Learning from the wisdom: pros and cons of starting your own business
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There are plenty of reasons why someone would like to start a business, and neither of them is either good or bad.
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Managing expectations is critical for business leaders and entrepreneurs. You must first manage your own expectations by setting realistic goals based on your skills, experience, and the typical timelines for building successful companies in your industry. When managing others' expectations, provide accurate information along with the risks and context so people understand the challenges. Examples show the consequences of overpromising or mismanaging expectations, like disappointing investors or losing key hires. Properly setting expectations sets the stage for addressing inevitable challenges without surprises.
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Mel Feller knows that business coaching is a process used to take a business from where it is now to where the business owner wants it to be. A business coach will assist and guide the business owner in growing their business by helping them clarify the vision of their business and how it fits in with their personal goals. Fitting the business vision in with the business owner’s personal goals is a step that is missed by most business coaches, who often only focus on the business goals. In so doing, they are omitting the goals of the business owner altogether. A great business owner seeks to understand why reaching business growth goals is important to them personally, and the impact it will have on their life. After all, the business owner ultimately determines the speed and passion in which the goal is met (if ever), and if it is not linked to the business owner’s personal dreams, goals and plans for themselves, there is no burning reason why getting to that business goal is critical. Mel Feller has created this guide to take you by systematically through how you can start a business. It covers every conceivable thing you could want to know when setting up a business, including:
Why most-entrepreneurs-fail
Most entrepreneurs fail for several common reasons: (1) Trying to do everything alone instead of sharing work, (2) Running a business only part-time instead of full-time, and (3) Lacking a clear business plan and revenue model. Other reasons include unrealistic expectations of help from others, poor networking skills, ego that prevents listening to advice, and not recognizing the importance of employees. To succeed, entrepreneurs must avoid these pitfalls and focus on building a sustainable business model.
Entreprenuer ship
The document provides lecture notes on entrepreneurship. It defines entrepreneurship as undertaking innovations and transforming them into economic goods. It discusses different types of entrepreneurship like social entrepreneurship and political entrepreneurship. It defines an entrepreneur as an individual who runs a small business and assumes the risk. Common characteristics of successful entrepreneurs are discussed like ambition, enthusiasm, creativity, decision making skills, perseverance, passion, resilience, being self-possessed, decisive, fearless, financially prepared, flexible and having a zoom lens perspective. Obstacles in starting a business are also highlighted.
'Buy back a day' whitepaper
This white paper sets the background for my work mentoring small business owners to grow their business and at the same time buy back a day per week into their lives
Leading Entrepreneurship Blog
Thewiseentrepreneur.co.ug is passionate about entrepreneurship, developing capacity in people and organizations, and transforming people through paradigm shifts, win-win mindset, and knowledge sharing.
basic startups challenges faces by new syartups
The document discusses the key challenges faced by new enterprises. The major challenges include financial issues in raising capital, managing human resources as the business grows, adapting to environmental factors like market trends, obtaining mentorship, effective management as the business scales, and dealing with competitors in the market. Overcoming these challenges requires an entrepreneur to have a strong business plan, pitch their idea to investors, build a skilled team, stay aware of trends, seek guidance, implement strategic planning, and differentiate their offering from rivals. How well an entrepreneur can address these common startup hurdles will determine the success or failure of their new business venture.
Entrepreneurial traits
Are great entrepreneurs made or born? Many individuals struggle with this question in the quest of starting and operating a business. It is not an easy task growing a business from the idea stage to a big business with huge profit margins.
Hr Recession Guide
This document provides copyright information and disclaimers for a report on recession-proofing an HR career. It notes that the strategies discussed could help the reader avoid losing their HR job during difficult economic times, but does not guarantee any specific career or financial outcomes. The report is intended to provide informational and motivational advice only.
Hr Recession Guide
The document provides strategies for HR professionals to recession-proof their careers and avoid losing their jobs during economic downturns. It discusses 7 ways to do this, beginning with being visible and standing out from others so as to not be seen as expendable. It advises volunteering for high-profile projects, completing assignments on time, and developing a plan to address business problems. The next strategy discussed is boosting one's value by focusing efforts on initiatives that directly support business goals and priorities. The document is written by an experienced HR executive to help other HR professionals survive and advance their careers during recessions.
Hr Recession Guide
This document provides copyright information and disclaimers for a report on recession-proofing an HR career. It notes that the strategies discussed could help the reader avoid losing their HR job during difficult economic times, but does not guarantee any specific career or financial outcomes. The report is intended to provide informational and motivational advice only.
Why businesses die before their 5th birthday by Serrainne Nyamori
50% of new companies fail in their first five years. Another sobering fact is that not all start-ups /new companies create jobs. An even fewer number survive, grow, hire people and are sustainable. Is there a particular reason for this entrepreneurial failure?
