Choices we as Entrepreneurs make, have consequences we are each responsible for, good or bad. Life throws challenges from the day we take our first breath, to the day we blow our last breath out. Understanding our Financial Success as Entrepreneurs is part of these choices, which are going to lead towards being successful or not.
Financial knowledge should be, priority number one when you are starting out on the entrepreneurial adventure. Money does not just come rolling in, hard work and more very hard work might bring money in. I say might, as this is not always the case. There is no guarantees along this route.
Challenges come with the name Entrepreneur, integrity says it all, especially where it comes to finances. Your character must be filled with, firstly, responsibilities towards yourself, and then your customers, being kind and respectful. Trustworthiness is the height of any business’s financial success.
Money not in your pocket, cannot be spent
Bad Debt Compared to Good Debt
I speak here for myself, growing up in our home, we were taught, if you cannot pay cash for an item, it is not yours. Short and sweet. Debt was causing part of you to belong to somebody else, and that was just not done. Save until you have the amount, then you are free and not bound to somebody else. Then the product is yours.
Oh i hear you, there are some exceptions. We do not talk here about purchasing a car or a home, or large items one has to get a bond or loan for. I am speaking of everyday items, that keep you debt free to save towards putting money where your business is.
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I have been taught to ask myself when I want to buy something these questions:
- Do I have more of this at home?
- Can I live without it?
- What will happen if I do not buy it?
Burdened with debt, is absolutely our own choice. Walking away from an unneeded item, is the proudest thing you can do for yourself. Nobody might ever know, but you are building character, and you will feel chuffed with yourself being able to say: “no thank you”.
Making Financial Provisions, Planning and Costing
- Setting up a framework to work within, makes you responsible for your own choices of where to spend what.
- Split desires, nice to have’s and needs for your business
- Start by putting your own budget on the table for your individual money matters
- Set company financial needs out as expected
- Money management is vital for each Entrepreneur
- Satisfaction and comfort flows from all above points mentioned
This is not a bad thing, trust me, not to be able to purchase all your wants, cause delayed gratification. Once again think back in your childhood years growing up. Were you always able to buy each item you wanted? I guess most of us reading this, say NO! Did this cause you to lose out in life? No! In fact, I think it made us better people to understand the financial success road, to be an entrepreneur better.
Persistence, forecasting, planning, and lining priority items up, is the moral of the story here, don’t you agree?
Ponder Intentionally what the Rand Value is
Be your own tutor, contemplate your possibilities when you must spend Rand
- How are you going to use your funds?
- Can you save funds?
Net. VS Gross
Know the difference, as what you receive is not what you can spend
- Tax is in-between
The list goes on and on, so make sure you spend what you own, and not what the Bank owns from you. Get into a habit to save a certain, set percentage, from each income.
Charities also need to survive, and they depend largely on friendly companies for donations from time to time, keep this in mind.
Remember, if you have an open hand to give, you have an open hand to receive.
Mistakes Are Stepping Stones to Understand Financial Success
Failure is a bruise not a tattoo!
We have all made terrible financial mistakes, and certainly will make some more down the line. Purchasing a bargain, just to see a week later it has broken or stopped working, due to inferior quality. The lesson here is to learn from these stepping stones.
Leaders are those who have fallen, stood up, made more choices to find a route that will work, how about you? Do you want others to follow you on your road to financial success by seeing and learning how you have done it?
Having “Rand” To Use, Is Adventurous
Using money you have worked for is exciting if used in the right manner, no need to be scary or frightening, or ask yourself what if? Know what is yours to use and what is the business’s and what is to be saved.
Wise choices of when and how to spend money, come with correct planning. Reach the goals you have set out for yourself. Inspiration, reassurance and encouragement will start rolling in, as you see your precise planning is paying off when the figures roll over to the thousands and millions.
Test your way of thinking and discerning, to see possibilities you would not have seen otherwise.
Question yourself about your choices from the above sentence.
Let me put above into perspective. Financial freedom, and and success as an Entrepreneur, brings forth contentment, which rolls over into placid, peaceful emotional stability, to be a strong person running your business, with hard work, understanding money.
How about your road this far? Would you like to share an encouraging story or share how you think above will assist you in your Entrepreneurial road ahead. We would really like to hear from you.