Month: September 2019

Building A Business

We take risks every day. Ultimately things either goes well or they go badly. So why are many of us so worried when we have to make a decision that involves money? The fact is that most of us are afraid to lose money. We have culturally been exposed to the tradition of being afraid to lose the security that money supposedly brings them. Plus it has been a standard in our country that losing is for losers, even though people like the Donald lose money from time to time or filing new 3-paper corporations for bankruptcy and yet many people do not understand what happens under the curtain. The problem is that most of us do not see ourselves as being wildly successful. Therefore, instead of trying to grab for the brass ring, most of us avoid taking any chances of becoming losers. Has the tradition and culture implant fear on us. Boy that is a big yes.

But what if you do not want to think like that? If you want to position yourself with the ultimate goal of achieving financial freedom through owning your own business, what can you do to make risk the smartest decision of … Read the rest

Keep Friends Close and Investors Closer

Family and friends are critical when running a business and, “investments from friends and family are often what make a startup possible in the first place” (Wasserman 257). Those individuals also provide support, encouragement, and constructive criticism for the entrepreneur. The ability to bounce ideas off others and gain confidence in presenting a business plan is invaluable. “A founder is greatly influenced by the family and culture in which he or she grew up in. The most powerful influences may come from the early messages sent by the words and action of older relatives or by the culture in which a person grew up” (Wasserman 30). The founder will ultimately have the final decision though loved ones take part in a powerful influence.

Regardless of the business stage, startup or growth, the entrepreneur should be prudent in choosing an investor(s). According to David Amis and Howard Stevenson in the book, The 7 Fundamentals of Early Stage Investing, an investor can participate in one or more of the five fundamental roles: Silent investor, reserve force, team member, coach, controlling investor, or lead investor. Other considerations when selecting an investor should include:

  • Investor’s goals and passions
  • Market knowledge/expertise
  • Social capital in a
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Learned From Business Failures

  • $$$ should not Be a Primary Motivator
    Up front, I will cede the point that $$$ is a vital factor in any business endeavor and without it or a lack of it from poor management will lead to business failure and personal loss to some degree. In saying this, I would strongly state that your business motivation should not come from $$$ because you will miss one of the true foundations of any successful business: focus on keeping the customers satisfied and offer products / services that help customers solve problems and enjoy life optimally. Instead of being inward focused in terms of generating revenue and cash flow, you should become other’s focused and be motivated by the solutions and joy your products / services give to your customers.
  • It’s Not About Maximizing Every Opportunity; It’s About the Context of the Opportunity
    Here’s my point here: all opportunity is not your opportunity. You should learn and discipline yourself to undertake opportunities in which you understand the context. Webster’s Dictionary defines “context” simply as environment or setting. In other words, before jumping into business endeavors that look and sound great on the surface, take the time to ‘tear apart’ or ‘stress
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Ways to Network for Young Entrepreneurs

Always introduce yourself first

You are the immediate ambassador of your brand. When you meet new people, clients or potential investors, the first impression is always created by the way you present yourself. Introducing yourself formally will create a good impression and give you the credibility that investors are looking for. The way you present your ideas also matter a lot. Be clear about what your business entails and any important thing that you need to add.

Have a business card

A business card is important when creating new contacts. It helps people remember you even after the event is over. A business card also includes crucial details about your business and the services that you offer. When designing one, making it simple and formal yet containing all the information that needs to be there.

Follow up your new networks

After having a hearty chat, it doesn’t mean that’s the end of it. You need to strengthen the ties and create strong relationships with the people you have just met. This can be achieved by thanking the person, and asking if you could meet them for further talk when they are available. Whenever possible, reach your contacts via email or … Read the rest

Steps To Effectively Review Performance

Determine what you truly love to do

In a word it’s called passion. Doing what we love keeps us motivated and that motivation translates into passion and momentum. We all have some things that we enjoy more than others. What is it that you freaking LOVE to do? Perhaps it’s something that you would do whether you were paid for it or not. Or maybe it’s just a part of your job that gets you stoked or excited. What is that thing? Determine how you can do more of it as well as ways you can monetize it.

Decide what you need to delete or discontinue

This is the hard part. Many of us don’t want to look in the mirror and give ourselves tough love to change something we know needs our attention. However, if you want to grow and win big you must have the conversation with yourself to STOP doing what doesn’t serve you. It could be spending money or wasting time with the wrong people or things. Whatever it is, decide now that you will make a change.

Figure out what you want more of

This is the fun part. Many of us wish we can … Read the rest

Starting Jewelry Business

Assess your mechanical abilities and design skills. Make drawings of your ideas. First, begin designing jewelry for yourself, your family, and your friends before you actually invest much money into your business. Compare your jewelry to the competition’s and research thoroughly before you try to sell yours, but don’t let the competition make you fearful.

Do your research and then purchase the tools and materials that you need to make your jewelry designs. Purchase in bulk or wholesale to save on production costs. Use a spreadsheet to create an inventory system, making it easy to order supplies as you need them. Keep jewelry supply company sites as bookmarks on your computer.

List your business goals and write your business plan. Decide who your target customers will be. This will help define your choice of designs and your marketing plan. Create your niche, the designs that set your jewelry apart from the competition. Determine how much profit you want to make. Set the prices for your jewelry designs, taking into account the amount you spent for supplies, your operating costs and your investment.

Plan where you will sell your jewelry, who is your target audience, and focus on one area or … Read the rest