WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
Entrepreneur. “It’s exciting to learn new things and
What good is a successful startup if you destroy yourself in
as entrepreneurs we should be learning something
the process?
new every day”. “You can’t make money without
Nothing is as precious as health, which is why you shouldn’t
spending money”.
sacrifice your well-being for the sake of your
TAKE YOUR EYE OFF THE BUSINESS FINANCE AND
entrepreneurship. In fact, what might seem like hard
DON’T BE FAST IN MAKING QUICK MONEY
work could ultimately derail your career. Losing sleep,
If you are starting a business, you are going to take a few
eating unhealthily and allowing yourself to become
financial hits. As they say, you can’t make money
stressed are surefire ways to shorten your life
without spending money. But there is more to it than
expectancy. By tending to your health, you will have
avoiding miserliness. The best entrepreneurs don’t
the strength to carry out your goals. You will also have
think in terms of how much they make, they consider
a big headache at tax time trying to separate out the
how much value they can add. That value might be
business and personal purchases to determine what's
financial, but it might well be social, psychological,
deductible on your business tax form, and what your
or other ways
profit or loss is for the year.
TRY TO MAINTAIN FINANCIAL BALANCE
With that said, you can’t add value if you can’t pay rent or
The headache will get a lot worse if you get audited and the
buy groceries. That’s when you will need to
auditors believes you have purchased goods or services
determine exactly what you need to do to support
for personal use and deducted them as business
yourself while you pursue your entrepreneurial
expenses. If you have business partners or investors
dream. Entrepreneur pointed out that a part-time job
and mix business and personal expenditures, you will
could be your saving grace - not only would it
have even more problems on your hands.
provide financial relief, it could provide an excellent
networking outlet.
Finally, if you don't clearly separate business and personal
BE FLEXIBLE AND LISTEN TO THE MARKET
expenses (using separate banking accounts and credit
Even if you nail down the perfect niche, it won’t necessarily
cards for each), you will find it difficult or impossible
remain the same forever. Markets can be fickle and
to get a business loan if you ever need one.
consumers want to be on the cutting edge. If you
can’t pivot and react when the winds of change
Even if your business is only a part-time operation with few
come, you will be blown away. “Resist falling in love
profits, you should have a separate checking account
with your initial idea so you can discover what the
and separate credit card for the business. You may
market actually wants and is willing to pay for - and
need to take out the credit card in your own name when
then give it to them”, Cherylanne Skolnicki, career
you're starting out, and that's ok, as long as it's used
coach, told Forbes.
exclusively for business purchases.
INVESTMENT IN NEW TECHNOLOGIES
Technology is indispensible in today’s global world, and the
introduction of new technologies is creating constant
changes in business activities today. There is no
alternative to this and business owners are advice to
be awake of new changes in technology.
MIXING BUSINESS AND PERSONAL FUNDS
Whether you are starting a new business, or you're running
an established business, mixing personal and
business funds is a recipe for disaster. Assuming you
are the sole owner and you buy business supplies
with your personal credit card or use a business
check to pay for a personal purchase, you're going to
have difficulty keeping track of how much money the
business actually is making or losing throughout the
year.
If there are times when you have to use personal funds for
your business - or vice versa - the correct way to
handle the situation is to make a formal transaction and
document it. If you have business partners, get them to
sign off on the transaction, too.
There are always exceptions to the rules, anyone who has
successfully maintained a startup is one of those
exceptions. But you can take the element of chance out
of the equation by following these expert tips and
letting them guide your entrepreneurial spirit.
Remember, personal discipline will guide and lead you
to all the above tips.
Prepared by:
Orshi Terhemba Ephraim AAT, ACILRM, ACA
ARTICLES
FOCUS ON SETTING AND ACHIEVING SMALL
INCREMENTAL GOALS
Rather than trying to start a business and instantly build
your vision of what the company should be in the
years to come, setting realistic goals and milestones
is a major component when you growing a business.
TAKE CARE OF YOURSELF
www.waims.co.in
YOUR DREAMS AS AN ENTREPRENEUR
Moses Plangkat Dashal Mosespeekay1995@gmail.com
An entrepreneur, aside changing the world for the better of
tomorrow through innovations and birthing new ideas,
must as well have the zeal to make extraordinary things
happens against all odds. It’s through this that he/she
can draw other to the light and understanding of what
he or she has been developing all this while that it
sounds meaningless to the world. This paper focuses
ENDEAVOR 2019 | WAIMS ACADMIC PRESS
54 | P a g e