Are you thinking of starting your own business and have been wondering how best to do it? Have you been procrastinating to turn your passion into a viable business? How do you know if your business idea is viable? Do you have a target market for your idea? How do you turn the idea into a business…… To get insightful well researched answers to these and other questions. Watch this video: How to start a business Part 1
To your Success!!!
I think most of you have watched the movie ‘The Pursuit of happiness’, it is an astounding yet true rags-to-riches story of a homeless father who raised and cared for his son on the mean streets of San Francisco and went on to become a crown prince of Wall Street – starring Will Smith. It is one of my best movies to come from Hollywood in recent years. Will Smith did justice to this story, as he managed to bring Chris Gardner’s life story to reality. Here is a brief background about this remarkable man with a never dying spirit, who rose above all obstacles to claim his rightful place in life. I believe those of us who have watched this movie will agree with me that its a life changing movie which is inspiring and loaded with real life lessons.
Chris Gardner wears a $10,000 watch on each wrist. On the right hand is a Cartier set to Chicago time, and on the left is a Roger Dubuis set to South African time. “I was late once and it cost me $50,000,” explains Gardner. “I figure it was cheaper to wear two watches.” For a man who not too long ago had only two suits to his name and could not even afford to pay rent, Gardner has come a long way. From living on the streets and bathing in public restrooms to owning a successful multi-million dollar stock brokerage firm, Gardner is living out the American dream.
Born on February 9, 1954 in Milwaukee, Wisconsin, Christopher Gardner’s first few years were filled with nothing but difficulty and uncertainty. He was the only son in a family of twelve children. His single mother was trained as a schoolteacher, but wound up taking on numerous part-time jobs in order to provide for her family. “She was probably her happiest when she was teaching my sisters and me,” recalls Gardner. “She was our professor, our Socrates.” The absence of a father is something that would come to profoundly affect Gardner’s life.
Gardner and his siblings were transferred back and forth between relatives and foster homes. His mother had been imprisoned twice; once, for allegedly receiving welfare while working, and the second time for attempting to burn down the house of Gardner’s abusive stepfather. “I’m sorry she didn’t succeed,” says Gardner of the incident. “Until I went to the U.S. military, the worst violence I ever saw in my life was in my home.”
Gardner was a smart student, but had little interest in academics. He studied trumpet for nine years, wanting to be the next Miles Davis. Eventually, Gardner realized, “I had the attitude, but I didn’t have the talent. Besides, there was only one Miles Davis and he already had that job.”
After dropping out of high school, Gardner lied about his age and joined the U.S. Navy. He had hoped to become a medic and travel the world, but never got any farther than North Carolina. However, the experience did introduce Gardner to a cardiac surgeon, who would later hire Gardner as his clinical research assistant at the University of California Medical Centre in San Francisco after both were discharged. Gardner enjoyed the work, but was only making $7,400 a year and he wanted more.
Gardner toyed with the idea of becoming a doctor, but decided that years of paying off medical loans were not for him. Instead, he became a medical supply salesman, earning $16,000 a year. It was in loading equipment into his car one day that Gardner’s life would forever change. He caught sight of a bright red Ferrari and was immediately in love with it and all that it represented. “I asked the guy two questions,” Gardner recalls. “One was, ‘What do you do?’ The second was, ‘How do you do that?’”
As fate would have it, the driver of the Ferrari was a stockbroker. When Gardner heard that the man was earning over $80,000 a month, he decided that his future lied in investment. He had no education, no experience, and no connections, but that was not about to stop Gardner from achieving his new dream.
I hope this article will inspire you to rise above all obstacles to attain your goals. Remember obstacles are stepping stones to greater things waiting for you ahead. The greatness of man is measured not in how many times he falls, but how many times he rises every time he falls. Your life will be a testimony.
To your success!!!!
