Zig Ziglar, master salesman and motivational speaker said "you can have whatever you want in life if only you can help others get what they need."
For those who have a mind set that is 'me', 'myself' and 'I', this statement from Ziglar makes but little sense. But look all around you at those who have made immense wealth in life GENUINELY. All they've done is simply solve people's problems.
Let me give you concrete examples to buttress my point. Henry Ford, with very little formal education helped solve the problem of motor car affordability by mass-producing his Ford model T car at an affordable cost to majority of his people. He made immense wealth in the process.
Orville and Wilbur Wright, two virtually unknown brothers of little education solved the problem of long distance travel within a shorter time period through air travel and also created a fortune in the process.
McDonald's was created to provide fast food to America's busy working population and that idea produced and continues to produce fortunes for their owners.
Thomas Edison, who had only three months of formal schooling and had to be sent away because no one except his mother had faith in him and his abilities, solved people's problems through several inventions like the Edison Dictating Machine, the incandescent bulb and so on. He equally made a fortune in the process.
Need I go on? In modern times, we have Bill Gates, a Harvard Business School drop out and owner of Microsoft, who has solved several human problems of information and communication through creation of several softwares and hardwares and is one of the world's wealthiest men.
The Google search engine on the internet, created by two college graduate students Larry Page and Sergey Brin to solve the problem of information retrieval on the internet in a faster way has turned its owners into billionaires.
So what's the common thing about all these names mentioned above? They simply looked at human problems and ways of doing things at the time and proffered a solution and made fortunes in the process.Notice also that I deliberately mentioned the fact that most of the men named had but little formal education. What they had was the ability to look at human problems and create ways of solving them. It's that simple.
Napoleon Hill said "whatever the human mind can conceive and believe is achievable." It means these men conceived their ideas and believed it was achievable. So it is with just anyone on this earth.
You equally have the same ability, if you would just put your mind to work and conceive ways of solving human problems. It could be in anything you want. Human beings have several problems that plague them on a daily basis.
The problems between those who achieve and those who do not is that while achievers come up with ways of solving those problems by thought and belief and making fortunes in the process, non-achievers spend time complaining about those same problems.
Take a hard look at your environment with the eyes of a problem solver. There is a problem or a current way of doing things that could be done faster. It could be in just about anything - transportation, accommodation, internet, clothing, software, hardware, telecommunications, toys, etc, etc.
Come up with an idea that solves the problem or makes the process faster. Believe it is achievable and you are well on your way to making millions.
(c) copyright Gabriel Ama
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About the Author:
Gabriel Ama recommends top home business opportunities at his website http://www.ObtainWealthOnline.com where he reviews popular home business ideas and opportunities.
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Article Source: http://EzineArticles.com/?expert=Gabriel_Ama
Wednesday, December 15, 2010
Wednesday, December 1, 2010
Know How to Get Rich - The Considerations You Have to Look Into in Order to Build Wealth
If you want to know how to build wealth, you have to understand that it is not an easy undertaking. While a lot of people are thinking that they will get rich, only a few of those who have this line of thinking are actually able to create wealth. The reason for this is simple. It is that while a lot of individuals have the traits to help them build wealth substantially, they fail to recognize several considerations that will allow them to get there.
What are the things that you have to be mindful of in order to learn how to build wealth? Here are some of the considerations that you may want to look into in order to get rich.
1. What are the things that you like doing?
If you will disregard the things that you like to do, you may be missing out on the opportunity to perform well and succeed in every aspect of the job. It will be better to look for things that you are interested in and pursue these possibilities knowing that you can do them well. You will be able to get the financial stability that you wish to have with a career that fulfills you as well as supports you.
2. What are the things you can do well?
It is also a must to look on your personal capabilities before creating a detailed plan on how to create wealth. You will be able to use your innate skills in accomplishing your objectives and will find ease in earning a living with the knowledge that you are somewhat good in whatever it is that you have to do.
3. What are the careers that pay more than the others?
As you consider the things that you are passionate and interested about, you also have to look for a relevant career that pays well. This is of utmost importance because you simply can't expect to build wealth without a steady source of income. You also have to make sure that the job you will be relying on will give you the ability to provide for your various necessities.
