Tag Archives: profit

How to Build a Business Without Going into Debt

One of the greatest hurdles in building a business is capital, or lack thereof. A lack of capital and financial resources subsequently prompts aspiring entrepreneurs to believe that borrowing money is their only option. Of course, this belief is inaccurate. The pitfalls of going into debt are well-documented, but thankfully other alternatives do exist.

Build Gradually

Many ambitious and aspiring entrepreneurs aim to open their businesses as soon as possible. There is a certain excitement which often comes along with building a brand and starting a company. However, gradually building a business is one of the best ways to avoid going into debt. In many cases, this may require not giving up one’s day job until the business venture yields profit.

The process of building a business while still maintaining a day job may be initially frustrating and time-consuming. However, with patience, dedication, and consistency, the business will eventually become profitable. Following the generation of profit, the entrepreneur can then quit his or her day job. Gradually building a business is vastly more effective and beneficial than taking out loans and attempting to do everything at one time. Rome was not built in a day.

Know the Ins and Outs

Believe it or not, there are many aspiring entrepreneurs who want to go into business for themselves, yet lack critical knowledge. There are so many factors involved in starting a business; a business plan, budget, legal paperwork, website, proper management of funds, and sales tests are only the tip of the iceberg. Knowing the ins and outs means having a solid plan and being fully informed. So many people who want to go into business for themselves believe that simply borrowing money and spending during times of apparent necessity will help them. This is a common error which often engenders the downfall of businesses.

Hopeful entrepreneurs need to have their budgets in place and know exactly how much financial capital is needed to start their business.

Fund Your Own Business

At the end of the day, those who wish to go into business for themselves without also going into debt will have to fund their own enterprises. Thankfully, there are a variety of ways in which aspiring entrepreneurs can go about self-funding. Simply saving money is an option, although it can be time-consuming depending on the individual’s income and the costs of starting their business. In some cases, funding an enterprise purely through one’s own funds can take months, if not years, although it can still be done. Each hopeful business owner will have to decide whether or not this particular avenue is right for them.

However, saving money to fund one’s business is not the only option. Hopeful entrepreneurs can also consider pitching to an angel investor. Angel investors can be incredible assets for aspiring business owners, however, there are certain stipulations. True passion for the business, a solid execution plan, and awareness of the market are things which angels will look for before investing their money into a business.

A Final Word

Starting a successful enterprise is a tough venture. Starting a successful enterprise without going into any debt is even more challenging. However, with the proper preparation, knowledge, and expertise, it can be done.

 

Authored by Gabrielle Renee Seunagal

How to Become a Venture Capitalist

When the average individual hears the words “venture capitalist,” they usually imagine a wealthy person who rakes in millions of dollars from lucrative investments. While the attainment of wealth is certainly an aspect of a venture capitalist’s achievements, there are many other factors involved in the process.

Many people who aspire to become venture capitalists do so with the intention of garnering high funds in a relatively short time period. However, this is not how the game is played. Venture capitalism is, by no means, a get-rich-quick scheme. Like any other financial endeavor, this occupation requires time, skill, knowledge, and sound judgment.

Hence, those who are still interested in becoming venture capitalists will surely benefit from following the forthcoming steps.

Sharpen Your Business Skills

Many people are under the illusion that the sole job of venture capitalists is making wise and lucrative investments. However, Sales Force explains that requirements for successful venture capitalists extend way beyond making investments and letting the funds roll in.

Any individual who is serious about this line of work must also be proficient in areas such as networking, investigating, analyzing business markets, and working with entrepreneurs. In this business, having the right contacts and professional skills makes all the difference in the world.

Gain Professional Experience

The majority of prosperous venture capitalists usually work their way up to this profession. Thankfully, there are a variety of career paths and occupations which aspiring venture capitalists can partake in. Starting a (small) business, working as an assistant/banker, or even becoming an angel investor (assuming that the necessary funds are available), etc can be especially beneficial career paths for people who are serious about becoming venture capitalists.

However, acquiring the knowledge and skill sets for this line of work does not occur overnight; as a matter of fact, years, or even decades, could pass before an individual is truly ready to enter the world of venture capitalism. There is nothing wrong with this, seeing as each person is on their own unique journey.

Finally, all venture capitalists should maintain upstanding reputations, real-life experience, and passion for the products which they choose to invest in.

Seek Mentors

While business skills and professional experience are formidable assets in the world of venture capitalism, the opportunity to connect with a mentor in this particular line of work is unbeatable, as stated by Chron. Not only have mentors been where aspiring venture capitalists are going, but they also have savvy investing skills and information which will prove to be invaluable.

 

Authored by Gabrielle Renee Seunagal

The Importance of Investing in Yourself

When most people hear the term “investing,” they generally think of stocks, bonds, or mutual funds. While each of the foregoing elements can be very profitable investments, the best investment that an individual will ever make is in themselves. How does that happen, though? How does someone go about investing in themselves? The preceding questions are very common, however, there are several ways of investing in oneself and the merits of such investments are well-documented.

You Become A Better Version of Yourself

At the end of the day, the ultimate merit of investing in yourself is becoming a better, stronger, and more intelligent version of who you already are. Regardless of one’s current accomplishments or achievements, there is always room for improvement. As the old sayings go, “you attract what you are,” “like attracts like.” Both of the aforesaid statements are more real than most people would like to admit. The reality is that each person attracts what they are in alignment with. Therefore, in order for one to attract the great opportunities, they themselves must be great.

Hence comes investing in oneself. The Huffington Post lists a variety of ways for each person to self-invest. Some of the best methods include reading books, tackling goals on a bucket list, maintaining good health, and setting goals. Each of these actions comes with its own merits and remains applicable in virtually any career or line of work. It is very important for each individual to understand that being the best in their professional endeavors entails investing in themselves at one point or another.

You Can Learn New Skills

Many people often wonder about the most beneficial methods of investing in themselves. Aside from reading, setting and achieving goals, and maintaining good health, investing in learning new skills is arguably one of the best self-investments. Mastered skills can virtually always be transformed into capital which then creates an additional income stream. Multiple streams of income are paramount to financial success; they can furthermore be saved, spent, or re-invested for the sake of capitalization.

Learning new skills is especially important as artificial intelligence and automation become more and more integrated into our daily lives. Many people are learning that their current professional positions will face succession from robots or other forms of artificial intelligence. It is, therefore, extremely important for each person to have the proper skill sets to still be able to support themselves even after artificial intelligence fully makes its integration into society.

A Final Word

Ultimately, the best and surest investment that you can ever make is into yourself. Stocks, bonds, cryptocurrency, mutual funds, etc are all dependent upon myriad factors. However, the decisions you make, the books you read, the quality of your health, and your learned skills will each contribute to your success or lack thereof. Any individual who is serious about doing well and going places in life will invest in themselves at one point or another.

You owe it to yourself to live your best life possible and invest in the only one who can make it happen: YOU!

Authored by Gabrielle Seunagal