Virtualpreneur.com

Video from our FREE Online Business Course

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Session 1 – Evaluating Business Potential

Question:
“You have some wonderful credentials including being a CPA, an MBA and being president of a large company. Were these credentials helpful to you when you purchased your own business?”
Maureen Costello
Wholesale Distributor

Topics covered in this video:
Business credentials, skills, experience, mistakes, employees, hiring, budgeting

Transcript:
Very much. One of the things I learned over the years is that for anybody to be successful in any role you have to have ability to begin with and then you need education and training and experience and probably most of all the willingness to do whatever it is the function is that you are going to take on. My educational experience certainly helped prepare me because it gave me an overview of what kinds of things happen in a business and I got some basic accounting skills which are really critical to a business. That’s probably the lifeblood of a business; making sure you have cash and that you know how the cash is coming in and going out. But the experience is invaluable and everybody is going to make mistakes in life, in the job.

Your employees are going to make mistakes. You can’t expect them to be perfect. Those mistakes are going to cost you money and you almost have to budget for that. I was able to make my mistakes on somebody else’s dime which was probably good for me, maybe not so good for them, but that is part of the cost of doing business. Now you as the owner of a business are going to have to accept the fact that when you bring somebody in new, part of the cost of hiring a new employee and training them is that they are going to make mistakes that cost you money and you may as well budget for it. But I had the opportunity to make those mistakes before I bought a business and that prevented me from making a lot of mistakes after I purchased the business.

Duration : 0:1:48

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Video from our FREE Online Business Course

http://www.myownbusiness.org

Session 1 – Evaluating Business Potential

Question:
“What would your top recommendations be for people just starting out in business?”

Gwyn Myers, Ph. D.
Management Consultant

Topics covered in this video:
Business goals, costs, revenue, networking, persistence

Transcript:
Number one would be to make sure that you have a goal and that you are determined to make that goal–that nothing is going to stop you. There are going to be so many valleys that you are going to go through, but that you are absolutely determined to make it. And I think that it shown over and over that persistence is the key to really starting a business and sticking with it and making it successful.

The second thing that I would tell them is a well known business fact: revenue is on the outside, costs are on the inside. So spend as much time as you can on the outside during the times that people to going to listen to you: spreading your message, networking and finding out what people need. And maybe it’s going to be evening hours, early morning hours or weekend hours that you devote the time internally to get yourself organized to set up that infrastructure and get going.

So one thing is persistence and the second is get out there where the revenue is and make sure it’s coming in.

Duration : 0:1:20

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Check out my website for more information http://www.GDImatrix.com

Email me if you have any questions Kdougherty87@gmail.com

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