4. What are the requirements that will help you get there?
There will be requisites that you will need to have before you will be qualified for the career that you want to pursue. Because of this, you have to learn more about these qualifications to ensure that you will be taken in for the opportunity.
Once you have identified the things that will help you in your quest towards building wealth, you will have a clearer outlook on how to achieve your aspirations. You will also realize that creating wealth can be done without compromising your personal happiness and that you can get rich using your own talents and capabilities. This will enable you to look more positively in the things that you have to do. This will drive you to be motivated to pursue the getting rich part with the appropriate mindset and the right tools.
With a proper way of seeing the numerous considerations you have to take into account on how to build wealth, you will be able to reach your goals and get rich. By looking at the things that are your strengths in pursuing a comfortable life, you will be able to make the right decisions and follow your success in the best way that you can.
You can learn all about how to build businesses, make money, get rid of debt and turn money worries into infinite sources of cash but its all a waste of time unless you get the real secrets of how to get it done. Get his famous introductory 20 FREE lessons eCourse about Making Money that over 179,000 people have studied and applied at: www.the-richest-man-in-babylon.com
Article Source: http://EzineArticles.com/?expert=Dan_Cavalli
What are the things that you have to be mindful of in order to learn how to build wealth? Here are some of the considerations that you may want to look into in order to get rich.
1. What are the things that you like doing?
If you will disregard the things that you like to do, you may be missing out on the opportunity to perform well and succeed in every aspect of the job. It will be better to look for things that you are interested in and pursue these possibilities knowing that you can do them well. You will be able to get the financial stability that you wish to have with a career that fulfills you as well as supports you.
2. What are the things you can do well?
It is also a must to look on your personal capabilities before creating a detailed plan on how to create wealth. You will be able to use your innate skills in accomplishing your objectives and will find ease in earning a living with the knowledge that you are somewhat good in whatever it is that you have to do.
3. What are the careers that pay more than the others?
As you consider the things that you are passionate and interested about, you also have to look for a relevant career that pays well. This is of utmost importance because you simply can't expect to build wealth without a steady source of income. You also have to make sure that the job you will be relying on will give you the ability to provide for your various necessities.
4. What are the requirements that will help you get there?
There will be requisites that you will need to have before you will be qualified for the career that you want to pursue. Because of this, you have to learn more about these qualifications to ensure that you will be taken in for the opportunity.
Once you have identified the things that will help you in your quest towards building wealth, you will have a clearer outlook on how to achieve your aspirations. You will also realize that creating wealth can be done without compromising your personal happiness and that you can get rich using your own talents and capabilities. This will enable you to look more positively in the things that you have to do. This will drive you to be motivated to pursue the getting rich part with the appropriate mindset and the right tools.
With a proper way of seeing the numerous considerations you have to take into account on how to build wealth, you will be able to reach your goals and get rich. By looking at the things that are your strengths in pursuing a comfortable life, you will be able to make the right decisions and follow your success in the best way that you can.
You can learn all about how to build businesses, make money, get rid of debt and turn money worries into infinite sources of cash but its all a waste of time unless you get the real secrets of how to get it done. Get his famous introductory 20 FREE lessons eCourse about Making Money that over 179,000 people have studied and applied at: www.the-richest-man-in-babylon.com
Article Source: http://EzineArticles.com/?expert=Dan_Cavalli
The Keys to Becoming a Millionaire
How do you become a millionaire? The first thing is to remove yourself from those broke millionaire thoughts. The notion behind these thoughts is a hypothesis that if you were to take one hundred individuals of all mixed backgrounds and education levels, then hand them an exact design. A step by step approach to earn a million dollars or more, only about 3% would accomplish the job. I know that you might be scratching your head wondering why? However the answer really is quite simple, nobody said it was o.k. Most people were told finish high school, then go to a university and maybe then you will get a good job. The key component to the story was the thousands of dollars in student loans, and then the chance of finding a really good job is all pot luck. What you must thoroughly comprehend is that people are creatures of habit, we follow along and conform to what everyone else is doing.
Here are a few of the reasons I believe this happens:
1.) We were never taught that you could be a millionaire, that you could be successful. So despite having a blueprint to achieve something, many people simply conform to what the majority are doing. It's a lot easier to work at McDonald's then it is to build a financial empire.
