What every creative entrepreneur should know short

Innovative & Modern Accounting

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‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com


'Every Creative Entrepreneur Should Know’
I love business and I love working with creative and innovative individuals

So I have prepared this guide especially for my
clients who need some advice; whatever your field
from Music Producers, & Chocolatiers to IT
Consultants. The budding entrepreneur needs
encouragement as there is more to running a
business than understanding, or loving what you do.

This guide will help you with the following:

1. How do you know if you have what it takes
to start a business?
2. Know Your Purpose and Vision
3. Innovation: The Key To a Great Business
4. 3 Tips To Get To Grips With Finance
5. 5 Ways to Stay Motivated in Your Own
Business
6. Perseverance & Patience

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How do you know if you have what it takes to start a business?
There's really no way to know for sure. But I do find things in common among the emotional
fabric of people ready to consider an entrepreneurial venture:

1) You come from a line of people who couldn't work 3) You've gone as far as you can go
for someone else.

People who are successful at establishing their own Sometimes the motivation to start a new venture
business tend to have had family who worked for comes from having reached the top of the pile
themselves. It's usually easier to get a job with a where you are, looking around, and saying,
company than to start your own business. "What's next?"

2) You're a lousy employee 4) You've done the market research already

Okay, maybe you're not that bad but think of it as If you have a great business idea you must put time
the marketplace telling you the only person who can into figuring out if there's a market for your
effectively motivate and manage you is yourself. product or service.

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5.You see more than one definition of "job security” 6. You've got the support of your family, friends or
a network of experienced individuals

How many people do you know who are able to stay Starting a business is stressful under the best of
with one company for that long? circumstances. Doing it with the support of
In a rapidly changing economy, job security can be your significant family members, friends or
frighteningly fleeting. professional guidance will make it more be
bearable.

7. You are going to need some professional help
You might excel at promoting a business. Or you may love developing and designing new products.
You could be someone who starts a business because you have unique creative or technical know-how to
create a product. It's unlikely that you are going to excel at all of the tasks required for running a
successful business or getting your idea off the ground.

The willingness to get that help — having employees, partners or consultants for those areas in
which you are not an expert — is one indicator of likely future success. The person who is most
capable of enlisting the support of others is the most likely to succeed.

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Know Your Purpose and Vision
Planning for how to make this year your best year ever? Take some time to really clarify your Purpose and Vision for your business. These are
two of the most necessary elements for pulling your business towards future success. Whether it's the beginning of a new year or we're half
way through, you want it to be your best year ever. You are no doubt doing some planning for how to make that happen. Clear purpose and
vision are often lacking in small businesses.

I'd like to recommend you take some time to really clarify your Purpose and Vision
Here are a few ideas to help you make this your best year ever: Here's an idea for creating your vision:

Can you tell me the following:
1. Think of the absolute greatest outcome that you can possible
• What do you really want out of life?
imagine that your best clients would really want from your
service.
• What do you really not want in your life?
2. Find your favourite way to relax quietly and examine your
• What would you be willing to give up in order living the values and principles and then determine what you want your
life you want? business to be in the future.

• Have you lost track of your purpose? 3. Imagine yourself in a private movie theatre watching a movie
of your future self in 10 years. What was your future self’s
• Do you remember what led you to start or get into achievements, purpose and vision?
your business in the first place?

Answer these questions honestly and build your business around the life you want. Talk about a purpose that would set you on fire, repeat this to yourself every day!
This may seem silly to you at first, but if you open your mind up to accept that the visioning process will work,
you'll be amazed at the answers that will emerge.

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Innovation: The Key to a Great Business
The most durable organisations are those that produce a succession of ideas and innovations that either improve on existing processes or
create wonderful new products. In a fast-moving world, where people expect things to get better and better, and cheaper and cheaper,
innovation is your route to getting ahead of your competition.

Here are 4 simple ways to harvest innovation:

1. Create An Innovative Climate → Goran Ekvall of Lund University in Sweden has defined three conditions needed for a climate of
innovation. They are: trust, dynamism, and humour. Quite simply, when people trust each other there is a high level of energy and a common
sense of humour.

2. Develop Washing-Up Creativity → For some, ideas come while mowing the lawn or taking the dog for a walk or playing golf or
waiting on a railway station. For Isaac Newton, it was an apple on the head while sitting in the garden. For Archimedes, it was in the bath. For
others it’s while doing the dishes; that’s why Roffey Park calls these flashes of insight: “washing-up creativity”.

3. Make New Connections → Morita, chairman of Sony, said that he invented the Walkman because he wanted to listen to music while
walking between shots on his golf course. His team simply put together two seemingly incompatible products: a tape recorder and a transistor
radio.

4. Find Out What People Need & Want → Necessity is a great spur to innovation.

Once a new innovation becomes accepted, the world has changed for ever and can never go back to the way it
was.

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3 Tips to Get To Grips with Finance
Time and again, it’s been proven that small businesses don't pay enough attention to cash flow. That's the measure of how much money you
really have in the business.

Knowing what's up with your cash flow is essential to your business. But sometimes the figures can be difficult to
understand. Don't ever be afraid to turn to professionals for some help.

