Are You Putting Out Fires or Growing Your Company?

As your startup grows the business challenges (i.e., the fires) you face will grow two-fold.

Your daily to-do list can be determined by the newest fire, the fastest growing one, or the blazing fire you simply can’t seem to put out. This is make or break time – are you simple putting out fires or are you going to get focused and grow your business?

The good news is that every challenge you face is another way to learn. But, the way you solve it can also have a long-term impact on your business (no pressure). There’s a very important question you need to ask yourself before you jump into firefighting mode:

What is the actual problem I’m trying to solve?

Stop, Drop and Problem Solve

This sounds simple, however sometimes you may be moving so quickly that you’re at risk of making changes for the sake of change. Remembering to stop and truly identify the underlying issue will enable you to stay focused and create a powerful solution that will last.

Here’s an example, and it’s one that you may have already faced: Let’s say you’re receiving complaints about customer service, especially when a customer is upset about their ordering experience. This frustrates you to no end because you built this business by always taking care of the customer and making sure they had a smile on their face—no matter what.

The correct firefighting solution is this: Identify specific customer service reps who are tied to the issues and provide refresher customer service training on how to handle complaints.

The powerful, lasting solution comes next. Once you look back at how you handled customer complaints you realize that you spent your entire day interacting with customers and never “bottled” your approach.

After reviewing your customer service training materials, you recognize they walk employees through handling a complaint in a generic manner. There is none of your passion and commitment to taking care of the customer regardless of what the issue such as listening, not being defensive and most importantly, not taking it personally.

So, now what?

You can now create new, simple training methods that begin with your company’s customer service mantra: Listen. Empathize. Do Whatever It Takes To Make It Right. You have everyone in the company take part in this training, including you, so your staff knows that it starts at the top. This mantra then becomes an integral part of every employee’s onboarding, regardless of their role.

Putting Out Business Fires, Permanently

This question, “What is the actual problem we are trying to solve?,” can be asked for nearly any business challenge you face and it can be modified based for the matter at hand. Beyond solving problems, it can also help you frame areas for growth. In some cases you’ll need to ask yourself, “What is the true opportunity ahead of me?” It will make you think big . . . maybe even bigger.

The key when going through this exercise is to peel back the layers and look beyond the surface. Don’t be fooled, this is definitely not the easy solution. It’s the one that budding entrepreneurs follow if they want to evolve from volunteer firefighter to a great business leader.

Source: http://yfsmagazine.com/2014/10/14/are-you-putting-out-fires-or-growing-your-company

5 Ways to Run Meetings Like a BOSS!

The worst thing happened to me on Monday mornings. I hesitantly opened my inbox and there it was, staring back at me:

“Calendar Invite: 9:30 to 11:00am – Weekly Priorities Meeting”

Fuck. I knew what this meant. An hour and a half meeting to “talk” about things we needed to focus on for the week. Sound like a good idea right?

It was. Just not how it was done.

Not only was all my energy drained after that meeting, but I had very little willpower to do work. What began as un update meeting turned into a strategy session on how to tackle  different situations people were in. No bueno.

So how do you run short, efficient meetings that leave your crew ready to fight? Here are 5 ways to run meetings like a boss!!

1. Always have an agenda!

This should go without saying. You need a framework for your discussion. Without one, meetings can easily turn into aimless social gatherings rather than productive working sessions. You can also allot time for each agenda item to effectively use the time you do have. Most importantly, be respectful of everyone’s time…everyone has their own shit to do too.

2.  Decisions should never wait for a meeting

Sure decisions can be made at meetings, but waiting for a meeting to make a decision can be deadly. The velocity of your company slows to its meeting schedule. If something needs to get done that needs a meeting, hold the meeting ASAP!!

3. Everyone should have concrete next steps or action items

Apple drives accountability at meetings by having a Directly Responsible Individual (DRI) whose in charge of any given action or task that needs to be done. With every task matched to a person, there will be significantly less confusion about who is getting what done.

4. Invite only the people needed

Invite people only involved with the content of the meeting. The marketing person doesn’t need to to be apart of a meeting on business operations, unless specifically requested. Less people = less time.

5. Know when to have stand up meetings vs sit down meetings

Stand up meetings are great for quick communication-based meetings. For example, at the beginning of each day, it’s good to have a quick 10 min stand up meeting that ONLY communicates what everyone is focused on for that day. If an idea or suggestion comes up, it should be tables for a later discussion. This remedies the “lack of communication” excuse for problems.

Sit-down ‘solution’ based meetings are used to discuss specific topics that need more thought. Even those these take longer, these should have a specified end time and decision on how to proceed.

Source: http://www.thephatstartup.com/2014/09/10/5-ways-to-run-meetings-like-a-boss

5 things you MUST do to start your own business

Trying to start your own business can be exciting, but it’s also really scary. It’s a whole bunch of mixed emotions and sometimes those emotions can be so overwhelming that you never even start!

We have dreams when we’re young and as we get older, those dreams change. We start out wanting to take on the world.

Singers, actors, astronauts and doctors, soon become public servants, office workers and tradesman.

While there’s certainly nobility in ANY workplace, the question remains, when did our dreams change?

For some, the dreams is simply to start your own business, but at some point in time, you deviate from this plan.Maybe it was the risk involved, or your circumstances changed. Or maybe you’re thinking about starting a business but haven’t really pushed yourself over the edge yet?

Well starting a business isn’t hard and doesn’t have to be any more complicated than you make it out to be.

Here’s 5  simple things that might give you enough push to start your own business.

1. Follow your dreams

If there’s one thing that’s guaranteed for an entrepreneur, it’s failure. But with failure, comes strength and knowledge.

It takes failure to reach success, because of the many lessons you’ll learn along the way, but unfortunately we’re not built to accept failure easily.

It’s not easy to get back on the horse after you’ve fallen off. In fact it’s very tough! Entrepreneurial spirit is strongest now than it ever has been, but many dreams are never realised because we aren’t confident of our own abilities.

Trying to start your own business can be overwhelming but there’s always someone who can talk you through the obstacles and challenges you might face.

- Friends

- Family

- Networking events

- Mentors

The obvious key to starting a business is to simply start. And if you don’t know where to begin, then look to the resources around you. If you can’t be resourcesful, how do you expect to succeed?

2. Be savvy and minimise costs

With technology advancing faster than it ever has before a lot of savvy small business owners are starting to look at low cost solutions to starting a business. Choosing to rent everything in the office from the reception (Outsourcing to another country or to a virtual office) is a great way to save on expensive overheads when you’re starting out.

It means you can stay up to date with technology without the high upfront costs associated with it. It also allows you better control of cashflow, which is the number one reason most businesses will fail in the first 12 months.

Think about ways to minimise costs, but dont cut costs. There’s a big difference.

