Finance

Overcoming the Obstacles of Entrepreneurship

Bored with your routine job and thinking of starting your own business, or are you in desperate need of money? By now you must have heard that 90% of all small businesses fail: poor planning, competitiveness, insufficient advertisement and lack of capital being some of the factors.

Do you think you have what it takes to be an entrepreneur? Experts like Peter Drucker, the educator, author and management consultant who invented the term management by objectives and self-control says that entrepreneurs ‘create something new, something different; they change or transmute values.’[i] If this is you and you are here to make an impression on the world, you will have to have a novel or fresh concept and you will have to overcome your doubters by being your own boss.

Being stereotyped is one of the main obstacles an entrepreneur will have to overcome. If you start from scratch -zero dollar-, people will judge. When people talk, they speak their fears for your new idea. To them because you are coming with something new, you are bound to fail.

The average person does not want to work with a non-established entity, unless the business is first class and the average person has little tolerance for the growing pains of a usually single staffed company. People prefer top service at an affordable price. If you can make your company seem as if you are at the top of your industry but come at a reasonable price, you have done the trick.

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The personality traits at the entrepreneur’s disposal impact greatly on her or his success. Nader Seyed Amiri and Mohammad Reza Marimaei from the University of Tehran say entrepreneurs demonstrate ‘confidence, perseverance, determination, energy, diligence, resourcefulness, the ability to take calculated risks, dynamism, leadership mistakes, optimism, the need to achieve, versatility, knowledge of the product and creativity’.[ii]

Look at your list of people skills and on a case-by-case basis, determine which quality to use when dealing with difficult people and challenges in the business.

Be frank and ask yourself, ‘what kind of lifestyle do I want? How do I want to operate? How much time am I prepared to devote to building my business? How big do I want my business to grow? What kind of business culture do I want to have? How will the business change my life?’[iii]

IMG_20160229_140513Money is the main culprit thwarting startups. People do not have enough money to pay for the goods or services when you wished to charge them to maximize profit.

Sometimes it is impossible to predict the number of customers and difficult to price products and services. There are times when most entrepreneurs will be unable to pay staff or self. If you dip into your business’ pocket, you have robbed it of its chance to succeed. Whatever little is earned from the business is to keep it afloat. The most important use of money is to purchase stock and pay staff. Self is the last to be paid from any new business.

If you are starting with zero dollars or a year security, have faith. Seek and learn what funding is available for small business operators. Most of funding is for already established small businesses. Remember, every dollar that can be accessed will come in handy.

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So you are the pig-headed one, who is determined to prove you can succeed at everything you try, then by now, you know that knowledge is the key. Jumping into an area of business that you know nothing about can be very costly. Every entrepreneur must have knowledge about their industry of choice. It is often best to start a business in which you have experience. This is where your skills can best be used. But if you have no experience, please, educate yourself about the business you are venturing into before investing all your resources and time into it.

Be the humble servant. Everybody you meet and everyone you know is a potential customer. Remember that business people are here to serve the needs of the community. As the servants of our customers, we know that a well-pleased customer is money in our pockets. We keep our clients satisfied.

Listen to the Voice within. Have the guts to follow your dreams and follow your own path. The 10% successful entrepreneurs did it their own way because they listened to that Voice within.

[i] Van Sickle, Heather. Defining Entrepreneurship: Starting A Dialogue on the Meaning of the “E” in NACCE. National Association For Community Colleges. 2010.

[ii] Amiri, Nader Seyed & Marimaei, Mohammad Reza. Concept of Entrepreneurship and Entrepreneurs Traits and Characteristics. Public Management, University of Tehran, Faculty of Management MA in Agricultural Economics Accepted 23 November, 2012.

[iii] Taylor, Andre. Are You Helping Entrepreneurs Plan for the Future? Defining Entrepreneurship: Starting A Dialogue on the Meaning of the “E” in NACCE. National Association For Community Colleges. 2010.

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BYOD -Business Sense

BYOD -For Better Business

 

BYOD -Business Sense

 

BYOD stands for bring your own device. It is the practice of allowing not just employees but also customers and friends access to home and business Internet services by the use of the friend, employee or customer’s personal device. These devices include smartphones, laptops and tablets. The business or household benefits by being forward thinking in satisfying their friend, employee or customer’s need. If it is the one house or business on the block allowing everybody free Wi-Fi –everybody is turning up for access.

