what every creative entrepreneur should know short

Innovative & Modern Accounting

‘Every Creative Entrepreneur Should Know’ Ruth Noel-Samaroo www.noelbookkeeping.com 1



''EEvveerryy CCrreeaattiivvee EEnnttrreepprreenneeuurr SShhoouulldd KKnnooww’’

I love business and I love working with creative and innovative individuals

So I have prepared this guide especially for my

clients who need some advice; whatever your field

from Music Producers, & Chocolatiers to IT

Consultants. The budding entrepreneur needs

encouragement as there is more to running a

business than understanding, or loving what you do.

This guide will help you with the following:

1. How do you know if you have what it takes

to start a business?

2. Know Your Purpose and Vision

3. Innovation: The Key To a Great Business

4. 3 Tips To Get To Grips With Finance

5. 5 Ways to Stay Motivated in Your Own

Business

6. Perseverance & Patience



HHooww ddoo yyoouu kknnooww iiff yyoouu hhaavvee wwhhaatt iitt ttaakkeess ttoo ssttaarrtt aa bbuussiinneessss??

There's really no way to know for sure. But I do find things in common among the emotional

fabric of people ready to consider an entrepreneurial venture:

1) You come from a line of people who couldn't work

for someone else.

People who are successful at establishing their own

business tend to have had family who worked for

themselves. It's usually easier to get a job with a

company than to start your own business.

3) You've gone as far as you can go

Sometimes the motivation to start a new venture

comes from having reached the top of the pile

where you are, looking around, and saying,

"What's next?"

2) You're a lousy employee

Okay, maybe you're not that bad but think of it as

the marketplace telling you the only person who can

effectively motivate and manage you is yourself.

4) You've done the market research already

If you have a great business idea you must put time

into figuring out if there's a market for your

product or service.



5.You see more than one definition of "job security”

How many people do you know who are able to stay

with one company for that long?

In a rapidly changing economy, job security can be

frighteningly fleeting.

6. You've got the support of your family, friends or a network of experienced individuals

Starting a business is stressful under the best of

circumstances. Doing it with the support of

your significant family members, friends or

professional guidance will make it more be

bearable.

7. You are going to need some professional help

You might excel at promoting a business. Or you may love developing and designing new products.

You could be someone who starts a business because you have unique creative or technical know-how to

create a product. It's unlikely that you are going to excel at all of the tasks required for running a

successful business or getting your idea off the ground.

The willingness to get that help — having employees, partners or consultants for those areas in

which you are not an expert — is one indicator of likely future success. The person who is most

capable of enlisting the support of others is the most likely to succeed.



KKnnooww YYoouurr PPuurrppoossee aanndd VViissiioonn

Planning for how to make this year your best year ever? Take some time to really clarify your Purpose and Vision for your business. These are

two of the most necessary elements for pulling your business towards future success. Whether it's the beginning of a new year or we're half

way through, you want it to be your best year ever. You are no doubt doing some planning for how to make that happen. Clear purpose and

vision are often lacking in small businesses.

I'd like to recommend you take some time to really clarify your Purpose and Vision

Here are a few ideas to help you make this your best year ever: Here's an idea for creating your vision:

Can you tell me the following:

• What do you really want out of life?

• What do you really not want in your life?

• What would you be willing to give up in order living the

life you want?

• Have you lost track of your purpose?

• Do you remember what led you to start or get into

your business in the first place?

1. Think of the absolute greatest outcome that you can possible

imagine that your best clients would really want from your

service.

2. Find your favourite way to relax quietly and examine your

values and principles and then determine what you want your

business to be in the future.

3. Imagine yourself in a private movie theatre watching a movie

of your future self in 10 years. What was your future self’s

achievements, purpose and vision?

Answer these questions honestly and build your business around the life you want. Talk about a purpose that would set you on fire, repeat this to yourself every day!

This may seem silly to you at first, but if you open your mind up to accept that the visioning process will work,

you'll be amazed at the answers that will emerge.