- Try the Phillipines for a good quality, low cost, Virtual assistant. You can expect to pay between $5 – $7 per hour for a reliable outsourced worker and if you research the market, you can find one perfectly versed in english, with graphic design and IT skills to complement the service.

- Cross capitalize with another small business start up. Split office space with a non-competing start up business. Advertise in the local paper or online. You’ll not only limit your overheads, but also share a space with someone as motivated as you are

- Create strategic partnerships. Does your business, product or service offer something valuable? Trade that service with someone offering a product or service that YOU need. Bartering is a great way to minimise spend and save money for cash flow purposes. Cash is king

- Rent out un-used space. If you have space in your office, rent it out part time. Make the most out of any opportunity to increase your capital. Work smarter, not harder.

3. Get a good work-life balance

Starting a business takes a lot of work and it won’t stop once you’re up and running. If anything, it will get harder before it gets easier.

But this isn’t a reason to quit or to never even start at all!

It’s important for you to be happy, and if you spend all your time in the office, it’s very unlikely you will be. Even if you’re just starting out.

We’re in a position now where we can capitalise on tools to access our computers and work stations for anywhere we want. Invest in good, low cost internet solution and spend one day a week working from your favourite park.

Or take a spontaneous trip. Taking a break over the weekend doesn’t mean you have to completely forget about work – Keep you smart phone close and your laptop closer.

4. Think about your strategy online AND offline

Most small business owners are guilty of letting the ball drop online. They fail to realise the potential that’s out there for online businesses.

Social media allows you to compete alot more evenly with bigger corporations and businesses because you can reach your consumers directly. Sure it might take you a lot longer to develop such a large userbase, but that’s the only advantage they have.

You might spend hours obsessing about the layout of your store, but what about your online presence?

How are you going to build an audience, convert customers and keep engaging with these customers in the digital space? A good starting point to help you think about this are the online insights tools that you can find for free on the internet.

Whether your business is online OR offline, the most valuable thing to you are customers. Before you even think about beginning, you need to think about HOW you’re going to get customers and secondly, HOW you’ll be converting them.

5. Don’t give up

Not everyone will have as much faith in your business as you will.

There’s an old saying that says “Don’t listen to what anyone has to say about how silly your business idea is. Because right now, there’s some millionaire walking around who invented the pool noodle”.

And how true is this??

While it’s always important to heed the advice of others, (your critics can actually be the most helpful) if you think it’s a brilliant idea then you can make it work. What ever the mind can believe and concieve, it can achieve.

Success is about the journey, NOT the destination, and their are plenty of other routes available for you to take. If you find one road’s closed, then simply take another.

Success is about learning and consistently improving and growing. You’ll definitely get setbacks, but prepare yourself for them.

Source: http://thesuccesssoup.com/startups/start-your-own-business

How to Ask Friends to Invest in Your Business

I have always believed that the best way to finance a business is through self-financing. It has a number of advantages, if you can afford it. The most important one is that you have complete freedom to run your business as you see fit. You don’t owe anything to anyone.

As a matter of that, that is how I financed my startup a decade ago.

Unfortunately, this doesn’t always work for everyone. Sometimes, your business needs more money than you can afford to invest. Or, you simply have no money to invest whatsoever. Your only alternative is to look for outside financing.

Personally, I am not a big fan of asking friends and family to invest in your startup. It puts your relationships at risk – and that is too high a cost for me. However, if you are going to do as friends for money, might as well do it the right way. I am going to give you some tips on how do this effectively and in a way that tries to preserve the friendship.

The big question: Debt vs. Equity

This first question you want to ask yourself is whether you want to raise money by getting a loan or by selling equity. This is not an easy choice. Both have their pros and cons.

Getting a loan gives you money without having to give up any ownership in the business. Your friend lends you money, which you pay back according to a prearranged schedule. Since your friend doesn’t have an ownership stake in the business, they have no say on how it’s run – at least in theory. And, they have no right to future profits.

Loans can affect your cash flow due to the repayment schedule so consider them carefully. Also, they can encumber your personal assets. I like to think of a loan as being expensive upfront but cheap in the long run if your company succeeds.

Selling equity allows you to trade an ownership stake in your company for money that you don’t have to pay back. In exchange for their money, the investor now gets a share of the future profits and (usually) a say in the company. I view equity injections as cheap upfront and that is expensive in the long run if you succeed.

Assuming the business allows it, my preference is to use a loan rather than selling equity. Loans have a specific end date which gives you and your investors a clean exit.

Get advice beforehand

Before proceeding, consider getting advice from a CPA or an attorney – preferably both. This will be money well spent. They will give you specific advice on how to set up the loan or equity transaction in an effective way. Don’t avoid this step. Yes, it’s expensive but necessary.

Ask your colleagues or friends to refer you to a CPA / attorney that understands entrepreneurship. They all claim they do, but that is not always true.

How to ask friends to invest in your business

Raising money from friends should be no different than trying to get a stranger to invest in your company. Actually, you will have a better chance of succeeding if you treat your friends as you would treat a potential investor you have never met before.

1. Be professional

Above all, treat your friends the same way you would treat a professional or angel investor. It doesn’t matter if they are your drinking buddies or if you have known them since grade school. Separate your personal life from your business life.  And when it comes to business, treat them professionally without exception. This should set the tone for the rest of the professional relationship.

2. Be honest

Create an investors presentation and give them an honest appraisal of the business. Make sure they understand the benefits and the risks of investing in your business. This includes the risk that the business could fail and they could lose all their money. This last point is key. However, many entrepreneurs avoid saying it because it’s uncomfortable.

Take the time to develop an accurate business plan and show them realistic sales forecasts. Never lie to them. Lying will get you in trouble and will jeopardize your friendship for ever.

3. Choose investors wisely

Never ask for money from friends that cannot afford to invest in your business. If you don’t think they can afford it, don’t ask them. Period.

If you are selling equity, consider asking only friends that can bring something extra to the company. This could be management experience, industry contacts, ideas, or just plain work. The last thing you need is a co-owner who has no idea on how to operate a business and brings nothing else than money.

4. Create a compelling presentation

Just like regular investors, your friends don’t have the time or inclination to read a 50-page business plan. At least, not initially. Instead, create a compelling investors pitch that outlines all the important details of your business. Spend some time doing this and practice your presentation before showing it to your investors.

By the way, having a business plan may come in handy later on. Savvy investors will want to read it before investing.

5. Have a lawyer create documents

Hire a lawyer to help you draw up professional loan or equity sale documents. You may be able to save some money by downloading a template from the internet and having the attorney modify it to fit your needs. This may be expensive but will protect you and your friends. Do not skip this step.

6. Honor your commitments

Once you have an executed financing agreement, follow it to the dot without exception. Meet all contractual expectations and make all loan payments on time.

7. Provide regular updates

Consider providing your investors with a regular update on your business. You will have to keep them up to date anyways, so it’s best if you formalize this process.

