Why Do Entrepreneurs Need Professional Advice
Professional advice from a business counsellor or business advisor helps you as the entrepreneur deal with the formalities of establishing what legal form your business should take, drawing up your accounts, dealing with the relevant authorities about taxes, insurance issues and industrial related issues. Several service providers offer advice on many issues.
Small businesses usually fail because of poor management. It is the role of service providers to improve the quality of Small Medium Entrepreneurs (SMEs) management through the provision of training and advice. Accredited service providers should be capable of delivering the required quality of support services to business in a practical and timely manner. Accredited service providers obviously charge for their services, so it is worthwhile being prepared for any meetings, so that you can make the most of the time you spend with them. Take the time to talk to professionals before you start your business.
A professional advisor (accredited service provider) will be able to advise on how to retain receipts for all your business expenses. This person should be able to advise you on what your liabilities are and will help you establish the most appropriate bookkeeping system for your business.
Starting your own business and becoming self employed will mean you have to deal with issues like tax, industrial relations, provident funds, which are all responsibilities that were taken care of while you were working for someone else. If problems arise, they will land on your desk and sorting them out will not be easy. Seeking advice from professionals at an early stage in your plans, and ensuring your business operates with their continuous support will be of real benefit to you and your business.
The relevant government official departments can answer any general enquiries you may have. They publish leaflets that explain what your obligations are. But they cannot give you comprehensive information on available business opportunities, they also cannot refine your business idea and they cannot provide you with training, counselling and marketing support.
These professionals may also help an entrepreneur with helpful networks; also share with him or her upcoming business opportunities. In addition, professionals help an entrepreneur by also managing his/ her resources and also applying strict financial discipline. This can only be possible if the entrepreneur has signed a management contract with the service provider.
Other services that Service Providers should provide
(a) Researching new markets
(b) Developing products
(c) Business opportunities
(d) Finding customers
(e) Testing the feasibility of a business idea
(f) Testing the viability of the business idea
So as an entrepreneur you definitely need some good advice for your business. You can get so much possible opportunities and advice above your imagination.
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How to Effectively Set Goals
1. SPECIFIC Goals have to be specific if they are to be effective. Your goal has to be described with as much detail as possible. You have to be specific or your goal may be accomplished! What I mean by this is that you may be in danger of accomplishing a vague goal. For example, if your goal is to make more money next year, your goal will be accomplished if you make $.01 more than you made last year. Making one penny more than last year is not what you had in mind, however, a vague goal like “I want to make more money” is dangerous because it can be accomplished!
2. MEASURABLE Describe each goal in terms that can be evaluated. Make sure you can measure you goal. In other words, you have to be able to gauge your goals against some constant. Measuring your goals is an important step effective goal setting.
3. CHALLENGING The goal must require energy and discipline to accomplish. If you set your goals to low, there is nothing to accomplish. For example, setting the goal “I want to go outside today” requires little to no energy or discipline to accomplish. Due to this fact, your subconscious mind will not receive any training from this “goal.”
4. REALISTIC Your goals must be capable of achievement. Setting unrealistic goals provides no benefits for yourself or your mind.
5. TIMING You must set a specific time reference for completion of your goals. Setting a time frame creates a sense of urgency in your mind. This in turn will help drive and motivate you to accomplish your goals. If you have a long-term goal, creating interim goals along the way will help preserve the sense of urgency.
6. WRITTEN Your goals must be written down. Writing down your goals creates a sense of commitment in your mind. Commitment means that you will stick with your goals and thus have a better chance of accomplishment.
REMEMBER: Writing down specific, measurable, challenging, realistic, and timed goals is only the first step!
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The Evolution of the Entrepreneur
Many people discuss real estate, banking/financial institutions, and other common investments that are know to most entrepreneurs. However, because we are new entrepreneurs, we need to create NEW investments!
Many investors invest money and time into a project. When one buys a piece of real estate, one spends his/her time evaluating the property, discussing and negotiating terms, and preparing and signing contracts. After all of that time is invested, money now has to be invested to conclude the deal. These two elements are very common in the entrepreneurial world. Time and money; time and money; time and money! This is all entrepreneurs hear! “You have to invest a lot of time and money to make this business work!” I do not entirely agree with that common statement, but there is some truth to it. The point is, we as new entrepreneurs need to (at the risk of promoting a clich?) THINK OUTSIDE THE BOX.
You may be asking, “WHATS THE POINT? GET TO THE POINT!!” The point, my fellow business community members, is that if you/me/us/we ONLY invest time and money into a project, we are extremely limited in our choice of investment. The entire premise of being an entrepreneur is that we do not fall in line; we do not conform to the conventional; and we break boundaries and borders in order to pioneer an idea, product, or state of mind!
Keeping that in mind, many people are interested in the “entertainment arts.” In other words, many new entrepreneurs are interested in the music and acting industries. This is a GREAT road to travel! I respect and congratulate any person who wants to invest in these types of projects, not only as silent or active partner, but as the actual talent; the actual musician or actor/actress. However, I do NOT want to mislead. Entrepreneurs that have picked this road have a very hard and bumpy expedition in front of them, but, like any risky investment, the payoff can be HUGE!
Now, let’s tie these two points together. People who wish to undertake this type of venture need to invest more than just the traditional time and money! Do not be afraid! This additional commitment is what makes being a new entrepreneur lots of fun!
