postaday | wealthymatters

Why Bootstrap Your Business ?

June 13, 2014 Leave a comment

wealthymatters These days, it’s very fashionable to have a business “funded” by an investor or venture capital firm.But this is almost always a bad idea. Bootstrapping your business is usually the better alternative.

Bootstrapping is starting and growing a business using your existing resources.

Bootstrapping doesn’t mean you’re excluded from investing any of your own cash. It also doesn’t mean that you must remain a one-person company for eternity, or that you have to settle for meager revenues and profits.It simply means growing your business using your existing resources instead of going out and raising a bunch of money from other people. It means growing organically.

If your #1 goal is to build something enormous and world-changing as quickly as possible, bootstrapping may not be a good choice. But if your primary goal is to build a profitable business that you will ultimately control, bootstrapping is almost always your best option. Here’s why:

Cash Alone Rarely Solves Problems Read more of this post

Filed under Entrepreneurship, Theory Tagged with Bootstrapping, control, postaday, prioritize, profitability, the advantages of bootstrapping

Kurt Heinrich’s Story

June 13, 2014 Leave a comment

“You should definitely start a drop-ship business and sell things online. That’s what I did. I started an online shop for iPod accessories and made $17,500 during my first Christmas season. That was in middle school, then I kept the business throughout high school and grew it from there. Here’s the long story:

When I was in middle school, I used to look forward to getting my monthly issue of Popular Science magazine. In one particular issue, they had a how-to guide on how to turn an Altoids tin into an iPod charger. I thought this was awesome, so I went to RadioShack, got all the parts, then built it. I then took it to school to show all my friends. Before I knew it, all my friends wanted one too, so I started selling them for $20 each. Read more of this post

Filed under Entrepreneurship, Tool Kit Tagged with drop-ship business, e-commerce business, Ebay, ecommercefuel.com, eCommHub, ezVision glasses, iPod accessories, Kurt Heinrich, Magento, marketing, PayPal, postaday, PPC ads, practicalecommerce.com, Reselling, SEO, Shopify, Zappos

Women! Assert Yourselves In Money Matters

June 12, 2014 Leave a comment

wealthymatters

Legitimate marketers,con artists and stockbrokers make lots of money off people’s irrational behavior.Behavioral economics tries to figure out why people consistently make irrational financial decisions and a load of recent research in behavioral economics suggests that men’s portfolios and pocketbooks would be a lot better off if they listened more to women.

Terry Odean, a University of California professor, has studied stock picking by gender for more than two decades. A seven-year study by him found single female investors outperformed single men by 2.3 percent, female investment groups outperformed their male counterparts by 4.6 percent and women overall outperformed by 1.4 percent. Why? The short answer is overconfidence. Men trade more, and the more you trade, typically the more you lose — not to mention running up transaction costs.Male investors traded 45 percent more than female investors. Read more of this post

Filed under Paper Assets, Theory Tagged with behavioral economics, John Coates, Peter Lynch, positivity illusion, postaday, Terry Odean, The Hour Between Dog and Wolf: Risk Taking Gut Feelings and the Biology of Boom and Bust, women are better investors, women are better money managers

Entrepreneurs ! Build Teams Not Streams

June 12, 2014 Leave a comment

MYTH: The more income streams you can start, the wealthier you will become.

TRUTH: Starting many streams at the same time is like trying to push many balls up a hill at the same time: You may get started, but you end up losing your focus and your time. Success comes from growing teams, not streams: multiple teams of income.