Use a prearranged schedule, such as every quarter or twice a year. Formalizing this step will also help ensure that you give each and every investor the same information.

8. Give them a chance to say NO

Don’t pressure or guilt your friends into investing in your business. Give them the option to say no and exit gracefully. Don’t hold any grudges if they decline to invest.

How to take no for an answer gracefully

You can expect that some – or even all – of your friends will decline your investment offer. This can be a painful experience for many entrepreneurs.  You feel they are rejecting your dream, and therefore, you. Don’t take it personally. Your friends have their own reasons for not investing and you have to respect them. For example:

1. They may not be able to afford the investment
2. They may be saving money for something else
3. They may not be comfortable investing in startups
4. They may not be comfortable investing in your business
5. Their adviser may have told them not to invest

Respect your friends right to say no. If they decline the opportunity to invest, thank them for the chance to present the business to them and move on.

Are there better options?

Before asking your friends for an investment, consider other options that don’t have the risk of jeopardizing friendships. There are a number of alternatives that don’t require involving your friend in your business. Good luck!

Source: http://factor-this.com/financing/how-to-ask-friends-to-invest-in-your-startup

Top 10 Small Business Trends in 2014

R.E.M. once sang “Change Is What I believe in.”  That has to be the credo for small business owners.  Here’s what’s on tap for 2014.

1. Certain uncertainty

The economy is always in flux, and political changes overseas don’t help anything. Ripple effects from the Affordable Care Act only add to the uncertainty.

2. Increasing competition means more focus

Some of the major retailers, including Amazon and Wal-Mart, are adapting and offering an unprecedented battery convenient services such as increased personalization, same-day delivery. This means the table are turned and it is now small businesses that will have to adapt.  Here are some strategies: offer a highly-specialized or customized product or service, focusing on an tight niche, building an engaged community of customers, and cooperating with other local businesses to save expenses and cross-promote.

3. Using virtual assistants and contractual workers

 The small business community as a whole is hedging its hiring plans. According to the February 2014 Small Business Economic Trends survey, just 12% of respondents reported plans to hire in the early part of the year.  One reason for this is that respondents answered that the net economic conditions over the next six months would be worse.

When there isn’t the optimism to consistently hire at a growth rate, the demand for VA’s and contractual workers rises.

4. Difficulty attracting talented employees

There’s plenty of talent out there, but it’s hard to snag for small businesses.  Particularly in tech fields, the talent is going to big companies in a rich-get-richer scenario.  Talented employees have no more reason to be optmistic about the economy than business owners do, and signing up with a small company can appear risky.

5. Possible Raises of Minimum Wage

The city of Seattle just approved a hike of its minimum wage to a slightly dramatic $15.  This particular raise is actually good for small businesses, because it affects only owners of large businesses.  We’ve seen McDonald’s employees clamoring for raises in the minimum, usually involving an increase along the lines of $14 or $15 per hour.  Small business owners need to be up to date on laws in their state or city, even before the laws pass.  Some hikes will apply to them and some won’t, and planning accordingly, taking into account all the strategic factors, is key.

6. Need for Rep Control

Consumers are increasingly empowered to share their opinions, thanks to online product reviews, social media and viral video both good and bad, about the products and services they use. This means that small business owners must be vigilant in monitoring their online reputations.

7. Mobile business monopoly

The developing trends in mobile business include  mobile marketing, mobile payments, and mobile-friendly devices. These demand responses from small business owners–tools and services are out there and relatively affordable.

In addition to using these technologies, there’s the matter of linking them to customer interactions, by linking mobile payments, mobile marketing, and location-based services, to customer loyalty programs.

8. Skepticism Toward Social Media

Social media have been around for a while now.  Many small business owners are aware of tools and metrics for quantifying the ROI of particular social marketing campaigns.  In 2014, we’ll probably see small business owners mounting a backlash and getting rid of social marketing campaigns that don’t work.  Two to three years ago, you were a dinosaur if you weren’t using social media.  We’re now reaching the other end of that cycle, in which people are stepping forward and admitting to unacceptable ROI when these are the case.

9. Visually-simple web designs

You’ve probably noticed spare web designs, with few frames and many pictures.  We’re also seeing increasingly- sophisticated data visualization, the process of turning complex data sets into easy-to-understand visual material.

10. Growth of alternative finance

Scrappy small business owners will, in the last months of 2014, continue to turn to alternative financing, such as microloans, , peer-to-peer lending, accounts receivables factoring and crowd funding, to help regulate cash flow and sustain growth and expansion.

So, there you have the top trends for the balance of the year.

Source: http://frugalentrepreneur.com/2014/08/top-10-small-business-trends-in-2014

App apathy

Earlier this week we wrote about the state of the app economy and the idea of how bundling and unbundling help define how software has progressed over time. Not only on the smartphone but on the PC before. Some additional data help demonstrate how the app economy has become somewhat satiated, or some might say stagnant over time.
Dan Frommer at Quartz citing a comScore report notes that nearly two-thirds of smartphone users don’t download any new applications in a month.

There are a number of explanations for this but it may simply be the case that most users have their needs met by the most used apps. Frommer writes:

"One possible explanation is that people just don’t need that many apps, and the apps people already have are more than suitable for most functions. Almost all smartphone owners use apps, and a “staggering 42% of all app time spent on smartphones occurs on the individual’s single most used app,” comScore reports. New apps come and go, especially games, but perhaps breakthrough apps will be increasingly rare. A look at the top 25 most-used apps reflects mostly mature companies, including Facebook, Google, Pandora, and Yahoo."

Facebook ($FB) has taken the approach to be a “mobile conglomerate” buying insurgent apps that might threaten their core services. Rather than integrating them Facebook has kept Instagram and WhatsApp separate for now. Google ($GOOG) has six different apps that show up on the list of the top 25 most-used apps. Yahoo ($YHOO) has three.
What we are seeing is “stealth bundling.” Companies buying services for strategic and competitive reasons but choosing not to explicitly bundle them together like happens in other markets. A company like Uber is taking a different tack opening up its API to third parties in order to increase its reach. Whether it is explicit or by stealth companies might take they are trying to increase their share of your mobile spending. So for now, bundling is on the rise.

Source: http://abnormalreturns.com/app-apathy

5 Risk Management Mistakes To Avoid

I’ve been mentoring a junior project manager and we were reviewing the risks on his project last week. We went through all the risks on the log and we talked about good practice and what he should be actively doing to manage the risks. Then he asked me a question. “What mistakes should I be looking out for?” he said. I thought this was a great question. Too often we focus on what we should be doing and forget about what we should avoid doing! That’s when mistakes creep in as we haven’t been focused on stopping them from happening. So here is my list of 5 mistakes to avoid when you are carrying out risk management on your project, which I shared with my colleague.

