Business Recipes for Success

How to be a successful entepreneur

Many people think that just because a person has a business degree, he has already the entrepreneurial potential.

Being academically equipped with theories and principles help but the most important
entrepreneurial trait is the passion.

An ideal small business owner works seven days a week, thinks 24 hours a day. It may be exaggeration but when you own the business, there is no such thing as punch in and punch out.

cture. Keep meticulous books, checking your cash balance -- especially if you start operations running a loss -- monthly or, better, weekly. "Cash is king," he adds: Keep track oOne such friend turned businessman used to call me during unholy hours to consult if his idea is viable.

One bad habit of his was being sleepless for nights when there is a problem that needed resolution or in anticipation for a result of a plan or project implemented.

Then later on, I would find out that it was not only me whom he has consulted. He would ask people in the same business to benefit from experience. As to how he does this without discouraging the people to talk to a potential competitor, I am left to wonder. It must have been an inborn talent.

My consultancy service for him is the drawing up of business plan.
The business plan answers the following questions:


1. What type of business do you want to run?
2. Where will you operate from?
3. Who will your customers be?
4. Do you have the financial resources to support a business beyond the planning steps? If not, how much will you need and where will you get it?

Entrepreneurs are actualizers. After the business plan, they put it in motion.
which can mean office location,hiring, seeking funding .

Businesses need monney. The business plan should include information about how much. If you need a loan, local banks are traditional sources for small business funding; the U.S. government's Small Business Administration, as well as state and local small business offices, can offer further support.

posted by cathy at 10:23 PM 0 comments

Planning to Buy a Small Business ?

When my friend decided to resign from his stressful job, he was offered a small nursing registry business that deploys nurses, caregivers and nursing assistants to the government and private hospitals, skilled and acute.

He has no background in nursing or placement business. The owner-manager of the said small business offered his help to ease the transition by orienting him of the day-to-day operations.

He was reluctant to decide because he is not only putting his savings but also his daughter's college plan.

When he approached to get my advice, I gave him a list to consider.

1. The reason for selling the business.
2. Why it remained a small business, if it has been operating for more than a year.
3. What is the revenue potential. In a small business where accounting is done on a part-time basis by a professional or by the non-accountant manager-owner, income may have been deliberately understated and expenses overstated to avoid taxes.

4. What's the valuation of assets?
5. What are the types of assets on hand. What are the estimated useful lives?
6. Are there intangible assets included in the balance sheet? These are assets which could have included unamortized start-up costs.

7. Who are the employees? Are they willing to stay after the sale?

8. How much is the selling price?

business,financial statements ,balance sheet ,statement

posted by cathy at 9:16 PM 2 comments

CREDIT CARD ACCEPTANCE can increase sales

A few years ago, my friend who owns a boutique was complaining of low sales. Her business is strategically located near a church, a bus depot and a private school. I did not see anything wrong with her store inventories. She carries
women’s apparel, accessories, babies’ dresses, ladies’ bags and purses which are ideal gifts for any member of a family for special occasions. Her items are also cheaper compared to the popular big stores in the area.

What’s wrong with the business then?

Her transactions are purely on a cash basis. She did not think that people are restricted from buying on a cash basis because of the following reasons:

• People don't carry much cash for fear of being robbed.
• People use credit card for large purchases
• People would like to keep track of their purchases
• People are impulsive buyers so they buy only when they want something they see while window shopping.
• People reimburse expenses from the company

Accepting checks is riskier than accepting credit cards. Bouncing check is the common problem and clearing of check is another.
So my friend contacted her banker and in a maater of weeks, she was able to get a machine to swipe credit cards of customers.

credit+card,online payment

posted by cathy at 2:42 PM 0 comments