Your attitude and know-how plays a crucial role in the growth of your business. This means being honest about a range of issues - this means your personal qualities, knowledge and your financial status that you can introduce in your new business. Dedication and time is required in setting up your own enterprise. Here is a list of the challenges you may need to think about. Another essential way to discovering about the day-to-day realities of running a business is to engage with the people who are in business already.Support of family and friends, the commitment and drive as well as the perseverance will highly benefit you when transforming your idea into reality and will be vital during your initial days.

Do you have what it takes to set up a new business? This guide will help you decide if you do. In addition, it provides an insight at the day-to-day reality of setting up a business and highlights the know-how and qualities your required:

• Personal dedication - the physical and emotional sacrifice of starting up in business should not be underestimated. Setting up a business is a life-changing event that requires you to put in long hours of hard work, especially during the initial stages.
• Financial risk - there could be a number of times where your business may face financial uncertainty that could have a knock-on effect for both you and your family. You may have had personal savings invested or used as security your family home and in the worst case scenario you risk having your investment or even your house lost.
• Company perks - starting up your own business enterprise means that you can no longer take advantage of the usual benefits supplied with a permanent job e.g. loss of “safety net” benefits such as sick pay, paid holidays, pension rights and other.
• Pressure on close family and friends - their support plays an important role and they should be aware the effect of setting up a business will have on your life and that they support you all the way.
• Isolation - it can be a satisfying experience being your own boss but shouldering all the responsibility for the development of the enterprise can become lonely.

Research has proven that there are certain personal and business qualities commonly found amongst business people.

A typical businessman will posses the following key qualities:

• Self-confidence -passion and self-belief about your commodity or service - your ideas should be won over by your enthusiasm.
• Self-determination- rather than based upon external factors or other people’s action, you should have the belief that the outcome of events are down to your own actions.
• Being a self-starter - the strength and ability to develop your ideas, take the initiative and work independently.
• Judgement - as well as bearing in mind your own objectives for the business, you should also be open-minded when listening and initiating in other people’s advice.
• Commitment -willingness to dedicate yourself through long hours and loss of recreation and leisure time.
• Perseverance- despite setbacks, you should still be able to continue even during financial risk and exposure to risk.
• Initiative - the power to be resourceful and productive, rather than adopting a passive “wait and see” approach.

As a business owner you need a core know-how to execute your ideas to make certain that your new business survives in the long term. You should begin by assessing your own know-how and understanding. This will help you decide on whether you need to learn new know-how or draw on outside help by recruiting, delegating or outsourcing. The key business skill areas:

• Financial management- which includes having a good grasp of credit-management, cash flow planning and maintaining good relationships with accountant and bank.
• Commodity development - The ability to identify the people, materials and processes required to achieve and make long-term plans for commodity development. Before making such plans, you will need to be familiar with your competition and your customers’ needs.
• People management - This includes managing recruitment, resolving disputes, motivating staff and managing training. Good people management will help employees to work together as a well-functioning team.
• Business planning - The ability to assess the strengths and weaknesses of your business and plan accordingly.
• Marketing know-how - A sound marketing approach will help you set up and oversee sales and marketing operations, analyse markets, identify selling points for your commodity and following these through to market.
• Customer/supplier relationship management - The ability to identify suppliers and positively manage your relationship with them.
• Sales know-how - Without sales your business cannot survive and grow. You need to be able to identify potential customers and their individual needs, explain your goods and services effectively to them and convert these potential customers into clients.

Comment:

1. The bottom line: Securing the right financing for your new business is crucial, as there is no guarantee that your business will make money for you straight away. You should aim to have sufficient reserves to last you for several months without an income from your business. You need to be honest about your start-up capital reserves. If there is not enough money to see you through until your business begins to make money, then you are not ready to start up. Being realistic at this stage is likely to save you a lot of pain. If you decide to launch your new business without enough funding behind it, keeping it afloat will prove extremely difficult. There are many different sources of potential start-up funding, including bank loans, overdrafts and private loans.

