10 Secrets of Successful Entrepreneurs

Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living. It takes courage, determination and foresight to decide to become an entrepreneur. From the relatively safe cocoon of the corporate world, where paychecks arrive regularly, you will be venturing into the unchartered territories of business. (article continued below ...)

Is there a way to determine whether you can be a successful entrepreneur, or you are better off to work for somebody else? Alas, there is no formula for success. However, most successful entrepreneurs share these ten characteristics. Check if you possess any one of them:

1. Think success. To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have big dreams for yourself - which you want to be somebody rich, famous or fulfilled. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark?

Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing yourself in your mind as having accomplished your dreams. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for you should be a constant activity! You need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step of the stairs. This technique will reinforce your goal and keep it fresh in your consciousness.

2. Be passionate with what you do. You start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest. Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals about things that we love. If you hate your job right now, do you think you will ever be successful at it? Not in a million years! You may plod along, even become competent at the tasks, but you will never be a great success at it. You will achieve peak performance and do what you have to do to succeed only if you are doing something that interests you or something that you care about. Entrepreneurs who succeed do not mind the fact that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate and crazy with your tasks and activities.

3. Focus on your strengths. Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it. Seek help or assistance in areas that you may be poor at, such as accounting or bookkeeping. To transform your weakness to strength, consider taking hands-on learning or formal training.

4. Never consider the possibility of failure. Ayn Rand, in her novel The Fountainhead, wrote, "It is not in the nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute to the betterment of your environment and your personal self. You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill them. The more you can develop faith in your ability to achieve your goals, the more rapidly you can attain it. However, your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, "no guts, no glory."

5. Plan accordingly. You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. But do you know how to get to your vision? To achieve your vision, you need to have concrete goals that will provide the stepping-stone towards your ultimate vision. Put your goals in writing; not doing so just makes them as intangible fantasies. You need to plan each day in such a way that your every action contributes to the attainment of your vision. Do you foresee yourself as the next Martha Stewart of hand-made home furnishings? Perhaps today, you need to see an artist to help you conceptualize the new line of hand-made linens that you hope to launch. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there. Your ability to set goals and make plans for your accomplishment is the skill required to succeed. Plan, plan and plan - because without which failure is guaranteed.

6. Work hard! Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Brian Tracy puts it out this way, "You work eight hours per day for survival; everything over eight hours per day is for success." Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. Be prepared to say goodbye to after-office drinks every day, or a regular weekend get-away trip. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. Working hard will be easy if you have a vision, clear goals, and are passionate with what you do.

7. Constantly Look for Ways to Network. In business, you are judged by the company you keep - from your management team, board of directors, and strategic partners. Businesses always need assistance, more so small businesses. Maybe the lady you met in a trade association meeting can help you secure funding, or the gentleman at a conference can provide you with management advise. It is important to form alliances with people who can help you, and whom you can help in return. To succeed in business, you need to possess good networking skills and always be alert to opportunities to expand your contacts.

8. Willingness to Learn. You do not need to be a MBA degree holder or PhD graduate to succeed in your own business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge. This willingness to learn becomes more crucial given the rapid changes in technologies and ways of doing business.

9. Persevere and have faith. No one said that the road to success is easy. Despite your good intentions and hard work, sometimes you will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet managed to quickly stand up to make it big in their fields. Your courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure your success. You must learn to pick yourself up and start all over again. Your persistence is the measure of the belief in yourself. Remember, if you persevere, nothing can stop you.

10. Discipline yourself. Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force yourself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with yourself.

by Isabel M. Isidro Managing Editor

The Article Resource Is: http://www.powerhomebiz.com

Small Business Accounting Software - 7 Points to Know

In this article we will discuss the small business accounting software like bookkeeping software and business software applications as a general, And we will divided the Article as the following :

Picking small business accounting software is likely to be one of those things you don’t give any thought to until about five minutes before you need it. Hey, wait a minute, there’s different kinds? Well, how do I know which one to pick? I’ve never done this before. Fortunately, following these seven points of consideration will reliably lead to the right choice.

