Since the 1980's, the total number of banks in the United States has decreased from 15,000 banks to less than 5,000 banks. What makes this problem worse is the fact that only 12 of these banks control around 70 percent of all banking assets in the United States, and they usually favor corporations and big businesses over startup organizations. This means we now live in a time where aspiring entrepreneurs must know of many different business loan options available to them to start their business.
Knowing the benefits of something typically increases our likelihood of doing it. You know that when you run, you burn calories, your mind feels clearer, and you have more energy. You also know that having a salad for lunch versus pizza is more likely to help you have a productive afternoon, and a little bit of coffee never hurt anyone either. Knowing the benefits is good fuel towards taking action.
The beautiful thing about entrepreneurship is that anyone can do it without any limitations on age. If you are in your 20's and feel you have the spirit of entrepreneurship necessary to start your own business, congratulations! It's a long road, but as many entrepreneurs will tell you, it's also one of the most rewarding and fulfilling journeys you will take in your life. If you are starting your very own business and looking for new ways to grow, check out these three invaluable pieces of business advice from successful entrepreneurs.
There is plenty of advice that, though popular, ought not be listened to and definitely not implemented. Why? Well, we'll get to those reasons in a minute. Just as it is important to familiarize yourself with good business advice to follow, you should be aware of bad business advice to ignore. In this post, we'll look at three commonly used pieces of business advice that you shouldn't use.
What differentiates the successful business owners from the dreamers with lost ambitions? Taking action. Whether it's opening up a restaurant, creating a new invention, or funding a start up, there's no benefit to business until the action starts. Once the action gets going, the universe seems to go your way more often. It's amazing how action creates more energy, and then better results start materializing quickly. Some people are tempted to call it magic. We call it taking initiative.
The days of smoke & mirrors are gone. No longer can a business owner hide behind a carefully crafted illusion of success in order to achieve actual success. Today's consumers, armed with easy access to knowledge (hello, internet!) and connectedness with like-minded consumer communities (hello, social media!) require much more from those they do business with.
How long is your to-do list? Does it stress you out just thinking about it? Stop thinking and take action! Completing one small item on your to-do list can give you enough energy to tackle the next item. Before you know it, you'll be on a roll and feeling great about it.
Consider a typical workday. You wake up and have a video phone call with a relative who lives thousands of miles away. Once dressed and ready for work, you use your smartphone to order a car service to take you to work. You have a secure chat group with your coworkers that allows you to work on projects, share documents, and exchange ideas. You can sign documents electronically without printing paper. Your break room even has a machine that can make a single cup of coffee for you rather than a whole pot.
Small businesses matter, and it doesn't take a lot of research to see why. According to Forbes, these businesses are responsible for more 65% of new jobs since the 1970s. However, as quickly as they provide new jobs, small businesses fail at an even greater rate. Nearly 80% fold within the first two years, which discourages many from starting at all. Of course, we would say that most of these "failures" are caused by the business owner getting tired from remaining on the business treadmill for too long, but you get the point.
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