In participation with Miss Janette Toral's contest for Top Emerging Influential Blogs for 2009, to the following my votes go:
1. Millionaire Acts.com
2. Dear Bloggery.com
3, Filipino Mom.com
4. The Struggling Blogger.168center.net
My list has not reached ten for some reasons. You can participate in this by clicking this link; just follow the instructions provided :).
Continue Reading......
Wednesday, June 10, 2009
1
Sunday, June 7, 2009
0
After You've Chosen Your Arena: The Preparation and Your First Business Plan
Years ago when I was a bit naïve about business, I thought of a business plan as an elaborate document that resembles a book, which contains all the vital information about the corporation and how it is run. Of course, as I later found out a business plan can range from being a ten-page document to hundreds-of-pages one (in the form of feasibility studies). It does resemble a book, but what is more vital is the information that it contains. You might want to write your business plan in such a way that it resembles a book, but if I happen to be your investor, I may not get into the text itself unless I like what is written in your Executive Summary. Therefore, unless you are making a multi-million feasibility project, you can strip down all the wordy babbles and get to the heart of the investments. There is no hard-and-fast rule in writing a business plan, although the following guide can be helpful to you.
The business plan, in the simplest form that I can recommend, is just a collection of schedules and figures. A picture paints a thousand words, so let them speak for themselves instead: in the form of graphs and tables (To prevent information overload, I will delve in the specifics of setting up your business plan in my subsequent posts, for now let me just give a preview). A business plan is usually comprised of four sections: project description (this can contain the words as you will explain the idea behind your project), the market study, the technical study, and the financial study. The market study contains the details about the market such as the total demand, supply, and the gap (called effective demand) which your business can capture. This also contains your sales objective as well as your marketing strategy to meet those objectives.
The technical study determines your capital expenditures: your initial investment in plant and equipment, legal requirements, as well as the operations of your business—your inventory system, your accounting system, your system for sales—everything pertaining to the essentials of running your day to day operations. This also contains your human resource management practices—recruitment of employees, salaries, etc. In order to make sense of all these, you have to tie them up in your financial study, where you will come up with budgeted financial statements: income statements, balance sheet and statement of cash flow, as well as supporting budgets. These financial figures will help you later determine if this project is viable to you as an inside investor or entrepreneur and provide you with some conclusion over to proceed directly, or change factors in order to make your business viable (I will delve with the financial aspects of the business plan in more detail in my subsequent posts; something more chewable **smiles**. There we will assess the business with a perspective in finance, one that sets an inside investor apart from other entrepreneurs).
A word of caution: when you are in the course of developing your business plan, it is important to keep your study confidential (if this is indeed an opportunity as good as money, there can be others who are watching out for the right time to steal it). This is where the role of your advisors come in: your accountant can help you with setting up the budgeted financial statements; your lawyer can best advise you on various steps of the way, say before you show your business plan to anyone (for example, you need to have people sign confidentiality agreement before you show them your business plan in order to keep your idea safe and secure). There are many stories of people having the million-peso idea, but because of inadequate protection over their ideas, others benefited from them, leaving these people struggling to grow their business instead. This piece of information, as a word of caution, may be a great help to you as a starting inside investor.
Continue Reading......
The business plan, in the simplest form that I can recommend, is just a collection of schedules and figures. A picture paints a thousand words, so let them speak for themselves instead: in the form of graphs and tables (To prevent information overload, I will delve in the specifics of setting up your business plan in my subsequent posts, for now let me just give a preview). A business plan is usually comprised of four sections: project description (this can contain the words as you will explain the idea behind your project), the market study, the technical study, and the financial study. The market study contains the details about the market such as the total demand, supply, and the gap (called effective demand) which your business can capture. This also contains your sales objective as well as your marketing strategy to meet those objectives.
The technical study determines your capital expenditures: your initial investment in plant and equipment, legal requirements, as well as the operations of your business—your inventory system, your accounting system, your system for sales—everything pertaining to the essentials of running your day to day operations. This also contains your human resource management practices—recruitment of employees, salaries, etc. In order to make sense of all these, you have to tie them up in your financial study, where you will come up with budgeted financial statements: income statements, balance sheet and statement of cash flow, as well as supporting budgets. These financial figures will help you later determine if this project is viable to you as an inside investor or entrepreneur and provide you with some conclusion over to proceed directly, or change factors in order to make your business viable (I will delve with the financial aspects of the business plan in more detail in my subsequent posts; something more chewable **smiles**. There we will assess the business with a perspective in finance, one that sets an inside investor apart from other entrepreneurs).
