What every creative entrepreneur should know short

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What every creative entrepreneur should know short

  1. 1. Innovative & Modern Accounting 1‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  2. 2. Innovative & Modern Accounting Every Creative Entrepreneur Should Know’ I love business and I love working with creative and innovative individuals So I have prepared this guide especially for my clients who need some advice; whatever your field from Music Producers, & Chocolatiers to IT Consultants. The budding entrepreneur needs encouragement as there is more to running abusiness than understanding, or loving what you do. This guide will help you with the following: 1. How do you know if you have what it takes to start a business? 2. Know Your Purpose and Vision 3. Innovation: The Key To a Great Business 4. 3 Tips To Get To Grips With Finance 5. 5 Ways to Stay Motivated in Your Own Business 6. Perseverance & Patience 2‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  3. 3. Innovative & Modern Accounting How do you know if you have what it takes to start a business?Theres really no way to know for sure. But I do find things in common among the emotionalfabric of people ready to consider an entrepreneurial venture:1) You come from a line of people who couldnt work 3) Youve gone as far as you can gofor someone else.People who are successful at establishing their own Sometimes the motivation to start a new venture business tend to have had family who worked for comes from having reached the top of the pile themselves. Its usually easier to get a job with a where you are, looking around, and saying, company than to start your own business. "Whats next?"2) Youre a lousy employee 4) Youve done the market research alreadyOkay, maybe youre not that bad but think of it as If you have a great business idea you must put timethe marketplace telling you the only person who can into figuring out if theres a market for youreffectively motivate and manage you is yourself. product or service. 3‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  4. 4. Innovative & Modern Accounting5.You see more than one definition of "job security” 6. Youve got the support of your family, friends or a network of experienced individualsHow many people do you know who are able to stay Starting a business is stressful under the best ofwith one company for that long? circumstances. Doing it with the support ofIn a rapidly changing economy, job security can be your significant family members, friends orfrighteningly fleeting. professional guidance will make it more be bearable. 7. You are going to need some professional helpYou might excel at promoting a business. Or you may love developing and designing new products.You could be someone who starts a business because you have unique creative or technical know-how tocreate a product. Its unlikely that you are going to excel at all of the tasks required for running asuccessful business or getting your idea off the ground.The willingness to get that help — having employees, partners or consultants for those areas inwhich you are not an expert — is one indicator of likely future success. The person who is mostcapable of enlisting the support of others is the most likely to succeed. 4‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  5. 5. Innovative & Modern Accounting Know Your Purpose and Vision Planning for how to make this year your best year ever? Take some time to really clarify your Purpose and Vision for your business. These are two of the most necessary elements for pulling your business towards future success. Whether its the beginning of a new year or were half way through, you want it to be your best year ever. You are no doubt doing some planning for how to make that happen. Clear purpose and vision are often lacking in small businesses. Id like to recommend you take some time to really clarify your Purpose and VisionHere are a few ideas to help you make this your best year ever: Heres an idea for creating your vision:Can you tell me the following: 1. Think of the absolute greatest outcome that you can possible • What do you really want out of life? imagine that your best clients would really want from your service. • What do you really not want in your life? 2. Find your favourite way to relax quietly and examine your • What would you be willing to give up in order living the values and principles and then determine what you want your life you want? business to be in the future. • Have you lost track of your purpose? 3. Imagine yourself in a private movie theatre watching a movie of your future self in 10 years. What was your future self’s • Do you remember what led you to start or get into achievements, purpose and vision? your business in the first place?Answer these questions honestly and build your business around the life you want. Talk about a purpose that would set you on fire, repeat this to yourself every day!This may seem silly to you at first, but if you open your mind up to accept that the visioning process will work,youll be amazed at the answers that will emerge. 5‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  6. 6. Innovative & Modern Accounting Innovation: The Key to a Great BusinessThe most durable organisations are those that produce a succession of ideas and innovations that either improve on existing processes orcreate wonderful new products. In a fast-moving world, where people expect things to get better and better, and cheaper and cheaper,innovation is your route to getting ahead of your competition.Here are 4 simple ways to harvest innovation:1. Create An Innovative Climate → Goran Ekvall of Lund University in Sweden has defined three conditions needed for a climate ofinnovation. They are: trust, dynamism, and humour. Quite simply, when people trust each other there is a high level of energy and a commonsense of humour.2. Develop Washing-Up Creativity → For some, ideas come while mowing the lawn or taking the dog for a walk or playing golf orwaiting on a railway station. For Isaac Newton, it was an apple on the head while sitting in the garden. For Archimedes, it was in the bath. Forothers it’s while doing the dishes; that’s why Roffey Park calls these flashes of insight: “washing-up creativity”.3. Make New Connections → Morita, chairman of Sony, said that he invented the Walkman because he wanted to listen to music whilewalking between shots on his golf course. His team simply put together two seemingly incompatible products: a tape recorder and a transistorradio.4. Find Out What People Need & Want → Necessity is a great spur to innovation.Once a new innovation becomes accepted, the world has changed for ever and can never go back to the way itwas. 6‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  7. 7. Innovative & Modern Accounting 3 Tips to Get To Grips with Finance Time and again, it’s been proven that small businesses dont pay enough attention to cash flow. Thats the measure of how much money you really have in the business. Knowing whats up with your cash flow is essential to your business. But sometimes the figures can be difficult to understand. Dont ever be afraid to turn to professionals for some help.1. Be Wary of Big Contracts 2. Cash-Flow"Small entrepreneurs wind up taking big orders that get them in Judith Dacey, a certified public accountant, calls a cash-flowtrouble," says Ronald Lowy, who heads a college business statement "probably the most important thing in telling you if youradministration department. "They want the big contract, but theyre business is on or off target.”not getting enough money at the front end of it.” 3. Track the Big 10If youve established a way to track cash flow, then you can go on to organise and track 10 financials for your business. Thats a big list, butdont panic: You can take advantage of software programs or ask an accountant to track many of the following:• Your Assets • Whats Your Debt-to-asset Ratio?