MASTERING TIPS

1.Find your life's task.
Many people have an intense feeling about what
they're best at. Too often, they're driven away from
it by other people. The first step is to trust
yourself and aim your career path at what's unique
about you.
Leonardo da Vinci didn't come into his own as an
artist alone, but when he followed his childhood
curiosity about everything, he became an advisor
and expert in subjects from architecture to
anatomy for his patrons.

2. Rather than compete in a crowded field, find a
niche where you can dominate.
Legendary neuroscientist V.S. Ramachandran was
at once a restless and dissatisfied professor of
psychology. What was supposed to be a calling
felt like a job. When he began the study of
phantom limbs and anomalous brain disorders, he
found questions about the brain and
consciousness that fascinate him to this day.
Find your perfect niche, and stand out....
I'll continue this tomorrow,check it out.





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IMPROVE YOUR SKILLS

Improve Your Skills
Your own skills as a small-business owner can
limit how much you can grow. While we all learn
by experience in our businesses, you can
accelerate your learning through the experience of
others. You probably know right off the top of your
head the No. 1 area where you need to learn more.
For many entrepreneurs, that area is finance or
accounting. Start now by finding the books, blogs,
or newsletters you need to read regularly to build
your skills. Make a daily or weekly appointment
with yourself to focus on learning. If you are
always growing personally by learning, you can
grow your business as well.





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SOLUTION TO BUSINESS PITFALLS (4)

. Revive Your Marketing
Few companies fail because they try too hard to
understand customers and give them what they
want and need. Before you take the irreversible
step of giving up on your business, go back to
your customers and ask them what they want. Ask
them how and whether you can supply it. This is a
worthwhile exercise for any business, but for the
enterprise in trouble, it’s a necessary move before
investing any significant effort in an attempted
revival.
You may find that your customers are still willing
and able to buy your product but you aren’t
making it available to them in a way they can do
so. For instance, if you advertise exclusively in a
local newspaper and your customers are now
getting their news mostly online, they’re not
seeing your ads. If your advertising channels,
pricing, or other aspects of marketing have gone
astray, retargeting them can revive your business
in a hurry.
One of the least expensive ways of reviving a
company’s marketing is through direct e-mail. The
cost of sending individual e-mail is negligible. And
for the price of renting a new list, you can reach
out to new markets. Other approaches that can
cost-effectively reach new or existing customers
include employing search engine marketing,
developing relationships via social media.





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SOLUTION TO BUSINESS PITFALLS (3)

Change Your Business Model

This is the most challenging technique you can try
to save your business. It may sound like a simple
idea, but to an entrepreneur struggling to pay the
rent, changing your business model can be a
difficult task. Still, it can be done. Take buggy-
whip makers.
A century ago, the whip business was prosperous
and reliable because most people got around by
horse-drawn conveyance. Within a few decades,
people were mostly using cars and had no need
for whips. But U.S. buggy-whip makers still
survive, and they’ve done so by completely
changing their market, product, and pricing,
essentially their whole business model. Instead of
selling whips for ordinary people to use, they now
primarily serve racing markets and affluent
hobbyist carriage drivers.
Telephone solicitors represent a more modern
example of a business model that was forced to
change. Once, calls to consumers’ homes offered
an inexpensive way to market a variety of goods
and services. But then the wide availability of
answering machines allowed consumers to screen
calls, rejecting those that appeared to come from
telemarketers. New regulations more tightly limited
the acceptable hours and purposes for such calls,
and the expanding presence of caller ID sealed the
deal. Now call centers that once served telephone
marketers are devoted to customer service,
technical support, and similar functions





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SOLUTION TO BUSINESS PITFALLS (2)