2.) Probably the most discouraging of all the reasons are family, friends, and people you are suppose to trust. They for whatever intention rather see you not make the grade. Now it's not a malicious attack on your quest for greatness, however the haters and nay-sayers will convince you that it's too hard. "You can't do it", "You're wasting your time", "That won't work", "It sounds like a rip-off, nobody can get rich" and the list goes on and on. Some people will be supportive, but with limitations. People really do genuinely want you to reach your goals & dreams, however for some it's hard to accept the fact that you will be better than they ever were.
3.) This isn't something instant like buying a scratch off lottery ticket, million dollar organizations don't just pop up out of nowhere, things take time. So in essence what happens is people give up. They quit to soon, because they've developed a "Got to have it now attitude". Being patient and accepting that just because your horse wasn't out of the gate first, doesn't mean that you can't win the race. Plain and simple empires aren't built in a day. Running a business and more specifically a network marketing business is no lottery ticket to Donald Trump status.
What steps do you take if you want to be a millionaire? This is a concept of something that plagues most people, and most don't even know it. What the mind believes it really can achieve. However remaining focused and keeping your eyes on the big prize is completely a different matter. You have to be willing to roll your sleeves up and get it done at all cost. Think, believe and focus your actions on money making activities and watch the transformation begin. I have a quote that I'd like to share with you:
"It's not the size of the dog in the fight; it's the size of the fight in the dog!"
I obviously cannot make any promises that you or anyone who reads this article will become rich or a millionaire. But what I can guarantee, that if your life is on a downward spiral, conforming to the masses like ants, nothing will ever change! Envision yourself as a millionaire right now, what would change about you? Other than material things. Everything! Your walk, your talk, charisma, style, millionaires aren't sheep, and they're herders. It is already within you to be great and succeed, changing your mindset to believe that you can is the only way to make it happen though.
Being able to persevere and overcome all obstacles is the determining factor between being on the winning team (7-Figure Income Earner) and losing team (Broke Millionaire). Fear of failure should never be an option, it's not like you only have one chance to get it right. I can help you avoid the Broke Millionaire Complex and put you on the fast track to achieving wealth. Clicking on the link is the first step, following up with action is the next
Article Source: http://EzineArticles.com/?expert=John_Reynolds_Jr
http://johnreynoldsonline.com/blog/cashflow-system
Here are a few of the reasons I believe this happens:
1.) We were never taught that you could be a millionaire, that you could be successful. So despite having a blueprint to achieve something, many people simply conform to what the majority are doing. It's a lot easier to work at McDonald's then it is to build a financial empire.
2.) Probably the most discouraging of all the reasons are family, friends, and people you are suppose to trust. They for whatever intention rather see you not make the grade. Now it's not a malicious attack on your quest for greatness, however the haters and nay-sayers will convince you that it's too hard. "You can't do it", "You're wasting your time", "That won't work", "It sounds like a rip-off, nobody can get rich" and the list goes on and on. Some people will be supportive, but with limitations. People really do genuinely want you to reach your goals & dreams, however for some it's hard to accept the fact that you will be better than they ever were.
3.) This isn't something instant like buying a scratch off lottery ticket, million dollar organizations don't just pop up out of nowhere, things take time. So in essence what happens is people give up. They quit to soon, because they've developed a "Got to have it now attitude". Being patient and accepting that just because your horse wasn't out of the gate first, doesn't mean that you can't win the race. Plain and simple empires aren't built in a day. Running a business and more specifically a network marketing business is no lottery ticket to Donald Trump status.
What steps do you take if you want to be a millionaire? This is a concept of something that plagues most people, and most don't even know it. What the mind believes it really can achieve. However remaining focused and keeping your eyes on the big prize is completely a different matter. You have to be willing to roll your sleeves up and get it done at all cost. Think, believe and focus your actions on money making activities and watch the transformation begin. I have a quote that I'd like to share with you:
"It's not the size of the dog in the fight; it's the size of the fight in the dog!"
I obviously cannot make any promises that you or anyone who reads this article will become rich or a millionaire. But what I can guarantee, that if your life is on a downward spiral, conforming to the masses like ants, nothing will ever change! Envision yourself as a millionaire right now, what would change about you? Other than material things. Everything! Your walk, your talk, charisma, style, millionaires aren't sheep, and they're herders. It is already within you to be great and succeed, changing your mindset to believe that you can is the only way to make it happen though.
