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How To Be An Entrepreneur ? How to find the
secrets to self made success and utilize them.
What does being an entrepreneur mean to you?
Anyone that is interested in finding true success throughout
their lives can do so, with the right tools, the right amount
of ambition and the knowledge to make it all happen. Yet,
the entrepreneur, no matter which business he is in he
must plan ahead and find success through much more than
just these things.
To be an entrepreneur, you are not just looking for benefits
right now. While you are sure to want your business to
truly take off and do well in its first year, and its infancy, it is
just as important, if not more so, that the long term goals
that you have match the need that you have as well.
In the long term, the entrepreneur’s world is much different
and much more unique. To find true success, he needs to
think of today as well as tomorrow-two fold.What can He do
today that will bring continuous profits tomorrow and into the future.
How and what will you do to insure that your business, the
one that you have worked so hard to make happen in the
first place, is going to make it in the long term? Although
this is not something easy to do, you can do it with skill.
You must learn some of the most essential
principals of protecting your business not only for today,
but also for the long term.
As a new or aspiring entrepreneur, you probably did not think about
what the future would hold because only today mattered.
Yet, now is the perfect time to step back and to find out
just what the best way to manage your business in the
long term is.
If you wish to have a business that allows for success and
money in your pocket down the road, it is essential that you
spend some time now planning for it to happen.
The good news is that you do not have to go to school or be
a rocket scientist to figure this out. In fact, I provide a
great deal of the information and resources that you need
here, without any need to look elsewhere.
Of course, I also hope you are inspired to take the next
step and to find the true benefit of your business by putting
these things into action first and foremost. When you do
these things, true success and money in your pocketbook is
all that will matter.
As an entrepreneur, your job is very detailed. You need to
be the creative one. You need to be the boss. You need to
hold the vision of your business at the head of each and
every thing that you do for that business.
But, today isn’t everything.
As a business owner, you must remember the fact that the
long term goals and process of your business can only
happen if you plan for it now, and not just for today.
You have probably heard people tell you that you need to;
“Live for today!” As an entrepreneur, this is not completely possible
and should not be the way that you hold your business
But, why not?
Most of the time, we would like to think that all we really
need to do is to put together a plan and hold onto it.
Somehow,hoping that things will fall into place. It has to. That’s all it can do.
Yet, from a business standpoint, there is much more to
For example, you may have employees that need the funds
that come from your business for their day to day
You may need to take into consideration the overall benefits
that you have in keeping your business going. What about
your assets? Will they make it through the process? How
about your cash flow? What will happen if something does
All of these things are really only the tip of the iceberg
when it comes to running a business in the long term. The
bottom line is that you need to consider what your business
will be like today as well as ten, twenty and more years
down the road.
Think About This
Before You get started, it is essential that you understand
two concepts of your business dealings. When you make a
decision in your business, ask yourself these questions first
1. When I make this decision, what is the short term and
immediate effects of doing so? How does this affect
my business today?
2. When I make this decision, what is the long term
effect of making this choice? How will this decision
affect my business months and years from now?
When you take the time to carefully consider decisions that
happen in front of you, you put yourself in charge of your
If you allow the cards to fall where they may, you may not
be in business six months from now. Therefore, You need to ask yourself what steps you can take right now that will better your overall business in the short and the long term.
Of course, we should mention that there is never a for sure
way to know what the future holds. There is no way to
know if you are really making the right decision or not.
But, what you have to do here is to insure that you give
tomorrow the best possible chance that you can.
Don’t let it just happen, make today count for tomorrow
and tomorrow’s tomorrow too.
The fact that learning how to be an entrepreneur sounds
daunting or hard is really only dependent on whether or not you believe enough in yourself to set targets and do whatever it takes to achieve them.The secret to self made success is YOU. Learn more below.
The concept of Leveraging is important in any business endeavors. The two most popular leveraging is that of Time and Money. There is a limit that a person or corporation can have in terms of time and money. It is therefore necessary to leverage on other peoples’ time and money.
To quote from W Clement Stone, “The best sort of money to use in a business endeavor is OPM (Other Peoples’ Money).” In network marketing we can also add the following leveraging to assist us:
OPT which stands for:
Other Peoples’ Time
Other Peoples’ Talent
Other Peoples’ Techniques
OPE which stands for:
Other Peoples’ Energy
Other Peoples’ Education
Other Peoples’ Enthusiasm
Network marketing is peoples’ power. Other people are our greatest resources, and this resource is in great supply everywhere.
Everyone have only 24 hours in a day, whether you are a pauper or a millionaire. It is quite unusual for most people to work only 8 hours a day due to the heavy workload and overtime. However, we will use 8 hours a day in our illustration. Working a five days week you will have 40 hours of productive time. In 50 weeks a year (assuming you take 2 weeks for vacation) you will have 2000 hours. In a lifetime of productivity you will only have 80,000 hours if you work for 40 years of your life. This is not much of time and especially if you are already in your middle ages.
In network marketing, if you have 20,000 people in your network after a number of years, and lets say these people only work for one day of 8 hours. You will then have generated 160,000 hours in a day, i.e. twice that of your life time of 80,000 hours. There is no way of achieving this if you use your own time. This is the essence of leveraging whether it is for time, money, enthusiasm, etc.
