Bitcoin: What Is It, and Is It Right for Your Business?

OK, so what's Bitcoin?
It's not an actual coin, it's "cryptocurrency," a digital form of payment that is produced ("mined") by lots of people worldwide. It allows peer-to-peer transactions instantly, worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to be a pseudonym), who designed the algorithm and introduced it in 2009. His true identity remains a mystery.

This currency is not backed by a tangible commodity (such as gold or silver); bitcoins are traded online which makes them a commodity in themselves.
Bitcoin is an open-source product, accessible by anyone who is a user. All you need is an email address, Internet access, and money to get started.

Where does it come from?
Bitcoin is mined on a distributed computer network of users running specialized software; the network solves certain mathematical proofs, and searches for a particular data sequence ("block") that produces a particular pattern when the BTC algorithm is applied to it. A match produces a bitcoin. It's complex and time- and energy-consuming.

Only 21 million bitcoins are ever to be mined (about 11 million are currently in circulation). The math problems the network computers solve get progressively more difficult to keep the mining operations and supply in check.
This network also validates all the transactions through cryptography.

How does Bitcoin work?
Internet users transfer digital assets (bits) to each other on a network. There is no online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoin. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in. Anyone can do this, anywhere in the world.
There are smartphone apps for conducting mobile Bitcoin transactions and Bitcoin exchanges are populating the Internet.

How is Bitcoin valued?
Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
Instead, Bitcoin's value lies simply in its acceptance between users as a form of payment and because its supply is finite. Its global currency values fluctuate according to supply and demand and market speculation; as more people create wallets and hold and spend bitcoins, and more businesses accept it, Bitcoin's value will rise. Banks are now trying to value Bitcoin and some investment websites predict the price of a bitcoin will be several thousand dollars in 2014.

What are its benefits?
There are benefits to consumers and merchants that want to use this payment option.

1. Fast transactions - Bitcoin is transferred instantly over the Internet.

2. No fees/low fees -- Unlike credit cards, Bitcoin can be used for free or very low fees. Without the centralized institution as middle man, there are no authorizations (and fees) required. This improves profit margins sales.

3. Eliminates fraud risk -Only the Bitcoin owner can send payment to the intended recipient, who is the only one who can receive it. The network knows the transfer has occurred and transactions are validated; they cannot be challenged or taken back. This is big for online merchants who are often subject to credit card processors' assessments of whether or not a transaction is fraudulent, or businesses that pay the high price of credit card chargebacks.

4. Data is secure -- As we have seen with recent hacks on national retailers' payment processing systems, the Internet is not always a secure place for private data. With Bitcoin, users do not give up private information.

a. They have two keys - a public key that serves as the bitcoin address and a private key with personal data.

b. Transactions are "signed" digitally by combining the public and private keys; a mathematical function is applied and a certificate is generated proving the user initiated the transaction. Digital signatures are unique to each transaction and cannot be re-used.

c. The merchant/recipient never sees your secret information (name, number, physical address) so it's somewhat anonymous but it is traceable (to the bitcoin address on the public key).

5. Convenient payment system -- Merchants can use Bitcoin entirely as a payment system; they do not have to hold any Bitcoin currency since Bitcoin can be converted to dollars. Consumers or merchants can trade in and out of Bitcoin and other currencies at any time.

6. International payments - Bitcoin is used around the world; e-commerce merchants and service providers can easily accept international payments, which open up new potential marketplaces for them.

7. Easy to track -- The network tracks and permanently logs every transaction in the Bitcoin block chain (the database). In the case of possible wrongdoing, it is easier for law enforcement officials to trace these transactions.

8. Micropayments are possible - Bitcoins can be divided down to one one-hundred-millionth, so running small payments of a dollar or less becomes a free or near-free transaction. This could be a real boon for convenience stores, coffee shops, and subscription-based websites (videos, publications).
Still a little confused? Here are a few examples of transactions:
Bitcoin in the retail environment
At checkout, the payer uses a smartphone app to scan a QR code with all the transaction information needed to transfer the bitcoin to the retailer. Tapping the "Confirm" button completes the transaction. If the user doesn't own any Bitcoin, the network converts dollars in his account into the digital currency.
The retailer can convert that Bitcoin into dollars if it wants to, there were no or very low processing fees (instead of 2 to 3 percent), no hackers can steal personal consumer information, and there is no risk of fraud. Very slick.

