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If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons

While everyone seems to have a good business concept, few ever execute their ideas successfully.
If You Want to Be a Successful Entrepreneur, Take Note of These 7 Lessons
By: Alejandro Saracho

One of the main objectives of creating a business is related to the generation of wealth: for the environment, for society, and for the business owner.

The generation of wealth is related to money and its correct management. Many entrepreneurs start their business as operators or technicians and never delve into money management. That makes their businesses stay small or not survive over time.

That is why I decided to write this article entitled “7 secrets of money to undertake successfully”:

1. Entrepreneurial Mindset

Many people think that all they need to start is a good idea. Unfortunately, it is not like that, good ideas abound everywhere and are destined to die if you do not have an entrepreneurial mindset.

Creating a new business requires hard work, high tolerance for frustration, being willing to carry on when it seems like all is lost, implementation, implementation, and more implementation. But above all, it requires an obsession to achieve your dreams, more than an obsession to generate money.

If you look for money, your chances of success will decrease (because at the beginning you won’t have it). If you seek to transform people’s lives and make a change on the planet, money will come as a consequence.

So do you or do you not have an entrepreneurial mindset?

2. Viable Business Model

Most people who start a business become obsessed with their brand and their product, and this is one of the most common mistakes I see in entrepreneurs. Your brand and your product are worth nothing unless they show that they are capable of generating money.

  • First: you need to make sure that someone is willing to buy your product/service. Describe who your valuable customer would be, approach people who meet the characteristics, and see if they are willing to buy.
  • Second: you need to develop your business model — that is, know how to interconnect all parts of your business. You need to know how you are going to attract prospects, how you are going to convert them into customers, how you are going to produce and deliver your product or service, how you are going to charge, and how you are going to pay. When you have it assembled, you will realize that your model requires money to function. Those are your costs and your expenses.
  • Third: you need to make your financial statements or your numbers and make sure that your business is profitable and scalable. You find profitability when you calculate your sales minus your costs and minus your expenses. You find scalability when you validate that there are many people who meet the characteristics of your valued customer, that you can serve them through your business model, and that you have enough money to start and maintain it.

If you meet these three points, we can say that your business is viable. If you realize that it is not, you can adjust your business model as long as you validate that someone is willing to buy what you offer.

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3. Absolute Austerity

One of the mistakes people make when starting their business is that they buy and overspend. They look for the best computer, the best offices, the best car or they use their money on things that are not directly related to generating sales.

A principle that Carlos Slim uses that I highly recommend is called Absolute Austerity. When you buy something, make sure that it is directly related to the generation of sales.

If you need a computer, ask yourself which computer meets your basic needs (not which one meets the needs of your ego). And ask yourself, if I buy a more expensive computer, will this increase my sales?

4. Cash Flow

Cash flow is the gasoline that drives businesses. Many businesses that are highly profitable (that is, that generate profit), die because the entrepreneur or business owner did not know how to manage their cash flow.

There are three levers that I recommend to manage your cash flow well:

  • The first: charge before and pay later. In this way, you can finance your business with the money of your clients, instead of you becoming their bank.
  • The second: handle low inventories. One of the places where your money gets stuck is in inventories if you have too much of it. Try not to give in to the temptation to buy too high a volume for a discount.
  • The third: reserve of protection. Try to have enough backup money to pay for one to two months of business. There are always fat cows and skinny cows. When you don’t have the money to pay for the lean operation, a profitable business ends up going out of business.

5. Reinvest Your Profits

One of the temptations of the entrepreneur is to spend his earnings as soon as they arrive. My suggestion is to reinvest them in the same business. You can use them to attract more prospects with marketing and sales or to streamline your operation and lower your costs and expenses.

Until when should you reinvest your earnings? Until you have reached a good critical mass and the business can operate even without you.

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6. Plan Your Transition

One of the questions that I get asked the most is: when is the right time to quit my job and dedicate myself fully to my business?

The answer is when your business is able to generate enough money (consistently and constantly) to replace the salary that your work generates.

It is important to plan the transition with clear goals and objectives. In such a way that you say: in six months the business must leave me this amount of money. When I reach this amount of money I will quit my job. This way you will know where to focus and when the transition will occur.

