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HERE IS HOW YOU BUILD WEALTH
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4 Rules For New Entrepreneurs – Practical Tips For Starting Right
It’s a great time to be an entrepreneur—in the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly.
You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.
Product, sourcing, ebay, ecommerce, dropship, ebiz, entrepreneur, blog
It’s a great time to be an entrepreneur—in the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution.
As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.
But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. START A BUSIINESS AND BECOME WEALTHY
Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:
1.Don’t Quit Your Day Job.
Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income.
It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.
2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need—something a specific group of people want, but can’t get at the big chain stores—and fill it.
Advises Lesonsky, “You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.”
3.Have an Online Presence.
Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions.
It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.
4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it.BECOMING RICH START WITH EARNING ADDITINAL INCOME
And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, “Arm yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing wrong in failure—just don’t repeat the same mistake!”
12 Reasons To Use A Franchise Consultant
A potential business owner that has an interest in purchasing and running a franchise would benefit from the services of a franchise consultant. A franchise consultant can provide expertise and guidance throughout the entire process.
Franchise Consultant
A potential business owner that has an interest in purchasing and running a franchise would benefit from the services of a franchise consultant. A franchise consultant can provide expertise and guidance throughout the entire process. Listed below are 12 reasons that it is advantageous to use this service.
1. The service is free to the franchisee, with the franchiser covering the consulting fees.
2. The service is personal and confidential.
3. The consultant guides the potential franchisee through the entire process of deciding whether to become a franchisee, and how to go about it.
4. A detailed profile including an evaluation of the potential owner’s experience, interests, and goals is complied in order to match the new franchisee with the most suitable opportunity.
5. Education is provided on the various types of ownership and investment options.
6. Investigation into the most suitable opportunities that are available is done by the consultant.
7. Initiation of contact with company representatives is part of the service.
8. The consultant helps to verify each company’s success and track record.
9. The potential business owner saves time and money by having the experts perform research on various opportunities.
10. The consultant acts as the one-stop shop, answering questions and referring the potential owner to other resources as necessary, such as financial or legal advisors.
11. The consultant works with all types of franchises, including full-time, part-time, new units, and re-sale franchises.
12. Complications and confusion are virtually eliminated by having an expert perform these services.
Overall, a franchise consultant will help you determine if franchising is right for you and if so, what type of franchise opportunities you are most likely to succeed in.10 Tips for a Successful Entrepreneurial Pitch
TJ Walker gives you tips for having a successful entrepreneurial pitch.
speaking, speech, presentation, media, training, pitch, power
point
One of the hardest presentations to make is the entrepreneurial pitch. You have a great idea for a business and you want someone to give you money to make it happen.
The problem is those venture capitalists, angel investors, and even rich uncles are heavily predisposed against you. Why? Because 99% of the pitches they hear sound like sure-fire prescriptions to lose money!
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If you are pitching investors to give you money for a new venture, you should subscribe to the following rules:
1. Explain exactly what your business is within the first thirty seconds. Many entrepreneurs waste valuable time giving loads of data, background and other info—all the while investors are left scratching their heads thinking “What does this business actually DO?”
2. Tell your audience who your customers will be. Paint a vivid, specific picture of these people.
3. Explain why your customers going to give you their hard-earned money.
4. Explain who your competitors are. (And if you say you have no competitors, that is a certain sign you are unsophisticated and deserve no investment money!)
5. Explain why you are the ONE to make this happen.
6. Give your presentation with confidence and enthusiasm. Investors want a founder/CEO to be a chief salesperson; they want to see that you can convince the world of your dream—not just them.
7. Explain what star you can hitch a ride to. Has Best Buy or Radio Shack agreed to distribute your new product? Investors feel much more comfortable knowing you have an established player willing to distribute your wares.
8. Ask for a specific amount of money. If all you do is ask for money, then you can’t complain if an investor gives you $3.25 for a cup of Starbucks coffee.
9. Tell prospects exactly what you are going to spend the money on (hint:a trip to Maui for you and your friends will not impress)
10. Dress well, act confident, and put on the air that you don’t really need their money, but would be willing to accept it if they bring enough to the table to be a strategic partner for you.
Sad but true regarding human nature, but people are much more likely to give you money if they feel you don’t really need it.
Finally, make each pitch presentation serve as a focus group for your next presentation.
When one group of investors asks you a series of questions after you pitch, write down all of those questions and make sure most of them are answered in your next pitch so that the next group doesn’t have to ask them.
eep pitching and keep improving your pitch and eventually, you may get funded.
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5 Good Reasons a Self-Employed Professional Should Take Vacation
So you think you’re not justified in taking time away from your business because you’re self-employed? Here are five great reasons why you should definitely take a vacation.
business, self-employment, vacation, peace of mind, good business management
So you think you’re not justified in taking time away from your business because you’re self-employed? Here are five great reasons why you should definitely take a vacation:
1. Physical down time
You work hard to grow and maintain your business. Trying to be superhuman will certainly take its toll if you allow it
to. Give your body a break by taking in some R&R.
2. Mental down time
Your days are filled with busy, sometimes even hectic, day-to-day activities related to your business.
If you don’t allow yourself to get away from it once in a while, your peace of mind and general well-being will most definitely suffer. Get out and play. Your mind will thank you!
3. Spend time with loved ones
Your family and friends see you working, working, working, sometimes rarely coming up for air. Both you and they will appreciate spending some quality time together.
4. See the world (or your own back yard)
The important thing is to do something you enjoy, whether it’s traveling or, if that’s not your cup of tea or you don’t have the budget for it, spend time at home.
If you also work out of your home, this could be challenging. The key is to stay out of your office during your
vacation time. Try getting creative with this. Make your office “off limits” by closing the door and placing a sign on it. Do whatever it takes to keep your mind off working.
How about a hobby or a day trip to the beach? Think of what you can do within your budget that’s fun. Or do nothing at all!
5. You have a life
Although this one is a no-brainer, it surprises me how many small business owners don’t feel as if they deserve time
off. There is too much to do, and not enough hours in the day to get it all done. Well, I’ve got news for you.
It’s always going to feel that way! Only you have the power to allow yourself time off. Even if you prefer only to take a day here and a day there instead of a week-long (or longer) vacation each year, that’s a whole lot better than never taking time off.
Trust me, you’ll feel better about yourself and your work if you take regular vacation time. You’ll be healthier, too