Articles by "Entreprenuer"
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Looking to up your financial life and escape debt? or an entrepreneur seeking breakthrough in finance here are five all time hottest financial books.

NUMBER 5

The Millionaire Next Door


Through research into U.S. households with a net worth of $1 million or more, authors Thomas J. Stanley and William D. Danko identifies most individuals as Under Accumulators of Wealth (UAW) who have a low net wealth compared to their income.  They then provide advice (like take skimpy vacations) to help people achieve a higher net worth compared to their income.


February 20, 2017
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As an entrepreneur, one should be able to assume, manage risks and create strategies to survive a tricky economic downturn. The ongoing financial meltdown is bound to have an impact on businesses and numerous individuals for a considerable length of time to come. To the individuals and businesses that were ready, this recession would turn out to be the best of times and a terrible period to those unprepared.
The challenge is to be forceful and innovative. Business people who survive and flourish amidst difficult times must have the capacity to look past the present, to conquer the imperatives and traditions to see the firm from another point of view and to do business in an unexpected way.


Related:ONE TRAIT EVERY CEO NEED IN RECESSION







CUT SOME INVESTMENTS AND FOCUS ON BUILDING YOUR BUSINESS
It is advisable to leave all investments and focus on your business in order to be able to adjust to the financial changes that happen during the recession. For you to accomplish that, your business should be your top priority. If the Business remains solid through the economic meltdown, then it will become more grounded with the recuperation of the economy and you will have the capacity to purchase back more investments than solid.


CURTAIL POINTLESS COST
Another survival technique is to curtail all superfluous costs of doing business. To survive recession as an entrepreneur, you need to be cautious about your business expenditures. Parties, rewards, excursions, motivating forces and some other things that have no immediate effect on your organization’s development should be avoided.






GAIN STRONGER CONTROL OF YOUR CASH-FLOW
Monitoring and maintaining a positive cash-flow during recession is vital. Ensure that your monetary statements give data that is auspicious, pertinent and precise. Have the capacity to venture where you will stand three months ahead of time. Also, work closely with your clients to ensure they meet their credit commitment.


Related: WHY MOST BUSINESSES NEVER START


TAKE CARE OF CURRENT CLIENTS
Customers are usually referred to as the boss of the company and an organisation’s most prominent resource. Without them, your business would cease to exist. Research done by an advertising specialist showed that it cost more exertion and assets to discover new clients than to hold existing ones. During this recession, set up a close relationship with them and manage their complaints and issues with utmost priority.


FOCUS ON CUSTOMER SERVICE

Exceptional customer service will ensure clients return and purchase from you regardless of the fact that circumstances are difficult. Of all the business subsidence survival methodologies that exist, concentrating on the client is the best procedure that can promise long haul strength for any business. On the off chance that you neglect to deal with your clients and meet them at the point of their needs, then every other recession survival procedure you actualize will be invalid and void.

Related: TIPS FOR SURVIVING ECONOMIC RECESSION



February 06, 2017
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I was with my mentor (David Daniel Abiye) on Thursday 19th may 2016 in his house at Port Harcourt, and then two visitors who had called earlier that they wanted to see him walked into the house. One is Mr. Paul Arkwright, the British high commissioner to Nigeria and the other is Mr. Strive Masiyiwa, a London-based Zimbabwean business man, entrepreneur and philanthropist.




He is the founder and executive chairman of diversified International Telecommunications group, Econet Wireless. What they came to discuss is History and not much of concern to you but this is what I noted and learnt. "To my surprise, the British High commissioner Mr. Paul brought with him catalogs and brochures of businesses in his country. He urged my mentor to consider Investing and buying services and products from his country. I must confess I was totally amazed. Also while they were at the discussion because I was at the dinning close to the palor listening, Mr Strive Masiyiwa shared 3 IMPORTANT SKILLS IN BUSINESS. According to Mr. Strive are first; THE ABILITY TO READ, THE ABILITY TO COUNT (WORK IN NUMBERS) and thirdly, is THE ABILITY TO SELL.
After this secret encounter, while I was back home pondering on the 3 skills, my instincts made me choose the one I think is the most Important. That's the reason I wrote this article and titled it THE MOST IMPORTANT SKILL IN BUSINESS. Which is THE SELLING SKILL( The Ability to sell). 