IInnnnoovvaattiioonn:: TThhee KKeeyy ttoo aa GGrreeaatt BBuussiinneessss

The most durable organisations are those that produce a succession of ideas and innovations that either improve on existing processes or

create wonderful new products. In a fast-moving world, where people expect things to get better and better, and cheaper and cheaper,

innovation is your route to getting ahead of your competition.

Here are 4 simple ways to harvest innovation:

1. Create An Innovative Climate → Goran Ekvall of Lund University in Sweden has defined three conditions needed for a climate of

innovation. They are: trust, dynamism, and humour. Quite simply, when people trust each other there is a high level of energy and a common

sense of humour.

2. Develop Washing-Up Creativity → For some, ideas come while mowing the lawn or taking the dog for a walk or playing golf or

waiting on a railway station. For Isaac Newton, it was an apple on the head while sitting in the garden. For Archimedes, it was in the bath. For

others it’s while doing the dishes; that’s why Roffey Park calls these flashes of insight: “washing-up creativity”.

3. Make New Connections → Morita, chairman of Sony, said that he invented the Walkman because he wanted to listen to music while

walking between shots on his golf course. His team simply put together two seemingly incompatible products: a tape recorder and a transistor

radio.

4. Find Out What People Need & Want → Necessity is a great spur to innovation.

Once a new innovation becomes accepted, the world has changed for ever and can never go back to the way it

was.



33 TTiippss ttoo GGeett TToo GGrriippss wwiitthh FFiinnaannccee

Time and again, it’s been proven that small businesses don't pay enough attention to cash flow. That's the measure of how much money you

really have in the business.

Knowing what's up with your cash flow is essential to your business. But sometimes the figures can be difficult to

understand. Don't ever be afraid to turn to professionals for some help.

1. Be Wary of Big Contracts

"Small entrepreneurs wind up taking big orders that get them in

trouble," says Ronald Lowy, who heads a college business

administration department. "They want the big contract, but they're

not getting enough money at the front end of it.”

2. Cash-Flow

Judith Dacey, a certified public accountant, calls a cash-flow

statement "probably the most important thing in telling you if your

business is on or off target.”

3. Track the Big 10

If you've established a way to track cash flow, then you can go on to organise and track 10 financials for your business. That's a big list, but

don't panic: You can take advantage of software programs or ask an accountant to track many of the following:

• Your Assets

• Your Liabilities

• What does it Cost You to Produce What You Sell?

• What's it Costing You to Sell What You Sell?

• What's Your Gross Profit Margin?

• What's Your Debt-to-asset Ratio?

• What's the Value of Your Accounts Receivable?

• What's Happening With Your Inventory?

• What's Your Average Collection Time on Accounts Receivable?

• What Are Your Accounts Payable?



55 WWaayyss ttoo SSttaayy MMoottiivvaatteedd iinn YYoouurr OOwwnn BBuussiinneessss

Whether you have just decided to go into business and make the most of your natural talent or you've had a business for many years,

you'll need to stay motivated if you're going to see continual success. Here are five simple ways you can stay motivated in your

business:

1. Set Yourself Tasks

Create a daily, weekly and even monthly list of things to do in your business. This

sounds so simple, but yet a "to do" list is a powerful tool in helping you accomplish

business tasks and give you focus.

Prioritise your list each day so you can do those things that are most important first.

If you have tasks that you absolutely dread, then put those tasks at the very top of

the list if possible. This will give you a free mind for the remainder of the day to

concentrate on the tasks you enjoy.

2. Search for New Opportunities during Slow Business Times

Having a slow time in your industry? Don't despair. And, whatever you do, don't go apply for a job at the local fast food chain - just yet!

Perhaps you offer a product or service that sells very slowly during the spring months.

You could seek out related products or services that would be popular during those months to offset the other in profits. This will give

you a chance to make money and enjoy multiple streams of income year round!

E.g. To-Do List:

• Work on promotion steps

• Important phone calls to make

• Stack of papers to organise

• Update receipts

Most successful business people create a

list and then check off items as they are

completed. This gives a sense of

accomplishment throughout the day as you

complete tasks.



