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Entrepreneur Series Lesson 10 – Passion, Persistence, and Perseverance

Lessons one through nine of my entrepreneur series were lessons extracted from my own business and other business owners across the country over the past twenty years.   Undoubtedly in your first year of business, you will make your fair share of mistakes like anyone starting a new venture.   There are so many valuable pieces of wisdom to learn as an entrepreneur, but here are my big three traits you must have to truly succeed in your business. Passion – Many business ventures people conjure up in their heads often revolve around the dreams of making a lot of money.  While building your wealth can be an outcome of a successful entrepreneurial pursuit, passion around your dreams is what will get you through the good times and the bad times.   When you get out of bed every day with emotions that are so compelling around what you are doing, it becomes easy to motivate others to get excited around that dream.    ...

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How Long Can I Carry Forward My Capital Gain Losses?

We are almost two-thirds done with 2013 and some of you haven’t even completed your tax returns.  For those of you who filed and finished your tax returns in April, most of that paperwork is neatly tucked away in your home filing cabinet.   Since the stock market has run up over the past year most investors have made gains in their stock and stock mutual fund positions.   However, the majority of tax payers never look at their capital losses from prior years to do effective tax planning.  So just how long can you carry forward your capital gain losses? First, you should be aware that you can sponge up capital gains year to year against any capital losses or carry forward losses that you have on your tax return.   This means if you have a carry forward loss of $30,000 from a prior year and had $30,000 of long-term capital gains here in 2013, you would essentially have a wash.   ...

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5 Ways To Save Money At Department Stores

Gasp! Gasp! There’s nothing worse than having a white coated clinician spray some newly branded perfume on to a card and waft in your face as you gently stroll through the front doors of the department store.   You can get lost in a department store.   Some of them have three or four floors or if you take a trip over the pond to London take an afternoon to enjoy the ultimate department store in Harrod’s.   We shop at different department stores for different reasons, but here are five smart money moves tips for you if you choose to spend an afternoon trolling through racks of clothes and up and down escalators looking for a bargain. Start At The Clearance Racks– The upscale department stores are chock full of great merchandise.  Unfortunately for you, they don’t put it in the front of the store when you start shopping.  Work your way to the back of the store or to a particular ...

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4 Money Tips For The Dog Days Of Summer

This is the rainiest summer season I’ve experienced since I moved to the state of Georgia.   Of course people complained about the rain, but then again a few summers back there was even more complaining about the serious drought the state was experiencing. Historically the Farmer’s Almanac states that the Dog Days of summer are from July 3rd to August 11th, but with this year’s rain it will likely move closer to Labor Day.   So what can you do as the Dog Days of summer wind down to clean up your financial plan?  Here are my four smart money moves to consider from now until the end of the year. 1)    Get Educated On Your Workplace Health Insurance Before Open Enrollment– With The Affordable Care Act enrollment set to begin on October 1st, 2013, decisions centering around your family’s health insurance are right around the corner.   Year after year, insurance companies continually blow up your company’s previous plan before installing ...

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All I Want For Back To School Is My Trapper Keeper

It’s officially back-to-school time in the state of Georgia which means polishing up the old routine of making lunches, doing homework, and the frantic mornings of getting everyone on the bus or into the carpool on time.    It is also that time of the year where you are going to begin stocking up on school supplies if you haven’t it done so already.  All I can remember from my childhood and teen years was my mom taking me to the local K-Mart to pick up a few Bic pens, some No. 2 Ticonderoga pencils, and my color coded Trapper Keeper to organize my classes.   Nowadays we’ve got an entirely different routine with school systems providing lists instructing us to practically buy an entire shopping cart of school supplies. This year, my two middle school children have lists both in excess of thirty items that were ‘necessary’ for them to get.   It seems every year the list gets larger and larger.  ...

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Entrepreneur Series – Lesson 8 – The Marketing Plan

Marketing your products and services is the lifeblood of a new business.   While you can ultimately have all kinds of long term business strategies, without having a steady stream of new revenue your new business venture can close up in a short period of time.   In my opinion, if you look at the three big areas of business: marketing, the actual product or service you are offering, and client service, marketing is the one driver that can help sustain a business even if the other two areas are slightly subpar.    There are really two parts to the marketing plan.   One section involves dealing with implementing strategies that will specifically drive new client acquisition.   The other arena is building the brand of your new company. Many new entrepreneurs substantially underestimate the time and money it will take do marketing in the first year of their business.    From a time perspective, your networking functions, community involvement, and meeting face to face with ...

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Entrepreneur Series – Lesson 6 – Poor Staffing Decisions

One of the first things I heard when I got into management in my career is the phrase “you have to put the right talent on the bus”. While I understood its meaning, it took many years to realize how important hiring decisions are to grow an organization the right way. I also felt the pain of making poor hiring decisions, and how much time and productivity you can lose from just one bad hire. No entrepreneur lives in the panacea of having zero turnover as sometimes they might like to make it seem, but certainly making the right staffing decisions by putting people in the right roles can allow your start up venture to get off on the right foot. One of the critical questions to ask yourself early in your venture is what role do you (the CEO/owner) play in your firm. If I was to use a baseball analogy, what jobs are you going to be a ...

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Should I Loan Money To A Friend?

All of us have had awkward money scenarios happen to us in our lives. There are the immediate face-to-face confrontations when a personal friend asks us for money while out on the town. Or what about the time that your college roommate asked you if they could borrow $5,000 or $10,000? Remember when your 2nd cousin said they would be starting a business and were wondering if you would invest $25,000 in the new venture? So, how do you handle a money situation that may make you lose sleep at night? Here are three smart money moves steps to diffuse the problem. Step 1: Empathize. Listen, and Show that you’ve heard by recapping what specifically the other person is wanting to do with the money. Make sure you initially understand it from their point of view. Indicate that you know that economic times are tough, and their individual circumstances are particularly difficult. In a certain sense you need to be ...

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