Category: Personal Business

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.


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,


Personal Business Planning Tips

Customers and most particularly property owners, business owners, and tenants are at the centre of your business model. Long term customer relationships and referrals will help you grow your market share as an agent.

Given all of these things you really do need a business plan to move ahead as a commercial real estate agent. Without some form of plan you will likely struggle. The plan will help you with focus when it comes to the key issues in your personal business. It will also help you with prospecting and growing market share.

Here are some of the bigger issues to merge into you planning process:

  • Where is your property market? You will need to define exactly where your listings and contacts will come from. It could be a town or a city, but either way you must define it so you know where to prospect on a daily basis.
  • Set some boundaries inside the town or city as your primary focus area. Define a ‘primary location’ that contains enough property owners and properties for you to work on. In most cases that should be 2000 businesses and properties. When you do this you can break the zone up into streets and zones where you can dissect the property ownership and tenant information. That will then help your prospecting activities.
  • Understand what a client looks like to you and the type of business you can get from them. In most cases you should be focusing on property investors, property developers, business owners, tenants, and owner occupiers. When you know what the ideal clients are, you can then find them and set up the required presentations and market information.
  • What will be your property focus? It is an interesting question, but you really should focus on a particular property type and location in your geographical area. From that you can easily understand the factors of property use and occupancy. Prices, rents, lease strategies, and marketing alternatives then take shape and become far more specific; on that basis you are of higher value to the clients that you serve. You are then a specialist.

 


Partnering With Other Entrepreneurs

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.

Partners vision

  • Pros: It is best if having a partner who has the same vision, passion, and goal as yours.
  • Cons: Partners many times see the same product going in two different directions.

A mix of generations

  • Older partner: Lifetime experiences, knowledge, and more flexible work hours but not much energy and might be considering retirement soon.
  • Younger partner: They are savvy with new technologies and full of energy. Eager to work but lack of real-world job experiences or some specific skills needed. Less flexible work hours or not fully committed to the job.

Think long and hard before you invite a partner into your dream!


Time to Live Outside the Box

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 stuck in traffic.

There’s our life, still in the box, still following tasks, still doing what we’re told, so we can get a paycheck and try to simply exist.

So, we build our whole life doing all this stuff so when we retire, we can have an amazing life. But what happens when we retire? Did you know that a lot of people who are retiring die days or weeks later? They did what the box said and now they’re in a box in the ground. Why? Because they let the box destroy their dreams, vision and purpose. They felt they had nothing else to live for and passed on.

Don’t let the box steal your dreams, vision and purpose! It’s time to live life outside the box and fulfill your destiny. What you have to do is get rid of that box mentality and start living your dreams. If you ever want to get outside of the box, the first thing that you’re going to have to do is change your mindset.

It is, arguably, the most important tool that an entrepreneur has at his or her disposal. That’s because no matter what kind of business you’re trying to run or kind of entrepreneurial venture you’re attempting, your success, whether inside or outside of the box, has everything to do with your own positive attitude.

  • Many people inside the box aren’t even aware that they have a negative attitude. Many people have negative self-talk going on, down deep where no one else sees, but to the world they put on a positive face.
  • Only you can decide if you need to work on your mindset before reaching your dreams.
  • To live outside the box, you must destroy the negative image you have about yourself and process the effects of toxic experiences in a positive way.

When trying to achieve life goals, your positive, determined mindset will keep you focused on your dreams and purpose – no matter how hard the trial is.

There’s a lot you can learn while being inside the box. However, it is vitally important to remember this key point: never let the box steal your dreams! Change your mindset because a positive mindset is the most important tool that you have at your disposal. If you want to be a successful entrepreneur, then it’s time to live outside the box.


Keys to Achieving Entrepreneurial Success

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 things you need to launch and grow your business. It can be more beneficial for you to wait to leave your job after your business has grown and you are financially secure.

Don’t give up

Being an entrepreneur is not easy and success probably won’t happen overnight. So you must be driven and have determination. Honestly, there may even be some times when you want to give up but you can’t. Have a plan for business success and keep taking action. Back your action with faith and expect amazing things to happen.


Plan a Personal Business Retreat

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 are five tips for how to do quarterly business retreats that will refuel you and your business.

  • Decide what is really nurturing for you, and select accordingly. Your body and spirit may need anything from physical exertion to sunshine.
  • Stay within your budget. Retreat centers range from free (monasteries) to the ultimate luxurious destination. Don’t stress yourself more by going into debt.
  • Plan far ahead. Clear your calendar 3 to 4 months ahead of time. This gives you plenty of time to make travel arrangements and a bit of time put away some money. It also gives you something to look forward to, a time you know you’ll rest.
  • Put away the guilty feelings. It is a gift to others to model self-care and nurturing to those you care for.
  • Enter and come back lightly. Schedule a lighter day before you go and when you come back. You’ll reap more benefits if you are not pressed to the last minute before you leave, and have a day to acclimate when you return.

