I always believe that we all born equality when we are still a baby. After that we learn differently and then have different habits, characters and mindset. So the most important stage, in my opinion, is what we learn.

 

Financially, those Riches are different. They must have certain things that they are doing correctly so that they have more money than others. So this is what Liza Pulliam Wilson from MSN Money talking about in her Article : 5 Lessons the Rich can Teach You.

 

5 Lessons the Rich can Teach You

1. They give away more
2. They are much more likely to own business
3. They borrow strategically
4. They don’t blow a lot of money on cars
5. They’re almost always homeowners, and many own investment property, too

 

From the title of the 5 lessons, you may know that rich people manage money slightly different. In conclusion, they

• Run their business (Lesson 2),
• Invest their money (Lesson 5),
• Manage their money properly (Lesson 3 & Lesson 4),
• Use their money to help others (Lesson 1)

 

Source : MSN Money

Being an agent for a special service or products

Being an agent for a special service or products also a good idea to get started. We must thanks to our technology. More and more products and services appear on the market and everyone of them do have their own special features to let us make money. The point is whether it is suitable for us. So if you intend to start an agent business, then you must do some homeworks and researches. Below is some of the point that you can refer when doing your research:

1. If possible, don’t be an agent for those company that on the market for a long time. This is because the markets for its products or services are mature and the profit also become lower.
2. Choose a company that has its own system in products production, quality control, after sales service and supports.
3. Choose a products or services that have unique features. Some of the products are good but easy to copy. Once the market is opened, other company can easily copy the idea of your products and take over your market. In this way, your profit margin will be dropped too.
4. Dealing directly with factory or company. Don’t deal with those agencies except this is a demand of factory or company. First this can protect your profit margin, second if anything happen or you need support, consult factory or production company is much more better than those agencies.

Anyway, no matter what business you start, you must do your research first. Don’t rush. Rushing is just like over speed driving on the road, it is very dangerous!

5 Steps for employee to get started in Business Part 4:

Where is Your Market?

　 　

Knowing where your market is is very important in your business planning. My advice is don’t start your business without knowing which market you want to attack.

Sometimes I feel that running a business is just like fighting in the war. And market is the winning factors in this war. So if you start your business without knowing where is your market, then high possibility you will lose in this business war.

Let me give you some examples. My cousin is a photographer. Maybe because of some unhappy cases happened, he designed to resign and start his own bridal shop(Last time he was a photographer for a bridal shop). He chose his shop, bought his stocks, hired some sales girls and run this business with a lot of passions. However, after 6 months, he closed his shop and decided to work as photographer again. Why? From what I observed, there are several points he fail in this business:

1. He don’t know his market
2. He can’t start a effective marketing and promotion plan because he don’t know his market
3. His shop had its own expenses which he had to pay on time even though his business is low in sales.

Once you start your business, there are a lot of expenses will appear at the end of the month. However, if you don’t know your market, then income for your business will be having some problems. Even you make a lot of promotions and marketing, however, chances that you fail is still high. Nowadays customers are overwhelmed with all the promotions, flyers, advertisement and etc. So as small business owners, we must do something special to stand out the crowd. In my post Business & Income : Simple Steps to Start Business I share the point of finding niche market before starting your business. Know your niche market, make a special marketing plan to attack this market and finally sit back and wait for the money to flow to you. J

To be success, we must learn from those who is success. I just found 7 rules for success that given by Donald Trump. I not 100% sure it is from Donald Trump but the rules are worth to read.

Here is the rules :

1. You have to be born with enough brainpower

2. Once you have that, you have to love what you’re doing. I’ve never seen anyone succeed who didn’t love what they were doing.

3. You cannot stop. If there is a concrete wall in front of you, you have to go through it. You can never, ever give up or even think in terms of giving up.

4. Confidence is a very important thing. But confidence isn’t something you just develop by saying “I’m going to do this or that.” You really have to believe it.

5. I love pitting people against each other. My whole life is based on that. It brings out the best in people and the worst in peopole If the worst comes out, you don’t want them working for you.

6. You have to remain cool under fire and let criticism roll off you. Good leaders handle conflict easily and bad ones are eaten up by it.

7. You must work well with others and be loyal to your team. Disloyalty is the worst of all traits. I seldom use the words “You’re fired!” in business, unless somebody is really scum and stole from me.

Source : Richdad.com

5 Steps for employee to get started in Business Part 3:

Your Partner

Find your partner to help you in business. This is one of the best options that you can consider if you don’t have enough time to run your own business. Just get a partner who you can trust and let him helps you to run the business. Maybe you just invest some money, or provide your expertise and experience in your business and share the profit with your partners.

There are several things you must pay attention when dealing in partnership business: works, right or power and profit sharing. Before you start your business with your partner, you must discuss with your partner clearly about :

1. Each responsible in business,
2. Agree with the power or right to make decision for the business,
3. How you 2 going to share the profit?

If possible please make a black and white agreement with above agreement. So if any arguments happen in future, there will be a contract or witness to protect each others.

Before this I saw a couple of friends just start a partnership business. Initially they are working well with each other. However, when the business starts making money, argument happened and finally the business had to be closed down. So my advice is, it is great to have an agreement to protect you and your partner to prevent any unhappy ending.