Mistake 1: No Risk Owner

Your notes in your risk management software should always include who is responsible for owning the risk. That means writing down the name of the person who will ensure that the risk management tasks are carried out. That individual doesn’t have to do all the work themselves, but they should coordinate the people who are actually doing the work and make sure that the risk log is updated with progress and that you get status reports as required.

Don’t be tempted to record your own name as the risk owner for every risk. Many risk management plans would be better off led by a subject matter expert and this can also be a useful development exercise for a more junior member of the team who wants to take responsibility for a small, manageable piece of work.

Mistake 2: No Action Plan

Each risk should have a documented action plan. This sets out exactly what is going to be done to prevent the risk from happening. Sometimes, of course, you will be taking no action and are prepared to accept the risk without doing anything about it. If this is the case, make sure that you record in your risk log that you have considered what actions are required and have actively decided to do nothing. And sometimes it will be a positive risk and you’ll want it to happen!

Whatever the approach you want to take, it should be documented so that you know exactly what is going to be done and can track progress against it. Remember to go back to your action plans regularly and update them with what actions have been completed and what new tasks have been identified.

Mistake 3: No Risk Analysis

When you’ve got a lot of risks it can be tempting to skip the analysis phase and not spend time working out which area of the project it will impact or how serious the problem will be if it happens. You shouldn’t do this – it isn’t appropriate to treat every risk in the same way and you’ll only know how much time and effort to invest in addressing it if you properly carry out some analysis to assess the impact and likelihood of each of the risks.

Review each risk and establish how likely it is to happen, and what impact it will have on the rest of the project if it does happen. Get the whole team involved as they will probably identify other impacts and have some useful information to feed into the analysis exercise. This will enable you to focus your risk management budget in the right places by targeting the most serious risks first.

Mistake 4: No Timescales

When do you need the risk resolved by? Or when will it stop being a problem if nothing happens? Risks don’t last forever, so you should also be recording a timescale for the risk in your log.

For example, if there is a risk of bad weather delaying the delivery of some equipment to your building site, then this will pass on a particular day – the day that the equipment is due to be delivered. If you don’t note down this date in your log and then update the risk entry once the date has passed you could be including the mitigation plans or reporting on this risk for far longer than you really need to. Also make sure that any actions related to your risk management plans have dates against them.

You’ll want to monitor that they are being dealt with in a timely manner so you can be sure that enough appropriate action has been taken in time to offset any impact should the risk occur. Otherwise you may be working on actions and find that you are too late!

Mistake 5: No Risk Priority

Use your risk analysis and timescale information to give each risk a priority. Those that are likely to have an impact quickly are obviously more important to deal with than those that may not cause any problems until next year. Those risks that will have a huge impact are more important than those that won’t cause many issues.

Each risk should be given a priority and then you can tailor your work plans to ensure that the important ones are dealt with first. You can also use risk priorities for reporting purposes as generally stakeholders will only be interested in knowing more about the high priority risks. You won’t bombard them with information about all risks if you can tailor your reports to only give them the most important data about the highest priority problems that the project is facing. “Thanks for these pointers,” my colleague said. He had made lots of notes and went away from our mentoring session feeling a bit more confident about handling risk management on his project (or at least, I hope he did).

What other mistakes have you encountered when it comes to managing risk? Let us know in the comments below if you are prepared to share your experiences!

Source: http://www.projectmanager.com/5-risk-management-mistakes-avoid.php

How Do I Choose My Mentor?

If you’ve considered getting a mentor to lead you on your path to management, leadership or business success, it’s fairly likely you’ve spent a good amount of timing thinking ‘how do I find the right person?’ Well, you’re not alone, I write and lecture about mentoring, and I’m often asked this question.

Finding the perfect mentor

Mentors can become life-long supporters, advocates and trusted advisors.  They can steer your path, help you form both good and bad habits, and influence your focus.  When you’re about to ask someone to be your mentor, think carefully: is this person someone I can work closely with? Do I admire them? Do they have the same values as me? Have they ever considered mentoring?

If you already know the mentor as a friend or work connection, consider the impact your new relationship will have on your current one.  There may be times when you don’t agree. Perhaps your new relationship as mentor and mentee may not work out? How will that affect your current friendship?

How to be realistic about a new mentoring relationship

Don’t forget a mentoring relationship isn’t like a marriage or partnership; you don’t have to be fully compatible to make it work.  It’s great if you can be friends, but it’s not a necessity for it to be a working relationship that achieves. That said, like a marriage or partnership, when it goes wrong it can leave bad feelings in both parties.

Don’t choose a mentor based on some romantic notion that being associated with them will bring you the same levels of success as they have achieved.  Mentoring relationships can indeed be very successful, but there are times when they are not so great. Achieve very little, and you will leave people disappointed.  I have also known people who felt let down by a mentor, but achieved great things despite the lack of support.

Here are 10 things you should consider when choosing your mentor:

1. Do you respect or admire them and their skills/success/achievement?
2. Do they understand what you are aiming to achieve?
3. Have they been there, seen it, done it, and able to offer real experiences to support your work?
4. How likely are they to give you a ‘leg up’?
5. Do they have a personal interest in you/your career/your business and is it for the right reason – to help you and not themselves?
6. Do you think you can be yourself with them? You need to be honest with them about your aims, your abilities, your fears and your failures.
7. Do they have similar values and morals as you? Or are their opinions likely to jar with your own and cause difficulties?
8. Can you image spending time with them and being able to share experiences and ideas?
9. Do you trust them to be professional, discreet and respect confidentiality?
10. Will they add value to your work and your personal development?

Be careful when choosing your mentor; don’t go out hunting for the right person. You often find someone will come along at the right time with the background and personality that will suit your needs.

This is by no means an exhaustive list of things to consider when choosing a mentor; I’d love to hear your experiences of choosing a mentor. What things do you feel should be considered?

Source: http://birdsontheblog.co.uk/choose-mentor

How to Build Better Digital Products

The digital age has changed everything. Yet we still see businesses and brands — like Blockbuster, Kodak and others — that fell behind because they were married to their own way of thinking or too slow to adapt to the new reality.

Digital demands new thinking, and the process of product development will need to adapt for the digital age. For instance, there is now an interactive TV solution to transform Star Trek fans viewing experience from passive to interactive. Meanwhile, developers have made it possible for Adobe’s global salesforce to access their latest products anytime–anywhere. Also, a mobile platform designed to engage Olympics fans can take them along Team USA’s journey. And when executed correctly, a great digital offering can not only enhance relationships with customers, but create new sources of revenue.

A product becomes a solution when it solves a problem. But not all products can become solutions. To deliver a product that works, there are four key areas necessary for success:

1. A defined value-driven product vision
2. A product design for end users
3. Features prioritized by impact
4. Iterative and incremental improvements

Start With Why

Too often, companies receive an RFP (request for proposal) or a product description of what the client wants to build and how they would like it built. However, a successful solution should start with everyone understanding the problems the product will solve and the value it will provide; essentially everyone should clearly define the why. Creating your product vision (the “why”) will keep your team focused on features that can deliver the most value. Important questions to ask pre-design phase include: “What business problems are we trying to solve?” and “What success metrics should this product hit to drive the most value?”

