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Being an entrepreneur – not for low risk takers?

So today, I am going to talk about something that is quite close to my heart.

“Genecia, I don’t think entrepreneurship is for me. I don’t like taking risk.”

 

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Yes, that is one of the statements that I have heard the most over the years of coaching.

Well, today, I’m going to overturn this widespread assumption.

Entrepreneurship is not for just risk-takers alone.

Entrepreneurship is for business owners, for normal people who have a great desire to own their own business, and along the way, as they encounter risk, instead of avoiding it, they embrace it.

They own it, they use it to move themselves and their businesses forward.

So, in the previous few episodes, we discussed the topic of following your dreams and how to deal with unsupportive family members.

One of those dreams might be owning your own small (or big) business, and that is a topic that I will be picking apart today.

I believe many of you must have asked yourself one of the following questions – either “Is entrepreneurship too large a risk for me to take?” or, “Is entrepreneurship really for me?”

According to a new research paper by researchers from the Halle Institute for Economic Research, the long-standing assumptions with regards to studies done on entrepreneurship have been that people’s tolerance for risk doesn’t change in the long run, and that comfort with risk-taking is what causes people to become entrepreneurs.

Instead, the paper proposes that entrepreneurs are not risk-tolerant people that purposefully seek out entrepreneurship. Instead, entrepreneurs learn how to build an appetite for risk as part of managing their own business, and become relatively comfortable with handling risk over time.

People who are uncomfortable with risk can adapt or train themselves to handle it.

Here are some tips on how to train yourself to embrace risk instead of avoiding it.

 

1. Every opportunity comes with risk

There is no such thing as a risk-free opportunity. Just like the saying, “There is no free lunch in this world”, if there is no risk involved, you should be running in the other direction.

2. Discuss risk with those whom it might directly impact

Again, reiterating the previous weeks’ point about communication amongst yourself and family members, if starting a business will impact your family’s finances in a negative way, you should definitely stick to your job while managing a business on the side.

Still, the time might come when you might have to take a leap of faith and concentrate solely on your business. However, if you have discussed this with your family members and they are all in full support of this move, then you are able to better concentrate on growing the business instead of having to worry about family tussles and petty arguments.

3. Have a plan

That is not to say, however, that you simply take the jump off that cliff without an aim or direction, just hoping for the best, floundering along till something comes up. Because that something never will.

So don’t be a prisoner of hope, don’t be someone who hopes that something will happen. Be that someone that will make things happen instead of waiting around.

You need to have a long-term plan, and the opportunity and risk you choose to accept must fit into that plan, which will enable you to move forward.

If the risk you take fails to do just that, if it fails to enable you, your customers, or your company to move forward, then there is no point in taking that risk.

4. Sacrifice good for great

Still, things do not always pan out as planned.

If you see that there could be a chance to make your business even bigger and better, through other streams of income that might not have been in the original master plan, you should risk a successful business to take off in that other direction.

This is, of course, after doing your groundwork, market research and analyzing consumers’ responses, not based on pure gut feel.

5. Be prepared to fail fast

If you’re prepared to embrace risk, you should also be prepared for the possibility that things might not go well.

Handle your emotions and be in control of them. Don’t break into hysterics the minute things do not go your way.

Oprah Winfrey herself, owner of an empire worth $2.9 billion today, was fired from her first anchor job in Baltimore, where she said she faced sexism and harassment.

But she never gave up, never backed down, and became the queen of undisputed television talk shows in America before becoming the woman she is today.

The point is, don’t dwell on your past failures. Assess them, figure out what went wrong, and then move on. Take away lessons, not regrets!

 

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3 things I did wrong in my business

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1) I played small – Starting small and playing small are different. I thought I needed to wait a couple of years before I can start playing big so I waited.

2) Not investing in myself – Yes I've now had 3 different coaches & a mentor and I recently invested in a high level mentor who's already made multiple 7-figure business. But when I started, I thought I knew what I was doing and google can teach me. So I waited.

3) Winging it – I thought strategy was something I could figure out along the way. Boy was I wrong! That left me with confusion, overwhelm and burnout. I thought if I started doing my website and FB, people would come. So I waited.

As a result, after 3 months I was exactly where I started except my desk was messier, I was 10 kg heavier and I looked like I was busy but I wasn't really getting anywhere.