Tags: entrepreneurship

Have you come across a person who is so naturally friendly that when you put him inside a room of strangers, he’ll be friends with almost everyone in no time? We call such a people-person, someone unbelievably nice and charismatic that he can charm anyone into doing anything. In business this is the main principal of success!

A socially-empowered person achieves so much greatness, basically because of the people that catapult him to success. He earns the trust and all-out support of the people, whom he had helped before. He never runs out of help. He can do anything with the plethora of people behind him. All because he knows he maximizes his social potential!

You just have to know how to start:

1. Be genuine.

Hypocrisy will just bring you all the way down. Be genuinely nice and interested to your customers. Once they perceive that you are Mr. Hypocrite with selfish intentions, you might as well say goodbye to your business. (The best example: goods or services without prices. On top - little delay than price asked. Would you buy in this corner shop?)

2. Be the greatest listener that you can be.

To earn the love and trust of the customers, listen to their problems and sympathize with them. Do not just hear them out, listen to them with your heart. Make eye contact when the person talks to you. Listen as if every word matters, and it does. Brownie points when they find out that there is a confidante in you. BUT NEVER GIVE YOUR OPINION!

3. Laugh out loud.

I do not mean that you force yourself to laugh for every joke cracked by someone, albeit you do not find it funny at all. This means finding humor in things and not being too darn serious. A person oozing with an awesome sense of humor attracts crowds and eventually, attracts success.

4. Don’t forget yourself.

In the process of fluttering around like a social butterfly, you might forget yourself, allowing everyone to push you over. Remember, love and value yourself before anyone else. If you deem yourself respectable and worthy of affection, customers will flock to you and not trample on you.

5. Do random acts of kindness.

You don’t have to do a John Rockefeller and blow your savings to charity. Little acts of kindness matters the most, and this can be as simple as giving someone a surprise you-take-care card or helping an elderly cross the street. When we were kindergarten students, kindness was taught to us and greatly practiced. Now is the time to revive the good deeds and this time, let them stay for good.

6. Contact your old friends.

Sad how some friendships are destined to goodbye, but thanks to technology, you can do something about it. Relive the good old days by flipping your yearbook and look for the great people whom you want to communicate with again. Adding these old friends to your roster of support peers will surely make you feel good all over, give you the starting point always in vision!

7. Develop your personality.

Are you grouchy, grumpy and generally morose? Whoa, you can’t go through life with those. Get rid of the bad traits and habits that perpetually hamper your growth. And really, who wants a grouchy friend anyway?

8. Be confident.

9. Practice control.

When angry, don’t snap at anyone. Never throw a tantrum. Stay calm and collected. Be adult enough to take control of situation and transform your anger into something more productive and passive. As soon as people think your anger goes to volcanic proportions easily, they will find it hard to come to you.

10. Keep nurturing your relationships.

Happiness will never fly from your side as long as the people who matter to you are unhappy.

Tags: entrepreneurship

Try on the tips I prepared from A to Z:

