Planning your baby investment or delivering your first baby investment to this world can be both apprehensive and exciting.
For all young and first time entrepreneurs out there, here’s how you can help manage growing that business so you can create new money from your new biz.
1) Know your purpose to determine your goals.
The first step is to identify your purpose. This allows you to overcome hurdles when reaching your goal. Reflect on the question, “Why do you want to have a business?” “What business best fits your passion and at the same time deliver an income?” and “How do you see your business in the next three to six or ten years down the road?”
This is very crucial so you cannot just make hasty business venture decisions. You don’t want to be that guy who knows where he wants to go but doesn’t know the reason for going there. Remember that an established foundation of purpose creates an unwavering stamina and determination to reach your dreams for your business.
2) Focus on your strengths.
Maximizing your skills in your area of expertise creates competitive advantage in the market that you’re in. While people say that it is ideal to minimize your weakness through improving them, know that it is wiser to harness and focus on the areas where you are already good at.
Because your expertise is the edge that separates you from your competitors and in turn is what brings in your customers.
3) Learn how to delegate.
Now that you know your purpose, goals and you have identified your key strengths, the next step is to determine potential team mates to compensate on your weakness. Hire people to work for you and leverage on their strengths to fortify your company.
You cannot be one all and be all, you should understand that you belong to an organization where each performs best at a particular skill level. By learning how to delegate, you increase your efficiency rate. It is like orchestrating and harmonizing a symphony of talents to create a masterpiece in business.
4) Create a sense of ownership or belongingness.
If you want to take care of your business, don’t treat your employees like a machine.
Salaries can only keep an employee happy for three months. Later on, employees will start finding their purpose within the organization, they are looking to grow not burn out.
And by making them feel that they are part of the team through training and incentives and that each of their role forms a big part of your growing organization, you don’t only provide them with salary, but a sense of fulfillment.
5) Avoid at all cost micromanaging.
Micromanaging drains time, resources and mostly trust. Remember that once you hold in the neck of a productive talent, you take away their authority on their job and their freedom of responsibility.
Plus, micromanaging takes you away from a broader business perspective. Instead of focusing on higher-level goals, you magnetize yourself to clerical or back office operations. As the head of the business, micromanaging is sometimes good but can be very dangerous, because you’re there as the head of the business as an overseer and not a police.
Let someone take charge of it and not you as the head. Because once the head looks on the ground and doesn’t focus on the direction where to go, you might missed the important matter as you keep focused on minute and petty problems which you hired your employees in the first place to do so. Steve Jobs is the best example to demonstrate this. He was a micromanaged NeXT Computer, which became a commercial failure at the same time he founder another company Pixar, which became a resounding success, because he did not micromanage it.
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Jhon Kenneth Delos Reyes
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