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Wednesday, November 16, 2016

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4 Money Habits Entrepreneurs Should Develop

Oyetoke Tobi - Wednesday, November 16, 2016

Financial management is a vital skill and aptitude for anyone who wants to become fearlessly successful in their entrepreneurial quest. Entrepreneurs have to deal with every aspect of their business, from managing the finances to supervising, organizing and processing their consumer requests.

However, it’s important that you develop and build some skills into a continuing and long-lasting habit in order to become successful in all these characteristics required from you by your business. Developing good and excellent habits are how successful entrepreneurs accomplish their ambitions and try to live a life filled with bliss and fulfillment.

The following are habits you should starting picking up in order to know how you can use money and have the funds required that will continue to keep your entrepreneurial career ahead.

1. Have a savings state of mind or way of thinking

Saving money is very vital for a good and healthy financial standard of living. An entrepreneur should have a financial backup comparable to at least six months of earnings. However, you can increase it a bit higher than that depending on your business and financial status.

Your savings should be able to cater for your needs when things are rough and not going as expected. This is generally how several successful entrepreneurs are able to feed and shelter themselves after quitting their normal jobs in turn to focus on going after their business ambitions.

Always putting away whatever you want to save first before removing other expenditures from your earnings is the primary step in adopting a savings habit. You can even go ahead and automate it by deducting whatever amount you plan to save from your account every month.

2. Be Economical

Entrepreneurs must be stingy with their money. Don’t get me wrong an entrepreneur must be stingy because you can’t afford to spend and buy unnecessarily like you would while working for others. This isn’t because you didn’t have the funds for the expenses; to a certain extent its helps you to have a culture of money discipline.

Being economical doesn’t mean you don’t love yourself or you’re a cheap person. Being economical has helped many successful entrepreneurs and businesses owners. Being economical can become very crucial when you’re committed to saving and are not earning extra income.

Developing a habit/custom of being economical will also have a positive and encouraging impact on your business and life as a whole. Economical spenders are always content with what they have and do not always feel the urge to use what is trending or join the trending groups

3. Be Accountable for everything you purchase

Entrepreneurs should be able to account for everything they spend their money on. This means, if you’re not able to give a valid reason for moving into a bigger apartment, you should try to re-evaluate that decision and save the instead.
Being accountable for every penny you spend can open your eyes to many unnecessary spending mistakes you make. Doing this will help you to stop bad spending habits and help you develop a saving habit.

4. Organize and spend money on a more pressing

Entrepreneur should adopt and build the habit of spending money on a more pressing need or prioritize their spending in order of important needs. Adopting this habit will help you to determine the important or pressing needs that require your financial attention and know why it does.

Devoting more attention/concentration to your most pressing needs and less attention to the more merry wants can help you to become a better financial manager/Entrepreneur. 

Entrepreneurs should cultivate the habits of being a good financial manager because it is crucial in making you a successful Entrepreneur. One of the best ways to become a greatly successful entrepreneur is to start developing and adopting good habits that will help the growth of your career. Managing and handling your finances is a good, and very important, first step to take if you want to become a successful entrepreneur.

So as an aiming and desiring entrepreneur, what money habits do you plan to adopts and build on?



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