And I know that many entrepreneurs are kamikazes and are willing to quit right now.

Can you do it and achieve it successfully? Of course. However, if you want to avoid or lessen the impact of entrepreneurial trauma and emotional crises, I recommend planning your transition.

7. Continuous Learning

This part is essential for any entrepreneur. You need to be willing to continually learn if you want to be successful. If you don’t like learning, maybe entrepreneurship is not for you because, in a short time, you will become obsolete and the business will end up failing.

Now, there is a type of education for every purpose.

  1. If you want to learn to be a better collaborator in a company, you need to consider academic education (such as masters, diplomas, specialties).
  2. If what you want is to learn how to generate better results in your business, what you need is focused education (such as conferences, seminars, workshops).

The difference between the two is that the first gives you a lot of theory (and takes a lot of time) and teaches you how to run someone else’s business and the second teaches you implementable principles (in a short time) and teaches you how to run your business.

What is the first thing that I recommend you learn? To manage your money. To manage your personal finances.

Business money is a reflection of how you handle your money. If you learn to do it, you will achieve that your business generates sustainable results.

Related:

30 Ways to Become a More Successful Entrepreneur (neilpatel.com)


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How To Survive The Upcoming Hyperinflation Predicted By Michael Burry

Dr. Michael J. Burry from the “Big Short” Fame Is Warning People of the Upcoming Hyperinflation of the U.S. Dollar. And, Again, No One Is Listening.

Dateline: Creve Coeur, MO. USA/February 26th, 2021/By: Jeffrey L. Klump


He made a name for himself shorting the sub-prime housing market in 2005.

Dr. Michael J. Burry made billions for himself and his investors when he decided to short the housing market.

Everyone at the time thought he was crazy.

This writer told people in 2003 that there would be a major crash in the real estate/housing market.

I was laughed at and told real estate never goes down.

Enter Michael Burry once again, and on February 20th, 2021, when he sent out a Tweet Storm from his Twitter account Cassandra@micaeljburry.

In the tweets that were sent, which have since been deleted by Twitter, Burry warned everyone that we are approaching a hyperinflationary event for the U.S. dollar, similar to what happened in Weimar Germany in the 1920s.

Here is part of that saved Tweet from Michael Burry: People say I didn’t warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned.

You can already see hyperinflation in asset prices including the U.S. stock market, bond market, and real estate market.

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All of these markets are at all-time highs and none of these markets reflect any sense of reality.

Here is another excerpt from Michael Burry’s Tweetstorm:

The US government is inviting inflation with its MMT-tinged policies. Brisk Debt/GDP, M2 increases while retail sales, PMI stage V recovery. Trillions more stimulus & re-opening to boost demand as employee and supply chain costs skyrocket. #ParadigmShift

The U.S. dollar has already been hyperinflating in terms of the U.S. stock market and bond market.

When you see markets like this at unreal prices, that is hyperinflation in terms of those assets because prices are measured in U.S. dollars.

The U.S. dollar has hyperinflated in terms of Bitcoin #BTC as well.

Bitcoin was over $60,000 U.S. dollars at one point during the past week.

In some African countries, Bitcoin is over $80,000 in terms of their country’s paper currency.

If you need information on Germany’s Weimar inflation during the 1920s, Click Here.

There are 2 assets that have yet to hyperinflate versus the U.S. dollar, and when they go hyperbolic, it is game over for the U.S. dollar empire.

Those assets are physical gold and silver.

Both of these assets are affordable in terms of the U.S. dollar, but that will not last long and you will have trouble finding both. They are in very high demand.

Michael Burry has a knack for seeing things unfold in the future because he actually sees things right now in reality. Not as if he wants them to be, but as they really are.

Even Bank of America is sounding alarm bells regarding the hyperinflation of the U.S. dollar. Click Here to read.

Gasoline prices are already going up. Joe Biden is taking the blame for it, but he has nothing to do with the increase in the price of oil.

Gas and food prices are going up because the U.S. dollar is failing. It is in the early stages of hyperinflating in terms of retail goods and services.

