FIVE THINGS STARTUPS NEED TO KNOW ABOUT MONEY

Posted: July 2, 2014 in entrepreneurship
Tags: , , , , , , , , , ,

Its is general belief that money is the end game of every business. Most also believe that if they start a business that earns their needs and wants, they will be happy.
  Money shouldn’t be your reason to start a business career and there is no happiness in piling money. What you feel when you earn is just cerebral excitement.
THESE ARE SOME OF THE THINGS YOU SHOULD KNOW ABOUT MONEY…
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1. Don’t ever go into a trade or business because you did your research on current value of entrepreneurs that run that class of business and you saw that they make a lot of money.
You ll be tempted to stop there but don’t. Dig deeper to find out how bad recession in that business could be.
THERE IS NO BUSINESS THAT MAKES MONEY CONSTANTLY.

2. CALCULATE HOW MUCH YOU LL NEED TO KICK OFF.
This include, how much you ll spend in the first set of months after you start the business, before it starts making money.
If its services business, do your math to know all that you ll need. It can be devastating if its after you kick off newly that you start to realize there there s still a lot to do.
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3. GET A MENTOR
It is not compulsory for this mentor to know that you are under his tutorage. Read about entrepreneurs, tactically choose one that you realize you can understand how he deals with money. You could use them as guide.
Its always better if you get a real mentor you can go to for advice when you are in trouble.

4. KNOW THE DIFFERENCE BETWEEN ASSET AND LIABILITY.
I ll just break it down for you. You don’t need to be super educated to know the difference between asset and liability.
Asset brings money into the business while liability takes money out of the business.
Knowing this would assist you decision making process when you want to spend business fund.

IF YOU WANT TO RUN A PROGRESSIVE BUSINESS YOU MUST SPEND MONEY ON ASSETS.

5 .MONEY DOES NOT BRING HAPPINESS
I won’t say much about this now. All I ll say is that if happiness is what you re looking for, getting rich won’t give you. Fulfillment might.
If you successfully run your business to grow, which has nothing to do with how fast it has grown or how much it is making, you will have some satisfaction through sustainable development. ASK YOUR MENTOR ABOUT HAPPINESS.

Keep all these in mind if you want to start a business.
If what you need is money, go get a job.

I am not trying to shape your life
I m just saying that self development leads to better living.

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Comments
  1. ljb2 says:

    G’day Xcerta! Your Blog helps startups make the right steps and it’s great how you were so straightforward for example: THERE IS NO BUSINESS THAT MAKES MONEY CONSTANTLY. Love it, submit your website or blog in http://basicozbizinfo.ws FREE, please follow back I will also tweet your blog to my followers & post to my G+ circles, have a good day networking 🙂

    Liked by 1 person

  2. ljb2 says:

    No worries! Don’t forget you can submit your wordpress blog in http://basicozbizinfo.ws FREE as well! 🙂

    Like

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