Great Books to Help You Be a Better Entrepreneur in 2022

Being an entrepreneur means accepting that you’ll never stop learning new things. Even if you’ve been a successful entrepreneur for 20 or more years, it’s impossible to learn it all. You’ll face new challenges all of the time, and it’s important that you’re willing to accept that you won’t have all of the answers and to go seek knowledge and advice from new sources in order to better round out your skills. In this article, we’ll discuss a few great books that entrepreneurs can take advantage of in order to improve their entrepreneurship abilities.

Zero To One – Peter Thiel

In his book, Peter Thiel, a renowned investor, and entrepreneur explains why he believes that focusing on businesses that create new products is the best way to get the world moving. Peter says that many companies are focused on improving their existing products, and how that doesn’t always work out for them. According to him, entrepreneurs should seize the opportunity to find new solutions that can create value. Peter breaks down the various steps involved in creating a new product or solution, and he provides actionable advice on what you should do before you start working on it. This is a great read for entrepreneurs who are looking to improve their skills and knowledge.

The 4-Hour Workweek – Tim Ferriss

The goal of the 4-hour workweek is to free yourself from the constraints of your 9-to-5 schedule and create a business that can support you without having to be a millionaire. According to Ferriss, the key to being successful is to be effective, not inefficient. He uses the example of the Pareto principle to explain this. In his book, Ferriss argues that people don’t have to be rich to live a life of luxury. He says that instead, they should focus on being flexible and mobile. Tim discusses many tools that can help you better focus on these things, such as virtual assistants, outsourcing tasks, and creating a new approach to work. This is a great book for anyone who’s looking to transform their passion into a full-time job.

How To Win Friends & Influence People – Dale Carnegie

In his book, Dale Carnegie provides a variety of strategies that can help you win friends and influence people without offending them. One of the first ideas he talks about is the idea that arguments should be avoided, as they’re typically impossible to win. According to Carnegie, an argument ends with both sides believing that they are right. Even if you win, you still lose, usually due to hurting the other person’s pride by making them feel inferior. One of the next strategies that Carnegie recommends is to never tell someone that they’re wrong. Instead of trying to convince people to agree with you, Carnegie suggests that you should instead work together to find out what makes them think they’re right. According to Carnegie, this method can help you influence people in ways that are beneficial to you.

This article was originally published on RashadBlossom.co

Habits Found In Successful Entrepreneurs

Entrepreneurship has skyrocketed in popularity over the years, especially after the COVID-19 pandemic changed the way a lot of people think about their careers. In a way, entrepreneurship is more accessible than it’s ever been. The internet and social media have made the ability to start your own business easier than ever, whether you’re just looking for a side hustle or want to make running a business your new career. With that being said, not everyone is cut out to be an entrepreneur. Many of the most successful entrepreneurs have certain habits that are naturally useful in running a business. Not sure if you have any of those habits? Look no further. Here are a few habits that are commonly seen in successful entrepreneurs.

Good Money Management

One of the most important factors that entrepreneurs must consider when it comes to money management is being able to maintain a steady flow of cash. This is not just about being cheap, but it also means being able to avoid going broke when the business is starting to realize its full potential.

It’s also important to remember that every dollar that you spend is helping you reach your goals. Many of the most successful entrepreneurs have lived below their means because they’d rather invest their money in furthering their business goals as opposed to living the high life. 

They Have Routines

Having a consistent routine can help you be more productive during the day. It can help prepare your body and mind for the next step, and it can improve your health. Having a set of routines can also help keep you focused on your goals and prevents you from getting too tired. Many of the most successful entrepreneurs create and stick to routines that help keep their energy levels up and their brains ready to take on the next challenge.

They Stay Up To Date

One of the most important factors that you can control when it comes to running a successful business is making sure that you’re up to date on the latest industry news and trends. Having this information will allow you to make better decisions for your company. Today’s business world is constantly changing, regardless of what industry you’re in. It’s important that you stay up to date with these constant shifts if you want to keep your business afloat.