Listen carefully to the smartest man in the world, Clif High from HalfpastHuman.com. He talks about “Wooflation” which is a combination of inflation, deflation, and hyperinflation. 

The only way that you will be able to survive the hyperinflationary storm of the U.S. dollar, is to get out of the dollar, as much as possible.

Do what you can to find hard assets like physical gold and silver.

Another asset you may have access to is Trees. Lumber prices are at an all-time high.

Wall Street has rigged the system in both the stock market and bond market to their favor.

This was proven just recently by the Reddit Raiders and their unbelievable short on GameStop.

That event alone showed the whole world just how rigged and fraudulent the U.S. financial system in total, is being manipulated.

Click Here for the full story.

You want anything physical and tangible.

Take your money out of the banking system.

Physical paper dollars will have some value for a period of time, but if your bank fails, you are screwed. Don’t expect the government to come save you. They will be putting out all kinds of other fires.

Water and food should be at the top of your list to have on hand. You cannot survive without them.

This is the second phase of the financial collapse that I have been predicting.

The first phase was in 2008.

Are you ready for everything and anything?

People say I didn’t warn last time. I did, but no one listened. So I warn this time. And still, no one listens. But I will have proof I warned.” Dr. Michael J. Burry

Related:

https://www.zerohedge.com/markets/michael-burry-warns-weimar-hyperinflation-coming

Kansas Bill Would Make Gold and Silver Legal Tender in the State | SchiffGold

 


Jeffrey L. Klump is a writer, blogger, work from home business opportunity specialist, and currently working on the book, “Post Traumatic Stress Isn’t Just For Soldiers”. You can contact him here.

 


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What Are The Reasons Entrepreneurs Keep Playing Small?

3 Common Thought Patterns That Keep Entrepreneurs Playing Small
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Originally Published on Jan 28, 2021

By Tiffany Toombs


In recent years the topics of the power of our thoughts and human potential have been studied more and more, both in the lab and real world. These studies have shown undeniable proof of what thought leaders like Wayne Dyer and Louise Hay have always known – our thoughts are incredibly powerful and create the reality through which we experience our lives.

And while changing one’s thoughts to embrace more empowering thought patterns and beliefs can change one’s life in ways they never thought possible, we also know that entertaining the wrong thoughts can lead to self-sabotage, imposter syndrome and missed potential.

There are 3 common phrases that seem harmless on the surface, and yet their acceptance and belief only serve to keep people playing small. 

1. It’s lonely at the top

It’s no secret that human beings are tribal creatures. We were made to live within communities and support each other. In the mind, a community or a tribe means safety. And ultimately survival.

When we buy into the notion that it’s lonely at the top, we activate one of our most primal fears to work against us. This fear of being alone, of having to possibly be rejected and having to reject or let go of those that we love, leads to a fear that we won’t survive on our own. This sets the fear center of the mind (the amygdala) into a proverbial lockdown, where we sabotage our success to maintain the relationships and connections we rely on and need.

Instead: recognize that success is defined on our own terms. And while the journey to success will push us to grow and improve many aspects of ourselves, we can also choose to maintain the relationships that are most important to us in life. Afterall, how we spend every moment is a choice – just as making money and growing a business requires effort, so do the relationships that we care the most about bringing with us on the journey.

 

“Every thought we think is creating our future.” – Louise Hay

2. Be realistic

Being realistic is the enemy to entrepreneurship and innovation. To be realistic means to put a limitation or ceiling on what you are capable of achieving. And what is realistic depends completely on one’s belief systems about themselves and the world around them.

Society has never in history been moved forward towards the innovation and technological advances that are a standard in our world today by people being realistic. It was once scientifically believed that humans could not run a 4-minute mile. Roger Bannister, however, refused to believe this notion and since he broke the 4-minute mile barrier in 1954, thousands of others around the world have done it since.

It was unrealistic to think that humans could fly across oceans in a metal tube, until the Wright brothers invented the airplanes. Early computer sales people were told that computers were a phase, today you can find one in most every home and business.

