Entrepreneur Tips

Saving Money is Loosing Money.#Inflation

So Start Investing your savings.

Finalise the pricing for your products and services in advance. Because  Once you have completed your work then you are like a beggar and will have to take whatever client gives. As the saying goes ” Beggar’s Don’t get to choose” [Sad But Truth] Your efforts will go in vain if you are thinking clients will appreciate your work and pay deserving amount.

This World is 90% filled with over confident Fools, who will not understand until it is too late to correct their mistakes.

Life of an entrepreneur is full of roller coaster rides, You almost reach to a point of Zero Balance and suddenly a miracle happens with a new source of Cash Flowing in…. #NeverGiveUp

Don’t buy any liability until and unless you can afford the same thing 5 times. Story: Don’t buy a car until and unless you have so much money that you can afford buying 5 cars. Logic: Its Easy to Buy a Car but it takes a lot to maintain the Car. What all is included in maintenance: It’s not just service costs. Just imagine if your car meets with an accident and if you have to pay almost 40% of the car value for repairs and if you don’t have the money to get it done it clearly shows you can’t afford to buy that car.

You Just Need to do the best priority task among the tasks that matter now. Make sure you check the best priorities before starting the next task.

Wealth Tips: What is the best budget to invest on a Car? Buy Car Rule 1: (Must follow in order to not get into financial crunch) It can be lesser or equal to 50% of your annual income. Buy Car Rule 2: (Good if followed but not compulsory) Total amount invested on your cars should not exceed 5% of your net worth. Many people suffer in today’s world by buying cars way above their annual incomes and finally suffer. This rules if followed will help you stay financially safe.

Over confidence and know it all attitude kills growth. Make sure you are always learning, no matter how much ever successful you are, there is always something better to accomplish.

Disaster Management? Follow these 4 tips to have a sustainable business which can withstand any type of disaster. 1. Spread your business geographically in multiple locations. 2. Build an independent business model which should not depend on any key employees. 3. Offer multiple products or services. 4. Never depend on one or two major clients. Major clients business should be approx 20% of your total revenues.

Investment Tips: Where to spend? Always invest on assets and try to minimise liabilities as much as possible. Assets are the thing which will increase their worth as time passes, will attract money inwards into your pockets. Eg: Real Estate, Gold, Silver etc Liabilities are the things which will regularly keep emptying your pockets and will also decrease their worth as time passes. Eg: Cars, Bikes, Mobile and other luxury items.

Investment Tips: Real Estate in India to be cheaper. Great times on the way for people with white money who wish to buy Real Estate Properties in India.

Few people tend to forget relationships after tasting success, keep in mind success can’t be owned by anyone. Be humble and keep your friends and family as your strength as these are the people who will be with you in your good as well as bad times. Its proven people with good people skills tend to maintain their success with consistency.

How to keep customers & employees happy ? Successful Entrepreneurship is all about creating a value balance between your customers & employees. Customers Value: To be delivered in the form of good value for money products & services. Employees Value: To be delivered in the form of career growth opportunities & wealth sharing. If these 2 values are balanced then both your customers & employees will be happy & will stick to your business for a long time making your business a huge success.

Major types of fitness required in order to succeed? 1. Physical fitness – Comes by physical exercising. 2. Mental fitness – Comes by gaining regular knowledge, balancing personal & professional life balance. 3. Spiritual fitness – Comes by keeping regular contact with god through prayers. Do regular activities to maintain these 3 types of fitness they will help you succeed in all your endeavours.

Importance of Fitness to succeed? An entrepreneur needs to maintain great fitness as entrepreneurship needs a lot of endurance for working consistently even during tough times. Types of fitness to be maintained by an entrepreneur will be posted in my next tips coming soon.

When to start a business? Start only after you have made analysis about 5 direct competitors who are running successfully in that industry and if available research and understand about any competitor who has closed due to bankruptcy. After doing the above analysis if you still feel you can become successful you are all set to start.

Importance of having Business Goals!!! Goals are very important as they help us plan accordingly to accomplish them. Anyone working without a goal is like shooting a bullet in the air and expecting the target to be dead.

How much to invest initially? Many enthusiasts ask me this question and my answer to them is start with lowest possible investment but with a very big vision. “Start with a Bootstrap setup and upgrade by reinvesting profit’s”.

Best Tip to Deal with Dissatisfied Clients!!! Few Customers may have been cheated by others in the past hence they always tend to match that situation with your services / products. Stay calm and complete your part of work with the best quality and never try to provide more than promised things because instead of seeing that you are providing more value they will doubt thinking you are trying to cover-up something else by providing extras. So just complete your part and even then if they feel dissatisfied let them go once they taste your competitor Services/Products they will realize your real value. Note: They will realize the value of your Services/Products only if your Services / Products are better than your competitors.

Winning Entrepreneur? Entrepreneurs be ready for a special roller coaster ride because initially the ride is filled with lots of downward rides against very few upward rides. This equation changes at the end to more upward rides and very less downward rides. So only Strong Entrepreneurs who withstand the initial downfalls will reach the final success Point.

Theory of Temporary Easy Success. If you get your initial contracts easily after starting a business then it’s, in fact, a bad start. Since you have missed the basics. Without these basics, you will not be a strong entrepreneur.

Theory of delay in results. Never Quit even if you are not getting instant results, few things have a delay associated with them. Eg: We take a target and work for the entire month but are not able to achieve the targets. Then there is a subsequent month where we take a vacation and do no work but still are able to achieve targets. These are the returns from the month when we had worked hard. Through this, you can understand the theory of delay in results.

Keep Sowing seeds on a daily basis, Sowing seeds here refers to marketing and lead generation. You will not win if you offer best service/product until and unless you can market it to reach the masses.

There are always few clients who can never be satisfied even if we provide them 1000% work. Simple solution: We got to complete our part and move ahead to find better clients who realize the value of our work.