How to Build A Successful Business or State Of Entrepreneurship In South Africa?
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. State Of Entrepreneurship In South Africa in Easy 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.
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If you're the typical person whos considering becoming a computer consultant, then you are probably a LAN administrator, doing some kind of PC support job for big enterprise or maybe even working for a smaller integrator. In this article, you'll learn what you need to do first to realize your goal of becoming a computer consultant.
From talking to hundreds of people in this situation right now, the number one thing is that you have to decide that you really want to and really need to do it. Dont put tons and tons of time getting all this IT training and business training and spending all this money until youve decided that you really want to do it.
Why Become a Computer Consultant?
There are lots of reasons why people want to become a computer consultant. You may want to be more responsible for your own career destiny, you may want to be able to build something from scratch that you can call your own, or maybe youre just totally fed up with being stuck in the cubicle, reporting to your boss, and just in general being held back in your career over things that are way beyond your control.
Take Some Action Right Now
As your first step toward becoming a computer consultant, take out a piece of paper right now and write down The Top Five Reasons Why I Have To, Need To and Want to Become a Computer Consultant. Then go ahead and list them. This is really your declaration of independence.
Set a Deadline
You are now laying it on the line and saying all the reasons why you want to, why you have to, why you need to make this happen now. Why you need to start taking the right steps to get going in the right direction. Most importantly though, is when you get done narrowing it down to the top five list, preferably putting the most important reasons to you at the top of the list, give yourself a concrete deadline.
Take out the calendar and make a promise to yourself that youre going to make it happen and write it down right on the bottom of your piece of paper. Print it out or rip it out of your notebook, put it up on the bulletin board next to your desk and look at it every day. The more specific this is, the easier it is going to be for you to make it a reality.
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State Of Entrepreneurship In South Africa in Top
How many new products and inventions can you dream up with in thirty minutes? At least a few if you know the techniques of innovation and creative problem solving. The following are thirty minute's worth, with some notes at how they were arrived at.
New Products and Inventions From Old
A fast way to invent new things is to start with existing concepts and find new applications. With the concept of inflatable things, the first thing that comes to my mind is inflatable shelters for emergency situations, such as after earthquakes or hurricanes. Such shelters could be transported easily, and erected quickly with a simple air pump. A basic large tent design, but with inflatable ribs instead of poles might work.
We can always find new products and inventions for babies. Inflatable cribs or playpens come to mind. Deflated, they could be folded up and stored almost anywhere. A simple design for a playpen might be a plastic floor with a simple wall that surrounds it and is attached to it. Think of air mattresses for swimming, set on their sides, connected end to end and wrapped into a circle and you'll get the idea.
When we used to go "tubing" down rivers in Michigan, we were forever trying new ways to carry a cooler with us while keeping it convenient to get a soda or beer out of it. A solution could be an inflatable bar. It might have a cooler built into it, have can and glass holders, and maybe even a secure place to set snacks. It could be used in a pool, lake or river.
Many people drive into water and die each year. One solution to this problem might be inflatable flotation that is activated when the car begins to sink. They would quickly inflate in an accident involving submersion, and would keep the car afloat. Put one in the trunk, and another inside the car, or have them come out from the wheel wells. To avoid accidental inflation, the triggering device would be activated by water, but be in a place where rain and car washing water couldn't reach.
Vending Machine Products and Inventions
When I considered the concept of vending machines, the first thing that came to mind was a beer machine. It could only be used in a bar that was restricted to adults, of course. A big benefit is that it would lessen the need for bartenders, since half of all the drinks sold in a bar are just simple beers. It is an innovation that could be implemented tomorrow, using beer in cans in existing pop machines.
A vending machine for books and magazines might do decent business in an airport, bus station or other places where people are forced to sit for hours. They may already exist, but I haven't seen them yet. Add some padding to the drop chute, and existing snack vending machines could be used.
They sell phone cards everywhere now, but I haven't yet seen them in vending machines. You could also sell those collapsible umbrellas from a machine. There are dozens of other things that could be profitably sold from vending machines. Use simple techniques like this extension of existing concepts, and there are also thousands of other new products and inventions waiting to be made.
Entrepreneurs - Recession-Proof Your Business Success
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!
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