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Having an idea is easy, that’s why what defines an influential entrepreneur is action and we are aware that this part is the most difficult and stormy part of the process.

However, every day more people leave their jobs and autonomously start their own business, because there is no doubt that entrepreneurship is a propellant of the most important for economic and social growth.

Well anyone with a desire to develop economically can undertake, but to achieve it, in addition to having a good idea, it is vital to possess creativity and skills such as vision, perseverance and self-confidence.

There are several ways to make an enterprise work, the chances of success will depend on the idea itself, the resources available, the contacts you have and the professional motivation.

Continue reading and discover the ways to become an influential entrepreneur.

 

 

Build a business based on the sale of a product that generates value

One way to successfully undertake a business opportunity is identified and capitalize, if there is demand, you can become the bidder.

You need passion for the product, some research on the competition and generate methods that generate value, to differentiate your product, it is important that you never intend to compete with the giants, for example, if your idea is a new cola drink, do not expect much, because competition dominates the market and is very solid, and for more value that you add to your product it will be difficult for you to conquer the market.

 

Build a business around a product or service that does not exist

If you have a new idea, an innovative product, something that will be unique in the market, leave fear aside, as you obviously have a brilliant mind, consult with business experts, seek financing and move on.




Build an information and empowerment business

For these entrepreneurs we use the term infopreneur , considering it as the professional that gathers important information from multiple sources and manages it to create a unique conjuncture for its clients, that is, it sells information through templates, courses and other resources, generally oriented to educate and train.

One of the simplest ways to start as an infopreneur is with the creation of a blog or YouTube channel, hosting rates are affordable and the biggest investment in producing a quality e-book is time-consuming.



Build an audience to build a business

The artist survives thanks to the sponsorship of his work. Nowadays, writers, musicians and bloggers build their audience around their talent, thus creating businesses with excellent merchandise, the patron is their audience.



Build a business around a trade 

You think about making a product, dedicate yourself to create something of high quality, what you did as a hobby or hobby could become a successful business, for it investigates what audience shows interest in what you do, regardless of whether they are cakes, clothes, necklaces, candles, furniture, etc.

Start as a hobby to find your first customers decide to turn it into a business. The important thing is that you are passionate, do well, and can access the necessary resources for it.


Build a service business

This group embraces a wide variety of businesses, to materialize your idea, it is important that you analyze your skills and experience, and inform you of the needs that exist in your environment.

In the beginning you could start your business alone, as a complement without leaving your current job, to invest little by little, if you do it well you will gain more and more customers and money.

 

Build a business around the improvement of existing procedures

There is always the opportunity to improve either a service or a product, the market is variable and that is because the customer’s needs also mutate, there are new elements that need satisfaction.

This is the history of technology companies that have been founded with the mission of continuous improvement that is why the technology advances and changes occur every day, in some cases evident improvements and other insignificant changes.

The success in this business is to develop improvements that are useful, for it analyzes the needs of the consumer.



Build a business around environmental conservation

With the importance that the theme of the environment has developed worldwide, many entrepreneurs have created a business with the intention of devising proposals for a better quality of life and for the benefit of the sustainable life of the planet.

To conclude it is worth mentioning that these are just some motivational proposals to start a business. Creativity, to generate an idea is a vital element that you must have and to develop this idea you will need dedication and some advice.

 

 

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Although there is no test that can give you an accurate answer, there are certain essential questions that will help you determine if you meet the requirements to be successful in this new project.

 

  1. How committed are you?

One thing is certain: successful entrepreneurs have a great commitment to their business. It is something simple to understand, but difficult to put into practice. If you are one of those who passes from one hobby to another without being really focused on something or easily distracted, maybe it is not your moment. Entrepreneurs are persistent, even when things get tough.

 

 

  1. Do you have patience?

Although not all optimists start a business, most entrepreneurs think positively. From those who own a single location, to the founders of the most important companies, they all have in common the ability to turn challenges into opportunities. Without this essential characteristic it is difficult to motivate employees and succeed in the midst of a crisis.

 

 

  1. Do you like to make decisions?

This implies assuming a commitment. And when decisions are not adequate, the consequences can be fatal. Especially when you start a project with limited capital and resources. Is it better to install the office at home or rent a space? How to fix the price of your products or services? What will be your target audience? … In short, there are many questions that you must answer. And the difference between a hobby and a business is that decisions have financial implications. Can you enjoy it equally?

