The contractor is not perfect. But since you want to become a large, one who succeeds, you should know what this means for you to get started. This lets you know where you are and the way that you have to do. It is given to everybody to aspire to entrepreneurship, but not everybody will not. Can you one day be an entrepreneur? Your ambition to undertake know he successful? If you should ever become a true entrepreneur, an entrepreneur winner, here’s what we tell you:

You have the tenacity

Do you have the tenacity and you’re ready to take as long as there is espoiret especially that nothing will stop you – not even the lack of immediate financing?

My testimony

Rectangle with rounded corners: When I run my business plan, I found myself in front of a group of four. Of the four, three wanted a job and financial security. They left because at first it did not flow to flow, it does not flow at all. One of the four already had a job and because it does not flow, it was not ready to abandon his job. You tell me that’s normal. But this lack of tenacity that we could take five. Five months later I discovered a young tough but largely younger. We spent three months together without earning any money and he should survive if external funding and without government subsidy. Five months later, her tenacity paid off. When we got the first big market, we are allowed to cry together.

You have the spirit of initiative

Your brain is always running and you never tarissez imagination. You are always the first to find the solution to inspire others.

My testimony

Rectangle with rounded corners: I remember and I still experience the surprises of my partner Ulrich AFFO. “Hermann, and I thought I found an idea.” I would always say “Go ahead, I’m listening.” Even when he knows he has not caught enough, I always feel ready to prepare the reply. And very often terrible, “Hermann, I realized that you had some concern, but if we added another possibility? .

You have such a sense of responsibility

You do not leak forward or backward. When is your responsibility, you know, take the brave, proud and imperturbable.

“It’s my fault.” We must say from the depths of his heart. We must assume. The undertaking can not expect someone else to take its responsibilities in its place.

You know withstand shocks and have the ability to control you.

A limit of appearing insensitive, you know cash sporting shocks. The complaint and easy emotion are not part of your personality. When you are provoked, you can keep your cool.

Testimony of a young entrepreneur

Rectangle with rounded corners: I fell very low. To a man, I think I lived harder than the journey to Golgotha. My account has fallen below zero. I went up signing a bad check. A sincere friend dragged me to the police. In my country, it is something too humiliating. But I attended his marriage two months later and the day. I even read the universal prayer during the Mass celebrating his marriage.

You can work at full capacity

If we put them in 20 hours / 24 to finish, you know how. You can work 10 to 12 hours straight without a day off.

I confess that it is feasible and widely especially when one is crazy enough. But there was a price to pay. Little sleep, little time, few friends. And your body suffers. At first you will have no choice because you’ll have to play the role of five employees.

Your health is and can keep all the roads:

Strong dissipation of physical or mental energy does not affect your health. Small health problems often do not come off during your work pace.

Typically entrepreneurs “drives” seldom fall sick. But a succession of energy dissipation without control and constantly makes you vulnerable. You must protect your health because it is that you will take.

My Testimony

Rectangle with rounded corners: Personally, I happen to come see the falls, then I reduced my pace. To my colleagues, it is as if I never get sick. Yet!

You have the enthusiasm and ability to communicate this enthusiasm:

Your faith can indeed move mountains. You believe so often that others end up being contaminated and you actually believe.

My Testimony

Rectangle with rounded corners: I have a friend marketing consultant who communicates so effectively and simply. One day I heard somebody make this comment “You’re dreaming.” If we can make this comment about you, then you have all the enthusiasm it takes to create in others point to “dream”. That’s enough.

You’re not the kind of undecided – you know how quickly your choice

Two factors are sufficient for you to take a decision and when you decide it is rare, very rare that you return back.

The undecided people are not entrepreneurs and they can not be. There is a difference between being undecided “and” take time to decide. ” In the second case you take the time to check all the criteria before deciding. In the second case, you are an embarrassment of choice because you do not know what to choose.

