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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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5 Powerful Reasons Why You Should Write Down Your Goals

Goals Serve a Purpose, but You Need to Be Thinking of Them Often
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Published on Jan 1, 2021

By Amanda Dudley

Image Credit: Unsplash


The year was 2017. Ninety-nine year old Annie was pictured smiling as a policeman handcuffed and led her into a cell. You’ve probably never seen a smiling convict before but Annie’s case was a little different. While most people would be shivering at the thought of being placed in a damp, dark cell, she had just achieved one of her life-long goals: getting arrested.

Everyone on earth (including your cat) has goals – from the Forbes-worthy plans to the downright ridiculous ones that would probably top the “craziest life goals you’ve ever heard of” list. The 6-year old girl down the street wants to own Disneyland someday, while your cat probably wants to become the only owner of your house. These goals can be achieved. However, the big question is how? How do you stop your goals from just ending up as unchecked items on a bucket list?

Even though there’s no clear-cut formula for success, one way to ensure that you can actually achieve your goals is to write them down. In fact, psychological studies have shown that people who write down their goals are 42% more likely to achieve them than people who don’t. But don’t just take our word (and statistics) for it. 

Here are five solid reasons why writing down your goals is a surefire formula to success:

1. Increases motivation

Most people say that the Bermuda Triangle is the hardest thing to find. However, this isn’t exactly true. Do you know what’s harder to find? Motivation when you need it the most. For a lot of people, it’s quite easy to set and map out personal or professional goals. On the other hand, when it comes to actually take action, their zeal suddenly disappears. An easy solution to this problem would be to set a goal and then write it down immediately. 

Studies have revealed that when you write down your goals, the motivation to achieve them increases substantially. Subconsciously, you would feel committed to the objectives you’ve written down and as such, take the necessary steps to achieve them. Writing down your goals is just like giving yourself a subconscious command. Consequently, each time you get distracted, your brain will subtly remind you of your goals and aspirations. 

“If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.” —Andrew Carnegie

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2. Makes it easier to remember 

Believe it or not, a large number of people often forget their goals or aspirations. With the hustle and bustle of modern life, it’s far too easy to get distracted and forget about any goals or New Year resolutions you may have set. However, putting your goals on paper helps to enhance remembrance. Ever heard of the generation effect? If you haven’t, here’s a quick breakdown of this neuroscience term. The generation effect is a phenomenon when a person finds it easier to remember information generated by their own mind, rather than the information they read or picked up from a book. When you write something, your brain automatically assumes that it’s important and focuses on it. 

For instance, if you read a travel guide to Paris, you’d most likely remember only a few bits and pieces from it. However, when you jot down salient points from the guide in your own words, your brain knows that this piece of information is more important than the one you just read from the guide. As such, you’d find it easier to recall it later. This is basically how the generation effect works.

Even though the generation effect seems like a fancy term, it’s more common than most people think. When you map out your goals and write them down, your brain assigns importance to them and as such, makes it easier for you to recall them. 

3. Helps clarify your goals 

Let’s admit it, our goals can be a little vague and non-specific sometimes. For instance, let’s assume your goal for the year was to do something daring. In this case, your goal for the year could end up in an epic fail because you’d spend so much time trying to choose a daring task. 

It’s even harder because “daring” could mean anything, ranging from hiking up Mount Everest or drinking a bottle of hot sauce without water. However, writing down your goals would help to narrow your focus and clarify what you really want to do. This way, there’d be no room for confusion or dilly-dallying. 

4. Enhances hope

Hope is one extra reason why you should be writing your goals as soon as you set them. When it comes to achieving one’s goals and aspirations, hope is an essential factor. Without hope, you’d most likely lack the drive to take the necessary steps towards achieving your target. 

Writing down your goals and committing to them fuels hope and gives you something to look forward to. When you’re hopeful, you’re able to achieve your goals in no time at all. 

“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” —Pablo Picasso

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5. Sets boundaries between wishes and goals

What’s the difference between a goal and a wish? A shooting star. Just before you chuckle or roll your eyes at this joke, it’s important to note that there’s a whole world of difference between goals and mere wishful thinking. 

Before your goal is written down, it’s just one of your thoughts or longings. However, the moment you pen down your goals, you give it substance and transform it from a wish to a target. It becomes something real and tangible. You could even set deadlines and action plans. This way, you won’t spend hours building castles in the air when you have a real target. 

Any dream or goal can be achieved eventually. Sure, it may take time, but a great way to kickstart your success is by penning down your goals. Writing down each goal spurs your subconscious into action and transforms your passive longing into actual targets. This way, the distance between you and your aspiration will be shortened. At the end of the day, who needs shooting stars when you have a pen and paper?