* NEVER STOP SELLING.

Every businessman must be a good salesperson. You must never stop selling, even if you're the richest man in the world. "I remember listening to Bill Gates sometime talking passionately about one of the products from Microsoft. I thought to myself, wow, he is the richest man in the world but still interested in selling his products." This business strategy is not just employed by just Bill Gates; every great entrepreneur has this skill.
Bill Gates said this in his award winning and most inspiring New York best #10 and international bestseller book titled the Road Ahead, "When I was about eight years old, my mother gave me a packet of sweets to take to school. I sold the sweets one by one over launch break. After that, I bought another sweet and sold them to my friends using my profits. Before long I had a little business but it almost became a disaster when I took to the streets and got lost whilst trying to sell my sweets. The cops got up with me and returned me home to my mother who reported me missing. She stopped me from selling sweets and channelled my Energy into more creative things, but she did not kill my entrepreneurial zeal".
There are a lot of people who dream of getting into business but think it's beneath them to be seen trying to sell something. Never look down on a street vendor because from their ranks will come great entrepreneurs than from most business schools.
Whatever it is you're trying to do, whether it's a product or a service, you must know how to sell. There are millions of people who work for organizations even in very senior management positions who could not even sell an alcoholic beverage to an alcoholic.
(Am not a fan to Alcohol, Alcoholics are liable to die young) but if a salesperson or whoever cannot convince an addicted alcoholics, then you need to learn the art of selling.



Lack of selling skills is bad. There is an old adage amongst military planners which says "a battle plan is only as good as the first contact with the enemy". In business, it is interpreted to "a business plan is only as good as your ability to sell to a customer." The ability to sell is the skill we all need and it goes beyond selling something to a customer. It includes " making a proper pitch" to an investor and bankers. It also includes “Selling your Vision" to potential and current employers, employees and partners. It's all about the ability to sell.
You should become conscious about what it really takes to sell something. Once you become conscious of selling at its most basic level, you can move onto things like marketing.
One of the greatest sales person, I have ever known is an American. I have such admiration for his practice of sales and marketing in the United States. Imagine for a moment the guy who invented Coca-Cola, Dr John Pemberton was looking for a quick cure for his headache when he concocted the Coca-Cola formula in May 1886. Now Imagine, how on earth did he persuade people to overcome their thirst by drinking a black liquid? How could he? I imagine people would have had a second thought at the idea of drinking something that looked dirty. You need to think consciously about how a product or service can be sold or is being sold. However, you must remember that it does not matter how good you are in sales, if the product or service is bad, you will not last.

*AFTER THOUGHT


I learnt that every year members of the BRITISH ROYAL FAMILY travel around the world promoting british companies and products. They are not ashamed to go out and sell products and services developed by companies from their country. They do not consider it as something beneath them but something of high honour. They know that when British Companies are successful, it creates wealth and jobs in their countries. We should all be passionate about promoting and defending products and services produced by companies from our various countries and so should our leaders. Everyone in a leadership position, who does not take time to sell products and services from his country does not appreciate the Modern Wealth Creation Model as stated by the Commerce Secretary of The United States during a meeting of the World Economic Summit in Nigeria some time ago, which states that  " I am the chief marketing officer of all industries in the United States". Wow, we must be on the lookout for opportunities to promote products and services from our countries and continent at large. This is where wealth, taxes and jobs come from, it is not Rocket Science.






November 10, 2016
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“Are you thinking of starting a business from scratch? Here are some essential steps to build a business from the ground floor up. They will empower you to take that first dramatic step toward starting your own business and doing it right the first time.”


 ACT LIKE YOU KNOW WHAT YOU ARE DOING

Boasting is nothing to be ashamed of. It you move full speed ahead with aplomb; people are bound to move with you despite the fact that you have no clue as to what you are doing. You won’t always feel confident, but that doesn’t mean you can’t perform.

 BE PATIENT IF YOU WANT BIG CLIENT

Landing the big one takes time, it’s like fishing, you bait the hook and swing it high and might, but it can take hours to catch a big one.The same holds true for landing a co-operate giant. Finding Strategic customers or vendors who know your industry and believe in your product or business is manna from heaven. But it won’t take days or months to woo them. Count on years.