Bitcoins in hospitality
Hotels can accept Bitcoin for room and dining payments on the premises for guests who wish to pay by Bitcoin using their mobile wallets, or PC-to-website to pay for a reservation online. A third-party BTC merchant processor can assist in handling the transactions which it clears over the Bitcoin network. These processing clients are installed on tablets at the establishments' front desk or in the restaurants for users with BTC smartphone apps. (These payment processors are also available for desktops, in retail POS systems, and integrated into foodservice POS systems.) No credit cards or money need to change hands.
These cashless transactions are fast and the processor can convert bitcoins into currency and make a daily direct deposit into the establishment's bank account. It was announced in January 2014 that two Las Vegas hotel-casinos will accept Bitcoin payments at the front desk, in their restaurants, and in the gift shop.
It sounds good - so what's the catch?

Business owners should consider issues of participation, security and cost.
• A relatively small number of ordinary consumers and merchants currently use or understand Bitcoin. However, adoption is increasing globally and tools and technologies are being developed to make participation easier.
• It's the Internet, so hackers are threats to the exchanges. The Economist reported that a Bitcoin exchange was hacked in September 2013 and $250,000 in bitcoins was stolen from users' online vaults. Bitcoins can be stolen like other currency, so vigilant network, server and database security is paramount.
• Users must carefully safeguard their bitcoin wallets which contain their private keys. Secure backups or printouts are crucial.
• Bitcoin is not regulated or insured by the US government so there is no insurance for your account if the exchange goes out of business or is robbed by hackers.
• Bitcoins are relatively expensive. Current rates and selling prices are available on the online exchanges.
The virtual currency is not yet universal but it is gaining market awareness and acceptance. A business may decide to try Bitcoin to save on credit card and bank fees, as a customer convenience, or to see if it helps or hinders sales and profitability.
Are you thinking about accepting Bitcoin? Do you already use it? Share your thoughts and experiences with us.

You can learn all about bitcoin mining, block chains (the database), miner pools, wallets, and transactions at https://bitcoin.org/en/ or http://www.coindesk.com as well as YouTube videos.

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Swift Facing Criticism From Bitcoin Remittance Companies

One of the widely known mediums for financial transaction messaging called Swift has been facing criticism for not being able to fulfill the needs of financial markets around the world. There are some who believe that it has turned out to be inefficient for settling cross-border payments for not being able to manage real-time settlement of any transaction amount and not being transparent in payment status and settlement risk.

Global Payments Innovation - A New Initiative
In response to such criticism, Swift has launched Global Payments Innovation ('GPI'), which has the ability to make funds available on the same day for B2B transfers that fall in the same time zone. It also offers secure remittance information, end to end payment tracking, and better transparency. The first phase of the project was made live in January this year and is currently in use by twelve banks, including ING, 'Danske' Bank, 'Citi', and Bank of China. It is currently focusing on B2B payments. Swift has made another commitment to expanding its cross border payment system.
The effort of improving global messaging service might be too small or too late in terms of resolving worldwide payment clearance, payment and settlement blockage, especially for customers from the non-banking sector.

'Bitcoin' Remittance Companies
Both new and old 'bitcoin' remitters are already working on resolving these issues. They use different 'blockchains' to transfer money around the world. Align Commerce is one of the 'bitcoin' remittance companies that became famous for $20.25 million in funding. 'Marwan Forzley', CEO of Align Commerce, considers distributed ledgers and 'blockchain' to be next generation opportunity.

Cross Border Payments in the Global Finance Chain
These payments were around $26 trillion in 2014, which is around 33 percent of the world's GDP. Due to inconsistent and non-standardized infrastructure, the money will stay trapped in today's system. For sending payment across the border, a customer has to find a transmitter for managing money transfer. The transmitter will be able to transfer payment due to its contacts with financial institutions in both home and recipient countries. Furthermore, each institution has its own intermediary, which adds more to the complexity of the process. Every bank, involved in managing the transfer, charges its own service fee and it can take 7 days for a process to complete.
The corporate sector around the world was estimated to be $15.7 trillion in 2014. They can negotiate fees between 1 to 2 percent of the payment amount. Whereas, small and medium size companies; and person to person transactions can be charged up to 15%. The hidden cost of these transactions makes it harder for customers who cannot afford it.
If a customer belongs to a 'underbanked' or undeserved part of the world, he may not be able to find those paths that may enable simplified cross border payments, for example, taking the services of a transnational bank for payment transfer by using their infrastructure.

