Nick Yates

Here is another market analysis approvied by Nick Yates: In times of trouble the U.S. dollar retains every bit of its allure as a safe haven, as is being borne out in the financial turmoil we’re now witnessing.

The euro, for instance, has come off a summer high which at one point neared $1.60 and is now a more modest $1.25 in value.  Likewise for many other of the world’s currencies.

World trade remains, to a far greater extent than some might have admitted just months ago, very much subject to the health of the American economy.  Our ongoing economic contraction has therefore dimmed export prospects for a slew of countries and those that do business with them, whether in raw materials for a diminishing manufacturing sector or in component goods for products rolling off greatly slowed assembly lines worldwide.

The old aphorism about the world coming down with pneumonia each time America catches a mere cold still obviously holds some truth, thinks Mr. Yates.

Of course, diminishing need has also resulted in price drops for most commodities.  And this contains the seeds for economic recovery as producers now find their raw material costs lessened.  Labor costs will also react helpfully to a shrinking job market, as will generally those costs linked to government.  Governments worldwide will wish to do all that they can to encourage production by making taxes and regulation less onerous.  Especially for producers employing large numbers of their citizens.

Meanwhile, the dollar along with a very few other currencies has become the repository of choice for foreigners who fear their own currency’s future in a troubling world economy.  As more and more skittish wealth gets converted into safe dollars, the value of the dollar rises in seeming defiance of the economic circumstances.

Maybe the coming months will be opportune ones for that foreign vacation you’ve been too busy to take? Content approved by Nicholas Yates.

Author: Olabode Oruku

It is a popular statement that ideas rule the world. That is a fact! Every product that we can see is a manifestation of an idea. It was business ideas that produced all the comfort that makes life worth living today. That includes aero-planes, automobiles, phones, etc. Those large corporations making billions of dollars today are all manifestations of business ideas of one or more people. That little seed of idea floating in your head may be what you need to act on for the fortune you have been dreaming of to start rolling in. What do you need to do?

Act on the business ideas

It is not good enough to keep procrastinating and given thousands of reasons why you cannot act on the idea now. Start something on the business ideas no matter how little. As you work on it, you will discover that you will be attracting help beyond your imagination that will see to its manifestation. From my personal experiences till date, I know it works. Let me motivate you with this quote from an Internet expert: “The common conception is that motivation leads to action, but the reverse is true, action precedes motivation. You have to prime the pump and get the juices flowing, which motivates you to work on your goals. Getting momentum going is the most difficult part of the job, and often taking the first step is enough to prompt you to make the best of your day.”

Value of product generated from your business ideas

A step further is to understand the purpose or value of your product to people. What problem do you intend to solve with it? A product must solve specific problem for people. Will the product be competing with what is already in the market? Or will it affect its marketability? Don’t estimate analyzing the value of your product, it will help you come up with a superior product.

Determine the market

There is always this advice from Internet expert that you first look for a market that there is a need and later look for business ideas product that fit it. Determine first whether there is a demand for your idea. Having business ideas is one thing while having a market to sell the product from the idea is another. Determine who will buy your product. Is there a real market for it? Will it sell easily?

Strategy for your product

Marketing the product from your business idea successfully has to do with strategy. Consider your product in the market place and determine the strategy that will be suitable for you to sell very well.

Decide on your market target

Your market target will affect your pricing and packaging. Will you be selling the product from your business idea on the Internet or offline as well? If you will be selling offline, your market target will determine the location suitable for your product. Will you be using independent distributors or you will be selling directly to retailer? If you will be using independent distributors, will your pricing cover their commissions? If you will be selling in wholesale, can you give discounts off the original price? Can the selling method sustain your business and help it grow?

Determine your price

Here are three simple ways to determine the cost to sell the product from your business ideas. Determine the cost of production including overhead expenses and then put a reasonable markup on the product. You may look at the pricing on the advert of your competitors either on the Internet or offline. You also carry out survey on your target market to know what they are ready to pay. Pricing has been the problem of many entrepreneurs, at times they under price their product below what the consumers are happy to pay, sometimes they over price their product beyond the consumer budget.

Source of products

It is important to know that how long you will be selling product from your business ideas will depend on how long you can continue producing it. Another consideration is supply and demand. Where will the materials be sourced and are there factors that will affect how the product will be produced in the future? Is there real demand for the product or do you have to create it? If your product ideas have been created as a result of another product, do you foresee any modifications that might adversely affect your product sales?