When entrepreneurs buy into the notion of being “realistic” they let their fears and limiting beliefs tell them what’s possible. Instead: believe in the extraordinary and your potential to create it!

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3. If I am grateful for what I have, I’ll lose motivation to achieve more

Experiencing gratitude for what you have and what you have achieved will not leads to complacency or a lack of motivation to continue to grow. In fact, gratitude does quite the opposite!

Our unconscious minds, specifically the Reticular Activating System, is designed to seek more of what we focus on. When we focus on making money, we are continually searching for more ways to make money. When we focus on gratitude, we unconsciously search for more ways to be grateful or more things to be grateful for. Therefore, the more gratitude we experience, the more motivation we’ll have to continue to grow and achieve.

“Nothing can harm you as much as your own thoughts unguarded.” – Buddha

In fact, neuroscientist Andrew Huberman from Stanford University shares that by celebrating our wins and practicing gratitude leads to having more overall energy. When we are constantly in a hustle mode, always striving to achieve more and more, our bodies continue to produce cortisol, adrenaline and noradrenaline – a combination of hormones that is known to deplete our mental and physical energy in the body. If you’ve ever experienced a hit of adrenaline (whether jumping out of a plane or dealing with an emergency) you know this to be true – while you may experience an initial hit of clarity, focus, energy and strength, as soon as the adrenaline inducing event is over you find yourself exhausted.

Dopamine and serotonin on the other hand buffer the effects of these stress hormones so we can experience true limitlessness. Dopamine is released in the body when we celebrate our wins, both big and small. Serotonin is released when we experience and feel grateful for anything in life.

Moving forward, start celebrating your daily wins and find time to practice gratitude for what you already have so you can ride the wave of energy and motivation to your next win, and the one after that!

Enter For Your Chance To Win! No Risk. You Could Be Like The Investors In Game Stop. 

 

 

RELATED TOPICS: CREATIVITYENTREPRENEURSENTREPRENEURSHIPFACTS ABOUT YOUR MINDINNOVATIONMINDSETSUBCONSCIOUS THOUGHTSTHOUGHT PATTERNSTHOUGHTSYOUR THOUGHTS BECOME THINGSUP NEXTHow Does Emotional Intelligence Impact Entrepreneurship?DON’T MISSTo All the Social Entrepreneurs Out There, Keep Going

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Tiffany Toombs

Tiffany Toombs is a mindset coach, trainer, and presenter that specializes in helping people rewire their brains to overcome self-sabotage and limiting beliefs that stop them from finding success. Tiffany runs courses and workshops all over the world to empower people to take control of their lives and their minds so they can achieve their true potential in life. She believes that everyone has a message to share and helps her clients reconnect with themselves to find their passion and purpose. Tiffany has a range of valuable resources for people to understand their minds and how to access the power of their unconscious minds on YouTube or in her eBook “Unlocking The Secrets To The Unconscious Mind.

 

 

Related: Quotes | Motivation | Inspiration – Addicted 2 Success


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How to Be Seen As an Expert by Your Customers

Ten Ways to be Viewed as an Expert in Your Field.

BY: MARK HUNTER| Originally Published on: DEC 22, 2020|CATEGORIES: SALES LEADERSHIPSALES MOTIVATIONSALES PROCESS


Every week, I share new ideas and strategies on how you can be a more effective salesperson. Today, I want to share how you can and should become a subject matter expert to your customers. Hit subscribe so you get all the new videos I release every week. I want you to engage and immerse yourself in this content, so you can be more successful.

I feel like I could be a subject matter expert to you, and you could then be a subject matter expert to your customers, so here are 10 ways to be seen as an expert by your customers:

1. Ten Burning Questions

What do I mean by this? What ten burning questions do your customers most likely need answers to?

If you want to be a subject matter expert, you have to be able to bring answers to their ten burning questions. It takes time. I also want you to write down ten burning questions. What ten burning questions do your customers have? Create answers to them as you also answer their ten burning questions. You’ll see how much that increases your level of knowledge and enables you to share that with them. That takes me to number two…

2. Create Key Lists

One of the things I do each week is put out a video of ten key things that you can do to become a better salesperson. I put these lists out there as a way to be seen as a subject matter expert in sales. You can do the same thing and be seen in the same way. Create key lists.

