Posted on December 9, 2011
Many people want a step-by-step guide on how to start a business. But that's not the case for an entrepreneur, a true entrepreneur. The reason is because a true entrepreneur is a creative visionary. One who is motivated by all the freedom that entrepreneurship entails. Though, let us remember, with all that freedom comes great responsibility.
Even though a true entrepreneur desires to pioneer his or her own way, it remains wise and advantageous to open oneself up to mentorship if you seek to achieve top performance. Just as sports' players have coaches who help them develop their talent, so too should entrepreneurs. Through mentorship, coaching and working with a team of advisors, entrepreneurs are better able to achieve successful business results.
With that being said, reading can be considered a type of mentorship as the expert author opens your mind to things you were not previously aware of. The 4 must reads for young entrepreneurs - or any entrepreneur - aren't "how-to" books, but rather they open your mind to the idea of possibilities. Great books have the potential to expose you to new realities - realities that can shift your thinking from that moment forward. Realities that can forever change your life - forever change your future. But it's up to you - the true entrepreneur - to decide on that first step.
The following must reads are sure to get your mind overflowing with ideas...
* "Rich Dad Poor Dad" by Robert Kiyosaki
* "The 4-Hour Workweek" by Timothy Ferriss
* "Multiple Streams of Internet Income" by Robert G. Allen
As you venture out on your entrepreneurial endeavors, you're going to find a large number of nay-sayers who have nothing better to do than try to sink your sailing ship. Some point out the "flaws of your thinking" because they don't want you to get hurt. But most do it because they want everyone else to live as limited a life as they live - though this is typically done on a subconscious level - for they don't recognize that they hold the power to change their own life. But you do.
Therefore, as you pursue your dreams, you may need to shift your friends. Look around you, and remember you are known by the company you keep. Are your closest friends living the lifestyle you want to be living? If not, you need to surround yourself with like-minded individuals who are striving for and may have already attained what it is you are looking for as an entrepreneur.
Posted on December 7, 2011
It is commonly believed that currently the world's economy is moving at a faster pace so investing in new or established wholesale businesses would not be a very wise idea. It may sound a crazy idea to launch a new wholesale business but it will be far practical to invest in your own business and that too of wholesale supply than to experiment in other sectors. It is a recorded fact that many successful businesses were started during times of recession and proved to very successful. For the entrepreneurs who wish to invest in wholesale business, coming year i.e. 2012 could be the right time to make such an investment.
Each period of recession is followed by golden times and if you begin fine in recession, you certainly can do wonders as soon as the economy gets better. Unlike many, the winning souls pick the hard times to practice their skills, which show their consistency for achieving business goals. The biggest issue that any wholesale entrepreneur has to face in the beginning is to arrange finance and avoid being credit dependent. There are countless examples of successful wholesale businesses, which are not dependent on credit loans. Their credit source is saved money, and amount borrowed from friends and relatives, they are hardly dependent on high interest bank loans.
Some tips are discussed here to help you overcome economic obstacles and start a successful wholesale business venture.
Survival of the fittest!
There are many hurdles associated with the start-up of wholesale business in recession times. Customers are not willing to take risk by buying wholesale products from new suppliers because they already short of cash. Therefore, you have to come up with such product quality and rates that buyers feel compelled to buy from you. Remember, customers will haggle but since you have to survive in the market so keep you profit margin intact. In recession, survival chances are lower therefore you have to become the fittest to survive it. Read more...
Posted on November 12, 2011
Well you got your idea and a patent at least you did a search and found you can patent your product. On to financing: Well the conventional wisdom of financing is to get a good business plan with all the great financials and profitability within a year then head to the bank. While I believe that you could be the one this will work for it has never worked for me. These days it seems hard enough to get a house loan let alone a startup business loan. If this option has worked for you in the past I would love to know about it. Please post a comment saying so.
Let me first say that a good business plan is a smart way to start once you have the idea and know you at least can patent it. A business plan will help you to figure out your startup cost, projected earnings and break even analysis. It is also important to have an executive summary and mission statement because if you don't have a plan mapped out then you don't know precisely where you are going or who your target market is.
A business plan will also help you obtain financing even if you don't use a bank. There are many resources on the web that can help you get started with a business plan. One program that I like if you can afford it is Microsoft's Business Plan Pro. You can buy one right now off their site for just under $80 for the standard edition. If you are planning to develop a website it is a good idea to map out how you want the site to look. I again turn to Microsoft for this Visio is the program that I used. This program is pretty expensive though so you may be able to start with Microsoft word. It probably won't be as pretty but it works well enough. Read more...