You know take the other, you know you sell:

Within minutes you enough to create enthusiasm and admiration for your person, your ideas, you know you produce. People are always very quickly what’s interesting to you.

You’re not going to be a crook. You do not sell when you steal. The difference here is that you know to show others what is right for them with the availability and means to serve them with love.

“They told me about you but I really did not know you were as practical as that.” The one that made this comment, knows how to sell, it’s a winning contractor in substance.

You have the good sense-judgment:

When this is not good, really not good and that good sense can be considered as such, you also consider yourself as such and especially you know take the necessary perspective.

My testimony

Rectangle with rounded corners: Sometimes I return to my opinions and it is usually when I take decisions in haste. This is called common sense can be systematized as a checklist to verify that a good process. You have specific criteria. Therefore, even the old man the wisest of the world can have a trial as sharp as you. It is the mark of good contractors. Moreover, we must not believe his decision to use checklists. Entrepreneurs winners are humble.

You have a good adaptability

When the data conditions change, you know how to readjust quickly. You always know you relocate.

You’re not racist, you are not ethnocentric. You can work with everybody and effectively. Do not believe too much in that capacity at the point of forgetting to wipe any chair you ask your buttocks. When environments, systems and new people do not handicap you remain owner of your strengths as an entrepreneur without disadvantage. It is characteristic of entrepreneurs winners.

You’re curious about your surroundings

Nothing leaves you indifferent and you always look for a “why not? In all situations, not necessarily in that which is directly related to your field of activity.

The good entrepreneur knows how to read between the lines. When he sees someone or something apparently good, he can push his curiosity. Sometimes we discover business opportunities with this state of mind.

My testimony

Rectangle with rounded corners: One day I was leaving a restaurant with a group of friends. A nice gentleman I was introduced by one of us. His handshake left me indifferent point. “Delighted Sir! I am Hermann CAKPO it seems that has already seen somewhere, “I said. He replied “it is quite possible, then I continued” But I sell software and websites and you? . Very excited, he exclaimed “it falls far, I developed myself. Today his company is my first software supplier.

You are patient enough to understand others

You know, listen, you are condoning their peccadilloes. And when they are very good faith and are willing, you’re always looking to help them recover, to move forward.

I told a friend “the good leader is one who sees the other’s weaknesses to the point where he understands their fall. Imagine this: a colleague has just committed an error and the entrepreneur (the contractor) said: “It could have been me.”

You have a sense of anticipation:

And if you were really a prophet. You always have this knack for quickly and learn to anticipate things, situations.

My testimony about a contractor Benin

Rectangle with rounded corners: I know in my country a contractor who was the first to believe they could produce books in Benin, the first to believe they could sell cars traditionally German Benin. He made his two dreams. At the time of writing his lines, I see him running in the rice fields as anything Benin can become a major producer of rice. I’m not laughing at him. It is a great entrepreneur!

You know delegate

Since your agility and intelligence are not always sufficient to allow you to do everything yourself, you know, trusting others, trusting them some of your tasks so you’re more effective in the tasks you do not delegated.

By trying to do everything we do wrong things, we lose the opportunity to let others express their potential. But do not leaving delegate. Adopt the attitude, explanation, observation and experimentation. Then let the delegate go it alone. You will need a minimum of confidence in your people.

You know, teach others.

Because those to whom you delegate authority must do things as well as you, you know how to acquire the skills they need through learning.

Do you know these people who do not “spin secrets” to their friends because they are afraid to see beyond them? They are not entrepreneurs, at least not the leaders. The leader – the entrepreneur feels joy to see people grow and overtake him through.

You do not need a whip – you’re self-motivated

You have no one to punish you if you do or not what you promised to do. Your only motivation you can move forward.

The brave entrepreneur said “It is my cross, let me wear it.” He works night and day. It rises in the morning without his mother forces him. His mother, he is! He is his own hangman penitentiary!

You can work with numbers:

You do not hate the mathematical point of not being able to take stock of your spending and your income. You can keep accurate books.