You’re probably saying that you just can’t share them with your customer. That’s not true. Yes, you can share it with them. Put together a document and then email it to them. Ask if you can share it with them. You’ll be surprised at how quickly they will start to see you in a different light. Also, put it out on LinkedIn, social media, a blog if you have one, whatever it might be. Create a key list so people can understand your expertise.

3. Ask Tough Questions

Subject matter experts are not shy to ask difficult questions. Don’t be afraid to ask the kinds of questions that a lot of people don’t even think about. The customer may respond with “Wow, I hadn’t thought about that.”

Subject matter experts are always willing to ask questions that the customer does not have the answer to nor do they have the answer to, but that’s exactly how they become a subject matter expert. Why? Because those kinds of questions push them, they push them to go further.

4. Share Insights

Pick up a piece of information and share it. I will routinely email or copy. It could be something you just saw in a book or online, in an article or something. Routinely, I try to share information that’s valuable and insightful.

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5. 30 Minutes / Day

Discipline yourself to spend 30 minutes every day learning about your industry, your niche. Learn what you need. Commit to doing this for 30 minutes each day, and in six months, you’ll be a subject matter expert. This will give you a deep dive into your industry consistently. Now, you’re not going to know everything. However, you’ll know more than 95% percent than everyone else.

6. SME Peers

Surround yourself with people that are also subject matter experts. Spend time with those that are experts in their field, in a variety of topics/subjects. Personally, I have certain people that I call when I need help on this or this, in this industry or that. I nurture these people, but I know who these people are, so I can call them. This allows me to expand my knowledge base to help me better serve my customers.

7. Multiple Contacts

Well, this takes SME contacts and blows it wide open. Not only do you want to associate with more subject matter experts, but you want to know as many people as possible. The more people who know you, the more people will call you. The more people call you, the more you’re able to share your insights. The more insights you share, the more you’ll be seen as a sales expert – knowing how it all works.

It doesn’t do you any good to be a subject matter expert who shares with no one. You always want to have multiple contacts. With every customer I work with, I want to have multiple people who I can reach out to. Keep in mind that not every customer will have the same number of multiple contacts, though.

In a short time, you can be seen as a subject matter expert when you talk to so many different people in a variety of areas. I can’t tell you the number of times when I’ve lost out on business because I didn’t do that. I also can tell you the numerous times I have gained business because I have done that.

8. Industry Associations

Are you involved with them? Are you connected? Do you even know what industry associations are? Industry associations are all involved, all designed around expertise. If you want to be an expert in your field, you need to engage with these groups. Now, your schedule and time might not allow you to become super engaged, but you should still know what they’re doing. Be an active contributor. Be a helper. Subject matter experts are those who give rather than get.  

9. Social Media

So, are you sharing your insights on LinkedIn? Are you sharing insights on various blog posts? I know a gentleman known without a doubt as a subject matter expert. He has five sights that he regularly goes out to. One of them is LinkedIn and the other four are industry sites. He focuses on them, and that allows him to be seen as a subject matter expert.

Subject matter experts are not worlded matter experts. They are very tight on one subject and the people that deal with that subject on a regular basis.

10. Universities

These come into play very simply. Your stature, your level increases dramatically when you can say that you have shared with this class or helped this professor. Look for various institutions – I can think of four or five right now that I am engaged with on a daily basis. I thoroughly enjoy working with them and it helps raise my stature as a subject matter expert.

There you go! Those are the ten things you can do now to work towards becoming a subject matter expert. I hope I’m seen by you as a subject matter expert. That is why I wrote the books, High-Profit Prospecting and A Mind for Sales. Pick up a copy of both today.

There is also an interesting article regarding being an expert in your field. Please go to =>7 Steps to Becoming an Expert in Your Field (entrepreneur.com)

Copyright 2020, Mark Hunter “The Sales Hunter” Sales Motivation Blog.  Mark Hunter is the author of A Mind for Sales and High-Profit Prospecting: Powerful Strategies to Find the Best Leads and Drive Breakthrough Sales Results.


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