Investment Guide – How To Become A Rich Investor
The act of investing in, or spending money, time and effort on a business or some other things, in hope of making a profit, best defines investment. It could be Real Estate, Mutual Funds, Stocks, Foreign Exchange etc. Whatever it is, there are rules and guides to achieving success in investments, which, when adhered to, result in achieving much greater heights of success.Considering the huge amount of risks associated with most investments, it is of vital importance, to know the rules and guides first, irrespective of one’s financial status, before one could engage oneself in an investment of any kind whatsoever, in order not to be an object of pity, due to a mistake, of not going by the rules.According to experts, the Securities And Exchange Commission (SEC) of the United States, defines an individual as an Average Investor if the individual has $200,000 or more in annual income, $300,000 or more in annual income as a couple, or $1 Million or more in net worth. This established requirements by the SEC is to protect the average investor from some of the worst and most risky investments in the world. These investor requirements also protect the average investor from some of the best investments in the world, which is one major reason why, one has to be just more than an average investor.In as much as there are millions of desirous investors that fall below average investors, it would be unfair and discouraging, to always mention of Average and Rich Investors without the poor investors, each time matters of investments arise. After all, both started from the scratch. A gradual process that metamorphosed them into becoming what they are today. One does not have to worry himself, provided there’s life, there’s hope for the common man and lots of investment opportunities ahead. Hence, starting out in an investment with a minimal affordable capital, is highly recommended for the poor investor, and with prudence, little efforts, time, hope, faith and patience, desired goals would be achieved.The most important thing in investments is, one’s mindset. The mentally preparedness to cope with the great task associated with investments. Nothing good comes so easy in life! One has to ask oneself, a few important questions before embarking on a journey to investments. These questions are:1. Am I really determined to start out in an investment?2. What type of investment is suitable for me?3. How much capital do I have to start out in an investment?4. Should I invest solely or jointly?5. How much is my risk appetite?When one answers these questions correctly and still has desire to forge ahead in investing his money in an investment, then, he’s qualified for the next stage of success towards investment.The type of investment that suites one, is totally dependent on the already existing investment types- Real Estate, Mutual Funds, Stocks, Foreign Exchange etc., the amount of one’s capital, and one’s special interest in specific investment types. All this put together, constitutes a guide to enabling him know exactly the investment type that suites him.The amount of capital needed to start an investment depends on individuality, and the nature of the investment. Capital, shouldn’t be a major issue here, as there are investments- stocks, one can invest in with a couple of cents. Hence, capital is virtually irrelevant, when considering penny stocks. And should never be a discouragement from investing one’s money in an investment.Investing solely or jointly is totally one’s choice to make. Both investments exist. As a beginner, investing jointly is highly recommended. Considering the inherent risks in investments, which will always be shared, as it would, for the profit, amongst the investors according to individual’s amount invested, is ideally suitable for a good start. However, investing solely, is beneficial too. Even more beneficial, provided one has all it takes to stomach the risks in one-man investments. The investment profits from investing solely, will never be shared with anybody other than the sole investor, who takes it all. Hence, the decision is left for one to make, considering suitability and convenience.Though tremendous amount of risks are involved in most investments. The larger the capital invested, the larger the probable risks. Also, the larger the capital invested, the larger the probable investment profits depending on one’s approach to investment. It’s a matter of proportionality. The opportunity of becoming a Rich, Average, or Poor Investor lies directly at one’s door step. This is the final stage and guide towards a greater change in one’s financial status depending on one’s risk appetite. Hence, a bold step together with strict adherence to the rules and guides stipulated in this article, becoming a rich investor is guaranteed.
Keys To The Golden Door – 10 Steps to Success For Women and Minorities in Business
Researchers from the Atlanta business consultancy, The Hackett Group, surveyed 50 companies with median revenues of $7 billion and a median procurement spend of $3 billion (Wall Street Journal, August 2006). They found that firms that ‘focus heavily on supplier diversity’ generate a 133 percent greater return on procurement investments than the typical business. In these economic times, those numbers can not be ignored.News of the many positive results of supplier diversity programs boosts support for these initiatives. It can also provide more opportunities for minority- and women- owned businesses (M/WBEs).