(1) Scalability - Of course, you are hoping that your business is ever-growing and expanding, so you want your software to grow with you. It’s worth the time to “think big”, here - you want a software infrastructure that will have been built with expansion in mind. You might be confused when you’re first learning a new program that is built a size bigger than what you currently need, but the capability to expand will serve you better in the long run. For this reason, many businesses choose open source software running on Unix-type systems such as Linux or BSD, because it can be freely modified and improved by third parties at any time.

(2) Support - Just about any accounting software package offer technical support when things go wrong, but you may want to consider the difference between a voice on the phone from a call center and support from someone who lives in your home town. It is often much easier to have someone locally who can come in and do things you need done. Here, the importance of an open, non-proprietary platform cannot be overstated: you don’t want to tie yourself to some company that’s going to quit supporting your software version the minute you have it installed. A local consultant who is qualified will be your best option here.

Here are some extra software sourcing tips.

(3) Stability and Security - The number one target for hackers penetrating a business is the accounting software - there’s the credit card numbers, payroll, bank information, and more. For this reason, consult with the top security experts to find out which platform is the most secure. At the very least, I’d recommend Department of Defense security rating CAPP/EAL3+ or above - easily attainable by such platforms as those offered by IBM or Novell.

(4) Best Value For Money - Well, of course you wanted to spend as little money as possible. Remember that the shelf price of software is only the beginning - if it fails, breaks, or can’t keep up with your business, the damage will far outweigh the cost. So, even though open source software is inexpensive, you should consider that it will also be more stable, expandable, and secure in the long run.

(5) Liberty - The worst thing that can happen is to have a server full of data encoded in a patented, proprietary format by a company that now wants to squeeze some extra money out of you. You should look for the least restrictive format, end-user license agreement, per-unit licensing, and greatest overall permissiveness. In addition, you want portability. For instance, if you were to move from an AIX platform to a Solaris platform, you’d want software and a data stack that can move with you. Don’t be lulled into a sense of false security by what looks good enough for this week - you want to be in business 20 years from now, and look how computers have developed in the last twenty years.

(6) Administration - The importance of an open platform is that it can easily cooperate with other programs and platforms. This is because no accounting program is an island - it has to talk to the printer to print reports and the server to handle the online transactions and the file system to print logs and even be integrated with your Palm Pilot or Bluetooth - remember, the global market is fast-paced, so “think mobile”.

(7) Training - Of course, you will need employees to run this stuff, and it’s going to be easier if you find people who already know it. Doubtless, you will find more accountants are familiar with the Unix platform and its Linux, Solaris, and BSD derivatives, due to its solid penetration on related systems such as servers and point-of-sale systems, and also because IBM (International Business Machines) has a long history of being favorable to Linux.

Here’s some software that I’ve used in the past and feel comfortable in recommending, it’s called quicken and is highly reliable.

The Article Resource Is: http://small-business-answers.com

Writing Business Plans - Most Important Step for Successful Business

I would like to discuss something that every business owner needs. This is a business plan. I cannot stress enough the importance of a clear, concise, Business Plan to :

One of the most important things to consider when writing a business plan is the purpose of your specific plan. There are many existing models for how to write business plans that will help you successfully compose your own. Each business requires a plan. Why? Try sailing a ship without knowing where you are going, then ask me that again. If you say a general destination, Europe, try docking that ship. You need a specific destination and a route to get there to have a successful business.

Many entrepreneurs write research reports instead of strategic business plans. Yet, many entrepreneurs skip these all together, which is why their plans never get implemented. If you're writing a business plan, there's nothing better than seeing examples of plans to help you work through yours. It is not difficult to write a business plan or executive summary that looks good enough to get an initial investor meeting, but many business plans do not have the depth and rigor of real business planning and so do not get funded.

Generally speaking, business plans have the following sections: executive summary and mission statement, your goals, your marketing proposal, how you plan to achieve your goals, your company structure, your financial statements, and your growth timeline. Before you sit down to actually write a business plan for your company, make an outline of exactly what you want to cover. It's some of the most valuable work you can do when starting up a business, which is why everyone from banks to venture capital companies request detailed business plans before they will even consider your business. Recall the ship metaphor, why would someone invest in a ship or cargo that the captain didn't know where he was going.

