LIFE TIPS FOR THE ENTREPRENEUR (THE MINDING YOUR BUSINESS MYB™ SERIES)

It’s great that you have decided to start out on your own.  Congrats dear friend for taking this bold step; the result of an ‘I can do this’ mindset and attitude. 

 

As you settle into entrepreneurship, here are some important things to remember.

-       You now have greater responsibilities as a business owner and an employer compared to if you were an employee.  Your customers and employees depend on you.  You can’t afford to let them down.

-       Your personal ‘goals-needs’ will be on hold for a while.  For example, regular vacations may be on hold for a couple of years to get a strong footing for your business.  Investing in things like houses, personal cars, another business may not be possible yet.  Remember, your business is an investment that you need to grow if you are to succeed.  Most of your resources, your money will be required to grow your business.

 

The beautiful thing is that once your business stabilizes and begins to make regular profits, you will be able to afford a number of your ‘goals-needs’ together!

That you do not have the life you envisage today or after a couple of years of doing business does not mean you can’t have it.  Keep at what you are doing.  Keep innovating - learning & trying new things.  Soon, you will break through; the light of success will shine through all those clutters of doubt.  I believe you can succeed; do you believe you can?

 

Let’s talk

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How are you minding your business today? Managing your finances is key to succeeding in your business.  Let me help you manage your business finance. 

 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com.  or tweet at me - @ehisbebe.  I would love to hear from you!

 

 

photo credit: ourdunya.com; encrop.net.

 

WHAT STIFLES THE ENTREPENEUR’S CREATIVITY? (The Minding Your Business MYB™ SERIES)



An entrepreneur must always think abundance.  Indeed, there is enough market & resources for everyone.  All it requires is a little bit of creative ingenuity from you.   Year to year new businesses spring up, becoming profitable overtime and still remain in existence years after even with a challenging economy.



wearing many hats!



overwhelmed!

Today, entrepreneurs are constantly struggling to remain relevant to the purpose for ‘setting up shop’.  After overcoming the hurdle of pushing your services or products to the market, the next step of owning a market space becomes an even greater challenge. 

 

The main reason is – ‘the stifling of the entrepreneur’s creativity’.   The entrepreneur is overwhelmed wearing several hats. From customer service personnel, marketer, accountant to I.T personnel.  He becomes a ‘jack of all’.  Gradually, the entrepreneur begins to lose focus and creativity.  He/she becomes over stretched; worrying about so many issues and at some point may begin to regret the decision to start a business.  To own a market space, you need to stay creative and be innovative.  That’s why APPLE and SAMSUNG are still relevant players in the Mobile phone market.

 To solve this problem, the entrepreneur needs to ‘OUTSOURCE’.  Yes, outsource some of these services – I.T, finance/accounting functions, marketing, etc.  When you outsource some duties, you UNBURDEN your creative spirit.  The time spent studying and trying to understand accounting documentation for instance can now be focused on creating more value and further developing your products/services.

Outsourcing can be negotiated and even paid for without cash. For example there are new companies that are offering highly discounted fees and even free services for a start.  There is no harm in taking up any of these offers.  Where you have to pay, negotiate for the best deal.

Start outsourcing now before you get to that point of ‘stifled creativity’.  Outsource areas of non-expertise one by one, and you will be amazed at what you can achieve in a short while.

 

**This information is your currency; use it wisely.

 I remain passionate about your success,

 

Ehis Egbuji (@ehisbebe)

..Providing practical personal finance & business finance solutions!