Pec of Css ( Personal Entrepreneural Competencies of Computer System Servicing )
The document discusses important traits of successful entrepreneurs. It states that entrepreneurs must be determined workers who concentrate their time and effort on their business. They must have self-belief despite challenges and understand that building a successful business takes years of continuous work. Entrepreneurs also need to generate income for themselves and their families, obtain feedback, take responsibility for outcomes, and make logical long-term plans. Personal needs are secondary to business needs, and entrepreneurs must be patient and find alternatives when facing uncertainties or unanticipated risks.
5 Necessary Traits for Successful Entrepreneurs
Five necessary traits for successful entrepreneurs are discussed. They are discipline, long-term passion, flexibility, integrity, and persistence. Entrepreneurs must be self-disciplined, maintain their passion consistently, adapt to changes quickly with flexibility, act with integrity to build trust, and persist through inevitable failures. Developing these five traits is essential for entrepreneurs to achieve success in their ventures.
Managing time well
The document discusses time management for online entrepreneurs working from home. It notes that effective time management is essential for success but can be challenging. Some key reasons for poor time management include procrastination due to bad work habits, feeling overwhelmed, a need for perfection, and boredom. The document provides tips for better productivity such as starting each day with an action plan and maintaining balance across different life areas. Overall it emphasizes the importance of planning and self-discipline for online entrepreneurs to make the most of their time.
The Successful Entrepreneur
This document provides a disclaimer and introduction for an e-book about entrepreneurship tips. The disclaimer notes that while efforts were made to ensure accuracy, the book should be used as a guide and not a definitive source. It also states that the author and publisher are not liable for any errors, omissions, or damages. The introduction then discusses how entrepreneurship can be more profitable than employment for some. It acknowledges that many want to become entrepreneurs but lack the necessary skills and knowledge, leading to failure. It encourages self-study to learn entrepreneurship and provides an overview of the tips that will be discussed in the e-book to help readers succeed.
Era of startups
According to the statistics provided:
1. 50% of new businesses fail within five years, but those that survive past two years are less likely to fail each subsequent year as they build a customer base and cash reserves.
2. Entrepreneurs who have previously failed at a business venture have a 20% chance of success with their next venture, higher than the 18% chance for first-time entrepreneurs, since failure teaches valuable lessons.
3. 95% of entrepreneurs have at least a bachelor's degree, though some famous entrepreneurs dropped out of college to start successful companies.
Similar to Learning from the wisdom: pros and cons of starting your own business (20)
5 important skills that successful entrepreneurs share
5 important skills that successful entrepreneurs share
Mel feller illustrates the steps needed to start your business by mel feller
Mel feller illustrates the steps needed to start your business by mel feller
Why businesses die before their 5th birthday by Serrainne Nyamori
Why businesses die before their 5th birthday by Serrainne Nyamori
Pec of Css ( Personal Entrepreneural Competencies of Computer System Servicing )
Pec of Css ( Personal Entrepreneural Competencies of Computer System Servicing )
More from Adam Greene CPA
The CPA test for international students
So what happens if you want to become a CPA in the United States but you live abroad? Or what happens when you are actually in the United States and want to become a CPA but you have a different nationality?
Startups: starting is the hardest part
Yes, starting is the hardest part, and it is in every aspect of life. But there is a reason for it: without initial challenges, how can you build your own experience?
Digital world and technology: Startup challenges you should learn how to beat
Startups must be ahead of the competition, and it means a major challenge for young companies, which are many, pursuing the same goals. Let’s get deeper.
How to implement a good corporate governance?
The concept of corporate governance refers to a set of principles and standards that determine, on one hand, the design, integration, financial planning and operation of the governing bodies of companies .
What you need to know for the CPA exam
The Uniform CPA Examination provide reasonable assurance to Boards of Accountancy that those who pass the CPA Examination possess the level of technical knowledge and the skills necessary for initial licensure in protection of the public interest.
Heads-up with financial startups: tips to be successful
After thinking it over and over, have you decided to quit your job and become an entrepreneur? Good for you!! There are hundreds of opportunities out there and even though starting a business might not be easy, I applaud you being brave enough to follow your dream. And as building a company or brand takes a lot of time and effort, I would like to share some financial tips that I hope will keep you from making very common mistakes that can lead to a step back in your process.
Do I need a CPA to help me?
“Certified Public Accountants (CPAs) are advisers on a wide range of financial matters. They advise individuals, businesses, financial institutions, nonprofit organizations and government agencies and help with tax preparation, personal financial planning, auditing services, and advice on developing effective accounting systems.”
Tracking expenses with modern technology
As with many industries, the essential tools required by most accountants vary depending on the needs of their clients. This makes having computer software versatile enough to fit the needs of both small businesses as well as larger corporations crucial for any certified public accountant.
