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Book Review Of Millionaire Fastlane

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Book Review of Millionaire Fastlane by M.J. Demarco

This book is one of the best books on Entrepreneurship in which the author lays out five commandments to be on the Millionaire Fastlane. According to the author, until and unless the business complies with the five commandments, they are not destined to be successful. These commandments are:

Commandment of Need, Entry, Control, Scale and Time (NECST).

Commandment of Need:

Millionaires affect lives of millions of people by adding some values to their lives and hence are millionaires. If the marketplace does not care about your product or service then it is not going to add value to the marketplace and it is a failed venture before it takes off. So, every business should first figure out if there is a need for the service or product your business is going to deliver or not.

So, we have seen test products being sold for free to test the water. All they are doing is trying to figure out if there is any demand or not.

People often start business with wrong reasons. They are good at something and very skilled and open a business about it. But if the marketplace does not care about it, it’s going to be a failure because marketplace is a selfish place. It does not care what you want, what you have, how good you are. All it cares about it is what is it for them. If it adds some value to their lives then they will buy it otherwise not. So, it’s a big eye opener for me and could be for so many budding entrepreneurs.

Commandment of Entry:

This is the second commandment to successful business. If the barrier to entry is very easy it means millions will be doing the same thing and you will not have the ability to scale your business but rather will have to decrease the price and compete those millions. Usually war of price harms all the parties. For example if creating a website and writing a blog and generate income is your business then there is not enough barrier to entry unless you try to add something extra value to the marketplace which not anyone else has added yet. An example which the author gives few times is when he thought about starting Limo business. He found it failed both the first and second commandments. There was no need for one more limo business and barrier was very low to enter into this business.

Commandment of Control:

If you have no control over your business and you have given entire authority to another party, you are doomed to failure.

Many entrepreneurs start a company and then hire a CEO or CFO to completely take control of operation or finance. They know nothing about what is going on and that is the recipe to failure. Especially when entrepreneurs do not have any basic financial knowledge like what is loan mortgage, how to calculate simple interest but hire an expert to help them make decisions. Since they themselves cannot take a second look at the decisions made by their advisers, chances are that they might screw up and entrepreneur will have to bear the loss.

One of the examples given in the book about the benefit of controlling the business is given as the following. If you are a doctor working at a private-care facility it’s natural to think that you are on the fastlane because your magnitude (price/unit) is large and that will increase the net profit and hence wealth. But, the control of the private care facility is not held by the doctors but by the owner. So, it’s him who is on the fastlane not the doctor who depends on his intrinsic value to increase the wealth.

Commandment of Scale:

The author gives an example of a burger stall outside a supermarket. No matter how much the owner tries, he cannot scale his business and reach out to customers outside of the supermarket. So, this business violates the commandment of scale. But an e-store that sells some product in the internet has unlimited number of customers and hence has the capacity to scale his business to unlimited level. However, if the entrepreneur can create franchise of any burger store then he has the ability to scale and will be on the fastlane.

The author gives an example of a quote by the billionaire Mark Cuban who said it only one business to be successful. So, it’s important that we undertake projects which can be scaled up. In baseball terms, take swing for home runs not singles. If you do decide to play singles, you have to replicate the effort many more times.

The Fastlane wealth equation is:

Wealth = Net Profit + Asset Value

Net Profit = Units sold * Unit Profit

The leverage is created by the units sold. If you are selling burgers on the supermarket lot, you are limiting the leverage and hence you are on the speed limit of 15 mph road. Also, you cannot increase the price of the burger so the unit profit cannot be controlled as well.

So, either you have to be able to reach millions of people to increase the Units Sold quantity or sell at very high price to extra wealthy clients to increase the unit profit values.

Commandment of time:

Time is the scarcest resource we have. Most people spend money frugally and time freely. That according to the author is exactly the wrong way to the road to wealth. Time is limited and money is abundant. Only difference between successful and unsuccessful people is the way they spend their time. The former value each moment of their life and spend it to increase their self-worth. The latter waste it on fulfilling their immediate desires like watching TV series, indulging in games etc. for long period of time etc.

As per the author, fastlane is not an easy path but sure it should be a fast way to earn wealth.

As a fastlaner, our goal should be to automate the travel. If you have a business which requires you to dedicate each moment of your life all the time and always have to trade time for money, it’s a job masked as a business. It’s a money tree that never grows.

It’s normal to work more than 80 hours per week in the starting phase of a business but it’s not normal to work like that for the rest of the life which is a normal for most of the people working normal life. One of the famous quotes from the book which is often used outside as well is about how most of the people define as normal. Normal is to wake up at 6 am, fight traffic, work 8 hours or slave 8 hours Monday to Friday, save 10% and repeat for 50 years. Normal is to believe that stock market will make us rich and fastest car and bigger house will make us happy. The definition of normal is corrupted by the society and we are conditioned to believe that. In short, the author believes, normal is modern day slavery and that’s why only few have the courage and the intelligence to come out of normalcy and drive on a millionaire’s fastlane.

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Source by Manju Pradhanang

Views: 0

January 23, 2020
Understanding the Laws of Success – Law of the Farm

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Success does not just happen; it is the result of the application of laws that have been proven over time. From the days of the Roman Empire, these laws have been shown to work. The key is to understand these laws and to work with them, not against them. One such law is the Law of the Farm.

The Law of The Farm

The Law of the Farm is based on observation of the world around us, namely the ability of a farmer to raise crops. The Law of the Farm says that success comes from the same process that a harvest comes to a farmer. First, as a farmer plows the ground, the person must be readied for success. The weeds of negative thinking must be cleared away, and the person must be fertilized with thoughts of abundance and possibility. Second, the seeds of success must be sown; these are the actions the person does to generate success. Those actions must be tended, supported by positive thinking, just as the farmer tends his crops. Then, when opportunities arise, they must be harvested, just as the farmer must harvest his crop. The harvest must be done at the right time, in the right way. Just as the farmer can lose his crop if he lets it sit in the field, so the person can lose success if he does not take advantage of the opportunities when they arise in the fullness of time.