• Your Liabilities • Whats the Value of Your Accounts Receivable?• What does it Cost You to Produce What You Sell? • Whats Happening With Your Inventory?• Whats it Costing You to Sell What You Sell? • Whats Your Average Collection Time on Accounts Receivable?• Whats Your Gross Profit Margin? • What Are Your Accounts Payable? 7‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  8. 8. Innovative & Modern Accounting 5 Ways to Stay Motivated in Your Own Business Whether you have just decided to go into business and make the most of your natural talent or youve had a business for many years, youll need to stay motivated if youre going to see continual success. Here are five simple ways you can stay motivated in your business: 1. Set Yourself Tasks E.g. To-Do List: • Work on promotion steps Create a daily, weekly and even monthly list of things to do in your business. This • Important phone calls to make sounds so simple, but yet a "to do" list is a powerful tool in helping you accomplish • Stack of papers to organise business tasks and give you focus. • Update receipts Prioritise your list each day so you can do those things that are most important first. Most successful business people create a If you have tasks that you absolutely dread, then put those tasks at the very top of list and then check off items as they are the list if possible. This will give you a free mind for the remainder of the day to completed. This gives a sense of concentrate on the tasks you enjoy. accomplishment throughout the day as you complete tasks. 2. Search for New Opportunities during Slow Business Times Having a slow time in your industry? Dont despair. And, whatever you do, dont go apply for a job at the local fast food chain - just yet! Perhaps you offer a product or service that sells very slowly during the spring months. You could seek out related products or services that would be popular during those months to offset the other in profits. This will give you a chance to make money and enjoy multiple streams of income year round! 8‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  9. 9. Innovative & Modern Accounting 3. Take an Online Training Course Educate yourself through online training courses related to your craft so you can learn how to maximize your skills and profits. There are many training courses available online today in the fields of web design, graphic design, online marketing, real estate, travel, office skills, medical, insurance, finance, etc. Alternatively you could subscribe to magazines and read articles related to your special area. 4. Expand Marketing Avenues Dont settle for less. Use the wisdom and experience of others who have been in business a while to expand your marketing avenues. You might consider reading after top marketers to get Internet marketing ideas. Also, there are many ways to promote your unique business off-line. You could be wrong if you feel like your product or service doesn’t need marketing – from Music Producers to IT Consultants to Lawyers – everyone needs to showcase their skills! 5. Network with Others Another way to stay motivated during a business slump is to network with others. Find others in related fields who can offer advice and encouragement about your business. A new business can be lonely at times because you rarely leave the house or office! Check your local area for networking communities and business meet-ups or join networks specific to your craft. There are also national networking websites and organisations you can join e.g: The Evening Standard http://www.es-bc.co.uk/home Use these tips to stay motivated in your business. You deserve success, so dont give up! 9‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  10. 10. Innovative & Modern Accounting Perseverance & Patience • Finally, in this world of instant gratification, there is still a place for one of the keys virtues known to man, especially for the creative entrepreneur: Patience. • Patience is defined as bearing or enduring pain, difficulty, provocation, or annoyance with calmness. It also means persevering constantly. Why is that so important for someone who is starting or is operating their own business? Let me explain by telling you my story. • I found out the importance of patience through a blip I made several years ago. I decided that because I love wearing dresses I would set up my own online fashion boutique. I invested in the stock and was disappointed when no one else loved my dresses! But, instead of being patient, I decided quickly that it wasnt for me and I moved on to another opportunity. Had I been patient 10‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  11. 11. Innovative & Modern Accounting to start with, there is no telling how far up in the business I would have been. Through the years, I have learned the importance of patience in several areas. • First, you need patience to get to know your new business. You may need to go through training several times to get the idea of how things work. You need to get to know any products you offer by studying them and giving them a try yourself. You need to understand the risks so there will not be any surprises down the road. You need time to understand exactly how you are to promote your business. You also need to keep an eye on your accounts and deadlines. Be patient and you will gain the understanding you need. • Next, you need patience in dealing with and getting to know your customers/affiliates. You will find quality people that are like you. It may not happen overnight but it will happen. Just be patient. • In closing, let me say you need patience in the day to day running of your business. This may be the area that patience is needed the most. The thrill of getting started begins to wear off. But remember, anything worth having is worth working for. Make up your mind you are going to stay positive. 11‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  12. 12. Innovative & Modern Accounting If you found this e-book useful, please share this guide. Wishing you success! Where to find me Website: www.noelbookkeeping.com Facebook: http://www.facebook.com/NoelBookkeeping Email: ruth@noelbookkeeping.com Tel: 0844 665 1355 12‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  13. 13. Innovative & Modern Accounting About the Author Growing up Ruth noticed that the people close to her were terrified of having to pay taxes. And this is understandable. But this motivated her to help people with accounts and finances; so that they no longer have to worry constantly about this area. With her knowledge and methodical approach she makes sure everything is under control. She believes being afraid of taxes and finances is just like being afraid of your own growth. In other words, you should not put a glass ceiling over your own head because you are in fear. If you have this in your mind then you are effectively limiting your own success. She works with entrepreneurs by sharing positivity and using bookkeeping and accounting strategies that will bring out the best in innovative businesses. 13‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com
  14. 14. Innovative & Modern Accounting 14‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com

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