Entrepreneur Finance


Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn.

Great Entrepreneur

Every successful entrepreneur had to learn how to be a great manager along the line. These are the attributes that will earn you the chance to become management material.
If you're not deemed management material, you never get your shot at the big-time. Period. You never get the chance to learn or hone those skills that will enable you to someday start your own business.
Unfortunately, a lot of people who might have turned out well never get the chance to find out or show their stuff. It's a bit of a Catch-22, I know. C'est la vie. There's just no way around it.
Even big-time entrepreneurs like Larry Page and Mark Zuckerberg had to learn how to be effective managers. If not, the companies they founded, the Googles and Facebooks of the world, never would have gone anywhere. I don't care how cool their innovations were.
Here are the skills and attributes that executives and business leaders look for in up-and-comers. If you've got some of them or can fake it well enough to convince the powers that be to give you a chance, you might be management material.

Seeing the big picture. When I meet someone who understands markets, how companies operate, how business gets done--who gets it--I think that guy's got potential. If, on the other hand, all you know and are interested in is your own little domain, that's all you're likely to see in your career.

Hunger to achieve. If you live to accomplish things, to make things happen so you can look back and say I did that or I was part of that, managers and recruiters will see it. They look for that sort of thing in up-and-comers. It helps, of course, to have the capability to deliver, but it's a great starting point.

Courage. Very few of us actually possess any meaningful amount of self-confidence when we're young for the simple reason that we haven't had enough experience, enough successes and failures, to develop confidence yet. But if you have the guts to at least act like you do, that's enough to get folks to believe in you and give you a shot.

Functional competence. Whatever it is you're going to be running, if people don't think you've got the expertise to do it effectively, forget it. These days, managers are expected to be the best at what they manage. The best engineers are usually tapped to run teams. The brightest finance minds become controllers. That's how it works.

Prioritization and tradeoffs. The real world isn't like what they teach you in school. Nothing is ever black and white or cut and dried. That's why so much of management competence is your ability to effectively prioritize and make tradeoffs. Make versus buy decisions. Zero based budgeting. Knowing what's critical and what to bump. Every management interview will have questions along those lines. Now you know why.

A motivator of people. Some folks just have this ability to get people moving in unison to accomplish a goal. They can explain things in ways that people understand, that resonate with them, that get them excited. You'd jump through hoops of fire for them. Well, maybe not that, but you get the point. They have executive presence. We say they're born leaders, but in reality, they're just skills we develop along the way.

Decision-making. If you ask 10 people what decision-making is all about, you'll get 10 different answers. Mostly you'll get vague notions about decisiveness and leadership. Decision-making isn't just about being decisive. You have to make the right decisions. That comes down to probing, listening, reasoning, and knowing when to trust your gut. Doing that well is the most important aspect of management, hands down.

Adaptability. We live and work in a fast-paced world. Managers have to be flexible, capable of adapting on the fly to changing conditions. If you can't adapt, you'll never last. You won't be able to face the obstacles that competitive markets throw at you and, not just persevere, but come out on top. And you won't be effective working with a diverse group of peers and executives, either.

Initiative. I became a supervisor in my teens, a manager in my twenties, and a senior executive of a midsized public company in my thirties. How did that happen? Mostly, it was initiative. I literally went out looking for the toughest and highest visibility tasks, stuck my neck out, and went for it. Senior executives love that sort of thing.

Top-down management style. Command and control style management isn't popular these days. Whatever. Call it what you want, getting things done is all about setting the right goals, determining how best to achieve them, and getting everyone executing like their lives depend on it. I call that top-down management. When you're young, we want to see you move heaven and earth and make things happen. There'll be plenty of time to smooth out your rough edges later.

