Key Principles For All Entrepreneurs
Nishant Baxi

© Nishant Baxi, 2020

ISBN 978-5-4498-5739-2

Created with Ridero smart publishing system

Key Principles
For All
Entrepreneurs
Nishant Baxi

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Limits of Liability / Disclaimer of Warranty:

The authors of this information and the accompanying materials have used their best efforts in preparing this course. The authors make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents of this course. They disclaim any warranties (expressed or implied), merchantability, or fitness for any particular purpose. The authors shall in no event be held liable for any loss or other damages, including but not limited to special, incidental, consequential, or other damages.

This manual contains information protected under International Federal Copyright laws and Treaties. Any unauthorized reprint or use of this material is strictly prohibited. We actively search for copyright infringement and you will be prosecuted.

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Table Of Contents

Introduction………………………………………………………………..….pg 4 Chapter 1: Today Isn’t Everything, Really………………………..6 Chapter 2: Set The Goal Now For Tomorrow’s Benefit…….9 Chapter 3: Growing and Staying Green……………………………13 Chapter 4: Understanding Your Market……………………………19 Chapter 5: Trend Versus Trend Setting………………………….23 Chapter 6: Principal: History……………………………………………27 Chapter 7: Investing in Knowledge………………………………….31 Chapter 8: Growth Success Without Potential Waste………37 Chapter 9: Managing Money Principles…………………………….43 Chapter 10: Market For True Success……………………………….52 Chapter 11: Principles To Remember and Use………………….59 Conclusion…………………………………………………………………………….60

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Introduction

What does being an entrepreneur mean to you?

Anyone that is interested in finding true success throughout their lives can do so, with the right tools, the right amount of ambition and the knowledge to make it all happen. Yet, the entrepreneur, no matter which business he is in he must plan ahead and find success through much more than just these things.

To be an entrepreneur, you are not just looking for benefits right now. While you are sure to want your business to truly take off and do well in its first year, its infancy, it is just as important, if not more so, that the long term goals that you have match the need that you have as well.

In the long term, the entrepreneur’s world is much different and much more unique. To find true success, he needs to think of today as well as tomorrow-two fold.

How and what will you do to insure that your business, the one that you have worked so hard to make happen in the first place, is going to make it in the long term? Although this is not something easy to do, you can do it with skill.

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In this e-book, you will learn some of the most essential principals of protecting your business not only for today, but also for the long term.

As a new or aspiring entrepreneur, you did not think about what the future would hold because only today mattered. Yet, now is the perfect time to step back and to find out just what the best way to manage your business sin the long term is.

If you wish to have a business that allows for success and money in your pocket down the road, it is essential that you spend some time now planning for it to happen.

The good news is that you do not have to go to school or be a rocket scientist to figure this out. In fact, we provide a great deal of the information and resources that you need here, without any need to look elsewhere.

Of course, we also hope you are inspired to take the next step and to find the true benefit of your business by putting these things into action first and foremost. When you do these things, true success and money in your pocketbook is all that will matter.

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Chapter 1: Today Isn’t

Everything, Really

As an entrepreneur, your job is very detailed. You need to be the creative one. You need to be the boss. You need to hold the vision of your business at the head of each and every thing that you do for that business. But, today isn’t everything.

As a business owner, you must remember the fact that the long term goals and process of your business can only happen if you plan for it now, not in the day.

You have probably heard people tell you that you need to; «Live in the day!» As an entrepreneur, this is not possible and should not be the way that you hold your business agenda.

But, why not?

Most of the time, we would like to think that all we really need to do is to put together a plan and hold onto it. Somehow, things will fall into place. It has to. That’s all it can do.

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Yet, from a business standpoint, there is much more to think about.

For example, you may have employees that need the funds that come from your business for their day to day expenses.

You may need to take into consideration the overall benefits that you have in keeping your business going. What about your assets? Will they make it through the process? How about your cash flow? What will happen if something does go wrong?

All of these things are really only the tip of the iceberg when it comes to ruining a business in the long term. The bottom line is that you need to consider what your business will be like today as well as ten, twenty and more years down the road.

Think About This

Before we get started, it is essential that you understand two concepts of your business dealings. When you make a decision in your business, ask yourself these questions first and foremost.

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– When I make this decision, what is the short term and immediate effects of doing so? How does this affect my business today?

– When I make this decision, what is the long term effect of making this choice? How will this decision affect my business months and years from now?

When you take the time to carefully consider decisions that happen in front of you, you put yourself in charge of your destiny.

If you allow the cards to fall where they may, you may not be in business six months from now. Therefore, as you work through this e-book, ask yourself what steps you can take right now that will better your overall business in the short and the long term.

Of course, we should mention that there is never a for sure way to know what the future holds. There is no way to know if you are really making the right decision or not. But, what you have to do here is to insure that you give tomorrow the best possible chance that you can.

Don’t let it just happen, make today count for tomorrow and tomorrow’s tomorrow too.

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Chapter 2: Set The Goal Now, For Tomorrow’s Benefit

No matter what aspect of your life you are talking about, goal setting is a crucial factor throughout it all. As you will see, each of the decisions you make as an entrepreneur will affect your overall goal of being successful with your business. Yet, there is more to it than just that.

