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Entrepreneurship Is Not For Sissies (Book Excerpt – Business Jump School)

I feel compelled to say that right at the outset. So you have to be ready. I’m not going to coddle you and tell you that everything will go smoothly if you only do a few affirmations and write down your goals. You’ll need to do more than just visualize the intended outcomes. Meditation and visualization have their place, but starting a business takes work. Hard work. And it doesn’t get any easier just because you’ve started other businesses. This will be one of the most difficult things you’ve ever done in your life: more difficult than academics, more difficult than buying or building a house, even more difficult than having children, if you’re a woman. There will be times when you will wonder why you chose to start a business. There will be times when you will go to your room and cry like a baby because nothing seems to be going right in your business: your marketing efforts won’t work; you won’t have enough money; your suppliers will seem to be incompetent and your family will start asking about all those big profits you promised.

If you’ve already started a business, don’t you wish someone would have told you?

It’s a commonly accepted fact that approximately 50% of newly formed small businesses fail within the first five years of start up. Another bit of research often discussed is the number one reason most new companies fail: lack of sufficient funding. These often-quoted statistics have caused many would-be entrepreneurs to shy away from starting a business. “I don’t have an angel investor”, you might say. “And I certainly don’t want to be just another statistic.” But why do these businesses REALLY fail?

Most of them failed because they didn’t know what they were doing. They failed because it’s easy to start a business by filing paper work in a county clerk’s office somewhere and “putting the shingle out”. Largely, they failed because they didn’t get the proper guidance. Let me say this, you don’t need to write a business plan right now. You don’t need to seek funding sources. You don’t need to file paper work with the local jurisdiction to create a business entity. You will need to do all of those things eventually, but first you need some training. And you need it BEFORE you start your business, not afterward. That’s where Business Jump School comes in.

This school will train you how to recognize business opportunities. Your business needs to be based on sound principles and observation of what’s happening in the market place as well as being something you love to do. This school will train you how to deal with rejection; how to handle uncertainty, fear and doubt and how to deal with disappointment. In other words, you’ll learn how to become mentally tough. Why? Because you’re going to need it. This school will train you to how to analyze financial statements. I know you may think that figures are boring and that’s what accountants are for, but at any given time you need to know for yourself whether your business is profitable. This school will train you how to approach potential investors. You’ll learn what to say, how to say it and when to say it. You’ll learn things in this school and develop skills that will serve you throughout the life of your business.

And yes, you WILL sweat – literally. This process may not be comfortable, but it is necessary. These drills will make you stronger and help you to develop “entrepreneurial muscles”. The skills and habits that you develop will help you to start your business confidently AND competently. And you need to continue them throughout the life of your business. The principles set forth in this book and in this school are based on observation, participation and repetition. In this way, the concepts will be embedded in your psyche and will become second nature. You won’t be surprised when you encounter difficulty or competition.

You need to start a business BEFORE you actually start your business so that you know what you’re doing and are comfortable doing it. Architects and many other professionals need to “practice” before they are licensed. Doctors and nurses need to practice before they get start working with patients. Hell, even teenagers have to practice driving for a certain amount of time before they get their driver’s permit. Entrepreneurs/ business owners should be required to do the same before jumping behind the conference table of a new business and taking it out into the fast-moving economy!

The Business Jump School will give you drills and exercises that allow you to practice taking the leap into entrepreneurship, so you’ll hit the ground and dominate your market.

Are you ready to go? Let’s get started!

Until next time…Go Boldly!

Dino Herbert

“Passionate about helping people reach their entrepreneurial potential”

You Can Start Earning Immediately With These Home Based Business Ideas

In the present economy, people do not know when they will be shown the exit and when they will be out of employment. If such things happen, a home business is a great opportunity for them to begin a fresh lease of life. These people will welcome such an opportunity as a God-sent one. But, they should realize that they can not make money immediately in a home business. They need not worry. If they opt for a turnkey home business, they can start earning money immediately.

By a turnkey home business, it is meant that it is a business that is already running well. In other words, it is an established business. There is already a business plan and all the necessary items including appropriate strategies for advertising and marketing will have been put in place. There will also be an established customer base. Perhaps, when you hear of such an opportunity, you may be surprised about the concept and wonder if such a thing can be available. But, the truth is such opportunities are certainly available.