 

 

  1. Do you have capital?

Once you have a business plan and you know that your hobby can be a profitable business, the next step is to finance it. The recommendation in these cases is not to give up your work. Getting a loan is not easy and requires many sacrifices. So, if you keep a salary and things do not work as you planned, at least you will have to endure a crisis, without having to lose your business.

 

 

  1. Do you like sales?

When you are an entrepreneur, your job is to sell, be it products, a business vision and even yourself. And you will have to do it every day, several times. Do not worry, if you really have what it takes to be an entrepreneur, you will enjoy it.

If you answered yes to most of the questions, then you are ready to transform your hobby into a real business. If your answers were negative and you still feel the desire to be an entrepreneur, it is best to find a partner that supports you to make your dream come true. Remember that even if you really enjoy your hobbies, think about whether you will be willing to let them become a way of life with financial implications.


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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

There are many types of entrepreneurs, but they all have these 5 characteristics in common. Describing an entrepreneur may not be an easy task since there are all kinds of them. From the man who started his business with a pallet cart and now has an ice cream shop, to the young man interested in the technology that managed to raise the necessary capital to through a crowdfunding platform to launch its startup based on an application for smartphones. No matter how you started your business or how long you have been in it, all entrepreneurs share 5 essential characteristics:

 

  1. A Great Entrepreneur Mixes Vision with Execution

When we think of successful entrepreneurs, we think of visionaries. This will be true in some cases, but in reality the best are those who manage to combine their vision with the ability to make things happen. In fact, good advice for those who want to start a business is to spend less time developing ideas and more time carrying them out.

 

  1. They have the Ability to Find Unusual Solutions

A good entrepreneur often has excellent problem solving skills; but they also attack these problems with creativity.  They don’t do this because they are eccentric or unconventional, but because they simply have a different way of looking at things. These types of people know what resources they have and how to make the most of them using different angles, they tend to find unusual solutions or exits where other people do not see them.

 

  1. Are Willing to Work More than the Account

The task of creating a successful business is long and heavy. The hours are intense and the success rate is relatively low. It takes a long time to generate momentum and the amount of work it requires is unquantifiable for those who have not tried yet. A successful entrepreneur is one who has spent tireless hours working on his dream, who has had to choose to go to work instead of resting for a weekend or holiday, this is part of the beginning of a successful company.

 

  1. They can Reduce Complicated Information in Actions

In general, any problem related to a company or business can be reduced to two or three main components. A good entrepreneur can identify these factors and make key decisions for the business.

 

  1. They are Very Effective with their Team

An entrepreneur is one who knows how to interact effectively with all kinds of people and gets the best of each. Growing a business means increasing the number of people working in it, so a good entrepreneur will know how to choose his team and find the best way to get good results from the activities or responsibilities of each of them.

As you can see, all entrepreneurs meet these characteristics because facing the task of creating a business from nothing is not easy. It requires excellent organizational skills, communication, management and leadership to achieve what is sought.

Another of the most admired skills in an entrepreneur is knowing when to use technology in their favor, as in the case of electronic invoicing. By implementing an electronic billing scheme in your business or company, you will reduce costs, save time and be able to use resources that you previously targeted for billing processes in other areas of the business. All this will help you grow more effectively.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

I imagine that as an entrepreneur you are, autonomous and independent, you will be interested in knowing everything you need to increase sales, so that your sales take off, right? You will want to know what is necessary to sell and, what is more important, to sell more quantity and to continue selling more time. One product or several products, whatever they are.

So we have to start at the beginning: to have good sales (and keep having them in time) we need to create a unique product, something that gets your customers to not think twice when buying. And you will say: yes, I know the theory, but how do I do it, how do I create a unique product?

Well, that is what we are going for. The objective of this article is to show you WHAT REQUIREMENTS YOU MUST MEET FOR A UNIQUE PRODUCT TO SELL. Or in other words, what you should emphasize or where you should work.

Before telling you what it would be good to do, I’m going to tell you what it would not be good to do, from my point of view.

What I would never do is adopt a low price strategy. Why? Because it can be bread for today and hunger for tomorrow and because most likely it is not sustainable in your company, if you are and independent entrepreneur (and I guess small). That it is not sustainable means that you lose money.

Make no mistake: low cost products or services are something that only large consolidated companies can afford, I would almost say multinationals. The others, if we apply them, we die in the attempt (and if we do not die today, we will die tomorrow).

