Entrepreneur

11

Apr'19

Questions to Ask Before Doing A Start-Up

The twelve questions you must get answers to before doing any start up.

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08

Apr'19

What Should I Do Before Starting a Business?

What are the essential things to do before starting a business? We identify three important components.

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02

Apr'19

Business Plan or Idea?

Which is more important: a great business idea or a super business plan? The answer is clear: this isn't a chicken or egg question … the idea comes first. But it’s just an idea, imperfect, a shiny object, dimly perceived, not fully grasped.

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30

Mar'19

The Art of Making Money

By P.T. Barnam, 1880 Point 1. DON’T MISTAKE YOUR VOCATION 2. SELECT THE RIGHT LOCATION 3. AVOID DEBT 4. PERSEVERE 5. WHATEVER YOU DO, DO IT WITH ALL YOUR MIGHT 6. DEPEND UPON YOUR OWN PERSONAL EXERTIONS 7. USE THE BEST TOOLS 8. DON’T GET ABOVE YOUR BUSINESS 9. LEARN SOMETHING USEFUL 10. LET HOPE PREDOMINATE BUT BE NOT TOO VISIONARY 11. DO NOT SCATTER YOUR POWERS 12. BE SYSTEMATIC 13. READ THE NEWSPAPERS 14. BEWARE OF “OUTSIDE OPERATIONS” 15. DON’T INDORSE WITHOUT SECURITY 16. ADVERTISE YOUR BUSINESS 17. BE POLITE AND KIND TO YOUR CUSTOMERS 18. BE CHARITABLE 19. DON’T BLAB 20. PRESERVE YOUR INTEGRITY Click on each link to see an expanded discussion. Brilliant. True.

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03

Jan'19

The Ten Rules of Entrepreneurship

Want to be a successful entrepreneur? Ten essential things to do in your start up. Ten essential truths that make any business successful.

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27

Nov'18

New business: How do I get Visibility and Customers?

Ah, the proverbial question: how do you get customers. That’s what you want. Visibility, yes, but the only visibility you need is with people that will buy what you have to sell. Any other visibility is a waste of time and effort. In fact, visibility in the wrong venue can backfire: it may alert your competition, or inspire some other business to invade your space. So, you want to target your customers. Not with a shotgun, but with a rifle — send that message to the prospect and get them to buy. Too many entrepreneurs confuse noise with message. Noise is all around, does no good, doesn’t result in anything. Message is distinct, tailored, directed, and designed to emote action. So, how will you send an appropriate message directly to your target market in the most effective, efficient way? First you have to know a lot about your target market(s). You have to understand their demographics and their psychographics. Until you have this information, you are shooting in the dark. Then, you have to figure out how to reach those people directly. There is always a way. You have to understand the pathways of communication. Is it by social media? …

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26

Oct'18

Key Factors for Success of a New Business

What are the key factors for the success of a new business? Everything you learned in Entrepreneur and Fast Magazine is probably wrong. Those magazines are pornography for business starters, and no I don’t mean that they contain images like you’d see on www.tubev.sex it’s just a figure of speech. This is going to be damn hard work. Harder than you figured, by a factor of 5. You can’t go home at 5. Most people just give up, exhausted and spent. Burn-out within 15 months is common. You are going to feel a lot of pain, anxiety, fear, angst and dread. If you can’t deal with it, if you’re not tough enough, it’s all over. Flame out comes sometimes within a year, most often after the 2nd year. You are going to have to plan things out. Which means you better do your research. Most available research is rubbish. You have to dig, hard. The vast majority of business plans aren’t worth the paper they are on. Business starters have to understand the dynamics of their businesses, and the key elements to success. Nothing happens until something is sold. Having the perfect product but no sales is guaranteed failure. You …

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30

Jun'18

Why would anyone take the risk to be an Entrepreneur?

The typical response is that we entrepreneurs don’t think like “normal” people. We have a passion to start something new, make something that is ours, and built it into a successful business. Most of us have a lot of self-confidence and we tend to think outside the conventional box. We ask a lot of “what if” questions. That’s not quite accurate, and only covers a small segment of the entrepreneural population. Some of us just don’t play well with others. We can’t hack it in the corporate rat race. We can’t play the politics and people games necessary to make it in a corporate environment. Some of us want to do what we want to do. We can’t stand being ordered around. We chafe at the corporate lifestyle. We’re people of action, not meetings and we rebel at the typical corporate “defer, deflect, deny and finally defend” mentality. Some of us are in love with our ideas. We see visions and opportunity where “normal” people see risk and heartache. Some of us are un-hirable. We will fail the corporate screening process because we can’t “fit in” to the typical corporate environment. So we are left few other options: take a …

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02

Jun'18

What do I Need to Know about Finance and Accounting for my Startup?

Knowing a number of basic finance and accounting concepts is essential to the success of your startup. At the bare minimum, you need to understand basic bookkeeping and preparation of financial statements, even if you are going to hire an accountant (recommended). You also need to understand the basics of finance and financial markets, as they impact the economy. Without this knowledge of finance and accounting you are running your startup blind. So, as a bare minimum, you need to master a beginning accounting and business finance class at the college level. I would suggest a local community college. You should also take a course in basic taxation, because you need to understand that. To be effective in running a business, you need these skills: (1)basic bookkeeping (2) setting up and monitoring internal controls (3) banking and credit including the way credit works, how to balance your checking account, managing cash (4) payroll, and payroll tax compliance (5) Sales, GST and VAT tax compliance (6) the basics of income tax (7) cost accounting, to the degree necessary to figure out what your product/service costs are, your overhead, and your margin under varying circumstances (8) how to read a financial statement, …

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27

May'18

Should I Go All-In and Invest All my Savings into my Startup?

All in? Invest everything you have into your Start-Up? No reserves except credit cards? Throw caution to the wind, jump onto that boat and make it float? If it springs a leak, use credit (borrowings) to float it for a while, until it finally floats? Eventually, sail off into the sunset with the gentle wind at your back, the beautiful girl at your side. I like the idea. Reality might be something entirely different. Do you have a business plan? Have you thought out what can ( and probably will) go wrong? Have you figured out how your competition succeeds? Have you really done the research to know what your costs and risks are? Remember, you are about to put real money into this… A true story may clarify. I have a good friend who started a business. At first they did very well. He upped the ante and put all his cash into it. Then the recession hit, and he weathered the storm, but incurred over $ 90,000 of credit card debt to keep it afloat. Limped along for several very stressful years. End of the story is he got lucky and found someone to buy the business for …

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