Eighty percent of entrepreneurs make this costly idea mistake

Train your mind to look for and create income opportunities with the “Breakthrough Ideas” manual.

Most people wanting to start a new income stream come up with the wrong ideas because they focus on a product or service idea.

You see, when you go for a new idea you can face too many obstacles. You have to spend money testing your idea. You need to develop your idea and find distribution. All this costs money. The worst thing is that you only have an outside chance of success.

Even the big companies in FMCG don’t get new product development right. Something like 76% of new products in FMCG failed between 2011 to 2013 within a year. About 66% of the products never reach the sales volume of 10,000 items, according to a news report. Continue reading “Eighty percent of entrepreneurs make this costly idea mistake”

One thing an entrepreneur values most

(Copyright © 2015 by Chesney Bradshaw, all rights reserved)
(Copyright © 2015 by Chesney Bradshaw, all rights reserved)

I was talking to a successful entrepreneur the other day and asked him what he valued most in entrepreneurial business leaders. His answer surprised me. All the business consultants, advisers and the coterie of small business gurus believe that they can read the mind of the entrepreneur but when you actually sit face-to-face with entrepreneurs, you know, the things they value of different to what you hear. Continue reading “One thing an entrepreneur values most”

Not knowing the numbers can put your small business in financial jeopardy

Scotch pie showing inside contents. Purchased ...
(http://www.dalbeattiefinefoods.co.uk) (Photo credit: Wikipedia)

Do you know the key financial numbers in your business? How well do you know them? If woken up in the middle of the night, could you give a pretty accurate estimate of where your business sits financially?

Without control over the financial and operational numbers in your business you really are operating blind. Knowing the numbers allows you to see potential problems before they occur. You can also operate and run your business with confidence knowing where you are going.

A report from Canada showed small-business owners were lacking in basic financial knowledge that could help them better manage their companies. The report said that while 93% of entrepreneurs surveyed did believe they have an average or even advanced understanding of financial management principles, 39% failed a 18-question financial literary quiz. About 57% achieved a score of 50% or less. With small businesses struggling to be profitable and competitive, this isn’t a good sign, said one of the people who ran the survey. Continue reading “Not knowing the numbers can put your small business in financial jeopardy”

Is time your only source of income?

Vienna Trip - Property, Finance & Investment a...
Vienna Trip – Property, Finance & Investment and Real Estate (Photo credit: Nottingham Trent University)

The other day I was talking to someone about a business opportunity and I said to the person that she was only selling her time. She looked at me puzzled. I explained that if you are selling your personal services to accompany whether it be to do a particular job, consulting, advising or training, you are only really selling the time that you have in life.

Look at it this way, people work in jobs for many years and hope to retire at 60 and that their investment of the time will bring them financial freedom, security and a comfortable lifestyle. Yet this is not always possible because the job market is uncertain and by the time that they retire inflation will steadily erode their retirement income. Continue reading “Is time your only source of income?”