staying vigilant about the psychological challenges described here, and doing everything you can to avoid them, you’ll put yourself in a better place to succeed and enjoy the fruits of your hard work for many years to come.

6 things you should never say during a salary negotiation

• Gina Belli, PayScale

Consider the bigger picture and know what you want in advance. decoded conference/Flickr

It's totally understandable to feel a little nervous about negotiating salary, but you can't let your nerves keep you from asking for what you deserve. Remember, when you negotiate a higher salary, you benefit from that increase not just for one year, but for the rest of your career. Over time, asking for more can boost your earnings by hundreds of thousands of dollars.

That said, there's a right way and a wrong way to go about having the conversation. One of the reasons it's so important to prepare for salary discussions is so that you don't say the wrong thing and compromise your chances. For example, you'll want to avoid any of the following, when you're assembling your salary negotiation script:

1. "I need" statements

Salary negotiations are not the time to attempt to play on others' sympathies. The goal here is fair compensation; you're not looking for a personal favor. Don't talk about how much money you need to pay your bills, live your life, or even to do your job adequately. Instead, focus on helping the people you're meeting with understand your true value and what you rightly deserve in terms of compensation.

2. "I could walk away, no problem"

It's important to remember that salary negotiations are different than other kinds of negotiations. You're not buying a car here. If your employer starts to wonder about your dedication and commitment to the job, that won't do anything to help you professionally. You care about receiving a fair salary, and you also care about your work and the company. These things should not be presented as mutually exclusive.

3. "I think," "maybe," "kind of"

During your conversation, it's important to be confident and to project that confidence. Be mindful of language, toward this end. And, also be aware of body language. Be sure to sit tall and make eye contact during the meeting.

4. "I'd like to get this worked out as soon as possible"

Although you may be feeling anxious to get through this conversation as quickly as you can, revealing that impulse won't do you any favors. Demonstrate instead that getting the compensation you deserve is a high priority, and that you are fully engaged and present for this conversation. Don't look at your watch, phone, or at a clock. Settle into your chair and show how much this matter means to you.

5. "This job is so exciting to me!"

You don't want to act like you could easily walk away from your position, but you don't want to go too far in the opposite direction either. It's wonderful to be passionate and enthusiastic about your work, but salary negotiations might not be the best time to go on and on about it. Remember that you working at this job is a mutually beneficial arrangement. You don't have to fall all over yourself showing your gratitude. It could make them think you'll be willing to work for less.

6. "I just want to talk about salary"

Don't forget to talk about benefits during your salary negotiation. Focusing on other aspects of your compensation in addition to your salary could help you gain leverage. Consider all aspects of your compensation in advance. This conversation is something you want to be fully prepared for. You may even want to think about trying to monetize the perks, so that you can negotiate with the them accordingly. Remember, there is more to compensation that just salary. Consider the bigger picture and know what you want in advance.

Find out how your salary stacks up on PayScale.

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Great Habits Of The Most Successful People

Many people wonder how they can become highly successful, not realizing that they hold within them everything they need to achieve all of the success they desire.

Successful people are where they are today because of their habits.  Habits determine 95% of a person’s behavior.

Everything that you are today, and everything that you will ever accomplish, is determined by the quality of the habits that you form.

By creating good habits and adopting a positive behavior, you too can become successful and live a prosperous life.

Successful People Maintain 7 Good Habits

For thousands of years, success in human life has been studied by great thinkers and philosophers.  I have personally studied the subject for more than 30 years.  What I have found is that the very best people have developed good habits.

I have identified seven valuable habits that you need to develop if you want to perform at your very maximum in everything you do.

1. They Are Goal Oriented

The first habit is to become goal oriented.

You need to be a habitual goal setter, and dedicate yourself to working from clear, written goals every day of your life.  All highly successful people are intensely goal oriented. They know exactly what they want, they have it written down, they have written plans to accomplish it, and they both review and work on their plans every single day.

2. They Are Results Driven

The second habit of highly successful people is being results driven.

This is made up of two practices.

1. The first is the practice of continuously learning so that you become better at what you do.
2. The second practice is that of time management. This means setting very clear priorities on what you do and then concentrating single-mindedly on the most valuable use of your time.

All really successful people are intensely result-oriented.

3. They Are Action Oriented

The third major habit you need to develop is that of continually taking action.

This is really the most important habit for material success.  It is the ability to get on with the job and get it done fast.  It is your ability to develop and maintain a sense of urgency, and a bias for action.  Fast tempo in whatever you do is essential to your success.