Preparing the Field

For the farmer to reap a harvest, he cannot simply scatter seeds in a field. The field must be plowed, fertilized, and otherwise prepared before the seed is planted. For some crops, these may take years of preparation; as Stephen Covey points out in his book, “The Eight Habit”, a potato farmer must prepare his field for two years prior to planting. People must be prepared for success the same way. They need to have the weeds of negative thinking cleared away. They must be prepared for the planting by learning the attitude of expectation of success. A person must be fertilized with thoughts of abundance so that the seed has food to grow.

Planting the Seed

The farmer plants the seed of the crop he wishes to harvest. He does not plant corn seed to get a harvest of wheat. So, too, a person must plant the seeds of what he wishes to gain. This is where goal setting comes into the process. The person needs to decide what his goals are, and then create a plan for reaching those goals, so that he can plant the right seed for the desired harvest of success. A person wishing financial success must plant financial seeds, whether these be investments made or skills learned. The person must understand how the seeds being planted will grow to the desired harvest.

Tending the Crops

While the crop is growing, the farmer needs to tend and protect the growing plants. The field needs to be watered, treated to prevent insect infestation, fenced to protect the young plants from animals who would feed on the crop. A person working towards success must also protect his crop. Positive associations are needed to continue the growth of the ideas plants. Negative people and negative ideas must be protected against. Learning about himself and his endeavors (books, classes, further reading) can fertilize the ideas, making them grow stronger and faster. Persistence is needed to weather the storms of depression and impatience which can threaten the crop of success.

Harvesting at the Right Time

The farmer needs to gather in the crop when the time is right. He cannot do it too early, or the crop will not be useful; he cannot do it too late, or the crop will destroy itself in the field. A person working towards success needs to realize when the opportunities arise so that the efforts planted can be realized at the right time. Hesitation can cause the opportunity to rot away; the attempt to reach the absolute maximum can cause the right time to slip by. Act when your subconscious says to act; by listening to the small voice within you, you will know when the harvest time has occurred. The farmer doesn’t wait until the absolute peak ripeness occurs; he harvests the crop just before then, so that the ripeness will occur when the harvest is delivered. So, too, a person needs to act just before the maximum results, so that the results can mature during the act of harvesting. Particularly when it comes to investments, it is better to get 95% of the profit by acting early than to get 80% of the profit by acting too late.

The Most Subtle of the Laws

There are several laws of success, but the Law of the Farm is perhaps the most subtle. Just as a farmer gets better at raising crops as the years go by, so too a person gets better at using this law as he works it. Of all the laws, this one gets better the more you use it.

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Source by John Steely

Views: 0

January 23, 2020
Importance Of Cash Control

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Cash is a vital component of any profit-generating organization. An organization’s assets generate revenue, which in turn generates cash inflows. These cash inflows are used for several purposes: to pay creditors, compensate employees, reward shareholders, provide asset replacement, and provide for growth.

Cash is unique because it’s the single asset that is readily convertible into any other type of asset. Therefore, it’s also the most widely desired asset. However, cash is also the asset that is most susceptible to fraud and abuse. Therefore, management has to ensure that adequate controls and safeguards are in place to eliminate any unauthorized transactions with cash.

Fortunately, there are ways management can safeguard the cash generated by its organization. Each of the following methods will help an organization prevent losses due to human error or theft:

o Monthly bank reconciliation

o Segregation of duties over cash handling

o Accountability for cash shortages

o Authorized cash disbursement

o Internal audits

Monthly Bank Reconciliation. Monthly bank reconciliation will help ensure that the amount of cash generated by an organization is consistent with bank records. In addition, an independent review of the reconciliation by management will provide an additional safeguard. Independent verification of bank reconciliation acts as a check to make sure the reconciliation was done properly and ensures there is no abuse of the organization’s cash.

Segregation of Duties Over Cash Handling. Every organization must make sure that there is adequate segregation of duties over cash handling. Separating the duties of cash receipts and disbursements prevents an individual from committing and concealing embezzlement.

Accountability for Cash Shortages. Management should hold supervisors accountable for cash shortages. If supervisors know that they’ll be held accountable for a cash shortage, they’ll be motivated to keep a close eye on how cash is used within their departments.

Authorized Cash Disbursement. Management should allow cash to be disbursed only through checks issued by authorized signers, which will provide a method for tracking cash usage. In addition, your organization should require signatures on all checks in order for them to be valid.

Internal Audits. Every organization should arrange to have internal audits conducted on a regular basis. Whether the auditors come from an internal audit staff or an outside auditing firm, auditing an organization’s accounting system can identify how effective and accurate the operation is and whether or not any improvements need to be made.

ESTABLISHING A QUICKBOOKS CONTROL ENVIRONMENT

QuickBooks allows more than one user to access company files. (Conceptually, an unlimited number of users may have access to the company’s data files, but only five users may work with the data at the same time.) When multiple users will have access to the company’s QuickBooks data files, it generally is necessary to create a control environment that protects the data from unauthorized use. For example, some users may not need access to sensitive payroll data, while others may not need access to accounts receivable and sales information.

One of the best ways to prevent errors when posting transactions in QuickBooks is to limit access to specified users. If passwords and access permissions are not assigned, users have unlimited access to all areas in QuickBooks. When setting up QuickBooks, one user should be designated as the QuickBooks Administrator.

The QuickBooks Administrator has unlimited access to all areas of QuickBooks and assigns passwords and access permissions to other users. The name and password for the QuickBooks Administrator can be set up by selecting “Set Up Users” from the “Company” menu. The QuickBooks Administrator must be set up before any other users can be set up. Although QuickBooks does not require the use of passwords, the QuickBooks Administrator should set up and use a password since anyone logging in to the company’s QuickBooks files as the administrator has full access to all areas in QuickBooks. After setting up a name and password, the QuickBooks Administrator should click the “Closing Date” button in the “User List” window and enter the date through which books are closed in the “Accounting” preferences dialog box. The administrator can also password-protect the closing date (requires single-user mode). When this feature is enabled, QuickBooks requires users to enter the password before they can make changes to periods that have been closed.