 BELIEVE IN YOUR SELF

If you do not believe yourself, who will? Every day, look in the mirror and say, "I am the best I can possibly be and I am going to do great things today" You have to convince yourself first before you can convince others.

 BUILD A CORE TEAM OF PEOPLE UNLIKE YOURSELF. 

When the going gets tough, you want people at your side who are responsible and reliable. Look for people who complement you, compensate for your weakness or offer a fresh perspective. Impose on them to challenge you constantly by taking a critical or contrasting position. How else will you and the organization grow?

 BE OPTIMISTIC

Sure, we all run into bad luck at some time or another but the secret is learning how to squeeze out the negative and only work with the positive. In other words, search for ways to turn misfortunes into benefit. The key to creating luck is to seek opportunities. Think about the good things happening in your life and work your way towards making every day an even better day.

 DEFINE YOUR BUSINESS BUT ALWAYS PUT CUSTOMER FIRST.

Refer to HENRY FORD'S classic Refer to HENRY FORD'S classic statement “An American can have a ford in any color so long as it’s black". The business is not about you, it’s about the vision you have that should serve customers. THEODORE LEAVITT had it right when he said, “The purpose of a business is to get and keep a customer” PETER DRUKER stated” companies are not in business to make items, but to make customers”



DELEGATE WHEN YOU CAN

Control freaks, perfectionists and compulsive people are OUT, delegators IN. Who's going to get more done, the person who delegates the work to 100 people or the one who does it all himself? By delegating responsibilities early on, you will have time to consider the needs of the business as a whole.

DONT QUIT YOUR JOB UNTIL YOU HAVE YOUR FIRST BIG CUSTOMER

What’s a business without at least one Rock-Solid Customer? It’s a frustrating hobby. Before you even think of starting a business and running it full time, you better have a BIG customer or a handful of small ones who pay well and are committed for the long Haul

GET A GRIP ON CASH

To run a business that is lean, alert and ready for challenge, you have to tidy up your balance sheet and have enough money at your disposal. Know where your money is coming from and where it’s going. Most new businesses fail and many do so because they are under-capitalized. Small businesses by definition tend to be thrifty even in good times and bad times. This is the reason to keep belts tight.

EXUDE ENTHUSIASM AND POSITIVENESS

What turns you on -
An enthusiastic and positive person or one who never smiles, never jumps up and down at your new idea? Start jumping up and down and look for people who will happily join you.

HAVE A MENTOR

Nothing beats turning to someone who's been there and can provide you with perspective that you are unable or unwilling to see. Mentors spare you from making costly mistakes or learning lessons the hard way.



September 28, 2016
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We live in a world where ideas rule the market, creates turnover worth billions of dollars over time. It would amaze you to know that there are so many business ideas that never make it out of people’s heads; some that make it out would never be implemented. Interestingly, some of these ideas would have changed the world completely.
Highlighted below are reasons why these mind-blowing life changing ideas never see the break of light.

FEAR
A wise man once said "what if kids were too scared to fall. Then no one would have walked". At the conception of an idea, this monster called fear always creeps in, triggering auto questions like " what if nobody likes and accept my idea?", "what if people laugh at my idea?" and most people ignorantly dwell on these fears and gradually the idea fades away.
At the beginning, nobody was interested in the IDEA of then young Steve Jobs. Decades later, his company, Apple Inc is practically the biggest technology company in the world. You never can tell what your idea can do until you implement and follow it to the end. Do not let fears of the unknown hinder the known or else you will live a life of continuous regret and shame.

ACTION POINT- Love your Ideas more than your fears (failure)
.


IGNORANCE
 This is the greatest enemy of mankind. A popular saying goes "If you are not informed you are deformed". People dive into businesses without having the necessary knowledge and information on how to start, run and succeed in it, leading to failure of the business. They blame the government, economy and every other thing but themselves.
It’s necessary that before you start any business, be it small or large scale, not minding how good the market looks, you sit and do an in depth background study of the market, top gainers, top losers and those that have failed to find out why they failed, so as to better overcome those challenges.

ACTION POINT: "Nothing empowers you for success like knowledge". Study the business before starting the business.



