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How to Start and Run a Successful Small Business

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Small business

Starting a small business it a way to becoming self employed and to be successful, you must have good entrepreneurship orientation.

The first and foremost factor needed to set up a small business is deciding on the mode of business.

Starting a small business is not the issue, the treat to all Entrepreneur is to maintain, budget, manage cost and run the business.

I have provided over 30 Profitable small business ideas to start up with, you can also check it out before optioning to start your own small business.

How to create a business plan?

Once the entrepreneurs decide the form of operations, they need to create a proper business plan for starting their business.

Business plan

Business Plan

A well documented business plan is extremely important as it helps in proper evaluation of the company that is going to be established.

It also becomes important for lenders and investors who want to read the plan thoroughly before investing their money.

If the business is self financed then the owner will be required to create proper financial projections and come up with relevant business strategies.

The marketing plan is an integral part of the business plan as it contains the marketing strategies that will be adopted to promote and advertise the services and products.

You can check out marketing strategies and see how you can use them to grow your Busines

The business plan also contains the goals that come in handy when the business performance is reviewed in the future.

This part also provides a proper indication of the capital required to run the organization and achieve overall goals

Where to get the financing from in case of starting a new business

Once the entrepreneurs have finalized their business plans they need to initiate the process of procuring the necessary capital.

Majority of the small business set-ups have three major sources for financing their operations –

  • friends and family,
  • bank loans,
  • and investors.

Normally, all the choices come with their unique considerations.

Normally, the investors, and at times the friends and family members who have provided financial assistance, want certain amount of control and ownership in the set-up.

Check out our guide on revenue generation.

If an entrepreneur has taken a bank loan then his/her profits can be diminished due to the fact that they have to pay the loan back every month.

So I don’t encourage loan taking for small businesses.

Stay clear of debts, if you want to know the reason why? You can find theme here, I have already stated then in the steps to becoming a Millionaire

Small Business |Legal Issues involved in starting a new business

Once the entrepreneur has taken care of basic pre-requisites like a business plan and finances, he or she will be required to decide on the legal framework of the company – sole proprietorship, corporation, and partnership.

The financing decisions of the organization will be dependent on the legal structure chosen by the entrepreneurs.

Once the legal structure is determined the owner can register an application for incorporation and get the papers in place.

Small Business | Setting up the Office Space

The entrepreneurs need to decide on the type of establishment they are going to operate out of a home office or a commercial set-up..

The choice needs to be made on the basis of the core product or service.

The owners also need to decide if they want assistance in any form in running the organization like hiring employees or accountants.

An important part in setting up a small business organization is determining the taxes – the owner needs to be mindful of the taxes he/she can collect and ones that will have to be paid by him or her.

Availability of Machinery and Equipments mall

Small businesses can procure necessary equipment and machinery from the 30 Micro, Small and Medium Enterprises Development Institutes (MSME-DIs) and 28 Branch MSME-DIs that have been set up in the state capitals and leading industrial cities across the country.

Small business

The primary aim of the National Small Industries Corporation Limited is to make equipment and machines available to the smaller industrial organizations at moderate interest rates and longer periods of repayment.

It is common to see smaller companies unable to purchase modern equipments and machines owing to paucity of funds.

The government has come up with several plans to assist such companies.

Now the smaller firms will be able to procure industrial machinery, vehicles, and office equipment through hire purchase agreements, which means that they will not be required to make full payment for the same.

They can make the installment payments and ultimately buy the particular equipment.

Following are various steps followed in the hire purchase agreements:

  • The application has to be made on prescribed forms
  • The Director of Industries of the State who heads the jurisdiction of the concerned applicant, will then forward the application form to NSIC’s headquarters at Delhi along with his/her comments and recommendations
  • The applications for machines made in India as well as imported are reviewed by acceptance committees that are made up of officials who represent the Chief Controller of Imports, Small Scale Industries, Development Commissioner, and other relevant departments
  • The concerned entrepreneurs are informed once the committees take the decisions. Copies of the decision are also provided to the relevant Directorate of Industries and NSIC regional offices
  • If an applicant has his or her proposal rejected, then he or she can approach a higher committee for review
  • After the hirer finishes the various formalities, the suppliers are provided with the necessary instructions to send the consignment that is normally insured against transit risk. The suppliers are also asked to provide the regional offices with either C/R or R/R as per applicability
  • The NSIC provides the hirer with the C/R or R/R for collecting the goods, after receiving information of payment of dues
  • The procedures are little different when it comes to the imported equipments. Here the shipping papers are given to the clearing agents for obtaining permits from the Customs for entry of the consignments, which are consequently sent to the hirers.

