Month: December 2019

Challenges for a Startup Entrepreneur to Overcome

December 30, 2019
Personal Business

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 … Read the rest

Pleasure of Possessing Personal Business

December 27, 2019
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 … Read the rest

Reimagine the Purpose of Business

December 26, 2019
Personal 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

… Read the rest

About Entrepreneurship Misconceptions

December 24, 2019
Personal Business

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 … Read the rest

About Innovative Investing Ideas

December 23, 2019
Business

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 … Read the rest

Entrepreneurs Struggle

December 21, 2019
Personal Business

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
… Read the rest

Benefit Home Based Business

December 21, 2019
Personal 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 … Read the rest

Become Incorporated

December 19, 2019
Business

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 … Read the rest

Report A Business Insurance Claim

December 17, 2019
Business

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.… Read the rest

Seller Financing

December 13, 2019
Business

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 … Read the rest