When to Quit your Job?
When you start a business you can choose two paths. Keep your job and start gradually build your business or leave your job altogether and dedicate 100% to your new project.
Many entrepreneurs in an effort to achieve their dreams choose the second option experiencing undue pressure that could be avoided if we act with greater restraint and wisdom. If you think is good, your job is certainly one of the most powerful weapons in your hand to build your business.
And it is no wonder that you feel extremely excited when they finally make the decision: “I will become independent, I will put my own business.”
However, there are some negative factors which can result in blindness face the excitement, anxiety and even can produce overly optimistic. And headaches often begin abruptly to resign and leave your job.
* Your employment income will represent a useful investment. One of the great advantages of having a job when starting a business is a percentage of income you receive can be invested directly into your new project and help to make this start to take off.
* Your job will help you recharge less your personal budget. Another aspect in your favor is that while your business is beginning to bear fruit early, you can reload least your personal or family budget because it does not depend entirely on your business but that you have your salary. It is a mistake many entrepreneurs rely immediately seek income from their new business when it has not even taken off.
* Your current job may have important benefits your company can offer you no doubt. Without going into detail on the variety of existing jobs, is very community with additional benefits like health insurance, life insurance, dental insurance, bonuses, vacation, benefits and bonuses of law, etc.. All this represents an incalculable value that your company probably still can not afford. Take advantage of these benefits until you can fly solo.
* Your work activity is an opportunity to learn the know-how of the business. Whether your business has a connection with your current job or not, surely there are many things you can learn. The experience is priceless and if you currently work for a company with years of road travel in the business, this will be your best to be successful in college so. Never underestimate what you have learned in your job.
* Your current job is a source of contacts. In any business or enterprise, one of the most important assets are the strategic contacts. Suppliers, customers, influencers, partners, colleagues, etc.. are just some of the valuable contacts that you will have to use them for the sake of your own business. Be sure to meet people and make friends with them so they can be your consultants and suppliers when building your business.
* Your job is an opportunity to prove yourself. What you as an employee? I hope not hate me for asking this question but … your own business requires 10 times more work and better attitude than your current job (whatever it is) requires you today. Your work is a unique opportunity to build character, self-esteem, interpersonal relations and temperance quality for conflict resolution. If you are not the best at what you do, this is a golden opportunity to be. The business world is a jungle where only the best, most creative and most workers survive. Before jumping into the adventure of starting your business, make sure you have the courage to survive.
* Your enterprise is an opportunity to learn culture. All companies have flaws, but they also have very good qualities in terms of administration, sales, human resource management or customer service. This is called corporate culture and is something that must be in your own business and better if from the start. Punctuality, reliability payments, meeting management and air management to name a few are those aspects that you like to learn while you’re at your job. (And remember, it’s free)
As a final recommendation I suggest you change your way of seeing your job. Far from seeing it as a nuisance, a burden or a place to exploit you visualize as the university where it is your form for your own success (and also … you get paid!). An important business principle says we reap what we sow. If you are unfaithful and dishonest to with your employer, probably tomorrow, someone will be with you in your own business.
When to quit your job?
Well, maybe the answer can be given in terms of days, times or dates. But the unmistakable signal to know when you are ready can be summarized in two aspects:
* That your company has at least six months of operating with stability and that will generate income (salary) equal to the minimum of your household budget.
* That you are willing to work harder than ever as the leader with the character your own employees (even beyond just your wife or your children) are willing to follow
Start Up a Business
I am constantly amazed to see that many business opportunities may entail a very high risk people, however, is willing to pay, often blinded by ignorance or uncontrolled ambition. There are countless cases of commercial disputes frequently occur in China between the great world-class companies and the Chinese government. The case of Google, for example, has been one of the most publicized.
If that happens with large companies can be expected of small business seeking to do business in that market.
Remember that China is a communist country that has a very particular capitalism and additionally the idiosyncrasies of the Chinese can complicate things.
I bring this topic up because there are many people who are tempted to start up businesses in China but not in South American countries whose legal framework is unclear or where the intervention of the executive branch can play a trick to these entrepreneurs.