Companies allowing employees to use their own devices -which are oftentimes more technologically advance- save the company from having to purchase expensive smartphones, laptops and tablets for their employees’ use on the job. The employee is happy to use the company’s time for personal matters on his or her personal phone but more importantly the familiarity of one’s own device and satisfaction on the job improves the quality of work. In the article, ‘Business-unit-level relationship between employee satisfaction, employee engagement, and business outcomes: A meta-analysis’ by Harter, James K.; Schmidt, Frank L.; Hayes, Theodore L. in the Journal of Applied Psychology, Vol 87(2), Apr 2002, 268-279 found that employee satisfaction affected the business unit outcomes ‘of customer satisfaction, productivity, profit, employee turnover, and accidents.’

BYOD establishments are customer friendly and the way forward. Customers get this service in supermarkets, hairdressing salons and even tattoo parlors. BYOD services are everywhere.

Once the Internet is available at work an employee automatically will tap into free Wi-Fi services to have access to the Internet and being familiar with their own device will get more quality work done. The employee is better able to build customer relations but this becomes problematic when an employee is dismissed and leaves with customer data on her or his personal device. For companies in this situation it is like losing clients to your competitor.

As there are benefits to everything, there are also disbenefits. There are risks for breaches in network security by anti-malware software accessed by persons visiting unsecure sites. There is the dishonesty of customers, employees and friends seeking to break encryptions and passwords to gain greater access to the company or the individual’s network of private files. Plus there is the foreseeable loss of personal devices by employees, customers and friends with sensitive data. There is the risk of the found device being accessed by unsavory persons by the jail breaking and sandboxing of the smartphone, laptop or tablet.

Companies and private parties need not fear BYOD. They are able to manually add those persons to their network and to not include those are to be denied access to the network. BYOD is the way forward and is here to stay. Businesses that choose to lock customers out the networks exist in the dark days. The commercialization of internet access, especially since the injection of mobile collaborative applications (apps) means there is nothing that can be done to change people’s desire to have the same ease of access at home in the workplace or in the establishments of businesses they choose to serve their interests.

There is an application for everything. Businesses do not need to run from the advancement of technology; they need to integrate technology into their businesses. This means understanding the advantages and disadvantages of employees and customers having access to their network and learning to protect themselves.

How can companies and individuals protect their network and the employees and friends’ personal devices from being corrupted? They can do so with with anti-malware software, encryption codes, passcodes, and by remote wipe of devices that have been lost, stolen, or compromised. There are also software solutions such as Good for Enterprise, Citrix and Cisco BYOD Smart Solution that are designed to protect local networks from breach in security. Companies allowing employees and clients to bring their own devices to access their network can also learn to manually restrict access points and control the data those with access to their networks can see and use.

There is no need for IT departments to panic about the social inclusion of personal devices on the company’s network or home network. As with everything there are problems and solutions. Problems can at times be avoided and will always be surmounted with knowledge.

Regenerating Wealth -The Law of Money

Depriving the market of capital to regenerate itself is a folly in its entirety. Earth consist of global communities. The hoarding of wealth by any community or members of any community prevents its circulation. For the hoarder to gain money it must come from the community and in Earth’s case, its communities. The miser creates misery in the capitalist system and at some point must realize that in his or her initial glory, there was a reinvestment of capital to gain more than what was present. Money must flow in the community for the community and the lender to exist. In the case of our global communities the stagnancy that presently exists is the lack of its circulation around our globe. We must employ common sense reasoning. When we flourish we gain in every facet and aspect of Earth’s development. 99% rich and 1% poor is madness in its entirety.

In the glory days of the 1% there was spending of profit which was called reinvesting. These days the 1% are drunk on their own wine. We must deliver to them ‘The Wine of Astonishment‘ and bring them back to their former glory. Spend on us, the 99% and we will give it back to you, the 1%, in multiples.

It is no mystery why the internet works. The interconnection of or communities provides our largest market. There are more than one billion of us online. For any business to grow online, it must be linked by keys and strokes to the wider community. Each online company must push the product of another company to be noticed by the search engine. In order to get giving must take place. The capitalist system is the same. The miser in hoarding created a puzzle. But there is no mystery. There is a law of money. You have to spend to get. Regeneration of wealth is the only solution.

