Month: December 2019

Challenges for a Startup Entrepreneur to Overcome

Communication

Most solutions to leadership challenges are hidden in simple communication and strong relationships with the employees of a company. So try to keep the lines of communication open always with your team leaders, even if you have already hired the people who believe in you, are equally passionate about your goals, and are ready to put in as much hard work as you are putting through. A communication with strong emphasis on your vision will bring comfort not only between you and your business team leaders but also in the entire company as a whole.

And you will get an added bonus. As your team leaders also serve the front line of your business, they can have an impression on happy clients. This way, your organization becomes trustworthy, which eventually translates into long-term customers.

Competition

Competition is one of the biggest challenges that all the startups face, especially in industries dominated by reputed, established brands. The main thing is to find a niche market, not yet saturated by other enterprises with the same products. If there is another company offering the similar products, you should start thinking out of the box to get an edge over your competitors. This is really essential for building a clear target audience and convey a particular brand message to differentiate your startup business from other players out there.

Keeping the pace with the change

Information around the world is constantly evolving due to the continuous development of technology. Also, more countries and industries are shifting online. Not only keeping up but staying ahead of the competitors is a challenge for startup companies. With plans to roll a startup out into different markets, you need to approach each country with customized strategies based on the market conditions. Be enough flexible to review and adjust your business philosophy and plan in order to meet your customers’ needs.

Leading vs. Managing

Many startup entrepreneurs feel confused between leadership and management. Management is all about managing workflow, overall budget or time, whereas leadership is all about inspiring, sharing a vision and purpose, and giving direction.

When you learn how to share your vision and bring more confidence in your team leaders, they will bring more confidence in the teams in return.


Pleasure of Possessing Personal Business

  • The requirements: You will obviously need a computer and an Internet connection, at the very least. You can help yourself by designating a specific room or corner of the house only for work, so that none of the time you spend building your home-based business gets wasted.
  • The benefits: When you are running your own online personal business, you are free to set your own working hours, fees, and payment terms. But that doesn’t mean you can get lazy — most online business owners may need to spend up to 12 hours of day forming their businesses if they hope to eventually make any amount of money!
  • The scope of online work today: There is an ever-increasing demand for web designers, virtual assistants, writers, graphic designers, and software designers. But if you want your home-based business to sell products instead of services, then you will have to dig deep and find products that people are actually looking for (but can not find anywhere) and provide them.

Many people have made their fortunes on the Internet, but do not go thinking that it’s gonna be a cakewalk. The key is to keep studying the intricacies of an Internet business and to never stop learning. The more you know the more effective your personal business will be — and the more sales you will close!


Reimagine the Purpose of Business

That’s what impact is all about, having a vision not just for yourself, but also for others, for what you can contribute to making the world a better place. impact is the harmonious blend of your personal interests and your contributions to others that increases your financial performance right along with your influence.

To reimagine the purpose of your business, consider what impact you want to have with your business. Look at that impact from a high level. Condense it into a single statement so that it can serve as a beacon for your business. Here’s an example:

Left Coast Naturals is a B-corp that manufactures and distributes organic and natural foods. They operate with a triple bottom line philosophy (people, planet, and profit) and see an opportunity to have a positive impact on society with business. Their vision statement, in this case aligned with their Impact Purpose, is: “To be an inspiration to society and a force for positive change.” So even though their products are foods, and their tasks are manufacturing and distribution, their Impact Purpose is on a higher, broader, and deeper level.

For you, this can be a process of multiple iterations, so be prepared to do this work over several days or even weeks.

Once you have your Impact Purpose statement, you can start to infuse your impact throughout your company, from strategy all the way through your marketing and operations. That infusion is critical to implementing a high-minded vision in day-to-day decisions and actions.

Even if you’ve done the visioning and mission statements for your company, reimagine them in the context of impact. How do you want to contribute as a company?

Ursula Jorch is a speaker, business coach and consultant who helps entrepreneurs grow a successful business that makes a difference in the world. A 21-year successful entrepreneur herself, Ursula helps you define the difference you want to make in the world and develop strategy and marketing so you have ever-expanding impact.


About Entrepreneurship Misconceptions

They work for money

Entrepreneurship isn’t all about money, it’s about solving problems for people and love what they do. Also, it’s about creating a name for themselves and making a positive impact in the world.

Money is also a way to do bigger and more exciting deals. The motivation of a new idea, and the risks involved have far more power to motivate the entrepreneurial spirit than money. In entrepreneurship, your business and success become an obsession not the money.

They lack courage

I’ve never seen anyone that is as courageous as an entrepreneur.

It takes courage to forego the predictability of a corporate job, It takes courage to take the risk of failure, It takes courage to make your dreams into reality.

And it takes courage, lots of it to hand over the reins when your startup grows beyond your ability to manage it.

That’s why entrepreneurs are rightly the true heroes of our modern world.