The QuickBooks Administrator is the only user who can:

o Set up other users.

o Change other users’ access permissions.

o Set up a company file using the “EasyStep Interview.”

o Change company information (such as company name, address, fiscal year, tax year, tax form, and federal identification number).

o Change company preferences.

o Condense data.

o Import and export data.

o Apply for QuickBooks Merchant Account Services.

Note: Since the QuickBooks Administrator has the ability to password-protect the entire company’s files, has access to all accounting functions, and assigns access to all other users, the company should carefully consider whom to select as administrator. The person selected should have an understanding of the importance of this position on the internal control of the company. Some companies designate the controller or Chief Financial Officer as the QuickBooks Administrator because those individuals normally do not have direct interaction with the software.

The QuickBooks Administrator can set up additional users and specify the areas to which each person has access. To do so, select “Company” from the menu bar and “Set Up Users.” Then click the “Add User” button in the “User List” window. Assign a user name and password for the new user. Even though QuickBooks does not require the use of passwords, each user should be set up with a password that must be used when logging in to the company’s QuickBooks file. (An unlimited number of users can be added, but only five can have access to the company’s data file at the same time.)

After setting up the user name and password, the administrator then specifies whether the user will have access to selected areas of QuickBooks or all areas of QuickBooks. The user should not be given access to all areas of QuickBooks since that permission essentially establishes a second administrator allowing users to access the following:

o Sales and accounts receivable.

o Purchases and accounts payable.

o Checking and credit cards.

o Inventory.

o Time tracking.

o Payroll and employees.

o Sensitive accounting activities such as bank transfers, general journal entries, and online banking.

o Sensitive financial reports.

o Changing or deleting transactions.

o Changing closed transactions.

Note: Even if users need access to most of the preceding areas, they should not be allowed to change closed transactions.

Rather than giving users access to all areas of QuickBooks, the QuickBooks Administrator should give users access to selected areas. In that case, the QuickBooks Administrator specifies whether the user should be given no access, full access, or selective access to each individual area listed in the preceding paragraph. If the user is given selective access in a particular area, the QuickBooks Administrator also must specify whether the user can (a) create transactions only, (b) create and print transactions and forms, or (c) create transactions and create reports.

Sensitive Accounting Activities. Users generally should not be given access to sensitive accounting activities. Such activities include:

o Maintaining the chart of accounts.

o Working in the account register for balance sheet accounts.

o Reconciling accounts.

o Making journal entries.

o Using the “Accountant’s Review.”

o Transferring funds between accounts.

o Using online banking.

o Creating budgets.

o Printing registers.

o Condensing data.

Even if users are given full or selective access to sensitive accounting activities, they cannot create financial reports (with the exception of the “Payroll Report”) or change or delete previously recorded transactions. Those permissions must be assigned separately, as discussed in the following paragraphs. The QuickBooks Administrator generally should be the only user with access to sensitive accounting activities.

Sensitive Financial Reports. Users generally should not be given access to sensitive financial reports (such as the balance sheet, profit and loss reports, budget reports, cash flow reports, income tax reports, and audit trail reports). That access allows users to create all reports and graphs available in QuickBooks. However, even users with access to reports cannot change or delete transactions included in the reports. That permission must be assigned separately, as discussed in the following paragraph. The QuickBooks Administrator generally should be the only user with access to sensitive financial reports.

Changing and Deleting Transactions. Even if QuickBooks users have full access in a particular area, they cannot change or delete transactions in that area unless they are given that permission in the “Changing or Deleting Transactions” window. For example, a user with full access in the sales and accounts receivable area cannot change invoices or sales receipts unless they are given permission to change or delete transactions. However, even if users do not have permission to change or delete transactions, they can change or delete transactions they entered in the current QuickBooks session so that quickly identified data entry errors can be corrected. Users that are given permission to change or delete transactions can alter transactions only in areas in which they have access. For example, users that have access to the inventory area but not to the payroll area cannot alter payroll transactions even if they have permission to change or delete transactions. The QuickBooks Administrator generally should be the only user with permission to change or delete historical transactions.

If a user is given permission to change or delete transactions in areas in which they have access, the “Changing or Deleting Transactions” window also asks whether the user should be able to change or delete transactions recorded before the closing date. The QuickBooks Administrator always should deny users access to such transactions by selecting “No” in response to that question. Even when “No” is selected, users can view prior-period transactions in QuickBooks areas to which they have access. If “Yes” is selected and the administrator sets a password, the user will be required to enter the password.

Viewing Data. QuickBooks allows the QuickBooks Administrator to limit a user’s access to creating sensitive financial reports or creating and printing sensitive reports. Companies can use this feature to allow the Controller, Chief Financial Officer, or another person independent of the accounting function the ability to oversee the accounting operations. Because many companies frequently have small accounting staffs, this increased oversight can mitigate some of the risk to the system of internal control created by having limited segregation of duties.

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Source by Leigh Ann

Views: 0

January 22, 2020
How to Win Consistently at Trading Forex

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Trading Forex is a fantastic career or hobby, but unless you are winning consistently then it can be a short lived career or an expensive hobby. The elation of a win is often followed by several losses if you don’t have a serious approach to your money management strategy and control of your emotions. In this article we are going to establish a money management and psychological strategy that will help you win consistently at trading Forex.

First of all let us look at the trade settings themselves. Now this article is not to define a winning strategy; but to show you that even a strategy that only wins 50% of the time can make consistent returns. You may already have a winning strategy but poor money and psychological management.

It is important to aim for a 3:1 risk reward ratio. In simple terms; you need to look for trades that can offer you 3 times the return of the potential loss. If you adopt this approach then you only need to win 50% of the time because your wins out way the losses by 3 times. Once you master this rule you are well on your way to a winning strategy.

Research your trades well and do not jump into the markets without doing your analysis whether that is fundamental or technical. If you can stick to these rules then you are half way to winning the psychological battle as well.