A word of caution: when you are in the course of developing your business plan, it is important to keep your study confidential (if this is indeed an opportunity as good as money, there can be others who are watching out for the right time to steal it). This is where the role of your advisors come in: your accountant can help you with setting up the budgeted financial statements; your lawyer can best advise you on various steps of the way, say before you show your business plan to anyone (for example, you need to have people sign confidentiality agreement before you show them your business plan in order to keep your idea safe and secure). There are many stories of people having the million-peso idea, but because of inadequate protection over their ideas, others benefited from them, leaving these people struggling to grow their business instead. This piece of information, as a word of caution, may be a great help to you as a starting inside investor.
Continue Reading......
The Emphasis on Employing Expert Advisors When Starting Up
Recently, when a lot of successful entrepreneurs have written books as guides to other people who are starting their businesses, there is a strong emphasis on employing expert advisors during the startup phase of your business. They argue that the success of a business lies on the key people around the entrepreneur, who would help her and continue on educating her in terms of the essentials of business. The most basic of these advisors include a lawyer and an accountant as part of your business team.
You may be thinking: “I am only starting up and I might have less than a hundred thousand bucks to invest, how can I then bother to hire and pay other people when my business is not yet established?” Well, maybe to share a few info might be helpful to provide some insight as to why. If you ever get into any business school that offers business or entrepreneurial studies, you might be surprised that business law and accounting are usually included in most curricula. Accounting, for one, is the language of business; while business law defines the rules a business entity (whether you choose to form your business as a sole proprietorship, a partnership, or a corporation) should adhere to when it conducts its operations. Although these subjects are not entirely what business curricula are all about, you can see that studying these two are some of the benefits of getting into business school. Knowing these subjects are vital for any entrepreneur and inside investor. For other people who have not been into business school but wants to get into business (the business degree is not a pre-requisite to starting your own business), what could be the best and most cost-effective way to learn about these subjects than to employ these sorts of advisors? Would you rather get into business school right now, spend money and time for the duration of like three to four years before you get into business? Rather not, when help is readily available.
Even if an entrepreneur is knowledgeable about these two subjects, it is still beneficial to employ these advisors. When some of you might have been thinking that an entrepreneur is a one-man team who carries all the management burdens of their companies (that notion is entirely wrong, and may only be applicable in small businesses), successful entrepreneurs and business persons know the benefits of working as a team. In management, it is called synergy, mostly described as 1+1 = 4; or where the whole is greater than the sum of the parts. This means that the specialized knowledge that your lawyer and accountant can provide you as well as their services can free some of your resources: time and energy, which you could have used in some other activities such as setting up the system, or looking for other key employees that could run your business's day to day operations. You can't handle everything on your own: you have limited time, and you have limited energy.
I am guessing that after reading the paragraphs above, you are starting to feel intimidated. I can feel you thinking—wouldn't hiring a lawyer and an accountant be so expensive? Well, it depends on what you call expensive. If a lawsuit that arises from a poorly conceived legal model of your business is expensive to you, what you pay to your advisors are not that expensive. If you like to have an idea as to the fees, go ask some of your friends who are in business and ask for referrals as to the lawyers and accountants they employ. You may ask the rate. But the rate sometimes vary, depending on what you want your advisors to do for you: you need to pay them for consultation, or sometimes for specific services, for example filing taxes as for your accountant.
Like any service or product, you can always ask the price first before you decide to purchase. But trust me, it's not like you will drain all your savings to cover the payment to them. I met my lawyer through another lawyer friend, from which I asked some referrals. Her rates are reasonable for the services we have agreed she would provide. You must find your own as well; after you've met them you do not necessarily have to employ them or put them on retainer immediately. They are consultants and advisors, not like your key employees. The insights they can give especially for every step that you need to undertake when starting your business can be very valuable.
Continue Reading......