Being able to persevere and overcome all obstacles is the determining factor between being on the winning team (7-Figure Income Earner) and losing team (Broke Millionaire). Fear of failure should never be an option, it's not like you only have one chance to get it right. I can help you avoid the Broke Millionaire Complex and put you on the fast track to achieving wealth. Clicking on the link is the first step, following up with action is the next
Article Source: http://EzineArticles.com/?expert=John_Reynolds_Jr
http://johnreynoldsonline.com/blog/cashflow-system
If You Need Free Traffic Immediately
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If you need free traffic right away, click the link above.
Be wary of scams.
You can also use Pay per Click, through Google, Yahoo, and BING. But that costs money.
How to Become Rich Fast - Tips and Techniques to Attract Wealth
Probably the fastest way to becoming rich is to have rich parents or grandparents, but if you don't have one and you are aiming to become a billionaire, then you might want to start from scratch if you want to learn how to become rich fast.
Indeed, you can work on becoming rich and if you want to and if you need a guide to so this, here are a few tips and ideas that you might find useful.
- Discover yourself, your talents as well as your strengths. The more you know yourself, the more you can assess which opportunities are right for you. Grabbing the right opportunities at the right time can be one great opportunity to reach your goals when it comes to becoming rich. Know your talents and know what you can do. Knowing these can truly help you in choosing what you want to do to attain your goals.
- Set goals, both long-term and short-term. If you just want to learn how to become rich fast but you do not have concrete goals in mind, you may not have a good direction in life. In setting up your goals, it is also important that you make realistic and attainable goals, or else, you will just be frustrated of not going somewhere.
- Learn to work with risks and uncertainties. You can never go to where you want to go if you cannot learn how to face and deal with risks. Opportunities in life are not all bed of roses. You have to take risks but it is important to assess what types of risks can you handle and what kinds of risks and uncertainties are you comfortable facing with. Sometimes you need to gamble and face risks to attain success.
- Always plan and use time wisely to make better and wiser decisions. Good time management skills are important if you want to learn how to become rich fast. This means, avoiding hasty and desperate decisions. Desperation often attracts failure and for sure, you don't want that to happen as well.
- Start your own business. Having your own business is also one way to help you get rich. Of course, you can start any business that you want. Start looking for business opportunities in your passion and interests. You can also look at your expertise to find some business opportunities. You can actually find businesses in many aspects in life. From providing cleaning services to home staging to real estate - you can actually find money in many things. Work hard to make your business grow. You can also sell your business later to make more money and invest on another.
Of course, you also need to help yourself by managing your money well. Good money management is indeed one of the important things that you also need to be able to achieve your financial goals and your goals on how to become rich fast.
Carolyn Anderson has been managing a successful online business for years now. To uncover some of the secrets to become rich fast, visit Think and Grow Rich Secrets. Also check out Goals On Track to get the best insider tips on the best techniques and strategies to reach for your goals in life.
www.dp-db.com
Article Source: http://EzineArticles.com/?expert=Carolyn_Anderson
Indeed, you can work on becoming rich and if you want to and if you need a guide to so this, here are a few tips and ideas that you might find useful.
- Discover yourself, your talents as well as your strengths. The more you know yourself, the more you can assess which opportunities are right for you. Grabbing the right opportunities at the right time can be one great opportunity to reach your goals when it comes to becoming rich. Know your talents and know what you can do. Knowing these can truly help you in choosing what you want to do to attain your goals.
- Set goals, both long-term and short-term. If you just want to learn how to become rich fast but you do not have concrete goals in mind, you may not have a good direction in life. In setting up your goals, it is also important that you make realistic and attainable goals, or else, you will just be frustrated of not going somewhere.
- Learn to work with risks and uncertainties. You can never go to where you want to go if you cannot learn how to face and deal with risks. Opportunities in life are not all bed of roses. You have to take risks but it is important to assess what types of risks can you handle and what kinds of risks and uncertainties are you comfortable facing with. Sometimes you need to gamble and face risks to attain success.
- Always plan and use time wisely to make better and wiser decisions. Good time management skills are important if you want to learn how to become rich fast. This means, avoiding hasty and desperate decisions. Desperation often attracts failure and for sure, you don't want that to happen as well.
