Achieving dreams and goals is the most important task in our lives if we want to live the lifesyle we wish for ourselves and our families. This little Report is a cookbook you can use on your way to your dream life.
1. A strong vision, passion for a dream: your visions and dreams are the drive that reliably leads you through problems, helps you cope and solve problems, live with obstacles and work hard for long hours without complaining: in short it is the reason why you will never quit.Tips to Focus:a. The stronger your passion to achieve your goals the easier all of it is.Tips to Actionb. Know yourself, set your goals, analyze your priorities and start there.
2. Create a budget and live within your income: this rule seems to be very obvious butsurprisingly so few people live by it: save one penny of your income and you are on your way to become a millionaire; spend one penny over your income and you are on your way to hell. It's this simple.And, if you're not able to earn more, spend less.
3. Keep cash reserve for at least 6 months for unstable times: this reserve is essential, and one of the biggest mistakes most starting entrepreneurs make is that they have no money to start or spend all of it without keeping any cash reserve. Calculate the minimum you need for a month and put aside 6x this amount. No loan; your cash. You will need it.
4. Study at least the economic basics before you start: it's essential that you fully understand the economics, economic indicators, how the markets function, how money circles function, all the money, cost, expenditure, debt, loan, overhead, profit, break-even, interest structures are, how these function, market demand and offer, market forces,what are the influences, how to make use of them etc. etc etc...
I've met quite a lot of people practising business who do not know whether they are in profit selling their goods or not. It showed that they didn't even know how to calculate profit and what to include into cost, what their overhead is, what overhead actually is. Something like this is absolutely unacceptable.If you feel you aren't able to learn these things on your own. Go to school, take a course. BUT you must know these things. It's the same vital as your knowledge in your business branch. If you want to start at once, go below and get at least an idea:
http://www.thecassiopeia.com/economics.html
5. Be original: not extravagant but don't be afraid to be different bringing, creating and using new opinions, new strategies, new ways. Don't be afraid to take less beaten paths. Don't monkey anyone.
6. Don't believe that there are mysterious secrets that will solve all of your problems and wishes: another pitfall. Mostly on the Internet even reasonable and educated people tend to believe in this rubbish. All the mysterious forces you can meet are within you. It's you who must do it all:Tips to Focus: The sooner you get used to this reality the faster you will move forward.Tips to Action: discover and put your forces into work and perform miracles.
7. Never spend on future incomes: another attractive trap. Again mostly on the Internet you can see mysterious profit calculations so persuading that it is stupid not to believe them. And too many people do believe, spend, buy this and that reasoning that they will make millions in three months at the latest.Tips to Action: Avoid this: unless you have your money safely in your account, simply don't buy anything. And I mean it: Buy Nothing!
8. Purchase things instead of renting, leasing: this one is especially attractive. All the companies allure customers to buy now, pay later, pay in instalments.Again, my advice is simple: pay cash instead of various instalments, loans, leases, rents and the like. Unless your business is so successful, so stable bringing you regular substantial income, avoid this trap.If you really need a loan, get all the information available about lenders, kinds of loans available, analyze your situation, your real future possibilities and then decide.
9. Differentiate your incomes, don't rely on a single or two streams only: we live in very dynamic times. This brings about big fluctuations, tough economic conditions creating severe competition, high demand for high-quality-low-price products and services and it requires highly professional and flexible business management.To rely on a single income stream is the biggest mistake you can make: it's not only unstable, insecure and overall unsafe and risky but also much less profitable than if you create several streams of income coming from different fields and make full use of them, both active and passive.
10. Never talk about your plans with anyone: it is a very big mistake to consult your plans with your competition or even a business colleague. Times are tough, market demand is much lower than the offer and the fight for customers resembles war.Besides, if you are about to bring something new you can't always expect that everyone will agree to your plans. Negativists, complainers, problem-seekers will always tell you: don't do it. I would very much doubt your potential if you need this encouragement anyway.
11. Always get all the relevant, reliable, fresh and unbiased information before you take an important action/meeting/decision/risk-taking: I am a big believer in doing proper homework analyzing the facts and the situation, preparing facts, calculating the risk, qualifying the decision and realizing and evaluating all the consequences.Always be honest with yourself in the first place: don't close your eyes before the facts you don't like.Do unbiased analyses of all the facts you can gather and only then decide.However, be fast: don't take it as an excuse for not acting.
