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Sunday, March 23, 2008

Home Business Success - 5 Things You Learn From Your Ex-Boss

Home Business Success - 5 Things You Learn From Your Ex-Boss
by: Gobala Krishnan

In the past, everyone could take pride in working for large, multinational companies. The current trend of downsizing and outsourcing, however, has brought major changes in the employment landscape. One thing for sure, as job security becomes a thing of the past, many are turning towards starting their own home based businesses.

Job security has its merits, and a home business is, arguably, not for everyone. But for those who are interested in making this shift, a change in mentality is absolutely important. There are many bad habits that lie dormant in all of us. You need to change these bad habits and develop new good habits to survive as an entrepreneur. And in many cases these can be 'borrowed' from your existing or former corporate work environment.

Here are some new disciplines that you can borrow from your working life, to develop and to practice:

1) Ownership and Decision Making

In corporate culture, you are responsible only for what your job requires you to do. In most jobs however, you are hardly responsible for the survival of the company. Your contribution, as compared to the whole, is only marginal. You can make mistakes and get away with it. Your job is easily replaceable.

As an entrepreneur, however, you may find the world to be less forgiving. A mistake can cost you your entire business. It is vital for anyone who wants to start their own home based business to think about this fact. You have to realize that success in a home based venture is directly tied up to your actions, and you need to take responsibility for everything that happens.

In your own business, you need to go beyond your capacity at times, stretching yourself more than you would as an employee. Taking responsibility also means being able to make the correct decisions as and when needed. When you work from home, YOUR decision is final. Although it may a little scary for an entrepreneur at first, these habits practiced over time becomes second nature.

It sure beats having to put up with corporate red-tape!

2) Developing a Creative Mindset & Taking Risks

Companies hardly, if ever, reward you for being creative. They do, however, reward you for showing up on time and completing your daily routines. You are rewarded not for being outstanding, but for being average.

As an entrepreneur, you need to shake off the bad habit of doing things the usual way, the "way it's always been done" There is nothing wrong with using standard procedures and methods. In fact, sticking to the 'rules' can help you make a decent living. But if you want the big money, like I do, you need to start thinking "Outside the Box". A little bit of ingenuity in your business can save you a lot of money and time.

Ingenuity involves finding solutions to a problem. You may, at any stage of your home business, realize that you just don't have an abundance of resources. Resources in this context can be money, time, expertise or just about everything else that you need, but just don't have...

As you might have figured, creativity comes with risk. Doing something new is more risky than doing it the old way, but the payoff is incredible. Thinking outside the box might result in failure, just as well as it might lead to amazing success. But risk is not necessarily a bad thing, especially when it is studied, anticipated and even welcomed.

So what do you do?

Most home business challenges can be solved, even if you are not a genius or have thousands of dollars to spend. If you can just use your ingenuity, you can find a solution to these challenges.

Figure out how to make the best of your advertising dollars. Figure out how to save time and automate your business. Figure out how to complement your skills using the skills of others. Small steps like these can go a long way in determining just how successful you will be.

3) Making Your Own Rules & Organizing Time

Imagine you arrive at work one day and find that the punch-card machine has been removed. The company also fired your boss, and the new rules say that you can come in at any time you want, bring your wife and kids along, and take as many breaks as you want. Shorts and a T-shirts are now the standard, accepted work attire.

What would you do?

I know what I would do - absolutely nothing at all! I would take advantage of the situation, and do absolutely no work at all. As days go by, I get lazier and eventually become a total slob.

A home business environment is not much different from the scenario above. In the absence of corporate rules, you must develop your own self imposed "home business rules". Set a time for work, for play, and for household activities. If you just decide to "go with the flow", you often get no where at all.

I used to think that money was the most important asset of my home business. Being quite naive, I thought that with more money, I could be successful faster. After all, money is king. With more money, I could buy more "big time" advertising, hire assistants and equip my business with the best software systems.

It didn't take me long to realize that time is more important than money. Money simply cannot buy time. But with more time, I can all make all the money I want. Put in another way, I would say that MORE TIME is more important than just MORE MONEY. But none of us, not you, nor me, can have more than 24 hours a day at our disposal.

So, as a home business entrepreneur, we need to ultimately learn how to make the best use of the time that we have. This easy to say, but it will take discipline to see it through. Discipline is not easy to achieve, but it CAN be done. Just focus on doing a little bit every day, and stick to the timeline you had laid out, and you will get into the productive rhythm that comes with discipline.