$2.2 million. Tim sunk his face into his hands and thought about how he got here.Why isn’t this working? What is wrong here? How am I going to dig myself out of this mess?
Six months earlier, Tim Jacobs was promoted to Project Manager and began the long process of implementing the new financial system. He was excited about his new role – in the past, as a systems administrator, Tim worked on many different projects and always thought he could do a better job if given the opportunity. His opportunity came and his first project was a big one – implement the new financial system in nine months with a three million dollar budget. Much of the company’s processes relied on this system to work and the project had to come in on time, on budget.
Six months into the project, Tim spent $2.2 million of his budget and was already projecting an additional three months beyond the nine month plan. He wasn’t sure how he was going to fix the problem, but he was sure he made some mistakes to get to this point.
Project management methodologies define how a project should function and the phases project managers must do for a successful project. The first phase,Project Initiation, defines the steps a project manager should take before a project is officially started. Building a solid foundation for the project allows the project to stand strong when the weight of it starts to pile on. InProject Initiation, the Project Manager develops a solid business case, ensures the project is aligned with corporate and department goals, performs a risk analysis, and identifies the key stakeholders for the project.
Develop a Solid Business Case
The first step before any project is started is to create a solid business case. Why are you initiatingthisproject? Too many projects start without a firm rationale and senior management buy-in, which often results in failure.
A solid business case defines what the project is, what the results of the project will be, how it benefits the company, and the financials involved. We recommend involving your finance team in constructing the business case to ensure it has correct financial models.
After you have constructed your business case, present it to your senior management team for approval and buy-in before proceeding.
In Tim Jacob’s project, since the company had already made the decision to implement the new financial system, Tim prepared a small business case and did not ask finance for assistance. The vendor gave him some average returns on investment (ROI) numbers for companies in his industry and he used those in the business case. He submitted the business case to his boss, but did not present it to other senior managers for buy-in.
Tim should have prepared a solid business case for the project. Even though the “company had already made the decision,” preparing the business case would have helped people think through the decision and not be influenced by outside factors. Additionally, perhaps the $3 million budget was inadequately prepared and finance could have identified a more realistic budget number.
Compare Your Project to Corporate and Department Goals
Every project should fit within your corporate and/or department goals, mission, and vision. If it doesn’t – why do the project? A project that is properly aligned with the company will help move the firm forward. Many projects are undertaken for personal reasons, or “kingdom building” – designed to build a single manager’s workforce. These projects are prone to failure as the politics involved will weigh too much on the project team.
Tim didn’t know, but he walked into a minefield with the financial systems project. The vendor selected was the competition of the current system in place and many of the employees who used the old system on a day to day basis didn’t want to change. They did not participate fully and frequently would do things to delay the project. The company was struggling financially and after two rounds of layoffs, many employees saw this project as not aligned with the corporate goals.
Tim’s project suffered from poor PR and the lack of buy-in from many key departments. This contributed to the delays and increased costs during the system implementation.
Identify Key Stakeholders
Identify the early key stakeholders for the project and decide which ones should be involved in the business case preparation. Key stakeholders are crucial to the success of the project. These are individuals within your organization that have a stake in your project and it affects them or their departments.
Tim did identify the key stakeholders in his project initiation phase, but did not contact them while preparing a business case. He believed that they were all on-board without checking with them himself. In his situation, the CFO and CIO at the company frequently did not get along and the CIO was driving this project. The CFO was not completely on-board with it and did not have a personal stake in its success. In fact, quite the opposite, part of him hoped it would fail to embarrass the CIO. As project manager, Tim should understand the dynamics of these relationships and craft a way to get the CIO and CFO to buy in to the project.
High Level Risk Analysis
At the project initiation stage, the project manager should perform a high level risk analysis. This isn’t a detailed risk plan, but a top level view of the risks associated from this project will assist the key stakeholders in deciding whether or not to proceed.
Tim didn’t feel there were many risks associated with this project – the vendor had great references and it was obviously time for an upgraded financials system at the company. Unfortunately, by not identifying the high level risks, he walked into many situations unprepared.
Though Tim could not go back and redo the first phase of the project, he did recover by:
Identifying the key deficiencies in the project to date.
Working with the vendor to “crash” down several tasks to get the project back on-schedule (he did come in late, but only three weeks late).
Increasing the communication of the project and asking for key employees’ help during the project, getting them more actively involved.
Identifying the cost increases the delay had caused and receiving approval for a budget revision for the project.
Many of the consequences of this project could have been avoided had Tim built a solid foundation for this project. TheProject Initiationphase provides an opportunity for the project manager to create such a foundation.
In the years after the World Wide Web entered our consciousness in 1993, conducting business operations on the Internet was more novelty than necessity. Sure, companies registered their “.com” domain names and pundits spoke breathlessly about the Internet’s potential to revolutionize business, but it took companies years to integrate e-commerce into their existing brick-and-mortar operations.
Twelve years later, it’s nearly impossible to discuss business plans, proposals and operations without taking into account the Internet marketplace. The Internet and related digital technologies make so many aspects of business more economical, efficient and interactive.
Learn the business concepts, Internet jargon, and more to make your business a success on the Internet in this free tutorial.
Click on one of the topics in the outline below or click on “Start Now!” to start the tutorial.