Look Well Into The Matter - Start A Side Business Please!!!

Look Well Into The Matter - Start A Side Business Please!!!

I was speaking to a friend of mine today at church  and he told me that he has been fired from his job for insubordination.  I listened to the summary from my friend and I concluded that there is more to the story and that the company just wanted to fire him. To add insult to injury, they don't even want to pay his unemployment. He has been with the company for nine years. As a man of God, I prayed with him and encouraged him to look at other opportunities  and not rely solely on the paternal corporation.

Over the past six months, I have had family members and friends tell me similar stories about how they were fired from their job or lost their jobs for no apparent  reason. (Now think about this - why is it that the recession has ended and companies are still firing people?)

My question is when are you going to start a side hustle before you lose your job or get fired? It is very hard to start a side hustle after you lose your job. My recommendation is to start thinking about something  and just get something started!!

Always remember that America is a capitalistic country and the more we understand the system and realize that corporations are in business to make money and really don't care about you. It is about time you realize this. I am a very strong advocate of starting a side business. Just get something going!!

Please don't bury you head in the sand and pretend that everything is ok - it is not ok!!

Start looking at business opportunities and if one is presented to you don't just say no. Look into the business opportunity, make your due diligence  and make a decision.

Look well into the matter and make a decision to start something today.

A word to the wise is enough!!

"The simple believes everything,
 but the prudent gives thought to his steps". Proverb 14:15

THE 10 ULTIMATE SKILLS THAT  ENTREPRENEUR SHOULD CULTIVATE

To be effective as entrepreneurs in our enterprises we have to cultivate and nurture these skills to the best of our ability. 

"A winner is someone who recognizes his God given talents, works his tail off to develop them into skills and uses these skills to accomplish his goals" Larry Bird

1. Salesmanship - Most people don't admire sales people, but when you observe carefully we are all involved in some kind of selling - selling ideas, products or services. We might not be working for an entity selling something, but in life we are always selling something whether we realize it or not. My question is why don't you learn how to master salesmanship better. It will serve you well. And remember the highest job in the land is really a salesmanship job. In salesmanship you can make in numbers what you lack in skills -
a) talk to a lot of people
b) be real nice - have a great attitude
c) give good service

2. Negotiation - "Everything is negotiable, whether or not the negotiation is easy is another thing" Carrie Fisher. We are all negotiation in one way or the other and we have to learn how to negotiate. Here are a couple of principles to know a) The invested time principle - people will be willing to negotiate if they have invested enough time in the deal b) Power of information - try to find out more about the opposing party as much as possible.

3. Communication - learning to communicate effectively - there is a certain magical quality to good communication - you have to expand your knowledge base - coming out of college should not end your education - build a library of books that you review, books you read for intellectual stimulation, seminars and discussions - do set time aside to think - 

4. Speech delivery  -Speech delivery is a skill we have to cultivate. In one way or the other we will be called to make a speech or make a presentation. I believe that our Lord Jesus Christ was one of the best orators in the world - He always spoke sincerely and from the heart - He also love to tell stories - people can relate to stories. If you can evoke people's emotions you can get people to commit - most decisions are made emotionally and then are justified logically - your own life story is very interesting to people.

5. Networking - I believe that we are one person away from achieving our missions - sometimes what we need is a God-ordained moment to meet that special person - it could be your future partner, your spouse, a friend etc.,

6.  Financial Management  - you might as well know how to manage your finances  - intuitively people know more about financial management than they care to give themselves credit. If you have taken advantage of a product or a service promotion you are not financially illiterate. Don't let the financial jargon fool you- I have a simple formula to help you - the 10-10-10 - 70 rule of personal financial management - give 10% of your income to church or charity - 10 percent to saving 10 to active investment and live on 70%.

7. Nutrition and wellness -an area that we ignore in pursuit of our goals - we have to pay much attention to our overall well being than anything else. Add physical, emotional, mental and spiritual well being to the equation.

8. Decision Making - is a learned behavior - you have to get into the habit of making decisions. It boils down to listening, inquiry, weighing facts and knowing when to rely on your guts or instincts.

9.  Learn To Manage Activity - It is advisable to manage activities instead of time. Apply the 80/20 Rule -The Pareto principle (also known as the 80–20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes. It is a cardinal priciple in business; e.g., "80% of your sales come from 20% of your clients. This theory should serve as a daily reminder to focus 80 percent of your time and energy on the 20 percent of your work that is really important. Don't just "work smart", work smart on the right thin

10. Evaluate Opportunities - It is advisable to use reliable evaluation models to test your hypothesis. Is there a demand for my product? Is there a market? These are all skills that needs to be tested and cultivated.

