NETWORKING-and the Entrepreneurial spirits
Partnership-When combining forces with another group person or business, it can be a positive experience or negative one. A partnership is easy to organize and combines the talents and resources of more than one person. Where one might fail, two might succeed. With two or more inputs, the business can benefit from more time, money and expertise. However, partners still have unlimited liability-plus each partner may be held liable for all the debts of the business. Consequently you could lose your assets bases on a boneheaded mistake your partner makes. Keep in mind, though two heads are sometime better than one, partners can also lead to conflict.
A limited Partnership- in this setup, one partner (the general partner) must have unlimited liability. But partners might have limited liability, in which they are only liable for as much as they've invested in the partnership.
Note: One THE KEY-to a successful partnership is outlining the partnership agreement ahead of time.
Banks-require a business plan if you're applying for a business loan. Think of the business plan as a road map
for a long journey. Sure you can just hop in the car and drive across country without a map. With a good sense of direction, it is possible of getting there. With a road map, however you'll waste less time making wrong turns, won't have to stop as often for directions, better on gas and have a way to measure your progress during trip.
Note-thousands of small businesses have been launched and run successfully
without a business plan. Many businesses with extensive business plans have failed. Creating a business plan isn't required for success nor does it guarantee success.
A BUSINESS PLAN-typically includes a written overview of the business, with a description of the product or service it will provide, the market it will serve, the competition it faces, and the people involved in the business. It also show financial projections for the next 3 to 5 years, with revenue and expenses detailed monthly for at least a year. If your business is already in operations, the business plan should include past financial documents such as income statements and balance sheets.
THE FOUL ENTRENPRENEURAL SPIRIT-often times we hop into the interest our own business for all the wrong reasons. Starting your own business won't automatically lead to your commitment-it's got to be something you actively want to do. Your passion has be there. Your DNA have to be in your business and your plan. Are your reasons for wanting to start a business similar to some of these below? If so you have the foul entrepreneurial spirit.
• You hate your boss. Well, welcome to the club. Most people struggle with their boss or employers at one time or another. So you need to evaluate what's really bothering you. Opening up your own business may not be the key to your happiness.
• You never find time to do what you really want. If your looking for flexibility , sorry!! If, you don't find time for what's important now, you won't as a business entrepreneur either. However, if you can schedule and manage your time reasonably well, then a home business would give you more flexibility within that schedule, you're on track.
• You want to be rich- we at the Balance Project has always felt that you have to be rich at heart, before you enter our arena. Financial rewards can be a great motivator, but most small businesses make modest income. Exceptions might be businesses that can grow overtime and then be sold at some point. Be aware of high-tech products, processes, inventions, etc..because the ever changing world could raise the worth of your business or lower it.
• You have a better fly trap-sure you can dedicate your life finances into this single idea, but be prepared for;
Rejections & Huge market barriers
Copycats, take your idea and add a twist.
The wrong circle of people around you. Some of the closest to you will deliberately try to hold you back. Remember, some don't want you to succeed.
Often times your entrepreneurial spirit, represents the courage they can't muster within. Many shady characters will come your way." so be sharp"
I saw on T.V. I can make 3,000 dollars in just a few hours a week. Indeed that is true-if it's by starting a company that promises other people 3,000 dollars in just a few hours a week and that company take their money.
All my company do is think of the bottom line-well, if your going to run your business, tracking the comings and goings of cash will be major priorities. The only time you wouldn't have to think about money, is when you have to much of it.
Note; stay consistent, many obstacles will be in your way. Don't let anyone turn you away from your dreams. You must keep your integrity and don't compromise it. Love what you do. Don't offer the community something they don't need for a monetary gain. Don't hold resentment, turn every experience into a lesson from your journey. Be the positive change, you want to see in your world.