Understand your competitors

When selling the product you generated from your business ideas, you need to keep your eye on your competitors. What they sell, how they sell it, to whom they sell it and for how much will greatly impact your business.

Promoting the product generated from your ideas

Now that you have created your product, it’s time to begin promoting your product in order to sell it. What type of advertising do you need for the product and where will you advertise? Decide whether building a website is enough or if you need to tap other more traditional methods of promotion. You will have to review your advertising efforts from time to time to determine if it benefits your business or takes away from it unnecessarily. Based on my experience in business, when you use a website to promote your product, it will boost your sales, once you are attracting targeted prospects to it.

Author: Diego Banuelos

Starting your own business is not a simple task. On the contrary, it has a series of implications that will completely transform your life and the way you see the world. This is why you truly need to understand the reasons that are driving you to start your own business and if you have developed the skills necessary for this kind of venture.

Discovering the real reasons for starting your own business

When I hear people say, “I can open a small business, hire an employee, and I’ll just receive the money from the sales,” I realize this person has never owned a business. This description is related more to an “investor,” whose work is very different than the one of “business owner.” Having your own business can mean working as you have never worked before and will challenge all your abilities to the maximum extent. Several years can pass before your business “breaks even” and becomes profitable. Nevertheless, once established, by owning your own business you can achieve your personal dreams and generate well-being for others through the creation of jobs and wealth. In addition, your own business could give you independence by allowing you to work for yourself and take the reins of your own destiny. Yes, the rewards are multiple, but the ride is not necessarily smooth. This is why you should research as much as possible before beginning such a task. Many businesses advisors have recommend visiting a business similar to the one you want to start or even work as an employee, observing the personnel, clients, and the distribution of the merchandise or services. Can you picture yourself directing a business like this? What would you do the same? What would you do differently? What could you do to improve it?

Personality traits of the successful entrepreneur

Although it is almost impossible to define who will be successful starting a business and who will not, all successful entrepreneurs share similar traits, abilities, and attitudes. Some of these are listed below:

Creativity and Innovation. These people “think outside the box,” are open to new ways of doing things, and have the ability to recognize opportunities when they see them. They are people who use creativity to solve the problems.

Experts on execution. Successful entrepreneurs are highly motivated individuals who have the ability to make things happen. Their favorite phrase is “let’s do it,” and they are able turn thoughts and ideas into concrete results.

Leaders. Leaders are credible and influential people. They use their influence on others to reach common goals.

Author: Joseph Devine

Many entrepreneurs dream of making millions of dollars from starting their own business. However, few people make it to this level of wealth. You might ask why this is the case. Is it just pure luck? Are some entrepreneurs smarter than others? These are probably not the right questions to ask.

The fact of the matter is that to succeed one must take risks. A business owner undertakes a huge amount of risk by deciding to “go at it alone.” Depending on his product, service, business idea and zeal, he probably has his reputation, his financial worthiness, and dignity riding on the line. The idea of having your livelihood at stake scares some people to the point on not taking the chance to earn millions.

So what exactly is risk? Risk is a kind of uncertainty in which there are negative, even catastrophic consequences for a supposed action. In the business world, we try our hardest to avoid risk by measuring it. Measuring risks somehow makes us feel better about the future. The hope that comes with this measurement, though, does not remove the risk. Potentialities of disaster are still there, no matter how we view the situation.

So what differentiates the risk taker from the risk avoider? The answer to this question is a matter of attitude. How does the individual choose to view the situation? In other words, what exactly is it that the conscious observer focuses on as a potential outcome? This difference in perception and its relationship to our feelings affects our decision-making process, not only in our everyday lives but also in very big decisions, like starting a business or applying for a loan.

For example, if someone is at a casino and is presented with an offer to bet ½ odds to double his money or lose it all, he has a choice to make. He must decide between betting, and not betting. A risk taker, in this situation, would make the bet, believing that the chance that he could double his money is worth the risk of losing it all. He focuses on the dream, the vision of succeeding. A risk avoider, on the other hand, would choose not to bet, because he would rather keep his money than risk losing it all. He focuses on the fear, which keeps him at bay.