Focus on the Customer

More often than not, product features are defined by the business team themselves, who are rarely the intended end users of the product. However, great products are designed with the end users’ needs, wants, and limitations in mind.
You do not have to spend significant time and money on qualitative and quantitative research, but you must understand consumer behavior triggers that lead to their engagement and encourage repeat use. Questions to ask at this point are “Who are our end users?” and “What are the emotional and tactical triggers that would bring them back again and again?”

Get Lean and Agile

In recent years, lean or agile development methodology has gained popularity within both large enterprises and startups. Both methods have proven effective for solving one of the biggest product development challenges: How can we be more responsive to the ever-changing needs of businesses and end users?
The answer lies in shorter production cycles, more development progress transparency, improved collaboration, stakeholder alignment, accurate time and budget estimates, and last but not least, a better quality product. These are just some of the many benefits of lean or agile development. But they are more than just processes; they are principles that if applied and executed correctly can fundamentally enhance workflow and end results — and the workflow culture itself.
When implementing lean product development, ask, “What features would make the most impact against key metrics?” And, “What features can we build with the least amount of effort to gain the most end user information?”

Incremental Innovation

There is no such thing as a perfect product. The products we have grown to love and use every day, from mobile phones to the cars we drive continue to evolve and address customer desires. The same goes for digital products.
Listen, learn, build and measure. This revolving cycle of product development focuses on a series of small improvements. This will improve the product’s competitive position over time, thus fostering innovation. A question to ask after you’ve built your product is: “Are we listening to users through continuous analytics and measurement, to improve the product?”
Developing a product that works is not like building a house. If you leave it alone, it will become less useful to users overtime. Focusing on the product vision, designing against your user expectations and innovating based on data will allow your product to become a solution that actually fixes an evolving problem.

Source: http://yfsmagazine.com/2014/08/14/how-to-build-better-digital-products

Network marketing 101: How much time does it take to build a successful business?

When I started my network marketing business in 2009, I had hardly any “extra time” left in my schedule. I was working 40+ hours per week in a cubicle for my public relations job and I was also engaged to be married, so we were planning our wedding. The last thing I thought I had time for was a side business.

What I realized, however, was that most successful network marketers started their networking careers alongside another full-time gig. The beauty of network marketing is that it’s a very social business. You might also call it “lifestyle marketing” because a lot of the “work” takes place throughout your normal day – as you strike up a conversation in line at the bank, as you’re reconnecting with a former co-worker over lunch, while you’re speaking with another parent at your child’s soccer game.

If you can find 5-10 hours or so per week of social time in your schedule, then you absolutely have time to build a successful network marketing business. It’s not so much about the hours of time you put towards it, but how you spend that time. For example, you will have WAY more success spending 5 hours per week meeting people over lunch or reconnecting over the phone than you would spending 10 hours per week organizing your office or replying to emails.

The core of success in the network marketing industry is engaging in conversation with people and sharing about your business/product. You get paid for presenting and sharing, NOT for racking up hours on a timesheet.

If you’re new to network marketing, focus on the windows of time you have in your schedule and maximize those with revenue producing activity. And also keep in mind, this is NOT an overnight success business. Just like the athletes you see competing in the Olympics, there’s a TON of behind the scenes preparation (and often failure) that takes place!

Taking on any new skill set or career path is going to require learning. Most people don’t achieve success in network marketing because they quit too soon. Robert Kiyosaki (author of Rich Dad, Poor Dad) says to give your network marketing business a minimum of 5 years before you quit. Of course, there are exceptions to every rule. Some network marketers will skyrocket within 1-2 years and others it may take 6-8 years…the key is consistency and remembering that everyone’s journey is different.

Network marketing has positively impacted my life in so many ways. It’s allowed me to pursue a calling that I’m crazy passionate about and not be “stuck in a job”.

Success will be defined differently by each person you speak with. Some desire an extra $200 per month alongside another career they love. Others desire $3,500 per month to replace a job that no longer fulfills them. Others are seeking $20,000 per month so they can give generously and change the lives of those around them.

Whatever your definition of success is…you can find it in network marketing.

Whatever your schedule looks like…you can find the time to be successful in this industry. Decide, do and don’t quit.  

Source: http://kristadial.com/2014/07/network-marketing-101-much-time-take-build-successful-business

5 Great, White Business Tips From The Big, Bad Sharks

It’s pretty clear that the entrepreneurs on ABC’s Shark Tank are the great whites of the business world. They’re cunning, successful, and they’re not afraid to bear their teeth,

But these sharks are as diverse as the ones in the sea– they all swam different paths to success. This diversity resulted in knowledge and experience that they’re willing to share.

The sharks’ advice is super useful– pretty much anyone can benefit from it, including small business owners and startup founders like you.

Read on to learn from the guys at the top of the food chain!

1. Remember That Ideas Aren’t Special

Remember that time you were stuck in traffic and had that great idea for a teleportation machine? That’s an awesome idea. It would be cool and useful. And it’d probably make you pretty successful. But did you get home and build a teleportation machine? Probably not.

“Ideas are actually the easiest part” says Mark Cuban. According to him, the hardest part is actually making your idea happen, “knowing what you need to do and then executing on your plan and staying focused with it.”

If having a great idea was all it took to be a millionaire, we’d all be yacht shopping right now. What sets successful entrepreneurs apart is the drive and the dedication to make those ideas into a reality. Bringing your idea to fruition is a matter of hard work and focus, doing whatever it takes to make your product a success.

So if you’re planning to start out on your own, don’t expect it to be easy. Just expect it to be worth it.

How to Make Your Ideas a Reality:

• Whether it’s a crazy marketing idea or a dream of a totally new business, put your ideas on paper. Write a business plan.
• Put up a website. See how people respond to your idea.
• Take action in any way possible. Success does NOT come to those who wait!

2. Don’t Get Too Caught Up In Your Business Plan

It’s pretty common advice that if you want to start a business, you need to develop a business plan. But Robert Herjavec says otherwise.

Robert says, “When you start, it’s important to have vision, but … any plan beyond the next quarter is a dream.” At the beginning, things can change at the drop of a hat, and your business plan can be outdated before the ink even dries. “Spend less time on your plan and more time talking to people who will actually buy your product,” Robert advises. When it comes to starting a business, cold, hard facts are your friend. You should spend your time discovering who will buy your product, what they’re looking for, and how you’ll get it to them.

Once you’ve grown, size will offer you some level of predictability. Then you can start worrying about planning more than a quarter or two ahead.

How to Start Without a Business Plan:

• Just start! Put up a website, ask people what they think of your idea, hone and improve.
• Get sales-y. Talk people into buying your product.
• Learn about your audience. Do everything you can to get out and talk to those who might buy from you.