The biggest issue traders face is getting into trades too early because they think they are going to miss the trade or too late because they were scared to pull the trigger. Leaving a trade too early because they believe it is about to turn against them, only to later watch it hit their, would be, take profit level. Or, equally as common, they let the trade run and run expecting more and more profit only to let all the profit get sucked away in a reversal. There is an old saying amongst successful traders “plan your trade and trade your plan. That is exactly what you should do.

Don not let your emotions let you take profit early if that was not your original plan. Make sure you plan for the trade turning before your profit level and have a preset plan to take profit. A solid plan is to take profit if the trade has reached 90% of the target and is showing signs of reversal. If you have your stop loss set correctly from your original analysis do not extend it as you are compromising your 3:1 risk reward ratio. Keeping these rules in min is the first step to winning consistently at Forex trading.

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Source by Adam Woods

Views: 0

January 15, 2020
What Is Wealthy Affiliate?

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Wealthy Affiliate is an online community membership site founded in 2005 by two online marketers Carson and Kyle. It has become the number one community for creating and growing a successful online business.

Wealthy Affiliate is a training website with a massive online community who engage with one another and offer help and support.

Who Can Profit From Wealthy Affiliate University?

Wealthy Affiliate (WA) makes the program available for everyone, including those who don’t have enough money to pay high prices for training or have a limited budget. WA offers instruction for people with different skill levels, from newbie’s up to experienced marketers.

People Who Can Benefit From WA:

Internet Marketers

Local businesses and companies

Online merchants

Local marketers

People that want to build their own website(s)

People that want to sell their products online

Retired people, looking for an extra income

Individuals looking for a trusted hosting platform

Students

People who want to turn their hobby into an additional income

Bloggers and website owners that want to improve their web sites

Artist/Bands/Musicians Churches and Non-Profits.

What Wealthy Affiliate Is Not?

WA is not a “get rich quick” scheme. WA IS NOT AN MLM program and you do not need to build a massive down line to make money from the program. There isn’t a prerequisite to sell WA itself. You will not get rich overnight, unless you are a skilled marketer. The platform will teach you how to make money online.

It will help you to build a solid online business that will endure for a long time, along with live support that you will need to soften the notion of doing it alone.

How much does it cost to join Wealthy Affiliate?

Wealthy Affiliate Starter Membership – Free.

Premium Membership – $47 month or $359 yearly.

If you upgrade to the premium membership within 7 days your first month access will only be $19.00

Wealthy Affiliate General Overview

There are several types of training that are available to members and it has everything from email marketing, list building, SEO, PPC marketing, article marketing, website development and technical training. The database has more than 300 teaching lessons and each month more resources are added.

The training is attuned to suit every ones needs and includes:

Video training

Tutorial Training

Classrooms on specific topics

Question and Answers

Live weekly training classes

Task based Courses

Participate in interactive discussions

Why Do You Need WA?

Affordability – Usually when people see all the upgrades or up-sells for different products or services, they automatically enter a negative mindset because they know that if they do not earn quickly, they will lose a huge sum of money. Most people start on a small budget and simply cannot afford to pay for expensive advertising or constant upgrades.

Wealthy Affiliate has a free option and members can experiment with the program without any obligations, especially if they are not sure about the direction they want to take in the online marketplace. The premium membership is at a fixed rate and that gives members the freedom to work on a budget without having to be concerned about working harder just to upgrade to another level.

All in one platform – To become successful online, we all need more services like hosting, a blog or website, content and various tools to run our businesses successfully. These services and tools can add up to a costly amount when you put it all together, and new as well as existing online entrepreneurs struggle immeasurably to keep up when they don’t earn from the internet quickly. Wealthy Affiliate has done a great job at adding the essential tools and services into one platform to get new marketers to get that critical head start.

Website Builder and Hosting – WA allows you to use WordPress (WP) Express to build your own WP optimized blog and SiteRubix powers it. WordPress had become the most popular blogging platform with dozens of templates to choose from. You can choose to run the blog on a free siterubix.com domain or link it to your own. SiteRubix has a remarkable reputation and websites that are hosted on the service tend to do exceptionally well compared to other hosting companies.

Coaching and Support – New online entrepreneurs are not able to get successful by themselves. If you have questions, they will get answered! The customer support is quick to respond and aids members with any issues that they might run into. Carson and Kyle are actively partaking along with members to answer questions personally. That alone shows the great amount of dedication they have when it comes to helping members.

People who have absolutely no clue about earning an income online enter this marketplace on a daily basis and the World Wide Web has tons of “money-making” programs, products and tutorials that confuse new marketers badly enough and even cause a massive amount of people to fall into scams or empty promises.

It has been proven that most successful online marketers had a mentor or support program that guided them into becoming successful. This is the best active community online and many methods to communicate are available like; a live chat box, questionnaire option, forum, active dashboard and micro blog communication.

There is no negativity or judgmental behavior like we see in the public forums, only quality conversations. You will be able to network with like-minded marketers and meet countless people who will share ideas or support one another.

Inspiration – Without motivation, it is hard to complete anything in life, not to mention starting up an online business. Wealthy Affiliate keep their learners motivated by setting up goals and then reward those who had met the goals by giving away something of value. For most people it is much easier to reach success when they have something to work towards that is worth the effort.

Wealthy Affiliate will most certainly not make you rich and it will not make you successful. In the end the decision to take action will all be in your hands and no amount of training or support can replace free will. The law of sowing and reaping is how you will receive your harvest.

What Is Wealthy Affiliate?

Wealthy Affiliate is someone who unites with others of like-mindedness, on the terms of having and obtaining legitimate unlimited wealth.

WA gives you all the building materials, but the rest will be up to you. Getting started is always the hardest part, but with the right motivation and positive attitude there is absolutely no reason to fail.

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Source by Jamie Clay

Views: 0

January 13, 2020
My Backyard Mechanic is Getting Rich!

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I kid you not… my backyard mechanic (my younger brother) is getting sooo rich from just listening to a little bit of the news. You see he’s a jack of all trades, and very good in all of them. From buying run-down homes and renovating them, to flipping them for a huge profit… to fixing everybody’s broken down cars. I mean who wants to pay a local garage $80 an hour to change brake pads? But this is not what it’s about! This is even easier!

