Five Tips For Entrepreneurs To Overcome Financial Crisis

Among the many startups created every day, most of them end up collapsing at an early stage. The primary cause of startups failure is the financial crisis. Most of the beginners in the entrepreneurship field fail to differentiate between cash flows and profits. As much as you are selling, it does not mean you are benefiting. How you manage your financial resources matters a lot in entrepreneurship. This field is where many premature entrepreneurs miss the mark. You may be selling daily but still making losses or remaining in the position. The financial resource is a sensitive part of every business that when misused can land you in difficulties. I found it quite essential to share some of the excellent tips of financial management in entrepreneurship.

1. Construct a budget

The budget plan acts as the compass to show direction for your financial resources. Without a plan, you will end up using money anyhow on unprofitable projects. You not only have to create a budget plan but to be disciplined in adhering to it.

2. Have a good saving plan

Apart from creating a budget plan, it is essential to have a saving plan. Savings will save a lot of emergencies that could otherwise lead to massive losses. Every entrepreneur must learn to separate personal savings account with business accounts. Financial mismanagement will land you into troubles if you fail to implement saving tips.

3. Monitor your records

Although it seems very simple, record-keeping is essential as a technique of financial management. Review your record books regularly and update all accounts. Proper bookkeeping will help you keep track of financial misconducts.

4. Monitor your expenditure

As a fact, once an expense has been made it cannot be reversed. Therefore, carelessly spending will land you in financial troubles. Establish an expenditure protocol to track down every expenditure made.  Updating financial statements can help monitor when and how finances were used.

5. Manage your debit and credit accounts

A financial resource is a susceptible part of every business and must be managed. In the course of creating customer relationships, you will notice that some of your customers cannot cooperate with timely payments. Therefore, you need to keep track of your debt and credit accounts.

” Actor George Lott (Little) develops Romantic Comedy “F-BOY FREE” based on MSM card game created by Bestselling Author Derrick Jaxn.

Interview by Tianna Sheree

George Lott- I’m extremely excited about this project. It’s a feature film that I wrote titled ” FBOY FREE”. Inspired by Derrick Jaxn’s MSM Card game.

“Young and successful friends Jada, Robbi & Bria appear to have it all…but they share one common downfall…MEN. After experiencing nasty breakups, The three besties plot revenge on the city’s biggest “F Boys” for the sake of all women-kind, but things get complicated as they learn, life is like chess, one wrong move could cost you everything.”

I was at Derrick Jaxn’s office one day, and I came across the “F Boy Flash cards” and I was really intrigued with the game, and thought it would be dope to see it come to life on the big screen.

How did you choose the title “F-Boy Free”?

The title was inspired by Derrick Jaxn’s MSM card game titled “F BOY Flash Cards” so I can’t take credit. lol I also was familiar with the phrase prior to, when you play the all makes sense.

How was it working with Derrick Jaxn?

1st off, Derrick Jaxn is a multi best selling author, with millions of supporters worldwide. Nerve racking lol Seriously, it was an honor to get his permission to move forward with this project Inspired by his work. He even took time out of his busy schedule to be hands on, he attended every table read.

The story is about women going through a break up. What advice would you give women in that same situation? 

To allow yourself to heal. Accept what was, let go of any and ever thing that no longer serves you, so you can fully embrace what could be.

What made you want to tell this story of three women?

It sort of just happed that way..the movie basically wrote itself.

Give us a small sneak peek into your characters. Will women relate to them?

Jada is a successful hairstylist,  Robbi is a top clothing designer/ stylist, and Bria is highly sought after Makeup artist. These three besties are at the top of their game in Atlanta, they’re the epitome of Black excellence. They’re just dealing with extreme relationship problems. I definitely think all women can relate.

Tell us about some of your leads?

I can’t give too much away but I’m excited about the possibilities. 

Do you believe women can be F-girls?

Yes!!! LoL ….the question is how long? This comes up in the movie and it’s fun to see how well or not women can be at not giving a F.

What do you want women to take away from this story?

There are so many lessons within the film…I want each person to take what they get from it. This story will speak differently to each viewer based on their own personal life journey.

I have been told that some men are good men but can still have fuck boy actions. They just have to grow. Do you believe this is true?   

I think we ALL are capable of having those tendencies when we want to be “Petty,” growth and maturity is key.

When can we look forward to seeing your story for ourselves?

I cant say at the moment but I’m praying sooner than later.

What other upcoming project should we expect from you?

I am currently in the studio working on new music to release, so that will be fun. And I’m also working on spin off from the movie as well with 2 male characters.

How can actors audition to work with you?

Via Actors access for the film, but in general, tag me in videos,  I like discovering new talent. 

Tell everyone again where they can follow your journey.