An owner may be running the business successfully but due to several extraneous reasons, the owner may be ready to sell the business. It may be due to age or poor health or moving to a different place and so on. The owner may have definitely struggled to build the business but due to the emotional attachment towards the business, he/she may not wish to wind it up. That is the reason he or she may be willing to sell it off if a suitable and competent person is ready to acquire it and run it. This is how you will be able to get such a business with a client base. The owner may not be your competitor since he or she is the person who is selling it. You can also seek guidance from him or her during the initial phase so that you can groom yourself to face the challenges that may arise in the business.

You can also explore the possibilities of running a franchise business. Franchise businesses have become quite popular in the recent times. Especially, for those who are interested in doing home businesses, home franchise businesses are a great opportunity. The greatest advantage in a franchise business is that it already has a reputation. You will get the required training to run the business. Apart from that, you get all the systems, processes and procedures for carrying out the day-to-day affairs of the business. But, for starting this franchise business, you will have to make a payment to the franchiser company and this is called the franchise amount. This amount is dependent upon the popularity of the business and the reputation of the franchiser. Once you acquire the franchise, you will be called the franchisee. Nowadays, you have a number of opportunities in this type of business. According to your tastes, skills, interests and preferences, you can choose the appropriate business. But, before zeroing in on a franchise business, you must spend some time and do the required research because by choosing a wrong line of business, you may end up losing your hard-earned money. Further, there may be some ill-intentioned companies that may try to allure you with their gift of the gab and you should not fall a prey to their nefarious designs.

Hence, by choosing a turnkey home business or a home franchise business, you can start earning immediately. Though you can not become rich overnight, you can definitely grow gradually in these businesses if you learn the right steps and run the business with acumen and astuteness.

Purchasing Business Insurance

It’s hard to start on a business. However, it proves even harder when you are already on operation. There are so many matters that need to be considered and most of all, you need to go with the trend, compete in the market and think of innovative ideas to sell your products. But the most important thing that you have to face during a business venture are the risks that may come your way. You may ask yourself, is your business that firm already? Is it strong enough to withstand the fluctuating economy or is it flexible to meet the demands of the changing times? If you are not really sure on these things, then you better get is insured as much as possible.

There are many types of business insurance and an entrepreneur must take advantage of it as long as he is on his own business. There are ample reasons too on why business insurance is an important tool on keeping your business alive and well protected. Often it is your own state government that determines insurance requirements for businesses. This is the reason why you must be aware on the requirement required by your own state. Most of the time owners of business are made to for workers’ compensation insurance, unemployment insurance, and state disability insurance. In other cases, they will also tell you insure specific business activities done by your business. Example of this is when you have a car that you use for the delivery of your goods- that too needs to be insured. Furthermore, if you have lenders and investors, there are added requirements that you must have like business interruption, fire, flood and other protective insurance policies.

There are generally five types of business insurance. They are grouped according to their own features and coverage. The first one is the General Liability Insurance. In this type of business insurance, business owners are covered with the privilege of avoiding legal hassles due to accident, injuries and claims of negligence. It also covers conditions like property damage, medical expenses, and settlement bonds. Aside from that, the business payments can be protected from issues like slander and libel.

The second type is the Product Liability Insurance. This is great for businesses that are into manufacturing, wholesaling and distributing. It would protect the business due to factory defect or bodily harm.

The third type on the other hand is the Professional Liability Insurance. This is ideal for businesses that offer services rather than goods. The coverage in this insurance protects the business against errors, malpractice and negligence in the provision of services to the customers.

Commercial Property Insurance is the fourth type of business insurance. This covers practically everything that the business may experience due to conditions like fire, smoke, wind and hail storms. Civil disobedience and vandalism are also covered in this policy.

A Home-Based Business Insurance is the last type. Homeowners’ insurance policies do not only cover home-based business losses as what others often believe. You can actually add riders to the insurance to accommodate coverage on property loss too.

When choosing the best business insurance, do not forget to evaluate your business first so that you can get the points that may align the needs of your business. Share the idea to your business partners too so you can also decide on the appropriate insurance to protect your business.