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Month: October 2008

How to succeed in business

How to succeed in business

Interesting post on Link4Business talking about “How to succeed in business”. Here are some points that the author makes:

It appears that great entrepreneurs have 5 key qualities that help them succeed in situations that others may fail…

  1. A desire to succeed – not having an employee 9 to 5 mentality. They want to go that extra mile to succeed and will do whatever it takes.
  2. A positive Mental Attitude – both towards themselves and their business. They see opportunities where others see obstacles, their cup is always half full and disappointments don’t get them down. They look forwards, not backwards.
  3. A commitment to hard work – they’re not afraid of hard work and the commitment needed to succeed.
  4. Patience – Rome wasn’t built in a day and as well as being committed they have the patience to see the job through, taking it step by step.
  5. Persistence – challenges and problems will reveal themselves along the pay but the successful entrepreneur will persist with their ideas and not give up or change direction.

I thought that made interesting reading, especially as a know a number of entrepreneurs that fit the points above like a glove. It doesn’t matter if you’re selling live event video streaming or swimsuits, the desire to success coupled with the other points above are critical to make sure you arrive at your final destination.

Testing Flybe

Testing Flybe

British Aerospace 146, to be replaced from 200...

Well, a couple of days ago we got back from Malta and found a great big crack in one of our luggages. Ok, it wasn’t a Rimowa, or anything special; but I was quite fond of it and well, it takes a pretty substantial amount of force to break a hard case. Anyway, we filed a PIR and are now waiting for feedback from Flybe. It will be interesting to see how FlyBe progress the case and how it will be resolved. I’ll keep you posted!

Anyone else had their bag damaged while travelling?

Why are the markets falling again?

Why are the markets falling again?

CHICAGO - JANUARY 22:  Traders wait for the cl...
Image by Getty Images via Daylife

Interesting article on BBC looking into why markets around the world are still falling. I’m picking out the most intesteresting question to share with my readers:

How much further down can the markets go?

Spotting when markets have reached the bottom is a tricky and risky process.

Many traders believe in the idea of capitulation, which broadly means a market surrender.

This is when investors are prepared to get out of the market at any price because they have given up all hope of making money from their shares.

It is often marked by panic-selling and very high volumes of transactions.

The idea is that after capitulation you reach a point at which the last investor who is desperate to get out of shares and move into supposedly less risky assets has sold out.

Once there is a widespread belief that the bottom has been reached, bargain-hunters pile in and the market recovers.

Interesting stuff huh? The ticky bit is knowing when the market has reached it’s bottom (like knowing then you have to start taking Phentermine again). If you can enter the market at this point you can make loads and loads of money. Unfortunately a lot of people thought capitulation had been reached on 15th September when the Dow Jones index fell 504 points in a day … but since then it’s dropped another 2,500 points!

Everything costs £1

Everything costs £1

Interesting article on BBC News about how pound shops in the UK are handling problems like rising inflation. They have an interesting view on this as they see it as a shift in the products they carry rather than something that is damaging their business. So, items they sold at £1 last year might have gone out of budget and not be on their shelves any more, but items that sold at 90p in other shops are now more expensive and fall into the range where they can offer a bargain to their suppliers.

Interesting article and worth a read. I guess you’ll never find things like jewellery and bamboo blinds, but I’m pretty sure it’s only a matter of time before MP3 players will be on sale there.

Boots: Looking out for the customer

Boots: Looking out for the customer

Boots Group

Just had a brilliant experience at Boots the other day. The customer in front of me had a big pile of shopping that she popped in front of the cashier. The girl who was serving her took a quick look over the items in front of her and split them into two piles. She explained that if she processed them as 2 transactions, the first transaction would entitle the shopper to a £5 discount coupon which could then be used on the second transaction.

I was pretty impressed by this. The cashier had no incentive to help the customer out, yet her actions made sure that the experience was memorable to the customer, positively reinforcing the shopping experience and ensuring the client returned again. Retailers spend lots of time and effort in trying to entice customers back to their store but a positive experience can outweigh any promotional products or discounts that the shopper may meet. Now if I could find someone who would cut me a deal on some baby furniture, then maybe I can finish off Arthur‘s room 😉

Invest in Real Estate with a Self-Directed IRA

Invest in Real Estate with a Self-Directed IRA

I’ve been reading how in the US investors have access to a financial instrument called a Self-Directed IRA which allows them to invest their retirement fund into real estate or to use it to invest in a business. It’s a great idea and is particularly attractive in the current turbulent market where investing in traditional stocks and shares seems like a recipe for disaster. Here’s a diagrammatic overview of how it works

The starting point of the process is your current retirement funds which would need to be moved to a new Self Directed account with a Custodian, which can be a bank or savings and loan association or any other entity that has the approval of the IRS to act as Custodian. The safest way forward from this point is to set up an LLC (Limited Liability Company); which not mandatory this offers you extra flexibility and legal protection by limiting your personal liability. The Company than affords access to your funds to allow you to start investing in real estate if this is what you wish, or you can use this Company as the vehicle for your business and or to finance future initiatives.

It’s an interesting idea but I’m not sure we have a similar concept here in the UK. One word of warning however; if you do decide to go down this path, make sure you get sound investment advice as at the end of the day, this is your future you are playing with.