Imagine that you’re pretty handy with your hands in just about everything. As he puts it… if you can screw a lightbulb, patch a whole in the wall, change a tire, put up shelves, then anyone can do this.

He knows a good thing when he sees one, and finds every which way possible to profit like crazy on what the masses are complaining about. He finds the solution, applies it to his own life, and shows everybody how they too can do what I’m about to tell you.

What do you think the biggest mass grievance is in the world today? You guessed it… gas prices. Here’s what he did exactly!

He converted his car to run half on water and half on gas using the technology that is now available, with a simple $20 kit. From there, he had two simple magnetic signs made up for each side of his car, which states “RUNS ON WATER [http://www.runyourcaronwater.jon-michel.com]” and with his phone number. He also created a flyer in “Word”, and went to his local photocopy shop and had 500 copies printed out. That cost him about $10. He had some young local girls and boys drop these off in mailboxes and gave them a few bucks to do it.

Within a week, his phone started ringing and never lets up. He charges $150. a car plus the kit, for work that takes him a couple of hours. On a good day, he manages 4 cars a day. On a bad day, he’ll stop at two or three. Now do the math and tell me this isn’t worth it!

He has now found a young 17 year old to help him keep up with the demand. He figures it’s just what he needed, because it’s so profitable, that it allows him to expand in other things. No wonder my little brother takes more trips to Hawaii than the average lawyer or doctor. Making money fast has always been a given to him. Entrepreneurship is where it’s at!

This is a great way of making money fast to finance other ventures.

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Source by Jonathan G. Michel

Views: 0

January 12, 2020
Hustler Vs Entrepreneur – Which One Are You?

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To hustle or not to hustle?

Currently the use of the word “hustler” is thrown about as a positive way to describe oneself as having an entrepreneurial streak, or starting a new business.

From the 1800s, hustler meant “thief”, and in particular, someone who was aggressive with their victims. Nowadays, the dictionary still holds this definition true, describing a hustler in a negative light: a thief or criminal; a gold-digger or prostitute; an overly pushy salesman (OED, 2015). In modern music (mostly ghetto rap), “to hustle” refers to a way of making money and doing it against all odds. Maybe the latter is where startups are drawing their inspiration from?

Hustlers work for immediate gratification to obtain cash-flow, without a long-term vision. It’s about a foot in the door, a constant drive to keep making the money – it’s all about making the next sale.

As an entrepreneur myself, I would NEVER like to be referred to as a “hustler”.

Why hustle when you can “undertake enterprise”?

Being an entrepreneur may involve overcoming odds and making money, but it’s definitely NOT hustling. Startup entrepreneurs find ways of making money, but do so ethically and in terms of a defined growth strategy. Entrepreneurs build a business, own the business, delegate, strategize, and think ahead. They link things – they are connectors: businesses, ideas and people. Entrepreneurs create systems, contingency plans, they develop others, and (probably most noteworthy) entrepreneurs consider exit planning.

The actual meaning of entrepreneur?

It stems from Old French, “to undertake enterprise”. What’s enterprise? Well, that’s work. The characteristics of an entrepreneur were added in the 15th century: a person with “adventurous disposition, readiness to undertake challenges, and a spirit of daring” (Harper, 2015). In recent definitions, “One who undertakes an enterprise; one who owns and manages a business; a person who takes the risk of profit or loss” (OED, 2015).

Which side of the coin are you on?

Hustler vs Entrepreneur…

Semantics matters

Words change in meaning across time – that’s a common thing. But shifting from a negative use to a positive usage (pejoration to amelioration) is very rare. Between entrepreneur and hustler, we need to reflect. From a linguistics perspective, something to watch here. From a new business perspective, you should decide which side of the coin you’re on.

I guess the choice lies in this –

Are you undertaking an ethical enterprise as owner and manager, with adventurous disposition, readiness to undertake challenges, spirit of daring taking risks of profit and loss?

Yes?

Then you’re an entrepreneur NOT a hustler.

~A.

—

Direct references:

-Harper, D. (2015). Etymology Dictionary Via http://www.etymonline.com/

-OED – Oxford English Dictionary (2015). Via http://www.oed.com/

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Source by Autumn O’Connor

Views: 0

January 9, 2020
What’s The Difference Between A Reseller Program And Affiliate Program?
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Many people ask me what’s the difference between becoming an affiliate or a reseller? What’s the simple answer? Let’s say there is a resellers and an affiliate, they both sell the same digital service for XYZCO; however, there are significant differences between each person’s agreement.

What is a Reseller? A reseller creates a reseller account with XYZCO, and then solicits (nicely) for customers to sign up under it for products or services. The reseller can sometimes provide the technical support for his or her customers and in some cases manages the billing directly with his/her clients then the order is fulfilled by the reseller company. Many companies offer while label solutions and ever customer support can be included to look like your service. With digital products, you get paid by your clients $xxx.xx amount then your reseller fulfils the order charging you your wholesale reseller rate $xx.xx so you make the difference on each order. Customers deal with the reseller directly, and resellers may set their prices at any level they choose.

What’s an Affiliate? An affiliate is strictly an evangelist for our service. He or she refers customers or traffic to XYZCO, where they open their own accounts with the affiliate’s special code to let us know who referred them. Affiliates are paid on commission by XYZCO and the current rate is an ongoing percentage of referred sales. Many affiliate programs pay a one-time commission; however, companies like SendPressReleases.com – Send Press Releases affiliate program offer a free program to sign up and you get paid forever on any of your referred clients allowing you to build a real affiliate business with digital products that sell.

There are pros and cons to each type of account, and which is right for you will depend upon how much time you would like to invest.