Fast forward now, I'm able to help women across the globe create their dream business with ease and confidence wherever I am in the world because I fixed those 3.

  • If you feel like you need more, you don't. Start before you're ready.
  • If you feel like you can figure it out, may be you can but where will you be in the next 6 months?
  • What have you done wrong in your business so far?

Join my private community http://www.facebook.com/groups/soulrichwomanmastermind

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See you!

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5 Ways To Stop Dreaming (and start doing)

Start Doing and be in charge of your life

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Today, your daily routine can be mundane and stressful. Yet, while living out this part of our life, most of us have a project we dream about, whether it’s to write a bestseller, repaint your room or to start your own business. Charismatic individuals are doers, go-getters and persist to drive towards their dreams. Self-improvement is important on top of your field knowledge. As 2015 come to the final quarter, its time to do something above and beyond. One secret that I have discovered on my journey, is that your success in life will be in direct proportion to what you do after you do what you are expected to do. Rediscover and ignite your innate desires, or even just to fire spices back in your work and life once again.

To get started, I recommend “Daddy’s Logic” by Anthony A. Rose (Publisher: McGraw Hill)

Here are 5 ways how you can enhance yourself at work and in life.

1. Create your personal charisma statement – Mine was simply “With fun-lovingness and dedication, I engage, inspire, excite and excel others to look good and feel good to achieve desired results.”  This meant starting my own business as a coach to help individuals and business owners get what they want out of their life and business.  Formulating this sentence allows us to create a short charisma statement that summarizes exactly what we want from life, which will help to keep it in the forefront of our minds when we’re making important decisions. How do you eat an elephant?  One bite at a time.  The same philosophy holds true for making changes in your life.  Making small, positive changes, creating some small productive habits, for example – is an amazing way to get excited about life. Keeping an open mind, don’t judge, We all have our own unique path.

2. Excel at what you do – People watch what you do more than they listen to what you say.  Be someone worth emulating.  Most people are inspired by GREAT musicians, writers, painters, speakers, entrepreneurs, engineers, mothers, fathers, athletes, etc.  There’s only one thing they all have in common: They excel at what they do.  There’s no point in doing something if you aren’t going to do it right.  Excel at your work and excel at your hobbies.  Develop a reputation for yourself, a reputation for consistent excellence. Besides this, strive to achieve higher consciousness comes from your commitment to personal growth.  You’re a totally different person compared to who you were at this time last year; next year will be no different.  How much you grow and who you become is up to you.  But remember, the acquisition of knowledge doesn’t mean you’re growing; growing happens when what you know changes how you live. And to do that, concentrate your efforts on smaller and smaller areas.  When your efforts are diffused over a wide area they won’t have much of an impact.  So focus on smaller areas and your efforts will be felt more fully.  It could take time for change to happen, but keep that focus narrow.

3. Positivity Rules – Positive thinking is at the forefront of every great success story.  The mind must believe it can do something before it is capable of actually doing it.  So be aware of your mental self-talk.  We all talk silently to ourselves in our heads, but we aren’t always conscious of what we’re saying or how it’s affecting us.  Start listening to your thoughts.  If you hear negative thoughts, stop for a second and replace them with positive thoughts.  As the Dalai Lama once said, “The way to overcome negative thoughts and destructive emotions is to develop opposing, positive emotions that are stronger and more powerful.” Thus, be kind to yourself. If you had a friend who spoke to you in the same way that you sometimes speak to yourself, how long would you allow that person to be your friend?  The way you treat yourself sets the standard for others.  You must love who you are or no one else will. Lastly, Slow down.  Breathe.  Give yourself permission to pause, regroup and move forward with clarity and purpose.  When you’re at your busiest, a brief recess can rejuvenate your mind and increase your productivity.  These short breaks will help you regain your sanity and reflect on your recent actions so you can be sure they’re in line with your goals.

4. Solve problems not avoid them – Part of living and growing up is experiencing unexpected troubles in life.  People lose jobs, get sick, and sometimes die in car accidents.  When you are younger, and things are going pretty well, this harsh reality can be hard to visualize.  The smartest, and oftentimes hardest, thing we can do in these kinds of situations is to be tempered in our reactions.  To want to scream obscenities, but to be wiser and more disciplined than that.  To remember that emotional rage only makes matters worse.  And to remember that tragedies are rarely as bad as they seem, and even when they are, they give us an opportunity to grow stronger. Everything is a life lesson.  Everyone you meet, everything you encounter, etc.  They’re all part of the learning experience we call ‘life.’  Never forget to acknowledge the lesson, especially when things don’t go your way.  If you don’t get a job you wanted or a relationship doesn’t work, it only means something better is out there waiting.  And the lesson you just learned is the first step towards it.

