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entrepreneur

An Entrepreneur needs these 7 Qualities

Although every entrepreneur is unique and positively endowed in terms of gifts, talents, and abilities, however, some entrepreneurs possess some exceptional qualities which stand them apart from the average business owner. Highlighted below are some of the qualities that can make a difference in the life of an entrepreneur:

Positive Mindset

To succeed in life, one must have the ability to be optimistic. Optimism is the ability to think of possibility even in the face of failure and defeat. A positive minded entrepreneur is always searching for a solution to a problem. This unique quality gives the entrepreneur an edge over the average business owner.

Goal Setters

The ability to set and achieve a goal is another unique characteristic of a business person. Setting daily, monthly and yearly goals is a priority in the life of an entrepreneur. These goals are a great source of motivation and incentive.

Focus

The success of every entrepreneur depends largely on the ability to focus on the essential things in life. It is only when one can focus on life, that one can have the rare ability to concentrate on issues that are key to the attainment of the desired end. This unique characteristic is present in the life of every entrepreneur.

Determination

This is the ability to remain committed to a course or goal. If you are determined, procrastination will never be a problem. Determination is a virtue that keeps a business person on alert. it is like a prime mover in the wheel of the entrepreneur as the ability to venture into areas where others are afraid to go is made available.

Passion

There must be a desire and a burning passion inside of you before you can obtain whatever you need in life. If you are passionate about success, it is a sign that you are on the right track. Having a passion for something will give you the extra energy to continue when others have given up. It is what keeps you awake at night when others are busy sleeping.

Foresight

This is the ability to envision the result of plans and proposals earmarked for the achievement of the desired goal. A business person can see profit where others are seeing losses. Foresight will enable the entrepreneur to make a sound decision and set distinct goals.

Creativity

What distinguishes an exceptional entrepreneur from the average business owner is the ability to come up with new ways of doing things. They are creative and unusual in their thinking pattern. One thing that they have going for them, is the ability to implement these creative ideas. Fear of failure does not hinder them from achieving their set goals and desires.

passion

Your passion will create unlimited income streams for you

Passion is the fuel that drives your dream in life. What keeps you going when others have given up is the passion you have for that idea or business. If you want to achieve financial success in life, do what you love to do.

This is one of the great secrets of financial success. This is also one of your primary responsibilities in life. It is to find out what you really enjoy doing, what you have a natural flair for, and then to throw your whole heart into doing it. There is a difference between doing something because you are paid to do it and doing something you have passion for.

A guy once shared the story about how his mum convinced him to become a doctor. He gained admission into the university and struggled all through. Medicine became a daunting challenge for him, as he had to change courses in between and eventually left the university without a degree.

Not too long after, he realized that he never had a passion for medicine. It was an idea that was suggested to him. Today, he is a millionaire living his dreams, making people happy. He later discovered his flair for comedy and studied successful comedians, before venturing out to set up his outfit. It’s all about doing what you have passion for and eventually, the money will come.

There is a difference between getting involved in something because of the financial benefits attached, and having a passion for something. The difference is that when you are involved in something purely for the money, it’s easy for you to become discouraged when the stream of income dries off. 

On the other hand, when passion is the prime mover, you keep striving even if you not getting any financial benefits from what you doing. Time is a beautiful rewarder for those who are diligent. After a while, that thing you are passionate about and you’ve become an authority in, people will pay you for it.

Patience is the key. When you patiently pursue what you are passionate about, the financial benefits will eventually follow with time. It may take a year or two, but be patient, and never get discouraged.

I am passionate about writing. I can be on my laptop for hours unending writing on different stuff that just comes to my memory. It is a passion. It is something that gives me joy. Years back, I was not getting a dime for writing. Fortunately, after a while, people got to see samples of my work online and they contacted me via email and mobile to help them with different writing projects.

I started making some extra income from writing. It was absolute fun doing what you love and getting paid for it. It’s like you enjoy yourself and you get additional incentives for just enjoying yourself. Passion is the key. Discover your passion, and other things will eventually fall in place.

Apply Leverage to Build Wealth

Apply Leverage to Build Wealth

Introduction

Leverage is the essential success principle that builds wealth. You won’t get wealthy by trading time for money, and you can’t do it all yourself. Building wealth requires you to work smarter rather than harder by applying the following principles of leverage:

Knowledge

Leverage other people’s talents, expertise, and experience so that you can utilize greater knowledge than you will ever possess. That is the secret most top billionaires use. They hire technocrats and experts in different fields and deploy them in bringing out innovative products and solutions for their businesses.

Network

Utilize other people’s resources and connections so that you can expand beyond your own. If you know someone and you can connect to that individual, that individual can connect you to someone he or she knows and so the chain continues.

Marketing

Take advantage of other people’s magazines, websites, blogs, newsletters, radio shows, and databases so that you can communicate to millions with no more effort than is required to communicate one-on-one. We live in a global world where things are as fast as the speed of light. Take twitter for example.

