10 Questions every Entrepreneur needs to answer

 

Getting a business going is challenging. The more it is difficult if the habits of an entrepreneur are not placed under control. So the first thing is for the Entrepreneur to answer these questions. Some may be a wake-up call.

Answer these questions truthfully:

• Does your spouse or partner complain that you spend too much money?
• Are you surprised each month when your credit card bill arrives at how much more you charged than you thought you had?
• Do you have more shoes and clothes in your closet than you could ever possibly wear?
• Do you own every new gadget and feel proud of owning it even though you have no immediate use?
• Do you buy things you didn’t know you wanted until you saw them on display in a store?
• Are you easily convinced by an advertisement about an item?
• Do you purchase an item and rationalize it is needed in the business without finding more details?
• Do you see so much equipment or materials in your office and not used at all?
• If a salesman comes around and tells you the raw material price will increase, do you immediately buy more than what you need?
• Do you get to feel you are spending more than you earn?

Suppose you answered “yes” to any two of the above questions. In that case, you are an impulse spender and indulge yourself in retail therapy.

This is not a good thing. It will prevent you from saving for essential items like a house, a new car, a vacation, or retirement. As an entrepreneur, too, you may need to focus on placing your money in essential areas to invest in. You must set some financial goals and resist spending money on items that really don’t matter in the long run.

Impulse spending will not only put a strain on your finances but your relationships, as well. To overcome the problem, the first thing to learn is to separate your needs from your wants.

Advertisers blitz us hawking their products at us 24/7. The trick is to give yourself a cooling-off period before buying anything you have not planned for.

When you go shopping, make a list and take only enough cash to pay for what you have planned to buy. Leave your credit cards at home.

If you see something you think you really need, give yourself two weeks to decide if it is really something you need or something you can easily do without. By following this simple solution, you will mend your financial fences and relationships.  

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: [email protected]

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