My testimony

Rectangle with rounded corners: Sometimes I receive on my table the financial statements that I can not explain. Then I use my financial scoreboard: the imbalance is often large. Then I begin to remind me of a particular expenditure or activity not taken into account by the statements I have in front of me. Confidence: If I did not know corporate finance, maybe I will not be writing these lines. Despite the goodwill and determination of my accountant, I can not count on him alone to save the company.

You know draw lessons from your mistakes

Sometimes it is better to make a mistake early on, accept, admit and begin again as soon as possible rather than committing too late. I make mistakes now that I would have liked to commit earlier. I managed most things now. Indeed it is a chance to commit mistakes early to draw lessons early. You avoid from this point the uninitiated mistakes because you’ve already committed your mistakes and have drawn lessons.

You are a great hard worker.

This is not necessarily constant debauchery and endless energy. You know, spend time at your job because you really like. And you recognize that quality.

My testimony

Rectangle with rounded corners: My friend Ulrich is a great hard worker. Sometimes I fear for his future home because when one goes as far as him in the job you lose heart. But I confess that I am always difficult to snatch two hours of his weekends. Even the big boxing match is made of sequences of rounds.

What you need to do:

I know how important it is for you to become a great entrepreneur. I will not say that the entrepreneurial qualities described above are compulsory but there are some who are critical, very critical. Then:

* Make a point
* Take a blank sheet
* Draw a table with six columns
* In the first line of the first column, enter “Quality”
* Enter the numbers from 1 to 5 in the following lines of columns
* From the second line of the first column enter successively the qualities necessary to become a great entrepreneur.
* Give you a note by selecting cases from 1 to 5
* At the end, make a point – if you have at least 60 out of 100, if you’re not that far.
* Work to improve your weaknesses, and repeat the exercise three to six months later

Adapted from content excerpted from the American Express ® OPEN Small Business Network

There are many occasions when you must assess the value of a company. Buying and selling a business are probably the most common reasons. Other reasons include: estate planning, reorganization, or verification of your worth for lenders or investors.

Valuing a company is far from an exact science and can depend on the type of company and purpose of the evaluation. There are a wide range of factors that go into the process: the book value to a multitude of tangible and intangible. In general, the enterprise value based on an analysis of its cash flow. In other words, its ability to generate consistent profits will determine its value in the market ultimately.

The evaluation of a company should be considered a starting point for buyers and sellers. It is rare that buyers and sellers achieve the same amount, even if only because the seller is looking for a higher price. Your goal should be to establish an approximate price at which the buyer and seller can negotiate a price with which they will both be comfortable. Look carefully at the numbers, but keep in mind this caution from Bryan Goetz, president of Capital Advisors, Inc.., A business appraiser: “Businesses are as unique and complex that people who lead and do can be evaluated with a simple rule of thumb. ”
Some common methods used to reach a value:

* Asset valuation
* Evaluation of the income capitalization
* Evaluation of owner benefit
* Multiplier or valuation of the market

Valuation of assets

The asset valuation is used when a company has significant assets. The retailers and manufacturers fall into this category. This process takes into account the following amounts whose sum is the value:

* Fair market value of property and equipment (FMV / FA) – This is the price you would pay on the open market to purchase the assets or equipment.
* Leasehold improvements (AL) – These are the improvements to the physical property that would be considered part of the property in case of sale or non-renewal of the lease.
* Profits from the owner (CP) – It is the seller’s discretionary cash for the year. You can get adjusted income statement.
* Inventory (I) – Wholesale value of inventory, including raw materials, work in process and finished goods or products.

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Evaluation of the income capitalization

This method does not give value to assets such as equipment and takes into account a greater number of intangibles. It is preferable to use the valuation method for companies without assets such as service companies.