5. Tap & leverage on your resources – It’s not about having access to countless resources; it’s about exploiting the resources you do have access to.  Stevie Wonder couldn’t see, so he exploited his sense of hearing into a passion for music, and he now has 25 Grammy Awards to prove it.  What resources do you have access to that you are not using? Successful people are objective.  They have realistic targets in mind.  They know what they are looking for and why they are fighting for it.  Successful people create and pursue S.M.A.R.T. goals.  S.M.A.R.T. goals are Specific, Measurable, Attainable, Relevant, and Time sensitive.  When you identify S.M.A.R.T. goals that are truly important to you, you become motivated to figure out ways to attain them.  You develop the necessary attitude, abilities, and skills.  You can achieve almost any goal you set if you plan your steps wisely and establish a time frame that allows you to carry out those steps.  Goals that once seemed far away and out of reach eventually move closer and become attainable, not because your goals shrink, but because you grow and expand to match them. Start taking action and making changes.  Action and change are often resisted when they’re needed most.  Get a hold of yourself and have discipline.  Discipline is choosing what you really want over what you want right now.  Putting something off makes it instantly harder and scarier.  What we don’t start today won’t be finished by tomorrow.  And there’s nothing more stressful than the perpetual lingering of an unfinished task.

Conclusion

A dream is a goal with deadline. A dream without a deadline is just building castles in the air. You might fail.  And that’s OK.  Failures are simply stepping stones to success.  No matter how it turns out, it always ends up just the way it should be.  Either you succeed or you learn something.  Win-Win.  The biggest mistake you can make is doing nothing because you’re too scared to make a mistake.  If you can’t handle failure, then you can’t handle success either. Good luck!

 

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Genecia Alluora is a celebrity charisma and personal branding coach who help others look good and feel good to achieve their desired results. She is South East Asia Woman of Excellence 2010, and Miss Singapore Universe. Besides being regularly featured on TV, Genecia is currently hosting a talkshow “Charisma & Leadership” on Youtube, and catch her every Tuesday 4pm on Mediacorp Radio LOVE 972FM sharing on “7 Habits of Charisma Mastery”. She is also the current face of Loreal for their Youth Code Boosting Essence. Her clientele includes Directors, CEOs, Politicians, Artistes and celebrities in Asia.

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3 Ways To Deal With Unsupportive Family Members

So, I'm sure some of you out there have encountered difficulties when you decided to embark on a journey that might be along the road less travelled?

You would face lots of questions that might even make you doubt yourself and the reason why you chose to pursue this passion in the first place.

Be it your parents, spouse, fiance, or even close friends, more often than not, they are discouraging you and questioning you because they feel that they love you and honestly, they just want the best for you!

They think they know better, after all, it is hard for someone who doesn't have the same values, expectations or life goals as you to support you or understand where you're coming from.

For example, for me, when I told my friends in the pageant industry that I was going to be ____________, they all got a shock. They asked me, “You crazy ah?!” “Like that can make money meh?”

See, in this instance, their dream might be to get rich through being an international superstar, by continuing to attend all these glamorous events, but for me, that is not the path that I envisioned for myself at that point of time.

Let's say you choose to pursue your passion, one that ignites your life and makes you feel like you're living again – you might just face relentless questions, pressing demands, and encounter sticky issues.

Be it your parents, or your spouse, or probably even your adult children, more often than not, the lack of support and the endless stream of questions, for example, “Why now?” or accusations like, “You're being completely responsible” – are brought about by a lack of understanding and communication.

After all, it is hard for someone who doesn't have the same values, expectations or life goals as you to support you or understand where you're coming from, suddenly springing upon them the idea of you running off into the sunset to chase your dream.

Should you encounter these problems, here are factors you might want to consider.

1. Don't argue.

You are likely to cause a lot of confusion when you decide to go on a not-so-conventional path – you might face judgement, plain rudeness, or even condescending attitudes from those around you.

