Friday, May 24, 2013
Monday, May 20, 2013
When first starting your own business it is best to start slow, don’t quit your day job. Most entrepreneurs don’t have an excess of capital to fund their ventures and the luxury to forgo a secured income. Many people have the vision that they want to entrepreneur but have no idea of what kind of business to start. This is oaky. There are actions one can take already and start planning for the future. There are some skills an entrepreneur can begin to build while they plan their first venture.
Essential Skills of Entrepreneurs
1. Learn to talk money and control cash flow
If you are many people I know personal finances were typically a taboo subject. Investments, savings and business ventures are not common subjects in most households. In the world of entrepreneurship money will come up in everyday conversation. Discussing finances with advisers and accountants will come foreign to many people. Openness of finances will become an everyday thing. Second an entrepreneur will want to learn the lingo. Finance comes with its own in depth terminology. You need to learn how to communicate with financial advisors, accounts and negotiate with banks. Third is control over cash flow. This is hard for many households with easy accessibility of credit these days. If a person can’t control their personal savings and expenses why will it be any different in business? Sit down and plan out a budget and stick with it. Businesses are all about cash flow.
2. Learn to sell
“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner,” (Kiyosaki, 2000). Sales is more than just convincing someone to buy a product. Have you ever wondered why some people get what they want all the time? Most of these people have good sales skills whether they own it or not because life is sales. They get the best jobs, have the most friends, have the best dates, marry the best spouse and get the best deals. This is because they ask for what they want and portray confidence. Due to contrary believe sales is a skill that can be taught and is not a natural gift. Think about it, everything in business is sales whether communicating objectives to employees, negotiating with clients, service providers or soliciting new clients. The best way to learn sales skills is to read books, attend seminars and get a part-time job in sales or with a network marketing company.
3. Learn to manage your time
Time is a non-renewable resource and must be spent in the most efficient possible way. There are more distractions in life than ever before with television, social media and the internet in general. It is all too easy to procrastinate or become distracted and not get things done. Starting a business is time consuming and even more so if you have a full time job and family on top of that. Planning out one’s day becomes essential to complete tasks and stay focused. Time spent planning saves time in execution. Also as a business grows in size and becomes more successful more items will require the owner’s attention. For success items of importance must be prioritized to be completed first and leisure activities will be pushed aside for the time being. Being good at time management requires a great deal of self-discipline.
4. Learn to take criticism and be resilient
The most successful entrepreneurs are persistent and never take things personally. Business is about sharing your ideas, goals and vision many people will not be receptive. People will criticize and scrutinize you. Some will be invalid comments and must be taken with a grain of salt and others will be valid feedback in which to learn form then act on. Rejection is a huge part of business. Whether it’s a new client you’re trying to land or a rejected loan application road blocks and detours will be plentiful. Keeping pushing forward and stay positive, luck comes to people doing the right things already like working hard and exploring new opportunities after one flew through.
5. Find a mentor
The fastest and easiest way to become successful at something is to find someone who already is and learn from them. All entrepreneurs start at the same place with an idea of business and start slowly taking it step by step nothing happens overnight. You will be surprised how helpful other business professional will be. Quite often they were in your shoes many years ago. So once they have made it they really enjoy watching younger and inexperienced entrepreneurs process. Finding a mentor is a lot like dating. You wouldn’t ask someone you have been dating for a week to marry you. The same holds true for mentors. You can’t call people up from the phone book and ask them to mentor you it just doesn’t work. You will first have to learn the people in your particular industry of interest hangout and then go there and meet people. Slowly build a personal relationship and if they like you they will be more than willing to help you. Also find a way you can be of value to them and then help them out form and they will surely return the favor.
I hope if you are an entrepreneur or are thinking of taking action this helps you out. Please feel free to leave a comment and share you feed back.
Sunday, May 19, 2013
I am a finance student at Sheridan College. I have aspirations of being a professional commodity and stock trader. One thing a lot of people don’t know about me is that I trade binary options, which are derivatives of stocks. This has being quite a process to learn and has become a dream vocation of mine. One of the other businesses I did for a while was buying cars at auctions then flipping them for a profit. I would like to share with you the basic entrepreneurial skills I learned and would like to hear your feedback.
Becoming an entrepreneur can be one of the most rewarding career choices. It can also be one of the most frustrating and stressful undertakings. In the modern businesses world one in ten new businesses fail within the first ten years. A very staggering statistic to would be business owners. Many business owners pack it in after five years or so of long hours and low pay. For many new business owners they don’t process the skills to build a successful business. Having a great business idea is only half of the battle. The actual building and running of the business can be a tremendous endeavor. In the early stages the entrepreneur will be the accountant, finance professional, marketing department and as the company grows will take on a human resources role. This takes a person not too specialized instead of knowing a lot about one subject knowing a little about a lot of subjects.
Robert Kiyosaki mentions “an entrepreneur must focus on the whole business, the 8 integrities, not just their specialty. The word integrity by definition means whole and complete.” The 8 integrities of business are product, legal, systems, communications, cash flow, mission, leadership and team. These are a lot of areas for one person to manage in the beginning. Having general knowledge across all these areas will give some entrepreneurs an edge over the competition. A trait of a successful entrepreneur is they become a lifelong learner of business. While Donald Trump moved from real estate to devolving golf courses he became an expert in ecosystems. Devolving a pristine golf course while not disturbing the ecosystem became a big focus.
The best way to gain knowledge and business know how is to run a business first hand. "Can you really explain to a fish what it's like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value” Warren Buffet. Many people are so scarred to fail that they never try. Failure is essential to success because it weeds out the weak of heart and makes wisdom form dedication. The best lessons in business come from mistakes and failures. Many times entrepreneurs will simple give up before every becoming successful. So never sell yourself short and with hard work, dedication and a little luck you’ll get to where you want.