@GeorgeLott on and IG and Twitter #GeorgeLott

What School Doesn’t Teach You About Surviving as An Entrepreneur

Have you ever wondered why some people are so successful, yet they never climbed to the end of the academic ladder? To some extent even learned people end up being frustrated in entrepreneurship. It is not in any way linked with fate or luck. The fact is that there are some essential aspects of entrepreneurship that you will never find in learning institutions. These qualifications come with experience while some are inborn. Take, for instance, a child that was born by an entrepreneur grows up knowing every detail of the business, including risks. Let us look at some of the entrepreneurial skills that are obtained out of class. 

1. Persistence

The ability to pursue your visions is a skill held by many successful entrepreneurs, yet no one taught them in school. Perseverance is more of a character than a profession. You will never see a graduate in persistence. If you possess this trait, then you have one qualification to be an entrepreneur.

2. Creativity

Creativity is essential in making sound decisions and solving disputes with customers. However, most times, creativity is not taught.  What is talk in schools is decision making but creativity comes with experience.

3. Passion

Entrepreneurship is driven by passion. That is why entrepreneurship is different from employment. You cannot venture into a business driven by wealth and succeed. Although profit is the number one objective of many companies, entrepreneurs see it as a byproduct of their work. Their satisfaction is on performance. To the best of my knowledge, I believe no school in the world teaches about passion. Passion is something that develops from within an individual.

4. The Unconquerable Determination to Succeed

One of the essential traits of all successful entrepreneurs that you will never learn in school is how to take a step into risky ventures. It is not easy to try again and again, even when you cannot see success. This trait makes entrepreneurs try the most avoided investments and eventually come out victorious.5. Flexibility

Unlike professional, entrepreneurs have a strange character of fitting into new fields comfortably. Every entrepreneur can get out of an unviable venture and enter into a new one. For that reason, entrepreneurs can start several ventures, fail, and still not give up.

Five Reasons Why Entrepreneurs Live Longer Than Employees

One of the mysteries of life is that entrepreneurs live almost six years longer compared to their fellow employees. The question remains why does it happen so yet we live in the same world? Even though entrepreneurship is a risky field, entrepreneurs find joy and comfort in it. They take it as part of their life, and that is one of the reasons why they live longer. The idea is that entrepreneurs work and live at the same moment. Other reasons for entrepreneurs’ longer life span include the following:

1. Better Stress management

Entrepreneurs have their life attached to their work. They take every day as it comes and getsprepared for challenges in advance. Employees face a significant problem in managing workplace stress, and that is why every retired worker has health issues. Entrepreneur’s love for their work gives them joy, even in difficulties. 

2. Optimism

Entrepreneurs are considered to be optimistic. Therefore, they live on the positive side of life while minding less of the negative side. Consequently, positive lifestyle has a positive impact on health. As compared to employed people, entrepreneurs have recorded fewer incidents of psychological disorders since they have their life in order.

3. Freedom

The freedom experienced by entrepreneurs positively impacts their lives. An entrepreneur has choices and decisions as per his or her wish. Self-drawn schedules give flexibility at work and provide more job satisfaction as compared to routine programs presented by employers. Entrepreneurs have time for their families, and this results in stronger family bonds that give life comfort.

4. Better living standards

Nothing is as uneasy as waiting for end month payments. Employees have to stick on the calendar to quench their needs at the payment period agreed. On the other hand, entrepreneurs have their pay any time. They can quickly attend to emergencies of life. This is what makes the difference in the lives of ordinary employees and entrepreneurs. 

5. Work-life integration

Most people start living at the end of their employment period. The reason is tight schedules at work and depression presented by the working environment. However, it is not the case with entrepreneurs. They live and work at the same time. Every entrepreneur finds the meaning of life at their work.

Tips For Choosing A Suitable Business Venture

1. Follow your passion

Passion is the main root of entrepreneurship. Doing what satisfies you will yield extraordinary drive. For instance, if you love researching, and venture in the transport field, this may be a viable business venture placed at the wrong hands. Passion for the investment can do miracles than forcing yourself to do what does not suit you. While considering passion, make sure your love integrates well with your customer’s need. You don’t have to venture in what you love, yet there is no market for the same. Match the customers’ wants with your passion for succeeding in your business.

2. Identify your capabilities

Business analysis will help you know your strengths and weaknesses. Knowing what you can do best will lead to a successful venture. Everyone has got unique traits, some of which are strengths, while others are weaknesses. There are some fields that suit extraverts best while others are best for introverts. Take, for instance, introverts are good for networking, promotions, and teamwork while introverts are focused and loyal. These and other personalities will help you decide which venture to take.

