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Managing These Three Resources Is The Key To Entrepreneurial Success

Managing money and assets is one of the most critical parts of being a successful business owner. Yes, you need a good idea, an unwavering spirit, and a dedication to your company, but a foundational key to your success is understanding resource management.

Entrepreneurs have many types of resources available to them, only one of which is monetary capital. Let’s break down the top three assets entrepreneurs need to manage—money, time and knowledge—and how to maximize impact.

Invest Your Finances in Others’ Expertise

No matter what level you are at on your journey to success, you could probably stand to learn from someone else’s expertise. Want to see your money and your company go further? Consider investing in a business coach. When you are ready to take the next step in your company, and have a handle on some of the basics (like payroll, insurance, and billing), a business coach should be your next financial investment.

You’ll be putting your resources toward something that will ultimately benefit you, your company, and your employees over an extended period of time. I practice what I preach, and have a business coach of my own. We meet regularly to discuss strategy, brand positioning, and financial planning. His advice has helped shape my company, and he provides many key insights where I have blind spots.

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In a similar way, it’s important to have someone guiding you through the beginning stages of entrepreneurship. The basic principles of business are essential lessons, but you need someone to walk alongside you to point them out along the way.

Entrepreneur Momodou Njie, founder of foreign exchange & crypto trading company Lucid FX, said this has been an essential part of his business from the start. Bringing in a business coach helped him launch the company the right way, and manage the growth as it came.

Steward Your Time Effectively

Entrepreneurship is a rewarding but taxing career choice. When you are leading a company, the lines between your personal and professional life will begin to blur. It’s important that you implement a schedule to shape your days and keep you on track.

You need a daily schedule, one that accounts for both your physical needs (sleeping, eating, exercise, rest time), and the needs of your company. Devote time to business planning, engaging with your employees, and evaluating the trajectory of your company.  Schedule weekly meetings with essential players—like a business coach—and schedule quarterly assessments of the company, or vision-casting meetings.

Remember, schedule your priorities, don’t prioritize your schedule.

Be Generous With What You’ve Learned

Knowledge is an entrepreneur’s most valuable resource, but it isn’t just about gaining it but sharing it. Whether it’s your expertise about your product or service, your experience as an entrepreneur, or your vocational or academic knowledge within your field, it’s high-value currency in the business world. That in mind, make sure to use it well and pass it along.

In the digital age, your reputation matters more than ever before.

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Within Nije’s sphere of influence in Forex trading & crypto, he has built his brand by training others to do what he does. His trading courses at Lucid FX on Teachable, for example, are intended to help others achieve financial freedom. Many entrepreneurs learn by doing, and it’s essential that this knowledge is passed on to others to continue the legacy.

Making a sound investment is more than just money management. In fact, intangible resources like time and knowledge add significant value, and yield great rewards, as you grow your business. If you’re looking to grow your business, the best thing you can do to start is manage your most valuable assets—money, time and knowledge—responsibly.


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