Key Points to Consider When Becoming a Reseller;

Getting started as a reseller is very easy and can be done within a few minutes. I would recommend taking some time and do a little research on the type of monetization terms each reseller program offers. Many key points for both reseller and affiliate can be the same and really come down to your potential profit and success with the individual program.
1. How long does the software track client visitor cookies? Most reseller software will have a tracking cooking so if you refer someone using a referral tracking link, it will keep a record if they then purchase for up to 30/60/90 days and sometimes longer. Many people take time to get started and execute an order so this defiantly is a very important factor.
2. Many reseller programs will pay you for your first referral that orders but then the terms might change. Ideally you would like to get paid on that client whenever they order.
3. Simply said, read the terms a reseller provides you and see if they are fair and profitable. There are many types of reseller businesses that you could start so first you need to identify which type of reseller business model is right for you. Maybe the overall key factor is reselling something you have an interest or passion in? Choosing a reseller for the profit isn’t always a bad idea either!
Key Points to Consider When Joining an Affiliate Program;
1. Minimum payment threshold, this can be the amount you must generate before a payment will be released to you for your affiliate marketing efforts. The payment threshold can vary from program-to-program and can be anywhere from $5 to $100 and in some cases if you do not meet the terms (within 120 days as an example) you would forfeit your affiliate earnings. I would recommend learning the terms before joining any program no matter how great the initial profit model looks.
2. Are the products you want to become affiliated with profitable and easy to process? This might be a very good question to ask your-self. Keep an eye out for shockingly high commissions, yes, sometimes Internet marketing is like pyramid schemes and if an affiliate program sounds too good to be true, it probably needs a closer look.
3. Make money type of products and MLM. I am sure you know someone in one of these product categories, maybe they are even making money. Don’t do it. Move in another direction, the statistics and numbers don’t lie. These type of programs work on your greed and in many cases do not provide a products that justifies the potential. Do your homework..
What’s Better an Affiliate Program or a Reseller Program?

This is the questions you need to determine yourself. With each comes their own set of pros and cons. With a reseller program you might have more of a standalone business that you can grow over time, however an affiliate program is easy to get started for free in many cases and can be a great part time business or second income.

Here is some statistic to reflect upon while you consider your options;
- Affiliate marketing spend nears $5 Billion in the U.S.
- Affiliate marketing drives a whopping 1% of the country’s total GDP in the UK.
- Approximately 15% of all digital media industry’s revenue comes from affiliate marketing.
- In 2016 over 80% of brands utilize affiliate marketing.
Why Does it Have Setup Fee?

Many reseller and affiliate programs will charge a setup or account fee to get started, and yes this is very common. Reseller programs that offer you a great program, support, even white-label client support to assist and help your clients for you on your behalf. This can be a fantastic situation and can allow you to operate your own business and have it sully supported by your affiliate reseller company. I find digital products that are in high demand, that also offer your clients support in your behalf are some of the best most effective programs.

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Source by Rodney Gray

Views: 0
January 9, 2020
Risks and Rewards of Entrepreneurship

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Entrepreneurship which is the practice of finding and starting a business opportunity, locating and consolidating the required money and materials and taking both the risks and rewards associated with the venture is where all who wish to make and enjoy great wealth should tune their mind and heart to.

Everything in life has two sides like the proverbial two sides of a coin. Entrepreneurship is fraught with dangers, perils, hazards and threats or risks just as it has booties, returns, compensations or incentives also known as rewards.

Here are risks and rewards of entrepreneurship which I would like discuss briefly in this article for the benefit and information of those wishing to embark on the great journey of entrepreneurship:

Risks of Entrepreneurship

Getting Paid – The income of the business enterprise would determine whether the entrepreneur gets paid or not. The entrepreneur does not have the luxury of an assured paycheck like his counterparts in paid employment. If the business does not make profit, there is nothing for the entrepreneur.

Sporadic Income – The start-up entrepreneur may not have enough business to provide him or her with steady income. His or her income may fluctuate from day to day or from month to month.

No Income – An entrepreneur may face a season in his or her business life when there would be no business at all or when customers have failed to meet their payment obligations and therefore no income. Start-up entrepreneurs are usually advised to save at least enough to cover six months expenses and income needs as part of their financial planning.

Having Security – Whatever an entrepreneur has comes from the business. Unlike people in paid employment who may have a compulsory retirement savings account backed by their employer, the entrepreneur has to provide his or her own insurance and retirement security. Before moving from paid employment to full time entrepreneurship, it is important that aspiring entrepreneurs add as part of their financial planning, some element of insurance and retirement security through savings.

Rewards of Entrepreneurship

Passion – Passion they say sells. One of the greatest joys of entrepreneurship is working daily on the passion of your life. When one’s work and daily pursuits are in the realm of his or her innate desires, one works with enthusiasm, appetite and hunger that drive to great action. Apart from being a reward on its own, passion ensures that one is working with boundless energy which leads to greater production.

Great Boss – Entrepreneurs work for the greatest boss on earth which is themselves. In paid employment, we meet all kinds of bosses – some nasty, some great and some boring. The greatest boss anyone would have is oneself. Entrepreneurship enables you work for yourself and that creates an unbeatable feeling which money cannot buy.

Hours – One of the immediate benefits of entrepreneurship is having control of one’s life. Though the beginning of entrepreneurship may be rough, the ability to be in charge and have the capacity to set your times and schedules for your work and business is a reward of inestimable value.

Location – Where you live and work is one key factor to personal satisfaction. Entrepreneurship helps you to make this choice and not have to depend on someone else determining your office location which may be so far away from where you reside leading to daily long commuting in public or private transportation. In Lagos Nigeria, where most corporate offices are located are too expensive for most workers to reside in. Some of such locations do not have residential areas. Employees are forced into long distance commuting and traffic hold ups that increase their cost of fueling and is the cause high blood pressure as a result of hanging out in the holdup year in year out. The entrepreneur can even keep his location virtual, meaning he may work from the comfort of his own home using the internet. An entrepreneur can also chose to be mobile.

Regardless of the risks associated with entrepreneurship, it is still the way for all those who wish to create wealth and find the greatest possible satisfaction in life pursuits.

Think about.

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Source by Francis Nmeribe

Views: 0

January 5, 2020
Top Network Marketing Company – Why Are the Products So Expensive?