According to the author of the note the problems that have many small foreign business in China can serve as business lessons for entrepreneurs from around the world.
The first source of problems arises with the ownership structure of the business. It is necessary to understand clearly and clear as the laws work for non-residents in event of trouble.
You may be filled with optimism and see no problems on the horizon, but if you’re not clear on this matter may end up working for another in the end will keep your business.
On the other hand passes very particular with the countries where the judicial system is not completely independent and can be influenced by the executive: being careless with the legal steps, as most of the residents of most countries in Latin America , it can cost quite expensive.
An alien who is doing business in those countries like China, have a huge bureaucracy, sometimes you may want to skip the legal steps.
That is a recipe for disaster. Many people to see what lax or relaxed in appearance may be the law regarding piracy or things like that think they can do the same.
That is totally wrong. Nothing on earth is recommended that you break the law may end up being the scapegoat for the whole system.
But believe me look at the many problems that have arisen between Venezuela and Argentina on behalf of business entrepreneurs who had been unclear on both sides.
Another fundamental issue in this matter of doing business in countries where you are a foreigner, has to do with the idiosyncrasies of the country.
As much as we speak the same language that is not enough to understand the “soul” and “feel” of our counterparts in those countries.
If you are willing to start businesses in a country other than their own, carefully study the laws and idiosyncrasies of it. Try creating true trusted networks with their counterparts in those countries.
This is a way to at least get someone to guide you through the maze of laws and customs that may influence your enterprise.
Something as simple as that can help you greatly when you decide. Do not take it lightly.
This may be the fundamental difference in making a venture well succeeded or failed.
Settle a Cybercafe, Internet Cafe or Coffee
We are in the information age. Everyone uses the Internet (well, maybe not all but many people). You yourself are you now reading this on your computer.
It is estimated that within five years there will be twenty times more users than there are today, we will be millions of Internet users. Children study in virtual classrooms and each day will be more normal to submit their work online. Businessmen, housewives, young and old will increasingly need to use Internet. Who will provide such service and meet all the needs alternatives such as prints, scans and digital services such as raised text or advice?
Then you can do with an Internet business booths, and here’s how.
A cybercafe is an ideal business for entrepreneurs who want to start their business with little investment and market potential. It also has the attraction that you can install and open to the public soon.
The role of business consist basically in having a network of computers connected to the internet that are rented or leased to your customers. Your users can use computers to produce documents or read your mail, play games or surf the internet. And you are charged per hour or per specific service.
Some of the main services provided are: Internet, email, document scanning, printing, raised text, courses, service, accessories and even international phone calls.
To start your project basically:
8 computers, investment: about $ 2,500
1 server, investment: $ 500
furniture investment: $ 400
printer, scanner, investing $ 125
local decoration, investment $ 100
advertising, investing $ 100
network and internet infrastructure, investing $ 200
deposits, contracts and local income, investing $ 500
Total investment (approximate): $ 4,800 USD
Apart from this data should also consider operating expenses after starting his business, such as electricity, salary of the person served, cost of internet service, supplies, local income, etc.
Approximate Income: $ 400 – $ 900 per month whereas there are months that generate better profits than others.
The True Entrepreneurs
“Everything is always impossible before it works. That is what entrepreneurs are all about – doing what people have told them is impossible.” Hunt Green, venture capitalist.
“It will never work”, Rick told Bill after seeing his unique body care product line. “How do you expect to be successful in the shadow of the other companies making similar products?” he asked.
Janet gently inquired of her friend, “Jonathan, an electronic device, no bigger than a business card that stores 1000 songs on it – I don’t think so…”
I’ve spent the better part of the month interviewing prospective participants -all of them entrepreneurs for a year long business development program that starts soon. These 20 some odd business owners are all vying for one of seven seats in my program because they believe in their product and have a passionate vision much like the two mentioned above.
While listening to the personal, inspired stories of each motivated individual hoping to build their business into healthy and profitable enterprises I was struck by a handful of common themes, which revealed the magnificent spirit of entrepreneurship.