LAZINESS
An idea will remain just an idea until you start working it out to reality. Most people are not willing to put any effort to bring their dreams and ideas to reality, rather, they just sit and hope that someone would come by or something great will happen to them with their hands folded. Well, something great may happen or they will continue to wait forever.
ACTION POINT Get up and drive your ideas. 

LACK OF FUNDS
One major challenge facing young entrepreneurs today is lack of funds.
These big thinkers have great ideas but limited resources to execute them. Overtime, different strategies to raise funds have been developed but the most effective is to "work for your dream". That market you hope to be a part of, get a job at a company that is already part of your desired market. That way, you can learn and get paid at the same time.

ACTION POINT Get a job in a company directly related to your intending start up plan.

   

DISCOURAGEMENT
 It is advisable never to share your ideas with pessimists because they will kick you out of it. Also, the environment and present situation you are in may not be favorable. These factors can only discourage you if you take note of it and make it a major factor. Make up your mind and chase your dreams and ideas with all that you've got. People will laugh at the beginning but never mind, the end will justify the means.

ACTION POINT: Don’t let situations, conditions and people talk you out of greatness put your back into it.

FINALLY
Do not let that idea of yours remain just an idea. It’s high time you convert it to success and greatness, get to your feet and become better than you are now or you will spend the rest of your life regretting why you held back on turning your idea into a physical success
September 27, 2016
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The current economic challenges have left CEO's and senior management with no choice than to review their personal traits by which they have worked in time past. This is very important
now more than ever given the fact that what brought results for our organizations and CEO’s in the past may not function anymore. Conversing with leaders during an executive management program I attended, one will easily decipher how unease most leaders feel when it comes to receiving "OPPOSING AND CONTRARY VIEWS" from the lower rung of the hierarchy.
This is why most CEO's and managers often find it difficult to gather candid advice from their people as they have been made to always tell the CEO's what they want to hear and not what will make a difference and ultimately stir a turnaround for the organization.
The unusual trait every CEO and senior management should have in these challenging times that will set him or her apart is "THE ABILITY TO HOLD CONTRADICTIONS". This means having an uncanny predisposition, ability or capacity to hold in their heads two opposing views or ideas at once without hounding any. I deliberately referred to it as an unusual trait because most CEO's and senior management are not used to having people hold contrary views or oppose their views and ideas. They often see it to mean that their powers, expertise and intelligence are being undermined and not recognized. GENUINE REQUEST FOR CONTRARY AND OPPOSING VIEWS. Come to think of it, CEO's are hardly told the truth even when they genuinely request for one, let alone getting them to see that their views and ideas are not seen to be superlative.






My mentor (David Daniel Abiye) told me when firing me up with TOP BUSINESS SECRETS FOR SUCCESS THAT ARE HIDDEN “that as the CHIEF RESULTS OFFICER which we call CHIEF EXECUTIVE OFFICER (CEO) of my company BIG DADDY EMPIRE WORLDWIDE, I have been known to be a PROPONENT of don’t tell me what I said makes sense rather, what do you have to say? So with this, my associates at work will always come up with their views and most at times, opposing or contrary views. He advised that I must have a large heart to accommodate all their views”. Years back, I asked someone a question during a retreat I attended in an OIL AND GAS Company. The young man said "I support what the young man (Me- Daniel Onyekachi) has just said". I insisted he aired his own idea. Lo and behold, his views were better than mine. With that culture, everyone sees himself or herself as a superstar. No CEO, Executive or Manager will be a superstar without employees that are superstars.
One way to make them superstars is to allow them to come up with their ideas and often opposing views on how best to make things work.
Few months back, I had a discussion with a newly appointed CEO in Nigeria, and I deliberately said to him, you are not made the CEO because you are the smartest or brightest. That applies to every CEO or senior management. Having in mind that you were not chosen because you were the smartest goes a long way to tell us that smart ideas reside in everyone. Of a truth, CEO's and Managers should be adept in harvesting their people’s ideas and views. Yes, I understand in time past we have been told to categorize people's views or ideas to be bad or good, triggering the mind to hold just one idea or view. Anyone that goes outside what we believe or our way of thinking is termed contradictory or at worse opposing. CEO’s should hold dear those that will always come up with views that are quite different from yours.