- Start your own business. Having your own business is also one way to help you get rich. Of course, you can start any business that you want. Start looking for business opportunities in your passion and interests. You can also look at your expertise to find some business opportunities. You can actually find businesses in many aspects in life. From providing cleaning services to home staging to real estate - you can actually find money in many things. Work hard to make your business grow. You can also sell your business later to make more money and invest on another.
Of course, you also need to help yourself by managing your money well. Good money management is indeed one of the important things that you also need to be able to achieve your financial goals and your goals on how to become rich fast.
Carolyn Anderson has been managing a successful online business for years now. To uncover some of the secrets to become rich fast, visit Think and Grow Rich Secrets. Also check out Goals On Track to get the best insider tips on the best techniques and strategies to reach for your goals in life.
www.dp-db.com
Article Source: http://EzineArticles.com/?expert=Carolyn_Anderson
Tuesday, November 2, 2010
Some Tips for Achieving Goals About Financial Independence
We know that being financial independent is not merely about being rich, but having freedom to afford the lifestyle a person desires without having to work.
If you are like most of people, who put the goal of being financial independence near the top of your long-term-goals list, you'll have a long way to go. There is a lot of financial advice that you can hear about in your daily life. You can seek advice through the personal financial books, or from your financial planner. It seems that every person can offer the most professional advice, but they will confuse people who only want to accept all of them, because everyone has their own opinion on where to put the money, how to spend it, and how to make their money grow.
However, there are some simple truths that can apply to the advice that you can find. Let's see what they are.
1. Spend less than you earn, i.e. use credit card carefully.
This is basic and pretty obvious but a lot of people don't pay enough attention to it. It is the only way that helps you to get out of debt or make advancement on your savings. You can set up a rate that you will put into the saving account instead of spending all the money you get.
It is more likely that people using credit card can buy things they want in advance, but it is also an easiest way for them to load with debts. Learn to use credit card wisely.
2. Use cash rather than cards.
People will think more when they are using physical cash than a plastic card. If you have set a daily budget that you have $20 to spend on entertainment this week, you are more likely to think twice about spending all of them on movie rentals tonight when you have other plans for the weekend.
But if you use a credit card, you are less aware about how much money you are spending. And it seems an $8 and a $20 product doesn't seem like a look unless you see the total amount in the bill. Those small single purchases can add up to a lot.
3. Nobody will care as much about your money as you do, so do take more control of your money.
There are many people in the market who seem more professional than you because they have training, experience or fancy job titles that make you think they are best for you when it comes to your money. But actually nobody will care that much about your money as you do. So if you want to achieve your goal of being financial independent, even though you can seek help from the fund managers, investors or bankers, you should also be active to take control of your money. Knowing where your money is and being able to make informed decisions.
4. Budget.
Make your budget realistic rather than difficult. A budget allows you to see through the who situation and help you to know where your money is going, and where you can reduce your spending to improve your financial situations.
The budget you make should accurately reflect your spending habits and expenses, otherwise it won't be a useful tool at all, from which you cannot get closer to realize your financial goals.
5. Pay yourself first.
It doesn't mean that you should go shopping and buy something, no matter a new computer, phone, or anything like that, not mention things that will overspend the budget. It means put an amount of money into savings. Many personal financial books will contain this clue. They recommend that you should pay yourself first such as putting some money into the saving account or other investing accounts, instead of credit card bill or other bills, except the due day.
The money you put into saving can be a very small amount but that's ok. At least you have started. But I think at the beginning, you can only put a fixed proportion of your income into the saving account. Then when you can, increase the amount you are saving to 10%, 15%, or more of your income.
6. Separate needs from wants.
Actually there are very few things we really need. A person who earns $300,000 a year doesn't necessarily live better life than a person who earns $50,000 a year. That's because the person who earns less has put much more attention to things he needs. He may do the purchases that really work for him, and try his best to improve his quality of life without spending too much money.
So every time when you want to buy something, you can ask yourself some questions like this.
Is it a need or a want?
Can I delay this purchase to see if it's really what I want?
Can I get this cheaper or somewhere else rather than buying a whole new one?