You may be thinking: “I am only starting up and I might have less than a hundred thousand bucks to invest, how can I then bother to hire and pay other people when my business is not yet established?” Well, maybe to share a few info might be helpful to provide some insight as to why. If you ever get into any business school that offers business or entrepreneurial studies, you might be surprised that business law and accounting are usually included in most curricula. Accounting, for one, is the language of business; while business law defines the rules a business entity (whether you choose to form your business as a sole proprietorship, a partnership, or a corporation) should adhere to when it conducts its operations. Although these subjects are not entirely what business curricula are all about, you can see that studying these two are some of the benefits of getting into business school. Knowing these subjects are vital for any entrepreneur and inside investor. For other people who have not been into business school but wants to get into business (the business degree is not a pre-requisite to starting your own business), what could be the best and most cost-effective way to learn about these subjects than to employ these sorts of advisors? Would you rather get into business school right now, spend money and time for the duration of like three to four years before you get into business? Rather not, when help is readily available.
Even if an entrepreneur is knowledgeable about these two subjects, it is still beneficial to employ these advisors. When some of you might have been thinking that an entrepreneur is a one-man team who carries all the management burdens of their companies (that notion is entirely wrong, and may only be applicable in small businesses), successful entrepreneurs and business persons know the benefits of working as a team. In management, it is called synergy, mostly described as 1+1 = 4; or where the whole is greater than the sum of the parts. This means that the specialized knowledge that your lawyer and accountant can provide you as well as their services can free some of your resources: time and energy, which you could have used in some other activities such as setting up the system, or looking for other key employees that could run your business's day to day operations. You can't handle everything on your own: you have limited time, and you have limited energy.
I am guessing that after reading the paragraphs above, you are starting to feel intimidated. I can feel you thinking—wouldn't hiring a lawyer and an accountant be so expensive? Well, it depends on what you call expensive. If a lawsuit that arises from a poorly conceived legal model of your business is expensive to you, what you pay to your advisors are not that expensive. If you like to have an idea as to the fees, go ask some of your friends who are in business and ask for referrals as to the lawyers and accountants they employ. You may ask the rate. But the rate sometimes vary, depending on what you want your advisors to do for you: you need to pay them for consultation, or sometimes for specific services, for example filing taxes as for your accountant.
Like any service or product, you can always ask the price first before you decide to purchase. But trust me, it's not like you will drain all your savings to cover the payment to them. I met my lawyer through another lawyer friend, from which I asked some referrals. Her rates are reasonable for the services we have agreed she would provide. You must find your own as well; after you've met them you do not necessarily have to employ them or put them on retainer immediately. They are consultants and advisors, not like your key employees. The insights they can give especially for every step that you need to undertake when starting your business can be very valuable.
Continue Reading......
After You've Chosen Your Arena: Your First Startup
Now that you have made your decision to start your investing career by being an inside investor, that is from being a small entrepreneur to a great capitalist, you need to get started. Where do you start? According to Kiyosaki in his book “Before you quit your job,” an entrepreneur acts even when the three lights are not yet all green, those lights being: money, opportunity, or people. An entrepreneur does not wait before she gets all those in order to get started; sometimes one of those is enough for her to find the other two. Sometimes, sheer desire and will power are enough to start with nothing, then find those three lights later on.
Now look at what you have: do you currently have the money but you do not have the people (perhaps partners, suppliers, potential employees), and the opportunity? Or do you have the opportunity but you do not yet have the other two? Whatever you have right now, capitalize on it:
I have the money to invest: and of course I assume by now you've somehow done your homework and have already done some introduction to the subject of business. Your first task is to look for an opportunity, then look for the people. Where can you get the opportunity? Opportunities are all around us, depending on what you're looking for. Because you are looking for an opportunity to make money, then open your eyes to find it. A hint, usually is to look at what makes you dissatisfied as a consumer—business opportunities are grounded on the needs and wants of the people. If there is a thing that keeps you dissatisfied, a service or a product you think is underperforming in the market and many people are grumbling about it, but are willing to pay for a better product or service, then THAT IS AN OPPORTUNITY! In my following posts I will show how an entrepreneur evaluates an opportunity, from an investor's point of view. When you have the opportunity, the people are likely to follow.
I have some people willing to help/invest with me: but you neither have the money or opportunity. I suggest you take into your inventory what your and these people's strengths are that you can leverage when you set up your business. Perhaps you have a partner who is a certified public accountant (just for an example). Then you can instantly see how you can use her skills in the business, say setting up the accounting system, being in charge of budgeting, etc. Then you follow my suggestion above as regards looking for opportunity.
I have the opportunity: but you neither have the money or the people to pursue it. Well, listen now, if it is indeed an opportunity, THE MONEY AND THE PEOPLE WILL FOLLOW. You just have to let them know that you have one (opportunity) because unless they know it, they will not approach you. There are enough people in our country who have their fat savings account sleeping in the bank and growing in a very low rate, those who are looking for opportunities on where to invest their cash. If what you have is really an opportunity, and you're not simply fooling these people, once you win their trust you would have the money.
