Tag Archives: business failure

How to Change Your Financial ‘Panic’ Into a ‘Plan’

Money & Your Mind, , , , , , ,

You constantly feel sensations of dread and foreboding.
You have a pounding headache that is resistant to strong medication.
You get a stomach ache whenever you think about money.

You jump involuntarily whenever your phone rings from an unknown number.
You wake up suddenly in the middle of the night, or sleep eludes you for many restless hours.
You sometimes even find it hard to breathe as your heart races uncontrollably.

Many persons can identify with these indicators of chronic anxiety. With the incessant increases in inflation, regular reports of redundancies, and deepening dependence on debt, more people are becoming panicked about their financial condition and terrified about what may happen in the future.

It’s dangerous to live in a state of panic, as this can lead you to develop costly health challenges, which will only make your finances more precarious. If you’re tired of living in fear about money, here’s a simple strategy which you can utilise to transform your panic into a workable plan. Continue reading How to Change Your Financial ‘Panic’ Into a ‘Plan’ →

OCPD Can Wreak Havoc in Business

Business Success, , , , , , ,

Jennifer walked over to her assistant’s desk with an obvious look of frustration on her face. “Kathy, there are too many grammatical errors in this report. The line spacing is not consistent and we should use bullet points to shorten some of the paragraphs. Please redo it immediately!”

“But Miss Thomas, remember that Mr. Rogers needs to get the document right now so that he can complete his submission to the new clients,” Kathy countered. “The deadline is a few hours away, and if I stop to make those small changes, we might miss getting this major contract.”

Sighing loudly, Jennifer responded firmly, “What you need to remember is that we don’t send out imperfect work from this department. Do it right the first time, or don’t do it at all.” “In fact,” she bristled, “I will do it myself. I should know better than to let you work on such an important project.” Continue reading OCPD Can Wreak Havoc in Business →

Why Do Many Small Businesses Fail?

Business Success, , , , , , , ,

I often receive enquiries from persons who are looking for advice on how to be successful in starting and running their own small businesses. I also get feedback from disheartened business owners who have seen their entrepreneurial dreams transformed into financial nightmares.

A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.

While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.

There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity. Continue reading Why Do Many Small Businesses Fail? →