Cash Is Queen: How To Succeed As An Entrepreneur

Most businesses fail in the first five years, and it often has to do with what’s going on inside the leader emotionally and the environment that surrounds them.

Most books I’ve read on business are more focused on what to do and how to do it. I wrote Cash Is Queen: 11 Life Altering Wealth Principles For Entrepreneurs and Trailblazers as a guide to help entrepreneurs manage their expectations during the first five years in business. This book will have you re-evaluating your personal life and business so you can see the connection between the two and what type of impact it can have on your success and future projections.

Here are my top five tips to ensure your success as an entrepreneur.

Know the relationship you are in, as it will determine your future success; good or bad. Sometimes we get into relationships that we know we shouldn’t be in. We choose to ignore the signs that something isn’t right and continue with the relationship anyway. In due time we come to realize the relationship was the worst thing we could have done psychologically, emotionally and financially. It’s always good to re-evaluate your relationship with your immediate family and friends. If you find anyone who is draining your energy, you need to remove that individual as quickly as possible. The longer they are around, you are leaving yourself at a greater risk.

Find a good tribe (your circle of friends and support system). It’s really important to have a support team who believes in you but who are also not afraid to be honest. Your vibe will attract your tribe! This is very important to know. They will be individuals who gravitate towards you, have the same interest, cheer you on, support you and most importantly they will accept you for who you are. You will need your tribe in times of trials to bring comfort, support and reasoning to your situation. It’s very important to have a circle full of love and positivity to encourage your growth.

You can’t do it alone. Be sure to network, find a coach or mentor that you can ask for help or who can guide you to make the right decisions. Some people believe networking happens online, but it really happens person to person. Using online resources to start the “networking” process is a good way to set up an appointment, but ultimately meeting someone in person at an event is much more rewarding. You can really benefit from meeting others in a gathering where there are like-minded entrepreneurs. You can learn from their experiences and gain perspective on a larger scale. If you’re not networking, you’re not working!

Keep an eye on the “cash.” If you are not managing your money, you could be in financial turmoil very quickly at home or with your business. Businesses operate because of their cash flow, not their profits. Sometimes it takes years for a business to start profiting but if a business has a healthy cash flow, it is the life of the business. Every business goes through various cycles of development. At times this cycle may be a downturn. A downturn doesn’t necessarily need to have a negative impact on a business. If you’re prepared, it can challenge us to capitalize on other opportunities or ventures that will help increase cash flow. If you are not prepared and are operating in negative cash flow for a long period of time, the business may be at the end of its cycle, and exiting the business could be your only choice. Before taking the steps to exit a business, it is important you have done everything possible to improve the cash flow by making cutbacks and finding ways to sustain the operations. Your cash flow can be the life or death of your business. Cash may be King but cash flow is Queen!

Make decisions based on information, not emotions. Emotions can cause you to make irrational decisions that are detrimental for you personally or your business. Be proactive and calculate the risks before taking definitive action. The decisions we make today will have a sufficient impact on our success in the future. Be sure to control your responses and capitalize on the information from the environment or the message you are receiving to make decisions that align with your goals.

Samantha Brookes is the CEO and Founder Mortgages of Canada, one of the fastest growing and most reliable mortgage brokerages in the country. She leads a team of individuals with in depth experience in the home mortgage industry, working with purchases, refinances, and home equity loans. Samantha’s vision is to “offer flexible solutions tailored to meet people’s needs.”

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