3. Hire Attitude

Speaking of growth, Barbara Corcoran has some advice for when it’s time to start hiring employees. Whether you’re hiring one person or 20, Barbara says to “always choose attitude over experience!”

It’s relatively easy to train people on new skills and processes, but there’s not much you can do to modify someone’s attitude. That’s why Barbara doesn’t even look at resumes when she’s hiring. “Positive people are willing to learn, eager to try, and somehow find the solution to anything they don’t already know.”

The person with the right mindset will add way more value to your business than just skill and experience. Plus, they’re just more fun to work with!

How to Hire The Right Attitude:

• Consider your values and mission. Make sure any new hire buys into them.

4. Fall Under The Big Three

Oftentimes when you have an idea to start a business, it can be hard to tell if your idea is actually any good and if it’ll be successful. Daymond John has a foolproof test for this.

According to Daymond, a business idea is viable if it does at least one of three things: “solves a problem (i.e. helps you do something faster), satisfies a need (i.e. makes an existing product cheaper), or improves quality of life (i.e. medical devices).”

If your product or service can do one or more of these, you’re definitely on the right track. Great companies give customers what they need and what they didn’t know they wanted.

How to Test Your “Big Three”:

•  Talk to customers who’ve already bought your product. Understand WHY they chose you.

5. Demand R-E-S-P-E-C-T

As a female business owner, you might encounter some roadblocks that men simply don’t. Entrepreneurs have an uphill battle convincing people to get behind themselves and their product. But women entrepreneurs have an even steeper climb through the world of business.

Lori Greiner has some advice for all of our women entrepreneurs out there. “Do not let any men put you down or be chauvinistic to you. Do not let that happen. Call it out and command respect,” Lori advises.

You know that you’re smart, cunning, and more than capable, so make sure others recognize you for those traits and show you the respect you deserve.

How to Command Respect:

• Read books by others who have gone through similar struggles.
• Don’t believe what others say about your path to success.
• Be a leader. No matter what, lead your team in the direction you believe is right.

There’s Chum in the Water

All right, now you know the secrets to life underwater. It’s time to get busy and start climbing up the food chain.

Your Turn: What are your thoughts on the Sharks’ advice? Let us know!

Source: http://grasshopper.com/blog/5-great-white-business-tips-from-the-big-bad-sharks

No One Told Me Entrepreneurship Would Be Like This

I thought I knew what I was in for when I took the leap to become a full-time entrepreneur.  I had read all of the books, taken online courses, and spent hours upon hours reading expert blog posts on entrepreneurship. “What I didn’t know was this: I was signing on to feel an acute sense of daily panic — all day — every single day.”What I didn’t know was this: I was signing on to feel an acute sense of daily panic — all day — every single day. At first, I thought I was merely decompressing after leaving a cushy job with a steady paycheck. However, slowly, but surely, I realized this anxiety was following me around and coloring my ability to think clearly and get things done. I wondered why no one had warned me about the fear and anxiety that many startup founders face. I had read all about “resistance” and “growth” and other nice descriptors people had used to describe the experience of becoming an entrepreneur, but really what the headlines should have read was “panic”, “terror”, and a “constant sense of impending doom”.

My Search for Startup Wisdom

But what was a girl to do? I was committed. I had left my job, set up shop, and told all of my friends and family that I was pursuing my passion. There wasn’t any going back. I knew that if I didn’t figure entrepreneurship out, and quick, I was definitely going to have trouble getting my business off the ground.

So, I started asking other entrepreneurs to learn what they had experienced. As a fellow entrepreneur, I feel it is my duty to pass on the wisdom I learned along the way:

• You will develop tolerance.

  Over and over again I was told that entrepreneurship gets easier. Not because the work gets easier (though that happens as you build momentum), but because feeling uncomfortable will get easier. You will build up a tolerance for the unknown, the resistance, and the growth. You will build confidence in your ability to figure it out as you go and land on your feet.

• You will develop new associations.

  In The Power of Habit, Pulitzer Prize–winning business reporter Charles Duhigg explains why habits exist and how they can be changed. Duhigg suggests that when developing any new habit, you have to create new associations, new rewards for doing the work that is in front of you. As an entrepreneur, the only way to experience a new reward, is to do enough work that you eventually experience a win. The practice of building successes, one upon the other, will change your perceptions around the work because you will begin to associate achievement with the tasks on your list. Soon, pitching that story, writing a guest blog, and asking for financial investment, will no longer be associated with the fear of failing, but with the possibility of success.

• You will let go of things that don’t serve you.

  You will learn that sometimes the feeling in your gut isn’t discomfort — it is intuition. With time, you will know the difference and then you will be able to identify when to let go of the things that don’t serve you … things that aren’t your strengths or your path. This is the art of being an entrepreneur and something you hone over time.

Now don’t get me wrong. Knowing these nuggets of entrepreneurial wisdom will not magically make the resistance go away, but they will reassure you that it is all part of the process. You will be stronger for buckling down and seeing your dreams through to the finish line.

Source: http://yfsmagazine.com/2014/08/13/no-one-told-me-entrepreneurship-would-be-like-this

5 reasons McDonald's has indigestion

The problems are piling up for McDonald's (MCD), with the world's largest restaurant finding itself in an unusual position -- having to convince shareholders that it's still a good investment.

McDonald's shares, for years a favorite on Wall Street, are down 3.4 percent this year, underperforming both the Standard & Poor's 500 index and the stock of rivals such as Burger King (BKW) and Jack in the Box (JACK). McDonald's sales in the U.S. have either been flat or negative for nine straight quarters, the longest it's gone without growth in its core market.

CEO Don Thompson underscored McDonald's doldrums during its recent earnings call by using the word "urgency" at least seven times in reference to the company's challenges. He took over as chief executive in 2012, succeeding the widely respected Jim Skinner, who had led the company for more than two decades.

Skinner introduced the McCafe in 2009, which was the last significant hit the chain has had in recent years. Since then, McDonald's has introduced a number of new menu items, ranging from Mighty Wings and Fish McBytes, none of which have proved a big bit with customers. In fact, McDonald's franchisees have complained that the chain's menu has gotten bloated, hurting customer service.

Thompson has vowed to slim down the menu. But that is only one of the many challenges facing the Golden Arches. Here are five issues giving McDonald's -- and shareholders -- indigestion these days.

1. Competition. Rivals have been eating McDonald's lunch, and breakfast, too. Same-store sales at McDonald's fell 2.5 percent in July, its third straight monthly decline. By contrast, rivals including Burger King, Wendy's (WEN) and Yum Brands' (YUM) Taco Bell recently are seeing rising sales at stores open at least a year. Healthier alternatives such as Chipotle Mexican Grill and "better burger" chains such as Smashburger are also gaining ground at McDonald's expense. Worse, consumers are thumbing their palates at McDonald's food. A recent Consumer Report's survey ranked McDonald's burger as the worst among its peers. Customers preferred Wendy's and Burger King over McDonald's in a Technomic survey.