You need to overcome procrastination, push aside your fears and launch 100% toward the achievement of your most important goals.  The combination of goal orientation, result orientation and action orientation, in themselves, will virtually assure great success.

4. They Are People Oriented

The fourth habit you need is people orientation.

This is where you put relationships in the center of your life.  This is your decision to cultivate within yourself the habits of patience, kindness, compassion, and understanding.  Virtually all of your happiness in life will come from your ability to get along well with other people.

The good news is that you can become a wonderful human being in your relationships with others when you decide to.

As Aristotle said, the only way that you can learn any habit is by practicing it on a regular basis.  The more you practice being a truly excellent person in your relationships with others, the more you will internalize those qualities and actually become that person.

5. They Are Health Conscious

The fifth habit that highly successful people develop is health consciousness.

This means that you must fastidiously watch your diet, and always eat the right foods in the right portions.  You must exercise on a regular basis, continually using every muscle and joint of your body to keep it limber and fit.  And finally, you must have good habits of rest and recreation that will enable you, in combination with diet and exercise, to live out your years in a healthy state.

Remember, your health is the most important single thing you have, and it is completely subject to the habits that you develop with regard to the way you live.

6. They Are Honest

The sixth habit is that of honesty and integrity.

In the final analysis, the character you develop as you go through life is more important than virtually anything else.

Honesty means that you practice the “reality principle” in everything you do.  You are completely objective with yourself and with the world around you.  You set very clear values for yourself and you organize yourself around your values.  You develop a vision for yourself and then you live your life consistent with your highest ideals.  You never compromise your integrity or peace of mind for anyone or anything.

This attitude of honesty is critical to your enjoying all of the other good habits that you are developing.

7. They Are Self-Disciplined

The seventh habit, and the one habit that guarantees all the others, is that of self-discipline.

Your ability to discipline yourself, to master yourself, to control yourself, is the most important single quality that you can develop as a person.  The habit of self-discipline goes hand in hand with success in every area of life.

Every one of these habits, being goal oriented, results driven, action orientated, people orientated, health conscious, honest and self-disciplined can be developed.  You are where you are and what you are today because of your habits.  Your habits have been developing, mostly accidentally, from the time you were an infant.

Today you can take complete control over the shaping of your character and personality, and everything that happens to you in the future, by making the decision, right now, to define and develop the habits that will lead you to great success.

And when you develop the same good habits possessed by other successful people, you will enjoy their success as well.

Your future will become unlimited.

Meet the 12 most powerful women on the World today

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German Chancellor Angela Merkel is the most powerful woman in the world.World Economic Forum

Business Insider recently released a ranking of the 50 most powerful people in the world — the men and women who command the most influence and authority right now.

We looked at more than 100 of the top leaders in business, politics, entertainment, and tech. We evaluated their influence based on metrics in four major areas: economic power, command, newsworthiness, and impact — a subjective measure that captures how important they are in their respective spheres (see our full methodology here).

To spotlight the women who are breaking barriers and transforming industries, countries, and companies, we broke out a separate list of the world's most powerful women, including the nine women who made our top 50 as well as several near misses.

While more women than ever have ascended to the top echelons of power — Park Geun-hye and Dilma Rousseff are the first female presidents of South Korea and Brazil, respectively — gender equality is still a long way off. Less than 5% of S&P 500 companies are led by female CEOs, and according to the World Economic Forum, it could take another 118 years to erase the global gender pay gap. 

Considering the systemic obstacles working against them, the accomplishments of these women — who are role models simply by dint of their positions — warrant special mention.

Scroll down to meet the 12 most powerful women on the planet.

Editing by Alex Morrell; additional research by Andy Kiersz.

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12. Isabel Dos Santos

YouTube/The One Percent Academy

Title: Businesswoman and investor

Country: Angola

Age: 42

Not only is Isabel Dos Santos the daughter of the president of Angola, she's also Africa's first female billionaire, amassing a net worth of at least $3.4 billion at a time when the average Angolan lives on just $2 a day.

Her wealth stems primarily from investments in Angolan and Portuguese conglomerates, including Unitel, one of Angola's largest telecom companies, and Portugal's Banco BPI. In June, she bought a 65% stake in Portuguese power components manufacturer Efacec Power Solutions for more than $220 million. 

Thanks to her savvy business moves and considerable wealth, Dos Santos' words can move markets: In March she reportedly suggested a mergerbetween Banco BPI and Millennium BCP, another bank in Portugal, causing the share prices of both banks to surge to their highest levels since the end of 2014.