Efforts made by 'Bitcoin' Remittance Companies
Although, Swift is committed to bringing transparency in cross border payments through 'GPI', yet, it failed to provide relief when it comes to customers who cannot negotiate fees. On the other hand, 'bitcoin' remittance companies have made efforts to resolve this issue at a small-scale. These companies enable customers to execute borderless transactions at a low and well-controlled cost.
One of the largest 'bitcoin' remittance firms called 'Bitspark' is based in Hong Kong. The company believes that it has the best long-term prospects despite the lack of traction. The CEO of the company, 'George Harrap', said,
"The vast majority of the world's remittances are not done via banks, but by cash money transfer shops. This will not affect how they manage their business or transactions. Cost will remain the same as remittance companies batch payments anyway, so potentially, reductions in wire fees do not affect companies who transfer $10m per transfer and draw down on this balance for small remits."

The Problem Persists
Despite Swift's intention of improving payment transaction recording for its member institutions around the globe, it is possible that innovations inspired by 'GPI' may show up in other 'blockchain' enabled applications. For instance, 'HyperLedger' Project (a project in which Swift is a member) might develop the basis for cross border frameworks in future.
The CEO of 'ZipZap', 'Alan Safahi', managed to raise $1.1 million in 2014 for expanding its cash to 'bitcoin' service. According to him,
"'ZipZap' uses a combination of traditional (Swift) bank payment rails and 'blockchain' technologies to find the least expensive and most efficient transfer option. The Swift 'GPI' is primarily for B2B payments, so it will not impact 'ZipZap's' current business flow."
It is mentioned in the Ripple that launching 'GPI' was more of a step toward staying relevant rather than a step toward modernization.

coinbanks platform is a leading crypto currencies trading platform which provides complete insight and global changes associated with Bitcoin currency.

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6 Biggest Mistakes People Make In Growing Their Business

The mistakes I'm talking about here don't necessarily have any spiritual significance, they simply have the capacity to stall or even shut down a business. The following are ones I have personally seen in action; perhaps knowing about them can help you avoid their calamitous consequences.

1. Going after the trappings rather than the essence of business.
In my one very mistaken attempt at a business partnership, a big source of friction was my partner's delight in meetings that, to me, accomplished little or nothing. She equally couldn't understand why I took no pleasure in sitting around a conference table going down an agenda of to-do's that we'd already discussed. "Haven't you always wanted to have a business?" she retorted once when I objected.
We spent too much time on unproductive tasks. I've seen others devote so much fuss to their logo, office decor, computer setup or long-range strategy that they don't have energy left over to deal with finding and keeping clients. Concentrate on core business tasks.

2. Relying too much on one client.
You're asking for trouble if more than 40% of your business comes from one source. Yes, it's tempting to enjoy the easy pickings of a client who wants to use you more and more and more. However, I've had several clients show up at my door having to rebuild their businesses after their too-big client retrenched, refocused or decided it no longer suited them to use you. Foster your economic security by serving a variety of clients who couldn't all go bust at once.

3. Not keeping an eye on the long term.
For about a year and a half during the Internet boom, I had a lucrative contract with a dot-com company that tried to hire me full-time, offering to match whatever I was making on my own. I refused, because it would have meant ditching the momentum I'd built up on the Internet and elsewhere.
I saw business owners give in to the siren call of "money now" and either as employee or entrepreneur place all their bets on a new venture that imploded within two years. Having sold off or let go of their previous successes, they had to start again from scratch. Forgoing some quick opportunities now for sustainability in the long run was a smart move, I believe.

4. Sticking with low-profit "sure things" for too long.
When some activity reliably brings in business, it's difficult to let it go, even when it takes much too much effort for its financial return. From 1988 to 2001, one-shot adult education seminars in Cambridge, Boston, Providence and elsewhere were a vital feeder for me, bringing me clients who needed help with their writing projects. But each seminar meant driving through rush hour traffic, parking, getting home late, making less than $10 an hour when considering the total time spent, all to acquire clients who paid me much less than those who needed marketing help.
I should have quit doing these seminars several years before I finally did and invested the energy elsewhere. At least once a year, think about what you're doing, and drop activities that are not worth the time or hassle.