My definition of an entrepreneur is someone that not only embodies vision, passion, and purpose, but also has the ability to act – to bring their vision into fruition. Entrepreneurs have creativity, inspiration, energy, and innovation, but most importantly – their gift is the ability to see an opportunity and run with it despite the nay sayers of the world.
No, being an entrepreneur isn’t easy. I love the distinction Colin Turner, author of Lead to Succeed: Creating Entrepreneurial Organizations, draws between warriors vs. worriers, entrepreneur-minded versus non-entrepreneur minded folks. He says that it is ultimately your beliefs and your thinking that makes the difference, enables you to be the warrior and live with the risks inherent in being an entrepreneur.
Here is my top 5 list of qualities I consistently see embodied in true entrepreneurs like the folks applying for my program. Can you find them in yourself?
1. Optimism about the future and the potential your business holds. Entrepreneurs by nature tend to see the world as a half full glass. Some force of nature, often inexplicable seems to pervade the status quo and drive you (sometimes) kicking and screaming into the unknown. Even though you feel fear like everyone, you are somehow able to transcend it and shift your focus to what is possible. If you can recall when you have done this, pat your self on the back.
2. Self-confidence, independence and a willingness to take risks. What does it take to be comfortable with risk? You trust you will land on your feet. That’s one definition of confidence. Self confidence also breeds independence – a knowing you’ve got what it takes – not only to blaze the trail, but walk on it alone (and you probably prefer it that way). In addition to preferring and valuing freedom, you also have the ability to mobilize resources when necessary.
3. A healthy dose of common sense, friendship with reality and the ability to discern when you’re deluding yourself. This is critical. How do you learn to distinguish between nay sayers and good advice? It’s always important to listen to the dissenting voice. You may learn something important about your product or about your self even though it may be hard to hear. It’s easy to get caught up in your own excitement and lose perspective.
4. Lots of energy and a will-do spirit that drives you through your toughest days. Bottom line – this takes a continuous reminder of your purpose, passion and inspiration to maintain your energy. Your re-connection to your “why” will get you through the waves of overwhelm, feeling stuck and gloom. When I ask entrepreneurs why they started their business they all light up. It never fails. You have a reason you’re willing to assume the risks and put everything on the line. What is it? Remember it and put a structure in place to remind yourself of it often.
5. Constant attention to a balance between focus and creativity. It takes both, yet most people prefer one over the other. Often business owners go into business to offer something to the world. It’s easy to lose track of building foundations and putting necessary systems in place for a healthy business. Conversely, you can also get lost in the details and dry up the stream of creative juice that keeps your business alive and growing. Which end do you prefer and what do you need to do to restore balance?
Actually, maybe saying “never” to an entrepreneur is the best gift you can give them. Perhaps this is the sixth quality that entrepreneurs have in common – the unrelenting drive to prove possibility, to take hold of the gauntlet and run with it, all the way to a great life… and the bank.
It’s YOUR life…imagine the possibilities!
How to Get Money to Start your Business
Getting money to start your business is an important step in the process of assembling a business.
And probably the most limitations represents for entrepreneurs because they usually know the alternatives for that capital to enable them to take the first step.
And it is to get funding for a business project it is often uncomfortable especially if your options represent commitments with third parties.
Ideal for every entrepreneur would be able to access your savings or equity to avoid having to engage with other people or financial institutions, however, is a necessary and desirable when conducted under the guidance of a good business plan that will ensure business profitability is what investors ultimately want.
Remember that Robert Kiyosaki teaches us that there is “good debt” and “bad debt” and that the difference lies in the purpose and control that we maintain about that debt.
Seven practical ways to get that funding you need to turn your ideas into business:
1. Bootstrapping
2. Friends and family
3. Banks
4. Grants
5. Los Angeles
6. Venture Capital
7. Customers and suppliers
Each of these methods has its particular course to be analyzed and adapted to each particular case as conditions vary from one enterprise to another and from one country to another.
And you, as you began your business? What capitalization method used to begin? What would you suggest to avoid mistakes? If you can share your experience, you will be working with other entrepreneurs can learn and refine their methods and decisions about how to raise capital for your business.