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2 Comments

2 Comments

  1. melisborednow

    May 31, 2019 at 2:57 pm

    Great read! So good I clicked on 2 other articles. lol

    • Mitrobe

      May 31, 2019 at 3:32 pm

      wow thanks for finding it helpful

We will appreciate I'd you share your thoughts on this post with us

Forex

Forex Basic | learn how to read a Forex quote

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Forex basic | learn how to read a Forex quote

As a general rule, each currency has a three letters symbol, which is used in Forex quotes.

The first two letters identify the name of the country while the third letter identifies the name of that country’s currency.

For example:

• AUD (Australian dollars)

• JPY (Japanese yen)

• CHF (swiss francs)

•CAD (canadian dollars).

When trading currencies, the trade is always done in pairs and so when you buy one currency, another currency is simultaneously being sold.

Forex trading

The most commonly traded currency pairs are

• Euro and US Dollar (EUR/USD)

• US Dollar and the Japanese Yen (USD/JPY)

• US Dollar and Swiss franc (USD/CHF)

• British Pound and US Dollar (GBP/USD)

The most commonly traded currency pairs are made from the most common and actively
traded currencies which are called the “Majors”.

The list of currencies below consists of the Majors

• USD (US dollars)

• EUR (European Euros)

• GBP (United Kingdom pounds)

• JPY (Japanese yen)

• AUD (Australian dollars)

• CHF (Swiss francs)

• CAD (Canadian dollars)

When quoting currency pairs, the first currency is referred to as the Base currency while the second referred to as the Counter or Quote currency.

The currency pair is used to represent how much Quote currency is required to exchange

Example:

• EUR/USD 1.3500 mean that one Euro is traded for 1.35 USD.

As such the Base currency is always equal to 1 monetary unit of exchange.

The dominant base currencies are, in order of frequency, the EuR, GBP, and USD.

When a currency is quoted against the US Dollar it is called a direct rate.

Any currency pair that does not trade against the US Dollar is referred to as a cross rate.

So what takes place once a trade is taking place?

Example:

• You buy British Pounds with the US Dollars – (GBP/USD), anticipating, the Pound to increase in value relative to the Dollar.

If the Pound rises relative to the Dollar, you sell the position (you Sell British Pound) and have made a profit.

Keep in mind that there are no standard cross-currency Quotes.

Some have the base currency on the top while others have it on the bottom.

So how can you tell which is which?

You need to know at least one pair of currencies and which one of the pair is the more valuable.

Dominant Base Currencies

• Euro – EUR/USD, EUR/GBP, EUR/CHF, EUR/JPY, EUR/CAD

• British Pound – GBP/USD, GBP/CHF, GBP/JPY, GBP/CAD

• US Dollar – USD/CAD, USD/JPY, USD/CHF

The Pip

The pip is the smallest unit of change in which a currency pair can move.

In the Forex world, currencies are traded in fractions of a Cent, or Euro, and so on.

Nearly all currency pairs consist of five significant digits and most pairs have the decimal point immediately after the first digit, with four decimal points to follow.

For example

EUR/ usd is equals to 1.3377.

In this example, a single pip equals the smallest change in the fourth decimal place – that is, 0.0001.

Therefore, if the quote currency in any pair is USD, then one pip always equal 1/100 of a cent.

The only notable exception to this rule is the USD/JPY pair where a pip equals $0.01.

A numeric example

You buy the EUR/USD, which is quoted with five digits in all out of which 4 decimals, at 1.3530 and sell it later at 1.3542.

The difference would be +12 pips, or. 0012.