11. Meg Whitman

HP

Title: CEO of Hewlett Packard Enterprise, chair of HP Inc.

Country: US

Age: 59

After taking the helm of IT company Hewlett Packard in 2011 amid internal corporate scandals, Meg Whitman set out to overhaul the company and revive its declining profits and revenues. She wrote off fruitless acquisitions, implemented thousands of layoffs, and ultimately split HP into two separate Fortune 500 companies, a change that took effect November 1. Whitman now serves as CEO of new brand Hewlett Packard Enterprises, which will focus on software and tech services, and is the chairman of HP Inc., which will center on personal computers and printers.

Previously the longtime CEO of e-commerce site eBay, Whitman’s personal net worth sits at a sizable $2.1 billion. When she took the position at eBay, the company only had 30 employees and $4 million in revenue, but by the time she left 10 years later, eBay was generating $8 billion in annual revenue and employed more than 15,000 people.

Whitman’s no stranger to politics either. Back in 2010, she unsuccessfully ran for governor of California, famously spending more of her own money on the campaign — at least $119 million — than any other self-funded politician in history.

10. Hillary Clinton

REUTERS/Brian C. Frank

Title: Former US Secretary of State, 2016 presidential candidate

Country: US

Age: 68

Hillary Clinton has come a long way since her stint as first lady, and she could find herself back in the White House if she wins the 2016 presidential election. The Democratic front-runner has support from an impressive 56% of her party, according to a November 13 poll by Reuters. This comes even after the "emailgate" scandal that revealed she had been using a personal email account instead of a government email while she served as secretary of state, showing that even despite her mistakes, her experience and popularity could still land her in office.

Clinton was the first female senator in New York and the first and so far only first lady to run for president herself. In addition to several high-profile endorsements from school unions, Clinton recently earned the support of the SEIU, a labor union two million members strong. As her list of backers continues to swell and her electoral chances improve, so does her sway and influence in American politics. 

9. Beyoncé

Larry Busacca / Getty

Title: Singer

Country: US

Age: 34

Arguably one of the biggest forces in the entertainment industry, Beyoncé shocked the nation in 2013 when she dropped a surprise album on iTunes without any promotion, which then went on to sell over two million copies and give us hits like “Drunk In Love,” “Partition,” and others. She's the most nominated woman in Grammy Awards history, with 53 nominations and 20 wins. 

Beyoncé's influence reaches all corners of the globe. She encourages everyone to "#BEYGOOD" and make a difference in global issues like hunger, poverty, pollution, and health care. Beyoncé herself is a staunch advocate for women and children; she has taken humanitarian trips to Haiti to support pediatric care and reconstruction following the 2010 earthquake.

8. Ginni Rometty

IBM

Title: CEO of IBM

Country: US

Age: 58

Last year, IBM CEO Ginni Rometty had to break some tough news: The tech company would be abandoning its years-long promise to hit $20 earnings per share by 2015. But the company's top leader has hatched a new plan: IBM will invest $4 billion to grow $40 billion in revenue in areas such as cloud computing, mobile, and big data by 2018. The plan would nearly double what IBM is making in these markets now, though it also means straying from the hardware focus that's defined IBM for decades.

Rometty's mandate is to keep one of tech's most iconic companies — which employs 380,000 people, on par in size with the population of New Orleans — relevant and profitable for the long haul, even if it means changing some of the most fundamental things about the company. The IBM lifer isn't apologizing for adapting. "Reinvention is not about protecting your past," she said at the Fortune Global Forum earlier this year.

7. Park Geun-hye

Chip Somodevilla/Getty Images

Title: President of South Korea

Country: South Korea

Age: 63

South Korean President Park Geun-hye is the first female leader of her country — an especially impressive accomplishment considering South Korea has the highest level of gender inequality in the developed world. Her election generated the nation’s highest turnout rate in 15 years.

Park has the difficult but critical responsibility of diffusing threats from the ever-combative North Korea. Last year, she tried to get her mercurial neighbors to the north to abandon their nuclear-weapons program by promising humanitarian aid and an investment in its weak industries, but to no avail. Park has flexed her muscles by testing missiles that can reach all of North Korea, but Kim Jong-un hasn't blinked, and hasn't quashed any nuclear ambitions.

6. Oprah Winfrey

Mike Windle/Getty

Title: CEO, OWN

Country: US

Age: 61

Worth nearly $3 billion, Oprah Winfrey is the only black female billionaire in the US. Despite a traumatic upbringing of living in poverty and enduring years of physical and sexual abuse, Winfrey became one of the most successful and beloved media personalities of the 21st century.