As much as you would like to shoot their questions down and give them a piece of your mind, resist!

They will have a hard time seeing things from your point of view, and may even refuse to do so even when faced with cold, hard facts. No matter how much energy and convincing you do, you might not be able to change their minds.

Arguing automatically makes the other person go on the defense and nothing you say will go in.

2. Articulate yourself, speak their language.

Explain to them in words and terms that they can relate to.

For example, tell them that if you do not chase this dream, you might live to regret it in 10 years' time. This is definitely a feeling that most people can relate to.

Your family will be waiting for you to fail – for you to give up after a specific time if you do not see the results that you might be expecting.

Arrows might be shot your way, but this process will test your ability to not let your emotions run wild and take control of your mind, and test your commitment to stay true to seeing your dream through.

For them, as outsiders, it will be easy to criticize you and mock you.

Just remember, you do not have to prove anything to anyone but yourself. Hold true and fast to the vision you have for yourself and your life. Your conviction might slowly start to win them over.

3. Involve them.

Give your family members simple (or challenging) things to do to help you chase your dream.

When they feel like they are part of this new journey that you are embarking on, it is likely that they will challenge you as much.

Make sure they are doing tasks that they enjoy and in an area where they can truly contribute, and see things from your perspective.

Working as a team ensures that all parties are standing on the same side, and this will bring about not just understanding, but will help you get to your goal faster.

As the saying goes – two heads are better than one!

Conclusion

Having family support while running your own business always has the best outlook. For you
who don't, its okay, come on over to my facebook group, hangout with like-minded women will get you support, masterminding to your success!

Join Soul Rich Woman Mastermind Facebook Group

Hope this helps!

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Should you borrow from your savings to start a business?

Starting a business takes a lot of planning and consideration – it's really not as simple as waking up in the morning one day, and deciding that you are going to start a business!

For most, money is a deterrent to their dream of owning their own business.

“Should I borrow from my savings to start a business?” Definitely.

Investing some of your own money in the business gives you a sense of ownership, and motivation to work harder and keep going at it.

However, if that sum of money from your savings isn't half getting you anywhere, you might want to consider the following options.

1. Start off part-time
Starting a business doesn't necessarily mean that you have to quit your job immediately and focus completely on your business. Having a job will ensure that you'll still have a steady stream of income, all whilst building up the foundations of your business. This will keep the pressure off you for the first few months, or even years.

Furthermore, your health insurance, vacation and sick days will all be covered by your company, which will no longer be the case if you decide to quit your job entirely. Alternatively, you can focus on your business full-time, yet have a part-time job on the side to bring in the extra income.

2. Reinvest your profits back into your business
Instead of taking out the money you made from the first sale at your start-up to celebrate, leave it in there as capital, which will help the company to grow. Whether you invest in new technology, products, marketing, or employees, your goal is to grow your business by attracting new and more customers.

This may seem like a tough decision at the time, but remember that having a side business is not the long-term plan. You want your business to grow into something that will flourish and bring you gains to live the life you love.
3. Keep your overheads low
Especially if you decide to make the decision of doing a business on the side, it should not require you to dig deep into your coffers to get the operations going.

If you can work from home, do it.

Make use of government grants to subsidise any costs that you might run into whilst setting up your business. Ask people who have “been there, done that”, for advise on getting these grants. Going back to the point on reinvesting your profits back into your business, if you can keep these overheads low, then more profits will go back into helping you grow your business organically.

Conclusion
Don’t take the profits out to celebrate! Keep it in the business and keep rolling it over. Alas, you can consider starting off part-time for your online business, instead of being a sitting duck. Opportunities never knock on your door twice.

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How To Live A More Meaningful And Exciting Life

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“Life has no meaning. Each of us has meaning and we bring it to life. It is a waste to be asking the question when you are the answer.”

– Joseph Campbell

Are you constantly questioning your actions, the meaning of waking up everyday to go to work, eat, come home, sleep?

As you're reading this – wait, are you really reading this? Or are you thinking about what you should be preparing for the kids' dinners tomorrow?

We get too caught up in the mundane sometimes, that we get lost in the maze of life's crossroads, and never awaken to our true calling and purpose. Even our education system is designed, not for the benefit of the individual, but to create workers that will satisfy hiring requirements. It's not about forging ahead, it's not about living an exciting, purposeful life with value.