So, if you want to accomplish your financial goals, the first step is that you should get out of debt, which means you may have to reexamine your way of spending and see what you can do to speed up our financial goals.
Coach outlet store online provides discount coach bags. Those coach handbags sell well among women who love chasing fashion styles. Finding the latest fashion accessories in the coach outlets are what most women like to do.
Article Source: http://EzineArticles.com/?expert=Sharon_Clara
If you are like most of people, who put the goal of being financial independence near the top of your long-term-goals list, you'll have a long way to go. There is a lot of financial advice that you can hear about in your daily life. You can seek advice through the personal financial books, or from your financial planner. It seems that every person can offer the most professional advice, but they will confuse people who only want to accept all of them, because everyone has their own opinion on where to put the money, how to spend it, and how to make their money grow.
However, there are some simple truths that can apply to the advice that you can find. Let's see what they are.
1. Spend less than you earn, i.e. use credit card carefully.
This is basic and pretty obvious but a lot of people don't pay enough attention to it. It is the only way that helps you to get out of debt or make advancement on your savings. You can set up a rate that you will put into the saving account instead of spending all the money you get.
It is more likely that people using credit card can buy things they want in advance, but it is also an easiest way for them to load with debts. Learn to use credit card wisely.
2. Use cash rather than cards.
People will think more when they are using physical cash than a plastic card. If you have set a daily budget that you have $20 to spend on entertainment this week, you are more likely to think twice about spending all of them on movie rentals tonight when you have other plans for the weekend.
But if you use a credit card, you are less aware about how much money you are spending. And it seems an $8 and a $20 product doesn't seem like a look unless you see the total amount in the bill. Those small single purchases can add up to a lot.
3. Nobody will care as much about your money as you do, so do take more control of your money.
There are many people in the market who seem more professional than you because they have training, experience or fancy job titles that make you think they are best for you when it comes to your money. But actually nobody will care that much about your money as you do. So if you want to achieve your goal of being financial independent, even though you can seek help from the fund managers, investors or bankers, you should also be active to take control of your money. Knowing where your money is and being able to make informed decisions.
4. Budget.
Make your budget realistic rather than difficult. A budget allows you to see through the who situation and help you to know where your money is going, and where you can reduce your spending to improve your financial situations.
The budget you make should accurately reflect your spending habits and expenses, otherwise it won't be a useful tool at all, from which you cannot get closer to realize your financial goals.
5. Pay yourself first.
It doesn't mean that you should go shopping and buy something, no matter a new computer, phone, or anything like that, not mention things that will overspend the budget. It means put an amount of money into savings. Many personal financial books will contain this clue. They recommend that you should pay yourself first such as putting some money into the saving account or other investing accounts, instead of credit card bill or other bills, except the due day.
The money you put into saving can be a very small amount but that's ok. At least you have started. But I think at the beginning, you can only put a fixed proportion of your income into the saving account. Then when you can, increase the amount you are saving to 10%, 15%, or more of your income.
6. Separate needs from wants.
Actually there are very few things we really need. A person who earns $300,000 a year doesn't necessarily live better life than a person who earns $50,000 a year. That's because the person who earns less has put much more attention to things he needs. He may do the purchases that really work for him, and try his best to improve his quality of life without spending too much money.
So every time when you want to buy something, you can ask yourself some questions like this.
Is it a need or a want?
Can I delay this purchase to see if it's really what I want?
Can I get this cheaper or somewhere else rather than buying a whole new one?
So, if you want to accomplish your financial goals, the first step is that you should get out of debt, which means you may have to reexamine your way of spending and see what you can do to speed up our financial goals.
Coach outlet store online provides discount coach bags. Those coach handbags sell well among women who love chasing fashion styles. Finding the latest fashion accessories in the coach outlets are what most women like to do.
Article Source: http://EzineArticles.com/?expert=Sharon_Clara
The 3 Most Common Mistakes Every Entrepreneur Makes
Maybe it is because entrepreneurs tend to be optimistic. Maybe it is because entrepreneurs are willing to take risks. Or maybe it is because many entrepreneurs are just plain dumb, but there are some mistakes that almost every entrepreneur will make at one point in their career. These are the three things that you should never say when pitching your company to a potential investor or banker:
No Competition - At one point or another every entrepreneur will say it. "I have no competition." This is typically during the pre-revenue stages of business because once you begin to offer your product or service you will quickly realize that every business has competition. You might be the only one in the world that manufactures your product, but that does not mean you have no competition. Whether you have direct competitors or not you are always competing for dollars with someone or something else. If you have no competition then everyone in the world should buy your product, and if they don't then what is it that is keeping them from purchasing your product? That is your competition. It could be a child's college savings account, a date night with the spouse, or the mortgage payment. These are all competition because they consume dollars that are not available for your product or service.
