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“7 Essential Secrets Of A Successful Business Revealed!” Part 1

1. YOU

“The Buck Stops Here”

Responsibility start and end with you as the business owner, partner or as a stockholder.

You are not an entrepreneur just because:

a. You have the capital.
b. You have a business.
c. You quit your job and sell any product you can sell.

You are an entrepreneur if:

a. With or without the capital, you can still continue to operate the business

The 2 most common source of financing is bank loan and collection of your sales. Entrepreneur applying for a bank loan credit does not mean that you have a capital problem but to prepare the business for any emergency if you will have any liquidity issue in the future, with proper planning the available cash can be use as a leverage together with your bank loan to fund bigger projects.

Making a lot of sales is not the only stage of a revenue cycle. The first stage is to establish a credit limit for every client. Doing this you will manage your uncollected sales because you already made an early estimate if how much a client can really pay.

b. Willing to learn your business. Have a business that everyone wants to copy
and not just copying what is the new business craze.

Remember pearl shake craze, flavored potato fries craze? Current business craze flavored Potato twist - What is the difference with the flavored potato fries?

In a business craze, only the 1st and 2nd top selling business will really make it big. 3rd and 4th of the market share will have to think of a really great strategy to get a share of the pie.

c. The most important character that you should have is to be a problem solver. Everything start and end with you. The business will not end after 5 or 6 pm, no holidays or sick leave.

You will work longer hours if you will not use the 2nd essential secret.

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1 comment:

  1. Nice! Especially for a small business owner like me :) By the way, if you can post more about BIR concerns, that would be great :)

    Ninez @


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