Monthly Archives: April 2018

Everything You Need To Know About Business

Business loans are important for businesses in multiple aspects. Whether it is for funding a company, boosting the company or using it as funding for an acquisition, these loans can be described as the bread and butter for businesses. With the 2008 Banking Crisis and the immediate aftermath slowly fading into memory, a variety of companies are now looking to business loans in numbers once again.

What do you need to know about business loans? Here are a few things which are important for business owners to be aware off.

-Business Loans are widely available. Banks are generally the first calling point for business owners when he/she applies for the said loan. But, banks are not the only body that can offer this support. In fact, it is more likely that company owners will have a far greater chance of securing a loan with a non-governing body instead of a bank.

-There are different types of loans. Different lenders have different products available and different criteria. If an organisation fits within the criteria then they can move to the next stage of credit assessment.

-Some loans are secured and some unsecured. Most lenders will seek security if available to make their loan rates more competitive and reduce their risk.

-If the company have specific funding needs: buying a business, buying a building, stock purchase etc -and then this will often determine the best source of finance.

Business loans are valuable for companies and should be considered in any funding proposition. Much has been made of the economy at the beginning of 2014. Some negativity remains as the world prolongs its exit from the 2008 banking crisis.

But confidence is renewed and has increased for the economy. Towards the end of 2013, these companies have expressed sincere confidence with the economy in 2014 and also confidence in securing the necessary support. Banks have come under fire for not doing enough to help banks secure the funding in which would help them progress in tough economic times.

But the availability of business loans -through companies and non-Governing bodies means that business owners can get help outside of the banks in securing funding for their business.

The Top Ten Myths And Realities About Business

I think it is safe to say that there are many preconceived notions about business coaching. Furthermore, some of these notions really are myths rather than reality. In an attempt to provide some insight into what are the major myths about business coaching, I have developed a list of the top ten myths and respective realities that are counter to each myth.

Myth # 1. I really don’t have any problems. I am doing well and don’t need a business coach.
Reality: Maybe this is true, but it is important to understand that business coaching is not about fixing problems. Business coaching is about creating new possibilities and improving yourself.

Myth #2. Business coaching is nothing more than a cleverly disguised way of telling people what to do.
Reality: Effective business coaching focuses on results and uses various approaches to pull solutions from within those being coached rather than the coach telling them what to do.

Myth #3. You have the questions and your business coach has the answers.
Reality: From my perspective as a strategic thinking business coach, this is very far from the truth and reality. As an effective business coach it is just the opposite. Your business coach has the questions and you have the answers within you and your business coach will help you discover them.

Myth #4. Business coaching is only for troubles or poor performers.
Reality: The best business coaching clients are those with potential that is not being realized or people who have hit a hurdle or stumbling block in their development and need coaching to guide them through the impediment.

Myth # 5. Business coaching is just sitting around and listening to people.
Reality: Effective business coaching comes from asking the right questions at the right time. A well thought-out question may be worth hours of listening. However, listening is only useful if it yields enough information to formulate the right questions.

Myth #6. Business coaching is time consuming.
Reality: Reality is just the opposite. Some of the best business coaching happens in brief and sharply focused doses. And remember the old saying about there is never enough time to do it right but there is always enough time to do it over? Effective business coaching will increase the probability of getting it right the first time and therefore save time in the future.

Myth #7. Business coaching is too expensive and only wealthy people can afford their own business coach.
Reality: Maybe this could be true with some business coaches, but certainly not for all business coaches. When speaking with prospective business coaching clients we focus on the value of the business coaching to their own growth and development and their business and personal goals. After that we develop a mutually satisfactory and beneficial financial arrangement.

Myth #8. I can coach myself for free or I can simply talk to my best friend.
Reality: No matter how hard your best friend tries, he or she cannot be unbiased and impartial with you. And you and your best friend will not ask the tough questions that need to be asked and will not bring the benefit of a true outsider’s perspective.

Myth # 9. Men cannot coach women and women cannot coach men.
Reality: Effective business coaching is gender neutral. In fact, sometimes business coaches of the opposite sex can facilitate people seeing issues from the other’s perspective.

Myth #10. A business coach must have a similar personality to yours.
Reality: Business coaching is about growth and development and having a business coach with a different personality will offer fresh perspectives.

The Top Ten Myths And Realities About Business Coaching, According To Your Strategic Thinking Coach
By: J. Glenn Ebersole, Jr., Chief Executive of J. G. Ebersole Associates and The Renaissance Group (TM)

Glenn Ebersole, Jr. is a multi-faceted professional, who is recognized as a visionary, guide and facilitator in the fields of business coaching, marketing, public relations, management, strategic planning and engineering. Glenn is the Founder and Chief Executive of two Lancaster, PA based consulting practices: The Renaissance Group, a creative marketing, public relations, strategic planning and business development consulting firm and J. G. Ebersole Associates, an independent professional engineering, marketing, and management consulting firm. He is a Certified Facilitator and serves as a business coach and a strategic planning facilitator and consultant to a diverse list of clients. Glenn is also the author of a monthly newsletter, “Glenn’s Guiding Lines – Thoughts From Your Strategic Thinking Business Coach” and has published more than 250 articles on business.