Of course they would also demand first that you find the right people—usually those who have some experience and track record in handling the opportunity: say if it's a rental property, someone who has some experience in real estate transactions and has been in property management for quite long. When these people who have the money know that with your opportunity they can grow your money, and that they can have greater confidence because the people you're with (business partner, advisor, key employee) is experienced in handling the opportunity, you would have all the money you need to pursue it.
(Note: For additional ways or sources of funding, my friend Tyrone has written an article in his blog MillionaireActs.com. You can find it in here.)
I guess by now, you've already figured out what you have and how you can act on it. But hold on, in my subsequent posts I'll show you how to turn your idea into an opportunity in the form of a solid business plan. Remember, unless you can turn that idea into a real opportunity in the form of an asset with strong potential financials, money and people will be reluctant to follow.
Continue Reading......
Now look at what you have: do you currently have the money but you do not have the people (perhaps partners, suppliers, potential employees), and the opportunity? Or do you have the opportunity but you do not yet have the other two? Whatever you have right now, capitalize on it:
I have the money to invest: and of course I assume by now you've somehow done your homework and have already done some introduction to the subject of business. Your first task is to look for an opportunity, then look for the people. Where can you get the opportunity? Opportunities are all around us, depending on what you're looking for. Because you are looking for an opportunity to make money, then open your eyes to find it. A hint, usually is to look at what makes you dissatisfied as a consumer—business opportunities are grounded on the needs and wants of the people. If there is a thing that keeps you dissatisfied, a service or a product you think is underperforming in the market and many people are grumbling about it, but are willing to pay for a better product or service, then THAT IS AN OPPORTUNITY! In my following posts I will show how an entrepreneur evaluates an opportunity, from an investor's point of view. When you have the opportunity, the people are likely to follow.
I have some people willing to help/invest with me: but you neither have the money or opportunity. I suggest you take into your inventory what your and these people's strengths are that you can leverage when you set up your business. Perhaps you have a partner who is a certified public accountant (just for an example). Then you can instantly see how you can use her skills in the business, say setting up the accounting system, being in charge of budgeting, etc. Then you follow my suggestion above as regards looking for opportunity.
I have the opportunity: but you neither have the money or the people to pursue it. Well, listen now, if it is indeed an opportunity, THE MONEY AND THE PEOPLE WILL FOLLOW. You just have to let them know that you have one (opportunity) because unless they know it, they will not approach you. There are enough people in our country who have their fat savings account sleeping in the bank and growing in a very low rate, those who are looking for opportunities on where to invest their cash. If what you have is really an opportunity, and you're not simply fooling these people, once you win their trust you would have the money.
Of course they would also demand first that you find the right people—usually those who have some experience and track record in handling the opportunity: say if it's a rental property, someone who has some experience in real estate transactions and has been in property management for quite long. When these people who have the money know that with your opportunity they can grow your money, and that they can have greater confidence because the people you're with (business partner, advisor, key employee) is experienced in handling the opportunity, you would have all the money you need to pursue it.
(Note: For additional ways or sources of funding, my friend Tyrone has written an article in his blog MillionaireActs.com. You can find it in here.)
I guess by now, you've already figured out what you have and how you can act on it. But hold on, in my subsequent posts I'll show you how to turn your idea into an opportunity in the form of a solid business plan. Remember, unless you can turn that idea into a real opportunity in the form of an asset with strong potential financials, money and people will be reluctant to follow.
Continue Reading......
Saturday, June 6, 2009
0
From Inside to Ultimate: From Being an Entrepreneur to Becoming a Capitalist
It is really hard to comprehend the concept of an entrepreneur being an inside investor. Most of us, in the broadest sense think of an investor as how it is described by the media: traders in Wall Street, people with million bucks in their attache cases signing for some contracts that contain the investments, etc. These images have distorted the concept of what an investor is, in its simplest sense: someone who has some access (someone does not need to possess) to capital which can be spent on some activities in exchange for some gains in return. In the simplest sense, even a dirty ice cream cart vendor can be considered an investor (although I made the clarification of an entrepreneur who is an inside investor and an entrepreneur who is not in my previous post, check this "Entrepreneurship and Investing from the Inside"). The major difference lies on the perspective.