What, then, should we do? Here you have FIVE REQUIREMENTS THAT YOU MUST GET A UNIQUE PRODUCT FOR YOUR SALE.

1.- To add value. That is, it has to have a utility or benefit for the client. How is this benefit manifested? In which a problem solves him or a desire satisfies him. And when choosing between both, the products that solve problems are better sold to those that satisfy desires, because the former carries the urgency, the need, while the latter are associated with pleasure. You can go without pleasure, but you cannot go without solving a need.

2.- Be different from what already exists. If to create a product copies or simply examine what there is already to do something similar, something like that, obviously the product will not be unique. Keep in mind that the fact that someone works something, does not mean that it will work for you too. A unique product cannot be more than what already exists. It’s about creating something new that

  • Will solve a problem that did not exist before,
  • Will solve a problem that existed before but do it in a different way,
  • Will increase the pleasure and well-being of people in a different way.

3.- Focus on a very specific market niche. As I have hinted at sometimes, the products for everyone are products for anyone. And if here we are dealing with unique products, these should be directed to unique people, who belong to very specific market niches.

If you sell what everyone sells where everyone sells it, you will not sell or sell very little, because you are trying to highlight where there is brutal competition, and you just arrived!

So, let us be realistic: do not try to create something that works for everyone. Focus on selling something unique and for specific needs where there is less competition.

This is a very powerful selling and positioning strategy. I have developed it more in this other article that I recommend not to lose: how to get more benefits where there is less competition.

 

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Portrait of relaxed young man standing in office with colleagues meeting in background.
In today’s world, the term “entrepreneur” has more meaning to it than it ever had before. For some, it’s all about accumulating millions of dollars. Whereas, for others, it’s more about establishing new bonds and breathing the new life they always dreamed about.

A few years ago, it was not in our wildest imagination that we would call ourselves entrepreneurs someday. Let alone speaking at seminars, discussing freelance projects, and guiding new entrepreneurs. What motivated us? What do we know that you should also know about modern entrepreneurship? We’ve highlighted a few key points below that will help and motivate you in becoming a better entrepreneur.

1. You Don’t Need to Invest Big to Get Started

In the entrepreneurial world, money is not the ultimate game changer! However, some people frame it as the most important thing. You can rest assured that there are far greater things that need to be taken into consideration to make your business successful other than money.

The two top things that we and other experienced entrepreneurs consider important are ideas and ambition. When you do begin your journey as a novice entrepreneur, you’ll face a lot of ups and downs. It requires a lot of persistence to be able to brace all of those valleys and mountain tops. You might’ve already heard a lot about downfalls and difficult times, but what is interesting about modern entrepreneurship is that it’s ups (successes) also possess the same challenges. Modern entrepreneurship is a double-edged sword.

The most problematic stage for beginner entrepreneurs is the early stage of business, where they receive no appreciation, little to no monetary benefits, and a lot of criticism. However, if you’re ambitious enough and are eager to learn, you’ll get through all the difficult times. The key is determination!

2. Create Value Through Knowledge

It is often said, “The simpler the advice is, the better it is.” One simple piece of advice that we would like to pass on is to focus on creating value. You may ask, what do you mean by creating value? In simple words, creating value is leaving things better than they were previously. If your product is not creating value, it’s useless. A good value addition always inclines with the natural demand.

To create value, you need to learn something new every day. The best habit you can adopt is reading. In modern entrepreneurship, things are changing every day and it’s not easy to keep track of all the change. However, if you read, you’ll better understand the fundamentals of change. Once you’ve got a firm grasp over fundamentals, you can predict changes by yourself. Knowledge is power!

3. Make Use of Technology

Don’t wait to be recognized – make the world see you. Modern entrepreneurship is all about making yourself visible to the right audience. In no time, you’ll find people you look up will starting contacting you. Only if you know how to present yourself and are eager to learn from your mistakes. Making yourself noticed is far easier than it used to be. A lot of entrepreneurs opt for websites, blogs, and other social media platforms to showcase their talent. Don’t focus a lot on advertising, instead focus on generating value. If your content is good, you will get the right audience. Don’t aim to cover all of the mediums.

Don’t get distracted. As an entrepreneur, you’ll be bombarded with a lot of things that will divert you from your business priorities. Make things simple and focus only on what matters. Even after you have become successful, focus on the important things. Build interpersonal relationships through effective use of digital media. Focus on creating relations with your content. Don’t only post and update your online presence, instead focus on building relations. Last, but not the least, use ‘DATA’. There is a reason why we have written it in all caps. Data helps you in bookkeeping and improving efficiency. Data will allow you to identify early trends and make adjustments accordingly. The single best thing about technology is that it provides you with consistent, reliable data. Make sure to use it wisely.