In his book “The Complete Guide to Buying a Business” (Amacom, 1994), Richard Snowden cites a dozen factors that should be taken into account when using the evaluation of the income capitalization. It recommends giving a score from 0 to 5, with 5 being the highest rating. The average of these factors will be the “capitalization rate” which is multiplied by the money available to the buyer to determine the market value of the company. The factors are:

* Reason for sale owner
* Length of time the company has been in business
* Length of time current owner has owned the company
* Risk level
* Profitability
* Location
* History of Growth
* Competition
* Barriers to market access
* Potential future industry
* Customer
* Technology

Again, add the total scores and divide by 12 to obtain an average value to use as the capitalization rate. Then you must reach an amount of money available to the buyer which is 75% of owner benefit (seller’s discretionary cash for one year as reported in the income statement). You multiply the two numbers to get the value.

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Rating Owner benefit

This formula focuses on the cash seller and is most often used for valuing businesses whose value derives from their ability to generate cash and profits. The formula is relatively simple: we multiply the owner benefit times 2.2727 to get the value. The multiplier takes into account standard figures such as 10% return on investment, a basic minimum of 30% of owner benefit and 25% of expenses for reimbursement. (I do not think whether “debt service” here – to check.

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Multiplier or valuation of the market

This approach finds the value of a company using an “industry average” as a multiplier. The value of the industry average based on recent selling prices of comparable businesses. It follows the development of a formula specific to the industry, usually a multiple of revenues. It is here that some people have problems with these formulas, because often they do not reflect the net profits or cash And they do not take into account differences that may exist between two companies in the same industry .

Here are some examples of multipliers by industry as mentioned in “The Complete Guide to Buying a Business” by Richard Snowden (Amacom, 1994):

* Travel agencies – from 0.05 to 0.1 X annual turnover gross
* Advertising Agencies – 0.75 X annual turnover gross
* Retail – 0.75 to 1.5 X annual net profit + inventory + equipment

To find the right multiplier for your industry, you can try contacting your trade association. Another solution is to use the services of a broker or appraiser who specializes in your type of business.

Adapted from content excerpted from the American Express ® OPEN Small Business Network

Buy an existing business can be less risky and more quickly profitable than start his own company from scratch. This is not without risk and success will depend mostly on your choice and a good assessment of the company you buy.

Here’s how to “take the temperature” to begin the assessment of a proposed buyout. The following steps are not intended to replace an in-depth study, you realize that once this first phase is complete. Click an item below to learn more about what you should be careful.

* Financial Statements
* Accounts Payable and Accounts Receivable
* Employees
* Clients
* Location
* Appearance of facilities
* Competitors
* Registrations, licenses, targeting
* Image

Financial Statements

Consider the financial statements and tax returns for 3-5 years to get an overview of the current fiscal health of the company and financial trends. Make sure the figures are accompanied by an audit report from a firm of chartered accountants of good standing. Do not accept simple financial reports or compilation because these documents are based on figures provided by the company. The financial health of the company is good? The financial statements correspond to returns? The sales and operating ratios correspond to the industry average? Your accountant can help you analyze these figures and determine the equity in your company.

Accounts Payable and Accounts Receivable

Check dates on invoices to see if the company keeps its accounts to date. The normal payment terms vary from one sector to another but the standard is generally 30 to 60 days. If the bills are paid 90 days or more after the date indicated, it is possible that the owner has cash flow problems. Try also whether any procedural order for payment has been filed against the company because of unpaid bills.

Pay particular attention to accounts receivable, the figures are often inflated. Look carefully at the dates to know how many accounts are unpaid and for how long. This is important because the more the customer account is old, the more its value is low and most likely it is that he never paid. While you’re there, make a list of the top 10 accounts of the company and check their creditworthiness. If the majority of clients are creditworthy but do not pay on time, you could solve this problem by adopting a policy stricter collection. If customers are financially unstable, start looking for another company.