I am particularly impressed by men and women who defied all odds to reach their goals despite encountering many obstacles in their solemn journey towards financial freedom. There is a saying by William James which says ‘the greatest discovery of my generation is that human beings can alter their lives by altering their attitude of mind’. This saying has been a driving force in my journey towards self liberation from the shackles of poverty. George Bernard Shaw summed it up when he said ‘the greatest of evils and the worst of crimes is poverty…our first duty – a call to which every other consideration should be sacrificed – is not to be poor’.
In continuation of my first article, I want to proceed by cautioning prospective entrepreneurs on the widely held view that to make it in business one needs to have a sound educational background. Yes, it is important to have some form of education. It is important to have knowledge about things, knowledge about the type of business you want to do. There are two types of knowledge, one is general and the other is specialized. General Knowledge, no matter how great in quantity or variety it may be, is of but little use in the accumulation of wealth. Knowledge cannot attract money, unless it is well organized, and intelligently applied through practical plans of action. Lack of understanding of this fact has been the source of confusion to millions of people who falsely believe that ‘knowledge is power ‘. Knowledge is only potential power. It becomes power only when, and if, it is organized into definite plans of action and directed to a definite end.
Remember an educated man is not, necessarily, one who has abundance, of specialized knowledge. An educated man is one who has developed the faculties of his mind that he acquires anything he wants or its equivalent, without violating the rights of others. I hope I have done justice in trying to dispel this notion which has held millions of people captive for centuries. Business or entrepreneurship is all about your vision; history to me is a great teacher, if you look at Bill Gates the founder of Microsoft Corporation, he is a college drop out, Richard Branson the founder of Virgin Group is also a college drop out. These two men defied all odds and went on to establish what is today two Major Corporations rated in the top 20 Fortune 100 companies.
Developing a wealth mindset is the first step towards developing an entrepreneurial spirit. Earl Nightingale said ‘you become what you consciously think about’, what this tells us is that, whatever, our mind conceives, it will surely come to pass. If our thoughts are always crowded with despair and despondence, there is no way; our thinking can come up with wealth creating strategies. Therefore, mind transformation set should take precedence over anything else in order to align our thinking. Simple steps towards aligning our thinking with our goals takes very minimal effort, it’s all about dreaming and planning….it’s a dream in the sense that you anticipate and visualize yourself in the position or status you intend to be in a given period of time. Personally I visualize myself being a group CEO of my own enterprise. I have already embarked on this dream….it’s not an event but a process. Every time I think about business, Sir Richard Branson keeps popping in my mind. He is not only my role model but somebody who inspires me to thrive and look for opportunities around us. Every Individual can do the same if we are focused and think and live our dreams.
In order to realize and actualize our dreams, you have to consciously tune your mind to positive thinking everyday. Dream and aspire of what you want to be, live the dream. One way to ensure you keep focused on your dream is to write down all the things you desire to achieve. Paste this piece of paper on your head board or wall where you can see this paper everyday. Think about how best you can achieve this dream everyday.
To round off, we need to do soul searching in order to find out what we really love to do. This should be something you are passionate about, your values and your talent. After identifying your values and talents, the next step is to turn these talents into a viable product or service into a commercial entity.
On a parting note Mark Victor Hansen said ‘Poverty is a degrading, dehumanizing, cancer-like disease of the uninformed mind…’
Reprogram your mind to overcome this evil called Poverty and live the life you have always dreamt about.
To Your Success!!!
I love a quote by Brian Tracy which says ‘ All successful people, men and women are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day toward their distant vision, that goal or purpose’. As individuals we all dream and aspire to get to another level in our lives. We all aspire to drive a luxury car, live in a mansion, go on vacation to the Caribbean, and have a beautiful wife and kids. It is good to dream, as dreams often bring hope, for without hope a man is as good as dead. However, these good things don’t just come on a silver platter; we have to work hard in order to get them.