Conclusion

The good thing about modern entrepreneurship is that you set your own pace. Your success is directly proportional to your hunger for success. The sooner you decide what you want to do with your life and how much energy you want to put in your business – the better the results will be. And you don’t have to wait another 2-3 years before you make a decision. Do it now and start taking baby steps towards a future you’ve always imagined.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Not sure. Young adult businessman have a doubt.
Do you have a great business idea for the ‘next robust company’? If so, you may be thinking that your idea is simply perfect and powerful the way it is. However, you should weigh it before investing your time, money, and resources into developing a business, service, or product prototype for which there is no apparent need or value in the market. You could be putting yourself in a devastating position if you spend all of your personal assets, consume credit cards, and take bank loans for your startup, only to see that it is useless.

Failing to evaluate your business idea could result in a great loss if it backfires. It is just like reporting transactions in the books of the financial accounts of a company. If you make material blunders in bookkeeping, you harm the business significantly. Here are four of the simplest tests to determine whether your idea is worth investing in.

1. Show Patience and then Build a Test Service or Product Prototype

Although you are excited and confident about your unique business idea, you must show patience. When you have several idea opportunities rushing around in your head, avoid getting in a rush to make a business plan or hire a team. Rather, wait a few weeks to figure out which exact idea is truly suitable. Move forward with an idea only when you have a burning feeling and intuition that the world immensely needs your idea as a product or a service.

Once you have patiently completed your plan, perform the simplest test of building a prototype, based on your idea and present it to a general audience to obtain their authentic and honest comments. If their eyebrows go up and they show a sense of excitement as you brief them, you probably have a potential idea. On the contrary, if you see them furrowing their brow and their body language is negative, your idea might not be a potential good bet.

2. Design an MVP then Test and Tweak your Idea to Best Suit your Market

A minimum viable product, MVP, is typically the simplest and most elementary picture of your business idea that you can practically sell as a product or service. Building an MVP and seeing how it works out is another one of the simplest tests to assess your idea’s potential. In addition, many successful tech entrepreneurs recommend that you have your product or service’s simplest version that you can easily experiment with and promote early in the idea development process so that you may cater the necessary tweaks and changes in response to the genuine feedback from your target audience.

The test market feedback is valuable as it helps you know how to refine not only your product or service but also the inherent nature of your idea. For instance, your smartphone gaming idea can be evolved during the test and trial phase.

3. Let a Group of Critics Run It

When you have an MVP of your idea, test service, or first prototype ready, bring it forth towards your potential target audience. Consequently, you should survey and/or talk to a minimum of fifty potential clients to figure out whether they identify with your idea the exact way you do. In simpler words, you have to determine whether your idea is a genuine need for most of your target audience or simply very few people. Though it is another simple test to find your business idea’s strength, you have to be prudent and diligent when selecting the fifty potential customers because if you have had previous irate encounters with them, you might not get honest feedback.

4. Build a Test Website Linked to Social Media

Once your business idea is out in the form of a product or service, your target market requires a place to obtain further information about it or share it with others. Thus, creating a simple website and linking it with social media is a great way to provide more details and it is the simplest test to see how most people are reacting towards what you are selling or providing. User clicks, comments, and shares will tell you whether you should continue working on your idea or do some more improvisation before either going public or back to the drawing board.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Young asian businessman feel stressed/worry/headache/disappoint during working "nwhile sit at train station,hand holding Laptop bag
A Double Dip denotes a recession in which the business declines after a quarter or two growths and comes back to growth for a short span and again goes into a declining state. 

When a business suffers a double-dip recession, the pressure to perform better increases more than ever. New challenges arrive and the stress level is increased for entrepreneurs as well as employees. Managing huge workload and developing effective strategies to survive through a double dip recession is highly stressful for entrepreneurs facing this. The employees related to the business facing double-dip challenges are often overwhelmed and stressed. Even if the economy is heading down, many business owners/entrepreneurs work on strategies to keep their businesses thriving.

Double Dip Survival guide

During a period of a double-dip, many companies do not survive in the second phase of recession. So, here comes a time for entrepreneurs to make a double-dip survival plan. Entrepreneurs can adopt many policies, techniques, and strategies to survive through a double-dip period and lead their companies towards a growing period.