1% of the Market - The second biggest mistake that almost every entrepreneur will make is believing that capturing 1% of their market is a conservative estimate. Just because 1% sounds like a small number does not mean any joe blow can steal 1% of a market from the competition. Entrepreneurs must have this urge to pretend that they are conservative, when in reality almost every entrepreneur has some bit of optimist in them. Rather than just assuming you can capture 1% market share out of a $100 billion market, you need to build bottom up, data driven projections. Your market potential is defined by your geographic location, your capacity to fulfill sales, and your ability to secure financing to name a few. Take these things into consideration when making claims about your market potential.
Return on Investment - The third biggest mistake that all entrepreneurs make when talking to potential investors is claiming that the investor will make some specific return on their money. For instance, entrepreneurs will come in and say that you can double your money in 2 years with their business model and their projections. Any investor that has been around for any length of time will immediately know that you are ignorant in this subject. As an entrepreneur you don't know what might happen tomorrow let alone 2 years from now. You don't need to convince an investor that they will make any level of return. They understand the game and then know that 9 our of 10 of their investments will fail or only break even, but that 1 single business that hits it big makes all the difference. Spend your time on showing these investors how you are going to hit it big, not how you are a safe investment, because you aren't safe.
These are the 3 mistakes that you must avoid like the plague as an investor seeking angel investment funding or a bank loan.
I am the Founder & CEO of http://www.theexecutiveplan.com, which offers entrepreneurs extensive guides, templates and articles to help create more powerful, effective, and memorable business plan executive summaries.
Article Source: http://EzineArticles.com/?expert=Adam_Hoeksema
No Competition - At one point or another every entrepreneur will say it. "I have no competition." This is typically during the pre-revenue stages of business because once you begin to offer your product or service you will quickly realize that every business has competition. You might be the only one in the world that manufactures your product, but that does not mean you have no competition. Whether you have direct competitors or not you are always competing for dollars with someone or something else. If you have no competition then everyone in the world should buy your product, and if they don't then what is it that is keeping them from purchasing your product? That is your competition. It could be a child's college savings account, a date night with the spouse, or the mortgage payment. These are all competition because they consume dollars that are not available for your product or service.
1% of the Market - The second biggest mistake that almost every entrepreneur will make is believing that capturing 1% of their market is a conservative estimate. Just because 1% sounds like a small number does not mean any joe blow can steal 1% of a market from the competition. Entrepreneurs must have this urge to pretend that they are conservative, when in reality almost every entrepreneur has some bit of optimist in them. Rather than just assuming you can capture 1% market share out of a $100 billion market, you need to build bottom up, data driven projections. Your market potential is defined by your geographic location, your capacity to fulfill sales, and your ability to secure financing to name a few. Take these things into consideration when making claims about your market potential.
Return on Investment - The third biggest mistake that all entrepreneurs make when talking to potential investors is claiming that the investor will make some specific return on their money. For instance, entrepreneurs will come in and say that you can double your money in 2 years with their business model and their projections. Any investor that has been around for any length of time will immediately know that you are ignorant in this subject. As an entrepreneur you don't know what might happen tomorrow let alone 2 years from now. You don't need to convince an investor that they will make any level of return. They understand the game and then know that 9 our of 10 of their investments will fail or only break even, but that 1 single business that hits it big makes all the difference. Spend your time on showing these investors how you are going to hit it big, not how you are a safe investment, because you aren't safe.
These are the 3 mistakes that you must avoid like the plague as an investor seeking angel investment funding or a bank loan.
I am the Founder & CEO of http://www.theexecutiveplan.com, which offers entrepreneurs extensive guides, templates and articles to help create more powerful, effective, and memorable business plan executive summaries.
Article Source: http://EzineArticles.com/?expert=Adam_Hoeksema
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