What you know might not be enough to drive your organization to the desired destination. Interestingly, what others know are also required. So encourage your people to come up with their views and you will see amazing results. During meetings, tell your people that you are the CEO and not the CUSTODIAN of WISDOM.
Encourage them to be free and always come up with ideas and suggestions that will give your company a competitive edge. In this present time, a good trait that will stand-out great leaders from the rest is his or her ability to CREATIVELY APPREHEND two or more opposing ideas or views, coming up with a superior one containing elements drawn from others. These unique CEO’s or Leaders know that all views matter.
With this, employees are eager to come up with ideas that can transform the organization. The CEO must be weary of apple shining sycophants who want to appear loyal out of their selfish reasons, not possessing any mind of their own.


September 23, 2016
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Managers often go on courses to learn leadership,  but good leaders are not necessaiky good managers. Leadership is only one part of a management. A successful  manager needs leadership skills, other abilities are equally imortant.

ASSESSING QUALITIES
There are a number of important qualities that a manager needs to posses in order to motivative staffs effectvely. If any one of these qualities is absent or deficient, staff will quickly lose their motivation.

These qualities are...




* God fearing
* Places trust in people
* Collaborates with staff
* Commits to work
* Loyalty to colleagues
* Avoid  sentimentality

As a manager always know that staffs will not commit to an uncommitted manager, so it is important that you motivate yourself as well as others.
Consider the question, 'Am i committed to my objectives and my staff? The amount  of  energy you put into your work will indicate your level of motivation.
If you are reluctant to being necessary tasks, unable to take decisions or prefer sentiment  over achievement, these are all signs that you are a poor manager    
So motivation is tequired to in order to be a good manager. Your lifestyle should create an impact to all those around you else you are frustrating God's purpose for your life.


September 23, 2016
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Generally speaking, economic recession is a period of significant decline in economic activities spread across the economy that lasts more than a few months. Its effect is normally visible in real GDP, real income, employment, Industrial production and wholesale-Retail sales. In economic terms, Recession is a negative growth for two consecutive Quarters. Against this backdrop of harsh economic environment with potential adverse effects on businesses and citizens at large. There are some important practices that can ensure that you survive.
Survival in harsh economic environment is possible if certain drastic steps are taken. Some of the steps are listed below;

 MAP OUT FINANCIAL PLANS

Many find themselves in financial mess because of the failure to draft out a proper spending plan. If you have a clear vision of what you want to achieve financially, what you want to spend and what you want to save, it is easier to maintain a particular budget and not get carried away by unnecessary spending.

 BE BUDGET CONSCIOUS

You can as well map out a financial plan but not stick to it. Learn to leave your debit and credit cards at home, and try to use them only for emergencies. Carrying debit and credit cards make it easier for people to make unplanned purchases. POS machines even make it faster, as you can pay conveniently without going to queue at the ATM gallery.
While spending, be sure to look for deals and discounts that are comfortable so as to cut spending.

 IDENTIFY NECESSITIES

During a period of economic meltdown, the only way to ensure that you and your business survive is to look around and identify items that are very necessary. The best way for your business to survive in harsh economic environments is to ensure that you are providing items that are very necessary to customers. Anything other than that would reduce patronage and the knock effect would be marginal or no profits at all.

SEEK CHEAPER ALTERNATIVES

In order to cut down expenses, you would need to identify alternatives to items you regularly use in your business or household which are less expensive to what you usually use. However, you should make sure that the alternatives you identify do not have a negative effect on its intended use. For instance, you identify a less expensive material for your production and the material has a negative effect on the output resulting in significantly lower quality much to the notice of customers. The low quality would be detrimental to your business, leading to negative patronage and sales.

AVOID IMPULSE BUYING

Cutting on your purchasing frequency during recession is a major way of curbing spending. This can be achieved by avoiding impulse buying. This is simply buying things you have no prior intention of buying. To avoid this, you should properly have a list of the items you need before you go shopping as this would guide you on what to buy and what not to buy. By this, you go shopping with cash that covers the items in the budget list.

