HOW TO BECOME SUCCESSFUL ENTERPRENURSHIP PART 9
1
Plan Early How You Get The Debt Paid
Some young
entrepreneurs only think about the amount of investment that they will be able to get from loans. This
is wrong. Before you get a loan, you must
first plan ahead how you will pay the debt. You need to ask yourself: where will I get the funds to pay the
debt? When will I be able to pay? Will I be able to pay before the set deadline?
2
Set A Contingency Fund for Absorbing
Debts
Many companies
go bankrupt because of poorly managed debt accounts. One way to avoid this from happening is by having a contingency fund for absorbing
losses from debt.
Gaining Know-How in Business
3
Enroll to Short Business Courses
You do not have
to graduate. You only need to attend short business courses which can only include a few units. What
you are after is not the diploma but the knowledge. This will give you an edge.
4
Learn The Basics of Accounting
A huge part of
business management is the accounting part. If you have even the basic knowledge about accounting, you
will a better idea about the flow of funds in your business.
5
Enroll to Short Law Courses
In conducting
business, you will be dealing with legal matters as well. You will be making contracts, you will close deals, and you will also abide to business-‐ related laws such as the payment of
taxes. This is why it is important that you gain knowledge about business law.
6
Read Business
Books
Business books locally available in bookstores will also help you a lot.
7
Stay Updated On Business-Related News
This is
particularly important if you are doing business in an industry that has a very fast-‐moving trend. You need to stay updated so you can react accordingly
to changes.
8
Learn How To Predict
Movements In Economy
Experienced entrepreneurs survive downfalls in economy because
they predicted in such
downfalls in advance. They are also able to take advantage of favorable situations because they predicted those favorable situations in advance.
9
Get Advice
From Experienced Entrepreneurs
Many things
in business cannot
be taught inside
the classroom. Some things are learned by experience. But you do
not always have to experience them by yourself. You can simply
ask experienced entrepreneurs in your field.
10
Keep Note of your Experiences In Business
Take note of
the trends in your business. You will soon realize that changes and movements often follow a pattern.
Familiarize yourself with these patterns and
this will help you make
better plans in the future.
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