You should also set goals because they can help you to make the right decisions throughout the process of getting to the level of success that is coming. By investing the time and energy that you have in setting goals now, you help yourself for each decision it takes to reach the end result you are hoping for.

In other words, if you set some overall goals today, you can help insure that your business will be there and be prosperous throughout the future of the business. Goals now, count.

While we all have the same goal of finding success in the future, we still need to set goals to help us to get to that point. It doesn’t happen overnight!

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How To Set Goals Successfully

When it comes to setting goals, there are not many of us that are very good at doing so. There are plenty of opportunities for mistakes to be made, but the real problem comes in how we set them as well as what we do once we set them.

For starters, it is essential to know what your goals are. Take a few minutes right now to figure this out. Simply sit down with a blank sheet of paper (yes, you can use your computer too!) and avoid all distractions for ten minutes.

Write down anything and everything that comes to your mind in regards to your goals.

What are they?

Where do you want to be in a year?

Who do you want to have with you?

Where do you see your business in five years? 20?

What dollar amount of sales will make you happy this year? What do you need to make in profits to reach a new level of satisfaction each year?

All of these things may be things to spark your mind. Determine where your business will be within the next years. Look long term for starters. Then, follow these tips.

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Goal writing is made easy through some basic steps.

– Write down your longest term goal. This is the place that you want to be in a number of years, or the place you need to be to be as successful as you plan to be.

– Give yourself a time frame for making that happen. You may want to say that you want to make your first million in two years. Or, it may take many more for that to happen. Giving your goal a timeframe helps to get your mind set in how to make that happen. If you leave it open ended, the long term goals are not benefited by your actions each day, as they would be here.

– Give yourself smaller goals to reach as steps up to the larger one. For example, the new entrepreneur may be able to say that he wants to be in an office, set up and running within a month’s time. In six months, he plans to be running into profit, after expenses have been paid down. Determine what your steps are to reaching your goal. Make sure that you write them with time frames attached too.

– Now, write them by hand on paper in the following manner. «Within six months, I will have paid off all debt that I owe and be running in the clear. I will do

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this by pushing sales and not pushing any new expenditures during that time.» In this manner, you have listed not only what the goal is and the time frame to have it done, but also how you will get there.

– Take this piece of paper and place it everywhere and anywhere that you will see it at least several times per day. Seeing it will allow you to think it. Thinking about it makes it happen. Success through goals is the only way to find it.

Now that you know what your goals are, it is essential for you to make sure that they do happen.

You will need to read those goals each day, at least one time per day. When you think it, see it, feel it, you make it happen.

Throughout the next chapters we will discuss what long term decisions you need to make as well as what various things you need to do to make them happen.

When you go through each step, determine your goal for it. How will you implement it into your current work day and how will you insure that it will happen?

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Chapter 3: Growing And Staying Green

When you are green, you are growing. Once you start to turn red, you are expiring. Don’t you want to always stay green then?

As an entrepreneur, one thing that you should realize is that the world never stays the same. You are, for the most part, always going to find some changes happening. As a business owner, if you can not adjust your business to those changes, you may find yourself facing more problems then benefits.

Many companies have had to go out of business simply because their product no longer works with what the consumer needs. It does not matter what type of business you have either. The bottom line is that if you are not green and growing, you are not going to make it in business for long.

Is your business green and growing?

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The Long Term Goal

The long term goal of any business situation is to insure that they are able to meet the needs of the client or consumer. If they can not do this, they can not have consumers and will eventually fall out of the scope. If they do happen to do this, they will find rewards continuously with increased profit and new customers to fill their pockets.

In this case, the long term goal that you need to make is to maintain green. You need to maintain some aspect that will continuously help you to move forward with what is happening within your business.

If you are not sure why this is important, take for instance, the current situation.

Enter The Car Manufacturing Business

Today, we hear quite a bit of talk about energy cost, the cost of gas and all that goes with it. In fact, today, more people know what the cost of a barrel of crude oil is than they ever have. Why is this; and what does this do for the industry?

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If you haven’t spent any time shopping or a car, you may not realize that many manufacturers are struggling to stay in business. Their problem is that their cars, trucks or anything in between are not able to meet the demands of the consumer.

Why not? They may not be able to offer low enough mileage. With each passing year, more and more consumers are looking for a better way to fuel their energy needs. That comes in the way of cars that are hybrids and those that do not run on gas at all.

In these cases, if the business can not meet the needs of the consumer, how can they run effective businesses?

They can’t and that is the same thing that can happen to virtually any business out there. Unless your business can be green, growing and exploring new routes to take, it can not meet the needs of the consumer who is, of course, the lifeblood of the business.

How To Do It

The question that you need to ask yourself, then, is what do you need to do to make this happen in your business?

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Let’s say that you have an internet business. Perhaps one of the important things that you must do is keep up with search engine optimization.

If you do not follow and keep in contact with the new rules and the changing scheme of matters, your website won’t rank well and will fall out of the scope of being worthwhile.

In this case, it is essential that you maintain the ability to keep your knowledge and your skill at the highest quality. The same goes for various other businesses including those such as insurance agency and real estate agency. Unless you keep your knowledge at the top, you can not make sure you are doing what is right.

There are other ways that you need to think about this as well. For example, what about marketing? If your marketing is not trendy enough (or happens to be too trendy for the wrong market) you may find yourself in trouble.

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