They Know When To Take A Break

According to studies, people spend around 3.5 hours a day on the internet. For entrepreneurs, this figure is higher. Unfortunately, studies also suggest that the more time that you spend on social media and online, the more likely that you will develop depression.

To avoid these things happening, it’s important that you take a break from your computer or phone for a few hours each day. This can help you recharge and connect with the world around you. It can also help you manage your stress levels. After taking a break, you can jump back into your work ready to take on the next challenge without burning yourself out.

This article was originally published on RashadBlossom.co

Tips For Hiring Your First Employee

Hiring your first employee is a huge step for any startup. It shows that you’re willing to take on more risk in order to make your idea a reality. It also shows that your business is beginning to grow. But hiring that first employee can be a difficult process. You need to find someone that understands what they’re getting themselves into, that is passionate about your company’s mission, and is willing to put in the work to achieve the company’s goals. So how do you do that? Here are a few tips to help you along the way.

Hire As Soon As You Can

Even if it’s a bit tight, hire someone as soon as possible. Having someone on board will allow you to focus on the things that are most important to you, and they’ll give you the necessary boost of creativity and brainpower to get the job done.

Many founders are reluctant to hire even when they know that they’re overworked. This can lead to them kicking themselves after realizing that they’re not getting enough done.

Don’t Just Look At Track Record

One of the most important traits of a skilled hiring manager is his or her ability to see potential. This includes looking for someone with a passion for missions and causes that are similar to yours, and someone who has the necessary skills to excel at what they’re doing.

One of the most important factors that a hiring manager should consider is finding someone who is passionate about their passions and skills. Even if a person has not yet found a way to fully unleash themselves, if their position can help them do so, they’ll most likely see results. It shouldn’t always be about the person you’re hiring’s track record.

Make Them Part Of The Team, Not Just An Employee

When hiring your first employee, you have a major choice to think about. You can either consider them an employee, who will be expected to perform certain tasks or a member of the team that has dedicated their time to making the company’s vision a reality. While yes, they’re ultimately an employee of the company, it’s better to look at them as someone who is passionate about helping the company meet their goals as opposed to another body who comes into the office, gets their job done, and goes home. They should be a part of major business decisions, and they should be treated as an equal, not an underling.

This article was originally published on RashadBlossom.co

The Process of Filing Bankruptcy

Bankruptcy involves more than paying a filing fee and listing creditors. It’s paperwork-intensive, quite complicated and should involve you consulting with a bankruptcy attorney.

The Process of Filing Bankruptcy

Before beginning the bankruptcy process, here is what to do:

1. Gather Necessary Documentation and Information

One needs to gather information on their income and debts from the following documents:

  • Past six months of paychecks
  • Past two years of income tax filed returns
  • Copies of all current due bills
  • Copies of documents that creditors sent
  • Credit reports

2. Estimating the Value of Assets

One must provide a list of their possessions and estimates of value, no matter their worth. For automobiles and real estate, online valuation estimates may be enough. But for household items and personal items like valuable art, clothing, jewelry, you may need an appraisal.

3. Calculating Expenses

You’re required to provide your monthly expenses for things such as:

  • Insurance
  • Lease or car loan payment
  • Mortgage or Rent
  • Food
  • Clothing
  • Gas and maintenance
  • Medical expenses

4. Completing the Bankruptcy Petition, Schedules and Statements

This is the more difficult part.  And I reiterate – though you’re not required to – you should probably hire an attorney to handle the entire filing process for you.  You can lose assets if the papers are not completed correctly, or if you complete papers for the wrong chapter of bankruptcy.

5. Take the Pre-Bankruptcy Credit Counseling Course

Every individual who files for bankruptcy, must complete a credit counseling course before filing.  The course can be completed via telephone or online and usually can be done in 90 minutes or less.

What to Expect After Filing for Bankruptcy

Once you file for bankruptcy, you receive a number for your case. Creditors will also get a notice of the filing. A few days after filing for bankruptcy, a meeting will be set for you to meet with the bankruptcy trustee and your creditors, if any of them decide to appear. 