3. Take an Online Training Course Educate yourself through online training courses related to your craft so you can learn how to maximize your skills and profits. There

are many training courses available online today in the fields of web design, graphic design, online marketing, real estate, travel, office

skills, medical, insurance, finance, etc. Alternatively you could subscribe to magazines and read articles related to your special area.

4. Expand Marketing Avenues

Don't settle for less. Use the wisdom and experience of others who have been in business a while to expand your marketing avenues.

You might consider reading after top marketers to get Internet marketing ideas. Also, there are many ways to promote your unique

business off-line.

You could be wrong if you feel like your product or service doesn’t need marketing – from Music Producers to IT Consultants to Lawyers

– everyone needs to showcase their skills!

5. Network with Others

Another way to stay motivated during a business slump is to network with others.

Find others in related fields who can offer advice and encouragement about your business.

A new business can be lonely at times because you rarely leave the house or office!

Check your local area for networking communities and business meet-ups or join networks specific to your craft.

There are also national networking websites and organisations you can join e.g: The Evening Standard http://www.es-bc.co.uk/home

Use these tips to stay motivated in your business. You deserve success, so don't give up!



PPeerrsseevveerraannccee && PPaattiieennccee

• Finally, in this world of instant

gratification, there is still a place for

one of the keys virtues known to

man, especially for the creative

entrepreneur: Patience.

• Patience is defined as bearing or

enduring pain, difficulty,

provocation, or annoyance with

calmness. It also means persevering

constantly. Why is that so important

for someone who is starting or is

operating their own business? Let

me explain by telling you my story.

• I found out the importance of patience through a blip I made several years ago. I decided that

because I love wearing dresses I would set up my own online fashion boutique. I invested in the

stock and was disappointed when no one else loved my dresses! But, instead of being patient, I

decided quickly that it wasn't for me and I moved on to another opportunity. Had I been patient



to start with, there is no telling how far up in the business I would have been. Through the

years, I have learned the importance of patience in several areas.

• First, you need patience to get to know your new business. You may need to go through training

several times to get the idea of how things work. You need to get to know any products you

offer by studying them and giving them a try yourself. You need to understand the risks so there

will not be any surprises down the road. You need time to understand exactly how you are to

promote your business. You also need to keep an eye on your accounts and deadlines. Be

patient and you will gain the understanding you need.

• Next, you need patience in dealing with and getting to know your customers/affiliates. You will

find quality people that are like you. It may not happen overnight but it will happen. Just be

patient.

• In closing, let me say you need patience in the day to day running of your business. This may be

the area that patience is needed the most. The thrill of getting started begins to wear off. But

remember, anything worth having is worth working for. Make up your mind you are going to

stay positive.



If you found this e-book useful, please share this guide.

Wishing you success!

Where to find me

Website: www.noelbookkeeping.com

Facebook: http://www.facebook.com/NoelBookkeeping

Email: [email protected]

Tel: 0844 665 1355



AAbboouutt tthhee AAuutthhoorr

Growing up Ruth noticed that the people close to her were terrified of having to pay

taxes. And this is understandable. But this motivated her to help people with accounts

and finances; so that they no longer have to worry constantly about this area.

With her knowledge and methodical approach she makes sure everything is under

control. She believes being afraid of taxes and finances is just like being afraid of your

own growth.

In other words, you should not put a glass ceiling over your own head because you are

in fear. If you have this in your mind then you are effectively limiting your own success.

SShhee wwoorrkkss wwiitthh eennttrreepprreenneeuurrss bbyy sshhaarriinngg ppoossiittiivviittyy aanndd uussiinngg bbooookkkkeeeeppiinngg

aanndd aaccccoouunnttiinngg ssttrraatteeggiieess tthhaatt wwiillll bbrriinngg oouutt tthhee bbeesstt iinn iinnnnoovvaattiivvee

bbuussiinneesssseess..

what every creative entrepreneur should know short

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