Author: Lynn M. Scheurell

When people ask me what I consider entrepreneurial business, one of the definitions I use most often is that it’s the accelerated path to personal development (on steroids). It is impossible to have a business, much less a soul-driven business that is your purpose manifest in the world, and not grow as a person. Here are five of the milestones of personal development that you may recognize yourself in random order (and if you haven’t had them yet, keep an eye out!).

1. Know what you know. In order to optimize the expression of who you are in the world through your business, you have to “know what you know”. That is, you must access and utilize what your “gut” tell you - no one else can do it for you. It is the only true decision-making process that you need, if you’re doing it right.

2. Speak your truth. What’s true isn’t necessarily a truth… think about that one. For example, while today is nice, it may not be tomorrow, but the sun will rise today and the sun will rise tomorrow - that’s the difference. Truth doesn’t change. Be expressive and compassionate in honestly saying what needs to be said.

3. Personal power. Tapping into and making decisions from your personal power source requires you to develop an inner relationship with that source. If you’re tapped in, you’re tuned in… and that’s the clearest path to showing up more effectively in the world.

4. Master priorities management. There isn’t really such a thing as time management, because time marches on - it doesn’t really respond to commands. But you can, and must, determine what’s urgent (the ‘911′-types), what’s important (essential but patiently waiting for you), and the non-essential (why bother?). If you aren’t working the “critical inch” of your business, your business isn’t working for you.

5. Distill to the essence. Everything you do matters - everything. And the way you do it does as well…make sure that you are focusing on the core activities, relationships and spirit of what’s vital for you to feel good about your work AND your life.

While there are many other milestones for personal development as a result of doing soul-driven business, these five are central themes that I’ve discovered over the course of the last decade in working with entrepreneurs. If you’re doing each of them consistently, your business is showing it… and if not, you’ve got some good accelerated growth opportunities waiting for you!

Author: Sharon Londa

Before a doctor diagnoses a specific disease, his patient must undergo a series of laboratory exams and assessments. He has to know the history of his patient and how lifestyle affected his present health problem. As results come in, that would be an indication of the time when a physician gives specific drugs and therapies for maintenance. This will eventually contribute to the level of optimum health for that individual. If all else fails, the process will be repeated again.

Similar to what the abovementioned situation has stated, an entrepreneur’s responsibility would be pretty much the same. It’s just that, he should see his customers as his patients and what they must have to survive a present predicament or a need. He must follow certain steps before doing anything irrational that could contribute to the downfall of his business. He should have certain characteristics innate in his personality for if he lacks one of these, he’s most probably doomed to fail.

Entrepreneurship is collectively defined as exhibiting one’s vision, taking action, and pursuing that vision as a goal to be achieved in life as service to reality. In the meaningless definition, it’s getting your butt out of that couch and doing something rather than fulfilling your life’s destiny of being a couch potato. Stated below are some of the distinct attitudes an entrepreneur should positively have:

• Optimism - is foreseeing things in a positive way notwithstanding any circumstances that may hinder progress. The assertiveness of an individual depends on his knowledge of how to handle a difficult situation

• Creativity - is thinking outside the box. Expanding one’s mind of what is beyond the ordinary through fine research and collection of data.

• Stability - either physical, mental, social or emotional, a leader must possess a stable life which means he could handle tough situations during tough times

• Charismatic - intelligence of communicating with different walks of life. Who says a charming man is less than an intelligent one? A good entrepreneur must have the certain magic glistening in his eyes and could convey enchanting words to get hold of that convincing power no one dare resist.

• Risk-taker - as someone beginning his own dream, he should be stern and must have the guts and the balls to take the big leap of plunging into his own doom or success. He should not be afraid of taking chances when opportunity strikes.

• Energetic - willing to do whatever it takes to reach to the finish line. His drive must always be at its highest level for being an entrepreneur would make you work overtime. His enthusiasm must prevail the next best thing.

• Time bound - like a written report in a newspaper, an entrepreneur must be on the top of every innovation. By looking at our past, we could predict our future.

Small businesses, in time, would turn out big if the scope of management exceeds what is expected. So it is necessary for a beginner to be positive about his endeavors. He must be very observant of what his environment lacks and needs. He should have sturdy shoulders to put on extra weight of carrying a responsibility that could change his or her life.

One’s greatest failure is sticking with the mentality of being conventional. This would be one of an entrepreneur’s greatest downfalls. Think big. Act. Make your business dreams come true.