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I’m sure you’ve heard this question before, Why are top network marketing company’s products so expensive?

This is one of those ever-present questions that networkers and direct sales people will continue to encounter (probably) forever–and there’s always more to it than meets a simple answer.

One key is not to side-step it. There are good and genuine reasons for legitimate, premium-priced products–and of course there are over-priced ones as well. Honesty is best, as always, and I’ll endeavor to give you the general truth with my answer to the question.

Special Products at Special Prices

First, the products available through top network marketing companies sales and distribution model are mostly what are called “specialty” items. They are higher priced products to begin with, having more costly ingredients and more complex designs or formulas; they are simply more expensive to make and package. Some well-known non-network marketed examples are Clinique makeup and fragrance products, Apple computers, iPods and iPhones, Armani clothing, Mercedes and Lexus automobiles.

Unless you’re dealing with a scheme or a scam, these premium products outperform their cheaper, off-the-shelf counterparts, giving consumers more and better benefits. Since they have greater value, they cost more.

If these products are being outsourced by the networking company (produced by a “third-party” vendor/supplier), they tend to be manufactured in smaller production runs that do not allow for all the optimal low-cost advantages of buying and making in the high volumes mass-marketers enjoy. The manufacturing processes are more complex and exclusive. The profit margins are higher. This results in a higher quality product with more attention to detail and quality control.

The reason manufacturers and marketing companies select network marketing and direct sales is because these higher-priced products are of higher quality, and they therefore require special methods of distribution and sales.

Simply put, they cannot compete with the lower-priced, lower quality “commodity” products, which are sold based mainly on discounted mass-market pricing and brand awareness alone. Think Wal-Mart and Costco.

Specialty products are “education-intensive.” They need greater explanation; for example, what formula, ingredients and/or processes makes the product more expensive than those mass-market goods available through direct response marketing (such as the Internet and mail-order) or retail chain store sales. Many require demonstration.

Mass-market products depend on advertising, promotion and merchandising at “point-of-purchase,” all of which are required to get consumers’ attention, let them know the product exists (to create “trial” especially if it’s “brand” new), and to give them enough compelling reasons to purchase and keep on purchasing.

Going head-to-head with nationally advertised products, many to most of which are heavily discounted and sold at the lowest price possible, is a tough game for just about all smaller businesses to win. Imagine trying to sell vitamins or nutritional beverages or “prestige” cosmetics against a major manufacturer selling through Wal-Mart, or a natural toothpaste against a tube of Crest® through Kroger or Publix supermarkets.

Specialty products are perfect for the person-to-person, information-rich education, demonstration and service oriented methods of network marketing.

And that’s where the important second aspect of network marketing’s “higher price” comes in: the added value which you as a “distributor” add to the specialty products you sell.

Added Value Added

Network marketing and direct sales representatives add significant value to the product they sell and they are well paid when they do so successfully.

We reach consumers with the awareness of new products and services that ads and merchandising–no matter how persuasive or promiscuous–would not be able to reach out and touch. And by virtue of our one-on-one, personal relationship with these buyers, we appeal to them with a level of trust and service no mass-market, retail product advertiser could hope to compete with.

The extraordinary level of service Network Marketers provide is not available when buying through mail order or retail outlets. It is a real and tangible benefit, part of the product’s value–and its price.

For example: Someone tries a network marketing anti-aging health product. It’s personally presented for them–either in person or via mail–with a host of educational material about the product: scientific studies, article reprints, even books or tapes explaining how the product was made, how to use it, its unique features and its benefits.

Within one to two days, the network marketer again contacts the person to follow up, asking how they are doing, checking to see that their customer is following use directions properly, make recommendations, etceteras. These service calls continue daily, bi-weekly or weekly until the customer is satisfied and happy.

The network marketer will also continue to send informative and educational material such as updates from scientific literature. He or she will also let the customer know about other products the company offers that this particular customer with his or her unique needs and wants might also enjoy.

This is an extraordinary level of service that is a real and tangible benefit for the consumer. This kind of personal and knowledgeable attention is not available when buying through the Internet alone, or mail-order or most all retail outlets. It is one of the things network marketers are paid for and it is part of the product’s value–and its price.

Are there cases where the above education and service are not offered? Of course.

Are there products that do not have special ingredients or qualities that support a higher price? Sure.

And are there times when a network marketed product is simply more expensive to pay for the multiple-level commission structure? Yes.

Back in the early 1950s, a dog grooming service was opened in New York City to serve people living in the exclusive Park Avenue, 70th and 80th Streets area. They charged $25 to shampoo and clip a dog. They had no customers. Then they jacked-up their prices to $250 per visit–and were an instant success. The Cadillac Seville, when first introduced in test-market showrooms priced at under $10,000, bombed; at $14,000 the very same automobile became an instant best-seller.

Value is a perception. The relationship between quality, benefit and price, i.e., value, is in the mind of the consumer-beholder. Businesses price goods and services according to what the market will bear. Successful marketers come up with just the right mix of value-benefit-price.

The majority of network marketing direct sales products are of the genuine higher-quality variety, not available in stores, special in ingredients, design and making.

Most offer the convenience of in-home or on-line ordering and to-the-door delivery. They are also special in terms of…

Marketing and Customer Service

The network marketing “sales person” adds value to the product through his or her education, service and sales to the customer.

All of this has its price. And according to consumer trends and the explosive growth of network marketing direct sales companies and their products worldwide, more and more people every day think it’s worth it.

What’s the truth about the price of products offered through network marketing? Are they too high? And if so, why?

The full answer to this one is complicated. If you need a short one, mine is:

High? Usually, yes.

Too high? Sometimes… yes, but generally no.

So, if they are high, why? Let’s start with looking at what kind of products we’re really talking about here.

The Truth is, Specialty Products Cost More

Network marketing is predominantly a “specialty products” business: The products we sell most often tend not to be the type you’d find in supermarkets, drug stores or any other mass merchandiser. They are not the kind that combines the lowest possible price for the least acceptable level of quality. For a conventional retail parallel, look at the products in a natural or health food store, beauty salon, boutique or upscale department store.