1. Be Wary of Big Contracts 2. Cash-Flow
"Small entrepreneurs wind up taking big orders that get them in Judith Dacey, a certified public accountant, calls a cash-flow
trouble," says Ronald Lowy, who heads a college business statement "probably the most important thing in telling you if your
administration department. "They want the big contract, but they're business is on or off target.”
not getting enough money at the front end of it.”
3. Track the Big 10
If you've established a way to track cash flow, then you can go on to organise and track 10 financials for your business. That's a big list, but
don't panic: You can take advantage of software programs or ask an accountant to track many of the following:

• Your Assets • What's Your Debt-to-asset Ratio?
• Your Liabilities • What's the Value of Your Accounts Receivable?
• What does it Cost You to Produce What You Sell? • What's Happening With Your Inventory?
• What's it Costing You to Sell What You Sell? • What's Your Average Collection Time on Accounts Receivable?
• What's Your Gross Profit Margin? • What Are Your Accounts Payable?

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5 Ways to Stay Motivated in Your Own Business
Whether you have just decided to go into business and make the most of your natural talent or you've had a business for many years,
you'll need to stay motivated if you're going to see continual success. Here are five simple ways you can stay motivated in your
business:

1. Set Yourself Tasks E.g. To-Do List:
• Work on promotion steps
Create a daily, weekly and even monthly list of things to do in your business. This
• Important phone calls to make
sounds so simple, but yet a "to do" list is a powerful tool in helping you accomplish
• Stack of papers to organise
business tasks and give you focus.
• Update receipts
Prioritise your list each day so you can do those things that are most important first. Most successful business people create a
If you have tasks that you absolutely dread, then put those tasks at the very top of list and then check off items as they are
the list if possible. This will give you a free mind for the remainder of the day to completed. This gives a sense of
concentrate on the tasks you enjoy. accomplishment throughout the day as you
complete tasks.

2. Search for New Opportunities during Slow Business Times

Having a slow time in your industry? Don't despair. And, whatever you do, don't go apply for a job at the local fast food chain - just yet!
Perhaps you offer a product or service that sells very slowly during the spring months.

You could seek out related products or services that would be popular during those months to offset the other in profits. This will give
you a chance to make money and enjoy multiple streams of income year round!

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3. Take an Online Training Course
Educate yourself through online training courses related to your craft so you can learn how to maximize your skills and profits. There
are many training courses available online today in the fields of web design, graphic design, online marketing, real estate, travel, office
skills, medical, insurance, finance, etc. Alternatively you could subscribe to magazines and read articles related to your special area.

4. Expand Marketing Avenues

Don't settle for less. Use the wisdom and experience of others who have been in business a while to expand your marketing avenues.
You might consider reading after top marketers to get Internet marketing ideas. Also, there are many ways to promote your unique
business off-line.

You could be wrong if you feel like your product or service doesn’t need marketing – from Music Producers to IT Consultants to Lawyers
– everyone needs to showcase their skills!

5. Network with Others

Another way to stay motivated during a business slump is to network with others.
Find others in related fields who can offer advice and encouragement about your business.
A new business can be lonely at times because you rarely leave the house or office!
Check your local area for networking communities and business meet-ups or join networks specific to your craft.
There are also national networking websites and organisations you can join e.g: The Evening Standard http://www.es-bc.co.uk/home

Use these tips to stay motivated in your business. You deserve success, so don't give up!

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Perseverance & Patience
• Finally, in this world of instant
gratification, there is still a place for
one of the keys virtues known to
man, especially for the creative
entrepreneur: Patience.

• Patience is defined as bearing or
enduring pain, difficulty,
provocation, or annoyance with
calmness. It also means persevering
constantly. Why is that so important
for someone who is starting or is
operating their own business? Let
me explain by telling you my story.

• I found out the importance of patience through a blip I made several years ago. I decided that
because I love wearing dresses I would set up my own online fashion boutique. I invested in the
stock and was disappointed when no one else loved my dresses! But, instead of being patient, I
decided quickly that it wasn't for me and I moved on to another opportunity. Had I been patient
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to start with, there is no telling how far up in the business I would have been. Through the
years, I have learned the importance of patience in several areas.

• First, you need patience to get to know your new business. You may need to go through training
several times to get the idea of how things work. You need to get to know any products you
offer by studying them and giving them a try yourself. You need to understand the risks so there
will not be any surprises down the road. You need time to understand exactly how you are to
promote your business. You also need to keep an eye on your accounts and deadlines. Be
patient and you will gain the understanding you need.

• Next, you need patience in dealing with and getting to know your customers/affiliates. You will
find quality people that are like you. It may not happen overnight but it will happen. Just be
patient.

• In closing, let me say you need patience in the day to day running of your business. This may be
the area that patience is needed the most. The thrill of getting started begins to wear off. But
remember, anything worth having is worth working for. Make up your mind you are going to
stay positive.

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If you found this e-book useful, please share this guide.

Wishing you success!

Where to find me

Website: www.noelbookkeeping.com
Facebook: http://www.facebook.com/NoelBookkeeping
Email: ruth@noelbookkeeping.com

Tel: 0844 665 1355

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About the Author

Growing up Ruth noticed that the people close to her were terrified of having to pay
taxes. And this is understandable. But this motivated her to help people with accounts
and finances; so that they no longer have to worry constantly about this area.

With her knowledge and methodical approach she makes sure everything is under
control. She believes being afraid of taxes and finances is just like being afraid of your
own growth.

In other words, you should not put a glass ceiling over your own head because you are
in fear. If you have this in your mind then you are effectively limiting your own success.

She works with entrepreneurs by sharing positivity and using bookkeeping
and accounting strategies that will bring out the best in innovative
businesses.

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