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

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

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

Ownership

• Pros: Pride of ownership, freedom from others control, time invested will show higher return, flexibility to make decisions.
• Cons: You never know when you can invest 40 hours or 80 hours into the business this week. Having to compete with other companies. No guarantee of success.

If partnering just for capital, an entrepreneur may think twice. Partnering mistakes are costly because a partner may not have any expertise for the business or not willing to invest the same amount of time.

Control

When it comes to partnering, a lot of people immediately think about 50/50, so everyone can have equal control. You need to avoid this because “there are too many cooks in the kitchen.” There needs to be a person who can make the last decision. Research shows it is best to go into a partnership of 60/40 or 70/30. Every business needs a person who has an overall control and accountability. This way employees will not be confused in knowing who the boss is.

Personality

• Pros: different and more diverse characters may benefit in various tasks such as finance, people, product, marketing management, etc.
• Cons: Facing the same issues but two people may react in different ways.

This box is a dream killer. It’s an entrepreneur crusher. So, where did this box come from? And how did we get in it? Well, here are my thoughts on what this box is.

It starts when you’re a child. They send you to school to get an education. Don’t get me wrong, I’m all for getting an education. However, one of the dangers about school is how they start putting you into the box. They tell you to get a good education so you can get a good paying job and then, after 20 or 30 years, you can retire and start living the life of luxury. That’s how you become a success in life.

So, we go through Elementary, Middle and High School with a box mentality. And when we go to college, we’re still stuck with the box mentality, right? Then what happens after college? We jump right into the box and get a job.

Well, the job it’s almost like school:

• We get up early and get to work at eight or nine o’clock.
• We get a break at 10:15, and a lunch break, if we’re lucky.
• Then we go home at six o’clock and get

Know what you are going to do to make money

If you are going to be a successful entrepreneur it is important to know how you are going to generate income. Exactly what is your vision for entrepreneurship? Being an entrepreneur is not like having a hobby. You much be able to transform your idea to income.

Don’t be so quick to fire your boss

I know you are probably so excited to transition from employee to entrepreneur that you are ready to turn in your “two weeks” notice and never look back. But is that really the best choice to make? There are many benefits to keeping your job. It is a wise idea to keep your job so that you can have money coming in to pay your bills. If you don’t have money coming in to pay your bills that is going to be very stressful, and it will be challenging for you to unleash creative entrepreneurial ideas with a stressed out mind.

It is also a wise idea to keep your job because you can use money from your job to fund your entrepreneurial vision. You can set aside a portion of your paycheck to buy … Read the rest

Most of us are busy not only within our business, but also have roles in family and community, as well. As our business begins to take off, we have less of the quiet time we need to work “on” the business rather than “in” the business. And, because we expend a high degree of energy, we need respite. In fact, where we get our new ideas and renew our energy is often while we are on retreat.

My formula for fantastic business success is to regularly pull myself away from my business. This stretches me in several ways.

• It forces me to train employees and trust them to run day-to-day operations while I am away.
• It forces me to clear my calendar and budget for personal business retreat time.
• It helps me keep my own ego out of the business and put my attention on the present and future possibilities.
• It forces me to change my daily environment, literally getting a fresh perspective for myself and my business.

In fact, one mark of an entrepreneur who thinks too small is one who insists he cannot get away from his own business. This a sign of overwhelm, fatigue, and over-control. Here … Read the rest

Business coaching ought to have a strategic emphasis. The purpose of personal business coaching is to keep you to account, focus you on your strategy, and provide expert help with strategic decisions.

The main focus should be the overall business system, and whether this system will continue to deliver results in the future. Every part of your business needs attention. It should be managed to ensure that long term goals are prepared and the plans to achieve them are implemented. All the while an eye needs to be kept on cash flow while maintaining your profit. You can see that personal business coaching should ideally be conducted by a person knowledgeable and experienced in business, and your coach ought to adopt the following type of approach:

• A Long Term Perspective (Big Picture View)
• Define and Focus on Key Results (Profit, Sales)
• Regards the business as a system and identify the key components that will deliver results
• Ask whether the system is working and delivering results?

Ensure that the coach demonstrates the skills you will need. A simple presentation of what can be done is not good enough. A personal and business coach should demonstrate that they have the expertise, can … Read the rest

A meta-analysis of extant academic literature suggests income inequality is persistent in both developed and developing nations in spite of demonstrable and significant economic growth. There are many theoretical, structural and empirical reasons for the widening gap between return to capital and labor on one hand, and compensation to management and workers on the other. For example, capital tends to be more productive, more mobile and receive very favorable tax treatment than labor in many jurisdictions.

Further, global competition, innovation, slower productivity growth, and marginal rate of technical substitution may be depressing wages even in developed nations. Moreover, the benefits of globalization continue to accrue more unevenly to highly skilled labor than to low skilled labor. Finally, periods of economic growth tend correlate with increasing income inequality because different economic sectors as well as individuals do not grow at the same pace.

As we have already explained in many publications on this topic, human capital analysis deals with acquired capabilities which are developed through formal and informal education at school and at home, and through on the job training, experience, and mobility and longevity in the labor market. Please note that nations as well as individuals are portfolios of distinctive … Read the rest