Employees

For many companies, having good employees is a key element. You must determine the importance of each employee to the success of your business. You must also observe their work habits to determine if a staff with whom you could work. How long have these key employees they work for the company? Will they stay in the company if it changes ownership? What steps will you take to motivate them to stay? These key employees are they easily replaceable? What do they maintain relationships with customers? These they would follow if an employee were to leave the company? Observe also what role the current owner in the company. Is this a role you might play? There, among the present employees, individuals who could assume these responsibilities for you if necessary?

Clients

This is perhaps the most important asset you acquire with the company. Make sure they are as strong as other tangible assets. The clients have a special relationship with the current owner (long-time friends or family)? How long do they work with the company and what percentage of profits represent? Will they stay or they will leave when the company changed ownership? The current owner or manager seems he had a good relationship with clients? Is there a written procedure for managing complaints, returns, conflicts? The current owner said he made the effort to support the local community or sector?

Location

This is particularly important if you buy a retail business. How important is the location for the success of the case? How good is the location of this particular case? Is there enough parking spaces to facilitate the visit of customers? Trade is it dependent on transient guests? What are the future plans of the neighborhood? Is he going to change quickly, residential or business? The location will he more or less interesting because of anticipated changes in the neighborhood?

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Appearance of facilities

The environment within which the company can tell you much about it. Take time to consider the physical appearance of the place. How can you believe it? Your first impression was it good when you entered? The place is well maintained? Large maintenance are they expected – the roof leaks, peeling paint, poor signage? The reception for guests is well organized, as the place where the stock is stored?

Competitors

When you buy a company, you must understand the competitive environment in which it operates. Follow industry trends and their potential effects on the company you want to buy. This sector is very competitive there? Who are your competitors and what are their tactics? The price war is it common in this area? What the competitive environment has changed recently? Some competitors have closed shop? Why? You can find this information by contacting an industry association concerned or by visiting the publications.

Registrations, licenses, targeting

Make sure the main business licenses and other legal documents are easily transferable. Learn about the process of applying for the transfer and its cost by contacting the local administrative services and adequate national. In the case of a corporation, which country or which region is it attached? Works as does a foreign company in its own country?

Picture

The way a company is perceived can be a serious asset or a liability that can not be evaluated in a spreadsheet. There are a variety of intangibles that you must consider when assessing a company, how clients are received on how to answer the phone through if the company in question supports community or sector. Often called the category of “goodwill”. Talk to customers, suppliers, competitors, banks and other businesses in the region to learn more about the reputation of the company. Remember that it is very difficult to change a negative image.

Here for you the 7 Attitudes to strengthen its forces Contractor

The pitfalls of the business are numerous and mostly due to the contractor himself. When you move on a slippery slope you have to know where you ask not. But every step you take is yours, is that you know why you ask here and not next door. And you do an experiment you familiar with the terrain. You choose your way of asking not to be much stronger. Each occasion is good to learn and learn best when you know you capitalize on your experiences. “I could do well.” “I’ll do well.” “Now I understand.” It is you who say, and so often!

Learn to work, work to build his business.

I repeat. All opportunities are good for learning. Even the corner. You are working in a company with a position that makes you a major player in your organization. This is an experience you can use to establish your own forces to undertake. Well, capitalizing your everyday experiences. You try selling and trading. You meet people from different backgrounds. Do not have a large box before you learn to behave in general. Or at least ask yourself the question of how you would have done if you should be at the forefront. How do I? What will my way? What is my way? That’s how you build your own brand.

Create its own brand

You did nothing special except the way you do that differs from the other so that when one sees you, it combines the fast way to make your person, your product, your brand. But that is not born overnight. You can sit yourself this expertise, this peculiarity deprives you of the general and you stick another label. When you choose your career over to be honest, the day you start your own business, with your name and your integrity, even if it is. A man cleared if deleted I’m afraid he can not speak in public was a business. I liked his talk business. But I ended up barely pronounce the name of the company that will add “….” And he inspired confidence. People sometimes blindly trusted his business, especially when the stakes are high.

