Tag Archives: entrepreneur

Money Mission: Build a Money Machine

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Wouldn’t it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.

While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.

Do you have to work to earn?

Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems. Continue reading Money Mission: Build a Money Machine →

More Money: Hair is Big Business

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1 pack premium hair – J$1,400.00
1 bottle hair glue – J$105.00
1 pack stocking wave cap – J$80.00
1 lesson on how to make money with hair – priceless!

Based on my observation of the variety of hairstyles displayed by many of our stylish women, I had always believed that Jamaica’s hair industry was almost immune to the effects of the general recession.

However, it wasn’t until I decided to learn more about the world of hair design that I discovered exactly how lucrative this opportunity could be. Continue reading More Money: Hair is Big Business →

More Money: Hitting Pay Dirt

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The question on everyone’s lips nowadays is: “How can I make more money?” Employees who run out of cash right after payday; school leavers or laid-off workers who can’t find a job; retirees who buckle under the pressures of inflation, everyone is looking for extra funds in these tough economic times.

A couple of years ago I wrote a series of articles looking at dozens of different methods of earning money part time. I believe that innovative thinkers and motivated go-getters will always find the ways and means of making money whether times are good or bad.

In fact, periods of severe financial crisis will often produce many thriving new enterprises and wealthy business owners.

I have always been fascinated by the interesting things that people do to make money in their spare time. Starting this week, I will take a deeper look at various entrepreneurial exploits, and give you the inside scoop on what it takes to be successful in these endeavours.

I hope that our ‘more money’ adventures will encourage you to search for your own ways to create extra income. Continue reading More Money: Hitting Pay Dirt →

The Art and Science of Making Money

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Despite the developments in technology and differences in trends that emerge over time, there is one financial certainty that will probably remain constant. Most persons – regardless of age, gender, education, nationality, status or creed – will express the desire to have more money.

The ability to increase income levels far in excess of spending needs is desired by many, but discovered by very few. Could it be that some people are blessed with an inherent flair for making money that escapes the less talented majority? Or is there a scientific approach to money multiplication which can only be exploited after years of dedicated study?

The 2012 Money Manifesto, our 12-step guide to creating financial success, provides a recipe for increasing your income and putting your money to work for you. It is virtually impossible to budget successfully, save towards a nest egg, avoid debilitating debt, and plan for future goals, without having the means to boost your earning power. Continue reading The Art and Science of Making Money →

Business Lessons from the Honey Bee

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I have often admired the diligent work of the honeybee. Just stand in any garden for a few minutes and very soon you will see one or two honeybees foraging for food within the flowers. These insects never seem to get tired of working, so it’s obvious why an industrious person is said to be as ‘busy as a bee’.

On deeper reflection, I have come to realise that there are many insights that this tiny insect can give us about being successful in business. I did a little research on the practices of the honeybee and I was quite impressed with the systematic way that it goes about achieving its life’s work.

Here are some of the business lessons that I have learnt from studying the honeybee: Continue reading Business Lessons from the Honey Bee →

Creating a System for Success

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If you are in business, or have ever attempted operating your own venture, you’ll probably be very aware of the unique challenges that are faced by most small business owners. Running a business can sometimes be a lonely and laborious task, instead of the pleasing and profitable experience that many entrepreneurs dream of.

If you’re seeking a route to business success, one book that should be required reading is The E-Myth Revisited, by Michael E Gerber. This book reveals the secret lives of many struggling small business owners, as Gerber presents the realities that most of them would never dream of sharing, even with their close associates.

The truth is that many small operators are completely clueless about running a business.

They may be experts in their technical fields, but they have a difficult time carrying out basic business procedures such as managing people, controlling accounts, streamlining production, marketing effectively and delivering consistent customer service. Continue reading Creating a System for Success →

Why Do Many Small Businesses Fail?

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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? →

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 →

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 →

Developing Your Millionaire Mindset

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Last week, we introduced a fascinating audio book, Secrets of the Millionaire Mind, in which author T Harv Eker explains how people’s thoughts can actually influence their financial results. This week, we explore some of Eker’s insightful suggestions about how you can create a mindset for wealth.

Acknowledge that you create your results

It’s important to understand that you have the ability to design the destiny that you desire. Eker insists that you are the “steering wheel of your financial life” as you have the power to create what you have or what you don’t have. Unfortunately, too many people never achieve their goals because they think that forces outside of their control are responsible for their success or failure.

Instead of taking responsibility for their future, Eker explains, people with poverty mindsets often blame other people and circumstances for their money problems. They also try to justify their financial lack with comments such as, “Money is not that important to me.”

Constant complaining is another form of negative energy that actually ensures that they only attract more problems. Continue reading Developing Your Millionaire Mindset →