Want to become an entrepreneur?

Want to become an entrepreneur?

Here are questions you should ask yourself before taking the leap...by Nichole Torres

1. Are you ready for bigger challenges than corporate life can offer you? If you're bored at your current job and the prospects for promotion seam bleak, maybe it's time.You must evaluate your set point.

2. Do you have a need for greater balance in your life? Do you wish to integrate your life and your work in an entrepreneurial career?

3. Are you seeking authenticity in your life, are you aching to follow your passion? Examine your leisure activities - what you really love doing - and think about starting a business in that arena. Find way to turn your passion into your destiny.

MANAGING CASH FLOW

A successful entrepreneur with a good business concept may consistently register record sales and profits, but he or she can go bankrupt because of cash flow problems. Indeed, managing cash flow is a critical area in finance, one that can spell the difference between the success and failure of a business. So, just like a smart basketball coach who develops a winning strategy by reviewing the “stats” of his team’s strengths and weaknesses, the entrepreneur should similarly monitor his or her cash flow” stats” to develop an effective financial strategy.

The lifeblood of any business is its cash flow. Without it, the business is like a bloodless person. If you are always unable to collect your accounts receivables on time, you won’t be able to generate enough funds to pay for your operating expenses. Sooner than you think, you will be in financial distress and may even have to close shop. This is because the cash that goes in and out of your company is what determines your financial position. If you are in cash surplus, you can possibly invest the excess money in short term investments, if you are in cash deficit, on the other hand, you may need to source financing to bridge your cash shortfalls. Thus, for you to forecast and effectively deal with changes in your cash position, it is important to understand the various factors that affect your cash flow.

The sources of your cash flow collections will either be recurring or non recurring. Recurring items are those that come from operations, such as sales customers. Non recurring items are those that come from investment and financing, such as capital advances from your business partners or proceeds from bank loans and other items of similar nature.

When you understand the concept of cash flow and learn how to measure it accurately, you can improve your performance and become more competitive. It will be good to ask your business advisor or accountant for guidance when you are planning to construct your initial cash flow forecast. Once the template has been made, you can simply input the figures and can easily come up with your forecasts.

In any case, always remember that having cash flow forecast can bring a sense of order and well-being not only to your business but also to yourself as an entrepreneur.

Source: Entrepreneur Philippines By Henry Ong

Believe in your capacity to make money

Remember that your perception of yourself is your reality. How you define yourself will be how you will act. If you believe that you’re a lazy, inept, weak, dim-witted individual – that’s how you will act. Your definitions of yourself are self fulfilling prophecies. Why? Because the human beings, one of our greatest needs is consistency. You will find yourself acting consistently with your self-concept and self-definition.

If it in your thinking you believe that you can’t earn enough money for your family, then you won’t. if you see yourself as a C-employee or worse, an F-businessman, then that’s what you will be. If this is your self-concept, then that you’ll be your life forever. Sometimes, people are trapped in a vicious cycle of poverty, handed down in their families from one generation to another. Their very family identity is indelibly wedged and welded with poverty. They see themselves, define themselves, describe themselves as poor. I’ve seen this phenomenon so many times in my work, I think it’s an epidemic.

I am totally convinced that we are limited by our own core beliefs, and if we have small beliefs about ourselves, then we will remain small forever. But if you believe in your heart that you can create money, then you can. Your Creator has given you this capacity to earn money – for yourself, for your family, for your life –dreams. Use it.

Create a paradigm shift for yourself right now.

Believe in your capacity to make money.

Action Plan

Examine your self-concept. How do you define yourself? How do you describe yourself? Write your answers down.

Source: Simplify By Bo Sanchez

Success in the mind of every entrepreneur

Success in the mind of every entrepreneur who's just starting in business. It's certainly not about having the money to bankroll your venture, because there are those who started with nothing but still managed to take their business to the top.

It's also not just about taking risks. Contrary to popular belief, dare devil types do not make good business people-they're just in it for the thrill. The key is to know how to take calculated risks. Good entrepreneurs are those who can say "no" when the odds aren't in their favor.

And it's not just about having passion. You may be wildly enthusiastic about an idea, but how far are you willing to go to see that idea through? True blue entrepreneurs will tell you that working 24/7 or having sleepless nights is a given. You have to be prepared to give up a whole lot more.

In short, entrepreneurial success is a mix of many qualities, with each trait working to make an achiever out of you. Take one out and you will be overseeing a highly profitable and thriving business.......by jaclyn lutangco chua- entrepreneur philippines

let's start our journey in the entrepreneurial world......follow what your heart desires....