You too can get out of the common lot. Associate a way to make your business. When you have the chance to be a public act, remember, how you’ll follow you. For good impression, you only have one chance. Remember, your person is at the heart of your brand. Imagine three companies in your city and see the look on her door that because of their leader.

After your person, there is your expertise. The special touch you give everything you do and sometimes that makes you believe that you take. “If you want quality work, no two people ….” Sit back and strengthen your knowledge and share it with other more visible and public. Tomorrow, we’ll talk.

Understanding Business

There is what you read in books, there is what you learn on your own in your daily life, experience that you will make your interactions with businesses. If you are a small trader who is struggling to grow, you probably used to receiving letters of larger companies. Usually you take a book to sign transmission. When you take your pen to sign it, take care to see its structure, how it is filled, sign and return it to the bearer. If you do not know the structure of a formal letter, study the letters you receive from large companies.

If you are cons by a secretary in a company and you are considering starting your own business, many cases go through you take each time, two minutes of your precious time to fly. Do not steal any information, but to draw lessons form the records. Try to understand how the sales team of the company you work functions.

For each trick you learn with others, imagine how you can improve and better use for your own business. At each interaction, you say: “And if it was my business.”

Learning to solve problems

The characteristic of an entrepreneur is to solve problems. If one were to cut the word “enter” and “take”, I tell you that it is “entering” is most difficult. Because an entrepreneur, you face all sorts of problems: customers, suppliers, partners, and your family problems and personal problems. And the hardest part is that you have very little time to solve each type of problems and in the best interest of your company. The pressure is constant and sometimes intense. It is sometimes unnecessary. You can learn to solve your problems before your business becomes large and complex.

If you can now analyze each type of problem you might face, use it to identify all possible alternatives and solutions especially likely. Say you “The day an employee is unmotivated, that’s how I shall cheer him up.” “The day I fail liquidity is what I do.” “The day my wife or my husband will understand more as I get back too late, here’s the explanation that I will.” Is not that prevention is better than cure?

Weaving its network

The first worm that gnaws an undertaking, it is the paperwork. Suppose you ask a telephone company and that your “country” as “developing” you must wait two or even five to ten years to get through. Imagine what it would cost you if your line was not installed two weeks later. A phone call to your cousin, your promotionnaire, your friend who works in the telecommunications company you need to skip the sometimes lengthy procedural and bureaucratic chain. Favoritism? Come see!

Thanks to your knowledge network, you conclude your deals more easily, more easily solve your problem (your banker friend! Your overdraft facility!) In a win win; serve him when he needs you, ask the service when you need it. Remind him that you’re now friends, and … feed this friendship.

So take advantage of every opportunity to build your network. Take part in the appointment of business (conferences, seminars, symposium, launch, general meeting of association …) and exchange business cards with everyone you meet. Remember to follow. “Hello sir ANANI. I met you last week at the symposium on “Trust in the North-South” at the Palais des Congrès, this was a real pleasure to have met you …. ” Restart. Have a phone call to people you have not spoken a while ago. Show all your sympathy. At the christening of his daughter, respond readily to the invitation.

Learning to manage finances

Your habits will follow you in business. The way you manage your own finances always affects the way you manage your business finances. Especially when you come to confuse and mix the two.

If you open your checkbook too often and place your signature too often, try you impose financial discipline before the habit becomes too damaging to your business. Your one book alone will not bring order in your finances, you must have discipline in the matter and seek to understand to know the basics of financial management.

Optimize its community presence

The community in which you live is full of opportunity to establish your strengths as an entrepreneur. You do not imagine, but your presence in your community is an excellent opportunity to learn and improve areas that you think are the weakest in your life as an entrepreneur. The reason is that among people is always the challenge. Nobody likes to leave the shame wash his face. For example:

Bet on your creativity. By joining an association, by helping a charity group, you often feel lost time. But please, know what you get from these organizations and pull in the best to lay the foundations for the success of your business. And if it were to be problems in its associations, you should not be at the origin. In other words, you forgot why you’ve joined.