Rejuvenate Your Offering
Carefully evaluating your customers’ needs may
help you find ways you can change your product
or service to meet those needs. In the process of
studying why your child-care business is
struggling, for instance, you may realize that the
best thing to do is to raze the building and build a
skate park. More often a less drastic modification
is in order, such as switching the emphasis from
all-day care for very young children to after-care
programs for school-age kids.
Understanding why your business isn’t working
won’t always provide a way to make it work,
however. When you find yourself in that situation,
seek expert advice. Talk to other entrepreneurs in
the same business who seem to be thriving. Find
out what they are doing differently. It may be
something as relatively minor as turning a onetime
video rental store into a videogame rental store. Or
it could be something further afield, such as a
used videogame exchange.
It’s also possible that your product hasn’t changed
but your customers have. That would be the case
if, for example, you operate a classic American
diner in a neighborhood that becomes dominated
by recent immigrants whose food tastes differ from
your menu. When that happens, changing your
offering to reflect the needs and desires of your
new demographic could not only revive sales but
raise them higher than ever.
Customers themselves can stay the same while
due to technological or other changes their needs
shift dramatically. This occurred recently in the
laptop computer market. Once hot sellers, laptops
suddenly fell out of the limelight of consumer
attention with the introduction of Apple’s iPad
tablet computer in 2010, forcing manufacturers,
retailers, software developers, and others to
reassess their products and strategies.




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SOLUTION TO BUSINESS PITFALLS (1)

 Find the Problem
Once-thriving businesses can fade away for a
variety of reasons. Sometimes competitors take
their customers. That’s what happened to U.S.
automakers when foreign brands arrived. Other
times, markets change but the business doesn’t.
That’s what happened to buggy-whip
manufacturers when people turned to cars .
It’s not easy to look objectively at your own
business’s problems. To start, try going back to
the last time sales were strong and profits were
good. What changed after that? It may be the
arrival of a new competitor, or your own failure to
update your product offering. It could be that the
customers you serve have themselves fallen on
hard times. If you can narrow the reasons to one
or a few likely candidates,your problem is half solved and you’ll be able to focus
your revival efforts.





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BUSINESS PITFALL (5)

OVER EXPANSION

A leading cause of business failure, overexpansion
often happens when business owners confuse
success with how fast they can expand their
business. A focus on slow and steady growth is
optimum. Many a bankruptcy has been caused by
rapidly expanding companies.
At the same time, you do not want to repress
growth. Once you have an established solid
customer base and a good cash flow, let your
success help you set the right measured pace.
Some indications that an expansion may be
warranted include the inability to fill customer
needs in a timely basis, and employees having
difficulty keeping up with production demands.
If expansion is warranted after careful review,
research and analysis, identify what and who you
need to add in order for your business to grow.
Then with the right systems and people in place,
you can focus on the growth of your business, not
on doing everything in it yourself




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BUSINESS PITFALL (4)

LOCATION LOCATION LOCATION

Your college professor was right -- location is
critical to the success of your business. Whereas a
good business location may enable a struggling
business to ultimately survive and thrive, a bad
location could spell disaster to even the best-
managed enterprise.
Some factors to consider:
Where your customers are
Traffic, accessibility, parking and lighting
Location of competitors
Condition and safety of building
Local incentive programs for business start-ups
in specific targeted areas
The history, community flavor and receptiveness
to a new business at a prospective site




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BUSINESS PITFALL (3)

INSUFFICIENT CAPITAL
A common fatal mistake for many failed
businesses is having insufficient operating funds.
Business owners underestimate how much money
is needed and they are forced to close before they
even have had a fair chance to succeed. They also
may have an unrealistic expectation of incoming
revenues from sales.
It is imperative to ascertain how much money your
business will require; not only the costs of
starting, but the costs of staying in business. It is
important to take into consideration that many
businesses take a year or two to get going. This
means you will need enough funds to cover all
costs until sales can eventually pay for these
costs. This business startup calculator will help
you predict how much money you'll need to
launch your business.