4) Continuous Self-improvement

The home business arena is highly competitive. As an entrepreneur you will need to keep up with any event that will effect your business, for better or worse.

Corporations usually have mandatory training courses for all employees. If you are someone who attended these courses just to get away from doing work, or just to get some extra sleeping time in the class, then you need to change your attitude.

As an entrepreneur you must to find ways to enrich yourself with more knowledge. Take that accounting class, attend that local business seminar and read related books. Don't see these as additional expenses, see them as long term investment. An investment in knowledge, after all, yields the best return.

Every type of business is subject to slowdowns. If you do not continuously improve your skills and knowledge, simply throwing in more money or hiring more people when that happens will not solve the problem. The only way to move forward, to get to "the next level" is to acquire new knowledge. New knowledge opens up more opportunities for your business.

5) Commitment to Your Goals & Deadlines for Success

"I want this on my desk by 2.00pm".

Sounds familiar? Most of us seek a home based business because we want to escape the pressures of a 9-5 job. The word "deadline" may send a shiver through your spine.

The irony, however, is that deadlines are EXACTLY what you need to succeed in just about anything. As an entrepreneur, these deadlines always are, and must be, self-imposed. There are many book on how to set and achieve goals (my recommendations at and I suggest you read as many as you can.

Having family around you can be used to your advantage. Communicate your goals to your wife or husband. Promise your kids a vacation when you've finished a major task. Soon, you will get little "bosses" running around telling you to stop watching TV and get to your work. Well, at least they are "adorable" bosses!

An excerpt from the book 'Think and Grow Rich' by Napoleon Hill (pg. 15):

...a great warrior faced a situation which made it necessary for him to make a decision which insured his success on the battlefield. He... gave the order to burn the ships that carried them. Addressing his men before the first battle he said "You see the boats going up in smoke? That means that we cannot leave these shores alive unless we win! We now have no choice - We win - or we perish".

They won.

And no matter what YOUR goals are in seeking self-employment and an entrepreneurial life, with commitment to your goals and determination to meet your deadlines, you too will win. Take the positive aspects of your current of former work environment to build a healthy and productive home business mentality to ensure that you are heading towards success.

Here's to your success. Cheers.

About the author:
Gobala Krishnan is an internet marketer and home business owner. Visit his site at to start your own Internet based home business today, and get a free kickstart package, one-on-one coaching and a clear, proven system to earn a six figure income

Saturday, March 15, 2008

Credit, Money and the Home

Credit, Money and the Home
by: Kimberly Flores

Did you know that money is mentioned in the bible more times that heaven or hell?

Does the idea of telling your spouse what you spent on marketing send chills down your spine? Why? Because you have nothing to show for it…yet?

Do you have a set budget you follow, including your online expenditures? Or, are you just throwing your money at whatever looks provocative at the moment?

Have you found out that PPC (Pay per click) search engines eat your money faster than you can check your credit card balance?

Don’t cry, I’m right there with you. Running up a credit card balance is very scary, hoping against all that your promoting will pay off. It can eventually show some profit if you keep at it, but where is the break-even point?

I know firsthand how this feels. Been there, done that.

Ok, the first thing you MUST DO: STOP USING CREDIT!

If you aren’t seeing any income, stop using your cards and instead set aside an amount in a savings-type account to draw from with a debit card. If you are receiving some commissions, or income, reinvest that rather than put your family’s livelihood on the line.

This is very difficult.

I have come to associate online marketing like gambling. It isn’t a sure thing, so it must be a gamble. This is a sin to me now. I am very cautious about where I put my money. I still invest in advertising mind you but I research it thoroughly.

I have searched and prayed for an answer to this question: “If I am to prosper as promised, I must follow Gods principles or I won’t be entitled to the promise”.

I found this resource that has helped me tremendously:

there aren’t any affiliate links so I don’t get a dime promoting them but I am anyway.

I’ve learned so much from their vast assortment of resources.
I have set a budget and am trying diligently to stick to it, making at least 5% for marketing/advertising.

To quote an article from Crown:

Nothing in the area of finances has dominated or influenced the direction of our society during the past 50 years as much as debt. However, being debt free is still God’s plan for His people today.

The blessings of becoming debt free go far beyond the financial area; they extend to the spiritual and marital realms as well. No one who is financially bound can be spiritually free. The effects of financial bondage on a marriage relationship are measurable in the statistics of failed marriages.