When you understand what guides you, then opening your eyes every morning will be a new experience. You no longer drag your feet on the ground, attending to the day's activities. You no longer walk, but you run!

Purposefulness and excitement lets us spot opportunities that allow us to express our gifts and talents, that give us satisfaction and self-worth.

Firstly, this saying is old, but gold.

Stop to smell the roses.

If you're speeding through life, jumping from one task to the next, there is no way that you can ever slow down to appreciate and ponder over your life's meaning. Our social media feeds are updating themselves every second, and our eyes are glued to the screen, taking in all the information, yet do we ever really absorb all the information?

Once you have slowed down, then you are able to decide what is important in your life. Is it your family? Friends? A career? Or your religion? Ask yourself how the ideal you would behave in these areas of your life.

Think about it when you’re on the train or waiting in line somewhere. What you focus on expands in your experience, so take the time to consider what kind of actions you want to see yourself doing. Don't just stop there, start taking steps to actively DO, till it becomes second nature. Remember, these are actions that you have personally identified as meaningful, and so, your satisfaction level with your life will experience new highs like never before.

And without people to share in the excitement of your new life with, is there really any meaning at all?

Remember, no man is an island. It is impossible to be truly happy without the warmth of friendship and kinship.

In general, having a greater number of solid connections amounts to more life happiness – the key phrase being “solid connections”. Avoid the vampires and blood suckers, your so-called “friends” who are only there when the going is good. These are anchors that will weigh you down, and invite chaos into your life – as if you don't have enough to deal with already!

Examine each of your friendships and decide if they truly bring joy and value to your life, and if you forsee that it will elevate you to new heights in your life.

We've all heard that money can't buy happiness, and studies have shown that this is indeed true. Some people who are dissatisfied in their job think it's because they don't earn enough, but lots of people who earn very little are perfectly content.

Why is this so?

Because without meaning and excitement, our lives are hollow shells.

Therefore, strive to serve others. All of us have the ability to contribute to the world's well-being, be it big or small. A simple nod and wave at a neighbour, or a casual “do you need help with that?” can really lift a colleague's mood. Touch others' lives through your very own. You may find that these little actions have a more lasting effect on well being that the pursuit of pleasure or material goods.

Just as you expect others to bring good into your life, you have to expect the same of yourself when it comes to other peoples' lives.

What is common about all these choices is that YOU are the one who is actively making the decision to change your life, to change your actions towards others. The more you believe that you are the driver behind the wheel, rather than life driving you to an unknown destination, the greater the chance that you'll see your life as meaningful. Have the confidence that all these little steps, when put together, will be the cogs in the machine that will effect a greater outcome.

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Expectations VS Reality: What Happens when Failure comes Crashing Down on You?

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A big part of being a successful entrepreneur is having good PROBLEM-SOLVING skills. Undeniably, we face problems on a daily basis. It could be small problems that can be easily solved, such as being rejected during a cold call; or big problems such as having your entire hard disk crash and losing most of your photos and lead information. To own a successful business, it is important to expect the best but prepare for the worst. In the face of problems, here's 6 problem-solving skills to deal with trouble.

Critical Thinking Skills. Napoleon Hill said this, ‘All achievements begin with an idea and ideas are the product of critical thinking.’ Critical thinking skill is important because it enables entrepreneurs to turn the problems they have identified into opportunities. Be creative. As time pass, we tend to grow rigid in our ways, preferring to turn to tried and tested methods to solve problems. However, problems can be turned into opportunities if we spend a little more time and effort in coming up with new solutions. You have the ability to become a great problem solver. 

Understanding the business. This is skill that you would only be able to acquire if you go out there and put yourself on the line. It is also a skill that you must have before critical thinking because only when you understand the workings and root cause of a problem then you would be able to solve it. Do up a SWOT (Strength, Weakness, Opportunity, Threat) analysis to leverage on your strengths and curb your weaknesses. Attending seminars, reading books and analyzing industrial trends can also increase this skill. “The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year” – John Foster Dulles. The key to solving a problem is to not experience the same in future. 

People skills. Business and investing are team sports, only when you learn to think in synergy with your business management team then you would be able to succeed. Furthermore, different people have different ideas. It is always better to listen to other people's opinions in order to solve problems creatively and efficiently.

