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.

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 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.

This Ten-Year-Old Entrepreneur Found His Passion Making Soap

Xavier Morgan is the owner of Bubbly Bricks and Beyond

1) Tell us how you got started in your field 

One day another kid came to my house and asked my mother if he could clean our mailbox for $5.  My mom told him yes and when he was done, I saw my mom pay him $5.  That’s when I realized that I wanted to start a business too.  I started by selling water to my neighbors but no one was buying it. I went to work everyday and one day my mother asked me if I wanted to research other business ideas. That’s when I discovered the soap business and decided that I wanted to make soap shaped like my favorite toy.

2) Talk to us about the initial startup stages with your business

I spent a lot of time with my mother trying to figure out how to make my business work.  I eventually learned how to make and sell soap.  It wasn’t easy. I spent a lot of time designing my soap and learning how soap works. I even spent time deciding how the packaging would look. When my mom saw that I was serious, she helped me. She especially helped me not get too frustrated when something I tried didn’t work. I kept working on it until it finally worked. 


3) What is the most rewarding part for you about what you do? 
The biggest reward in being a buisines owner is earning money and meeting really cool people. 


4) What has been the biggest lesson about overcoming obstacles and failure that you have learned throughout your business journey?

 The biggest lesson was learning how to make soap a product I could sell and I learned to never give up and to do my best to keep going so I don’t have to shut my business down. 
5) Tell us about upcoming projects you are working on I am currently working on a new fragrance for men and women. 


6) Leave us with some words of advice you can offer to aspiring and current entrepreneurs? When you start a business it may not be easy in the beginning. If you keep working and learn everything you can about your business it will get easier.  So if you really want to have a business, believe in yourself go for it, and never give up. 


7) How do you balance being a young entrepreneur and your social life with friends and family? My schedule is pretty busy. After school, I go to basketball & karate practice, then to my piano lessons. Because I’m in school I only work on my business during school breaks.  My family loves and supports me. I pay them to work for me and they help make me successful and stay focused on building my dream. 

Visit him online at https://bubblybricksandbeyond.com/shop/

 


How Comedian Desi Banks Used Social Media To Build His Brand

Desi Banks, Atlanta native is an actor, comedian and digital influencer with 2.8 million followers on Instagram and over 3 million followers total on Facebook, YouTube, and Twitter combined. He recently rose to the Top 3 of the ​The Hollywood Reporter’​s Top 10 most popular comedians joining Kevin Hart. Desi recently landed a role in the upcoming Will Packer Production film, ​Little​ starring Regina Hall and Issa Rae and created ​Desi Banks Production​ in which he curates digital content, short films, and creates opportunities for writers and actors. We had the chance to speak with him and take a look inside his world to learn more about him.

1) Tell us how you got started in your field
I started my career on social media back in 2012. I started on the Vine platform where we could come up with some of the most creative funny videos in only 6 seconds. I was able to go viral not only once but multiple times, which helped me in building a following where 100k plus people were able to watch.
I switched over to Instagram in 2015 after my college years and that’s when things got serious for me. 15 second comedy clips took me to different stages. I focused so hard and found my purpose in acting and comedy and it has opened up so many doors for me! The doors that opened for me, allowed me to be able to share my gifts and talents not just on social media but also on television live stages.


2) Talk to us about the initial startup stages with your career
In the beginning stages of my career, I started taking acting classes with with Atlanta coach Dwayne Boyd. Through those classes it taught me the professin of acting outside of social media; from scene study, breaking down scripts, improv, to how to navigate in-person auditions.
The biggest thing acting taught me was to find who I was an actor.
I also started stand up comedy, and in the beginning the stages were a little tough LOL! As far as stand up the more you stay on stage, the better you get. It took me time and I’m still learning to this day what jokes work and what jokes don’t work, the process is different from social media because with stand up its only one chance live and that’s it lol. I had to learn to be confident and know the gifts and talents I have are good enough as long I believe they are.


3) What is the most rewarding part for you about what you do?
The most rewarding thing about what I do is seeing how happy people are when I share my gifts and talents with them. To be able to inspire others to tap into their purpose makes it so rewarding!

Desi Banks


4) What has been the biggest lesson about overcoming obstacles and failure that you have learned throughout your business journey?The biggest lesson I’ve learned is that every time you fail its not a failure it’s a learning step. What don’t kill you make you stronger.


5) Tell us about upcoming projects you are working on

The Purpose comedy tour featuring Desi Banks Banks + Friends. I am also starting the audition process for the Desi Banks Web series coming very soon! I’m auditioning, touing and launching a series of merchandise.


6) Leave us with some words of advice you can offer to aspiring and current entrepreneurs/entertainers
Find God, find your purpose and you will be happy and free!


7) What are 3 fun facts most people don’t know about you
I don’t hold back, what you see is what you get. I am very calm at times, not always joking LOL. I love GOD!