5. Ignoring collections.
A friend who'd worked as a bookkeeper told me about a client of hers who had rarely sent out bills because it was boring to do so, compared with the everyday social dealings he enjoyed in his business. No wonder he had a problem with cash flow! Judging from the number of very late bills I receive from solo business owners, this must be a common habit.
Understand that you're not simply delaying payment when you neglect to bill in a timely manner and when you don't aggressively and quickly go after non-payers. You're actually jeopardizing your income, because the longer the time goes before someone is asked to pay for a service or product they received, the less likely you are to get that money at all. According to the American Collectors Association, once four months have gone by, you're only about 80 percent likely to get paid. After six months, only 67 percent of collections ever get cleared. Send those bills out on time!
 
6. Getting discouraged.
One of the most helpful books I've ever read is "Mastery" by George Leonard, a pioneer in the human potential movement and a teacher of aikido, a martial art. He explains the normal learning curve for any kind of human endeavor, whether learning a language, a musical instrument, a physical skill or the process of building a business.
The normal learning curve includes a stage called "plateau," where progress seems to cease and there may even be some backsliding, even though the effort put in stays the same. Yet the plateau stage is often followed by a sudden spurt forward, as long as the person keeps at it. Keeping at it in the absence of visible results does not sound like an important success skill, but often that's the ingredient that separates those who make it from the quitters who give up right before their efforts are about to pay off.

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7 Things Every Entrepreneur Should Do Early In The Morning

 

7 Things Every Entrepreneur Should Do Early In The Morning

Success always takes time, which is why the most successful people start early.

Entrepreneurs are a unique breed of people. We like to do things our way and are known for our almost obsessive attraction to habits. But, there’s a good reason for that. Habits help us achieve our goals, keep us motivated, eliminates wasted time, and improve our lives altogether.
Arguably, the most important habit for an entrepreneur is their morning routine. After all, if you start your day off on the wrong foot, how productive, motivated, and focused are you going to be for the rest of the day?
To make sure that you start your day off on the right foot, here are seven things that every entrepreneur should before 7 a.m.

1. They’re wide awake.

Successful entrepreneurs like Richard Branson are known for waking up bright and early.
"I have always been an early riser. Like keeping a positive outlook, or keeping fit, waking up early is a habit, which you must work on to maintain. Over my 50 years in business I have learned that if I rise early I can achieve so much more in a day, and therefore in life," explains the Virgin Group founder.
When you’re awake before 7 a.m. you have the time to check the news, gather your thoughts, or exercise. This prevents you from rushing out the door every morning feeling frazzled and unfocused.
Waking up early means that you have to stop hitting the snooze button by getting enough sleep each night - preferably between 7 and 9 hours. Besides ensuring that you’re an early riser, getting the appropriate amount of sleep improves your health, memory, learning, productivity, and mood. It may even help you make fewer risky financial decisions, reduce stress, and decrease fat and increase muscle mass with exercise.

2. Avoid your phone.

This may sound crazy, but there a couple of perfectly valid reasons for not reaching for your phone first thing in the morning. For starters, placing it next to yourself throughout the night can interrupt your sleep because of the light the screen emits or the notifications that go off throughout the night.
Additionally, diving into your inbox or social media channels can be stressful and distract you from setting your personal priorities. Instead of setting your goals for the day, you’re frantically responding to an angry email from a client. That’s not the best way to start your day.

3. Exercise or meditate.

Yes. Whether if it’s going for run, lifting weights, plunging into a 57-degree Fahrenheit pool, yoga or reciting oms, regular exercise or meditation reduces stress, makes you happier, increases your energy, helps you sleep better, gives your immune system a boost, and prevents you from developing future health concerns like heart disease.
However, just as important for an entrepreneur, exercising and meditating each morning can help you focus on what you need to achieve throughout the day and develop new ideas.

4. Eat a healthy breakfast.

Stop kidding yourself. Breakfast is the most important meal of the day since it’s going fuel your brain and body for the day. But, not all breakfasts are equal. Skip the donuts or leftover pizza and consume:

• Healthy carbohydrates like oatmeal or rye toast.
• Low-fat protein like eggs, nuts, greens, and beans.
• Fruits and veggies.
• Dairy alternatives like soy, almond, or rice milk.

While having a morning a cup of tea or coffee to wash down your breakfast isn’t bad, try sipping on some lemon water before you eat.
"Drinking lemon water as soon as you wake up spikes your energy levels physically and mentally. Lemon water gives you steady, natural energy that lasts the length of the day by improving nutrient absorption in your stomach. You need to drink it first thing in the morning (on an empty stomach) to ensure full absorption," explains Travis Bradberry.
"You should also wait 15-30 minutes after drinking it before eating (perfect time to squeeze in some exercise). Lemons are packed with nutrients; they’re chock full of potassium, vitamin C, and antioxidants. If you’re under 150 pounds, drink the juice of half a lemon (a full lemon if you’re over 150 pounds). Don’t drink the juice without water because it’s hard on your teeth.
Breakfast is also a great time to spend time with your family.