I also said that an inside investor's goal is to finally become the ultimate investor. Who is the ultimate investor? According to Kiyosaki, an ultimate investor is the one who "sells" the asset. She creates the business, and later on sells the business. This is how she gets the greatest gains and returns to her initial investments. Who are these inside investors? These people are the ones who created their assets, then eventually took it to public or sold the business to other entities, e.g. Anita Roddick, Bill Gates, Michael Dell, etc. Instead of being the buying investors (most of us who buy their stocks), they are on the other side.
Starting as an inside investor to finally becoming the ultimate investor provides adequate control over the business as the asset in order to make it grow. The more control an investor has over the asset, the more the asset will provide her the financial goals she sets for herself as an investor. Becoming an inside investor also prepares the person by learning how to run and grow a business, a skill vital for every investor who wishes to reap great returns from her investments.
Continue Reading......
I also said that an inside investor's goal is to finally become the ultimate investor. Who is the ultimate investor? According to Kiyosaki, an ultimate investor is the one who "sells" the asset. She creates the business, and later on sells the business. This is how she gets the greatest gains and returns to her initial investments. Who are these inside investors? These people are the ones who created their assets, then eventually took it to public or sold the business to other entities, e.g. Anita Roddick, Bill Gates, Michael Dell, etc. Instead of being the buying investors (most of us who buy their stocks), they are on the other side.
Starting as an inside investor to finally becoming the ultimate investor provides adequate control over the business as the asset in order to make it grow. The more control an investor has over the asset, the more the asset will provide her the financial goals she sets for herself as an investor. Becoming an inside investor also prepares the person by learning how to run and grow a business, a skill vital for every investor who wishes to reap great returns from her investments.
Continue Reading......
Friday, June 5, 2009
0
Global Recession: Is it the right time to invest as an inside investor?
I was just talking to my new friend Tyrone (you may check his site at MillionaireActs.com) about the global recession and its implications to different investors. Virtually, all investors are affected by the global financial crisis, but depending on what type of investor you are will determine how you will fare during the crisis.
Suddenly, I was reminded of Kiyosaki and Trump's book "Why We Want You To Be Rich." According to the book, investor types can be segmented into two categories, namely passive and active investors. Passive investors include those who invest in "a job, savings, getting out of debt, mutual funds, and diversification (2006, 123)." An active investor on the other hand invests in "businesses, real estates, and more advanced vehicles (Kiyosaki & Trump 2006, 123)." Back to the global recession, depending on what type of investor you belong, how would you assess your future performance in line with the crisis?
Passive investors have little or no control over their investments; active investors on the other hand control (have management control in some degree) their investments. Because passive investors do not have adequate control over their investments, a slight twist of fate against their favor will change the investment from being an asset (generating cash inflows in the form of profits) to becoming a liability (incurring cash outflows in the form of losses). An active investor can counter the twist of fate or other external factors with their influence on business strategy and influence over the businesses' management team--in short the course of how cash inflows would be ensured. Thus, during hard times, an active investor continues to gain and profit while others go down along with the market.
What type of investor is an inside investor? Because an inside investor invests from the inside of the asset, and has some degree of management control, she is considered an active investor. Will she thrive during times of global recession? Let us see:
If you are an inside investor or entrepreneur, up to what degree will you be affected by the global recession? First, we should look at where your cash flow comes from: from profits, after costs of sales are deducted from revenues right. As an inside investor and entrepreneur, do you have some degree of control over who to target as customers in order to come up with your sales projection? Is it not true that as an entrepreneur, you have the power to choose your customer, the more profitable customers to which you will offer your products and services so that you can meet your sales goal in the process? If some customers are hurt by the recession and cannot buy your goods, would a simple tweaking of your marketing efforts (that is choosing a different segment of the market/type of customer, and changing your communications/promotions strategy subsequently) help you counter the force in the environment?
So, how much power does an inside investor and entrepreneur have over the asset? If recession comes, how much of the success of the asset can be attributed to the ability of the inside investor, if the asset succeeds? You see, if you take this path and gain substantial control, there is no bad time for any business. A shrewd investor profits both during the good and the bad times. It is all about you as an investor--how you grow yourself as an investor. It is not about the times.
Continue Reading......
