Women Lines

Are you having money sense?

Have you ever thought about your spending habits, wealth management awareness, and checked your investment knowledge.

It’s interesting but true, there is a board game called cash flow game which will open your mindset regarding issues of your financial life.

My friends don’t think that I am suggesting this game for your kids in parenting section.

This game is for you all to play with your friends. Many women group like to play games of cards, bingo, crossword and other board games. This game is also just like other board game but it involves money into it. Don’t be afraid as when money comes in between people tend to have fear to loose it. But this money is not your real money. You have to play your instincts with whatever money is provided by the banker of the game.

As wekepaedia describes-“ Cashflow 101 is an educational tool in board game format designed by Robert Kiyosaki(author of Rich Dad, Poor Dad),which aims to teach the players concepts of investing by having their money work for them in a risk free setting (play money) while simultaneously increasing their financial literacy and stressing the imperative nature of accountability.”

The interesting feature of the game is that it is played in two steps. First step is ‘Rat Race’ and second step is ‘Fast Track’. In rat race the player aims to raise his or her passive income level so that it can exceed the character’s expenses. In order to win the game player should get her character to buy their dream or accumulate an additional $50,000 in monthly cashflow, and this happens only in second part of game that is fast track. While playing the game players have to fill the financial statements so that they can see clearly what is happening with their money.It generally shows how assets generate income and demonstrates that liabilities are expenses. There is also a kid’s version of the game called cashflow for kids.

You do not have to be an accountant to play this game, as the calculations are very simple. The idea of the game is to purchase enough cash flow positive assets to exceed your everyday living expenses. You can do this buy purchasing cashflow positive properties, businesses mutual funds and shares. As you work your way around the board, you land on different squares, examples being “paycheck” (where you receive your monthly paycheck depending on your profession) or though you do not have to land on this square to receive your income, just passing it will get you paid.. another example square is “opportunity” where you will be presented with investment opportunities such as businesses, property shares mutual funds etc. Another example square is “doodads” these are unexpected expenses that are often unnecessary and require you to spend your money..for example “Buy Big Screen TV, Pay $4000″  Once you have accumulated enough assets to generate a passive income that exceeds your living expenses you are able to leave the rat race and play on the “Fast Track” the outer circle of the board game. Once you are out of the rat race and on the fast track, your goal is to buy your dream which you select at the start of the game. A few examples of the “dreams” are “golf around the world” , “be a jetsetter” , “dinner with the president” and so on.

Abang Abu, an entrepreneur, founder of Now Asia, is quite known for his trainings and financial courses is Singapore and Malaysia. . He has a deep commitment towards young people’s success in entrepreneurship and financial intelligence.

He loves to arrange for cashflow game, if to be played in a big group. This game can be organized in any network for eg communities, office groups, friends group, schools, colleges and other places.Know more about him by visiting www.abangabu.com and www.nowasia.sg

Enjoy playing this money game!

Market research is the most important part for any business to grow!

While reading about the elements necessary for success in any business set up for women,this was a clear message that proper market reseach can help you to achieve success. You will come to know about your potential customers and where to locate them. Networking, contacting potential customers via e-mails, direct mail questionanaires, telemarketing, can help you getting the feedback for your business.In library there are many books  which can provide you information regarding researches related to your business, studies conducted by colleges, universities, search on internet, can bring many researches in front of you.

Point to be noted is that there is a big difference in marketing and advertising. Some books explain that marketing is to determine where and to whom you will sell your goods or services, while advertising is the method you will use to publicly acquaint your customers with your goods or services in order to get them buy what your business is offering.

Market research will help to gather that information which will guide you to plan your business goals, objectives, and marketing strategies. One should start with a free or low cost advertising methods like press releases, referrals, business cards, fliers, donations to charity events, and so on.

One of the very effective advertising method which I found interesting  is Newsletters. A promotional newsletter to your customer mailing list can keep your business in your customer’s mind, give them tips that how to use the product and alert them about upcoming sales.

Wikipedia describes word business according to etymology that ”Business relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work.”