1. Achieve your dreams. Avoid negative people, things and places. Eleanor Roosevelt once said, “the future belongs to those who believe in the beauty of their dreams.”
2. Believe in yourself, and in what you can do. (Experience: There are so many people who call to our office with wide range of questions. I recognize that their questions can be divided to 2 categories: 1) positive - problem sorting, and 2) negative - “What if?” So, “positive” incorporate companies maximum after second conversation and their business always successful; “negative” - 80%, after enormous enquiries, never format a limited company.)
3. Control your temper. Try to be always calm when people around you.
4. Don’t give up and don’t give in. Thomas Edison failed once, twice, more than thrice before he came up with his invention and perfected the incandescent light bulb. Make motivation as your steering wheel. This rule applied to any business idea. (Experience: One of my clients set up 5 web-sites on which he lost money but on the 6-th he made a fortune!)
5. Enjoy. Work as if you don’t need money. Dance as if nobody’s watching. Love as if you never cried. Learn as if you’ll live forever. Motivation takes place when people are happy. (Experience: Same guy with his ideas about web-sites! He just loves it! His enthusiasm encourages all around him!)
6. Family and Friends - are life’s greatest “F” treasures. Don’t loose sight of them. (Experience: My daughter is my best friend. May be she can not give me any advice but she always help me just by listening to me.)
7. Give more than what is enough. Where does motivation and self improvement take place at work? At home? When you exert extra effort in doing things.
8. Hang on to your dreams. They may dangle in there for a moment, but these little stars will be your driving force.
9. Ignore those who try to destroy you. Don’t let other people get the best of you or occupy your thoughts! Stay out of toxic people - the kind of friends who hate to hear about your success.
10. Just be yourself. The key to success is to be yourself. And the key to failure is to try to please everyone.
11. Keep trying no matter how hard life may seem. When a person is motivated, eventually he sees a harsh life finally clearing out, paving the way to self improvement.
12. Learn to love your self. Now isn’t that easy?
13. Make things happen. Motivation is when your dreams are put into work clothes.
14. Never lie or cheat. Always play a fair game.
15. Open your eyes. People should learn the horse attitude and horse sense. They see things in 2 ways - how they want things to be, and how they should be.
16. Practice makes perfect. Practice is about motivation. It lets us learn repertoire and ways on how can we recover from our mistakes.
17. Quitters never win. And winners never quit. So, choose your fate - are you going to be a quitter? Or a winner?
18. Ready yourself. Motivation is also about preparation. We must hear the little voice within us telling us to get started before others will get on their feet and try to push us around. Remember, it wasn’t raining when Noah build the ark.
19. Stop procrastinating.
20. Take control of your life. Discipline or self control jives synonymously with motivation. Both are key factors in self improvement.
21. Understand others. If you know very well how to talk, you should also learn how to listen. Yearn to understand first, and to be understood the second.
22. Visualize it. Motivation without vision is like a boat on a dry land.
23. Want it more than anything. Dreaming means believing. And to believe is something that is rooted out from the roots of motivation and self improvement.
24. “X Factor” is what will make you different from the others. When you are motivated, you tend to put on “extras” on your life like extra time for family, extra help at work, extra care for friends, and so on.
25. You are unique. No one in this world looks, acts, or talks like you. Value your life and existence, because you’re just going to spend it once.
26. Zero in on your dreams and go for it!

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The bottom line:If you decide to have full control of your life - FID Trust International will incorporate and provide full services for your OWN COMPANY!

Best Wishes,

Anastasia Bikidou (Company Formation Agent)

Tel: 0044 207 993 2959 Web-site: Small Business Solutions

Tags: entrepreneurship

When you are at work, do you get frustrated because things don’t seem to be happening the way they’re supposed to be? You see people milling around but nothing gets accomplished. And in the daily hustle and bustle, do you feel that your goals remain just that - goals. Then maybe its time for you to stand up and do something about it.

Most people are content just to stand around listening for orders. And it isn’t unusual to adopt a follow-the-leader mentality. But maybe, somewhere inside of you, you feel the desire to make things happen - to be the head, not the tail. Then maybe leadership just suits you fine.

Some people believe that great leaders are made, not born. Yes, it may be true that some people are born with natural talents. However, without practice, without drive, without enthusiasm, and without experience, there can be no true development in leadership. You must also remember that good leaders are continually working and studying to improve their natural skills. This takes a commitment to constantly improve in whatever endeavor a person chooses.

First of all, let’s define leadership. To be a leader, one must be able to influence others to accomplish a goal, or an objective. He contributes to the organization and cohesion of a group.

Contrary to what most people believe, leadership is not about power. It is not about harassing people or driving them using fear. It is about encouraging others towards the goal of the organization. It is putting everyone on the same page and helping them see the big picture of the organization. You must be a leader not a boss.

First of all, you have to get people to follow you. How is this accomplished?