When I finished college I dreamed of getting that superb J.O.B and attaining all the desires of my heart. I was full of excitement when I landed my first job, my mind was full of all the good things I could buy with my first pay cheque….But alas, the excitement began to wan when I later realized i had many responsibilities waiting for me from my immediate family, siblings and my personal upkeep. There was rent to pay, transport fare to get to and from work, utilities, insurance, entertainment, tithing e.t.c.
Six months down the line I realized all I had anticipated was not all roses; it was a battle of survival. That dream of owning a nice automobile and staying in a mansion was now like a fairy tale. Money was never enough to do all the things I needed to do. I later realized the painful truth many of us have refused to accept – being an employee is not a passport to earn and live the lifestyle you desire. When you are working for someone, you are trading your valuable time for a wage.
You see God created us with different talents and blessings. When he gave us different talents, it was a way of empowering us to live off our talents. Some people are very good speakers, and whenever they speak they draw the attention of their audience, some people are good singers, some are very good at sport. But often times, we abandon our God given talents for our artificial or acquired talents, which we think will give us financial freedom. Unfortunately this does not work at all. The only way to liberate yourself from the enslavement of a J.O.B and march towards financial freedom is to create employment for yourself.
Being an entrepreneur is not an easy thing to do, however, the easiest thing to do is to dream big and follow your dreams. As Abraham Lincoln said, don’t ask what your country can do for you; ask what you can do for your country. In other words, this means we have to find ways and means to live and realize our God given potential. Whatever the mind conceives, it can be realized if we are focused and determined to succeed.
The best way to start a business is to look at things you are passionate about, things you would do for others and expect no payment. This could be your hobbies, or things you really enjoy doing to help humanity. Money must not be the main motivator when you are thinking of a business to start, money will come later, let your passion drive the desire to serve and provide a service that will bring positivity to mankind.
Remember success comes to those who become success conscious. Failure comes to those who indifferently allow themselves to become failure conscious. Pray for God’s guidance and approval before venturing into any type of business, God is the author and finisher of our faith. He will guide your thought process and allow the hidden treasure in you to come to the fore. I will continue with this article in my next post.
To your success!!!
As a follow up to my article ‘how to invest wisely’, today i will be talking about pitfalls you should avoid in your investment journey. Along the way, you may make a few investing mistakes, however there are big mistakes that you absolutely must avoid if you are to be a successful investor. For instance, the biggest investing mistake that you could ever make is not invest at all, or to put off investing until later. Make your money work for you – even if all you can spare is $20 a week to invest! Do it starting today. Remember procrastination is the thief of time.
While not investing at all or putting off investing until later is a big mistake, investing before you are in the financial position to do so is another big mistake. Get your current financial situation in order first, and then start investing. Get your credit cleaned up, pay off high interest loans and credit cards, and put at least three months of living expenses in savings. Once this is done, you are ready to start letting your money work for you.
Don’t invest to get rich quick. That is the riskiest type of investing, and you will more than likely lose. If it was easy, everyone would be doing it! Instead, invest for the long term, and have the patience to weather the storms and allow your money to grow. Only invest for the short term when you know you will need the money in a short time, and then stick with safe investments, such as certificates of deposit. Certificates of deposits also referred as CDs. This is a time deposit, a financial product commonly offered to consumers by banks.
Don’t put all of your eggs into one basket. Scatter it around various types of investments for the best returns. Also, don’t move your money around too much. Let it ride. Pick your investments carefully, invest your money, and allow it to grow – don’t panic if the stock drops a few dollars. If the stock is a stable stock, it will go back up.
A common mistake that a lot of people make is thinking that their investments in collectibles will really pay off. A collectible is any physical asset that appreciates in value over time because it is rare or it is desired by many. Many people think of collectibles as things like stamps, coins, fine art or sports cards, but there really are no strict rules as to what is or is not a collectible. Don’t count on your Coke collection or your book collection to pay for your retirement years! Count on investments made with cold hard cash instead.
To your investing success!!!