Author: Phillip McGough

If you had the choice between doubling a penny over 30 days or receiving one million dollars right up front, which would you choose? Most of us have heard this one already, but just humor me for a moment. Really think about it. A cool million, just sitting there, ripe for the taking, all in one hundred dollar bills. Think what you could do with one million dollars in the span of 30 days. But wait, what IS the value of a penny, doubled each day for 30 days. What a decision. I’ll let you think about it for a bit while we touch on the importance of leverage.

What you do with your time is what constitutes true leverage. It was once said by a great man that your goal in life should not to be benefiting from 100% of your own efforts, but to be benefiting from 1% of 100 people’s efforts. How does a person get to that point? You either have to start a business and employ a bunch of people, write a song or a book that nets you royalties, or you can trick 100 people into giving you 1% of their income. None of those options sound very easy, do they? But stop and think, if you are the only person contributing to your income, what happens if you stop?

Nothing. Well, let’s not say nothing because something does happen, it’s called bankruptcy. But you need your job. You can’t quit for this very reason. You need money. How about a second job, that makes two incomes right? What happens when you slip on the ice and break your leg next winter? Two jobs won’t cut it in that situation either. I know the solution; I like to call it “Plan B.”

A “Plan B” is easy to create; you just have to understand the power of leverage. The easiest way to create leverage in your life is to start a business, but that also goes back to having to keep the job you’ve got. Believe it or not, network marketing, also called multi-level marketing or MLM, is the best answer. It is a prime example of leverage. A network marketing business is founded on the principle that when you market their product, you make money. However, if a person on your ‘team’ markets the product, you make an override. It’s the exact same way that the real estate broker and real estate agent relationship works. For example, there’s you, numero uno. You bring one person into your network marketing business in your first month (it’s really not that hard because you were looking for a “Plan B,” that means that there are other people who are also looking for one, right?). Now there are 2 people in your business. You teach your new ‘team’ member how you recruited them so, the next month they recruit one and you recruit another. Now there are 4 people, just in your second month. By the end of your first year, you will be receiving overrides on a team of 4,096 people! Now that’s leverage!

Let’s go back to the penny. Did you know that a penny, doubled over 30 days is more than five million dollars??? It’s crazy but true! Duplication can be great, when you use leverage (especially when it benefits you) along beside it. You can use duplication in your new network marketing business and it will make you millions.

For duplication to work properly, it has to be something everyone can do. It needs to work for a dud and for a stud. Purchasing leads, which is a very common thing in a network marketing business, is something simple that will duplicate to your entire team, but it is not something that will work for everyone. You must duplicate something that will work no matter if your new team member is a beginner or an expert. A beginner will not have enough experience or enough capital to work a lead campaign. You can, however, duplicate a method of generating free leads. Anybody can do free. Anybody can do simple. Anybody who gets involved with a network marketing company that has a great product and a powerful, duplicable system in place that a beginner can just plug into, will have the best “Plan B” they could ever ask for!

Author: Cindy Hartman

There are a variety of issues that support both sides of the off-site vs. home-based decision business owners must make. Often it is obvious - a no-brainer, if you will. But just as frequently, a lot of thought, discussion and pencil-to-paper time are devoted to coming to the right conclusion.

HOME-BASED

There are a variety of easy-to-capture reasons for wanting to work at home:

• Location, location, location - the most convenient work address around!

• Travel time - a few steps and you’re there.

• Wardrobe - casual as you please.

• Expenses - no gasoline used driving to work, less eating out and no need for an extensive supply of business attire.

• Flexibility - most often you choose the hours you work, opportunity to go to the kids’ schools programs, babysit the grandkids periodically, etc.

Though all of this sounds great on the surface, there are also just as many reasons to have an office located elsewhere.

OFF-SITE

You might consider buying or renting office space because of the following reasons:

• Location, location, location - convenience to your customers.

• Travel time - sometimes a drive on the way to or home from work is a good time to get your thoughts together to start the day, or to wind down before arriving home.

• Wardrobe - many offices are casual, and depending on your customer base, you can be, too.

• Expenses - if your office is located near retail shops, the gas you spend running errands most likely will make up for some of the gas spent driving to and from work.

• Flexibility - your client base dictates when you work, and unless you have walk-ins, you can easily provide yourself with the flexibility that the home-based business owner enjoys.

