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    September-2017
 
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To Be Rich, Successful Is The Goal Of Every Entrepreneur

To be rich and successful as a small business leader, one expert suggests there are some fundamental character traits to be learned.

Tope Ganiyah Fajingbesi is the author of What Color is Your Money? believes successful individual need to understand more about themselves.

  1. Understand your relationship with money: This is a very important step, which requires complete honesty and careful thought. She advises a small business leader to analyze his or her behavior and unique characteristics to better understand what strengths and weaknesses are present when it comes to managing money.
    She points to an old adage sheI once read that many rich people remain rich by behaving like the poor, while many poor people remain poor by behaving like the rich, and I think there is a lot of truth in that statement.
    An individual needs to realize that a business venture is like another human being, and before a small business leader can help that other person succeed, he or she needs to understand how to maximize their own strengths and manage weaknesses first.
    She has a “Money Color Quiz” at her website, http://ourfinancialcoach.com/money-color/. The responses to 10 short questions will help place the test take  in one of five color categories – Green, Blue, Yellow, Grey and Red. Green folks are the big investors in every economy; The Blues are the savers; The Yellows, the spenders; The Greys are the content: While the Reds are the debtors. Once a testers identify his or her color theyreceive advice on how to improve their relationship with money.
  2. Understand your spouse/partner’s relationship with money: Whether admitted or not, spousal relationship has a big impact on personal finance success or failure. It is therefore not surprising that money is one of the biggest causes of conflicts in marriages and similar relationships. She advices understanding a spouse or partner’s “money color” as well as ones own is key to how to successfully manage a relationship in such a manner that it does not adversely affect financial success.
    She offers this example: Rose who runs a flower shop from her home. Rose’s money color is green, so she likes to invest her money, but her husband, Paul’s money color is Yellow, so he is quite a spender. Understanding this difference can help Rose a great deal. She may need to set up direct transfers from business checking account to the business savings account, so that when Paul comes down to the basement office to entice her with the new smart phone, which they could afford from the week’s sales, she is able to show him the checking account and let him know there are no free funds for that
  3. Have a clear destination: Why navigate this rather “unfamiliar” life without a good map? Why wake up every day embarking on a journey to nowhere? Every day no clear goals to work towards are not set out is a day for a ride to nowhere. The most successful people establish simple, clear and measurable goals, and hold themselves accountable to those goals. Beyond establishing goals, it is also important to have a GPS, that is, a budget that clearly states how much you hope to earn and spend during specific times. Successfully practicing this in ones personal life, will surely translate to success in business life.
  4.  Retail therapy is not the solution: In a stressful situation some may choose a retail therapy or want to buy yet another toy that one’s children don’t need. She suggest thinking  about the song: “the best things in life are free” because it is very true. Spending money to drown life’s stressful situations has the exact same effect that using junk food to drown emotional issues has, it will make you over weight. The only thing retail therapy does is increase problems because one gets poorer and consequently add to the list of problems to be resolved in the first instance. This tip may be hard to implement at first simply because of the “temporary rush of joy” experienced when spending money, but it is very important to reduce impulsive spending. When this is achieved implementing the same for the business is also possible.
  5. Always pay yourself first: You work hard, so you should learn to reward yourself, and what better reward can you give yourself than setting aside some of today’s funds for the rainy day? Saving simply means you see yourself as the number one person you have to take care of. However, your biggest barrier to maintaining a healthy savings balance is your own self; setting the funds aside is not half as difficult as leaving the funds “alone” to grow. You have to be disciplined, learn to prioritize, delay self-gratification and, most importantly, separate your wants from your needs in order to let your savings exist when you actually plan and need them.
    So go ahead and use these tips to transform your life and your business. I am sure you, your associates and even your employees will be smiling to the bank in no time.
    Tope Ganiyah Fajingbesi is the author of What Color is Your Money? and an international Chartered Accountant (ACA) and Certified Public Accountant (CPA) based in Washington, DC.Website: http://www.ourfinancialcoach.com
     


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