Faith. The holy bible said this, ‘With faith, you can move mountains’. Similarly, it is only when you have faith then a problem can be solved. Faith keeps the mind focused on looking for a solution rather than lamenting on the problem itself. 

Decisiveness. Often you would find yourself in a situation whereby you would need to arrive at a decision quickly and this requires you to be decisive. Entrepreneurs such as Andrew Carnegie, Richard Branson and Bill Gate only became famous because of their ability to reach decisions quickly. Good preparation is required in order to decide quickly and accurately. Once a decision is made, do not look back and give yourself a chance to regret. One does not really know whether the decision is the correct one until things happen. Regardless, move on and work towards making that decision the correct one. 

Courage. You would need courage to face your problems squarely and to face the consequences of your decision. Courage can only be developed over time through personal mastery.

 

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4 Stress Busters that Every Woman Absolutely Needs

4 StressBusters

Insomnia. Frustration. Depressed. Weight Loss.

Are you sufferers of these symptoms right now? If your answer is yes, it's time to embrace change into your life.

TODAY, you can make a change and say good bye to all the negative energy with simply 4 As:

Avoid, Alter, Adapt and Accept.

AVOID unnecessary stress.

Not all kinds of stress can be avoided but you can learn how to say ‘no’! Learn to differentiate between the ‘should’ and the ‘must’ in your life. Steer clear of people or situations, which would stress you out unnecessarily. Doing all these would definitely alleviate your stress levels. 

ALTER your situation.

Don’t bottle up all your emotions. Find a listening ear and seek emotionally sound and mature advice in your life. When in conflict with others, compromise and meet them halfway on issues that you can’t come to a common consensus.

ADAPT to your situation.

Even though sometimes situations may seem dire, find positivity in it! Focus on the positive aspects and always look at the bigger picture.

ACCEPT the things you cannot change. Learn how to accept that some things cannot be changed and that no one, including you, is perfect.

Start applying these 4As today. I am behind you and supporting you, as you take the steps towards pursuing your dreams!

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7 Effective Steps to Become a Successful Female Entrepreneur

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The general misconception that entrepreneurs have is that strategy development is an activity only suited for major corporations or big companies, but this is not true because strategy development is the tool to align your goals and to prepare the company for the threats that may appear along the way as the company progresses.

Here are 7 steps that you, as a female entrepreneur, can follow to develop a strategy for your company –

1. Formulate mission and vision statements.

Essentially, mission and value statements set the fundamentals of a company. It guides the establishment of the company's objectives and general direction. Good mission and value statements serve as the foundation of effective decision-making. A good foundation allows for extended and long-term growth. Many business owners fail to identify the difference between a mission statement and a value statement. The former focuses on the present, defining the target market, the protocols and processes and improving on a daily basis. A micro perspective, it provides the standard that the company should function. A value statement, on the other hand, creates a moral compass for the company and its employees. It guides decision making and establishes a standard that specific actions can be assessed against. 

2. Describe the world around you.

Be personable and relatable. You don't have to be friends with the whole world, but it will work for you if the world thinks that you are. People sell to people, it will only be to your benefit if people trust and like you, and people can only trust you if they can relate to you and feel like they know you. So, describe the world around you, let people know that you are just like them. 

3. Evaluate the current position of your company.

It is important to know where you currently stand. Only then can you accurately decide the next step. 

4. Define your vision.

A vision statement is more future-envisioning and broad, looking at how the company can impact the society. It focuses on innovation and inspiration, speaking of what the company would be in say, 10 years later. This is crucial for growth. Without vision, there is no progress, and your company will grow stagnant. 

5. Set objectives that stretches your resources and capabilities.

“Always aim for the moon, even if you miss, you'll land among the stars” – W. Clement Stone. Do not be afraid to aim high. Do not be afraid to stretch your resources and capabilities because you are afraid you cannot cope. You never really know how capable you are, until you are stretch and have no choice but to rise up and cope.

6. Formulate strategies and action plan.

Those who fail to plan, plan to fail. A detailed action plan is crucial in fulfilling that vision and mission. 

7. Show what you believe your company will earn and what you need to spend to achieve your objectives.

A boss with big dreams will motivate her employees and urge them to strive. Including your employees in your dream will make them feel involved and build a sense of belonging.