Winfrey is the founder of the award-winning production studio Harpo Productions — responsible for the 2014 critical darling "Selma" — and the Oprah Winfrey Network. She also owns the "The Oprah Winfrey Show," which brought in $300 million a year at its peak. She's a top cultural influencer, particularly among women, with a book club that is followed with cult-like dedication and an annual "favorite things" gift guide. Recently, she also extended the "Oprah effect" to the weight-loss industry when she bought a 10% stake in Weight Watchers in October and caused the stock to jump 105% as a result.

5. Christine Lagarde

REUTERS/Yuri Gripas

Title: Managing Director of the IMF

Country: France

Age: 59

Appointed managing director of the International Monetary Fund in 2011, Christine Lagarde is the first woman to head the organization, which serves as the economic adviser and backstop for 188 countries. 

Along with the European Central Bank and the European Commission, the IMF under Lagarde has been preoccupied with propping up Greece's failing economy, which has required three bailouts in five years, the latest coming in August and requiring $95 billion of aid.

In November, Lagarde endorsed the Chinese yuan as an IMF reserve currency — a historic move that, if approved, would further cement China's rise as a top economic power. 

4. Dilma Rousseff

REUTERS/Francois Lenoir

Title: President of Brazil

Country: Brazil

Age: 67

Dilma Rousseff, Brazil's first female president, leads the largest country in Latin America and the seventh-largest economy in the world. Rousseff is credited with nearly eradicating extreme poverty in Brazil during her first term by raising the monthly stipend for struggling families.

But Rousseff has hit a rough patch lately, and it appears to be getting worse. Protests broke out and gained traction in March in part because of Brazil's crumbling economy. The country's growth has plummeted — low commodity prices, high interest rates, and austerity measures are partly to blame — and it officially entered a recession in 2015. The value of its currency dropped by 45% this year through mid-November.

Also contributing to her near record-low approval rating: A group of high-profile lawyers filed for the impeachment of Rousseff in October in connection to the corruption scandal involving the state-run oil company Petrobras (Rousseff has maintained her innocence).

3. Abigail Johnson

REUTERS/Brian Snyder

Title: CEO of Fidelity

Country: US

Age: 53

In late 2014, Abigail Johnson succeeded her father Edward as CEO of Fidelity, the second-largest mutual fund company in the US, which oversees more than $5.2 trillion in assets. Johnson keeps a low profile, but it’s no secret she was groomed to take over the company from an early age. She started working at the firm in high school, and officially joined Fidelity as an analyst in 1988. Since 2012, Johnson had served as president.

Johnson wasn't slow to wield her power and effect change after assuming the top role last year, quickly moving to cut costs and fire ineffective managers. She's no stranger to power plays, reportedly maneuvering to oust her father in 2004 over a disagreement in vision (the effort failed, and Edward remains the chairman of the company).

Not only is the new Fidelity CEO responsible for millions of Americans' retirement accounts, but through her roughly 24% stake in the company, Johnson holds a personal fortune of $18.5 billion, making her one of the wealthiest women in the world.

2. Janet Yellen

AP Images

Title: Chair of the Board of Governors of the Federal Reserve

Country: US

Age: 69

As the head of the Federal Reserve — the first woman to hold the job — Janet Yellen is the guardian of the US economy. The results have been good so far: The US is closing out the year with a period of growth, adding 271,000 jobs in October and lowering unemployment to 5%, according to the latest jobs report. The strong economic performance has many speculating that an interest rate hike from the Fed is imminent. It would be the first in almost a decade.

It's a hefty decision with profound economic implications, and investors and company executives worldwide parse Yellen's every word for hints to her plans. A small rate hike would indicate the economy is thriving and strong, but some worry that lifting rates too early will damage individuals' spending ability and hamper growth. But too much growth and improvement in the labor market without a rate hike could lead to inflation. Either way, Yellen holds a position of immense power, and her decision will affect the entire country.

1. Angela Merkel

Getty

Title: Chancellor of Germany

Country: Germany

Age: 61

With 10 years and three terms in office under her belt, German Chancellor Angela Merkel is a strong and indispensable leader in Europe. She has faced a host of challenges throughout her tenure and come out on top: She helped hold the eurozone together during the financial collapse and global recession, she has stood up to Russian President Vladimir Putin in his aggression toward Ukraine, and, currently, she's managing Europe's refugee crisis. At her hand, Germany stands above the rest of Europe with a strong economy and low unemployment rate. Though she's not universally liked, Merkel has proved a stabilizing force amid turmoil.