FACTORS THAT CAN MAKE YOU OR BREAK YOU AS AN ENTREPRENEUR

Entrepreneur means a person who organizes, operates, and assumes the risk for a business ventures. Most time, entrepreneur is commonly seen as an innovator of new ideas, and business processes.

                 The world business has become very competitive, so as entrepreneur will have to consider some specific factor to get ahead day by day. As an entrepreneur, you need to consider crucial factor that will take your business to the higher level. To be successful, an entrepreneur must consider some sets of crucial and indispensable factors which are as follows:

·        Planning Factor: planning is one of the factors you should consider if you are starting a business. The problem for one-person business is the overwhelming tasks ahead of you every day. Your planning skills would make sure you have an idea of the things you have to do for the day and what you have to accomplish. Entrepreneur business is multitasking and you have to be really good at it accomplish your dream.

·        Management/Organization Factor: management factor will provide you information on how to handle situations when your business starts to operate. Many big firm corporate employ people in different specializations for effective management of the firm. An entrepreneur need to consider this factor to enable him/her know the daily income and expenses, issuing receipts and making sure bills are pay on time. On the other hands,

·        Organization factor should be considered as well. An entrepreneur often deals with a lot of people. Managing people effectively is one of the most difficult tasks in the world at large. An entrepreneur must understand people and know how to motivate them. Dealing with different types of people and arranging different types of programs required considerable organization abilities.

·        Financial Factor: this is the foundation on which your business is build. To succeed as an entrepreneur, you have to build a strong financial base in order to help you support business and run it effectively. It is the most essential factor you need to manage your small business venture, in order to have the ability to manage your finances and have money to pay for your business, casual expenses and have some money in your pocket.

·        Marketing Factor: this refers to the various strategies you use to get potential customers, informing them of your products and services. Valuables marketing include using communication skills, knowing how to classify and target your audience, then using the right marketing strategies to attract potential customers.

·        Communication Factor: this is closely related to marketing but as an entrepreneur, you have to possess good communication skills. An entrepreneur often has to communicate with different types of people. Therefore, to become successful and make the things work, he/she must be ready to do a lot of communication. He/she must practice and put conscious effort to improve his/her communication skills.

·        Technology Factor: today’s business are been run both online and offline. Online businesses have increase tremendously in the past years. An entrepreneur needs to get his/her business online as this will provide opportunities to enlarge his/her target audience. You don’t have to sell over the internet, but your site can describe your goods and services and give your customers the rightful information.

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   Interpersonal Factor: this factor connects every other factor together. They include relating well to all customers, building good friendly relationship, effective communication and many more. The way you deal with interpersonal factor will determine much of your success.

     Entrepreneurial factors are the abilities, inherent or learned, that will make or break your business. Knowing these factors from the start will reduce the challenges of starting a business, but being able to use them strategically will ensure that your business stay on even when competitors come in. you will succeed.

Applied Knowledge for Your Business and Strategy

Thousands of businesses across North America are well-positioned to get pummeled by their competition or go out of business in just a few years from now. No, it's not the current state of our economy, it's not inflation, it's actually much simpler than that.

There are just a few simple, yet very potent strategies fast-growth companies use to literally force their competitors out of business. Once these strategies are understood and applied, you will know once and for all why you may be working part-time "for free" and financing Uncle Sam just like thousands of well-intentioned business owners do, with little or no return on their time and investment.

Regardless of what you do or the size of your business, you can apply the following knowledge to your business and expect to see a significant return on your investment in a realistic time-frame of just a few months.

If you are frustrated with the results you are getting with your business, your overhead is overwhelming you or you just need clarity as to what's going wrong and what can be done to change course, please know our staff can help you identify what's wrong and share knowledge only a small fraction of business owners know about.

Make no mistake about it, what I am about to share with you is heavily guarded knowledge that most business owners never share - even with trusted friends. Why? Because should they reveal this knowledge, there's someone out there who could become a formidable threat to them and their ability to earn money for themselves and their families.

Please know I will not hold back on sharing exactly what you need to know.

Does it take time to learn and apply this knowledge? Yes, it does! It takes time and energy on your behalf.

With that said, a question we also get from our clients is: "Why should I trust you?" That is a fair question. Let me answer it: Over the last 20 years, I have been blessed to work for some of the greatest companies in the world and be around some extremely smart chief executive officers, business process analysts, engineers and operations managers.

What these people taught me are the real secrets to why the companies they operate are at the top of their game. Let's name a few of these companies: FedEx, Ingram Micro, D-Link Systems and a half-dozen other firms featured in Red Herring Magazine over the last decade.

Do you have to be a Fortune 1000 company to understand and apply this knowledge? Absolutely not!

Do you have to invest your time and resources to make a positive change in your business? Absolutely!

So what areas of knowledge am I referencing that need to be addressed, analyzed and discussed for you to avoid the crash-and-burn syndrome happening all across North America? To keep this simple and to the point, I will not name all of the discussion points, but I will laser beam you in on what you should know right out of the gate.

These few things are the exact pieces of knowledge your top competitors understand, analyze and construct with meticulous execution.

What smart business owners know is that there are areas within their business that if done correctly, can save those thousands of dollars in lost time and reworks, and present huge gains in customer service levels and profitability, regardless of business size or number of store locations.

They all have one common denominator that inevitably crushes the competition: They thoroughly understand how to correctly digitize and integrate certain core business processes, build them around their business architecture and create a business model that eliminates discretion at the operational level and empowers employees to perform way beyond expectation.

That's the key. There is nothing more to it. Now, take action on the knowledge you just read.