 CUT DOWN COST

During Hard times, even the government cuts down the budget, so why can’t you do the same? Switch off appliances not in use at Home/office to cut down electricity bills, eat more at home instead of expensive dishes at that restaurant. Do you still invest too much in liabilities like clothing just to look dapper or beautiful to the next person who perhaps do not care about you? Keep less important things out of the budget for now. Another way to ensure that your business survives in harsh economic environment is to look at areas in your operations where you can cut down cost without affecting the product negatively.

 LIMIT SOCIAL ENGAGEMENT.

Most people spend a fortune on going out, watching movies at cinemas, hanging out with friends and buying impulsively. Steer clear of friends that only drag you out to spend lavishly. Learn to say no to them. If you can find ways to limit the way you go out, you will be saving yourself a great deal of money.

 RE-PRIORITISE

The first thing you need do to prepare for hard times is to change your priorities. In an economic downturn, our concern needs to switch from luxuries to core needs like food and shelter. We have become extremely spoilt by a host of modern conveniences. In an economic downturn, some of these things will have to be given up.

BUY IN BULK

There are hundreds if not thousands of stores that sell various house hold items. Unknown to most people is that buying some of the common items in bulk is much cheaper compared to buying the same items separately. In fact, most of the stores offer discounts to clients who purchase items in wholesale.

DO IT YOURSELF

There are some tasks that demand specialized skills and experience, but there are some easy projects that you can do on your own without necessarily hiring an expert. For example, you can work on your garden during the weekends instead of hiring a manual laborer. All you need do is purchase the required tools


September 14, 2016
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It is the desire of every individual to experience financial abundance. Nevertheless, very few can proudly boast of it. It has come to my notice that people dedicate their time and resources chasing after money, doing five to six jobs, saving and not minding the stress all in the bid to attain financial freedom. Financial freedom cannot be attained by hard work alone, to attain financial freedom you must understand “The Cashflow system” , that is how money works, how it comes, how it goes out, how to manage it, how to generate it and more. This is to say that you must acquire financial education. There is no school in the world where people are taught how to make money, however, you can acquire all the financial knowledge needed to break free from poverty. Here are steps to access limitless financial freedom.


KNOW THE DIFFERENCE BETWEEN ASSETS AND LIABILITIES

The inability to differentiate between assets and liability has kept the poor, average and middle class where they are today. While the rich invest their resources on assets, the poor and middle class invest their money on liabilities like expensive jewelries, luxurious cars and style of living. The rich understands more income equals more investment while poor and middle class spend more on liabilities when their income increases.

 HOW TO DIFFERENCIATE BETWEEN AN ASSET AND A LIABILITY Assets are factors that bring in income while liabilities are those factors that do not add in terms of income rather they subtract resources from you. The first step to financial freedom is to understand and differentiate between these two.

 Action Point 
Write down your entire properties then group them in terms of assets and liabilities, try to cut down or drop them and use the recovered resources to invest.


 ASK THE EXPERTS

Why dive into the unknown when you can ask questions? you may not be privileged to come in direct contact with successful people in a particular field but you can relate to their thoughts, know their takes and learn from their mistakes by reading their books, CD’s, Videos and attending seminars where they speak. 

Action Point
Connect your success to successful people and work hard to study that individual and know him/ her in-depth.


 PURSUE KNOWLEGDE

The world is evolving from the industrial to the information age where knowledge, diligence and smart work rules the finance. Successful people know this that is why they invest so much in study, information and growth.
 Hosea 4 verse 6 highlights that fact that most people perish or suffer in poverty because they lack knowledge and at such they have no mind of their own. This is one big difference between the rich, poor and middle class. While the rich depends on information and knowledge to excel, the middle class and poor depends on rumors and gossip, this is why the middle class and poor are easily affected by discouragement that comes their way.

Action Point
Invest your resource in information and knowledge.Finally, the quest to attain financial freedom requires your concentration in buying income generating asset as no man can get rich via savings. Your focus must shift from luxury and comfort to income generation as this assures your financial buoyancy of not just now but years after. ‘’the map has been made available to you, the first step depends on you’’


August 09, 2016
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CULLED FROM                                                         The Capitalist Digital Magazine



Another way of raising money for a business startup is by disposing of stuff you own that you no longer need which others are ready to pay for. It could be items bought but never opened or old equipment you no longer use. Since we are so adept at turning cash to trash, for once, we can reverse the process by turning trash to cash and make good use on what we have. Most of us have so much cash trapped in our homes in unused appliance, adult toys, electronics, computers, jewelry etc. Some have unused boys’ quarters that can be rented out etc.
Release the cash and put it to work in your business. Also, money could be raised to finance business startups from your assets by selling some of your stocks and bonds to raise the required cash.