2. Millennials. Companies are eager to attract customers aged 19 to 30 because they believe that younger patrons are more loyal than older people. But an internal McDonald's memo obtained by Advertising Age found last year that customers in this age group didn't list McDonald's among their top 10 favorite restaurant chains. 

3. Customer service. McDonald's customer service is so bad that the fast-food chain told franchisees in a presentation leaked to the Wall Street Journal last year that service was "broken." The problem, many customers say, is that many McDonald's employees are "rude and unprofessional." One reason why McDonald's employees might be feeling stressed out is that the menu has grown too large in recent years. Thompson has vowed to improve service by making sure that the restaurants are adequately staffed during peak hours. Franchisees have also complained about having to pay increasingly higher fees as their profits decline.

4. China. Allegations in China that a food processor sold McDonald's and other fast-food outlets in China old meat appears to be hitting the company's results hard. Same-store sales in the Asia-Pacific, Middle East and Africa region fell 7.3 percent in July, far worse than the 0.5 percent decline that analysts had expected. McDonald's, which has about 2,000 restaurants in China, is scrambling to find alternative suppliers, according to the Wall Street Journal.

 

5. Labor issues. The National Labor Relations Board ruled last month McDonald's is a joint employer with its franchisees. Although McDonald's has vowed to fight the decision, that could make the company liable for the labor and other practices of its 14,000 U.S. locations. Meanwhile, pressure is building on McDonald's and other fast-food companies to raise workers' wages. Employees and labor activists have organized protests at fast-food restaurants around the world, and in the U.S. are calling for a minimum wage of $15 an hour.

Source: http://www.cbsnews.com/news/5-reasons-mcdonalds-has-indigestion

5 steps to making sure your small business gets paid on time

When it comes to running a small business, there are many challenges that you will be prepared for (delivery dilemmas! Setting up your website!) and plenty of tricky scenarios that you will have pre-empted (dealing with potential customer complaints etc.)
 
Managing cashflow, however, is likely to be one of the biggest and most important challenges you will face and won’t have sufficiently planned for. Making sure your business gets paid can be relatively easy if you are able to take payment immediately. Tradesmen, personal trainers (all professions that are involved in any kind of work which means you come into regular face-to-face contact with your customer) can take advantage of mobile payment solutions to avoid late payments and ensure that as soon as the service has been provided, the money that is rightfully yours is in your account.
But for some businesses this might not be an option. There are other measures you can adopt:

1. Get a Signed Contract

It may be slightly stating the obvious, but before you even begin to think about your invoice, think about the contract. Getting everything in writing means that once you’ve completed the work, there is far less risk that a client will run off without paying or dispute payment terms if there is a contract in place prior to the work being completed. This doesn’t need to be pages and pages of legal jargon, simply an outline of what is to be done and the payment that will be due and by when. If you work with a customer accounts payable department that require a purchase order number on any item, make sure they’ve given you one before you start the work – this provides you with proof that the services or products ordered were correctly authorised. Make sure that contracts are drawn up prior to all of the work you do, even if you’re dealing with your mother-in-law’s cousin’s son who insists you really don’t need one since he’s practically family… You do. Trust us.

2. Have a System

Being a small business owner often means you’re short on time, but it’s worth making the effort to get your invoicing set up properly. Having a process that helps streamline invoicing can drastically reduce the amount of time you spend collecting your hard-earned money – and that’s got to be great for your business. Many systems are now cloud based which have secure back-ups and work much better than having this information on random word documents and spreadsheets. At a minimum, the system used should invoice for you, manage purchases, and give you good reporting functions too. With a decent accounting software package, it can take seconds to create and send a professional looking invoice – so make it part of your daily routine. This will also keep track of which customers owe you money, how much they owe and when they are due to have paid it by. These ‘aged debtor reports’, as they’re known, are vital in keeping you up-to-date with your finances, and alerting you to which customers are late to pay so you know exactly who to chase.
If you’re a one-man band with close relationships with your customers, try and create some professional distance by setting up an ‘accounts’ email address. This will lend an air of gravitas to your business and separate you personally from the often tricky debt-collecting role.

3. Make payment easy

How many forms of payment do you accept? If it is only one or two, you may be handing excuses to slow-paying clients everywhere. Make life easy for your clients by broadening your payment solutions (this may also help to give you a competitive edge). Allowing a number of methods by which customers can pay you will increase the speed with which they eventually do. Don’t forget cash, cheques, credit cards and online payment platforms such as PayPal and Google Checkout as it doesn’t matter what form your money takes, as long as you get the right amount, on time, into your right account. Provide your online banking details as well as address for postal payments on all invoices and contracts.
With payments, make it even easier for your client by invoicing them promptly. Your customers aren’t likely to be in a hurry to pay, so the quicker you invoice, the faster you will get paid. Ensure you provide all the essential information, even if it seems obvious or is a repeat of what is in the contract. Always include a clear ‘due by’ date, so that you leave no excuse for them to delay.

4. Reward the early / Reprimand the late

If margin allows for it, it is often worth offering discounts for early payment. People will certainly be more inclined to pay you sooner if they can pay less – even a small discount might be enough to speed up the process. Tell clients that they can receive a special discount if they pay within a certain timeframe and include this information prominently on each invoice so all customers are aware of the incentive. Typically, it is far more costly to pursue bills that are past due than to spend a little money rewarding prompt payments, plus, you can always incorporate the ‘discount’ into your pricing so that you don’t lose out.
In line with this, charge a penalty fee for late payment which could also off-set early-bird rewards. You can help encourage timely payments by setting a specific fee to be imposed if a particular due date is passed—for example, 30 or 60 days from the date the invoice was issued. Again, make sure this policy is outlined in your contracts, as well as displayed clearly on every invoice so there are no surprises or grounds for dispute.

5. Manage your expectations

Finally, make sure that you are aware of standard business terms; just because you are the new, small guy doesn’t mean you can call for special treatment (unfortunately). One of the first steps for a small business is to work out how quickly you would like to be paid, balanced against the realities of the markets you operate in. It would be lovely to see the cash within 7 days of delivering the product but that can be a wildly unrealistic expectation if you supply companies that automatically expect 90 days payment terms without asking.
It is important that your standard terms are set by how quickly you have to pay for raw materials to provide your product or service. If there is money going out of your account on specific days, make sure that you will be receiving incoming payment from clients in time to off-set this. If your suppliers expect payment in 28 days, then perhaps you should set terms of at the very most 14 days. Again, always print your terms of business on all invoices and contracts so no one can dispute that you haven’t laid down your procedures.
It is also worth keeping in mind that on average, debtors pay invoices two weeks after the due date. So if it’s only been three days and you’re without money for your service, no need for panic stations just yet!