5. Lift your spirits.

Some mornings you just don’t want to roll out of bed. The weather’s crummy and you had a major setback. It’s not the end of the world, but it’s enough to kill your motivation for the next couple of days.
That’s why successful entrepreneurs practice lifting their spirits each morning. Whether it’s reading an inspiring book, memorizing motivational quotes, working on a passion project, or writing down your thoughts or experiences in a journal or blog, take a couple of minutes every morning to get in the right mindset before tackling the day.
If those tactics aren’t effective, write down the things that you’re grateful for.
"The five-minute journal is a therapeutic intervention, for me at least, because I am that person,” says Tim Ferriss, entrepreneur and author of The 4-Hour Workweek. “That allows me to not only get more done during the day but to also feel better throughout the entire day, to be a happier person, to be a more content person -- which is not something that comes naturally to me."

6. Set your goals and priorities.

Every Monday morning set your goals for the week. Each day for the rest of the week write down the goals and priorities that need to happen that day. Think about how you’re going to accomplish those goals while in the shower, jogging or whenever you have quiet time to yourself.
The most effective way to cross items off your to-do list is by starting with the hardest task - or the task that you’re dreading the most. Procrastinating on those tasks just leaves them for tomorrow. Get them done and over with now so that you can keep moving forward.

7. Get down to business.

Finally, it’s time to get down to business. You can now grab your phone and read and send emails, pop-in on social media, check the news involving your industry, and review metrics, such as the previous day’s sales. That data may alter your to-do-list, but because you got a headstart, you’ll be prepared and ready when it’s time to enter the office.

By creating, and sticking, to a morning routine you develop habits that will keep you healthy, productive, and prepared so that you can handle any situation that’s thrown your way. It may take some trial and error to find your ideal morning routine but it will make you more successful both professionally and personally.

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8 Golden Success Secrets for Businesses

Running a small business is as challenging as trekking to Mt. Everest without having oxygen cylinder, prior practice, and a valid map guide. The challenges are only because there are no authentic rules that can lead a small business towards success while other major obstacles comprise: low budget, limited manpower, and lack of efficient resources. But as a small business owner, you must delve into the passcodes that help you decode the secret patterns of operating a successful startup or small business. It not only helps you to sustain your current growth but also excel your business planning's to achieve higher objectives. There are a few suggestions based on real-world experiences, which can assist you to hit the bull's eye.

1- Utilize the power of social media:

Nowadays, the entire world revolves around social media and if you are able to use its full potential, it can immediately help you increase your sales and brand reputation with very minimum resource and effort. Social networking sites like Facebook, Twitter, and LinkedIn, help you connect with a large scale of users, where you can directly interact with them, thereby allowing you to convert them into your potential clients. It forms a two-way channel that not only allows you to put your message across but also, listen to what your targeted audience want, which eventually goes a long way in improving and growing your business.

2- Research and analyze your competition:

A business turns to be successful only if it runs on some finely grinned facts and figures. And competition analysis is one of the most important elements of the process. Competition analysis tells you the strength you will require to establish your brand in the market as well as it helps to prepare your business planning adequately so that you could avoid the chances of business failure. An additional benefit of competition research is it allows for designing and developing more feasible and user-oriented products that eventually help you attain a competitive edge over the current market.

3- Work as per your plan but be flexible too:

Efficient planning is a roadmap that drives your business to the top in the long run with predefined routes. It is always advised to stick with our planning even if we face a few hurdles while running our business given that the strategies are designed after in-depth analysis. And day-to-day challenges should not incline you to alter with whatever you planned. The winners always back their business plannings regardless of the stiff challenges, but on the other side, a successful business requires the owner to be flexible enough to embrace new changes. Adapting the new ideas and concepts not only makes a business owner take smart decisions but also, keeps their core planning intact and fresh.

4- Use informative materials to build trust and loyalty:

The Internet is the best medium to reach out to the huge audience with less effort, but you should keep the fact in mind that there is already a heavy flow of advertisements and endorsements all over the web. So, what can be an efficient way to create our presence with a significant impact?

