These days, the trending phenomenon is entrepreneurship. Social media in no little means has helped the widespread as hashtags #ceo, #myownboss, #entrepreneur etc. have been on the rise.
However, it is important to know that entrepreneurship is beyond owning and managing a business, entrepreneurship starts in your thinking. It is a mindset that is value driven. A mindset that seeks to provide solutions to emerging problems. Owning a business is not a guarantee to wealth. There’s more to it.
To succeed and grow a business well, it is important you are accountable for every money spent and received in the business. Here are some tips to help you remain accountable in business:
- Do not confuse your cashflows with profit. Know if your business is profitable or not. You should be able to identify you purchases, sales, expenses and profit. It is possible you are getting some gains on the products or services you sell/render but by the time you calculate the overall expenses, you realize that you the gains have turned into losses. If the business is not profitable both in the short run and long run, it’s advisable you opt out.
- Do not mix business income with personal income. It is important that you set yourself on a salary scale. This will enable you to differentiate your personal income from your business income. Your business can be further re-invested in the business.
Finally, do note that entrepreneurship begins in your thinking, whether in business or corporation, entrepreneurship expresses itself in its value-driven, problem-solving skills.
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To your financial independence and freedom