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Tips for the New Entrepreneur I wish someone would have shared these with me when I got started….and this is why I am sharing them with you! On this journey of WomenPreneurism I can’t help but look back at all the lessons I have learned so far (good, bad and indifferent) on business ownership, finances and responsibilities. You know, I thought I was a pretty smart and had a lot of the answers I thought I needed, why look at me went to university, bought my first house at 26 and was in a management position with a very large and well-known company by the time I was 29.
Well, I must now confess that some of the greatest lessons I have learned about business, finances and management were when I became an entrepreneur. There is a dynamic that happens when you are now fiscally responsible for creating your own revenue stream. The rules have changed and you must look at money and finances very differently then you may have previously done. It took me a while to really figure out my priorities on managing my money and my businesses finances, but once I got a handle on what needed to be done and how to do it, my business then took a positive shift from red to black
Here are some of the tips that I have learned along the way:
FHave a Business Plan FFind a Business & Personal Mentor FBe a Student Everyday FRead Great Books (my recommendation - Think& Grow Rich by Napoleon Hill) FHire a Bookkeeper from day 1(it will be the best $ spent – promise) FKeep Business and Personal expenses separate – an absolute MUST FResearch information on tax benefits of running a home-based business (accountant) FSet Personal Goals (weekly, monthly & quarterly) FSet Business Goals (weekly, monthly & quarterly) FSet Financial Goals (weekly, monthly & quarterly) FManage your Time & Resources effectively FBe Ethical, Humble & Sincere FIf you Stop loving what you are doing then Stop what you are doing!
I do not expect you to tackle each one of these right away, I promise it will be too overwhelming! What I will ask is that you read these, understand them and slowly integrate them into your business, you will not be sorry you did!
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