In order to succeed as an entrepreneur, you need to understand and appreciate the essence of saving money. Money is a commodity which makes our lives easy and brings a lot of comfort in life. Money is a commodity which you need to use to make more money for you. But how do you do this?. You can do this by investing your money wisely.
Investing is not a sure thing in most cases, it is much like a game of cards – you don’t know the outcome until the game is concluded and a winner is declared. Anytime you play any type of game, you have a strategy in mind on how you can win that game. This principle also applies when you are investing your money.
You need an investment strategy in order to safely navigate the mucky waters of financial instruments . An investment strategy is basically a plan for investing your money in various types of investments that will help you meet your financial goals in a given time. Each type of investment contains individual investments that you must choose from. The stock market is a type of investment, with different types of stocks, which are held by different companies in different sectors of the economy. If you haven’t done your research, it can quickly become very confusing – simply because there are so many different types of investments and individual investments to choose from. This is where your strategy, combined with your risk tolerance and investment style all come into play.
If you are new to investments, work closely with a financial planner before making any investments. They will help you develop an investment strategy that will not only fall within the bounds of your risk tolerance and your investment style, but will also help you achieve your financial goals. Never invest money without having a goal and a strategy for reaching that goal! This is essential. Nobody hands their money over to anyone without knowing what that money is being used for and when they will get it back! If you don’t have a goal, a plan, or a strategy, that is essentially what you are doing! Always start with a goal and a strategy for reaching that goal!
Different Types of Investments
There are three different kinds of investments. These include stocks, bonds, and cash. Sounds simple, right? Well, unfortunately, it gets very complicated from there. You see, each type of investment has numerous types of investments that fall under it. There is quite a bit to learn about each different investment type. The stock market can be a big scary place for those who know little or nothing about investing in stocks. There are also three types of investors: conservative, moderate, and aggressive. The different types of investments also cater to the two levels of risk tolerance: high risk and low risk.
Conservative Investor
If you are a conservative investor your best bet will be investing in cash. This means that you can put your money in interest bearing savings accounts, money market accounts, mutual funds, Treasury bills, and Certificates of Deposit. These are very safe investments that grow over a long period of time. These are also low risk investments.
Moderate Investors
If you are a Moderate investor you could invest in both cash, bonds and you may also dabble in the stock market. You can also invest in real estate, providing that it is low risk real estate.
Aggressive Investor
If you are an aggressive investor you can invest in the stock market, which is higher risk. You can also invest in business ventures as well as higher risk real estate.
Caution: Before you start investing, it is very important that you learn about the different types of investments, and what those investments can do for you. Understand the risks involved, and pay attention to past trends as well. History does indeed repeat itself, and investors know this first hand!. You can borrow a leaf from Warren Buffet, the world’s number one investor who has defied all odds and consistently reaps big on the stock market.
In order to deepen your knowledge on various investment vehicles available, you can buy a book entitled, ‘The Real Warren Buffet by James O’ Loughlin. Suggestions and contributions on other investment vehicles will be greatly appreciated.
First ten people to comment and make contribution to this post will receive my free eBook titled ‘Real Estate Investment Secrets.
To your successful investing!!!!!
Sean Combs was born on the dangerous streets of Harlem and exposed to violence at an early age, the odds were stacked against Sean Combs, a.k.a. Diddy, from day one. Nobody believed he would amount to much, let alone go on to become one of the most successful and well-known musicians, producers and entrepreneurs of our time. November 4, 1969 was the day Sean John Combs entered the world. Born in Harlem, New York City to Janice and Melvin Combs, Combs’ early life was a far cry from the luxurious existence he has grown accustomed to since. At the age of two, Combs’ life would change forever. His street-hustler father was gunned down, leaving Janice to raise Combs and his sister on her own. Fearful of the increasing danger Harlem posed to her children, Janice moved the family to Mount Vernon, New York. This, she believed, would provide the children a safer environment in which to grow up.
