Mind Your Business: Entrepreneurship 101
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About this ebook
While every entrepreneur knows that the key to success is business growth, few ever see it happen. Why? Perhaps it is because they know how to plant seeds, but they don't understand that the real work lies in helping that seed grow-which takes knowledge, persistence, and patience.
Mind Your Business: Entrepreneurship 101 helps readers deve
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Mind Your Business - Dr. Frederick D Acklin
Copyright © 2022 by Dr. Frederick D. Acklin
All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed Attention: Permissions Coordinator,
at the address below.
ISBN: 978-1-7372246-7-9
Publishing By:
DemiCo National, LLC
www.DemiCoNational.com
FORWARD
––––––––
Two-thirds of God’s name contain the letters GO!
I heard this quote recently and it revolutionized my mind and my level of activity. More than anything I realized that there are tons of people literally stuck at the start and afraid to move forward with their dreams.
Imagine having clearance to just GO. No holding back, no second-guessing your genius, and no wondering about this silly thing called imposter syndrome.
Then imagine having clients begging to purchase your products or services. Imagine having clarity around your business and what you offer and knowing how to leverage it in the marketplace
Imagine showing up unapologetically to serve your audience and delivering amazing service.
Imagine being the bank, employing others, exploding your wealth, creating million-dollar opportunities for others, and changing the normalcy of Kingdom excellence globally
When you lean in to the purpose of God and realize that His purpose is for you to execute, to be fruitful, to produce, then you eliminate excuses and free yourself, and your mind to be more and to do more. Recently I was working with a cohort of entrepreneurs pushing toward 7-figures in their business. After a few sessions they started referring to me as the Business Bully and the edge snatcher
. There was a portion of me that wanted to shrink from that because really....who wants to be called a bully
!
However, one attendee said something so profound. She said we call you the BULLY because you will not allow our fears (fear of failure and fear of success) to bully us out of our purpose. You won’t allow our past to bully us out of our future and you won’t allow being stuck to bully us out of PUSHING forward and building generational wealth and legacy.
Each of us reach a defining moment, a moment in our lives where we decide it is our now moment. Let’s be clear, your defining moment is simply when you decide that the future you see in your dreams is worth pursuing. Your now moment is when you realize that you are worth it but more than that, you get up out of the boat like Peter and make a conscious decision to walk toward the thing that you desire.
You picked up this book because you are in your defining moment. Take the material, make copious notes, and do the work. Stop waiting for perfection. Stop waiting for the perfect systems, and the perfect website. Show up, seize your moment, and do the work. More importantly, allow the fear you feel to propel you to what is about to be the best season of your life.
Forever Walking & Delighted to Serve,
Michelda Johnson
Founder & Visionary
The COO Experts | WaterWalker | #singleCEO |
@MicheldaJohnon on all SM
www.MicheldaJohnson.com
CHAPTER ONE
The Mind of An Entrepreneur
Personal Goals
Starting a new business can be a scary proposition. Do you have what it takes? Starting a new business can be extremely time consuming and may require participation from your family or your absence from family events. Either way, you'll need your family's support and understanding, and everyone should understand the goals and objectives up front.
Goals & Objectives
First, you should ask yourself why you want to start a business. Many people want to start a business for all the wrong reasons. What are your reasons?
High Income?
Nights & Weekends Free?
Create income to:
Buy a car?
Buy a boat?
Buy a house?
Travel?
Hobbies?
Lifestyle Improvements?
College Education?
Medical Expenses?
Retirement fund?
What is your goal timeline?
1 Year?
2 Years?
3 Years?
5 Years?
Tomorrow?
Does starting a business REALLY help you achieve your goals?
You need to clearly understand your motivation for starting a business and then decide if starting a business will help you achieve your goals. If you plan to make your fortune in a few months and start living the good life, think again. Most new business owners make little or no income for the first few years in business. In fact, many times, your employees will make more than you until your business is well established and financially stable.
Spend some time thinking about your goals. Why do you want to start a business? What do you hope to get out of it? Many would-be entrepreneurs thought that by starting a business they wouldn't have to work for the 'man' any longer. What they found was they traded one 'man' for another. The new boss is probably much harder to work for and requires significantly longer hours and a much higher quality of work than the old 'man' required.
Spend some time thinking about your motivation for wanting to start a business. Discuss your thoughts with your spouse and family. Starting a business is a family affair, whether you plan for it to be or not. While your family may not work directly in your business, they are influenced by how it affects you and your time away from home. No matter how hard you try to keep your family life and work life balanced, a new business needs lots of attention to be successful. Honestly answer the following questions. Afterward, discuss your answers with your spouse and family members.
Why do you want to start a business?
What do you hope to accomplish?
What lifestyle are you seeking?
Working Hours:
Income:
Other:
Personal Financial Situation
How much cash do you need to start your business and from where will it come? If you plan to borrow money from a bank, credit union or other financial institution, the biggest determining factor will be your personal credit score. If your personal credit is not good, you may have to postpone your start-up until you can build up your credit score or plan to get your start-up cash elsewhere.
The personal credit score is the first and most often cited reason that individuals are unable to borrow money to finance their business dreams. They never get a chance to describe their idea, show their financials or impress with their strategies. The banker looks at the personal credit score (called a FICO Score) and says, No thanks.
If you will need to borrow money from a financial institution to finance your startup, you will need a minimum credit score of 680, and probably much higher. Make an appointment with a commercial loan officer at your bank and discuss the process. Find out what the bank's credit requirements are and make sure you have a high enough credit score to qualify. While you're there you can get a general idea of the bank's requirements and you can find out if they lend to start-ups. Many banks and credit unions don't lend money to start-ups at all. Your company may need a couple of years seasoning before they will consider a financing request. Of course, you probably won't need the money by then. We will discuss different ways to raise start-up capital later in the book.
Starting a business may actually hurt your personal financial position. If you're going to borrow money personally for a new vehicle or a home, being self-employed will create a problem ifyour business is new. Retail bankers are not business bankers and may not have the skills to evaluate or understand your business. It's not their job to review your business to determine if you have the capability to repay a loan. They will want to see several years of profitable operation in the form of financial statements and tax returns. If you are unable to produce those, you will not be viewed favorably.
Let's look at some more specific questions that you'll need to consider before taking the first step to starting a new business.
How much cash do you have to invest in your new business?
Where will it come from?
Cash?
Savings?
Investment Account?
Retirement Account?
Home Equity?
Will you have to borrow it?
Immediate Family?
Other Relatives?
Friends?
Investor?
Financial Institution?
Even if you do qualify to borrow start-up funds from your local bank, you will not be able to borrow the entire amount. Most banks will require you to contribute at least 10% of the start-up cash to fund your business. Generally, you should be prepared to contribute 25 — 50% of the start-up cash. The bank doesn't want to be the only cash investor in your business.
How long can you and your family survive without you providing an income?
6 Months?
1 Year?
3 Years?
Forever?
Are you prepared to support your family with funds other than from your new business? You should plan on a minimum of 6 months and more realistically 1 — 2 years before your business starts returning an income. Depending on the