They are professionals

Most successful entrepreneurs are not highly qualified fellows, but are success driven. Surprisingly, attending an elite university or higher education doesn’t provide a significant advantage in entrepreneurship. What matters is that the entrepreneur gains a degree; the choice of major or college doesn’t play a big role in success. However, the greater the education of the entrepreneur, the lower the rate of business failure and the higher the business’s profits, sales and employment.

They sometimes have overnight success

It may seem to you that entrepreneurs made the huge amount of money, but do you know that there is a lot of handwork before he made it.

Overnight success is possible; entrepreneurs are inspired to start their own business by witnessing successful and established entrepreneurs. They study the success stories, the beginning of those success stories, which often includes massive struggle prior to the breakthroughs. As a matter of Fact, it takes years to become an overnight success in entrepreneurship!

Many entrepreneurs needlessly worry that they haven’t perfected their ideas. No idea is ever perfect. When you have an idea, go ahead and build a prototype or two, tinker with what works, make refinements as necessary, but by all means get it out there! You can always improve on a good idea. Let the market help you improve.


About Innovative Investing Ideas

For any innovative investing idea to succeed and for stimulating growth, people have to be clear of the strategy to be used, use all available resources to implement the ideas properly after extensive research. When your innovative investing ideas are clearly defined, you can lead your business towards success by developing your ideas clearly, by analyzing all your actions and forecasting results for any step taken; studying if the expected results come in when steps are taken and make necessary corrections when needed to ensure your innovative investing ideas succeed. The potential benefits of the innovative investing ideas to the firm as well as to its shareholders have to be carefully considered. The ideas have to be made clear to the all involved by establishing good communication making it possible to not only generate innovative ideas but also create an innovative enterprise where each employee can generate ideas and if they are viable can be implemented.

Taking old-fashioned investing ideas and developing them by making suitable changes to become innovative worthwhile investments is one way of generating innovative investing ideas. The firm must acknowledge that some innovative investing ideas may not turn out to be as successful as expected some may even fail, the best attitude is to experiment on a small scale or be sure about an innovative investing idea’s success.

Several firms use innovative investing ideas to make substantial fortunes. They weigh the viability of any innovative investing idea; try small-scale experiments to check ideas that they are not very sure about. They specialize in investing in innovative asset management and financial technology/services companies.

While investing in the stock market too, innovative investing ideas and strategies will play an important role. It is necessary to be cautious and not rush into any decision; a successful investing idea is one that is well drafted and planned after doing extensive checks. Carefully investigate all possibilities before implementing your ideas. Try investing in diverse sectors to reduce risk and diversify.


Entrepreneurs Struggle

When these 2 minds are not aligned, it presents a struggle. This struggle appears as a starting and stopping motion. You attempt to take action on your goal and you’re actually stopped in your tracks. The conscious mind attempts to move forward on the goals that you have for your business, yet because the subconscious mind is not engaged in the process, it pulls you right back to where you were. It’s just like getting dressed to go on a family vacation. You walk out of the front door to load up the car and you turn around and your family is still in pajamas, simply lounging around in the living room. You’re moving forward, but they weren’t informed!

In order to end the entrepreneurial struggle, the subconscious mind must be informed of your new goals. These new goals must become your new beliefs in order to become your new reality! Repetitive affirmations, vision boards, meditation, and visualization of your new goals are life-altering tools that imprint your new goals into your subconscious mind.

Your Attractive Thinker Assignment:

  • Create a Vision Board with Your New Business Goals!
  • Create a Set of Empowering Affirmations that Support Your Goals!
  • Meditate and Visualize Your Goals at Least 3 Times a Day!
  • Speak Your Goals with Boldness and Confidence Daily!

With daily repetition of these practices, you’ll reach your goal in record time! You’ll begin to spot opportunities that will help you to accomplish your goal. Unexpectedly, people will show up that have the exact resource that you need to accomplish your goal. You’ll receive ideas that will expedite your goal and take you further/faster! Consistency is key!


Benefit Home Based Business

There are many expenses associated with running any business and a home based personal business is no different. Many of these expenses are deductible and you want to know what those are so when you are building massive wealth and enjoying time freedom, you don’t want the IRS to crush you at tax time.

There are the obvious startup cost and membership fees associated with your home business, but some other deductible expenses may be, office supplies, internet subscriptions, phone expenses, postal expenses, travel expenses to name a few. You may even take a deduction for using a spare bed room as an office in your home. Make sure you talk to an accountant about all the deductions that you should be aware of to maximize your tax deductions.

There are many systems to track your expenses available to us and you want to look into what works best for you, but one that I use is simple. I purchased an accordion file when I started my business that has a pocket for each month. Every receipt that I acquire in transacted my business goes into that file in the appropriate month. At the end of each month, I take out the receipts and categorize them by expense type and enter them into a simple spread sheet. You can use a computer of just create a simple notebook by month listing your income and expenses for your business. For example, all my office supply receipts would go into one pile and I would tally up the months total and put it into my expense column under office supply expense. Simple right?