Without the support of her husband, Janice was forced to work three jobs in order to not only provide for her kids, but to be able to also give them the best possible education. Combs attended Mount Vernon Montessori School and later completed his secondary education at the private, Catholic boys’ school Mount Saint Michael Academy. Of his mother’s influence on his life, Combs recalls, “She was constantly pushing. I feel like I was nurtured into wanting to be somebody special.” Were it not for his mother’s strong encouragement and the faith she had in him, Combs’ could have easily followed in the footsteps of his father and suffered the same fate at a young age. Instead, with his mother by his side and a good education in hand, Combs was given a strong character base, from which his future success would later stem.
After graduating from high school, Combs moved to Washington, D.C. to attend Howard University where he pursued a degree in business administration. His attention slowly began to shift from inside the classrooms to outside on the streets. His entrepreneurial instincts started to kick in, and soon he was producing weekly dance parties and also running an airport shuttle service. Combs would never finish his degree. Fortune smiled on him when he was offered an internship at Uptown Records, one of the most popular hip-hop and R&B labels of its time. Recalling his desire to work closely with Uptown founder Andre Harrell, Combs says, “I told him I’d wash cars, quit school – anything – a priceless chance to be in your presence.”
At just 19 years old, Combs had been promoted to become one of the label’s top executives, managing such notable acts as Father MC, Mary J. Blige and Heavy D & the Boyz. The very first record that Combs produced, Jodeci’s Come & Talk to Me, sold two million copies and led to Combs’ promotion to vice president. After just two years with Uptown, Combs was fired. “I guess Andre didn’t want two kings in the castle,” Combs says of his dismissal. “I had obtained some success, some notoriety, and I didn’t realize it wasn’t my house.” And so, at the young age of 21, Combs decided to create a company of his own. Today Sean Combs is a fashion and media mogul whose businesses rack in millions of dollars every year. His clothing label Sean John has been extended to fragrances, which are selling like hot cakes worldwide.
In 1993, after being fired from Uptown, Combs established Bad Boy Records, taking new hip-hop artist The Notorious BIG with him. Both The Notorious B.I.G. and Craig Mark quickly released hit singles, followed by similarly successful LPs, particularly B.I.G.’s Ready to Die. Combs began signing more acts to Bad Boy, including Carl Thomas, Faith Evans, 112 and Total, as well as producing for Jodeci, Mary J. Blige, Usher, Lil Kim, TLC, Mariah Carey, Boyz II Men, SWV, Aretha Franklin, and others, and forming The Hitmen, an in-house production team. In 1998, Combs started a clothing line, Sean John. It was nominated for the Council of Fashion Designers of America (CFDA) Award for Menswear Designer of the Year in 2000, and won in 2004.
In November 2008, Combs launched his latest men’s perfume under the Sean John brand called “I Am King” dedicated to Obama, Muhammad and Martin Luther King. In his blog he stated: “There is a black president and it’s time for there to be a black Bond”. In November 2008, he unveiled a new Times Square billboard for the “I Am King” line to replace his iconic Sean John ad. The giant billboard is currently the largest print ad in Times Square. Model Bar Refaeli was chosen to be the face of the fragrance.
In addition to his clothing line, Combs owns an upscale restaurant chain called Justin’s, named after his son. The current restaurant is in Atlanta; the original New York location closed in September 2007. He is the designer of the green Dallas Mavericks alternate jersey. On September 18, 2007, Combs teamed up with 50 Cent and Jay-Z for the “Forbes I Get Money Billion Dollar Remix. He also made appearances with Jay-Z on his American Gangster concert tour in 2007. As of October 2007, Combs has inked a multi-year deal, in which he’ll help develop the Ciroc brand, one of Diageo PLC’s super-premium Vodka lines, for a 50-50 share in the profits.