20 Easy Things That Will Make You the Next Millionaire
Here's everything you need to know in order to make your first million.
While you may be looking to make your first million off of your business alone, the fact of the matter is that becoming a millionaire does not just come about by raking in profits from your business. It arises from the decisions that you make in your day-to-day life as well. There are more millionaires than ever nowadays, and it's not because the financial market is good; in fact, it is pretty common knowledge that the economy has definitely seen better days, and the people able to find success in it know how to act accordingly. To become the next millionaire, you will need to blend business practices with responsible financial decisions in order to both maximize profits and squirrel away some cash for the winter. Even though this is easier said than done, the things that you have to do to become the next millionaire are theoretically fairly easy.

Buy The Things That You Need
Even though one of the reasons people strive to become millionaires is to be able to afford the things that they want to do, living in a house far too big for your needs or shelling out on a vehicle more luxurious than you require is going to set you back in your goals.

Spend Less Than You Earn
This is saving money and accruing wealth 101, but even old advice can be good advice, and such is the case with this.

Make Sure That You Can Pay Off the Things That You Buy
And the quicker you can pay them off, the better! This will enable you to search for a job that you love and will therefore be more conducive to putting you closer to your goals.

Exercising Patience
It may be really tempting to up your quality of living or your lifestyle expectations as you begin accruing more money and assets to make you into a millionaire, but you will not reach your goal by taking some out of the pot.

Utilize Automatic Paycheck Deductions
You cannot spend what you do not have, so having these set up with your bank is going to help you save money better than many other tactics will.

Pay Off Your Credit Cards Every Month
Having a good credit score is always a strong financial situation to be in, but making sure that you can afford what you are spending is even better when you are trying to become a millionaire.

Use Time to Your Advantage
The quicker you start saving, the better. If you begin saving in your twenties or thirties, you will be able to take advantage of compounding interest and put yourself in a better position without having to do much extra work.

Realize That Money Doesn't Buy Happiness
When you are working for a wholesome goal instead of a ploy to satisfy material urges, your goals will come to you faster and easier.

Realize That 'Life Happens'
Having a bit of money on the side separate from your millionaire fund will keep you on a steady track toward that goal; after all, you never know when a financial emergency will rear its ugly head.

Focus on Being Debt Free
Even if you have income coming in every month, if you have any sort of debt, you need to be deducting that from your gain--if it comes out negative, you are not financially free, and will not be able to achieve your millionaire dreams yet. In order to be the next millionaire, you have to make sure that your debts are all paid.

Work Hard And Diligently
If you keep putting in the effort, it will be easier to make amends after a financial mishap.

Get a Second Job
Not only will it add to your savings that much faster, but also if you stay busy you will have no time to spend the money that you are trying to save.

Don't Be Afraid to Have a Big Vision
Most modest savings plans do not end up panning out as the people who made them would have liked. Having a vision larger than what you can currently deliver will actually be the best way to ensure that you meet your goal.

Have Good Money Management Skills
Keep up to date on what you need to know to manage your money, and realize that without good management, it will never grow or mature into what you would like it to be.

Do What You Enjoy
Working in a field you enjoy will be one of the fastest routes to financial freedom and success, as you will spend more time at work and excel at it, putting you in a better position for promotions and pay increases.

Pay Yourself First
This will keep you satisfied and will help you achieve financial success with your goals.

Go Out And Find Your Money
Simply saving and hoping that it will come to you will never be good enough. You will only receive what you earn.

Invest in Yourself
Without furthering your education or professional development, there will be nothing to set you apart from others, and no reason for your employer to aid you in your goals.

Invest in Property When You Do Buy Assets
Having property on hand is always going to be a good asset, as there are always buyers for property and property values are beginning to climb again, healing from the collapse in 2008.

Realize That There Is More Than One Way to Approach a Problem
Being versatile will lead you quickest to the solutions for your problems.
There's certainly no surefire way to becoming a millionaire. After all, if there was, everyone would be making millions. However, if you manage to blend the right business practices with solid personal finance skills, there's no telling where you'll end up. Follow these 20 guidelines, and you, too, can become the next millionaire.

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