So what's in it for you? If you simply take the time to process what you've just read, objectively look at how much time you're wasting on repetitive, time consuming tasks that could be improved using an improved process you're one-step closer.

Also, assess what existing processes and applications are forcing your staff to perform multiple tasks that could be significantly improved when digitized, you're half way there.

Simply digitizing a process is not the solution. Proper integration of digital processes with people and manual tasks are paramount to your long-term growth and profitability. With proper analysis, design, implementation and management, you are well on your way to free yourself up and then focus on the business rather than let the business control you.

Know this: Success in business is rarely accidental. It's an ongoing process that demands comprehensive planning, organization, coordination and analysis at every decision-making node to ensure the very best results.

Aside from your people, who are your most valuable resource, technology is the most critical profit-earning and cost-reduction investment you will ever make.

When designed correctly, synchronized with core business processes and people, your technology infrastructure is the catalyst for a highly effective, extremely profitable business model.

From initial concept to final implementation, there are a series of events that if properly implemented, will significantly increase your chances of long-term success. When time, energy and monetary resources are properly utilized, managed and monitored, you position your business to leverage the very best technology has to offer.

Integration of the correct technologies into business processes is at the heart of why some businesses quickly accelerate past their competitors.

A well-defined and carefully orchestrated project management plan, along with ongoing testing and monitoring, will influence the final outcome of your unique business model.

The fact is, technology integration must meet present-day requirements and challenges, yet remain flexible enough to accommodate changes that are imminent in virtually every business
I've had the privilege of working in.

More importantly, your technology infrastructure must be resilient, scalable, replicable, and dependable and most of all - deliver cost-effective results.

Need help? To learn more visit http://sisnv.net/

How Proper Money Management Helps Your Business and Yourself

It's not so hard to make a decision to start your own business. However, it's not so easy to start it up if you don't know how to, and it's even harder to get it up and running actually. For many new business owners, it's hardest to make their business profitable mainly because of the things that can happen during the process that can adversely impact the business and their self-confidence.

Failure on your part to properly manage your finances will contribute to this. Money management may not be something you've really given much thought too because figuring out your finances is pretty simple -- in the beginning stages of your business. But as you grow your business, the money management aspect is only going to become more complex so it's a good idea to keep the following tips in mind.

Have an account that's just for your business expenses and another for your personal expenses. You're only going to make it hard on yourself if you insist on running everything through one account. And here's the thing -- if you run your business expenses through your personal account, it'll be a lot harder to prove your income. When it's time for you to file your taxes, it'll be a nightmare to sort through your financial records and identifying just which expenses went to your business and which ones went for personal things like groceries, utilities, and such. You'll be able to manage your finances better if you separate the business expenses from the personal expenses.

You can help yourself by finding out how to keep your books. It's important that you have a system in place for your money -- both for your personal and business finances. You can either use an Excel spreadsheet or invest in bookkeeping software such as QuickBooks and Quicken. Budgeting tools like Mint.com are also an option. There are also many no-cost resources for those who own a small business to help them properly manage their bookkeeping. Keeping your books organized and up to date will help you understand your finances better. It might even be in your best interest, particularly if you don't have the money to hire a professional to help you, to take a class is basic bookkeeping and accounting.

Make sure you account for every penny your business brings in. Keep a record of every payment you get from customers or clients. With this money management strategy, you can easily keep track of how much money you've got on hand, as well as who has already paid their dues and who hasn't. This also helps you determine how much taxes you should pay, what salary you should pay yourself, and so on.

There are so many different things that go into helping you properly manage your money. You might think that this is a basic skill and it shouldn't be that complicated, but the truth is that as a small business owner, proper money management is an intricate and often complicated process.

The tips we've shared should help you get started in managing your finances properly. If you want your business to be profitable, you need to stay on top of your finances.

Small business and financial planning

Everyone has to select for themselves what level of bargain and risk they are willing to perform to be able to enjoy the satisfactions of working independently. Understanding some techniques for handling the possibility of starting an organization will allow you to make a well-informed decision.

Finding financing can be a lengthy process. Often some reasonable aid is needed, particularly for small business to be able to balance the costs while the organization gets under way. For most people, anything such as money includes some level of fear. Important to identify to yourself and to others that you are getting an opportunity, and determined a risk you want to take. So consider the fear of starting a company natural, and discover ways to deal with it.

The apparent solution for this might be getting out a small business home loan and there are a number of companies and banking organizations providing this service. If you select this option steer of home loan sharks and incorrect offers and pay attention to details. This is not however the only financing opportunity for small businesses, besides which some new and un-established companies will battle to the prepared to offer without feeling assured about the return of their money.

Small economical loans can be a particularly eye-catching option as financing for small business a new organization because the management gives programs that make financing startup companies a concern. Business reasonable economical loans from a bank can be brief, method or long-lasting reasonable economical loans. Important to get a thorough cost-benefit evaluation of your organization home loan options to identify the most appropriate home loan for your needs. For example a short-term individual loan company home loan such as loan company ability might be the most appropriate and affordable option if you need reasonable to cover regular cash-flow failures in terms of your day-to-day features.

A Method expression home loan might be more appropriate if you need organization reasonable for a 3-10 year period to reasonable equipment, company development or development of new products. If you need reasonable to purchase land, property or other companies to be able to grow your features to increase profit over a period of years, a long-lasting home loan will probably be the most appropriate organization home loan option.

Banks, in particular, take a much more important look at small business programs than many did in the past. They are asking for more qualifications from potential individuals in the way of tax profits both organization and individual, financial reviews and strategy plans. Regardless of which type of financing for small business you select to practice, your planning before you strategy a potential bank or buyer will be important to your success.