1.  Reassess pricing of products and services: It is not considered the best option to cut prices all at once. First, consider the negative effects of cutting the price of your business products/services. Also, consider promotional offers such as a bonus product or service at the same price or placing business products on a limited sale to attract more customers and users of your business.

2.  Keep searching for more opportunities
: During a period of recession, entrepreneurs should keep looking out for other companies which are losing market share. As the other company loses its market share for the same product or services, try gaining your market share by moving into new markets. Try to win the customers of another company.

3.  Review products and what changes can be made to them: In a period of recession or during double-dip survival, your products and services must be reviewed and certain changes and upgrades can be made to attract more customers. For example, try introducing more flavors in processed eatables. Try marketing them in bundles at a reduced introductory price like promotions.

4.  Make agreements: Make agreements with other businesses/professionals. For example: Refer clients to each other and give commission as agreed upon by both parties.

5.  Refresh the packaging:
Entrepreneurs can take a look at old packaging of their products and see if they are still appealing or not as compared to their competitors in the market. Customers often love to buy the same product with new attractive packaging. This is a good technique to promote the same product with a better packaging point of view.

6.  Raise up the marketing: Try finding cheaper methods of marketing to reach to your customers. Social media is a good option to reach your customers, getting their feedback and sorting out the queries related to your products or services through social media sites. Make accounts on social media websites and promote your reconsidered products there as well. This might attract new customers and previous customers may come back to your product again.

7.  Entrepreneurs must pay attention to loans, as huge amounts of the sales earnings might have been going to pay back interest. Cut down the inventory if possible and to return the loans as much as possible.

8.  Keep a check and balance on bookkeeping. Constantly take a look at your budget and bookkeeping efforts.  Observe where you can cut back, where you are spending too much, and what changes can be made so that your company survives the recession. 

Entrepreneurs must put all of their efforts and hard work into the business, especially during a double-dip survival period, but must never compromise on their physical and mental health. Short breaks and weekly days off must be taken to refresh and come back to work with an eager attitude.

Conclusion

A double-dip survival period is a hard time for entrepreneurs. Many businesses do not survive in the second phase of recession if good practices and techniques are not adopted. Entrepreneurs must remain vigilant and cope with stress well throughout the recession periods. Entrepreneurs should try different strategies to survive and thrive their business again. Reviewing products and services, promotional offers, managing inventory, building good terms with retailers and wholesalers and searching for more opportunities are key to double-dip survival for entrepreneurs.

 

 

Money, finance, business concept background. USD dollar bills, skyscrapers.

How much Equity is required to attract investment capital?

Albeit, numerous resources give data on beginning a business with no or minimal funds in the bank; recall that if something sounds pipe dream, it most likely is. Try not to be deluded by the famous writing – having little or no capital is a primary reason why businesses fail.

 

Being Realistic for attracting investment capital

Entrepreneurs are quite commonly optimists, an attitude necessary for getting the business in the market. However, the ideas of unique products, skyrocketing sales, and weak competition turns out to be a mirage in the practical world.

In reality, no new business prevails without a comprehensive and careful business plan that perceives where you are today, where you need to be tomorrow, what issues may emerge, and how you will resolve them. The value of a business plan is that you are compelled to consider your potential business from the grass-root level, challenge your uncertainties, and research when facts are not known. A comprehensive plan distinguishes and quantifies the capital that is probably going to be required to cover the initial investment and past. This is significant for wooing investors and attracting investment capital. Besides, brokers and potential financial specialists, for the most part, assess entrepreneurs and the capability of their capacity to deliver on the quality and fulfillment of their business plan.

 

Requesting Sufficient Money

The most horrifying, shaky slip-up the entrepreneur can make when bookkeeping for capital is requesting too little to have a shot at progress. Lacking adequate capital in the first place is similar to beginning a long trip with a broken transport, and a half-tank of fuel; the chances that you will achieve your goal are thin to none.

While bookkeeping the capital, you require an attracting investment capital; assume that everything will take twice as long and cost twice as much as you anticipate. Assume that the worst-case scenario will happen, not the best case. Instant profitability should not be anticipated, a typical mistake made by some first-time entrepreneurs. In case you don’t raise enough capital at first to cushion your organization; if sales are modest or crises happen, it will be a lot more difficult to collect more cash just to keep the business going. Start-up capital should, at any rate, cover all plant, hardware, and leasehold costs – in addition to no less than a half year of anticipated working expenses, including the proprietor’s pay.