Myth About Business

Entrepreneur! It seems like the life of an entrepreneur is so interesting. Indeed it is filled with never ending excitement. Just like anyone, the life of an entrepreneur has its ups and downs. But then who is to say what is ups and what is downs? Most entrepreneurs see the downs as ups. It is just a matter of perspective. Entrepreneurs are able to see the downs as an opportunity or a learning experience, thus, the downs become the ups.

Being an entrepreneur for 5 years, not a long time though; I may be able to share my experiences with you. I believe I earn the right to crash some of the myth about business. There are too many “fact” about business that are taught by non-business people. Some of these “fact” are simply not true.

Myth – You need capital to start a business

Total crap. I want to tell you, you don’t need capital to start a business. You do need creative juices to start a business. Think about all the successful entrepreneur you can think of, how many of them start their business with a lot of money?

I started my business with only $20. I didn’t even pay for the registration of the business. I also imported products from China without coming up with any upfront fee. This makes me believe strongly that you do not need any money to start a business. Whenever someone told me he can’t start his business because he didn’t have enough money, I always asked, “why do you need money to start a business?” In my belief system, start a business with money doesn’t make sense to me anymore.

Not only me, many of my friends are able to start their business with very little money – as little as $100. Why are my friends and me are able to start our business with so little money?

Very simple, we do exactly opposite what the professors are teaching. What most business books teach is to buy then sell. We did the opposite, we sell then buy. When I decide to sell a new product, I will not but first. I will go around selling it first, taking order from prospective customers. Once I got all the orders, then I will buy the products. This way I minimize my risk and I do not need any upfront cash to buy the products. I collect the money first upon order, then use the money to buy the product.

When a person says he needs money to start his business, actually the big chuck of money is not used in buying products. Most of the money is used in renting office space, buying fixed assets like computers, printers, furniture etc. After renting the office, they spend huge amount to renovate the office, wanting to make it look like a big company. In their mind they are thinking, “the company must looks good, should have the necessary equipment before you can start a business.” Did they get this mindset from school?

I started my business without an office, still I am able to close deal with my corporate clients. A friend rented an office without paying rental and he got all his furniture for free. You bet he saved a huge chuck of cash. I met a gentleman last month, he just couldn’t believe that I can start a business with only $20. He kept saying he need to rent an office, buy this equipment and that furniture. He figured he needs about $30,000 to start his business.

I ever rented a booth for free to sell my product. In fact before I started selling my products, I already make money. It’s all about thinking and doing differently. I must clarify, everything that I did was legal, ethical and moral.

Another of my friend started selling her service before she registered the business, get an office and open a bank account. Her clients issued cheques to her before she opened the corporate bank account. Then she took the money to rent office, buy furniture etc. She started with basically $0.

But I must emphasize this – deliver what you promise. When you take other people’s money, you must deliver the product or service to them. Integrity is so important in building a successful business. You would want to deliver what you promise so that your clients will come back to you.

The point is you do not need money to start a business, instead you need creativity to start a business. As a matter of fact, I believe everyone can do what I did. It’s just that you may be so into their pre-fixed perception of needing lots of money to start a business, therefore, you are stuck in your current situation. As long as you are willing to break away from the old mindset, you will be on your way to starting a successful business.

How To Learn About Business If You Don’t Have A Business Background

If you do not have a background in business, you may find it difficult to start your own online business easily. There are many ways to overcome this lack of education and knowledge so that you can build a prosperous business anyway. These include reading books on your topic, attending live events where you will be able to spend time with business leaders, and having a coach or mentor to help you gain the skills and confidence you need in order to be successful online.

When I came online in 2006 I made the conscious decision to stop reading fiction and start reading business books exclusively. At first this was an uncomfortable process, as many of the books were dry and covered concepts I was not familiar with before this time. I read for about thirty minutes each day until I actually looked forward to what was learning from these experienced and talented authors. I continue to learn more and more about business each month.

Attending live events will give you access to some of the brightest names in business. Look for events near the city where you live to begin with. Also, make it a goal to attend events where there will be fewer than a hundred attendees. This will give you the best opportunity for networking and spending time with the people you want to connect with and learn from to help grow your business. Arrive the evening before the event begins to see who you can meet, and stay until noon the day after the event ends. Before and after the event are the very best times to network.

Once I started working with a mentor my business really took off. He was able to fill in the gaps for me in the areas of business where I lacked knowledge and experience. Finding the right coach or mentor for you is crucial to the process. Choose someone who has the skills you need. I have found that having a business degree is not nearly as important as having years of experience in the field.

You can see that it is possible to build a successful business even if you do not have a business background. Make a plan and then see it through for best results. Once you make the effort to learn from others, read everything you can, and attend some live events, you will feel like you have a degree in business. But this will be better because it will be based on your hard work and perseverance.