People follow others when they see a clear sense of purpose. People will only follow you if they see that you know where you are going. Remember that bumper sticker? The one that says, don’t follow me, I’m lost too? The same holds true for leadership:

1. If you yourself do not know where you’re headed to, chances are people will not follow you at all.
2. You yourself must know the vision of the organization. Having a clear sense of hierarchy, knowing who the bosses are, who to talk to, the organization’s goals and objectives, and how the organization works is the only way to show others you know what you are doing.
3. Being a leader is not about what you make others do. It’s about who you are, what you know, and what you do. You are a reflection of what you’re subordinates must be.
4. The way you deal with your people, and the relationships you build will lay the foundation for the strength of your group. The stronger your relationship, the stronger their trust and confidence is in your capabilities. Once you have their trust and confidence, you may now proceed to communicate the goals and objectives you are to undertake.
5. Communication is a very important key to good leadership. Without this you can not be a good leader. The knowledge and technical expertise you have must be clearly imparted to other people.
6. Also, you can not be a good leader and unless you have good judgment. You must be able to assess situations, weigh the pros and cons of any decision, and actively seek out a solution. It is this judgment that your subordinates will come to rely upon. Therefore, good decision-making is vital to the success of your organization.
7. Leaders are not do-it-all heroes. You should not claim to know everything, and you should not rely upon your skills alone. You should recognize and take advantage of the skills and talents your subordinates have. Only when you come to this realization will you be able to work as one cohesive unit.

Remember being a leader takes a good deal of work and time. This is not learned overnight. Remember, also, that it is not just about you. It is about you and the people around you.

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The bottom line: The company where I work provides accounting and bookkeeping services from 1997. My practice shows that most successful entrepreneurs are people who always demand the best possible services and widely use professionals. There is NO REASON to try save money on professional services as it allows you to make full attention only to the main purpose of your business - make money.

Kind Regards,

Mr. M.Issur

Qualified Accountant, F.T.I. Bookkeeping Services Ltd

Tags: entrepreneurship

“Two men look out through the same bars: One sees the mud, and one sees the stars.”- Frederick Langbridge, A Cluster of Quiet Thoughts.

In life, you are always filled with choices. You may opt to have a pessimist’s view and live a self-defeated life or you may decide to take the optimist’s route and take a challenging and fulfilling life. Research show that 100% of business owners are optimists!

So why nurture an optimist’s point of view? And why now?

Well, optimism has been linked to positive mood and good morale; to academic, athletic, military, occupational and political success; to popularity; to good health and even to long life and freedom from trauma.

On the other hand, the rates of depression and pessimism have never been higher. It affects middle-aged adults the same way it hits younger people. The mean age of onset has gone from 30 to 15. It is no longer a middle-aged housewife’s disorder but also a teen-ager’s disorder’ as well.

Here’s how optimists are in action and researches that back up why it really pays to be an optimist:

Optimists expect the best

The defining characteristic of pessimists is that they tend to believe bad events, which will last a long time and undermine everything they do, are their own fault.

The truth is optimists are confronted with the same hard knocks of this world. What differs is the way they explain their misfortune - it’s the opposite way. They tend to believe defeat is just a temporary setback, that its causes are confined to this one case.

Optimists tend to focus on and plan for the “problem” at hand. They use “positive reinterpretation.” In other words, they most likely reinterpret a negative experience in a way that helps them learn and grow. Such people are unfazed by bad situation, they perceive it is a challenge and try harder.

They won’t say “things will never get better,” “If I failed once, it will happen again” and “If I experience misfortune in one part of my life, then it will happen in my whole life.”

Positive expectancies of optimists also predict better reactions during transitions to new environments, sudden tragedies and unlikely turn of events. If they fall, they will stand up. They see opportunities instead of obstacles.

People respond positively to optimists

Optimists are proactive and less dependent on others for their happiness. They find no need to control or manipulate people. They usually draw people towards them. Their optimistic view of the world can be contagious and influence those they are with.

Optimism seems a socially desirable trait in all communities. Those who share optimism are generally accepted while those who spread gloom, panic and hysteria are treated unfavorably.

In life, these people often win elections; get voted most congenial and sought for advice.