Starting with the supply chain, some organizations are establishing relationships in increasingly diverse markets and gaining a competitive advantage in the U.S. and globally.How can M/WBEs leverage the growing number of opportunities available through corporate supplier diversity initiatives? How can they sustain business relationships leading to the long-term growth of their business?
Here are 10 steps that are guaranteed to produce positive results:STEP I
Produce High Quality Products. It is not sufficient for your products to be good. Differentiation of your products and services based on the highest level of quality provides insulation from competitive rivalry, often based on price, and creates customer loyalty. Introduce the unique benefits of your products and services to your customers, highlighting the high quality solutions it offers to their problems.According to Paul Belliveau, Abbie Griffin, and Stephen Somermeyer, editors of The PDMA ToolBook for New Product Development, there’s another way to differentiate your product or service in the marketplace while improving quality: learn from your customers how to innovate.Nabisco was proactive in this regard. Its engineering group designed modifications to bakery cooking and packaging equipment that increased efficiency and that were not yet available from the equipment manufacturers. Nabisco then contracted with the equipment vendors to incorporate the modifications into prototypes for its use. Eventually, the vendors included many of the Nabisco innovations in their standard designs, which Nabisco would then purchase since the commercial equipment was less expensive than the prototypes.Whatever your company provides, whether a product or a service, must be both excellent and relevant if it carries your business name.STEP II
Price Competitively. Women and minorities in business must challenge the perception that supplier diversity initiatives are in direct conflict with the corporate need to manage cost. Make sure that your products are priced competitively. Always charge a fair price for your product.It is also necessary for M/WBE’s to consistently perform cost-benefit analyses comparing product sales and business relationships. Remember to include the long-term value of the relationship in your analysis. If you are diligent in identifying and providing the benefits your customers require, you will differentiate yourself from your competitors and avoid competing solely on price. Note that some banks communicate financial security, trust, and esteem while other banks bombard us with price-driven advertising. This kind of advertising always leads to commoditization of their products and competition exclusively on price.Wal-Mart and others have a winning low-price strategy, but they have a well-designed supply chain structure that focuses on consistently reducing cost. If your company does not have the infrastructure or interest in competing on price alone, you need to determine and deliver on the quality and value your clients desire most.STEP III
Delight your Customers. Great customer service is not enough. To differentiate your business, the next frontier of competitive advantage is the customer experience. For women and minorities in business, it is necessary to differentiate on product/service quality, price competitiveness and, most importantly, responsiveness and service. It is with service that many of the smaller M/WBE’s have the advantage.Remember to consistently treat each customer interaction as a precious resource. Again, businesses that will thrive in years to come are those that have a clear competitive advantage in the marketplace. Creating an organization that is truly focused on providing superb customer service is the very best way to develop that competitive advantage.Be responsive. Come earlier. Stay later. Anticipate and solve problems for your customers before they occur. Send a thank you card. Remember birthdays. Apply these techniques to your business consistently, and you will begin to develop an emotional bond with your customers that will not only keep them coming back for more, but will also have them recommending you to their family, friends, and colleagues. Make it personal. In fact, it is personal: it’s your business!STEP IV
Build Capacity. When a large client makes a request that a smaller company cannot fulfill because of limited capacity it can be devastating to an existing business relationship. It can be ruinous to a relationship that has yet to be established. There are two ways to rapidly build capacity for woman and minority-owned small businesses: 1) hire more people to execute production; 2) create strategic alliances with companies that supply complementary goods.For specific project execution, a bias toward strategic alliances is recommended. Begin to look for companies with similar products or services and talk about the possibility of working together. It is not required that these are minority and/or women-owned companies. It is required that you have shared vision and, most importantly, shared values.Strategic alliances can extend beyond promotions and single projects. They can include joint advertising, marketing exposure, special events, and employee programs that benefit both companies. As a result of a fully integrated approach, the overall value to the consumer increases significantly.In today’s changing business world, using the strength of strategic partnerships to increase capacity, gain exposure, and penetrate new distribution channels is an exceptionally smart approach. So, ask questions. Study the work of potential partners. Once you find a partner who produces work you admire and who shares your values and commitment to service, cherish those relationships for years to come!STEP V
Define Your Niche. One of the most widely championed suggestions for small business owners of any ilk is, “focus on what you do well.” As entrepreneurs, many minorities and women have a desire to be all things to all people. That’s understandable. Sometimes projects that complement your niche pay the bills. However, these projects should be the exception, not the rule.Creating a niche position in the market allows for good short-term prospects and the potential for long-term business beyond your initial position. It is an excellent tool to differentiate your business and protect your market space from competitive new entrants. A defined market position that targets a niche product or service presents a great opportunity to attract new customers or to offer your services in a new location.Define what your company does better than any other in your industry, large or small. Find the market for your niche and become the very best.W/MBEs that successfully embrace these business fundamentals have a pronounced impact on the economy. Consider the following:- Women-owned firms are growing at a rate nearly twice the U.S. average, contributing $1.1 trillion in revenues to the economy and creating jobs for 7.2 million Americans.