The agreement is the latest in which a celebrity is going beyond the typical role of endorser to share in a brand’s rise and fall. Diageo said the agreement could be worth more than $100 million for Combs and his company, Sean Combs Enterprises, over the course of the deal, depending on how well the brand performs. Since then, he has launched multiple ventures for Ciroc, many of which were featured during the 2008 presidential election.
Combs acquired the Enyce clothing line from Liz Claiborne for $20 million on October 21, 2008. In a 2008 interview with Albert Lawrence of Talk of Fame, while speaking about his diverse work ethic, Combs claimed that he was “The Black Sinatra”.
Culled from entrepreneur.com
Market research has found out that more than 90% of new businesses fail in the first 120 days of operation. As an aspiring entrepreneur you need to understand that all successful businesses have common traits. They are SUCCESSFUL because they trade and imbibe the same principles of success followed years back by past entrepreneurs like Dale Carnegie and Henry ford. The first year of your business is a crucial stage where you need all the guidance from your mentor. I will write more about the importance of a mentor for your success in subsequent articles.
As a budding entrepreneur you need to understand simple and basic ideas like acceptable over-head expenses in relation to projected income. A college degree in business in not essential for an entrepreneur to be successful, but it will be handy in many instances. Just some basic business knowledge is absolutely vital.
If you have a hard time balancing your personal check book, you probably should keep your day job and forget about starting a business. It is true that you can hire accounting firms that will tell you WHEN you must make tax deposits, for example, but these firms will not be able to tell you IF you need to make them.
Accounting firms can tell you whether or not you made a profit but not how to make it. If you have no business background you need to, at the very minimum, get some good business advice before you even consider opening business. The fact is that all successful businesses operate on sound business principles. Successful businesses aren’t accidents. It is not even reasonable to expect to make a profit from a new business enterprise for many, many months.
You must have sufficient resources available to not only launch your business but provide for your own personal needs for an extended period of time. It’s called ‘capital’ and there is no way around the need for enough of it. Many budding entrepreneur make a BIG mistake and dont provide adequate for operation, which in most cases stifles the business and suffocates it before it takes off.
Have the Right Mindset
You have most likely heard the phrase, ‘He has an attitude!” This is usually a derogatory remark made about a person with a disagreeable attitude. But the word ‘attitude’ is an important one when discussing business start-ups. A good attitude…a good mind set can’t insure success but a bad attitude and a bad mind set can certainly guarantee failure. Here are some wrong attitudes that will absolutely guarantee failure:
I can work when I want to. Wrong, this is absolutely piffle! You can’t just work when you feel like it. You have to expect to put in many long and very tedious hours of very hard work to make a new Business enterprise succeed.
I can get rich quick! You cant be more wrong and you are not only wrong but you are putting yourself in danger as well. There are billions of crooks out there on the internet who are waiting for their next easy mark and if you are looking for a quick way to get rich, you ARE the next mark. It is possible to make a very comfortable living by starting a new business enterprise but if anybody ever tells you it is quick or easy, they are lying to you.
I don’t need a business plan. There you are…wrong yet again. Every business needs a road map. It is imperative that you have a plan for success that is based upon sound business principles. I will cover this topic extensively in my future posts. keep watching this space.
There is an old saying, which says: “Those who fail to plan, plan to fail”. You need to have a well strategized plan of execution for any assignment you embark on. You need to have clear plan on how you will move from point A to point B listed in a succinct manner and should include realistic cost estimates for accomplishing each step.
When you have a business of your own, you don’t have a boss. Again a BIG LIE! You are your boss. If you aren’t a good boss who sees to it that work is accomplished on time and in full, you will fail. Unless you are a boss who sets up a working schedule and establishes goals that must be met, you will find your business heading down a steep ravine to oblivion.
Always remember those statistics! Ninety percent of all new businesses fail in the first 120 days. You don’t have to be part of that majority. You can become a part of that 10% minority of successful business enterprises. With proper planning and vision, you will make it to the promised land.
To your success!!!!!!