The final step is receiving a discharge order, which frees you of all dischargeable debt.  You will receive the discharge order about 3 – 4 months after filing a chapter 7 bankruptcy.  You will receive a discharge order in a chapter 13 case after you’ve made all your plan payments, which typically takes 3 – 5 years.

This article was originally published on RashadBlossom.org

The 8 Things Every Successful Entrepreneur Knows

Successful entrepreneurs all have a few qualities in common. What is it that sets successful ones apart from the unsuccessful ones? You might be wondering if you have what it takes to make it as an entrepreneur in today’s world. If so, here is what you need to know about the qualities of successful entrepreneurs

  • Discipline

Regardless of the product, they create or the business they are in, all successful entrepreneurs are disciplined. They stay focused on their goals and work hard, even when it would be easier to quit. They do not allow excuses or fear of failure get in the way of their achievements, but instead, work through every hardship.

  • Internally Motivated

Successful entrepreneurs are also internally motivated. They do not have bosses to answer to or a certain number of hours to clock in every week. They rely solely on their internal drive to push them every day. 

  • Passionate

Another quality that all successful entrepreneurs share is passion. They love their work and are willing to put in the effort it takes to see their dreams become a reality. They will often work around the clock because they genuinely want to spend their time pouring into their businesses. 

  • Relational

Most successful entrepreneurs also put a strong emphasis on relationships. They generally recognize that they cannot be successful on their own. They need to build teams of people around them, as well as networks of other business owners.

  • Risk-taking

To succeed as an entrepreneur, you must be willing to take risks. It’s also essential to have good instincts regarding which risks to take and which risks should be avoided. Successful entrepreneurs have all taken significant risks, and they haven’t allowed themselves to be deterred, even if those risks didn’t pay off.

  • Innovative

Successful entrepreneurs are also innovative. When something doesn’t work out as they planned, they find a new way to do it. Even when they have a good product, they are continually looking for ways to make it better. They strive for continuous improvement in all aspects of their business. 

  • Competitive

Successful entrepreneurs all have a competitive spirit. They thrive on challenges and enjoy winning. They aren’t afraid of other businesses in the same market because they believe they can beat them through hard work and innovation. 

  • Willingness to Fail

Lastly, successful entrepreneurs are willing to fail because they recognize that failure is an essential part of success. If a person is paralyzed by the idea of failure, they will almost certainly fail as an entrepreneur. You must shift your perspective and begin to see failure as a stepping stone on the path to success, rather than a roadblock.

This article was originally published on RashadBlossom.co

Finance Tips For Entrepreneurs

New entrepreneurs are usually driven by passion and a will to succeed. Unfortunately, sometimes they forget to focus on some of the less exciting aspects of owning a business, which includes their finances. Here are some finance tips that will help you to succeed as an entrepreneur. 

Monitor All Spending

As an entrepreneur, you should get accustomed to monitoring your spending. You will have plenty of expenses to track, so it’s best to use accounting software. Otherwise, you will have a hard time staying organized and may have a mess to deal with when tax time rolls around. 

Establish a Budget

Cash flow is going to be an essential part of your business’s success, so you need to quickly establish a budget and stick to it. You should know where every dollar is going, and where every dollar is coming from. Most businesses fail because they run out of money, so keeping a budget is critical.

Remember That Time is Money

You’ve heard before that “time is money,” but this is particularly true for entrepreneurs. Be careful about how you spend your time, just as you are careful about how you spend your money. You don’t need to work every second of the day, but you shouldn’t be wasting time either. 

Set Goals

Setting realistic financial goals for your business will help you to be more successful. You may dream of owning a multi-million dollar business but start by setting smaller goals. For example, how much do you want to be bringing one year from now? Set small goals and celebrate every milestone you hit along the way!

Stay Positive But Be Prepared

As an entrepreneur, you will need to remain positive, even when the odds are stacked against you. You should, however, prepare yourself for the hard times. For example, if you are building your business while working a full-time job to pay your bills, you should try to keep your job as long as you can. If you quit too early, you risk not being able to pay your bills, and could even lose your home. Prepare for the worst by making smart decisions, like keeping an emergency fund at all times. 

