Don’t waste your time – Take an action: To be rich and successful try to learn everyday something new. More things you know better off you will be. In this age we are so blessed that you can go on the internet and learn. You can also go to bookstores for examples at Barnes and Noble or library and read free different books and newspapers and increase your skills and knowledge. From the things you know see where your strengths are.

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The opinions expressed in this post are those of the author,
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As regards the articles on MORTGAGE, be careful when taking decision
unless you want to become a SLAVE to your debt.

After realizing where your strength is develop that idea and now start working on it. Stay focused on it and makes it a success and that will make you rich. If you look around you there are lot of friends and people who were poorer then you and less smart then you but have become rich, how they have become rich because they were determined to become rich and followed some of these principals and techniques of becoming rich. Main important thing is they took an action whatever they learned from this book or other books. I made millions in retail and invested in Real Estate. Retail and service business is the fastest and safest way to make quick money without having too much money in your pocket. I started with no money at age of 25 and was financially independent by the age of 29 in import and retail business. I have done retailing and distribution of materials for 40 years. I started with no money and no exp either. My family was not in business either that I learnt from them either I learnt at my own and jumped into any ideas I had. Most of the times I made money with my products sometimes I lost money also but overall I became rich by doing it again and again and turning my money over and over and making small profits each time. I made lot of money in real estate but I lost when ever recession hit because I was over stretched and lost cash flow did not have enough cash producing properties.

Retail is like a cash cow. In tough times even you can take a small loss but cash your money. In real estate crash even if you want to give away properties it can take you months to sell them. On the other hand if your properties don’t have big debt and they have a cash flow there is no better business then that. Because you have invested once and your properties are growing and rents are going up every year. In recessions they go down but back they come back in very short period. If you are starting your own business then start it in your own building if possible particularly in recession. Instead of making your landlord richer pay rent to yourself. A good business once established also makes money without working very hard into it. If you have good managers and employees they are managing it for you and making you money. You are giving them salaries and may be a little bit profit sharing but big chunk of money you are keeping it for yourself. Slow and study profits in retailing or small businesses can make them grow very fast and big in a very short period of item. Some people take too much risk and want to become rich faster but when they fall they loose everything. It is better to grow slowly but surely. If you have started a business and you are only working yourself in your business then you are better of working for some one else. When you say you own a business it should mean that you have people working for you and they are making money even without you all the time. When you expand your business you should hire skilled people who have skills to do different things for you and to make you grow.

A business will not be successful if you don’t hire good skilled motivated people to work in your business. This is what all the business is all about finding a good product idea and people to sell it to other people at a profit. You can be successful and make lot of money if you put all these together. You may have the best product and if you don’t have people to sell it you won’t make money vice verse you may have the best people but if they don’t have a good product at a competitive price then what are they going to sell .A successful entrepreneur puts all these things together and that’s how he makes money. There will be lot of learning and hard work but at the end it can be very rewarding. To be successful in any business it is important that either you should know yourself these different things which are mentioned below or you should have a staff who knows about these things.

Financing your business:

One of the most important things in a business is Finance. It is important that one should know his and his family financial condition. Business can take few months or years to establish and if you don’t have the financial plan how to survive during that period. You must take into account how are you going to pay your day to day bills. In the beginning business may not make money but you will still have your monthly fixes expenses. If you cannot pay them and don’t have money then you will have to work for some one else. You should have a proper financial plan to see what will it take to start a business in the shape of rent, employees’ salaries, capital equipment, stock, advertising and all other expenses which may be necessary to establish business over a period of one year. You must have a cushion to survive for at least one year. Most of the best businesses fail because of under financing. You don’t want to start business when you are under financed. If you start a business and it does not becomes profitable soon and you don’t have a holding capacity to stay afloat till the business becomes profitable then you will loose what ever your own money which you had invested in business plus the money you had borrowed to do business . You will still owe money to people from whom you had borrowed money. If you don’t give them back money which you had borrowed your credit will go bad and that puts you into further trouble.

So it is very important that you should understand financing. It is important to borrow to run the business but it is more important to learn that what you have borrowed how you are going to pay them back. If you cannot pay back interest as well as borrowed money back to your creditors then they will foreclose on your assets and you will loose everything. It is important that before you start any business you first save as well as learn have some experience by working for someone else in the type of business you are going to start for yourself. Most of businesses become successful if the people who start them know some basics of financing. When you are running the business it is important to have knowledge of accounting. It is so easy to learn bookkeeping as it can be done by buying a very inexpensive QUICK BOOK accounting programme. Q.books can track your inventory, customer, vendor records as well as all other financial information you need to know. Initially you can hire a person who can show you how to set up your books and then you can do it yourself. But is important to know your figures and finances all the time. HUD helps people in buying homes as well as helps people setting small businesses by providing financing as well as giving grants.

