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Monthly Archives: July 2008

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Successful Mindset = Successful Business

Think of the whole thing as cyclical: if you love what you do, then it’s not really “work”…

Have you ever wondered what separates the truly successful from the rest of the world???

If you are like 78% of the rest of the world, you ask yourself that question regularly!

When I have spoken with some of the most successful people from all over t he world, there was one common factor… their MINDSET’s. In a world of uncertainty, take Charge. If nobody knows what the future will hold, your vision of how to navigate it is as good as anyone’s. The future may as well belong to you!

Setting Goals Is Actually Where True Success Begins; Achieving Those Goals Is Where Success Happens! Setting Goals without Achieving Them Equal’s Failure.

There are key factors to effective goal setting which will give you the mindset needed to be successful.

Vision:

I am sure you have heard the word vision time and time again; but without knowing the importance of having a compelling vision; what a vision actually is and how it should be used you will be stuck in the beginning stages without moving forward towards success.

If you do not know where you want to be… How will you ever get there???

Vision incorporates the aspirations of what outcomes are hoped for. An entrepreneur’s definition of success can go well beyond profit maximization to include a whole range of other factors, including employment in the community, ability to create balance with family responsibilities, bringing a needed service or product to the market, or creating a certain work environment for employees that is not available in other businesses.Initially a clear and compelling vision is critical to keep you focused. We often get tempted to pursue more opportunities than we can effectively handle. It is also an essential part of attracting employees, investors, suppliers and customers.

As your business grows, your vision becomes a compass to guide decision making both from a strategic and from an ethical perspective. It helps create order and meaning out of the chaos that so often part of a growing venture.

Personal Passion:

Think about what really gets you fired up, what drives your dreams. Your passions need to be able to get behind your list of goals and fuel the fire that makes you ACT.

Passion is a powerful emotion, such as love, joy, hatred, or anger.

When it comes to your life’s work what do you want to pursue? What do you want to do? In order to succeed in small business, and in all areas of your life, you need to follow your bliss, love what you do and live your Passion. The basic premise is fairly simple. Think of the whole thing as cyclical: if you love what you do, then it’s not really “work” and your productivity, job and personal satisfaction will go hand in hand. You will look forward to your day instead of the typical dread of the daily grind. If you are brave and take a risk, and accept your challenges ahead with passion and enthusiasm, then you are able to create new ideas and imaginative solutions for your problems.

Part of living your passion and having “boundless enthusiasm” is being the best person you can be. Striving each day to learn something new, even if it means learning from past mistakes, is something you can do every day. Perhaps one of the best ways to live your passion is to start today and develop an insatiable appetite for learning. Become a lifelong student. Stop by your favorite local bookstore or library and familiarize yourself with the business section.

Start small and browse through the vast array of business publications, magazines and newspapers. The best part is you don’t even have to buy anything (at first). The only limits are your own imagination. Simply put, “knowledge is power.” The more you know, the more you are able to apply that knowledge to your small business.

Think of all the innovative thinkers, did they stop learning? Your own personal journey is just beginning.

Ego:

Check Your Ego at the Door!

You do not need arrogance, defensiveness, or a desperate need for approval in your quest for entrepreneurial success, as these behaviors can only shut down dialogue, opportunities and decisions.

You may be brilliant, but you need to realize that you do not know everything; in fact, no one does. Hence, you may need collaboration and inputs from other people, which you can only maximize if you set your ego aside.

Honesty:

Your vision, passion and gifts that exist within you will carry you toward your goals; as Shakespeare wrote “To thine own self be true.”

Be Brutally Honest when setting your goals; know your strengths and weaknesses. Don’t pretend to have skills or talents that simply exist within you.

Achievable Goal Setting:

Set Goals that are YOURS to Achieve.

Make sure the goals you set are literally “Your Goals.” It doesn’t seem possible for you to be passionate about someone else’s goals. For you to achieve the goals you have set before you, you must believe deep within yourself that the goals are working toward will take your life where you want to go. Don’t take on goals for yourself that were designed by someone else. Look at your life and your vision then set goals that you will walk through fire to achieve.

Action:

Live a Life of Action!

Remember to spend less time on setting your goals than Acting on them.

Stay in Motion.

If you have a tendency to get stuck in the “planning” stage of goal setting, then start with setting smaller achievable goals each day that you make a priority to reach before the end of each day. If your goal is three home parties a week then set a goal that is yours to achieve within each day.

Can you Make someone book a home party? Of course not, but YOU can take the action (10 calls a day) that means you are taking this goal seriously and investing yourself in the process of reaching that goal.

What Is Your Why?

I’m sure you’ve been asked the question: why are you in *business for yourself? You’ve probably asked yourself that question more than once! Every once in a while I wonder what would have happened had I taken another route. In fact a couple of years ago I decided to go back to work for someone else. The opportunity to consult at some of the largest and most respected companies in the world spoke to my ego. It didn’t take long, however, to realize that
I made a mistake. I made a decision on ego that ran contrary to my “why” – my purpose and passion. I was miserable. Even though I had a steady paycheck and great benefits, I wasn’t happy. I’m not cut out for working for someone else.
There may be times when you wonder if you could make more money punching the clock for someone else. Circumstances may arise to question your will. At these times, you need to find your center. You need to be reminded about why you are in business in the first place. If you haven’t thought about this already, take some time to reflect. Write down your answer and keep it somewhere close. The day may come when you need to be reminded about your “why”.

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Business Financing cont.

Most small business owners seeking financing are looking for the money to purchase a product or service.  The majority of time the product or service can be found through a company offering credit terms.  Trade credit is used by household supply stores, marketing companies, printers, graphic designers, internet marketing companies, gas stations, equipment companies, auto-dealers, shipping companies, office supply companies, furniture companies and many more.

In addition to trade credit as an alternative financing option there is merchant account cash advance programs.  Although this type of financing can be expensive it is still a great option for some businesses.  This type of financing is for businesses with a merchant account charging more than $10,000 per month on the account.  Many merchant cash advance companies will advance up to three months charges on a merchant account with very little personal credit information required to obtain the loan.  The loan is then paid back out of future merchant account activity as a percentage of the total amount charged that month.
Another alternative source of financing is A/R Factoring.  If a company has accounts receivable with other businesses with decent history and credit scores, a factoring company will come in and buy the receivables for a discount on the future value.  The business gets money now and the factoring company waits for the invoices to be paid.  When they are paid by the customers of the business, the factoring company gets their share and repayment on the advance. 
A company can also use leasing as an option to finance their business.  A lot of equipment and even software can be leased.  There is extremely beneficial to start-up companies and those looking for large equipment purchases.  The company doesn’t have to pay up front for a large ticket item, which than conserves cash for the growth and day to day operations of the company. 
Small business owners need to get creative when it comes to building a business and finding the financing they need.  Using trade credit and other alternative financing options just may help your business avoid the obstacles and pitfalls so many have fallen into and lost.  For creative solutions for your business financing needs go to www.bcscredit.com and get a free ebook on Building Business Credit for Business Owners.

David Gass