However, in the case of the uSD/JPY currency pair, one has to make a note that it is quoted with only 2 decimals.

And so if you bought the uSD/JPY at 110.51 and it then went down to 110.31 where you have sold it, the difference would be -20 pips, or. 20 pips loss.

The pip difference would determine your calculation of profit/loss on the trade.

As mentioned earlier, the quote currency is translated into a certain number of units of the base currency.

For example

A quote of EuR/uSD at 1.35 means that, for every 1 euro, you get 1.35 uS dollars.

When the price of the quoted currency goes up, it indicates that the base currency

is becoming stronger and so one unit of the base currency will buy more of the quote currency.

On the other hand, if the price of the quote currency falls, the base currency is becoming weaker.

The Bid and the Ask

Forex quotes are shown in ‘bid’ and ‘ask’ prices.

The Bid is the price at which the market
maker is ready to buy a given currency

pair and so at this price the trader (seller) can sell the base currency to the market maker,

The Bid is shown on the left side of the quotation.

On the other hand, the ask is the price at which the market maker is ready to sell

given currency pair and so at this price the trader (buyer) can buy the base currency from the market maker,

The ask is shown on the right side of the quotation.

The ask price is also called the offer price.

Symbol Bid Ask

EUR/USD 1.3517 1.3520

Over the above Quote sample we can buy from the market maker one euro for 1.3520

american dollars, or sell one euro for 1.3517 american dollars to the market maker.

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Mitrobe Daily Quotes

Entrepreneur Mindset | Act As If It Were Impossible To Fail.

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Entrepreneur mindset

Fear, uncertainty and doubt are, and have always been, the greatest enemies of success and happiness.

For this reason, top salespeople and entrepreneurs work continually to confront the fears that hold most salespeople back.

“Courage is resistance to fear, mastery of fear-not absence of fear.” (Mark Twain)

The two major fears that stand as the greatest obstacles on your road to success are the fear of failure, or loss, and the fear of criticism, or rejection.

These are the major enemies to be overcome.

As it happens, it is not failure or rejection that hurts you or holds you back.

It is the fear of failure or rejection.

It is the anticipation or expectation of failure or rejection that paralyzes you and blocks you from doing what you need to do to achieve your goals.

The truth is that everyone is afraid of something, and often, many things.

Everyone you meet is afraid of failure and rejection in some way.

The difference between the hero and the coward is that the hero is brave just a couple of minutes longer.

The average person moves away from and avoids the fear-causing situation.

The brave person forces himself or herself to confront the fear and does it anyway.

Glen Ford, the actor, once said,

“If you do not do the thing you fear, then the fear controls your life.”

Ralph Waldo Emerson said his entire life was changed when he read the words,

“If you would be a great success, make a habit throughout your life of doing the things you fear.”

And I say

Act as if it where impossible to fail

Entrepreneur Mindset | Act As If It Were Impossible To Fail.

Because you can never make off anything if you scared, to have a successful business, career, life, or anything, you have to do one thing. And that is THE HUSTLE

The fear of failure, the major obstacle that holds you back, is felt in the solar plexus and experienced in the feeling of: “I can’t!”

The way that you neutralize this feeling is by repeating the phrase, “I can! I can!” over and over.

Even more effective for neutralizing the fear of failure, say to yourself, “I can do it! I can do it!” over and over, until you actually believe it.

Whenever you repeat the words “I can do it!” your fears diminish and your self- confidence increases.

When you repeat to yourself the words, “I like myself! I’m the best! I can do it!”

you boost your self-esteem and self-image to the point where eventually you feel unstoppable.

You create within yourself the mindset of the high performance entrepreneur.

Then, as Emerson said, “Do the thing and you will have the power.”

Here is a key point about fear of any kind.

Instead of waiting until you feel courageous enough, do the thing you fear, and the courage will come afterwards.

As Aristotle said, “Act as if you already had the quality you desire, and you shall have it.”

Action Exercise: Identify the one great fear that holds you back from throwing your whole heart into becoming a big success in your field.

There is always at least one fear lurking in the back of your mind.