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Get Rid of Bank Debts

Banks have a tendency to contract with borrowers to an agreed sum and interest, and when the borrower becomes incapable of servicing the debt, the debt balloons to a figure neither the borrower nor the lender would have contracted to. These practices benefit the banks only to the extent where the borrower becomes able to pay and benefits no one when the bank has no assets to recoup. There may be a way around these rigid policies that does not cause the borrower to lose real wealth repaying these exorbitant debts but it involves lots of negotiating and begging with the bank. Ask your bank to allowed to you to pay off the principal and disregard the interests. That way it is a win-win situation for both lender and borrower, as there is no loss on either the part of the lender or borrower, as what was borrowed was paid.

Bubble Gum Money

But for a means to exalt our financial achievement most people would not purchase anything. The expense of what we purchase often times elevates us to certain status in our groups. The new foreign car parked outside our gate creates an impression on our neighbors and gives us a satisfying feeling. Buying our kids a new pair of Jordan, the new iphone or tablet gives parents and grandparents a sense of worth and accomplishment, as if by our children getting material possession, we have gained something. The problem that cripples us, is that wealth has concentrated itself into the hands of 85 of us. That 85 people own 99% of the World’s economy is staggering news. They have monopolized money. What is even more staggering is the missing 134 billion dollars of U.S. Bonds that was stopped at Italy’s border, the legal debacle ensuing over it and how it exposes a collapsing banking system worldwide. So, how can the Rule of Law solve the capitalist dilemma?

What are these U.S. Bonds that the Japanese were taking across the Italian border and how does it affect  the U.S. dollar? That amount of money can only be accounted for by the highest levels of government. According to the lawsuit The Federal Reserve is in a legal war over gold that the Chinese gave it to create the Federal Reserve to sure the Dollar -the Earth’s official currency- in 1934 when Japan invaded China. It is valued at more than U.S. trillions of dollars and the Chinese want it back. These Bonds were part of that surety. At first they thought the Russians were dumping their Bonds. But why would the Russians be dumping U.S. bonds? Could it be that without the Chinese gold as surety, these Bonds are worth nothing.

The new term for the Dollar is bubble gum money. It is a bubble about to burst and if this catastrophe is not averted the fall of the U.S. Empire is eminent. This affects all peoples because the U.S. dollar is the world’s official money. What this means is the banks are printing money that cannot be substantiated by the United States collateral.  Any money issued in 1934 by the U.S. Treasury may have no real financial backing. It may just be paper in your hands, as may also be the entire U.S. monies. When analysts were talking about the banks being too big to fail during Obama’s first term, they were right to be scared. Yet the United States have not resolved this legal and financial crisis.

Gold is the true currency. It along with land are the true wealth. The United States has a mandate to fill, as one of the conditions of the agreement in setting up the Federal Reserve. The surplus was to be used to improve the living standards of all nations to that of the G7 group of nations. The tables are turning.

In the recent rush to sell gold. The United States was scraping gold from third world people, who fell on hard times, for little or nothing. They need to sure up the Federal Reserve. The price of gold on the world market today is US $ 1,127.21 per ounce. People in Jamaica sold their gold for JA $1000. They sold it for 90% less than what it was worth. Highway robbery.

The mass must first free their minds. Garvey said it. If the protests on Wall Street were not enough warning, these times are too volatile to not expect people to riot if our money becomes worthless. Revolution of the capitalist system does not need to come by bloodshed. The rule of law was used in ancient days to ensure the pharaoh was given is monetary due, just like the old coinage: what is due to Caesar is due to Caesar. In 1948 the rule of law became the people’s protection from the injustices of the system. How can the rule of law as tabled by our united governments in the Human Rights Charters of 1948 regulate and modernize our monetary and capitalist system? By challenging our monetary system. Our banking system is illogical. The banks are operating as pyramid schemes selling debts that escalate to ridiculous figures above the actual borrowed sum. The banks’ products and services are not tangible. They are inflating balloons or bubble gums. These debts grow to imaginary figures neither the bank nor borrower would have contracted to. By its illogical nature, these loans cause the terms of the contract at times to be incapable of performance destroying the contracts. And if performed the performance of the loan would be a detriment to the consumer and also an unfair business practice.  In both regards, these servicing of these loans are illegal.

