Tag: Finance and Economics

Last update on

20 Biggest Financial Mistakes Business Owners Make

Owning a business is an exhilarating journey. You're the captain of your own ship, charting a course towards innovation and success. But just like any voyage, a financial storm can erupt and send your dreams crashing against the rocks.  The good news?  By learning from the mistakes of others, you can navigate the financial waters with confidence.  Here are 20 common financial pitfalls that can trip up even the most passionate entrepreneur, along with valuable strategies to steer clear and keep your business afloat. 1. Mixing Personal and Business Finances Many new business owners fall into the trap of using… Continue Reading
Last update on

30 Ways to Diversify Your Income (Multiple Parallel Revenue Streams)

When it comes to finances, increasing profitability broadly falls into one of two categories: growing your revenue or decreasing your spending. Traditional 9-to-5 employees relying on a single source of income focus on the latter. After all, if your monthly or annual income is fixed, the best you can do is optimize your expenditure and try to improve your standard of living (bonus points for managing a savings account for rainy days or college funds). Successful entrepreneurs and business owners, on the other hand, double down on growing revenue. While some are frugal and save a fortune, others still maintain… Continue Reading
Last update on

10 Practical Risk Management Techniques

Successful business founders, executives, and managers employ different approaches when it comes to risk management. Whether dealing with financial volatility, market competition, or internal organizational challenges, managing risk effectively is crucial for long-term success. Only 23% of CEOs believe they have comprehensive information about the risks in their business even if 92% of them agree that having such information is highly critical to the success of their venture. On Shark Tank’s season 7, Robert Herjavec said that “Great entrepreneurs live in paranoia”. While I do agree with the sentiment, the risk management course I took back in the day was… Continue Reading
Last update on

8 Crucial Business Skills to Weather the Recession Storm

The current decade has been turbulent at best, challenging business paradigms, industrial practices, and biological presumptions across the planet. It begs the question: What is the successful route to developing resilient business skills for the years to come? From a global pandemic ranking near the Spanish Flu of 1918-1920 to worldwide lockdowns suffocating the travel and hospitality industries, through an overnight transition to remote work, a massive bump of cryptocurrencies, a housing market growing like crazy from Hong Kong to San Francisco to a global crash in 2022, businesses definitely had to endure a lot. Back to The Global Recession… Continue Reading