Both categories have the same 5 advantages. Often, it’s how you look at each, and what you prefer. When you look at overhead, though, you’ll find a huge difference.

OVERHEAD/MAINTENANCE

When working from home, and you’re an established business, you can receive tax benefits. These include a portion of your household expenses and utilities that can be claimed as business expenses. However, there are many restrictions, so it is imperative to consult with your CPA.

The off-site business owner will have rent or mortgage payments to make. And, of course, utilities and upkeep add to your monthly/annual list of expenditures.

Wear and tear on your home is an expense many people don’t consider. You’ll most likely need to replace carpet more often, repaint or redecorate if you’re home-based just because of the additional hours you spend in your office.

Another area to consider is functionality. Do you have a separate entrance for your clients to use? You might even have to add a bathroom for your customers’ convenience.

If your lifestyle changes, working out of the home might not be the best solution. Is your house large enough to allow you to consider being a home-based business? Many people have expressed that issue. In one instance, what was a small 3-bedroom ranch, perfect for downsizing, is too small because two of the three bedrooms are now offices.

SERVING YOUR CUSTOMER

Service-providers are perfect for home-based businesses, as they usually go to the clients’ homes or offices. But if you have a business that requires people to come to you, the questions to answer are:

• Do you want people coming to your house?

• Do you have a separate entrance?

• Do you have restroom facilities convenient to the office?

• Do you have off-street parking?

• Can you put a sign in your front yard to help identify yourself as a business?

• Does your neighborhood association allow it?

Many changes to accommodate on-site office visits might suggest that you rent or purchase office space.

Lastly, but I believe most importantly, is yourself. If you have discipline to keep home and work separate, a home-based business might be right for you. But if you find that you procrastinate, or just can’t seem to tear yourself away from the office, having that physical barrier of an off-site office might be the better choice.

These are issues that everyone faces when trying to make a decision whether to be home-based or off-site. Each person is different, and each situation has its own deciding factors. Though the conclusion would appear to be an easy one, a great deal of time and consideration should be given to whether it is right for you.

Author: Dale A Simmons

There are many reasons businesses fail such as lack of direction, impatience, greed, taking action without thinking it through first, poor cost/poor product, insufficient working capital, bad or nonexistent budgeting, inadequate financial records, loss of momentum, failure to anticipate market trends, lack of managerial ability or experience, indecisiveness, bad human relations and diffusion of effort to mention a few. But, you there was a but coming right? But until you have a strong a “Why Statement” you are spinning your wheels to be successful in the entrepreneurial arena.

On average every one is conditioned from birth to go to school, get good grades, graduate from high school, go to college, get a degree, get a job, work for 40 years, and retire on 60% of the wages you couldn’t live on when you were making 100% of your salary. Now here is the kicker; life expectancy upon retirement, depending on the industry, is on average 10 years. Now that’s something to get excited about! There is a trend afoot that is showing that the average age of retirement is going up drastically. You may ask yourself why? Simply, the state of the economy is a mess. Social Security is broke and there is a general fear that the retirement promised through the Social Security Administration will not be there when you plan to retire. Company retirement plans are being reduced or eliminated and in many cases the funds are just not there. This does not paint a rosy picture for the future of the working class.

Here is the problem; people trade hours for dollars all the time. In fact 95% of the population is competing for 5% of the wealth. Whereas 5% of the population controls 95% of the wealth. There is only one way you can personally place yourself into the 5%. You MUST be a business owner! But there is another problem, statistics show 90% of all businesses fail. Now there is a sobering statement. So most, i.e. the 95%, won’t even try or give it a go for a few of months and quit and return to trading hours for dollars. There are a lot of reasons why businesses fail but the main reason is that you don’t have a strong enough “Why Statement”.

Your “Why Statement” is the most critical part of any business start-up and its longevity. Your reason or WHY must be so strong nothing, I mean nothing can stand in your way of success. You must get way outside your comfort zone. It must be your main focus! If you don’t have a strong enough “Why Statement” you will fail. You will fall back into your world of complacency, your comfort zone and your trading hours for dollars. Simply, “if you don’t have a strong enough Why Statement you will keep doing what you’re doing and get what you got!”

As stated at many of my seminars, “A strong Why Statement is the vehicle that will help you get the heck out of your own way!”