Business plans are detailed documents that present a strategic approach to a business operation. It is a proven fact that people who create and write business plans are more successful. Discuss advertising, public relations communications, trade shows, telemarketing, direct mail or any other market and sales plans you intend to employ in promoting and selling your product. Develop a detailed set of financial forecasts to demonstrate to your investors that you have thought out the financial implications of your company's growth plans. This process allows you to plan, assign, report and track tasks, manage personnel, keep everyone informed, manage appointments, company workflow, projects and so on. Although business plans vary from each other depending on the nature, products and local factors, the general outline is same. Each plan includes these main components like Executive Summary, Description of Company, Description of Products or the Services offered, Market Analysis, forecasts and future planning, Business Strategy and its Implementation, information regarding Management staff and sustainable Financial Plan. There are plenty of books and e-courses and business plan software that have forms and outlines, others include sample business plans to review.

The process of writing the business plan is often just as valuable as the plan itself. Writing a business plan should be one of the first things you do once you've decided to start a business. Since, writing a business plan is the road map of a business's future, it is necessary to create it to finance and support the business. Prepare the business plan outline before researching and writing a business plan. Spend plenty of time talking with friends and associates convincing them about the competitive advantage of your business. Listen to their feedback. Take mental notes on what areas are fuzzy in your idea and look into those. This will make it easier for you to work through your outline step by step. You don't want to get so overwhelmed writing your plan that you end up hating the whole project.

Writing a business plan is significantly different from other types of writing. The hardest part about writing a business plan is getting the energy to get started. Business plan writing forms may vary, because there is no fixed content for a business plan. As I've said before, outline your business plan first, then write it after consulting widely with all players involved and firming up your vision. While simplicity enhances your communication with others, specific writing can help you to lay stress on particular areas that are important to your business plan. Whether you're planning a small business, or a large venture, one of these is to put your ideas into writing and write a business plan. The process of researching and writing it may even challenge your existing beliefs about the business and where it is going.

Here are some important things to include, if I have not mentioned them before. Include in the management section the names and backgrounds of management team members. Include activities targeted to current clients, your target market, and new business outside your target market. Include management responsibilities with deadlines and specific budgets. Next, try to include as much as information about the company, customers market, competition, potential threats, and products or services. All good business plans include a section that lays out the benchmarks you'll use in deciding to call it quits. Highlight the key points and include the return on investment or loan payback requirements. Although you'll want to include lots of detail, keep it simple and easy to understand. Every business plan should include a description of how the business will operate. You need to include details of who your target audience is, where your business will fit in the existing market and who your main competitors are. It also includes details of how you'll go about selling your product or service and how you'll structure the pricing.

Business planning is not easy but by following these critical steps to writing a business plan, you will ensure your business has a chance at funding and success in the future. It is not difficult to write a business plan or executive summary. Create your outline then go through each item step by step. When you don't know an answer, mark that area in bold and move on so you can keep up the flow. Then, go out and find the answers, ask questions, make determinations when you have written your first draft. This will help you stay focused and move forward. Get clear answers or information about each piece of your plan, then rewrite. Remember, business planning is the process of planning ahead for success and then executing the plan. Whether you're planning a small business, or a large venture, the way to succeed is to put your ideas into writing and write a business plan. Then follow your plan. Don't just put it on the shelf and forget about it. Keep it working as your business grows.

===================================

The Article Source Is: http://www.goarticles.com

Is There Life After Bankruptcy? Sure

How to rebuild business credit and get loans after declaring bankruptcy. By Morin Bishop