Approximately 50 percent of all new marriages fail, and finances are listed as the leading cause of divorce by a factor of four to one.

What is debt?

Simply put, debt is something that is owed. The Bible does not prohibit a person from borrowing, but it does warn against surety—taking on debt without an absolutely sure way of paying it back. If collateral used to secure the loan can, in case of default on the loan, cover the balance of the money owed plus interest, the loan is not surety. However, taking into consideration that most debt in America is surety, we need to redefine debt.

Today, debt can be defined as a condition that exists when a loan commitment is not met or when inadequate collateral is pledged to satisfy the loan agreement.

Debt is not credit. Credit is the establishment of a mutual trust relationship between a lender and a borrower. Most often the undisciplined use of credit quickly leads to debt.

Establishing credit.

The best way to establish credit is to borrow against an acceptable asset, such as an existing savings account. Almost any bank will lend money up to the amount that is in the account and charge from 1 to 2 percent more for the loan than the prevailing saving rate. If within a year you pay back the amount borrowed, the total cost for acquiring the loan will be approximately $20. Then, by using the bank as a credit reference, you most likely can qualify for a major credit card, although the credit limit may be the minimum amount.

With disciplined use of the credit card and faithful payment of the bill, credit limits probably will be raised.

The best way to cancel an existing credit card or credit account is first to make sure the account is not delinquent. If it is current, you can send a letter to the accounts department, customer service, or business office of the bank that issued the card and request that your account be cancelled. Because the credit card is the property of the issuing bank, you also will need to cut the cards in half and send the cut cards along with your letter. Generally, banks will not accept a letter of cancellation unless the cut up cards accompany the letter and the account is current. Along with the letter you can either send a check to cover the outstanding balance or request payment arrangements. However, the payment arrangements they offer may or may not be the same as your previous monthly payment requirements.

Common attitudes that lead to debt

1. Ignorance. Many people, especially those in the baby boomer generation, never were trained how to handle money. The philosophy of today’s society is to spend and spend; if you don’t have the money to spend, charge it. If you want it, get it, because you deserve it.
2. Indulgence. In today’s American society we tend to feel that we should get what we want, when we want it. The whole concept of saving in order to buy seems to be a thing of the past.
3. Poor planning. No matter how noble our intentions may be, without a written plan that gauges and monitors income versus expenditures we will eventually find ourselves in debt and having financial troubles.

How to get out of debt

“The prudent sees the evil and hides himself, but the na├»ve go on, and are punished for it” (Proverbs 22:3). The following are steps that anyone can take to get out of debt and to stay out of debt.
1. Give to God first. The first fruits of all that He gives us—the tithe from our gross income—must be our first commitment. Without faithfully fulfilling this commitment, all other efforts will fail.
2. Stop all forms of borrowing. This includes credit card use, personal bank loans, family loans, student loans, and all consumer credit. The sooner you stop borrowing, the sooner you will be out of debt.
3. Develop a balanced budget. A balanced budget is the primary tool in any family’s plan for managing money. If you are in debt already, the budget will need to be fairly restrictive at least for a while.
4. Work out a pay-back plan with your creditors. Most creditors are more than willing to work with people who honestly want to repay them. Make sure that every creditor gets something, but stay within the guidelines of your budget.
5. Learn to trust God. God knows what you need before you ask, so begin to trust Him for the things you need but can’t afford. Do not charge to get them; wait for God’s provision.
6. Exercise self-discipline as a lifestyle. Curb impulses to buy. If it is not budgeted, don’t buy it.
7. Seek wise counsel. Many people need assistance in establishing and maintaining a budget and working with creditors.
8. Rely on God’s Word. Make all financial decisions based on the principles of God’s Word, not on the world’s financial principles and conventional financial wisdom.

God wants us to live debt free in order to serve Him to the utmost of our abilities and resources. If we are in debt, we are bound to the creditor and are not free to serve God to the utmost. If you are in debt, determine now to get out and stay out. Anyone can become debt free and stay that way, with desire, discipline, and time. With God’s help, it can be done.

End Quote

So my friend let us be prosperous in a productive way. I’ve enjoyed sharing my heart with you, forward this to any one you feel can use the stress relief, but leave the resource box intact.

About the Author

Founded by Kimberly Flores: Always looking to make a way in the wilderness. Here to get the information of the Power of the Web into your hands. Seeking out the profitable tools that the budding entrepreneur needs to get an edge. Home Biz Tips - send an email to WEB:

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