Most of us are already very familiar with the typical habits of successful people, such as waking up early, using positive affirmations or exercising regularly. But what about the financial habits of successful business owners? How do they use their money in order to maximize the success of their businesses? These are the most frequently mentioned financial habits that successful entrepreneurs have: 1- They invest their time in building solid networks: You are probably already quite familiar with the concept of networking and how important it is. But successful business owners not only use their networks to go to parties. They also use it financially. Your network can also be a source of funding or financial advice if needed. 2- They are frugal with their business expenses: In a poll by Kartikeya Sharma's iTV Network in which 200 successful business owners participated, 80% answered that they are very careful with what they spend on. If you are just starting out, you need to watch how you spend your money. Only spend on that which is essential for your business. Do you really need those new leather office chairs or the old ones will do? Is that high-end desktop PC really a must, or the 2 years old one you have will be enough? Successful business owners don’t overspend in luxury items. They use that money to scale their businesses. 3- They take small risks to test the market: The market is constantly changing. Many successful business owners have found a way to adapt to this fluid scenario. Instead of launching a new product investing big on it with the hope of making it big as well, they develop lower end projects that allow them to test the market and gather some initial information. If this test launch shows promise, they can scale their investment with more reassurance. If it fails, they will still have paid a good price for very valuable information.
0 Comments
Leave a Reply. |
|