Yobornwinner: Distance Learning Blog

On occasion, businesses summarize their goals and objectives into either a mission statement or a vision statement or both. Some begin with the vision and mission in order to formulate their goals and objectives. But it must  be made clear that there's a difference between a vision statement and a mission statement. The vision statement describes the picture of the future desired goal, while the mission is the means of  successfully achieving the vision of the business. It should be noted that  for both the vision and the mission to be effective, they must be accepted as part of the business's way of operation. They must be assessed both internally and externally. When assessing internally, the assessment should focus on how every member of that particular business will interpret the mission statement. External assessment will include all the stakeholders of the business. This is particularly important because it will offer a different line of perspective of the business.

Values: These are the beliefs that are shared among the team of the business. Values drive the business's culture and priorities and provide a basis in which decisions are made. For example, "knowledge and skills are the key to success"or "give a man a fish and feed him for a day, but teach him to catch fish and feed him for ever." These maxims will set the priorities for self sufficiency over anything else. Strategy: This is a combination of goals for which the business is striving and the means by which it intends to get there. A strategy is sometimes called a 'road map' which is the path chosen, among other choices, to move towards the end goal. The most important part of implementing the strategy is to ensure that the business is moving in the right direction, that is towards the end goal.

What is strategic planning? It is basically a business's process of defining it's strategy, or direction and making  decisions on how the resources to pursue this strategy will be allocated. In order to determine the direction of your business, first of all  you must know its current position and the possible ways through which it can pursue a desired course of action.. Ideally, strategic planning can deal with one of the following three questions: 1. What do we do? 2. For whom do we do it? 3. How did we excel? In many organizations, this is seen as a process for delivering where the business is going over the next year or more. This can be 3-5 years, for long term or this can be over a period of 20 years. What are the key components of strategic planning? The key components of strategic planning include the total knowledge of the vision, mission, values and the strategies of the business. Vision: This looks at what the business wants to be or how it wants the environ

The greatest reward in becoming a millionaire is not the amount of money that you earn. It's  the kind of person you have become to become a millionaire in the first place. For, to have more you must first be more. For you to set out on the way to wealth and become a self made entrepreneurial millionaire, you will have to develop many qualities at a higher level than you ever had before. You will have to become an exceptional person. You will have to become more than you ever imagined possible for you. To realize your full potential and achieve all your financial goals in your business, you must develop the virtues of integrity, courage and persistence. You must practice the qualities of clarity, competence, creativity, concentration and continuous action until they are as natural to you as breathing. Also remember that you are 100 percent responsible for your life.

The second and third workable principles ( the other principles to follow later) I learned that for anyone to be an achiever were: Competence: To be truly successful and happy, you must be very good at what you do. You must resolve to join the top 10 percent in your field. You must make excellent performance of the business task your primary goal and then dedicate all your energies to doing quality work and offering quality products and services. Also note that the field you have decided to be your business must be able to satisfy three requirements. First, it must be something you really believe in and love to do. Second, it must be an area where you have the potential to be the best, to be better than 90 percent of the people in your field. And third, your business must involve a product or service that can be profitable to enable you to achieve all your financial goals. According to the Harvard Business School, the most valuable assert a business ca develop is its reputation. Yo

Many people think that putting up a small business does not require much effort in comparison with a big company. May be if we do not take into consideration that our venture needs to give us a profit, we may be tempted to think on those lines. But then why start it in the first place because the energy, the capital would have been flushed down the drain. What a deliberate wastage. To start a business, whether big or small, requires a deliberate effort on the part of the entrepreneur. He or she will need to plan very well in order for the venture to be a successful one in all the necessary areas. From my own experience, I learned that for one to succeed, they must apply certain workable principles. These principles naturally guide the entrepreneur to move into a certain direction toward a set goal or goals. I learned that there are seven principles which must be followed in order to succeed. These have been taught and repeated in thousands of books and articles over many years, and h

What is passive income? Passive income can be defined as an income that you can receive on a regular basis, with little effort on your part to maintain. There are a number of examples of this kind of income, such as: 1. Rent from property. Your property earns you income every month or any period you agree upon with the one using it. The money to be paid is usually fixed. The only effort you make is an initial investment in form of the building. 2. Royalties from publishing a book or from licensing a patent or other form of intellectual property such as computer software products. 3. Earnings from internet advertisements on websites. 4. In some countries income from pension is also considered as passive income because  it does not require your presence to be realized apart from the initial effort that was made by contributing towards it during the time one was in gainful employment. 5. We also have dividend and interest income from owning securities such as stocks and bonds. 6.Ea