There are influencers on Twitter that have up to 2 million active followers. Let’s say you are connected to 8 of these influencers and they help you to promote one of your products using their twitter platforms. Just imagine the returns on such marketing leverage.

Time

Leverage other people’s time so that you’re not limited to 24 hours in a day. If you are connected to two persons who are willing to help you with your business, what it means is that rather than you have just 24 hours in a day, you now have 72 hours in a day, because those two other persons are working for you. You are making use of their time.

Finance

Utilize other people’s money so that you’re not limited by your finance. Entrepreneurs can access other people’s funds when starting their own business. These financiers have the funds, but you have the idea, so you leverage their finance to achieve your goals.

Leverage allows you to build more wealth than you could ever achieve alone by utilizing resources that extend beyond your own. It allows you to grow wealth without being restricted by your limitations. Leverage is the principle that separates those who successfully attain wealth from those who don’t. It’s just that simple.

If you aren’t using leverage, then you’re working harder than you should earn less than you deserve — and that isn’t going to make you wealthy.

small

Start small, but don’t end small

The business world may appear lucrative and eye-catching, but building a small scale business into a giant conglomerate is never an easy task. It involves a whole lot of processes and principles, which many find so tough to implement. 

One of the many advice entrepreneurs are given while venturing into the business world is to start with whatever resources one has. So many business owners who have chains of businesses never started big. 

The first step is to birth that profitable idea into life. Not all ideas may eventually become profitable when implemented. Test run the idea on a small scale using different business tools and confirm if the feedback is positive or not. 

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you not too good in the technical areas of the business plan, that can be outsourced. 

The next step is one of the most crucial steps in your journey towards starting that small business of yours. You got to draw up various sources of funding for your business. Personal savings, family and friends, local thrift/cooperative society, money lenders, banks, and donor agencies are some of the options available. In making your choice of where to draw your funding from, wisdom must be applied. 

Finally, having secured funding for your business, ensure you already have all the contacts, tools, and other logistics in place before attempting to kick start the business. A small scale business is like a small car about to undertake a long journey. The car needs enough fuel (finance) to get to the desired destination. A  Good engine with the needed lubrication, proper valve checks. 

Note however that the beginning of every business venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out at the middle of the journey. The most crucial aspect of starting a small business venture is to aim high and avoid staying at the same level each year.

There is always room for expansion as the business starts picking up. Financial institutions are always keen to support a thriving business as long as they’re a mutual relationship when it comes to funding repayments. As we approach the end of the year, let your goal of setting up that small or medium scale investment become a reality.

Accessing Funds for small scale business

Accessing Funds for small scale business

Accessing funds for your business remains one of the biggest hurdles to cross when planning to launch your small or medium scale business. Some do say it takes courage to make your dreams come through. I agree to an extent, but let’s be honest. Without money, your courage will be stranded! Some dreams need not just courage, but money to become a reality! 

That’s why entrepreneurs lookout for initial start-up capital to kick start their dream business. To be honest, there are millions of people out there whose dreams of achieving financial freedom have become stagnant due to the lack of start-up capital. We all need the courage to pursue our dreams, but money is like a fuel to take our dreams to its place of destination!

One of the most difficult stages in turning your idea into a tangible business is that of funding. There are however several sources of funding one can explore and possibly utilize when starting up a business.

Your funds

It makes logical sense to start from home. If you are serious about starting up that business of yours, then you must have worked out a plan about saving up for the business. You can never rely on other sources of funding when you don’t have a dime saved up for the business.

The best bet is to open a savings account and start saving before launching your business. It takes a lot of guts and self-discipline to save up. Try to maintain a certain standard which will require you to save a minimum amount monthly.

Friends and Family

Friends and family are the nearest sources for funding your business. You must have saved a tangible amount of cash before approaching them with the proposal for funding. More than 80% of family and friends would want to know the type of business you plan to start and also how much you’ve been able to save up for the business.

Be ready to answer these and more of their questions. One major drawback with this option is the fact that family and friends may want to interfere with your running of the business when they eventually lend you some funds.

Angel Investors

Angel investors are more like business-minded individuals who look out for potential businesses they can plow their funds into. In return, they get a percentage of share in the business. They are usually involved in more than one business, so if you are looking for a huge capital to start up your business, angel investors may not be the best option for you.

Banks

Banks should be your last port of call. They are generally willing to give out loans as long as they can confirm your business has potential. Be ready to check up on the different banks to compare their loan conditions and the interest rate on the loan.

All banks have their conditions and rate when it comes to granting loan facilities to entrepreneurs. Remember, having a good idea is not enough. You must be able to come up with a workable business idea. These are the things that would be required from you when you approach any bank.

Print out a copy of your business plan and if possible have a slide ready for presentation. The business plan must be practicable because no bank will be willing to invest in any business that may not yield any return on investment.

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