August 09, 2016
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Culled from www.entrepreneur.com
 https://www.entrepreneur.com/article/254549

Many people dream of leaving their nine-to-five jobs to start their own businesses. Many successful
entrepreneurs had to keep their day jobs until they reached a point in their businesses when it was
feasible to quit. This transition time can be stressful and difficult, especially when you don’t enjoy your job, but it doesn’t have to be
While ambition is important, it is not always enough to move you forward. Maintaining your motivation and drive during your transition from employee to entrepreneur is crucial. It’s easy to veer off course and get discouraged during this transitional phase. Here are some actions you can start taking immediately while you’re still at your day job that will keep you on track and moving forward.

1. Get crystal clear on your reason for starting your business.

Connecting with your “why” is the most important first step you can take. Maybe you are motivated by being your own boss, financial independence, time freedom, creative expression, being home with your kids or helping others. Whatever your reason, knowing what motivates and drives you is what will keep you focused and committed to your dream when times get difficult.

2. Commit yourself to your dream.

Having the desire for something to work vs. committing to it are vastly different. When you
commit to your dream, you are making a binding obligation to see it through to success. It means you
are “all in,” you find solutions when faced with obstacles and you don’t quit, no matter what. Make
that pledge to yourself, and then tell the people in your life.

3. Create a personal vision for your business.

Think about what you want in your business a year from now and write it down. Be very specific and
detailed. Describe in great detail in the present tense your ideal day, what activities you engage in,
who your customers/clients are, how many customers/clients you have and what your monthly
income is. Read your vision aloud every morning and evening, focusing completely on the end result of your vibrant, flourishing business. By keeping your focus on the result, you will be able to make the day-to-day choices to ignore any negative thoughts that may arise.

Related

4. Join a mastermind group.

A mastermind group is a peer-to-peer mentoring group that meets regularly to support each other,
brainstorm ideas and share advice and work through challenges together. A mastermind group can be
excellent for helping you stay accountable and motivated. There are mastermind groups that meet in person, online or on the phone. To find a mastermind group, Meetup is a great place to start. If you cannot find one to join, then create your own with people who are also starting a business.

5. Immerse yourself in learning.

Research and study anything you can find that is pertinent to your business. The Internet provides an
abundance of valuable information on building a successful business. Take courses, hire a coach or
find a mentor. Listen to podcasts or audiobooks during your morning commute. The more you learn
and become an expert in your area, the more self- assured, motivated and successful you will be.

6. Stay positive about your day job.

Every day, acknowledge something you appreciate about your job. Perhaps you enjoy your co-workers or always having holidays off. Maybe it’s just the free coffee or your comfortable chair.
The point is to look for the good things. The more you focus on what is positive about your current
situation, the more success you will bring to all situations, including your business. Negative
thoughts drain your energy, making it far more difficult to move forward with your dream.


7. Set daily goals.

Take small, measurable action steps each day toward your business, understanding there will be times
when it seems like you are making no progress at all. Much of the work, in the beginning, will be
tedious day-to-day tasks. Realize it is all part of building your business. By taking steps each day,
which includes doing the mundane, you will start seeing results. The more progress you make, the
more confidence and determination you have to keep moving forward.

By taking these actions while still working your day job, you will stay focused, motivated and committed to making your dream a reality. It will also make the time spent at your job seem to go by faster.
July 28, 2016
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Culled from www.entrepreneur.com
By JOHN RAMPTON
Entrepreneur and Connector

I've been a millionaire three separate times in my life. The first time I saw $1,000,000 in my bank account, I almost fainted. Even though I knew it was hitting my account, it still caught me off guard.
Becoming a millionaire isn’t as far-fetched as you would believe. With dedication, patience and focus, becoming a millionaire is completely obtainable. If I can do it, anyone can.
The hardest part? Actually reaching your first million. After that, everything else falls in place. But why is it so difficult to reach your first million? I find that most people are pretty close, but hold themselves back with the following mentalities:

1. You’re not thinking the right way.

As Napoleon Hill discovered in his landmark 1937 book “Think and Grow Rich,” wealthy individuals think differently than the average person. After interviewing 1,200 of the wealthiest individuals in the world, self-made millionaire Steve Siebold agrees with Hill’s findings. They include:
  • The rich believe poverty is the root of all evil.
  • Selfish can be a virtue.
  • They have an action mentality.
  • The rich acquire specific knowledge.
  • They dream about the future.
  • They follow their passion.
  • The rich enjoy challenges.
  • They use other people’s money.
  • Millionaires focus on earning, not saving.
  • They know when to take risks.
In short, if you want to become a millionaire, start changing the way you think about money and success.

2. Being too concerned about perfection.

Here’s one of the most important and valuable lessons I’ve learned in life -- nothing is perfect. The sooner you accept that, the sooner you can move forward, instead of being stuck in one place.
If you’re starting a business, the more time you spend perfecting your product or service, the more time your competitors have to tap into your market and take away potential customers. Don’t hesitate to experiment. Get to market as soon as you can. You can always work out the kinks later while you’re still making a profit.

3. Spending everything you make.

You just received a fat six-figure check. It’s tempting to go out and buy a luxury car. The thing is, wealthy people know how to live below their means, as opposed to spending everything that they just made. Many wealthy people, like Warren Buffett, live in modest homes and drive practical cars.

4. Setting unrealistic expectations.

While the wealthy definitely dream big, they also set realistic expectations. They’re well aware that they’re not going to become millionaires overnight. It takes a lot of hard work and patience to achieve their goals.
As any marathon runner will tell you, you can’t expect to run 26 miles without the proper training and conditioning. Review the progress you’ve already made and where you’re headed.

5. Following others blindly.

It can be incredibly beneficial to seek mentors or read words of wisdom from those who have struck it rich. The thing is, what worked for them may not work for you. For example, launching a company like Apple or Microsoft may not work today. So, following how Jobs and Gates became successful step-by-step isn’t going to help your subscription-based cleaning service.
Understand what works for you and your business and how you can be successful in that industry.

6. Relying too much on plastic.

Credit cards can be useful if you need to build your credit or invest in your business -- as long as you’re smart with how you use them. It’s incredibly easy to get yourself into credit card debt. That means that instead of making wise investments or putting money into your business, you’re busy paying off your credit card bills with those high interest rates.

7. Plan for the long run.

The wealthy have a knack for always looking and planning for the future. They know where they want to go and what it will take for them to achieve success. This allows them to anticipate any obstacles and have a plan in place to handle those challenges.
If you are starting a new business venture, you need to have a long-term plan that addresses how to attract and retain clients and customers and outlines how you're different from the competition.

8. Spending time with the wrong people.

The rich don’t waste their time by associating with the wrong crowd. I’m talking about the naysayers and negative people who keep telling you that you can’t achieve your dreams, or the people who are using your success to their advantage.
Instead, the rich spend time with like-minded people who are driven, passionate and are thinking about how amazing their future is going to be. They are always building their brand.

9. Doing everything yourself.

Despite wearing multiple hats and being a jack-of-all trades, it’s impossible to do everything on your own. Let’s say that you just launched a startup. You need to hire talented individuals who enhance your strengths and pick-up the slack in your weaker areas.
Learn how to outsource and delegate the tasks that you’re not familiar with or aren’t as strong in. This is one the secrets that entrepreneurs rarely tell you, but it’s essential if you want your business to grow.

10. Not being in the right place at the right time.

Whether it’s making an investment or starting a business, timing and location is everything.
Take Ryan Graves, for example. He simply tweeted “hire me : )” to Travis Kalanick in 2010. Graves became Uber’s first employee, then the company’s head of global operations. He's estimated to have $1.4 billion in equity.
Instead of daydreaming, seize the opportunities that are right in front of you.

11. You don’t believe in yourself.

What’s the biggest thing holding you back from becoming successful? It’s probably the fact that you don’t believe in yourself. Instead of second-guessing every move you make, trust your gut and go with your intuition instead of waiting for insights from those around you.
As Dale Carnegie once said, "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.”
July 28, 2016
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