When the going gets tough, optimists get tougher

Optimists typically maintain higher levels of subjective well-being during times of stress than do people who are less optimistic. In contrast, pessimists are likely to react to stressful events by denying that they exist or by avoiding dealing with problems. Pessimists are more likely to quit trying when difficulties arise.

Opportunity knocks once. So when we got the opportunity to write on self improvement, we did not let the opportunity slip from our hands, and get down to writing on self improvement.

They persevere. They just don’t give up easily, they are also known for their patience. Inching their way a step closer to that goal or elusive dream.

Optimists are healthier and live longer

Medical research has justified that simple pleasures and a positive outlook can cause a measurable increase in the body’s ability to fight disease. Optimists’ health is unusually good. They age well, much freer than most people from the usual physical ills of middle age. And they get to outlive those prone to negative thoughts.

So why not be an optimist today? And think positively towards a more fulfilled life.

Why not look forward to success in all your endeavors? Why not be resilient? Like everybody else you are bound to hit lows sometimes but don’t just stay there. Carry yourself out of the mud and improve your chances of getting back on the right track. And why not inspire others to remove their dark-colored glasses and see life in the bright side?

Practical advice for pessimists

How many times have you caught yourself saying that there could be no other solution to a problem - and that that problem leads to a dead end? How many times have you felt stumped knowing that the problem laying before you is one you cannot solve. No leads. No options. No solutions.

Did it feel like you had exhausted all possible options and yet are still before the mountain - large, unconquerable, and impregnable? When encountering such enormous problems, you may feel like you’re hammering against a steel mountain. The pressure of having to solve such a problem may be overwhelming.

1. Number one; maybe the reason we cannot solve our problems is that we have not really taken a hard look at what the problem is. Try to identify the participating entities and what their relationships with one another are.
2. Take note of the things you stand to gain any stand to lose from the current problem. Now you have a simple statement of what the problem is.
3. Number three; try to solve the problem by parts. Solve it going from general view towards the more detailed parts of the problem. This is called the top-down approach. Write down the question, and then come up with a one-sentence solution to that from them. The solution should be a general statement of what will solve the problem. From here you can develop the solution further, and increase its complexity little by little.
4. Number four; although it helps to have critical thinking aboard as you solve a problem, you must also keep a creative, analytical voice at the back of your head. When someone comes up with a prospective solution, tried to think how you could make that solution work. Try to be creative. At the same time, look for chinks in the armor of that solution.
5. Number five; it pays to remember that there may be more than just one solution being developed at one time. Try to keep track of all the solutions and their developments. Remember, there may be more than just one solution to the problem.
6. Number six; remember that old adage,” two heads are better than one.” That one is truer than it sounds. Always be open to new ideas. You can only benefit from listening to all the ideas each person has. This is especially true when the person you’re talking to has had experience solving problems similar to yours. You don’t have to be a gung-ho, solo hero to solve the problem. If you can organize collective thought on the subject, it would be much better.
7. Number seven; be patient. As long as you persevere, there is always a chance that a solution will present itself. Remember that no one was able to create an invention the first time around.

So, next time you see a problem you think you can not solve, think again. The solution might just be staring you right in the face. All it takes is just a little creative thinking, some planning, and a whole lot of work.

From my own experience

As a business owner I can not live one day without some kind of problem! Before: Its made me creasy.

Once, my wife came to office to show her new clothes and with explanation: why her everyday shopping saved MY MONEY at the end. Following this special conversation I received the telephone call from PayPal with information that our company merchant account closed and funds on it will be available to us after 180 days. The reason: our company support with opening of offshore bank accounts. I was in trance! My wife said: “Don’t worry, go home and have a glass of brandy, call your accountant and give him order to open a new e-merchant account! This way it will be NOT YOUR PROBLEM and for your accountant it will be JUST AN ORDINARY WORK!”

From this day I DO NOT HAVE ANY PROBLEMS!

P.S. At the end we open a perfect e-merchant account and SAVE on our transactions vs. PayPal.

Tags: entrepreneurship