3. Consider your financial status

Before deciding on what to venture in, consider your financial compatibilities. Are you able to raise the capital required? Make a strong base of financial resources to make a successful venture. Don’t over the stain to invest in a business that is beyond your capabilities, or else you get stuck on the way.4. Know your customers

One of the strategies of making a sustainable venture is targeting the right customers. If your products are meant for youths, make sure your promotional strategies are capable of reaching the most significant number of your target population. Social media platforms such as Facebook, Twitter, and Instagram may reach most of the youths than other generations.

Five Reasons Why Business Ventures Fail

How new ventures fail while others succeed is not a matter of fate or luck, but it is caused by the very things that can be controlled. Some entrepreneurs have managed to lead several successful ventures while others failed at the first step. You may have a brilliant idea, but that does not guarantee success. Success is not based on big ideas only but how the concepts are executed. If you want to be a successful entrepreneur, avoid these factors that can make your venture brutal.

1. Lack of focus

Any venture minus focus equals failure. Entrepreneurs focus is the steering wheel that directs your goals and objectives. The focus will help you adjust with the dynamics of business and overcome the challenges that come along with entrepreneurship.

2. Improper planning

Most of the new startups fail due to inadequate preparation. Before venturing in any business, you need to plan your venture very well, or else you end up regretting. Draw your short term goals and grid them on your long-term objectives. The fact is that every strong structure is made out of a plan. Visualize on where you want to go and how to reach there. The rule is simple,” failing to plan planning to fail”.

3. Wrong location

Location is a contributing factor when it comes to your ventures market. Locating your business in the wrong place will reduce customer accessibility. For instance, if you venture in a trade involving fast-moving products, you must locate it in a busy area. The right location also reduces costs associated with long-distance travelled by customers to access your products.

4. Wrong partnerships

As much as entrepreneurship requires teamwork, wrong partners may be a source of failure. As an entrepreneur, scrutinize your circle and cut any link that is discouraging, and inhibiting progress. Toxic partners will only mess you up and reduce your brilliant ideas to nothing.

5. Financial mix-up

Entrepreneurship requires well-managed cash flows. Don’t forget that cash flow and profits are two different things that should not be compromised. The season why beginners fail is because they just get excited by the inflow of cash without negative cash flows awareness. Make sure your business records a positive cash flow or else you will soon become bankrupt.

How To Master The Art of Creative Thinking In Entrepreneurship

Written by Mercy Wambui

Formulating an idea is not good enough to make you succeed in entrepreneurship. Technology is changing everything on the face of the earth. Customers’ needs are getting are sophisticated every day as technology advances. Marketing is the catalyst that facilitates product awareness. However, every entrepreneur must know that customers have got tastes and preferences. With every new venture made in the business world, there is a risk of customers switching to unique choices. To get hold of your customers, you need to catch up with the dynamics of technology. Engage your customers in the everyday life of your business. Digital marketing will keep your customers in touch.

Why your customers are switching from your business

1. Boredom

Customers get bored with the same product throughout the year. Modifying your product will rejuvenate your customer’s desires. Take advantage of digital marketing to break the boredom. Don’t be a boring master; make your customers miss your service by creating a deep relationship with every customer. Know that customers are not people but personalities. What might excite one customer may bore the other one. Personalize the relationship to fit each customer’s satisfaction.

2. Declining product quality

No customer will sacrifice quality products for loyalty. Despite winning your customers. You need to retain them by upgrading the quality of your products subsequently. Every new venture is trying to win customers, and this presents a risk of customers switching behavior.

3. Lack of differentiation

Customers will always go for unique products in the market. If you sell similar products with your competitors, then you risk losing the market. A distinction is a strategy that is unchallenged in the entrepreneurship field. Product differentiation will mark you different from your competitors.

4. Customer conflict

“Customer is always right” This slogan has stared up the war between entrepreneurs and customers. As an entrepreneur, you must consider how you treat your customers.  After all, customers gave got alternative sources, and they won’t stick where they are unsatisfied. However, this slogan can mislead you. Some customers are just toxic and want to make your venture a social amenity. Critical thinking will help clear the misunderstandings and create a mutual relationship.

Five Ways To Get Customers More Engaged With Your Brand

​Your customers are the lifeblood of your new business; hence, it is good to recognize them. The ability to engage customers in your brand story will make a significant impact on your business operations. The more you engage your customers, the more loyal and contented they become. In the long run, you will create a pool of customers, therefore, increasing your market share. As a beginner in the field of entrepreneurship, it would be so difficult to attract customers at an early stage. The first customers of your business should not find any reason to shift to other enterprises. You can achieve this goal by getting your customers more involved with your business. 