Accounting Methods - Cash versus Accrual
Many construction companies use either the cash or accrual method of accounting. The cash method requires income and expenses to be recorded when payment is received or made, while the accrual method records them when the sale is made or services are received, giving a more accurate picture of monthly business activities but not total assets. The accrual method, required for companies with over $5 million in annual sales, shows authorities the financial entity's per-month activities more precisely.
CPA Requirements for New York State
Adam Greene has worked as a partner at the accounting firm Greene & Company in Melville, NY since 1986. As a licensed CPA, he oversees the preparation of all financial documents. To become a CPA in New York, candidates must complete educational requirements including a bachelor's degree with 24 accounting credits, have two years of relevant work experience, and pass a 14-hour exam covering regulation, auditing, financial reporting, and business concepts.
Implications of the Additional Medicare Tax
The document discusses the implications of the Additional Medicare Tax for construction companies that operate as S-corporations or partnerships. It notes that the tax requires employees earning over $200,000 to pay an additional 0.9% tax on wages. For partnerships and companies taxed as partnerships, all partners must now pay the 0.9% tax on all net taxable income earned by the company. However, income distributions from an S-corporation are not considered investment income and are not subject to the tax, though an owner-employee may owe it if other income sources exceed the limit.
A brief introduction to rugby
A popular sport in New Zealand, the United Kingdom, and South Africa, rugby is often incorrectly thought of as American football without pads. Although both sports feature individuals engaged in a running game carrying balls of a comparable shape and size, the differences between the two games outweigh the similarities.
How the Construction Industry Is Taxed - Some Basics
Adam Greene is a partner at Greene & Company, LLP who has provided financial services to the construction industry for over 20 years. Most states do not tax construction services but do tax supplies purchased by construction businesses. Some states view contractors as resellers and do not require them to pay sales tax on materials, and many states offer exemptions from sales tax on materials depending on the contract type and client.
Rugby Position Roles in a Scrum
Though among the most fast-paced and aggressive sports played today, rugby is largely unknown in the United States. Some colleges have rugby teams, but the sport is usually offered as a club or intramural sport. Rugby often draws similarities to football, and in some sense the player positions are quite similar.
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2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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7:个人信誉贷款加10分
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【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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Learning from the wisdom: pros and cons of starting your own business
- 1. Learning from the wisdom: pros and cons of starting your own business By Adan Green CPA Courtesy of Dennis Skley at Flickr.com
- 2. Adam Greene and his associates have worked extensively with startups in the past. Their experience has helped entrepreneurs to cope with the initial dichotomies of starting a new business. Every time someone is about to start their own business, it is important to consider and establish the reason — why is this business to be started — behind the initial motive. Establishing the reason might include assorted ingredients like the chance of being their own boss, the chance of having flexible working hours, the possibility of having more leisure time and, the most common: people are already stuck in a lousy job. There are plenty of reasons why someone would like to start a business, and neither of them is either good or bad.
- 3. If one were to stick to the reality, one would get a devastating picture: between 50% and 75% percent of startups businesses will actually close within the first three years! The common reasons for this are, mostly, the lack of experience: this means that people are often good at a job, but not so much at running a business. Remember that running a business includes also being able to know how to manage employees, time, stock, debt, cash, etc. Also the lack of planning leads most startups to bankruptcy: if no planning whatsoever is done in advance, chances are the startup is going to fail soon.
- 4. What are the cons?
- 5. Greater dedication: Starting a business demands a lot of time and a lot of effort, mostly during the initial phases. Being an entrepreneur means developing a mandatory set of skills required for the business operation. It also means not only focusing on being profitable but being able to control, supervise and properly manage the project.
- 6. Economic Risk: There are plenty of factors — both internal and external — which determine the likelihood of being successful or going bankrupt. As an entrepreneur, one must be aware of all the possible factors that might lead the business to achieve the proposed goals. Having a healthy management tendency is definitely a plus. It is important to mention that during the initial phases the stream of income might not be as stable as one desires, therefore is important to plan in advance to overcome future lack of cash flows.
- 7. Uncertainty: When starting a business it is uncertain whether it will be successful or no. It depends solely on the entrepreneur since they are responsible for every decision, every goal achieved and every failure. There is not a magic formula to ensure and attain success within corporate world: an unexpected turn of events might be around the corner every time, therefore, it is vital to always have a plan B.
- 8. Are there any pros?
- 9. Courtesy of gunarsg at Flickr.com
- 10. Of course there are!
- 11. Stability: In terms of labor context. Although there are uncertainty and distressful issues, working on an own project is much more invigorating.
- 12. Autonomy: As entrepreneurs, they are responsible for every decision and every step towards the achievement of project goals. Being an entrepreneur allows people to autonomously decide what is best for the project. Starting a business also brings to table the chance of applying personal methodologies and ideas.