- U.S. companies owned by women provide more than 12 million jobs while Fortune 500s employ less than 11.7 million jobs and are shredding between 200,000 – 300,000 jobs per year.
- The fastest growing segment of small business is African Americans, which experienced a 45% increase since 2002.
- The fastest growth rate of all minority-owned business (African-American) is increasing faster than the national average of 10% per year.
- The number of Latino-owned companies grew 31% between 1997 and 2002.
- In 2002 there were nearly 1.6 million Latino-owned businesses producing nearly $222 billion in revenue.
- The combined buying power of African American and Latino Americans today is more than $1.7 trillion. By 2010, each group independently is expected to reach a buying power of $1 trillion.Sources: CNN Money, Center for Women’s Business Research, Forrester Research, U.S. Census BureauThis data clearly illustrates the tremendous net positive result on the economy when women and minorities in business are successful. For this reason, the consistent increase in supplier diversity programs in large U.S. firms is positive news. These companies are committed to maximize M/WBE participation by developing equally beneficial business relationships with minority and women entrepreneurs.STEP VI
Manage your business relationships well. It has been said that great entrepreneurs are “married to their business.” Of course, managing a company requires time, energy, and commitment. It is absolutely critical to maintain healthy (and profitable) relationships with all stakeholders. Here are the key relationships that successful entrepreneurs should nurture:
- Customers
- Employees
- Vendors
- Banker/Accountant/Lawyer
- MentorsYour customers are the critical stakeholders – they hold the most important key to business success; however, relationships with the employees and team members delivering your products and services are equally valuable. Vendors are also vital to the creation of great products and services. Of course, your banker, accountant, and lawyer help to determine sound financial and legal structure for the business. Lastly, it is crucial to have at least one business mentor and/or an advisory board to challenge business decisions and provide direction.STEP VII
Create an impeccable feedback loop for stakeholders. Never underestimate the value of collecting, analyzing, and responding to the input received from customers and important stakeholders. Nothing can replace customers telling you how they like to be treated, what you are doing right, and what could be done better. But you won’t learn anything if you don’t ask. Remember, your customers don’t expect perfection; they want a relentless pursuit of quality. Respond to their input by implementing relevant changes. If you really want to “wow” your customers, let them know that you heard them.STEP VIII
Get certified. Another key competitive advantage is M/WBE certification. Nothing is more important than high quality products and service; however, if all things are equal, a certified M/WBE status could be your edge. Certification is available through a number of sources for both minority-owned and women-owned firms. These include the National Minority Supplier Development Council (NMSDC) and its 39 regional affiliate councils; the U.S. Small Business Administration 8(a) program and other federal and state government agencies; local (county and city) government agencies; the Women Business Owners Corporation; and the Women Business Enterprise National Council. It is well worth the investment to become certified by a nationally recognized body in order to increase credibility with large corporations and government entities.STEP IX
Network. It works! The bottom line is that people do business with people they know and like. The brand “You” is important to your business success – your intelligence, honesty, relevance, and value to customer and community needs. Sharp entrepreneurs are keen political and civic participants, always willing to add value to community initiatives like economic development, workforce development, and education. Similar activities allow potential customers to get to know you as both a business owner and an asset to the community.STEP X
Continuous improvement is your business strategy. It is absolutely necessary for firms to ensure quality in operations, in business practices, and as individuals. This is necessary to mitigate the challenge of competitors and to boost the sustainability of your business achievements. The continuous improvement philosophy allows firms to cultivate a process-oriented way of thinking and developing strategies, involving people at all levels of the organizational hierarchy (Imai 1986). In an environment of unremitting advancement, change becomes the norm and stagnation is recognized as the adversary of progress. Ultimately, personal and professional advancement emanates from the inside. It starts with the strengthening of the principles and values from an individual and institutional level.We welcome your feedback. Remember, these lasting and valuable principles provide insight into better business practices to all entrepreneurs.Continued success to you and your business!
