Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. Sa’s Top 10 Young Entrepreneurs To Watch in Most Popular and these are the seven biggest myths that I continuously hear.
1. Being an Entrepreneur is too risky for me.
Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, Successful Entrepreneurs Of South Africa have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.
2. I am too young to start my own company
Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.
3. I have no experience
Again, Sa’s Top 10 Young Entrepreneurs To Watch this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.
4. It is not the right time for me to launch a business.
As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, Successful Business Person In South Africa so there really has never been a better time than now.
5. If I am running a business my grades will fall.
Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.
6. Student businesses are just small rinky-dink operations
Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!
7. I don’t have any money! I can’t start a company
Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!
Sa’s Top 10 Young Entrepreneurs To Watch in Most Popular?
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!
Making Money from the Inside Out
These days, everywhere you turn, you are bombarded by news of gloom and doom about our economy. It's like Halloween got here way too early this year. I try my best to avoid the TV and radio news altogether. No, I'm not in denial or being naive. There's no doubt that something is very wrong in this picture. However, if you focus your attention on the bad news that's broadcast 24/7, and hang around the water cooler whining, bitching and complaining, your chance of success is doomed.
Research has shown that the right mindset and attitude can make or break a person/business. How do you maintain a laser-sharp focus and unwavering success mindset during these challenging times? That's where masterminding comes in.
The right mastermind group can provide abundant resources for building your business. Mastermind groups can be made up from a group of peers in the exact same industry that you are in, a group of companies that focus on the same vertical market or market segment, or a group of business leaders that are ready to mentor those who are starting out. When you are in a group of like-minded, success-focused, positive business professionals, there are infinite possibilities, creativity and resources to be shared. Oftentimes, we cannot see what's missing in our own business. It's extremely valuable to have someone else to point out your blind spot or offer you solutions you would not have thought of by yourself.
During these turbulent times, perhaps the most important value of having a mastermind group, is to have an army of your own, so to speak, against the ugly beasts of fear, negative beliefs, doubts and worries. If you are familiar with the Law of Attraction and the success principles taught by masters such as Napoleon Hill, you know that you can't afford the negative thoughts and beliefs -- not in your personal life, and definitely not in your business. If you have taken all the right steps to select the right kind of people for your mastermind group, you would have an unbreakable support network to always keep you in the positive energy field.
Next time you meet with your mastermind group, may I suggest that you set a group intention to lift and keep one another in the success-oriented positive energy field. Select some empowering affirmations that you'd like to recite and affirm at your meetings. Absolutely no whining, bitching or complaining allowed in and outside of the group. Set up some type of buddy system so you can call for support, in case you fall into a negative slump. Do everything you can to safeguard your positive energy, and watch the success come to you.