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5 SECRETS OF SUCCESSFUL ENTREPRENEURS

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If you have the goal of becoming a successful entrepreneur, it is crucial you work on improving yourself personally as well as professionally. You can’t hope to achieve long-term business success as an entrepreneur if you aren’t constantly trying to hone the skills necessary to build a viable company. Successful entrepreneurs invest time in becoming better versions of themselves—that tends to build stronger businesses as well as an extensive business network. If this is the year you go all in on entrepreneurial growth, following are five life lessons you ought to learn sooner rather than later.

5 SECRETS OF SUCCESSFUL ENTREPRENEURS

 

MANAGE YOUR EMOTIONS

An essential skill you need to hone as an entrepreneur is the ability to manage your emotions. Entrepreneurs who overreact or let their emotions get the better of them tend to make rash decisions not based on hard evidence. Learn to control your emotions and you’re likelier to make smart business decisions.

YOUR ENTREPRENEURIAL STORY IS WITHIN YOUR CONTROL

Your story as an entrepreneur is within your control. How you react to challenges, the effort you put into personal and business growth, and your inner motivation all contribute to your entrepreneurial story. If you don’t like how your journey is progressing, it’s up to you to make the necessary changes.

ANALYZE YOUR DOUBTS

Becoming a successful entrepreneur is not without its challenges. There will be many days where you question your own sanity and ask yourself why you chose to be an entrepreneur. If you focus your efforts on analyzing why you feel like quitting or why you are finding a particular situation stressful, you’ll get at the underlying problem. Once you understand what’s really bothering you, chances are good you’ll be able to address the issue and develop a solution.

MANAGE YOUR MENTAL ENERGY

How you focus your mental energy has a huge impact on your success (or failure) as an entrepreneur. Business builders who focus their thoughts on positive endeavors tend to have greater success rates than those constantly immersed in negativity. Learn how to train your thought patterns to focus on positive, uplifting endeavors and you’ll have a much more enjoyable entrepreneurial journey.

INCREASE OPPORTUNITIES FOR THOSE IN YOUR NETWORK

Read full article by Jeff Shuford at Black Enterprise

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HOW TO NEGOTIATE FEARLESSLY—EVEN IN TOUGH TIMES

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In her first book, negotiation guru Mori Taheripour offers readers more than a decade of expertise honed as both a faculty member at the Wharton School of Business and adviser to organizations such as the NFL and Goldman Sachs 10,000 Small Businesses program. Even in the midst of economic crisis, she insists, it’s important to negotiate—and to get creative about how.

Negotiations become more, not less, critical at times like these, when the economy is struggling and unemployment is running high. Whether you’re setting a price for your side hustle, or bargaining with clients or an employer seeking to downsize your regular pay, while you may not have much leverage in the moment, setting the stage for the comeback is key.

“It’s important to make sure that your clients don’t expect deep discounts to continue,” she says.

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The Black Tax: Why African Americans Must Work Harder to Build Wealth

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After 400 years in this country, black families hold a fraction of the wealth of white families. And that is due, in part, to what is referred to as the “black tax.”

The term “black tax” is commonly used in South Africa, where it refers to the financial support that black professionals are expected to give their extended families. In the U.S. it also describes the racial dimensions that perpetuate a cycle of inequality such as lower pay and a lower standard of education.e

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US lenders overlook minority-owned businesses in allocating covid-19 aid

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As US lenders strive to divvy up the government’s $349bn aid package, Black-owned and other minority-owned businesses are struggling to meet the banks’ requirements.

Thousands of minority-owned businesses—which have traditionally been less likely to secure bank loans—are at risk of being shut out of the government rescue package, as banks favour existing customers.

The aid package, known as the Paycheck Protection Program, could be a lifeline, especially for minority-owned businesses, whose limited resources are quickly depleted as a result of the government-mandated lockdown.

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