Adventure Travel Planning Made Easy
I found myself gazing into the eyes of a gorilla toddler in the heart of Africa. That playful “child” walked right up to me and sat at my feet as I backed up against a wall of sharp nettles with nowhere to go. There were no barriers between us; nothing that separated us.The toddler’s mother was unconcerned with my presence, and the dominant male let it be known who was boss with his powerful displays. I was right there in the middle of them while on my gorilla trek, and it was one of the most exhilarating experiences of my life.Soon after that trip I started researching new and exciting adventure travel experiences, and before I knew it I had had a wealth of adventure travel planning information at my fingertips. So, I thought I would share it with others.First, I’ll give you a list of things you need to do, and at the end I’ll tell you where you can find – in one place — the solutions for each and every point. You may want to add some things of your own, but this list will give you a great start.
Get a list of activities by destination. If you’re off to Alaska what can you do there besides dog sledding and snow shoeing? You need to get some activity ideas so you don’t miss out on something you’d enjoy just because you didn’t know it was available.
For those looking for new experiences, make sure they’re a good fit for you. How much risk is involved? What level of fitness do you need? Do you have the right skills? Get these questions answered.
See if the travel and adventure experience is within your budget. Check out different travel companies and compare costs. If it’s an overseas adventure travel destination you’ll also need to check the currency conversion rate. You can shop by destination for a given experience to see which one gives you more bang for your buck.
Make sure you prepare for any possible health concern. There are several sources for global health watch information, and it’s a good idea to check more than one of them to give you a well-rounded view of your destination.
Get some travel insurance. You can find insurance to cover a variety of scenarios from medical needs to trip cancellation. And it’s pretty inexpensive when you consider the security it offers. How much is peace of mind worth to you while you’re in a foreign land?
Confirm that you’re passport is in order. Timing can be an issue. For instance, if you’re a citizen of the USA and at the time of your trip you have less than six months until your passport expires you’re going to have some problems. Be smart and make sure your passport is in order and also check to see if you need a visa for your specific destination(s).
Play it safe by reading all relevant travel advisories. There are pockets of turmoil in the world, and you can avoid them if you know where they are. You would be wise to check out more than one source in order to get a comprehensive perspective to ensure your safety.
Use online travel guides. There are several good online travel guides to help you dig into the details when planning your adventure travel trip.
Ask a travel expert for tips and insider information. Many adventure travelers don’t know about a free resource that lets you tap into a network of travel experts for tips and insider information on destinations all around the world. You can access this new service at the website listed below.
Check the weather forecast for your destination right before you leave. As you know, weather can change in a flash. So, get the local weather forecast and make any adjustments to your vacation schedule (and what you need, or don’t need, to pack) before you head out the door.
Check the time differential. Find out how many hours your destination is ahead, or behind, your local time so you can prepare to adjust ASAP.
You can spend your time surfing and searching the Web for all this information if you like, but all adventure travel planning points listed above can be taken care of quickly and easily at one Web site…and it’s all free. You can find it below.Copyright © 2010 Adventure Travel Mentor