The do’s and dont’s of being an entrepreneur

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An entrepreneur is a person who takes up the necessary risks and starts a business. An entrepreneur is a risk taker and a daring person. The top 100 billionaires in the world are entrepreneurs. This is people who take risks and started it low, managed their business and realized billions of profits. In the world today many people have started starting their business. In the universities and colleges, curriculum developer has started incorporating management skills in each university and college degree. The government on its sides is welcoming the entrepreneur spirit by giving incentives and favorable working conditions. What are the do’s and the don’ts of being an entrepreneur?

Have a saving plan

Saving is the amount of money that does not go to spending. Economists say saving is the amount of profit in excess of the disposable income. Disposable income is the amount of money that a normal consumer is ready to spend a month. In a business, the real progress of the business will be measured in how many assets versus liabilities have the business accumulated. A successive entrepreneur does not mix business money and personal money. The only place when the two should meet is in a saving account. A saving account can help one acquire a loan easy from the bank.

Keep business records can book of accounting

2A successive entrepreneur will keep track of the business. He will draw charts and graphs to analyze how the business is doing. This can only be done by keeping good business records. All the invoices should be recorded in a journal entry. In addition to that, an entrepreneur should run a software that will enable good bookkeeping. The books of accounting for an entrepreneur should be kept secret as he is a property of the owner. Period comparison with other businesses is very advisable.

Don’t keep your gearing rations high

Gearing ratio is the ratio of assets to debts. A business with a high gearing ratio is one that has more debts capital than equity capital. This means that the amount of money that the owner has invested in the business is less than that amount he has borrowed from other outside sources. A low gearing ratio is good and advocated by many financial analysts. It is a way of avoiding tax. This is because interest in paying a job is exempted from taxes. However, a high gearing ratio dilutes the ownership of the business. An entrepreneur should maintain a gearing ratio of about 30%.

Don’t make quick decisions

3As an entrepreneur, there are times that one needs to make decisions that can shape the life and profitability. A slight mistake in the decision can cast the whole business into a dark end. Never as an entrepreneur make a hasty decision. Always sit down compose yourself and understand the legal, operational and ethical framework that each business should take. If you are new to a sector be sure to consult an expert in the field. Before implementing a policy fast run a drill version of the policy.

Did you know that sleep disorders can ruin your life as a business owner?

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Introduction

Most business owners are up and running 24/7 trying to make more money so they can grow their companies. Some of them even barely have the time to spend for themselves and their loved ones. It is true that the competition in the business world is getting tougher and tougher as more people are starting businesses of their own. This is why most entrepreneurs are trying their hardest to work as much as they can so they will be able to survive despite the high competition.

However, you should not let this be a reason for you to forget about yourself. Sad to say, but if you neglect yourself and your personal life, this may also ruin your life as a businessperson.

How can sleep disorders affect a business owner’s life?

hdhdhd74Because of being ‘workaholic’, many people are not getting much sleep. They tend to extend their business hours and spend even the nighttime dealing with issues related to their products and services, how they can advertise efficiently, and boost their sales. All of these things can be very stressful, and they will just keep on adding up until such time that entrepreneurs no longer have time for themselves. This is one of the reasons why some of them neglect some important things in their personal life. And worse, they just can’t find time to relax, rest, or even eat.

If you ask some business owners, for sure, you will hear some of them complain about sleep disorders. Such conditions can greatly affect an entrepreneurs’ life because, eventually, they will be unproductive. There is also a huge possibility of conflicts occurring in a workplace because people who are suffering from insomnia and other sleep-related conditions won’t be able to function well and they tend to feel irritable all the time. So, what will happen? Such people may see themselves falling apart including the company that they have built and worked so hard for.

How to treat sleep disorders

dhhd74Luckily, there are several ways in which a business owner can treat sleep disorders. You can go to a specialist and have him or her prescribe some pills that can help you get a good night sleep. You can also check out the mattress guide and learn more about the best bed that you can use so it will be easier for you to sleep at night.

Furthermore, it is essential that you find time, out of your busy schedule, to exercise and be physically active. If you follow all these tips, you will surely be able to catch up on your sleep. Hence you will be more productive in expanding your business.