There are definitely some better ways to do it like using informative online materials such as well-written blogs, well-designed infographics, animated videos demonstrating some set of skills, and presentation sheets, etc. Following such practices will attract a huge mass to our platform to learn and engage with us, which gives a sense of trust and ultimately convert them into our long-term clients.

5- Hire your weaknesses:

A small business consists of a team of limited dedicated professionals, having different skill sets of all the corners to tackle most of the business requirements. Small businesses, sometimes, compromise in some crucial areas since they can't hire specific individuals due to the lack of budget. To get your business positioned to the top, please don't bear with your inefficient area. Rush into hiring experienced professional(s) so that all parts of your business fire with the same intensity.

6- Be ready for mergers and acquisitions:

Even after working with your full potential, you may not generate enough force to compete with the leading competitors. Other small businesses with the same concept may face the same situations. Just find them and join in the talks to check the possibilities of the merger to form a combined force, which can provide the required pace and power to achieve the common business goals. Mergers have a long, rich history of producing successful businesses, so don't shy away with it. Similarly, business acquisitions are a noble idea to inject more strength to our business if budget allows us to do so.

7- Keep the quality service always on:

Quality service is the most important source that keeps your client for a longer period of time and it spreads huge positive feedbacks in the mass, driving in a large number of new clients. There have been more than just a few businesses reaching to the top just on the base of excellent service and even without spending a bomb on advertisements and business promotions. While there are other businesses which have failed miserably because of giving no importance to the quality of the services they provided. All in all, having the sound quality of the products/services is the key to succeeding in today's cut throat competition.

8- Don't give up:

Running a successful business is not a child's play since it requires a lot of guts, courage, and risk-taking capabilities. It, sometimes, shakes your ambitions when going through some rough patches, and you need to have the burning desires within you to keep it alive. Keeping patience is also an important character that the small business owner must have, as the formation of a business and climb the ladder of success, demands to wait for long period of time. So, as a business owner, you need to instill never give up attitude to see your dreams come true!!

Summing it up, though the above-mentioned points are not entirely foolproof but yes, following these points will definitely help you to become a smart small business owner who can defy all the challenges and get on the top of the competition. Of Course, the chances of success or failure of your business completely depends on your planning and execution.

Tina Smith is an accountant with SageNext Infotech. She is having expertise in project management, accounting operations. With SageNext, she consults the client accountants about the benefits of Sage 50 hosting. SageNext is a leading QuickBooks hosting provider, dealing in all kinds of tax and accounting application hosting.

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Business Startup Made Easy

Starting anything on your own can be a daunting task. There are no schools for enterpreneurs, no night classes you can take. The so called "Experts" are not very helpful since they don't know you as an individual and are likely to put you into a slot, depending upon demographics of that slot.
So what do you do?
Here are a few tips.
COMMITMENT
Absolutely the first thing needed to start your own business, including consulting, is a commitment to give it all you have got. Many people take the attitude that they will do it "between searching for jobs". You have to decide at some point, whether you are employed or not, that you will not entertain opportunities to go work for someone, but will devote all your resources, time, network and energy in starting your own business.
NETWORKING
Use your network in the right fashion. While you are in a "dual" mode, i.e. looking for a job as well as trying to initiate your own business, separate the network you have. Do not ask the same person for help with a job and help with starting your own business. You will be frustrated, since that person is confused and may not use all of his resources in helping you do either.
BUDGETING
You will need to figure out revenues expected and expenses. Be conservative, and consult with your friends and professionals. Most start ups lose money for 6 to 12 months. You may not be able to take a salary, and in fact may need to fund such expenses as advertising, entertainment etc.
PERSEVERANCE
Many of us who start new businesses with high hopes soon get discouraged. The world is competitive and competition can sometimes be vicious. Remember if you are committed and go about it the right way, you have a much better chance of success. Most businesses start out with a struggle, unless you have inherited the business.
REACHING OUT
Do not be afraid to reach out to referrals, friends, contacts and even strangers. In advising many new entrepreneurs, I am constantly amazed at their stories about help coming from a totally unexpected source. In fact, they had a common theme--so many of their "trusted" sources let them down. So be bold and ask for help. Most of us feel good about helping someone. Take advantage of that emotion.
BE AWARE
What does that mean? Simply that you need to keep up with trends and events in your business and in all businesses that impact your business. A good example: let us say you are starting a tax business. Know what is going on in FASB's that will impact your taxes, pending bills in Congress etc. Even if they do not impact you immediately, they become good talking points and you score points when you bring them up with your prospects.
Good luck.

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