 

How to Raise New Capital

The most well-known source of startup capital is simply the entrepreneur in the form of credit card loans, home equity advances, and loans taken from the relatives. Elected and state governments support various sponsored credits and encourage new companies through the Small Business Administration and its partners on the state level.

At the point when these sources are depleted or inaccessible for any reasons, entrepreneurs, for the most part, look for capital from private sources. For example, business and investment banks, groups set up by private financial specialists to endeavor such opportunities, wealthy individuals, and venture capital funds. Their proposed venture is normally styled as debt, equity, or a mix of each:

  • The most well-known type of capital utilized by new businesses is an obligation and it is secured by the assets of the organization including the personal guarantees of the owners. As time passes by, the organization reimburses the owner from the principal amount.
  • While using equity, investors progress toward becoming proprietors of the business with the entrepreneur. The measure of possession held by each is reliant upon a transaction which thus depends on the assets contributed and the agreed-upon value of the business. Business valuation is an art, not a science; the conclusion is constantly subjective dependent on the point of view of the bookkeeper.

 

What Is the Value of the Business?

The estimation of an organization is vital because it is the reason for deciding the “cost” of the new capital when looking for value augmentations to the capital structure. Just to clarify, an organization with a $1 million valuation and no obligation looking for another capital of $1 million would be worth $2 million after the venture. The old proprietors would claim half of the new $2 million organization (for their commitment to the old organization with a $1 million esteem), while the new financial specialists would likewise possess half enthusiasm for their commitment of $1 million money. For the most part, a valuation considers four inquiries:

  • How much is the organization worth today?
  • How much might it be  worth later on?
  • How long will it take to make the future esteem?
  • What is the probability of making progress?

There are various diverse strategies used to value new businesses.

Seeing how your organization will be assessed and having the capacity to influence the valuation emphatically can empower you to get higher valuations and hold more noteworthy responsibility for the organization when the investment is subsidized. Attracting investment capital requires careful valuation of the capital.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Pen on earnings report with calculator on desk of financial adviser. Concept of invest planning, analyze return on investment.
An accounting statement is the written report of the financial condition of a company. It is the first step in formulating a financial management system. Accounting statements should be prepared on a monthly basis to have a proactive approach. Financial or accounting statements have the following elements.

Income Statement

An income statement measures the sources of revenue and expenses of businesses.

Cash Flow Statements

Cash Flow Statements are the combination of income statements and balance sheets.

Balance Sheet: Gives a snapshot of business assets, liabilities, and equity of owner for a specific period. It is one of the most helpful tools in the financial management system. It is used to measure financial activity for a specific period.

Key elements of the balance sheet are:

  • Current assets
  • Fixed asset
  • Other asset
  • Current liabilities
  • Long-term liabilities
  • Owner equity

A Cash flow statement has four-parts.

  • Net cash flow from operating costs
  • Net cash flow from investments activities
  • Net cash flow from financing activities
  • Net change in cash and marketable securities

The success of an entrepreneurs lies in financial statements because financial statements provide details for better decisions. The progress of businesses can be assessed and measured from these statements.

Following are the advantages of accounting statements driven by successful entrepreneurs.

Predict Future Progress

Entrepreneurs make future predictions which attract and motivate others to work on that great vision inspired by them. Their predictions are based on three projections i.e. assets, future revenue, and operating costs in future. Financial statements provide analysis of projections and allow the company to achieve goals.

In the initial stage of entrepreneurship, projections are used make a team, providing them a strong, practical and measurable vision.

In the middle of businesses, financial statements are used as a measuring tool for determining the accuracy of projections.  Sales and cost trends are assessed to make future predictions. Comparison of past sales and current sales is used to predict future revenue. Similarly, by understanding all steps of manufacturing, supply chain and delivery provide predictions of how the cost will affect the revenues of the future. Bookkeeping is specifically helpful at this stage to make future predictions.

In late periods of entrepreneurship, financial statements reduce complexity and make it simpler to achieve goals and to be more specific in the procedures and targets.

Future Commitment

To grow a business, entrepreneurs must make commitments. Commonly four types of commitments are made by entrepreneurs.

  • Make investments for a fixed asset or a long-lived item. For example: machinery or building
  • Promise for payment of a large amount for a specific period which may be rent of a fixed asset or salary of an expert.
  • Lending cash for expansion of the business.
  • Investments of working capital. For example: inventory management at specific level or clients credit.

