Several people are bitten by the entrepreneurial bug and chose to leave the comfortable confines of the corporate world to chase their dreams, but all too often they regret the decision and wish they had stayed paid employees rather than become debt-ridden employers.
Better banking facilities
Most often, sooner than later, sole proprietors and founders find themselves credit challenged and swimming against the tide. At any point in time, at any stage in life, monetary crunches set the alarm bells off. But there is no need to despair. Peter J. Burns III has a couple of suggestions on how to deal with these crises. He would recommend you approach those platforms where the lending threshold is lower and the process of loan application much simpler. Frank Lopo a Club Entrepreneur member is another associate who can help out with credit as he has a ‘Business Credit Formation’ business. Suggest you learn more about credit enhancement. Micro-lending is yet another solution that Peter offers through his associate, Steve Bonenberger.
Growing your business
Perhaps the next most important factor after funding is the necessity of growing the business through networking. Technology has quickened the pace of connectivity but how effectively are we utilizing this benefit. We have followers and friends on social media but how many do we really know?
Peter J. Burns III recommends that you join an organization or a club where you will be able to interact with a potential target consumer or client base, not one where you meet your competitors. You are here to build your business not collaborate with your competitors. Begin by targeting 5 or fewer members to build your initial client base. Note their requirements and other key information on their visiting cards and persistently reach out to them. Here the key word is "follow up, follow up, and follow up". Your persistence will eventually pay rich dividends. Also, take time off to help resolve their issues or problems. Be a partner, not a mere business provider. It is the rule of nature that what you give is what will come back to you. Life moves in a circular motion.
The benefits of effective networking cannot be overemphasized. Peter J. Burns III talks of the first Young Entrepreneurs Organization started by 21 restless young men way back in 1987. Peter aside, other households and recognizable names include Michael Dell of Dell Computers, Ted Leonsis of AOL, and Neil Balter of California Closets. Fired with a zeal to do something on their own these young men followed the above tips for successful networking. Today the membership of the YEO has grown to 7000 and they have spread around 40 places around the globe. Their net worth is around 103 billion dollars! Now isn't that a figure to reckon with? For more tips for a successful entrepreneurial business, visit https://www.youtube.com/channel/UCaLGhEn107r5Ccd9rmZx2eg. Peter J. Burns III business portfolio can be viewed on https://www.linkedin.com/in/peterburnsiii