Category Archives: Business Success

Knowledge is Power in Business

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Sixteenth-century philosopher Sir Francis Bacon is credited with coining the phrase “knowledge is power”. I enthusiastically support his viewpoint, as I believe that the pursuit of knowledge is an important means of personal development.

However, acquiring knowledge by itself is not sufficient; the key to real growth is applying what you have learnt to improve your life.

Searching for new ideas may sometimes be likened to opening the mythical Pandora’s Box. Like the ancient tale, exercising a natural curiosity to find the unknown could result in the discovery of truths that would have been better left hidden, and may even bring danger in some instances. Continue reading Knowledge is Power in Business →

Developing Successful Jamaican Businesses

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Many of the financial books that I have read indicate that establishing a business can be a means of increasing your personal wealth. Whereas being frugal and saving consistently may eventually produce a significant nest egg over time, if you wish to fast-track your money growth, then business ownership might be your best route.

Last week we looked at the option of joining an established network marketing organisation as one method of getting involved in a business system. However, many persons who desire to be their own bosses may prefer to personally create a unique entity in order to satisfy their business dreams.

The reality is that starting and building a new venture can be one of the most difficult strategies of wealth creation.

To be successful, an entrepreneur must commit a lot of time and resources, acquire specific business knowledge and skills, and develop a persistent outlook that can overcome the various challenges that will inevitably arise in operating an enterprise. Continue reading Developing Successful Jamaican Businesses →

How to build a business with little time or money

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“You have advised that if I want to increase my wealth I should focus on earning income from my own business. I have a full-time job and I don’t have much time or extra funds to put towards starting a business or making any investments. Given these limitations, how can I possibly own a business?”

We have been looking at some of the steps recommended by several financial experts that can help you to increase your wealth and achieve financial security. Robert Kiyosaki, in his insightful book, CASHFLOW Quadrant, advises that owning a business should be an important element in your personal wealth accumulation plans.

If you really want to be financially free, it’s important to create an income source that is independent of your personal work efforts.

According to Kiyosaki, owning a business system is an integral part of creating this freedom. However, running a successful business is not a hobby or part-time exercise; it takes time, courage and determination. Continue reading How to build a business with little time or money →

Create Wealth by Building a Business System

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We have been looking at some key principles of financial success – becoming disciplined about budgeting and saving, being prudent about getting into debt, and setting and achieving smart goals. We have also discussed the importance of creating additional income to meet your basic money needs.

However, if you want to attain financial security and eventually become financially free, you have to move beyond just managing your money well and learn how to effectively multiply your money. You need to acquire new skills and techniques that can help you to create long-lasting wealth.

Understanding how to multiply money is usually difficult for most people because it involves changing long-held negative mindsets towards making money. Although many people say they want to be rich, they are really not willing to put in the hard work that’s required to learn how to do it. Continue reading Create Wealth by Building a Business System →

Are you an Employee or Entrepreneur?

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In this challenging economy, the terms ‘downsizing’ and ‘outsourcing’ have become a regular part of the workplace vocabulary, and many employees are obliged to look for entrepreneurial ventures to replace their job income. As more students leave the classroom to join the workforce, they find that there are few ready-made jobs awaiting them, so creating a self-generated income source might be their only option.

I believe that practically everyone has the ability to improve their finances by utilising their talents and taking advantage of opportunities, and I always encourage persons to use their creativity to earn part-time income.

However, becoming a full-time entrepreneur involves much more than just acting on an idea and sourcing funds to start a business.

It can be debated whether entrepreneurs are born with a natural business instinct, or if persons can be taught to become entrepreneurial. While I believe that there is a little bit of both nature and nurture in each successful business person, there are certain personalities and mindsets that are non-negotiable in order for an entrepreneur to succeed. Continue reading Are you an Employee or Entrepreneur? →

Can Social Networking help your business?

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Unless you’ve been living as a recluse for the last few years, or you’ve chosen to ignore the technological advancement of the Internet, chances are that you have heard of the concept of social networking. The way that the world communicates in the 21st century has been completely transformed by this phenomenon.

Social networking is a web-based structure that allows persons who have common interests to interact freely online; sharing comments, ideas and stories. Some of the more popular networks include Facebook, Twitter, YouTube, LinkedIn and MySpace. Research indicates that avid social networkers will spend several hours per day communicating with their online friends.

While these online networks are largely used for entertainment and social interaction, the model offers tremendous potential for businesses as well. Recently, AMK Communications hosted the Caribbean SME Business Technology Exposition (CARIBIZTECH) which showcased several experts and presentations about the importance of social networking in the work environment. Continue reading Can Social Networking help your business? →

Is This The Right Time To Start A Business?

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“I’ve been thinking about starting my own business, but I’m nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?”

It’s understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, “Easier said than done,” as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success? Continue reading Is This The Right Time To Start A Business? →

Things To Consider Before Starting A Business

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Unlike her co-workers, Camille* had been ecstatic at the news of the closure of the company she had worked at for nearly 20 years. As she mentally calculated her expected redundancy package, she was delighted that her dream of starting her own catering business could finally become a reality.

As soon as she received her final pay cheque, Camille turned her attention to setting up an upscale eatery that rivalled the bistros found in South Beach, Florida. Awash with cash, she spared no expense in creating the right décor and an enviable menu. Excited at the prospects of her first business venture, Camille opened her doors with a flurry of promotions and pizzazz.

Fifteen months later, Camille is singing a different song. Gone is the optimistic fervour of the newbie entrepreneur; today Camille is burnt-out, broke and begging for someone to buy her out. What went wrong with her grand business idea? Continue reading Things To Consider Before Starting A Business →

The Basics of a Business Plan

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Establishing your own business can be one avenue to increasing wealth, as it gives you the opportunity to control and expand your earning capacity. So why is it that some business owners end up in less advantageous financial positions, sometimes losing everything they own?

One factor that can help to determine the success of your venture is the planning that you do before starting, and during the lifetime of your business. A business plan is basically a document that provides a thorough description of your venture.

It gives information about the type of operation, the products or services offered, the industry in which it exists and the target market, its objectives and the strategies to be used to accomplish its goals, and financial details about the business. Continue reading The Basics of a Business Plan →

Steps To Closing Your Business

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Last week we considered some of the challenges that can cause a small business to be unsuccessful. Despite your best efforts at preserving your enterprise, sometimes terminating it may be the only viable option.

However, it’s not enough to have a closing-down sale and take down your sign; there are several legal steps that are also required.

Here are the organisations in Jamaica that must be informed about your business closure:

1. Companies Office of Jamaica

The first step in officially cancelling your enterprise is to inform the Companies Office of Jamaica (COJ). If your business was being operated under a name other than your given name, you should have initially registered that name with the COJ. Similarly, you need to submit documentation with the COJ to complete the closure of your business. Continue reading Steps To Closing Your Business →