Specialty products cost more to make. The ingredients are unique and high quality and production is low quantity–the amounts manufactured usually are not great enough to take advantage of the economies of scale enjoyed by big-time, high-volume, mass-market producers. So these products more expensive–both to make and to buy.

Also, specialty product makers usually cannot depend on major advertising to increase sales: they don’t have that kind of money. So they have to use more expensive forms of distribution, such as small, individual retail outlets whose profit margins are higher than mass-market stores and chains.

Profit Margins and Markups

Here’s an example: a discount chain drug store might be able to markup a bottle of vitamins that normally sells for $3.00 wholesale for less than the normal 33 percent retail profit margin. And, because they buy in large volumes, they’ll get the product for less than $3.00 to begin with.

A natural or health food store might buy that same product at the full $3.00 wholesale price, and use a markup of 50 percent to get their full 33.3 percent retail profit margin.

To the consumer, buying at retail, here’s the difference: $3.99 at the drug store and $4.50 at the health food store.

And then there’s “what the traffic will bear.”

There are sexy boxes of imported chocolate that go for $38.00 each, and poly-bags of 50 mini Reeses Peanut Butter Cups you can get for less than $3.80. If your taste tends towards expensive, you’ll generally pay more–in “margin” percentages to middle-people and in total dollars.

Let’s look at a comparison of one single product offered through the conventional manufacturer-to-retailer distribution system and the exact same product sold through network marketing.

$$$ From Conventional Manufacturer to Consumer

We know specialty products cost more to make; again, the ingredients are unique and high quality, and the production is low quantity, so they are simply more expensive.

Manufacturers speak of “Cost of Goods” (CoG): that’s the figure that a product costs the company to make, including overhead, ingredients, packaging and labeling, sales commissions (such as broker’s fees), etc.

The very minimum a manufacturer needs to sell that product for is double, or a 50 percent margin. Considering that most competitive businesses operate on a six percent pre-tax profit, that leaves them 44 percent to pay for everything else. So, the $2.00 CoG product they make, they sell for $4.00.

Now, some manufacturers sell direct to retailers–not many, but a few do, and when they do, they’ll take a higher profit margin to pay for the Cost of Sales (CoS).

However, most manufacturing companies deal through distributors, who charge for warehousing, shipping and selling the products to retail stores. Normal wholesale is a 25 percent markup, which you get by multiplying the purchase price–plus freight if not included–by 1.33. So, our $4.00 item would be sold by a wholesale-distributor to the retailer for $5.32. (Again, plus or not freight costs which can run 10 to 15 percent additional.)

To achieve a 33.3 percent profit margin, the retailer has a 50 percent mark-up–or higher. Our $5.32 product ends up on the shelf at $7.98.

Now, this is the minimum scenario–not what normally happens except in the more strongly competitive markets. It’s not the least bit unusual to find the manufacturer selling that $2.00 CoG product for $5.00 or $6.00… the distributor working on 35 percent instead of 25 percent… and a retailer – especially from a specialty market segment–look for a 50 percent profit (i.e., a 100 percent markup), instead of “only” one third.

And if all of that were true, the retail price of the product through that sales and distribution system would be more like $14.95.

$$$ In Network Marketing Direct Sales

Let’s work this one backwards (because that’s how most of the numbers are figured for your commissions).

If the networking company’s product sells to consumers for $15.00 it will have an average retail commission to the networker of from 20 percent to 40 percent. So, using a 30 percent retail commission, the company’s “wholesale” price to the mlm distributor will be about $10.50.

Let’s say that your company pays out a full 50 percent in “downline” or organizational commissions. That means that the company’s lowest from-the-warehouse price for the product would be half of wholesale, or $5.25.

That’s right in the ballpark for specialty manufacturing, distribution and sales.

It’s a Question of Value

There is also a greater value, beyond the “specialty products” issues of ingredient quality, cost of manufacture and so forth and that’s the education, information and service delivered by the person-to-person distribution network.

Learning the product’s proper use, additional uses, history, all about the ingredients, etceteras, is all part of its value. And products offered through word-of-mouth network marketing have more of this “added value” than any others.

This last point begs the question:

“Are products purchased through network marketing higher priced to make up for the compensation or commission payments to distributors and their networks?”

Can they be? Yes.

Are they… usually? No and Yes.

In an authentic, intelligent, sincere and sensible network marketing direct sales company, one that’s well-managed and directed… a company that understands that the financial health and well-being of the men and women in the field MUST lead their mission, decisions, strategy, policies and procedures… no.

But that new ostentatious corporate headquarters in the prestige location… corporate jet… an army of “distributor service” personnel… rock concert “conventions”… $50,000 “big name” keynote speakers… resort vacations and incentive cruses to exotic locations paid for by the company… luxury car allowances… are all expenses that need to be paid for. Where does that money come from?

Directly (in terms of potential commissions that will not be paid out to people) or indirectly (in over-priced products and/or inflated charges for marketing materials, self-replicating websites, business building tools and trainings), the money comes from only one place… the men and women in the field.

“So… do network marketed products cost more?” Sometimes yes and other times no.

Can they be more expensive than similar items of equal value offered in a conventional market such as a retail store? Yes, they can.

In fact, you can find numerous examples of both conventionally retailed products and networking products of similar sizes, shapes and qualities at prices that vary by as much as 30 to 40 percent or more.

The only sure rule in product pricing the world over is, “What the traffic will bear…” No matter what distribution and sales route the product travels. It’s not so much a game of “Let the Buyer Beware,” as it is and always will be…

“Let the Buyer Be Aware.”

Factor in the at-home shopping convenience… the customer service… the satisfaction guarantee… personal attention… education and information–and in today’s increasingly competitive global marketplace, the “aggressive pricing” posture being taken by more and more networking companies around the world–along with the generally superior quality of the products available through network marketing and direct sales…

… and I believe a growing number quality-conscious consumers will agree with me, top network marketing company’s products represent outstanding value.

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Source by John Milton Fogg

Views: 0

January 4, 2020