How to Build A Successful Business or Most Successful Entrepreneurs?
Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. Most Successful Entrepreneurs in Latest there is not enough vision and there is not enough done to strengthen the business properly from the ground up.
If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).
When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).
Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.
The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.
Interesting Facts About Most Successful Entrepreneurs in Pretoria:
About Most Successful Entrepreneurs in Pretoria:
As an entrepreneur, youre hardwired to enjoy a greater level of risk than the average person. But do you enjoy the thrill of business and investing so much that youre willing to risk:
-Being hounded by creditors?
-Being denied a mortgage?
-Paying more than your fair share of interest on your loans?
-Losing your house?
If you answered no to one or more of these questions, this may be the most important report youve read in a long time.
Because, if youre like most entrepreneurs, investors, and business owners Ive met over the past 28 years, youre in danger of facing all of these horrific problems.
And its all because of your business.
You see, entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation and/or growth of their businesses. In most cases, they dont realize that theyre making a mistake.
And to tell the truth, even when they do realize theyre making a mistake they lull themselves into thinking that the consequences will be a minor annoyance.
Until, one day, they cant qualify for a mortgage. Or they cant get the to-die-for financing offered on the new car theyre buying. Or theyre hounded by creditors and eventually have to declare bankruptcy.
And it is all because they use their personal finances to fund the launch or expansion of their business. They then use personal credit cards to pay for business expenses. If you are in business or thinking about starting a business, business credit is a must.
Let me explain, most business owner have no idea that they can establish business credit and even fewer know how to how to establish business credit. If owners would take the time necessary to educate themselves about establishing credit they would no longer have to use their personal funds for start up capital or working capital.
They would also be able to use business credit cards which dont report to their personal credit reports, therefore, not lowering the personal credit scores.
The most important goal of business credit though is to obtain unsecured business lines of credit, which can be done once the business credit profile is set up properly. Once a business obtains unsecured business lines of credit, they then have the working capital they need to start a business or expand their business. The business owner has check book control to use the business lines of credit as they wish. And best of all, the business lines of credit dont report to the business owners personal credit report.
If you have set up your business profile correctly there are a number of banks that will lend to brand new start up business. That is right, brand new start up business with no track record whatsoever. The banks will extend unsecured business lines of credit so they can have the start up capital they need to finance the business of their dreams.
Make no mistake about it; business credit is a MUST for every business owner. Dont put your personal assets at risk finance or fund your business!
Most Successful Entrepreneurs in Pretoria
Most people think Santa Claus only works one night a year. Nothing could be further from the truth. Sure, product distribution takes place on one magical night, but Santa's operation runs year round and is one of the largest manufacturing and distribution operations in the world.
You've probably never considered the fact that Santa is the CEO of a large organization that not only distributes a vast assortment of products throughout the world, but does so in a single night with just a sleigh and eight tiny reindeer. Sam Walton would have killed to have Santa's logistics manual.
Do I believe in Santa? You bet your red longjohns I do. I especially believe in Santa's entrepreneurial spirit. Just consider all he does from an entrepreneurial point of view and I think you will start to believe, too.
Santa Is His Own Company Spokesperson
Santa is a brilliant marketer and knows that his image is the best marketing tool he has. No other face is as recognizable and no other entrepreneur has inspired so many songs. You'll never hear "An Ode To Jack Welch" on the radio ten times a day.
Santa's Customers Love Him
Just say his name around a group of kids and watch their little faces light up like Rudolph's nose. You will never see Bill Gates get that kind of reaction. Heck, he can't even make his own kids smile.
Santa Sets The Bar For All Entrepreneurs
When you list the traits of the perfect entrepreneur, Santa gets the highest marks. He has passion for his work. He loves his customers and will go to great lengths to make sure they are happy. He has the ability to spot consumer trends and bring products to market quickly. He can lead a large organization with a wink of his eye. He inspires those around him. He is tireless. He is dedicated. He is loyal. He is persistent. And above all, he is jolly. Name another jolly entrepreneur (other than Dave Thomas of Wendy's fame). I bet you can't.
Santa Is A Great Leader
Can you imagine trying to manage a few hundred giddy elves who are shut in year round and spend their off hours drinking spiked hot chocolate and doing who knows what with fairy dust? It would be enough to drive even the best of entrepreneurs to hide out at the North Pole. Somehow Santa manages the task without pulling his whiskers out. I expect he has a management system that promotes from within. The hard working elves get into management. The slackers are stuck cleaning up after the reindeer.
Santa Perfected "Just In Time" Manufacturing
Santa heads up one of the largest, most diverse manufacturing operations in the world. His product lines range from rag dolls to toy trains to rocking horses to baseball gloves for the little kids, to iPods and cellphones and diamond rings for us big kids. Santa's factory runs year round, twenty four hours a day, seven days a week and never, ever suffers from cost overrun or production shut downs. Santa perfected the "just in time" method of production that is used by many of the world's largest manufacturers today.
Santa Pioneered Global Product Distribution
Santa is the king of single channel distribution. How else could he deliver millions of presents to good little girls and boys all around the world on a single night? Santa's distribution process is a closely-guarded secret (elves and reindeer are required to sign iron-clad nondisclosure agreements), but I expect it involves a highly detailed logistics plan and the best CRM software on the planet. You never hear about Santa calling up a kid and telling them a present is backordered until July.