We in the Caribbean cannot wait for our real assets to be gobbled by the banking system, like the real estate fiasco in America that saw the transfer of land from American citizens to foreigners. It is time for a cap to legally restrain banking greed. Governments have a responsibility to protect its citizens’ assets.

Money In The Bank

Welcoming Greece Into The 3rd World

Greece’s ‘oxi’ or ‘nai’ votes puts the two systems, Democracy and Capitalism at war. Democracy is people driven governance and Capitalism is the individual pursuit of wealth. Both systems have been with us for centuries and are the ideals of our modern era. Rastafarians call these the ‘izms’ and ‘skizms’ of a Babylon system and by that they possibly mean -these ae remnant philosophies of the Babylonian period. Democracy has been credited to the Greeks in 508/7 BC and was ratified by Earth’s Universal Declaration of Human Rights in 1948, after the 2nd World War as, our chosen system of governance. We, the people of earth were deciding to use civil discourse as the best practice in deciding our fate because warring among ourselves was no longer a solution, despite its present linger.

With the ‘oxi’ or ‘nai’ votes, the Greeks are expecting Democracy to save them from economic collapse of biblical proportion. The Ancient scrolls credit Capitalism to Joseph. According to the scrolls translated in the King James Version of the Bible, Joseph (an Israelite) introduced capitalism to the Pharaoh through the interpretation of a dream and went on to structure Egyptian civilization around it, even structuring his own tribe into slavery. Capitalism has become the right of modern man to advantage him or herself financially above his or her neighbor. It has been around since the beginning of human existence but was systematically established in Egypt, one of the Ethiopian continent’s legacies that spread into Europe. This libertine and individualistic pursuit is at the heart of every man and woman; for, every people have strived for material betterment at the expense of others. But it has crippled the communal progress of all peoples by maintaining the mass as expendable labour, while nurturing individual hope of being the breakout star of the group. The ancient African philosophy aims to subdue Europe’s philosophy of democracy.

A few families are said to control this capitalist system. Oxfam reports that 85 people own 65% more than 3.5 billion of us. Oxfam’s projection is that by 2016, 99% of our Earth’s wealth will be in the hands of this 1% group. The 7 billion of us are neo-slaves. We must exam what Greece’s exercise of Democracy is saying about our sustained development and capitalism. The standards set by our Charter of 1948 ensure the basic human rights, as ratified by our existing governments and should not be eroded by human greed. We must think and check our desire to stand on others.

Our monetary system is the bedrock of Capitalism. It is illogical in its entirety and unfair in its practices. The banks limit the amount of money to be withdrawn but its policies engender limitless debts. It is illogical to contract to ballooning debts. Such a contract unethically enslaves the borrower to an indeterminable debt that has seen economies like Jamaica, Greece, Spain, Sudan, et cetera, passing indeterminable debts to citizens. Our banks are private entities seeking to govern us. The Scotsman- William Paterson, who nationalized the Bank of England said,

                           “The bank hath benefit of interest on all moneys which it creates out of nothing.” – William Paterson

We borrow limited sums and with this benefit of interest, imaginary money is created as sum owed.

The International Monetary Fund and European Central Bank are advocating the common rhetoric of judicial reforms, cuts on expenditure and increased taxation for monies that failed Greece on the two preceding near collapses; monies which balooned as all imagined debts do. And at the same time are carving out the Rule of Law.

We must ask ourselves what are our standards. If we advance Earth’s communal wealth by adhering to our ratified Rights of 1948 and stifle the individual pursuits of these 85 people, will we also be ensuring that our communities can support the individual pursuits of the mass. And what are our standards? Our standards are our basic needs of food, shelter, clothing, our freedoms, our security and access to technology, et cetera, as ratfied by our governments in 1948 and enacted therafter amongst our member states. If we start by constructing homes for the nations of earth, we will be sustaining our development and spurring capitalism. When Pharaoh’s capitalists enslaved the mass, they erected homes to house their slaves. In this modern era, are we any less civilized?