12. Investing: never invest your last money: this one is a typical mistake with beginners, easy-goers and greedy people. All of it is wrong.Take it as if you're going to a casino: before you step in, decide how much you can afford to lose and are willing to lose. If you lose the money, you must be able to survive without jeopardizing your existence. However, this is not a casino and you should invest wisely not relying on pure luck, even though you will need the luck as well.Don't risk without carefully evaluating and calculating the risks involved, fully accepting the risk and the consequences, do everything you can for securing profits and only then risk, and still invest only and only the amount you can lose without jeopardizing your business, your home and family.
13. Always strictly limit your expenses: spend only the inevitable amounts and don't confuse costs and investments. It's the most common mistake.You should always expect and receive profit on investments while costs are gone, lost money. Before you purchase anything, ask about the return if there is none, be careful.Tip to Focus: Learn to hate spending money.
14. Constantly learn, grow, improve: today's economic environment is fierce. The market offer is much wider than the demand. Thus, competition is fierce and only the most flexible, bright entrepreneurs have any chances.You can start like a shooting start but if you don't continue to grow, improve, introduce new strategies, technologies, you will become obsolete very fast and it is the end. The death of your business.Read, devour fresh upİtoİdate information on developments of all kind, follow news, developments in society, law and grow.
15. Build passive incomes, leverage your efforts, money: from the very beginning you should plant money seeds for your passive income streams. You must be aware that any minute anything can happen, and if you end up without money you're lost.Your business must be established the way that it will always be able to ensure your income even if you don't do anything.Even for this reason it is very important to be careful about branding your own name. As soon as your company is doing great just because the clients know you're there, it's very,very dangerous.There may come the moment that you decide to sell it and if it is built on your person, you either won't sell it or very low.
16. Develop your lifestyle but don't spend unnecessarily: as soon as you start building your business, develop your brand, start developing and establishing your own lifestyle. Don't believe that you must show off using and presenting only the top expensive items.On the contrary, the more wealthy you become, the more you realize that it's your personality that counts in your lifestyle much more than the price you pay for what you use. So be wise.I like the question: would you rather be wealthy, filthy rich with no one knowing you or famous? I'd always go for filthy rich. What about you?
17. Avoid employees: especially family members and friends and their friends unless these are entrepreneurs BUT even then be careful, very careful and again very, very careful!
18. Carefully plan all of your actions and track the results: modify, adapt to changingconditions, test and track your results. After every action, you must find yourself nearer to your dreams. I recommend that you set partial goals, achieve these and reward every stage. Your path to your dreams will be much brighter, easier and will seem to be much faster.
19. Keep organized: put down every task you must do today, next day, this week, this month, regularly. Every day, finish your day by going through this task list, tick off the tasks you completed, add new ones, modify the list according to the changed situation and priorities. Never finish your day without revising all of your day.
20. Always pay a certain percentage of your income to charities, hospitals, children homes...: I recommend this very much. It's our duty to help the people who are handicapped for any reason and can't help themselves. I myself pay 10% for so many years that I don't even remember when I first started. I can tell you that I have never regretted.
However, a little advice: always make sure that your money actually goes to the people you wish.
And Where is the Secret? Financial Intuition.
Only your Financial Intuition can tell you whether:
- the route you take is the right one,
- this investment will bring you profit
- this product will be the success you wait for
- this partner will be the one you wait for
- this business line will be the one which survives in tough times
- etc....
Simply: your financial intuition will safely lead you through all the dangers of your entrepreneurial life, helps you prevent problems, helps you cope and solve the problems you could not prevent and will always make you money IF you consult it and listen to it.
If you don't have it or you're not sure it's reliable, develop it, train, gain it...
And there is a little Bonus Plus: I consider crucial if the person intending to start a business of his own is used to work manually, manually experiencing what it is like to actually make money working. It gives you the ability of a completely different view of life and its aspects and helps you set your priorities right.
*****************************************************
The article may be reprinted or used freely as long as it is in its entirety incl the resource box below
*****************************************************
This Report is an excerpt from The Entrepreneurial Bible by Irena Whitfield. Get the Entrepreneurial Mind & Create the Wealth You Imagine. The Entrepreneurial Bible deals with true entrepreneurship, successful entrepreneurs, profitable business, success principles, entrepreneurial myths, character streaks, income streams, investments, investment principles, discipline, motivation for a successful entrepreneur, how to behave moneywise, financial intuition, how to successfully profit on forex, how to succeed in everything a person touches and more.
http://www.thecassiopeia.com/ePublishing/TheSuccessSeeds.html