 

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(For additional information on goal setting for 2021, go to =>Why You Should Write Down 100 Goals For 2021 And Beyond (addicted2success.com)

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Amanda Dudley

Amanda Dudley is a writer and a lecturer with a Ph.D. in History from Stanford University. When she is not lecturing and helping students with complex assignments, she works as a part-time essay writer, providing top-quality essay writing services and academic projects. An efficient writer, she delivers projects in good time, ensuring that her clients are satisfied and content.



 

How To Develop Traits For Success From 7 Entrepreneurs

7 Entrepreneurs and Their Traits That We All Can Develop for Success

Published 4 hours ago

on Sep 15, 2020

By Madhur Kushwah


Succeeding in life and entrepreneurship takes more than just desire and passion. According to many successful entrepreneurs, life rewards people who take time to cultivate their minds for success.

If you have read Napoleon Hill’s Think and Grow Rich, you might recall his idea of a mastermind alliance. In case you’re not familiar with the book — a mastermind alliance is “a friendly alliance with one or more people who will encourage one to follow through with both plan and purpose.”

Imagine what wonders you would make if you could have the most successful people as your allies. In this blog post, I have listed 7 successful entrepreneurs and their advice to develop traits for success.

1. Gary Vaynerchuk – Enthusiasm

“If you 100% enjoy the chaos and the unknown, you’re an entrepreneur.”

Running a business involves dealing with many people and shouldering several responsibilities; at times, working this hard can exhaust you to unexpected levels. That’s why entrepreneurs need to be pleasantly energetic. 

If you have watched any of Gary’s videos, you can visibly tell that his energy is on another level. Being energetic helps Gary work long hours, like 12 – 14 hours a day. Gary suggests practising natural optimism for high energy.

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2. Grant Cardone – Confidence

“Comfort makes more prisoners than all the jails combined.”

Having confidence in your abilities will take you places. While on your entrepreneurial journey, people will point fingers at you for your decisions, choices and desires, but how you respond to them will depend on you.

The degree to which you have faith in your skills and vision will drive your efforts. If you have confidence in yourself, you’ll not budge from your goals. Confidence will also allow you to do more for other people. Keep doing the difficult things to build confidence, says Grant.

3. Narayana Murthy – Courage

“Progress is often equal to the difference between mind and mindset.”

Courage is the differentiating factor between successful and the rest. Entrepreneurship requires you to go out and make decisions that no one else is making. To do that, you need courage. 

Many entrepreneurs fail not because they lack skills or resources, but because they shrink when they should expand. All the stories we hear are stories of courageous decisions and not cowardice. Without courage, there is no progress in life and business. According to Murthy, openness to new ideas is what makes people and organizations courageous.

4. Mark Zuckerberg – Change

“People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things.”

Change is the only constant in life and entrepreneurship, and people who realise this are usually the ones who change the world. Often we make the mistake of sticking to one way of looking at things, which hinders our progress. Learning how to move quickly and at the right time is the winning formula of the game of entrepreneurship. Mark states to move quickly, “iterate, learn from the feedback and go from there.”  

5. Bill Gates – Gratitude

“Through it all, what makes you happy?”

On your entrepreneurial journey, there will be instances where you’ll feel dissatisfied with your progress. To keep dissatisfaction at bay, practise gratitude — it’ll keep you focused on your destiny. 

Helping others to achieve their goals is one of the many ways to practice gratitude. You can also do philanthropic work to express gratitude. Practising gratitude generates a cycle of good relationships by promoting others to do generous work. Giving $41.3 billion away is how Gates expresses his gratitude.

6. Jeff Bezos – Patience

“Put the customer first. Invent. And be patient.”

Sticking to a long term vision and having patience while you build your dream is important for success. Having patience can help you stay in the present moment, and consider the big picture. If you look at Bezos’ journey, you’ll notice Amazon has been around for 26 years, but it feels like it’s been in business for 7 or 10 years, which shows how patient the multibillionaire has been in building his company.

Patience allowed Bezos to build Amazon from a suburban Seattle garage company to a multinational conglomerate. Bezos says, stay focused on long-term to be patient. 

7. Steve Jobs – Leadership

“My job is not to be easy on people. My job is to make them better.”

Leadership is the most important trait of a successful entrepreneur. When you’re at the helm of an organization, people look up to you for inspiration and effective influential decision making. The ability to influence others will help you get the best out of the people. 

Jobs has been arguably the most influential corporate leader in the last century which allowed him to build Apple from scratch. Developing leadership skills will also help you impact people and touch their lives. ‘No excuses’ is the way forward to be an effective leader.

Which piece of advice from the 7 entrepreneurs above resonated most with you & why? Share your thoughts with us below!

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Madhur Kushwah

Madhur Kushwah is a certified content marketer. Currently, he writes for a leading ed-tech company and Marketing Hashtags. Connect with him @madhur_kushwah!