Source: http://www.easyoffices.com/blog/5-steps-to-making-sure-your-small-business-gets-paid-on-time/11454

Simple Accounting Tips for Growing Small Businesses

Your small business has reached that point where excel spreadsheets just can't cut it for accounts any more. This growth is great for your business but it means you may be facing the task of creating an entire accounts department, potentially from scratch.

It is worth taking a moment to consider this move before you dive right in. These few points should be kept in mind when you find your small business accounts growing.

Don't DIY

While accounts are a vital part of a business, without the business there is not much use for accounts. As the owner of a business you are the driving force that keeps that business in motion, pushes sales and sustains the income that makes accounts necessary.

Spending your valuable time struggling with accounts to save on the expense of an accountant is a false economy. Bookkeepers and accountants can often be hired on a freelance basis as you determine what your requirements are.

Accountants can also provide much more than book balancing. They can advise on many issues such as tax planning that can result in substantial savings for a business.

Don't Skimp on the Hire

A less experienced accountant might be less expensive but they will have to learn a lot on the job and much of that learning will come from making mistakes, at your business. Larger companies can afford to take on junior staff who can be supervised and mentored by experienced co-workers.

For small businesses this is not an option. Not only will an experienced accountant be far less likely to make errors they will also be able to advise you on spending strategies as well as act as a CFO, negotiating on your behalf with banks or other creditors.

Make Sure your Staff and Software Match

Your new accountant may have years of experience but if its in another accounting software package that might be a problem. Getting to grips with new software may take some time and understanding its finer points will take even longer.

Make sure they have time to get to know the software you have or if you can, implement the software your new accountant is familiar with.

Don’t Be Afraid to Implement Direct Debit

It may ruffle a few feathers but you should always insist on receiving payment by direct debit. Primarily it ensures a healthy cash flow for your business. Any small business owner will tell you how vital cash flow is to the survival of their business, particularly in transitional growth periods.

The other key benefit of using direct debit is the simplification of record keeping. Using accounting software that not only records but implements direct debits can save on a lot of accounting work and also ensures more accurate accounts.

Be Smart About Tracking your Expenses

Everyone knows how important it is to keep track of expenses. But somehow everyone always forgets to do it. For many small businesses keeping track of expenses means stuffing every receipt from every expense in a folder then forgetting about it until it’s time to do the books.

This is fine until people start forgetting to keep receipts, or misplace them or even start a second expense folder because they can’t find the first. Taking the time to set up a dedicated expenses debit or credit card means that all expenses are recorded automatically, eliminating the need to keep receipts.

Source: http://www.brook.ie/expert/accounting-software/simple-accounting-tips-for-growing-small-businesses

MONEY – The Dark SECRET

MONEY!..Sung about, dreamed about, loved and despised. No matter what you think about money, it does seem to make the World go round. However, there is a very DARK side to money which many people do not know.

MONEY – The Dark SECRET

Holding on to Money and not letting it go can actually make you poor.

Here’s why..

It can create a fearful mindset.

Although people describe money as many things… the people who tend to have most of it are those who are willing to spend it in order to make more. The opposite of this is when a person won’t spend it for fear of loss.

Holding on to money can almost become like an addiction.

Now don’t get me wrong, I understand the need to be being frugal at times. I’ve been broke, I know what it feels like – and I also realise that many people in the world suffer hardship that I’ve never seen.. however, there are also people who just won’t let go of money even when it seems a logical thing to do.

For instance. Most poverty (in the West) stems from a lack of education. When I say education, I’m not talking about the type that people learn in School, most people in the West have access to schooling. I’m talking about the type that builds a persons net worth.

“The richest people in the world look for and build networks, everyone else looks for work” – Robert Kiyosaki

The SECRET to money is learning to let it go in order for it to come back many times over. You need to invest in yourself, whether that is though education or a viable business model. TIP. Invest in a business that provides the education you need to be successful.

The secret to making money is not to hold on to as much money as possible and never invest any of it in your future, you probably spend money anyway on all kinds of things they don’t need.

Once you learn to let it go, take action in your business and don’t wait for miracles, money will find it’s way back to you a thousandfold..That is the secret…

Money, even with it’s dark secrets can make people happy. An abundant lifestyle begins with a good positive mind. Power up your mind daily by being around positive people who share the secrets to creating wealth.

Source: http://askthetipster.com/money-the-dark-secret

Why entrepreneurship? – 36 Reasons I discovered

The decision or choice to be an entrepreneur is no easy one (usually).. – whether you are a new kid on the block or you’ve had a corporate career for some (or large) part of your life.And yet, I increasingly read see and hear of so many people taking the deep plunge into entrepreneurship..

I always wondered “Why entrepreneurship?“…And I discovered 36 compelling reasons:

(1) To create something new / unique / innovative

(2) To have a fair chance to make money that a corporate job can probably never really pay you

(3) To fell the thrill / high of building a new business / enterprise (This is very different from 1 above)

(4) To be your own boss

(5) To get away from your current boss / company / life

(6) To work on a purpose larger than yourself / life

(7) To generate employment and improve the quality of life for someone somewhere

(8) To work wholeheartedly on something that you are deeply passionate about, and strongly committed to

(9) To create wealth

(10) To experiment with something you’ve never done before

(11) To fulfill a dream

(12) Entrepreneurship is in the blood ; They can’t / won’t do anything else

(13) To lead from the front (really from the front)

(14) To make life worthwhile

(15) To truly solve a problem / market need

(16) To make life easier for someone somewhere

(17) To address a higher calling

(18) To challenge yourself, and push the envelope

(19) To be in control of your life – and not dependent on someone

(20) To live a life (style) that you’ve always desired

(21) To be in full-control of your time at work

(22) To take-over the family business / set-up

(23) To be in power, and to have the power to control, influence and determine the outcome of a zillion things

(24) To build / create / groom / mentor individuals ; a great opportunity to do it your way

(25) To prove a point – to yourself or someone else

(26) To dis-prove a theory / hypothesis / widely held popular belief. For e.g.: He / She can never be an entrepreneur

(27) To find a way to do something better / faster

(28) To pioneer the way to do something in a cost effective manner

(29) To settle past scores with someone. Sometimes jealousy or revenge are the cause for one to embark on entrepreneurial ventures

(30) To heal wounds of the mind and heart; To some entrepreneurship is therapeutic I’m told

(31) To do something worthwhile / productive with your time, skills and knowledge

(32) To pay the bills and put food on the table

(33) No one else is ready to employ / hire you :(

(34) To make a difference in someone’s life

(35) To maximize usage of both sides of your brain :) – Entrepreneurship needs optimal usage of the left and right side of the brain. Ample role of creativity and logic

(36) To leave a legacy which your forthcoming generations will be proud of

Did I miss any? Leave comments to let me know

Source: http://nischalamurthy.wordpress.com/2014/06/26/entrepreneurship