Then you would do the same for each category and tally the total for all your monthly expenses. This is also a great tool for tracking where your money is going and planning out your budget each month.

This simple technique will make tax time a breeze for you and/or your accountant. At tax time, just pull up your spreadsheet or your notebook and all the information that you will need is right there for the year.

Again, make sure you talk to your CPA about all the deductions that you qualify for and take advantage. This will make your home business experience a even more pleasurable one. God Bless,


Become Incorporated

The main benefit of becoming incorporated is the limited liability status that incorporation affords the company’s owners. Personal liability of the owners is restricted to their capital invested.
The primary disadvantages of incorporation are double taxation and the additional burden of statutory controls and record keeping. Double taxation relates to the taxation of the corporation’s profits and the taxation of the dividends from the net profits. It may be possible to avoid the double taxation through filing to the IRS to become an S-Corporation (professional taxation advice should be sought on these matters).

Once it is decided that becoming incorporated is the right course of action for your business you need to decide on a company name and in which state to incorporate.

Name availability can be checked with the secretary of state for your chosen state of incorporation. At the same time you should also do a trademark check, this can be done at the US trademark website.

If you business is small and only likely to trade in your own state of residence then your own state is likely to be the one most suitable for incorporating in for your business. If you are likely to trade across states, and you are confident of significant growth, then a state such as Delaware or Nevada may be appropriate as they offer favourable trading conditions, although your set up costs and ongoing costs will be higher.

Once you have your name chosen and a state of incorporation decided on you are ready to prepare your incorporation documents. The documents will include:

  • Certificate of Incorporation / Articles of Incorporation
  • Bylaws for your Company
  • Resolutions of the Board of Directors
  • Stockholder Resolutions
  • Stock Ledger
  • Stock Certificates

With the introduction of the latest Corporation Act, the incorporation process has become less complex, and as such there are now many companies on the internet who will assist you to incorporate, and with simple incorporations being performed online. It is always advisable to seek professional legal and taxation advice though in advance of incorporation.

Once the certificate of incorporation and associated documents are filed with the secretary of state in your chosen state of incorporation your corporation becomes official.


Report A Business Insurance Claim

To Whom Should You Report

When you have gathered all aforementioned information, contact either the local office from where you bought the policy or email to the insurance company to report a business insurance claim. It is then the responsibility of the insurance company to call you back. Once the company has acknowledged the claim you can always contact them on the number written on the acknowledgement.

Reporting to Police and Other Related Institutes

If you want to report a business insurance claim regarding theft, personal injury, loss of personal possessions or malicious damage, you need to report it to police. Do not forget to note down the incident reference number, as the insurance company will require it when you report a business insurance claim. You should also call the police if the person whose property is damaged by you is not available. If the incident involves loss of credit cards, then you should report to the credit card company also. Similarly, if a third person is involved in the incident, get his name, address and other contact details. You should also give your contact details to that person. If any witness was there, get his or her details also.

Rest Assured after Reporting

Once you completed all formalities to report a business insurance claim, ball is now in the court of insurance company. It will make arrangements for any kind of emergency repairs immediately. You will get written acknowledgement. It is now the responsibility of the company to ask you if any more information is required. Insurance companies try to reimburse claim amounts quickly and in a fair manner. However, in complicated cases there may be some delay.


Seller Financing

Seller financing is a loan provided by the current owner of a business to the new owner of said business.

Buyers negotiate seller financing for a number of reasons. First, they may be unable to afford the business at the full asking price. Second, the business transaction, as is, will not qualify for a traditional loan. Finally, there may be a level of uncertainty that the business will continue to be successful without the previous owner at its helm. So an owner’s willingness to finance a portion of the sale often gives that business an edge over the competition, by removing some of the buyer’s uncertainty.

It is important for a seller financed transaction to be handled by professionals who can offer advice and construct documents that protect both the buyer’s and seller’s interests. Typically, a promissory note is drawn up that illustrates the details of the agreement. This note includes the recourse that the seller can take if a buyer defaults on the note. In the sale of a small business, the most likely scenario is that the seller would have the right to take their previously owned business back into their possession. Additional recourse avenues could be using the assets of the business as collateral or using a personal guarantee from the buyer. Utilizing a professional advisor to construct the terms of the promissory note will ensure that recourse actions are well structured.

The terms of the note are constructed in order to give the buyer adequate time to repay the note. Payments must be in an amount that the buyer can afford from the business income while continuing to run the business at an optimal level. The last thing either party wants is for the loan terms to constrict the buyer and eventually put them out of business. For this reason, the term length of seller financing varies depending on factors including: size of the loan, revenue of the business and the capital investment of the buyer. The interest rate charged on a seller financing note is typically in line with current banking rates.