4 Ways Aspiring Entrepreneurs Can Make Better Decisions
Making decisions can be tough! That’s especially true when it involves the big stuff, like whether to start an entrepreneurial venture, move to a new city, or even end a long-standing relationship. If you’re constantly feeling like there are no right answers to your difficult questions, maybe it’s time to revamp your decision-making skills and try out the four-step WRAP method popularized by brothers, Chip and Dan Heath.
Money Can’t Buy Happiness, Right?
It’s long been said that money can’t buy happiness, but a recent study put that assumption to the test and found that it’s not always true. Co-authors Drs. Elizabeth Dunn and Michael Norton went on a fascinating journey that saw them survey over 6,000 people in the US and beyond in an effort to uncover the correlation between spending and overall happiness. Their findings, which culminated into a book: Happy Money: The Science of Happier Spending provides unique insight into the way you should view the intersection of money and happiness in your life.
Correcting Three Myths About Funding your Business
When starting a business there are many funding options to research. However, you may be surprised to find out that most funding options don’t open up to small business owners until you’ve been in business for 2 years or more. Self-funding much of your start-up costs is inevitable, so it’s best to research bootstrapping options now.
How to Keep Business Start-up Costs Low
Here’s a secret. The most successful businesses I know spend the least amount of money, especially in their first years. This concept of “you have to spend money to make money” is false. If you control spending early on you’ll become profitable faster. You won’t have to beg for business to cover your expenses and you’ll buy yourself more options down the line to put the right people and services in place to maximize your business when the time is right. Plus, your personal finances will improve too.
Avoid This Common Business Planning Mistake
Here’s a common scenario I see in business planning: Before you’ve completed any real market research to validate if your idea would work, you’re thinking about color schemes and names, what your website and logo will look like or where the business will be located. This is a big mistake because it means you’ll likely spend money and time on an idea that might not work. This is how you prevent it.
How To Verify Whether Your Business Can Succeed
Businesses fail because new business owners don’t plan much beyond the first year and they don’t do the right research before they start. Does your business idea make sense to anyone but you? Hopefully! But how do you know? You’re going to have to talk to people. Here’s how to validate your business idea.