Its indeed a good definition as business keeps you busy 24/7, it just depends upon you that how expertly you handle it. If we want to achieve success in our enterprise then we have to follow and build certain elements and skills. I came across few of them while my reading sessions and I have listed, which I want to share with my blog readers-

1.KNOWLEDGE OF YOUR BUSINESS-

If we want to do some business then we have to know all in and outs of that business. We can do this through training, experience, education and many other ways. One way is to work in a similar one which you want to start, by the business owner permission only. May be chances are less as why any businessman will allow anybody learn his trade from him, but you never know. Working in a business environment will help you to observe marketing methods, customer service techniques, and to generally learn how the business is done.

2.ORGANIZATIONAL SKILLS-

This is interesting.It really helps in achieving your targets. Plan your goals-daily, weekly, monthly, and yearly too. This will help in having a proper vision for your business. Tackle the most difficult ones and that too when you have most energy. Make a checklist which you follow up regularly and compliment yourself at the end of the day for how many things you accomplished. You should have a your own space where you can carry your work easily and can find what you need in a minute. Be good organizer with your folders, lists, book orders, and other business related things. This habit will help you to achieve success in future.

3.NETWORK ABILITY-

Networking means communicating and way of exchanging information with other business owners.We can network with other business owners through local chambers of commerce or via local, state and national trade associations. You can even start your own networking group if there is none in your area.

4. SERVING CUSTOMERS-

Market research is a must to start any business. It will help you to know that enough customers are there to support your business.Do check that which advertising method best reaches the customers. It can be word of mouth, classified ads, direct mail). Regularly polling your customers about your service can be good option.Then you come to know about their likes and dislikes about your services.

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Are you thinking to start a business?

BUSSINESS WOMAN IN ACTION

You are not alone!

Its reported that women are starting business  twice a rate as man. There are plenty of reasons why women want to start a business  and establish themselves as entrepreneurs. Child care concern, lack of job security, threats of job loss, the potential for increasing  income, and major reason what I think is the need for flexible work schedules. Its not a easy task to establish any business. I searched out through some books which discuss about these traits which I want to share with my blog readers.

Make no mistake, It will take a lot of persistence and hard work to get you from a great idea to profit making business. It has to be something that you really want to do, a real burning desire that motivates you into action.  You will need this motivation, determination, doggedness to drive and sustain you through this new way of life. It is both exciting to contemplate going into business for yourself, and frightening as you worry about the changes, that the business will  bring to you and to your family with the fear of failing of the idea itself!

Qualities which are common in entrepreneurs are-

1.PROFESSIONALISM- Business has to be treated as a business whether you work out at office, a centre, or why not your home! You have to be particular about your working hours, stationary, treating customers, and business contacts in a professional manner, staying current with the latest information in your trade, and conducting yourself in a manner that establishes you as an expert in your field.

2.SELF-CONFIDENCE- Prepare yourself well for your business, this will infill you with confidence and then you can handle your tasks very well. Take to to research the ventures that interest you. A good business plan will only help you to succeed. Its always good to investigate, research, observe how others are carrying their business,. When you observe others doing and moreover you research about their failures, success history, it gives you edge in terms of having confidence to meet those obstacles.

3. PERSISTANCE- It is true that if you want to succeed you will have to persevere to reach your goals. If you need an answer concerning to your business,someone can help you, you have to just look around. Don’t leave hope if you are not getting your answers easily, but be persistent. You may have to face many obstacles, problems, and other negative things but you have to be firm and continue your work. Your persistence can play very important role in your success.

4. FLEXIBILITY- When you start your business you have to be open minded.  You have to be open to any other opportunity which can suddenly pop in front of you. I read one example that there was one lady who opened one antique shop in her remodeled barn. She decided to carry lace curtains and pottery. There was such a demand for the curtains that now she advertise them in several magazines.  The point is that when you start your business  to serve a certain market, but because of new customer demand your business may go in entirely new direction than you expected.  You have to be alert and ready to change direction. The survival of your business may depend on your willingness to change.

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