Many people depend on their monthly salaries. What you must understand is that your salary will never be enough to give you the life that you desire. I want you to understand that while you earn a salary, the person you are working for earns profits. You need to decide whether you want to be living on salary or profits. Many people are afraid of self employment with the notion that it is risky and they may end up frustrated. If that’s you, then never imagine of becoming rich. I advise people to be investors and not entrepreneurs. Entrepreneurs are risk takers, investors are not. Want you need to be is an investor. Investors take their time to study the business opportunities and only invest in those which are viable.
Anyway, I am not trying to convince you to quit your job but to use your job to be the millionaire you want to be. Before you hand in your resignation letter, please be patient enough to look at the most promising venture. It is important to allow your new business to grow enough before you resign. I have come across people who quit their jobs and expect to earn a living from a new business. Remember that your business needs a grace period to ensure stability and continued profits.
For the people who are doing business for the first time, it is unadvisable to come up with a whole new idea. Try businesses that others have succeed in before. Wait until you have studied how to do profitable business then launch a brand new invention.
Economic crisis is not the cause of business collapse
One of the most deceiving business ideas is that by putting your eggs indifferent baskets, you are going to be successful. Most of the managerial trainings include what is commonly called ‘portfolio management’. This theory supports the idea of investment diversification. This is why managers think that during bad financial moments for the business, they need to diversify their investments in order to reduce the risk of losses. This may not be a solution if the management style is wrong. A poor manager will still fail even in a diversified portfolio.
Many are left wondering about what they should do if diversification is not working. The truth is that diversification should only be left for those who are not sure of making it in one line. Instead of diversifying your investments, you should be thinking of specialization.
You should be looking for the best business strategies that can make you a king in your line of operation. Unfortunately, many business managers view success as only retaining some profits for the business. Very few people are endeavoring to be the most outstanding businessmen.
Friday, July 31, 2009
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