Santa's Delivery & Tracking Systems Are Second To None
If you think FedEx is number one at tracking packages think again. Santa's track record is spotless. He has never, ever missed a single delivery or left a box sitting on the porch in the rain. Every package is delivered in perfect shape, right under the tree.
Santa Wrote The Book On Customer Satisfaction
Santa proudly boasts a 100% perfect customer satisfaction rating. You never hear about class action lawsuits and Better Business Bureau complaints against St. NIck. Santa makes sure that his customers are happy and if they aren't, he'll come back next year to make things right. If JD Power could find him, I'm sure they would give Santa their Christmas Customer Satisfaction Award.
Santa Claus Is Watching You
Not everyone believes that Santa is the perfect entrepreneur. There are those kids who complain that Santa never brings what they ask for, but we grown ups know that Santa brings the gift that is deserved, not necessarily the gift that is asked for.
Here's a little Christmas tip from your Uncle Tim, boys and girls, ladies and gents: If you get a lump of coal in your stocking this year it's because you were bad and that's what you deserved.
It was not because Santa dropped the ball.
Merry Christmas everybody!
Making Money from the Inside Out
April 15th The Day of Reckoning! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the great day that it is for taxpayers, and when are we actually required to file a income tax return? Lets take a look at the beginnings of the income tax date of April 15 and why it was chosen?
The first known income tax that Americans were legally required to pay was enacted during the early 1860s, and the Presidency of Abraham Lincoln. The Civil War was proving very costly to finance, and the President and Congress created the Commissioner of Internal Revenue and enacted a law requiring citizens to pay federal income tax. This could be considered the start of our modern day income tax. This income tax was based on principles of graduated or progressive taxation and of withholding income at the source. The commissioner was given authority to assess, levy and collect federal income taxes. The authority to enforce tax laws by seizure of property and income and by prosecution.
Originally, the deadline for completing and filing your individual income tax was not April 15th. In the beginning, it was first set for March 1st. Then, during 1918, Congress pushed the date out to March 15th. Then, in the great overhaul of 1954, the date was once again moved forward to April 15th, and this is where it remains today. Why April 15th? The main thought from most scholars say the reasoning is that the date gives the IRS more time to handle the work load and more time to hang on to your money before offering a tax refund. This date has only been set this way for a little over 50 years. Thats not very long, in historical terms, and it could possibly be changed again.
If you are an individual taxpayer, you are required to file either a return or an extension of time to file (Form 4868) by April 15th. Corporate and other legal entities are required to file their federal income tax return by March 15th, and if not, they also must file an extension of time to file. What this extension does not do, is to extend the amount of time you have to pay any taxes due the government. So, if you are unable to ready your personal or business financial information in a timely manner, and have no reasonable estimate as to the amount of tax you may owe, you can expect to pay some form of penalty.
In the years following WWII, the burden of tax responsibility was shared fairly equally by the corporate world and the individual taxpayer. Today, however, the shift has been toward more responsibility on the part of the individual, and less on the business backs. To demonstrate how special interests have begun to overtake American politics, during 1867, public opinion was so strong, and the outcry of the general public so loud, that the President and Congress abolished the income tax law in 1872, and from 1872 until 1913 almost all of the revenue for government operation came from the sale of liquor, beer, wine, and tobacco. Although the income tax did make a small come back in 1894, it was found unconstitutional in 1895 by the U.S. Supreme Court because it was not apportioned among the states in conformity with the Constitution.
An interesting time during the formation and eventual taxation of America occurred during 1918. Until that point in time, the vast majority of tax revenue for government funding came from alcoholic beverage sales and high tariffs. In 1919, Congress passed an amendment to the Constitution that made it illegal to manufacture or sell alcohol; what would replace the revenue? American federal income tax was the proposed solution, and weve been paying since. Although during the great years known as Prohibition, many revenue agents spent their days tracking down moon shiners not tax evaders, the American citizen, the individual taxpayer took on the heavy burden of supporting government revenue, and it has become heavier with each passing year. On a side note, although moon shining was illegal, the moon shiners still had to pay taxes on the moon shine so they were incarcerated for tax evasion and not moon shining. Taxes seem to always come into play when looking for a way to prosecute someone.
Then, during 1942, the Revenue Act of 1942 was passed and the New Deal era was begun. Since that point in time, government control, power, and expenditures has continued to increase at a phenomenal rate, and today the American taxpayer supports a trillion dollar giant known as the United States government. This ravenous beast consumes more than 10% of our earned income each year, and if the Social Security Administration has their way, will continue to consume even more of our weekly earnings. We can foresee no other relief in sight.
Currently, all the tax regulations for this country are the responsibility of the Internal Revenue Service, and there are four major divisions of this government office: the Wage and Investment, Small/Business Self-Employed, the Large and Midsize Business and the Tax Exempt and Government Entities. Each division has responsibilities as they pertain to their individual specialty.
There continues to be talk on the hill to change the way taxes are calculated and collected. The most common themes are the flat tax and the national sales tax. Until Congress actually has the courage to step up to the plate and change it, taxes will remain as cumbersome as always.
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