Declaring bankruptcy is no picnic, and recovering your credit rating after bankruptcy isn't easy either. But it can be done. Just ask Mike Palladino. The 35 year-old electrician from Quincy, Massachusetts, filed for Chapter 7 bankruptcy in 2002, well before the 2005 bankruptcy law kicked in making it harder for people to discharge debts. Palladino, who ran his own business as a general contractor, was injured when a power tool mangled his hand. Several surgeries and months of recuperation saved the hand, but his business went south, and he ended up maxing out his credit cards to pay for living expenses. "I didn't want to declare bankruptcy," he says, "but I really had no choice. There was a long period when just I wasn't making any money and was up to my neck in bills."The bankruptcy discharged Palladino's credit card balances and many of the debts that he'd run up trying to keep his struggling business afloat, though he still had to pay the IRS for taxes he'd been unable to pay during his illness. But his credit was in tatters and his prospects for rebuilding his contracting business looked bleak. "A contractor works on credit," he explains. "You need it to buy materials and pay workers and subcontractors it's hard to do that when no one is willing to let you borrow from them." Palladino's problem was one familiar to anyone who has declared bankruptcy. In a time when one's credit rating is almost a public validation and the gateway to coveted possessions like credit cards, car loans and mortgages a bankruptcy can be like a ghost haunting your credit history and depriving you of the financial means to improve your life.But even a bankruptcy the ultimate black mark on your credit isn't an insurmountable obstacle to financial recovery. With apologies to F. Scott Fitzgerald, there are second acts in American life, and most definitely in credit ratings.

Small Steps First:

Pay Every Bill On Time"You really don't have any leeway here," says Jim Shea, a Baltimore based CPA and financial planner. "You are trying to show that your prior financial missteps are firmly behind you and the best way to do that is to meet every obligation utility, cable, cell phone, rent bill, etc. on time." Not every utility or cable company reports late payments to credit reporting companies, Shea notes, but some do. So there's no reason to risk anything negative ending up on your credit report. Shea says that by paying your bills on time you demonstrate a renewed image of responsibility and trustworthiness. Letting bills slide, on the other hand, tells potential lenders that you aren't serious about financial responsibility or that you may still have financial problems you haven't addressed. "If you are trying to rebuild your credit, anything that makes you seem still unreliable works against you," Shea says. "And nothing works harder against you than repeated late payments on your credit report, especially in the wake of a bankruptcy."

1- Obtain a Secured Credit Card:

You might think that after a bankruptcy particularly one caused by credit debts it would be a good idea to avoid credit altogether. But that would be exactly wrong. In fact, to repair a damaged credit history, you need to replace it with a good credit history. Of course, lenders are naturally wary of extending credit to someone whose credit history suggests the possibility that they won't be repaid. In order to rebuild your credit, you may have to convince lenders that you can be trusted, and that may require handing over a deposit before credit will be granted. A secured credit card is a credit account whose limit is backed up by a deposit. That is, you deposit, say $500, at your bank and they provide you with a credit card with a spending limit of $500. In almost all other respects, a secured credit card functions like a normal, unsecured credit card; you can make charges on the card up to the maximum spending limit (usually the amount of the deposit) and you repay the balance, which is subject to interest charges, with periodic (usually monthly) payments. The deposit protects the bank in the event you cannot repay the money charged on the card. In many cases, a secured credit card may be the only line of credit obtainable in the wake of bankruptcy, but if used wisely keeping spending in check and making payments on the card's balance on time it can help generate a new track record of financial responsibility. 2- Why it is good: Secured credit cards are good way of creating a new, post bankruptcy history of good creditworthiness, says Gerri Detweiler, author of The Ultimate Credit Handbook, but they often come with strings. "Even though the line of credit is secured by a deposit, you're still a bad risk in the eyes of the bank, and so secured cards usually come with higher interest rates," she explains. "So you have to be careful about not incurring penalties like late payments, because the fees and interest payments can eat up a portion of the available credit." Detweiler advises shopping around to get the lowest fees and rates on secured cards. It's also important to make certain that the bank reports the secured credit card's usage to the major credit reporting bureaus. "Using the card is useless if it doesn't reflect positively on your credit score," she says. Since not every bank reports secured card usage, it's worth asking. A secured line of credit can be a major step on your path back to creditworthiness. "Generally, people who have a secured credit card say that within seven or eight months they start receiving new offers for unsecured credit cards," Detweiler says.

to be continuing in part 2

The Source is: http://smallbusinessonlinecommunity.bankofamerica.com