Now imagine that you do not have this fear at all. Imagine that you are totally unafraid in every part of your sales work.

Imagine that you are guaranteed of complete success in everything you do.

How would you act or behave if you had no fears at all?

Whatever your answer, from now on, act as it if were impossible to fail, and it shall be! Fake it until you make it.

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Marketing

7 secret of sale success practise by highpaid salespeople

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Sales success

There are seven secrets, or principles, of sales success.

They are practiced by all the highest paid salespeople every day.

The regular application of these secrets is virtually guaranteed to move you to the top of your field. Check also how to get your sales funnel full with offers

Do a little bit more than average and from that point on your progress multiplies itself out of all proportion to the effort put in.” (Paul J. Meyer)

7 secret of sale success practise by highpaid salespeople

Sale Success Secret One

Get serious! Make a decision to go all the way to the top of your field.

Make a today decision to join the top 10%.

There is no one and nothing that can hold you back from being the best Salesexcept yourself.

Remember, it takes just as long to be great as to be mediocre.

The time is going to pass anyway. Your job is to commit to excellence, to get better

and better each day, and to never, never stop until you reach the summit.

Sales Success Secret Two

Identify your limiting skill to sales success.

Identify your weakest single skill and make a plan to become absolutely excellent in that area.

Ask yourself, and your boss, “What one skill,

if I developed and did it consistently in an excellent fashion, would have the greatest positive impact on my sales?”

Whatever your answer to this question, write it down, set a deadline, make a plan, and then work on it every day.

This decision alone can change your life.

Sales Success Secret Three

Get around the right people. Get around positive, successful people.

Associate with men and women who are going somewhere with their lives.

And get away from negative, critical, complaining people.

They drag you down, tire you out, distract and discourage you,and lead you inevitably to underachievement and failure.

Remember, you cannot fly with the eagles if you continue to scratch with the turkeys.

Sales Success Secret Four

Take excellent care of your physical health.

You need high levels of energy to sell effectively, and to bounce back from continual rejection and discouragement.

Be sure to eat the right foods, get the right amount of exercise and get plenty of rest and recreation.

Make a decision that you are going to live to be 80 years old, or more, and begin today to do whatever you have to do to achieve that goal.

Sales Success Secrets Five

Visualize yourself as one of the top people in your field.

Imagine yourself performing at your best all day long.

Feed your subconscious mind with vivid, exciting, emotionalized pictures of yourself as positive, confident, competent and completely in control of every part of your life.

These clear mental pictures preprogram you and motivate you to sell at your best in any situation.

Sales Success Secret Six

Practice positive self-talk continually. Control your inner dialogue.

Talk to yourself the way you want to be rather than the way you might be today.

For example, repeat to yourself these powerful words, over and over again.

“I like myself! I’m the best! I can do it! I love my work!”

Say to yourself, “I feel happy! I feel healthy! I feel terrific!”

Remember, fully 95% of your emotions are determined by the way you talk to yourself, most of the time.

The way you feel determines how you behave.

And how you behave determines how much you sell.

Your job is to get yourself on an upward spiral where you think and talk to yourself positively, all day long.

You think, walk, talk and act like the very best people in your field. When you do, your success becomes inevitable.

Sales Success Secret Seven

Take positive action toward your goals, every single day. Be proactive rather than reactive. Grab the bull by the horns.

If you are not happy with your income, get out there and get face to face with more customers.

If you are not happy with any part of your life, accept responsibility and take charge.

All successful salespeople are intensely action oriented.

They have a sense of urgency. They develop a bias for action.

They do it now! They have a compulsion to closure.

They maintain a fast tempo and move quickly in everything they do.

And the good news is this. The faster you move, the more energy you have.

The faster you move, the more ground you cover.

The faster you move, the more people you see.

The more people you see, the more experience you get.

The more experience you get, the more sales you make.

The more people you see and the more sales you make, the more your self-esteem and self respect goes up, and the more you will feel like great about yourself.

You will have more energy. You will be happier and more positive.

The faster you move, the more you take complete control of your entire life and virtually guarantee that you will be one of the top performers and the highest paid people in your field.

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