In addition to time and money, one has to invest two other things. First, one has to invest his/her TALENT. If you wish to pursue a music or acting career, your talent is your biggest asset! Whereas you capital may help you invest in a real estate project, your musical or acting abilities are your capital in the “entertainment arts.” Second, one must be willing to invest his/her HEART! That may sound “cheesy,” but truer words have never been spoken. Unlike a traditional investment, like real estate, emotional attachment to the project is a must! If you do not believe me, ask yourself this question, “do you really expect people to buy, watch, or listen to your music/movie/stage performance if no feeling is involved?” The correct answer is NO! Truthfully, how many people do you know listen to music they like or watch a movie they like without getting emotionally involved. THE ANSWER, ZERO! Everybody who likes the artist they are watching or listening to creates an emotional response from each person. Whether that response is sadness, happiness, thrill, excitement, mellowness, calmness, and/or motivation, to name a few; the point is an emotional response is created, and therefore, fans are created! NO FANS, NO MONEY, bottom line!
Besides investing your time, money, talent, and heart, you must act as an entrepreneur in this business to remain successful. If you are the artist, always remember that no matter how big the paycheck, your art is still a JOB! If you stop singing or acting, the money stops coming. Although it is true that royalties may trickle in from time to time, the “main money” is gone if you stop. We have all seen how people can make millions on one job, and be broke in just a few years. Is this how you want to live? How would you like to be a millionaire that IS WORRIED whether or not he/she will be broke next month?! The whole point of wealth is that one does not have to worry about money!
If you are an artist you also have to be an entrepreneur. When you first start out in the business, people may try to take advantage of you. Watch out for these people, because there will be more than you think. Does this mean that all agents and/or managers will try to take advantage of you? Of course not, but you do have to create income through more than just your talent. Think of yourself as a professional athlete without a contract. When a pro athlete gets injured, in most sports, he/she gets paid even if injured. The same is NOT true in your business! If you do not make a record, movie, etc., you do not get paid!
Making it “big” should be your first concern, but when money starts coming in, DO NOT ASSUME that it will continue forever. Many big musicians and actors spin their fame into clothing products, perfumes/colognes, and restaurants. Investments of that magnitude may be further in the future, but “chance favors the well-prepared mind!” You do not have to be a millionaire to invest in real estate, an internet business, or a magazine; just to name a few ideas.
Musicians and actors/actress need to be entrepreneurs their whole career. The best way to avoid risk is to diversify. If you do not make a record, movie, etc. this year, wouldn’t it be nice to know that your magazine endorsement and your real estate investments are going to pay your bills for the next three years?
A few of the above written paragraphs may sound cynical, but for those of you new entrepreneurs that chose this path, you have a long, hard journey ahead and “sugar-coating” it will make it harder. If you go into this investment project with the mindset of an entrepreneur and the talent of an artist, you will do fine!
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Difference Between The Rich and Everyone Else
It’s common understanding that only 3 of the people are living slightly higher than paycheck to paycheck or even worse. So what is the difference between the 3 of the people?
Most of the 3 make decisions that the 97 of people never make the decision to truly go after their dreams. Often times, when they do make the decision to go after their dreams, they quickly become frozen with fear, don’t do anything with their decision and then use the excuse, “that doesn’t work” for the rest of their life.
If you have a burning desire within you to live a better life and get better results, then it is vitally important that you begin to make decisions that will bring you better results. Once you’ve made the decision, follow through with it until you have achieved that goal. Make no mistake, there will be challenges and pitfalls, persist through them and the results you will achieve will shock and amaze you.
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Where My Loyalties Lie
?Someone once said that at some point everything must degenerate to work. Entrepreneurs know this better than anyone because if there is one thing entrepreneurs do, it is work.?
In The Guru Guide to Entrepreneurship Joseph and Jimmie Boyett give 5 requirements to becoming a successful entrepreneur. ?Requirement # 4: Sacrifice Your Personal Life.? Degenerate is an interesting, awful word to choose when describing the progression of your life. How discouraging.
I know that rigorous, time consuming work is absolutely necessary to achieve goals, especially as an entrepreneur! Oftentimes, all you have is yourself and your idea. If something is going to happen, you have to make it happen. This requires the sacrifice of pastimes, vacations, and time with the people you love. Entrepreneurship is not a 9-5 job.
However, I do not believe that I have to sacrifice everything to achieve success. Specifically, I?m talking about my family and my religion. These are two aspects of life that oftentimes do not fit into the workday. And I am not willing to sacrifice them.
Here?s the thing, I don?t think the Boyetts are either. As I flipped through their book again, I found a dedication to their grandson, ?the newest branch on our family tree.? I have a feeling that family is a priority to them. I would even venture to guess that they spent a lot of time juggling work and family making sure the appropriate amount of attention is given to both. So what?s all this talk about sacrificing everything? I?m sure there?s a level of moderation there, but their book offers no guidance as to how to figure it out.
In the introduction of Bootstrap Business, Rich Christiansen describes his battle with these same feelings.
?Through the years I have consumed book after book focused on the topic of Entrepreneurship. Many of these works were well-written, satiated my appetite to some degree, and amplified the girth of my knowledge. Yet, as a general rule, most were bulging with theory or focused on high-end businesses with startup budgets over $1MM. Often they sited examples of how Warren Buffet did it, or how Sam Walton built Wal-Mart. Although interesting, for the most part I found them academic, non-practical, and often times discouraging. They portrayed how super-human individuals sacrificed families, personal relationships, and interests in achieving great fame and wealth.
I?ve never had an interest in achieving fame. My approach to building businesses is to do it on a shoestring budget. The wealth part interests me to some degree, but not at the expense of the true riches of life. Over the years I have learned how to navigate the demands of family, trust relationships, personal interests, and religion, and still succeed in business endeavors.?
I?m looking forward to reading more of what Bootstrap Business has to say about this precarious balancing act.
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