Entrepreneurs are always busy looking for an investment vehicle where they can grow their money. They tend to focus always on how to expand their business and how to increase the value of their assets. Yes that’s fine! I mean that’s how an entrepreneur should think. But in order for an entrepreneur to grow, they need to focus also on these 3 important investments.
Investments doesn’t always require use of monetary resources. An entrepreneur can contribute to the growth of his company by simply investing intangible resources such as time and energy. Attending networking events and seminars are a good example, you will get to meet a lot of new people and increase your network. Or simply by just going out for a run or playing golf. There are opportunities everywhere.
Although money is needed to expand and advance a business, an entrepreneur can significantly contribute to the growth of his or her company by simply investing intangible resources such as time, energy and creativity. In fact, some of the most rewarding investments that I have made in my own business and career required very little, if any, use of monetary resources.
Here are the 3 Investments that every entrepreneur should make:
1. Invest in yourself.
Investing in yourself may be the most profitable investment an entrepreneur can ever make. If you read Napoleon Hill’s Think and Grow Rich, he put it this way “The best investment you will ever make is in yourself.” The time and effort you invest in yourself will change the quality of your life now and in the future. You need to develop your skills and continue growing. I’m not saying you need to invest in higher education, but that’s an option. I recommend that you invest 3% of your monthly income for self development.
Investing in knowledge and skills can take many forms. Nowadays, you can expand your knowledge by just going in the internet. You can read blogs (like my blog hehe) and keep up to date with the latest trends related to your business. There are free webinars that you can join in and enroll in courses related to your skills or talent. Great examples are www.udemy.com and www.coursera.org. Check it out. I actually used udemy.com back when I started my online business. Another example is listening to podcasts. I do it while I’m driving, (I can finish a 1-hour episode in one seating, that’s how bad the traffic is here in Manila) so there’s no excuse for those who say that they don’t have time and they are too busy to learn.
My point is you have to understand that enhancing your skills and knowledge about your business is crucial to survive and not to be left out.
2. Building your Network.
Someone once said, it’s not what you know, it’s who you know. You see, sometimes the connections you have are worth much more than money. Don’t get me wrong, “what you know” still plays a big part. It’s just that, as an entrepreneur, you really have to have big network, not just big, but high-quality people. Spend time with th
ose who can influence you to become a better person. Spending time with like-minded people in networking events for example can also get you referrals for your business.
Just go out there and have fun! Believe in your product or whatever business you are in now, and proudly share it to everyone. You’ll never know maybe you are already side by side with a potential investor or a very influential person that can help you grow your business.
3. Make a name for yourself.
If nobody knows you, nobody can do business with you. Simple as that. Nowadays, it’s easy to promote ourselves and build our own brand. Thanks to social networking platforms such as Facebook, Twitter, Instagram, LinkedIn, and YouTube. Best of all, it’s free!
Being a Financial Adviser, part of my mission is to help Filipinos achieve financial freedom. Ergo, I do financial planning in different SMEs (small to medium-sized enterprises). I give talk about financial education and share my knowledge about investing. Sharing your knowledge about your business for free is a great way to brand yourself as an expert in your field. The more they know you, the more they will trust you, for sure this lead to more sales, more revenue for the business. It’s a great way to promote your business as well, for free, rather than paying for advertisements and marketing collateral.
Building your own website is a great way also to make a name for yourself. If you have thousands of people visiting your website and reading your blogs, just imagine how many people are you able to help.
As an entrepreneur, our goal is to solve other people’s problem, share your skills, your talent, and your knowledge and become influential to others.