A tip for everyone would be for all the 7 steps, communicating the logic behind the decision that you have made to your people is as important as what these decisions are.

Also, have contingency plans in place. Always be prepared, as business conditions may change just when you least expect it.

With these 7 steps, start developing your own strategy for your business today. Wishing you all the best in achieving your dreams!

 

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Getting Into The Right Frame Of Mind For Entrepreneurship

You know the quote that goes, “Whether you can do it or you can’t, you are right”? The same can be said about entrepreneurship. It is as complicated as you think it is or, it can be as easy as ABC. I’ve learnt through my years in business that getting into the right frame of mind is the first step you have to take. There is no, “Oh, I’ll do a bit and then see how it goes.” You have to commit yourself wholly into the project and tell yourself you’ll do whatever it takes to succeed.

1. The right mindset matters.

I think adversity is the best teacher.  No one likes to make mistakes, but the tough times are what will shape you as a person and build your character.  When things to go south, I tell myself: ”Something good will come out of this mess.”  If a business partnership doesn’t work out, I just let it go and move on.  If I didn’t do that, I wouldn’t have met my current partners, whom I work very well with.  Another thing that women need to get over is the idea that “business is not for them”.  Starting out and finding your footing is an intimidating process, but know that the learning curve won’t always be so steep.  While being risk-averse isn’t bad in itself, it can be a failing if it stops you from just going out and doing something.  The most important thing is to take action: Go online to find out more about how to start your own business, or attend a seminar.  Your road to financial freedom starts with a single step.

2. Set Realistic Goals.

This is to ensure that you don’t deviate too far from your ultimate “prize”.  Set goals based not just on what you wish to achieve, but also what you’ve learnt so far.  Take a good, hard look at everything that’s happened and ask yourself: “What did I learn from this?  How can I do it better the next time around?  How can I leverage on my mistakes to grow my business?”  Know what you do well and make sure that those things are your responsibility in the business.  Do one thing perfectly, not 10 things poorly.  Take a single step at a time.  Don’t let being busy lull you into missing out opportunities to growing your business and achieved your business goals.

3. Know the difference between being productive and being busy.

Productive is what sets your business in motion.  Women these days have a lot going on their lives, and it’s so easy to lose sight of the big picture.  To avoid this from happening, it’s important to set priorities.  It’d be really helpful to have mentors for different aspects of your life as well – they can help you stay accountable and on track.  Jugging multiple ventures will spread you thin and limit both your effectiveness and productivity.

4. Surround Yourself with Good People.

Surrounding yourself with the right group of people is the Key To Success.  The best entrepreneurs aren’t the ones who think they can do it all on their own; it’s the ones who aren’t afraid to surround themselves with people who are smarter than they are.  People who you can bounce off ideas with and they are always there to motivate you till the very end.  Bring in a partner or hire someone to fill in your “business gaps” would allow you to more productive and efficient.  The people they recruit should be creative problem-solvers who are able to take ownership of their work.  This doesn’t just ensure that work gets done in the most efficient way possible – it also creates an exciting, dynamic workplace that people would enjoy working in.  With that said, I have a couple of requirements before deciding if someone should come on board as a partner: (1) He shouldn’t be in it for the money alone, because that means that he won’t always make decisions that’s in the best interest of business, and (2) The partner should bring something unique to your business.

5. Develop an Iron Will.

It still surprises to me that, to this day, a lot of women don’t take charge of their money.  Many still rely on their partners to manage their finances, and I believe, from the bottom of my heart, that this has to change.  If they want to get into business, women need to realise that how much they make is entirely up to them.  There’ll be good days and bad days, and you constantly need to remind yourself of what you want to achieve no matter how tough it gets.  Most important of all, you need to go with your gut instincts.  If there’s even the slightest warning sign that something’s not right, follow through with a thorough investigation.  Trust me, you’ll be glad you did.  You see, at the end of the day, while we’d all like to make as much money as possible, it’s not just about that.  It’s also about dignity and self-respect.  Running a successful business isn’t just great for the bank account but also the self-esteem.  Few things are more rewarding than knowing are more rewarding than knowing that you can do it, against the odds.

As a parting note, I’d just like to say: Don’t let naysayers or detractors get to you.  There will always be people who try to drag you down, but don’t let them.  Either find it in you to get rid of them, or use their stinging words as motivation to overcome the odds.

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