Suddenly, I was reminded of Kiyosaki and Trump's book "Why We Want You To Be Rich." According to the book, investor types can be segmented into two categories, namely passive and active investors. Passive investors include those who invest in "a job, savings, getting out of debt, mutual funds, and diversification (2006, 123)." An active investor on the other hand invests in "businesses, real estates, and more advanced vehicles (Kiyosaki & Trump 2006, 123)." Back to the global recession, depending on what type of investor you belong, how would you assess your future performance in line with the crisis?
Passive investors have little or no control over their investments; active investors on the other hand control (have management control in some degree) their investments. Because passive investors do not have adequate control over their investments, a slight twist of fate against their favor will change the investment from being an asset (generating cash inflows in the form of profits) to becoming a liability (incurring cash outflows in the form of losses). An active investor can counter the twist of fate or other external factors with their influence on business strategy and influence over the businesses' management team--in short the course of how cash inflows would be ensured. Thus, during hard times, an active investor continues to gain and profit while others go down along with the market.
What type of investor is an inside investor? Because an inside investor invests from the inside of the asset, and has some degree of management control, she is considered an active investor. Will she thrive during times of global recession? Let us see:
If you are an inside investor or entrepreneur, up to what degree will you be affected by the global recession? First, we should look at where your cash flow comes from: from profits, after costs of sales are deducted from revenues right. As an inside investor and entrepreneur, do you have some degree of control over who to target as customers in order to come up with your sales projection? Is it not true that as an entrepreneur, you have the power to choose your customer, the more profitable customers to which you will offer your products and services so that you can meet your sales goal in the process? If some customers are hurt by the recession and cannot buy your goods, would a simple tweaking of your marketing efforts (that is choosing a different segment of the market/type of customer, and changing your communications/promotions strategy subsequently) help you counter the force in the environment?
So, how much power does an inside investor and entrepreneur have over the asset? If recession comes, how much of the success of the asset can be attributed to the ability of the inside investor, if the asset succeeds? You see, if you take this path and gain substantial control, there is no bad time for any business. A shrewd investor profits both during the good and the bad times. It is all about you as an investor--how you grow yourself as an investor. It is not about the times.
Continue Reading......
You as an Inside Investor: Choosing your arena
After you have decided to become an inside investor, you need to choose in what arena you would like to start with, or the category under which your startup will belong. Would you choose to get into franchising first? Or do you want a simple rental property such as condominium? Or maybe, you already have that million-bucks-idea which you want to start already? There is no right or wrong answer; the answer depends on your investment goals and your motivation.
When you have chosen your arena, keep in mind that growth--your own and your business's growth-- is one of the factors you wish to consider. Say, if you are into franchising, you're not likely to stay with that one franchise along in the future. You're not going to stay with the one piece of real estate rental property for the rest of your life, right? When you are starting up, your first business will be like your training ground. You want this first business in order to grow yourself as an inside investor and entrepreneur, so you can handle bigger businesses in the future.
Proponents of hard-core entrepreneurship, that is, starting with an idea that carries innovation and starting with nothing say that this is the best way in order to develop your business skills because of the learning and the growth that starting small and starting with nothing provides. While other business systems that are already tried and tested can also hone you, your failures, which are more likely to be more numerous when you start from scratch will provide you with better education in the long run.
That can be true, but as I say the choice of business model--whether you go for a franchise, or a small real estate rental property, or your own innovative idea, does not matter as long as you choose to start and you choose to finish as a great investor. As long as you keep your eye on the prize and keep on growing and educating yourself, then the arena will only depend on your personal preferences.
Continue Reading......
When you have chosen your arena, keep in mind that growth--your own and your business's growth-- is one of the factors you wish to consider. Say, if you are into franchising, you're not likely to stay with that one franchise along in the future. You're not going to stay with the one piece of real estate rental property for the rest of your life, right? When you are starting up, your first business will be like your training ground. You want this first business in order to grow yourself as an inside investor and entrepreneur, so you can handle bigger businesses in the future.
Proponents of hard-core entrepreneurship, that is, starting with an idea that carries innovation and starting with nothing say that this is the best way in order to develop your business skills because of the learning and the growth that starting small and starting with nothing provides. While other business systems that are already tried and tested can also hone you, your failures, which are more likely to be more numerous when you start from scratch will provide you with better education in the long run.
That can be true, but as I say the choice of business model--whether you go for a franchise, or a small real estate rental property, or your own innovative idea, does not matter as long as you choose to start and you choose to finish as a great investor. As long as you keep your eye on the prize and keep on growing and educating yourself, then the arena will only depend on your personal preferences.
Continue Reading......