Think about your work style and take what you need with you. A few pads of paper, pencils or pens, a computer, a list of ideas you’ve had and need to assess, a list of problem areas you need to think clearly about should all be in your briefcase. Because I work on computer, I will only go places where I can get Internet access. Which, these days, is just about anywhere!

Make your retreat a combination of rest, daydreaming, good food, activity, and work time. Your mind will clear and you will gain instant focus on things that have been bugging you as your mind, body, emotions, and spirit relax and renew. Things that seem truly frustrating and unending will suddenly become clear. You’ll find yourself making decisions you’ve wallowed on about and wondering why you thought it was so hard!

I recommend quarterly retreats, a week at a time. At the least, get away for 4 days. Stay away from e-mail and the phone as much as you can, and at the most once a day. Take a break from social media, too. Your business issues will lessen and juicy new possibilities will flow. You’ll get back home enthused and renewed, and that alone boosts your business success.


Choosing Personal Business Coach

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 apply this to your benefit, and so that it suits your own style, preferences and needs. Your coach should also focus on your life – how you will achieve success. Focusing only on business and neglecting ‘touchy-feely’ stuff like your dreams may leave important stones unturned. The following are some of the points you should expect your personal business coach to focus on:

  • Reflection and balance in the goal you set
  • Gaining clear purpose and formulating goals
  • Ask “What is working and what is not working?”, “What will work better?” This is better than following only cookie-cutter recipes for business planning. You want reflection and original thinking.
  • Your well-being (positive emotion, engagement, relationships, meaning and achievement)

Life is about more than business. It is about getting what you really want. Ask what will give you greater well-being. Imagine how different your life could be if you manage yourself each day to do what matters most to you. A personal business coach should focus on business goals such as sales and profit, but also on goals that enrich your life.

Lastly, everything is negotiable. This may not go for special offers and radical discounts, so trying to negotiate a lower amount when the deal is already a good one may not be the way to go. It is reasonable to want to check things out first, and pay no upfront fees until you are sure the personal business coach is the one you want. Try to get a monthly fee with no upfront payments. That way you can stop the coaching with only a relatively small amount at risk.


Entrepreneurial Capitalism

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 competencies that derive from resources and capabilities. Many nations in the developing nations have plenty of resources but lack capabilities-the ability to put them to productive uses.

Clearly, mere possession of resources alone is a necessary but not a sufficient condition for economic development. Functional human capital that manifests in enhanced productivity and innovation is the critical and strategic link between resources and economic development. A preliminary analysis of macroeconomic data indicates that the problem of economic stagnation is not peculiar to developing nations nor confined there. Indeed, for many years in developing nations such as Nigeria, significant percentage of all graduates from institutions of higher learning are underemployed, have contract jobs with no employment benefits or no jobs at all even after the National Service and certification.

Many labor market experts and social observers are apt to point to the glaring lack of requisite knowledge and employable skills in high demand. While this may be true, lack of functional education that leads to employment is only part of the problem. There is significant and gathering empirical evidence suggesting that many of the employed university graduates in Nigeria go without pay or regular compensation for extended periods of time and still others are on contract employment with meager income and no employment benefits or guaranteed ongoing employment.

Before you postulate that skills acquisition is neither a panacea nor the fastest way to employment, please note that employable knowledge and skills are necessary but not sufficient condition for social mobility. This explains in part why many graduates from Colleges of Education and Technical Colleges in very high demand in tightening labor markets do not fare significantly better than those from Liberal Arts or even Business and Engineering Schools.

Therefore, the purpose of Skills Acquisition projects adopted by the Okwelle Skills Acquisition Center (OSAC) is to help graduates and entrepreneurs take effective steps toward functional education, knowledge and skills acquisition, self-employment, self-reliance and financial independence. As sure paths to the middle class and upward social mobility, any knowledge and skills acquisition project must focus on producing entrepreneurs-a crop of graduates with burning desire for self-employment, self-reliance and financial independence. The graduates must not only have requisite knowledge and skills of their specific trade but must be entrepreneurs who are business savvy with demonstrable grasp of business management knowledge and skills. Please note that all entrepreneurs are business owners but not all business owners are entrepreneurs.

Entrepreneurs are special breed of business owners that assume every risk in pursuit of profit and financial freedom. Without the entrepreneurial class other factors of production-land, labor and capital including technology remain dormant and are classified in our profession-financial engineering as non-performing assets. As some experts aptly put it, once you decide to work for yourself you never go back working for someone else. Generally, people do not plan to fail, they simply fail to plan. Additionally, freedom whether spiritual, economic or political is indivisible and must be pursued relentlessly. The passionate drive toward financial freedom is the critical difference that sets entrepreneurs apart.