WHY NOT? BECOME AN ENTREPRENEUR!
Its no the myth but fact that entrepreneurs create jobs. Jobs provide people with livelihoods. Thus practicing entrepreneurship should be of global priority.
Emerging economies like China & India have a great demand for jobs. Nearly 1/3rd of 6.5 billion populations live in these two countries. In India alone 450 million childrens below the age of 15 will join the workforce. Its nearly impossible for government & existing businesses to provide employment. It can only be done by new entrepreneurs.
If you are confused about whether to do job or to have own business? Here is the answer; it’s about starting your own.
Although entrepreneurship is about sacrificing bulky salary, lavish lifestyle & time. It has lot more to gain after few years of struggle. My next few articles would help you in becoming a successful entrepreneur. Entrepreneurship is about creating wealth not only for ourselves but for others. It’s about creating jobs for millions. Entrepreneurs drive innovations. Entrepreneurship is a creative process and when done successfully, it can give you highest sense of accomplishment.
It all begins at that special moment when someone gets an inner call that says: “You are designed to create something new”.
“Who knows you may be the next big success”. So what you have decided?
…… & NOW CREDIT CARD CRISIS IN AMERICA
Emergence of global financial meltdown was the effect of failure of the sub-prime mortgage and financial securities market. (Sub-prime borrowers were those that had less healthy loan repayment abilities.) The US is in deep financial trouble. The US credit card default rate have reached an all time high of 13% in March-10, and the total outstanding credit card debts per household which holds credit card debt, reached a staggering $16000 in the same month. The survey conducted by Fitch Ratings reveals that 98% of the total revolving debts in the US are made up of credit cards. Another astonishing fact was that 92 million of all US households hold one or more credit cards. Since 1970s fall in real wages of Americans have increased the usage of credit cards in the country. Americans mostly use the credit cards on housing, food, education, and health care. But with unemployment rates still hovering around 10% mark, default rates have increased over the past two years. Thereby catalyzing concerns that a chain reaction could pull the entire system down.
Credit card debt
• Average credit card debt per household with credit card debt: $15,788
• 76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card. Additionally, they will amass almost $20,000 in student debt. (Source: Nellie Mae, “Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends”)
• Total U.S. consumer revolving debt fell to $866 billion at the end of 2009, down from $958 billion at the end of 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve’s G.19 report, March 2010)
• The mean, or average, unpaid credit card balance last month was $3,389. The median is $90. (Source: “The Survey of Consumer Payment Choice,” Federal Reserve Bank of Boston, January 2010)
• About 45 percent of consumers said their unpaid credit card balance had gotten “lower” or “much lower” in the past 12 months. Only 26 percent said it had gotten “higher” or “much higher.”
LUNDBORG’S LAW FOR YOUNG ENTREPRENEURS
Its every entrepreneurs wish to become successful businessmen. Here are few tips which will help you to achieve success not only in business but also in your life.
Law 1
Multiply yourself. Don’t try to do it all yourself.
Law 2
Pick winners. Good people are tough to get, tough to manage, and tough to hang on to- but good people cost less because of their greater output.
Law 3
Don’t settle for second best. The greatest enemy is mediocrity and the only alternative is excellence.
Law 4
Let them run. If you have picked winners, you won’t cash in on them unless you let them run.
Law 5
Don’t alibi. When things go wrong, don’t make excuses, and don’t pass the buck- upward, downward, or laterally.
Law 6
Be a clock watcher. Be a good manager of time.
Law 7
Don’t be a deaf mute. Communicate- and do it with your ears as well as your eyes.
Law 8
Keep your motor turned and your oiled changed. Stay healthy.
NEVER ASSUME THAT DEBTORS WILL PAY YOUR DEBTS
Here are some business rules one must know.
1. Have self confidence in yourself.
2. Follow good business ethics.
3. Always plan for long term rather than short term.
4. Never assume that debtors will pay your debts.
5. The credit period given to your debtors should always be less than period given by your creditors. It will lead to better credit management.
6. Try to create good reputation.
7. Pay taxes regularly.
