Entrepreneurs are at the heart of economic development, generating jobs and tax revenue for cities, states and national authorities. But the prospect of starting and maintaining a business is full of risk, calling-for a special type of commitment from those intent on being self-employed. Financial matters, in particular, present challenges for entrepreneurs, ranging from generating start-up capital to effectively funding ongoing business operations.
Although each business is unique, success is typically measured in profits and job satisfaction, so diverse workers ultimately share the same goals. Fortunately, the path to prosperity is paved with entrepreneurial successes, furnishing a blueprint for effective business management.
If you are self-employed or considering an entrepreneurial venture, commit yourself to these important rules for success:
Protect Your Financial Reputation
To onlookers, your reputation forms the core of your brand image – including how customers and business associates view your professional financial integrity. And since your business probably relies ilow of customers, so a well-conceived line of products and services is essential for long-term viability. For the greatest chance of carrying-on, make sure your business concept speaks to a genuine need. Not only do in-demand goods and services inspire repeat purchases, but you’ll spend less time and money convincing new customers to try your brand. Thorough market research sheds light on consumer habits and guides successful entrepreneurs toward money-making opportunities. A “hopeful” sales approach, on the other hand, leads to stagnant inventory, insufficient demand, and financial failure.
Learn Effective Marketing
Although the particulars are unique to each business venture, making money typically relies on effective promotion. Without a well-oiled marketing machine, your business faces an uphill climb reaching customers. And in today’s hyper-competitive consumer marketplace, your message must be spread across various forums, including:
Social Media – If you expect to compete with savvy marketers, social media figures prominently in your promotions strategy. Use networking sites to make connections and facilitate partnerships, and stay in the public eye by posting engaging content.
Industry Publications – Establishing yourself or organization as an expert source within your field can lead to new business. Trade magazines and websites are a great place to put your intellect and expertise on display for those in your niche.
Direct Marketing – Direct mail and in-person events establish one-on-one contact with potential customers, so the strategies can be used to generate interest in your business. Direct marketing is expensive, compared to other forms of promotion, so conducting cost analysis is an essential first-step, before committing advertising resources.
Believe in Yourself and in Your Brand
Believing in the products and services you sell makes the task easier, but it also translates to job satisfaction and personal fulfillment. Your track record as an independent business operator reflects your dedication and commitment, so putting-in the effort on a lukewarm prospect will not pay the same dividends as a project you are passionate about.
Inexperience prevents some would-be entrepreneurs from taking the plunge to self-employment. If you believe in your business plan, don’t let your own lack of experience stand in your way. Expert advice is available to help get you off the ground, and in time, believing in yourself develops acumen and expertise beyond your expectations.
Striking-out on your own carries risk, but rewards are widespread for entrepreneurs committed to business success. These four rules and other proven practices help set the stage for growth and profitability – use them to reinforce your business or inspire a start-up.
Trump Comments on Stock Market’s latest drop – says it’s ‘peanuts’
Trump says Tuesday’s market drop is ‘peanuts’
President Donald Trump played down the stock market’s losses on Tuesday as “peanuts” when compared with the importance of striking a good deal with China and the gains since his election.
The Dow Jones Industrial Average “was about 16,000 or 15,000 and now it’s almost at 30,000,” Trump said at the NATO summit in London. “It’s going to be at 30,000.”
“If the stock market goes up or down — I don’t watch the stock market. I watch jobs. Jobs are what I watch,” he added. Today’s move is “peanuts compared to — we have picked up record numbers so that’s OK. That’s the way I feel.”
The major stock indexes slid Tuesday after Trump said he thinks it would be a good idea to delay signing a trade deal with China after the 2020 presidential election. The Dow Jones Industrial Average fell more than 450 points at its lows on Tuesday, led lower by trade-vulnerable Apple, Caterpillar and 3M.
“In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now, and we will see whether or not the deal is going to be right,” Trump told reporters before U.S. markets opened Tuesday. When asked if he had a deal deadline, he added: “I have no deadline, no. … In some ways, I think it is better to wait until after the election if you want to know the truth.”
Despite his assurances that he doesn’t watch the market’s daily moves, Trump often tweets within hours of when the U.S. equity market reaches an all-time high. He has tweeted the keyword “stock market” 107 times since his inauguration
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11 kids quotes we’re all feeling
Ok so there’s always that time when you just wish so bad you could straight up say whats on your mind, but you know you really shouldn’t, so you don’t. Well leave it up to kids to say exactly what you’re feeling, no hesitation or regret. Check out these kids quotes that say everything you wish you could!
Why do kids say the darndest things? Comment with your favorite!
How to become a better businessman in 6 steps; Priceless advice from Entrepreneurs
Become a better businessman in 6 steps following this priceless advice from accomplished entrepreneurs.
- “Do something you’re very passionate about, and don’t try to chase what is the hot passion of the day.”
Jeff Bezos accentuates having passion for what you are doing, because if you don’t love it you are much more likely to give up. It’s hard to take an idea and turn it into reality, especially by yourself or when people whom you respect tell you it can’t be done. The passion and love you give to your project will determine it’s success rate over time.
- “Don’t let people who you may respect and who you believe know what they are talking about tell you that it can’t be done.”
Pierre Omidyar continues to say that often they will tell you it can’t be done and that’s only because they don’t have the courage to try it.
- “If you know exactly who you want to be, you need to spend as much time [as possible] with people that are actually that already.”
This advice from Gary Vaynerchuk is actually priceless when it comes to success in the business world. Think as well “It’s not what you know but who you know,” and surround yourself with people you look up to. Human’s adapt to their surroundings quickly, and soon you won’t just want to be an entrepreneur, you will also know how to act like one.
- “Come up with 10 new ideas every day.”
Coming up with at least 10 new ideas every day will keep your “idea muscle” in shape, which is critical for an entrepreneur in order to keep going and stay ahead of the fast paced business world. James Altucher continues to say that once you’ve done this for about 6 months you will be an idea machine. New ideas keep passionate projects alive and ensure growth in every direction.
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- Realize that, “naturally, nobody is interested in your ideas. You have to persuade them, and you have to show them that you are the one person out there that can do it.”
Robert Greene, an American author known for his books on strategy, also says that “no one is really going to help you or give you direction.” Realizing this sooner than others will give you a head start and the ability to stop looking for recognition in others. Instead, you can focus on your passion project and make it perfect, and the world will not be able to ignore it.
More about ‘Mastery’ by Robert Greene
- “Don’t think about ‘how do I get big fast.’ That will happen if you build something meaningful and important.”
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Danae Ringelmann’s advice is not something to skip. If you rush your ideas or your product you will be relying on luck more than anything to create success for you. While luck is certainly involved in alot of things, relying on it or betting on it to ‘get big fast’ doesn’t help you become a better businessman. Being proud of what you create, instilling passion into your work, and working hard will ensure success more than anything.
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