Hiring and managing people: Once you have decided to start your business one of the important and toughest jobs is to hire good skilled people who can produce more then what take away from your company. If you are lucky to find good people then you must learn how to manage those people whom you have hired. Some time on job training is important and meeting and working with them together to show them your vision and which way you want them to move your company. Employees should have a leadership and a creative quality that way they can move company forward and not waiting on their boss all the time. An employee to whom you have to baby sit and cannot produce at his own is a liability to the company.

Marketing plan for your business: After you have started the business it is very important to place your marketing plan together. You may have the best product if you cannot market and sell it then you will fail. Advertising can be done by Internet, newspapers, direct mail, trade mezzanines, radio, TV, telemarketing, chambers of commerce and so on. Lot of time different means will be needed to advertise and finally a what ever works best for you that method should be used. Too much or too little advertising can kill the business. If you spend too much and cannot make it back then you will loose money but if you don’t spend money on advertising then people may not know your business so it won’t make money either. I have seen lot of people have built very successful businesses with proper advertising.

Strong Buying Skills: If you are starting a retail or distribution business it is important to have very strong buying skills. It is said that profits are made on buying and not on selling. You have to find most salable products at best prices. For example Wall Mart and Rooms to Go and lot of other retail stores and distributors are buying most of their products from China and Far East as it is cheaper to buy them. Lot of big companies are outsourcing from India lot of services as labor rates in India are much cheaper.

Planning and vision of business: Any good business will need planning and vision of its owners and managers. Good entrepreneurs learn from their mistakes and make money in the products where they were successful. They create opportunities as well as when the opportunities come in their way they profit out of them. Good entrepreneurs see where their strengths are they take advantage of it. Find out your strengths and focus on your strengths and your business will grow very fast. Be creative and give new ideas to your strength and you will mint money. Once you have started something then make it sure it makes money. Lot of time people loose their interest when they are very close to success or they start something and never finish it leave it just before it was going to be a successful business. Focus your attention and strength in which you want to be successful. Thousands of thoughts and ideas come during the day but if you just focus on some of your thoughts or customers and close those deals you will become rich. If you want to make money in Stock market just focus on the general stock market condition and on may be 10 best strong companies and see when they go up or go down and buy and sell them and you will make money instead looking into hundred of stocks. Once you focus on 10 stocks you will master how they move, there is no way you can master hundred of stocks. Focus on some thoughts and say no to other thoughts.

Find a product or service which can be sold: For example when Hurricane hit Louisiana people made lot of money and they moved to Louisiana to fix roofs and houses. There may be some areas where they are still not recycling. People have made millions in recycling and there are similar ideas. If there are not enough plumbers, carpenters or electricians, catering or transportation services and so on there are hundreds of products and services on which some time lot of money can be made. There are people who leased a small truck and started a trucking company and now they own a multi billion dollar shipping empire. Look at people who started EBay, Yahoo and hundred of Internet companies. What these people had in common was a small idea at what they were good at and they focused and developed it .Wall Mart started in a small store front and became an empire of retailing. Read books on these entrepreneurs and put your ideas together and get focused and determine to become rich.

Customer care and giving value to customer: When you have an idea or product and you think it will make money then start marketing it. Find out if there is a demand for that product or idea and people will buy that. Give people a value and service which your competition is not giving you will make money. Go an etc mile which your customer is not doing. When people spend money they always want to know what they are getting in return. More you will give back compared to other people more they will come back to you. As they will come back to you again and again you will sell more and volume will make you richer. Offer incredible value to your customers, Like Wal-Mart did it to its customers. Wal-Mart gave its customers value and customers rewarded him back by coming back all the time and telling their friends about Wal-Mart. By Ashok of http://becomerichinfiveyears.blogspot.com



Real estate. Property in Udupi and Manipal for sale/rent · Tax Advantages Of Buying A House. Credit Score And Learning Financing Of Real Estate · Leveraging: Make Money With Other People’s Money · New Special  Power Tools · Investments in Real Estate: Case Studies of People – Part 4 · How To Find Distressed Properties · Investments in Real Estate: Personal Experiences – Part 2 ·