These commitments are made to invest in such asset which will lead to the reduction of operating costs and for capacity building to serve future demands. Money, time and energy are utilized. Delivery procedures and sales funnels are designed for conversion of raw materials to a product required by clients. Measuring costs of all of these steps help in making a practical commitment. Predictions and analysis of cash flow help you to prioritize commitments.

Measurement of Progress

Accounting or financial statements are used to measure the progress and make critical adjustments in entrepreneurship. Bookkeeping also provides clarity in the scenario.

The first step is the comparison of actual progress and projected progress. This comparison provides you a report regarding achieving goals and targets set by entrepreneurs. Top performers can be rewarded if you measure progress accurately and determine individual contribution. Progress measurement helps you to recognize problematical areas and bottlenecks. It helps in preventing fraud and making a strong, trustworthy, and motivated team.  Progress analysis results in better decisions for the future.

It helps you to recognize cost trends so that you identify the problem early and make corrections necessary to keep the business safe and on the expansion and growth track.

Conclusion

Accounting statements are the lifeline of successful entrepreneurship. Quarterly reviews enable business owners to make better decisions for achieving goals. Bookkeeping is also used as a tool to control and analyze progress.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

young business man corporate executive relaxing sitting on a chair in the open air outdoors

Time is one of the most valuable factors in our lives. It is an asset which once gone cannot come back. Nowadays, with a busy life, tight business schedules, and personal commitments, the value of time has been increased more than ever. Successful people spend their time according to their pre-planned schedules and try to minimize wastage of time in any way. Surveys show that forty percent of time spent by businessmen is on activities other than building their business. Most of the time they are busy in managing issues or expense reconciliation.

Businessmen and especially entrepreneurs should spend their valuable time on building and growing their business rather than just managing routine daily activities. Major hurdles and challenges faced by their business should be addressed timely and strategies should be updated according to the market surveys. 

Here are five ways to effectively manage your time and find more time in your day to build your business.

1. Automatic processes

Most businessmen spend their maximum time, efforts and staff on creating invoices, making payments, maintaining bookkeeping, processing payrolls and so on. They are left with no time for studying building strategies. The best solution to save time is to purchase and implement an online accounting software or application. Various affordable, easy to use and wonderful software are available in the market to handle accounting, bookkeeping, and payroll tasks. That saved time could be utilized for growth of the business. QuickBooks, Fresh Books, Xero are a few examples of accounting and payroll software.

Making daily processes automatic will definitely save your valuable time and energies for more productive activities.

2. Take advantage of being small

Small business entrepreneurs often have the advantages of being a multitasking and decision-making authority. They don’t need to go through a long process for getting an approval. They don’t strike in just managing the big teams and the big budget. They can utilize their small sized team and budget in building their business. They can make prompt decisions, implement strategies immediately and interact with customers closely and often.

They can invest their time in building a strong, trained and multi-talented team. They can develop a strong relationship with their customers. These activities will be fruitful for your business.

3. Leave your office

Development in technology allows businessmen to manage from anywhere, at any time. They don’t need to be present in their office desks for handling their business. They can perform official activities on the go. By using Blue Jeans Network and Skype, visual contact with partners and employees from anywhere is possible. Google Docs has made it possible to work on any file in real time by more than one individual from different locations.

LanuchPad and We Work allows you to find innovators and can exchange innovative ideas, discuss challenges and their solutions.  Professional meetings can be conducted. Phone systems have also been developed quite a bit over the years. These advanced technologies save time by providing flexibility of the timings and space.

4. Freelancing

For launching your idea or business, you don’t need the heavy budget, big team, and concrete office. Just invest a few dollars in creating a website. Seek the help of a freelancer from Elance or oDesk web designer to create a logo and attractive design for your website. Use Squarespace or Wix.com for creating the website without any specialized development skills. Find a freelance writer to write catchy content for your idea and launch your idea within a few days. This is how money, time and energy can be saved.

5. Virtual assistant

A personal assistant for scheduling meetings and making reservations for lunch is just wastage of money. Hire a virtual assistant for all of these tasks. Save salary, benefits and time. He will be as close to you as a next chair employee. Use video conferencing and instant message to contact him immediately from anywhere, at anytime.

Conclusion

Technology has made time management easy and investing time in the progress of the business.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.