1. Build product excursions

Product excursions form the best way to interact with your customers. It is not only a marketing approach but also a way of making customers part of your business. Product excursion strengthens customers trustin your product as well as creating new markets

2. Make customers part of decision making

When you want to make an excellent decision on your business, try to make your customers part of this decision. For example, if you want to improve your brand, customers can give the best solution since they are the beneficiaries of the same. Relying on your knowledge may land you in troubles with the market.

3. Make good use of technology

Creative use of Communication technology can ease product promotions and customer relationships. Social media platforms offer a conversion forum for both customers and marketers. Introducing chatbots on your website will facilitate customer engagement by answering their questions effectively and solving problems with immediate effect.

4. Create expressive relationships

Creating a strong relationship with your customers will make them feel appreciated in your company. Through customer engagement, you will know where you need to improve and understand your customers’ expectations as well.

5. Holding contests

Holding a contest for your customers will strengthen the bond between your customers and the company. Rewarding your customers in the competition will attract their attention. You can use that opportunity to introduce your new products.

Seven Creative Marketing Ideas For Your Business

​Marketing is more than just advertising your products. Market competitiveness can be hectic if you don’t have a strategy to win and retain customers. Technology has become a critical component of marketing. Customers in the current markets want a more personalized awareness. If you’re going to win customers, you need to use marketing strategies that create brand awareness and better customer interaction. Outreach can be done through voice search and video clips.

Other digital marketing techniques

1. Artificial Intelligence.

Artificial Intelligence is a driving force in developing marketing technology. You don’t need to do cumbersome tasks as long as you know about Artificial Intelligence. Blueshift revealed in his study that 55% of marketers use Artificial Intelligence in their products brand awareness. Using artificial intelligence can significantly improve customer service through personalization.

2. Video presentations

Technology advancement has made it possible for marketers to present their products in person without traveling. Platforms like YouTube, Face book, Instagram, Netflix, and Amazon prime video has made this possible. It is now a one tap, and you get all you want about a particular product.

3. Smart speakers

In the current era, these devices have become more available and affordable with the advancement in technology. Now marketers can reach their target customers with much ease in a personalized form.

4. Forbes Agency council

Forbes Agency refers to an invitation program for use in advertising agencies, public relations, and media strategy.

5. Integrated marketing programs

Integration of online advertising with social and mobile advertising can make a significant move in the market growth. An integrated marketing program will eliminate redundancies and improve the efficiency of marketing techniques.

6. Chatbots

One way of bringing your customers closer is by use of chatbots. They create a platform where customers can directly chat with marketers. Customers can ask questions and get answers immediately without the use of natural persons. Amazingly, you can integrate chatbots in your business website to be greeting visitors when they access the site.

7. Voice search

With the advancement in communication technology, voice searches have made it easy to order products by use of a verbal command. Voice search is easier and faster than traditional management.

Seven Attributes of Successful Entrepreneurs

M​ost entrepreneurs lead a positive lifestyle not because they earn much, but because they find joy in what they do. Regrets happen as a result of trying to justify perfection in doing things. It is not the case with entrepreneurship. Entrepreneurs put attitude in their work and learn from their mistakes. There is no room for complaints in the entrepreneurship field since every mistake is a teacher for perfection. If you aspire to be an entrepreneur, then you must develop an unbeatable attitude and make it a lifestyle.

1. Creativity

Creativity enables entrepreneurs to see opportunities where ordinary people see troubles and distress. This attribute allows entrepreneurs to take high risks but profitable ventures.

2. Determination

An inner force drives entrepreneurs. They see defeat as an n opportunity and not a failure. Entrepreneurs are determined to achieve their goals, no matter what comes their way. I f you are willing to venture into entrepreneurship when you must try, try and try and never think of quitting.

3. Extraordinary Passion 

Entrepreneur’s number one characteristic is that they love what they do. That is why there is no one size business in entrepreneurship. Everyone specializes in what they love doing. They make their job a lifestyle. You may wonder why entrepreneurs put extra energy in their work, yet no one is monitoring them. The fact is that they take their job like ordinary life.

4. Discipline

Entrepreneurship is a personal pursuit, and no one is there to monitor what you do. Therefore you need you to be disciplined.  A self-appraisal will help you stick to your goals and objectives.

5. Self-motivation

When you are self-motivated, you push yourself to achieve your goals and objectives. No one is answerable for your failure apart from you. Even if you don’t receive immediate payback, you need to keep moving.

6. Flexibility

Entrepreneurship is not a static business approach. You need to be flexible enough to take move with the dynamics of technology in every field. You also need a flexible mind for complex problem-solving.

7. Take full responsibility

As an entrepreneur, you don’t need to entertain excuses or shift blames when thing turn another way. Take full responsibility for everything you do. County it on you both success and losses.