It’s OK to Pay Yourself

You might think that you shouldn’t pay yourself until your business is overtly successful, but make sure you have enough money to live comfortably. You don’t have to take much, just be sure you are rewarding yourself for some of that hard work you are putting in. 

Entrepreneurship can be a gratifying career path, as long as you approach it with caution. Follow these tips, and you will be more likely to succeed as an entrepreneur!

This article was originally published on RashadBlossom.org

The Value of Pre-Bankruptcy Planning

Bankruptcy is a strenuous process that often begins long before a bankruptcy claim is actually filed. More often than not, businesses and individuals alike can accurately read the financial signs and understand that bankruptcy is impending. Therefore, it is absolutely crucial to plan beforehand in order to avoid any mistakes that could jeopardize your bankruptcy case.

Honesty and Accuracy

First, and most importantly, it is imperative that you or your business is completely honest and as accurate as possible throughout the beginning stages. Every financial record will show exactly what was done in the months and years prior, as it is extremely rare for any of these transactions to fall through the cracks.

Providing false information severely hurts one’s chances of properly filing for bankruptcy, and can even result in being permanently banned from doing so ever again, not to mention potential fines and/or criminal charges.

Work With an Attorney

Consulting an expert in the field of bankruptcy is always highly recommended. Aside from the legal obligation of speaking with bankruptcy lawyers beforehand, you can receive expert guidance in order to protect your assets and reduce as much risk as possible. This is an area in which it is strongly discouraged to try and pinch pennies by tackling this yourself. Most courts encourage stout legal representation when it comes to filing for bankruptcy, so doing it alone is not always the wisest decision.

Move Quickly

As stated before, most people understand when their financial debts are beginning to pile up, and when bankruptcy begins to show itself on the horizon. That being said, it is much better to start putting the necessary pieces of information together now rather than later in order to save yourself a significant amount of trouble. Do your research, work closely with your bankruptcy attorney, and avoid procrastination at all costs.

This article was originally published on RashadBlossom.org

Networking For Bankruptcy Attorneys: Tips and Tricks

Attorneys want their bankruptcy firms to grow. Networking can give attorneys unique tools to grow their businesses, improve their abilities as attorneys, and even partner with mentors or those who need to be mentored. Most networking happens at conventions or other business events, but effective networking requires effort. The following are a few tips that can help.

Network with a Purpose

Networking is more than just working the room. In a large conference, especially if the meeting is virtual, it can be impossible to talk to everyone.

Therefore, attorneys need to create a targeted list of people they want to meet. This allows them to direct their blows in a pinpointed way. The list may include people who the attorney views as an inspiration, presenters in different panels, or staff from a particular firm.

Even better, attorneys can contact the people they want to speak with in advance to schedule a few minutes to chat. Creating a targeted list makes it possible to avoid conversations that are not beneficial and spend more time on those that add value.

Listen

When someone gives of themselves and is willing to have a conversation, it is crucial to listen to that individual thoughtfully. No one enjoys having their time wasted by talking to someone who is not listening to them.

At conferences, lawyers have countless conversations. Many of them are simple introductions and the exchanging of business cards. Usually, those conversations don’t go anywhere; however, the discussions where a person is listened to usually lead to relationships that can lead to business down the line.

Take an Active Role at the Conference

Attendees can be passive at a conference and simply listen. However, those who take an active role by volunteering at the forum get a unique perspective on attending. Volunteering puts an attorney in a position to interact with more of the attendees and make a memorable impression.

Attendees feel more comfortable approaching a volunteer and may see them as a source of information. Volunteers may have more one-on-one time with speakers at the conference.

Get the Entire Office Involved

There may be too many people of interest at a conference for just one attorney to talk to them all. However, if networking is approached as a staff goal, an entire team can work together to identify the people they want to meet, plan dinners and lunches, and make connections that can increase business.

This article was originally published on RashadBlossom.org