Work & Wealth
Saving versus spending It’s easy to spend money on a new venture and many entrepreneurs overspend in the beginning. Because it can take a while to get established and begin generating revenue on a consistent basis, it is wise to maintain a cushion at all times. A new business owner should have at least six months of operating costs socked away before going into business.
Negotiating Knowing how to broker deals is one of the most powerful skills an entrepreneur can possess. When opportunities arise, you must know how to haggle for lower prices when buying and shrewdly implement higher prices when selling. If negotiating is not one of your strengths, study the art of negotiating and practice doing it whenever you get the chance. Both the local and the global economies may be in recession, but entrepreneurship is in the air. The barriers that discouraged previous generations’ entrepreneurial aspirations have all but crumbled for today’s entrepreneur. The only viable excuse for not starting a business today is simply that you do not desire to do so. For a business to appear legitimate in the now seemingly ancient days of the 1990s, a business needed a physical location, a copier, a fax machine, an expensive phone system and, if funds permitted, a receptionist. Today all that is needed is a website, blog, or Facebook page, all for free, and a device that is connected to the Internet. Anyone who can leverage today’s hyperconnectivity is at no loss for learning anything. In times of need such as now, the defining factor is not resources, it is resourcefulness. You can use free services like Google, YouTube or podcasts to
quickly gain the knowledge and skills needed to launch your business and an accompanying e-marketing campaign.
Continuing education Whether you do an online course or attend a community college or university, there is no question that education will make you smarter and help you make more strategic decisions in your business. Some of the world’s most illustrious, self-proclaimed college dropouts like Mark Zuckerberg (Facebook), Steve Jobs (Apple) and Richard Branson (Virgin Group) will probably argue that the downside of going to school is losing the time to market, but it is important to note that what works for some, won’t work for us all. Though hugely successful, this model is fraught with risks that need not be taken. Before writing school off, consider the paths taken by similarly brilliant entrepreneurs such as Mark Cuban (NBA’s Dallas Mavericks owner), who balanced and excelled in entrepreneurship and education simultaneously.
Identify trends A good skill to have in a rapidly changing workforce is the ability to see possibilities. David Mason, a serial entrepreneur and one-time senior executive at AOL.com, said that his liberal arts major taught him to scrutinise trends not only in history, but also in business. As an avid student of history, he identified trends that led to various events throughout history. Using his analysis, he was able to dissect the steps that led up to specific events that in turn helped him spot future trends. If you think you don’t have what it takes to be an entrepreneur, think again. Anything can be learned. It just depends on what you are willing to sacrifice. AP R IL 2 014
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