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BUSINESS PITFALL (2)

           Poor Management:
Many a report on business failures cites poor
management as the number one reason for failure.
New business owners frequently lack relevant
business and management expertise in areas such
as finance, purchasing, selling, production, and
hiring and managing employees. Unless they
recognize what they don't do well, and seek help,
business owners may soon face disaster. They
must also be educated and alert to fraud, and put
into place measures to avoid it.
Neglect of a business can also be its downfall.
Care must be taken to regularly study, organize,
plan and control all activities of its operations.
This includes the continuing study of market
research and customer data, an area which may
be more prone to disregard once a business has
been established.
A successful manager is also a good leader who
creates a work climate that encourages
productivity. He or she has a skill at hiring
competent people, training them and is able to
delegate. A good leader is also skilled at strategic
thinking, able to make a vision a reality, and able
to confront change, make transitions, and
envision new possibilities for the future.




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BUSINESS PITFALL (1)

Would the sole reason you would be starting your
own business be that you would want to make a
lot of money? Do you think that if you had your
own business that you'd have more time with your
family? Or maybe that you wouldn't have to answer
to anyone else? If so, you'd better think again.
On the other hand, if you start your business for
these reasons, you'll have a better chance at
entrepreneurial success:
You have a passion and love for what you'll be
doing, and strongly believe -- based on
educated study and investigation -- that your
product or service would fulfill a real need in the
marketplace.
You are physically fit and possess the needed
mental stamina to withstand potential
challenges. Often overlooked, less-than-robust
health has been responsible for more than a
few bankruptcies.
You have drive, determination, patience and a
positive attitude. When others throw in the
towel, you are more determined than ever.
Failures don't defeat you. You learn from your
mistakes, and use these lessons to succeed the
next time around. Head, SBA economist, noted
that studies of successful business owners
showed they attributed much of their success to
"building on earlier failures;" on using failures
as a "learning process."
You thrive on independence, and are skilled at
taking charge when a creative or intelligent
solution is needed. This is especially important
when under strict time constraints.
You like -- if not love -- your fellow man, and
show this in your honesty, integrity, and
interactions with others. You get along with and
can deal with all different types of individuals.





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For entrepreneurs, the ability to embrace failure or at least the prospect of it is essential for success,this doesn't mean you shouldn't try to avoid failures but you should embrace it when it becomes...

EMBRACING FAILURES
Embracing failure. For entrepreneurs, the ability to
embrace failure or at least the prospect of it is essential for success. This doesn’t mean you
shouldn’t try to avoid failure, but you should
embrace it when it becomes inevitable.
Without a willingness to fail, you'll always hold
back. And most of the times, the biggest successes
require the biggest risks.The two makers of your GREATNESS in life is your success and your failures.By embracing these two things,people will only see you struggle but will never see you fall.



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THE VALUE OF SELF CONFIDENCE CAN'T BE OVERSTATED,TO BORROW A PHRASE FROM RUPAUL...

The value of confidence in the
business world can't be overstated. To borrow a
phrase from RuPaul, "If you can't love yourself,
how in the hell are you going to love somebody
else?"
This notion of believing in yourself is so vital for
entrepreneurial success, I don't know how a
company can survive without it. Can you even
think of a successful entrepreneur who seems
unsure of himself, who doesn't exude confidence
-- perhaps even overconfidence -- from every
pore?
Self-confidence is an outward effect of optimism. If
entrepreneurs aren't optimistic about what the
future holds, they aren't likely to be very confident,
either. After all, this would mean they don't feel
that they can see a business venture through to a
point of success. That doesn't just spell a lack of
belief in your business, it also points to a lack of
belief in yourself.
When Steve Jobs walked out on the stage to
present the iPhone, he was calm, relaxed and
obviously jazzed about his product. He was
definitely confident, too, and that showed how sure
he was the audience was going to be impressed
by what he was announcing.
Confidence is often a missing ingredient in the
entrepreneurial package. Many have a solid vision
and the drive to get there, but if they don't believe
in their projects and themselves, success becomes
very difficult to attain



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Engaging yourself in business sensitize your
spirit mind and gives you a sense of focus.

If what you are doing is not taking anything away
from you,then i submit to you that it won't PAY
you. # SUCCESS BREAKFAST# today with OIC