Investment Tip No 10 :: Move
How is that across the globe, in spite of all the obvious challenges and prejudices, immigrants to an area somehow find their feet and flourish in some area of commerce giving birth to new industries or pushing existing ones to the next level? Take the case of the world’s largest economy- the US. The land of opportunity as it is dotingly called was built almost entirely by immigrant sweat and tears. To date, immigrants to the US still turn out to be opportunity creators and major employers well beyond envisioned levels!. It appears that along the way, the Darwinian need to survive transforms into raw entrepreneurial spirit for a sample of immigrants as their grip and grasp of local commerce tightens.
To some extent, the local expertise gained form operating in one locality is a vital tool for success in business. However, this much sought after local knowledge may come at the expense of the entrepreneur’s ability to spot existing and emerging opportunities and market gaps .
Familiarity breeds contempt it is said. In entrepreneurship, familiarity additionally blinds. Sometimes it may be prudent for an entrepreneur to move away from the comfort zone provided by their locality. Something as simple as a trip out of town whether to visit a friend, relative or on an a working trip, may expose an entrepreneur to new environments and business opportunities.
Investment Tip No 9 :: Mind Your Employees and contacts as much as you mind your business start up
Image by ShashiBellamkonda via Flickr
Master the basics of Human resource management. A successful entrepreneur is capable of not only identifying talent but also subsequently satisfactorily managing creative employees. Top entrepreneurs, understand that an organization is its people. They are able to not only build a team, but know how to nature the team to allow it flourish and remain at the top of the game.
Investment Tip No 8 :: Time management
Time management is a critical skill that any business owner should indoctrinate if they are to attain any success in business. When starting out a business, the likely scenario is that you may be the only source of labor. A one man army so to say, or in better situations, several pairs of hands with a load of work to do. Late on, if your start-up does not contribute to the rising statistics of failed businesses, as a manger your hands are full with a load of customers you need to constantly satisfy, a host of suppliers to pay and a brand to build. Time is a resource and just like any other resource should be managed as if it was a purchased commodity.
Investment Tip No 7:: Re Invest Business Profits
Starting out as an entrepreneur, one may have to endure some personal budget cuts. Be ready to tighten your belt, but be careful not to tighten it so much that you squeeze your self into a knot staving yourself off essentials needed for you to function adequately. Focus on the frills and think of ways of cutting on unnecessary expenses. Those expensive family holidays may be substituted with outdoor picnics, and in door board games. Simply put, be careful not to fall for the all to common temptation of consuming chunks of your business profits pampering your self.
Investment Tip No 6 :: Source For Accessible Credit
Capital is an elusive maiden. Therefore, business capital must be allowed to find places where it maximally flourishes; that is, where it can get the most returns. Returns on capital can be drained away by associated expenses such as interest on borrowed money. The source of business capital should therefore be meticulously sought to minimize such costs. Banks are an appropriate choice for short to midterm capital needs, but the business may be exposed to the risk of interest rate fluctuations especially in the case of long term borrowings. The Sacco movement in countries that have well run establishments, are an attractive source courtesy of the low interest charged on loans taken up by members. Friends, family and acquaintances are also option for a credit line, but caution should be taken with negotiations on the terms of payment thoroughly discussed and agreed upon.