14 TIMELY WISDOM FROM JIM ROHN - AMERICA'S BUSINESS PHILOSOPHER

14 TIMELY WISDOM FROM JIM ROHN - AMERICA'S BUSINESS PHILOSOPHER

"For things to change, you have to change, for things to get better, you have to get better"

 Jim Rohn

1. Review your performance - Always do more than you are paid to make an investment in your future

2. Face your fears - and that is how you conquer them

3. Exercise your will power - to change your destination - pick a destination and go in that direction

4. Admit your mistakes - Just saying I am sorry would start a new relationship. Learn to admit your mistakes

5. Constantly refine your goals - refining your goals move you towards your target

6. Believe in yourself - you have  to learn some new skills - take a new class - read a book - learn a new skill

7. Ask for wisdom that creates faith - Don't wish it was easier, wish you were better -

8. Conserve your time - make time for family and friends - they are important -

9. Invest your profit - Profit are better than wages - wages will make you a living, profit will make you a fortune

10. Live with intentionality - become wiser, and stronger. Have more vigor and vitality

11. Find a place you can stand tall and serve -Do the best you can and always remember that your gifts will find a place for you.

12. Demand integrity from yourself - Be the best and you will attract the best.

13. Welcome the disciplines - A well disciplined life creates vitality, productivity, abundance

14. Fight for what is right - If you want something valuable you have to fight for it - fight the good fight and keep the faith

Emanuel James "Jim" Rohn was an American entrepreneur, author and motivational speaker. His rags to riches story played a large part in his work, which influenced others in the personal development industry

Ten Business Strategies That Would Change Your Financial Life Forever

There are special rules for business owners and entrepreneurs. It is advisable to join the ranks of entrepreneur  and business owners and change your lifestyle forever. Here are the ten strategies. Think about them. Put them into practice immediately. As you can tell, I am a strong advocate for setting up a business and there are ample compelling reasons for that.

1. Start A Small Business: It is very easy to start a business for less than $100. You can incorporate the business later and enjoy a lot of benefits that include tax advantages, asset protection, profit, etc.,

2. You can grow you asset column by generating enough income and acquiring more assets. As somebody said "The asset column has no glass ceiling".

3. Deduct your vehicle expenses for business purposes. You are already driving your car aren't you. Make it tax deductible.

4. Deduct your communication gadgets - your telephone, iphone, ipad, website etc, all are deductible if you use them for your business.

5. As a business owner you can deduct the cost of your books, periodicals that you subscribe, because all these things are necessary for the small business entrepreneur.

6. How about business training? There are a lot of fine business seminars and trainings available. Take advantage of them because they are all  tax deductible!!

7. List all your assets and skills - be clear on what you have to work with- cash, stocks, bonds, life insurance etc, - writing abilities, communications skills etc., strategic thinker etc.,

8. Know your Net worth - the difference between your assets and your liability

9. Set an income goal so that you will know when you have arrived. "All the wealthy people I know only started making money after they set themselves a financial objective and a time period in which to achieve it".

10. Take Action. Entrepreneurs take action without having all the answers. "Winners make decisions quickly and change those decision very slowly if at all".

How I bought My First Business : A lesson In Business Acquisition

Part I

The year was 1990; I have moved with my family to Atlanta to explore the business opportunities and settle my family in a comfortable setting. I had grown tired of New York City and wanted a different environment.

 In New York City, I had a corporate /management job, but always wanted to have my own business and control my own destiny. I have always believed that one should always have a side hustle  to generate additional income and not to depend solely on the corporation for your entire livelihood.

I remember that while I held my corporate job in New York City, I was buying and investing in Real Estate in Jersey City. Through short courses and mentoring, I had developed a familiarity with entrepreneurship and all its attendant opportunities and challenges. I was also developing my wealth building mentality.

During these times, I was researching and looking into businesses that I can buy instead of staring one from scratch.  There are four ways to go into business -

a)You can start from scratch, 

b)Buying an ongoing business,

c) Buy a franchise, 

d) or Join a network organization.

I decided to buy an ongoing business because an ongoing business can start generating and bring cash from day one.

There is an "instant income" feature when you buy an ongoing business: That is when you take over the business on Thursday you can have cash on Friday. Here are some advantages  for buying an going business:

1. An "instant income" i.e. you receive the income the  day you take over business

2. An income facility - allows you to operate other businesses if possible

3. The possibility of growth - you have the chance to grow the business and if you bought the business with the property, the possibility of building appreciation

4. The name of the company is already  known - the company has a reputation in the community -

5. You can use the assets of the business as leverage to expand the business -