ENT 650 Week 2 Blog Assignment by Mary Schuler

Image result for financial goals stick man

Financial Goals – Clarify and Focus On Your Efforts

Nowadays, I bet you hear often or familiar with the term “financial goals”, especially you find it on all kinds of advertisement. It sounds good but sometimes I was asking myself “exactly what they are trying to sell?”, “how to get there?” or “how to start?” I am confused. I probably have a long list for financial goals but think about what tools to use to achieve them and how or which to start first: personal or business goals? Long term or short term? Clear the debs or build the credits? etc.

First, we need Health and Money. Now mental and physical Health are important. How about financial Health? It is important also.

For most of us, making money are important and mostly some people measure success by gauging how much money they have based on financial status. Making money is a good thing. It changes our life for the better if we are focusing on generate positive changes and not selfish greed. It is about being honest and ethical, knowing “treat people as to how we want to be treated.”

Let see how people manage to obtain wealth:

Through inheritance (born to it): how can we know if it is a guarantee? Will it be in place in the future? There were many true cases exist but imagine, just sit and hope for to become a millionaire is unrealistic and may be a biggest letdown of your life.

Through try to rely on luck: with years working in the casino, I saw how some people think they may beat the odd if they have luck. The bad news and most disappointingly are the odds seemed always against them. Do you want to rely on pure luck?

Through hard work: Do you have to be lucky to increase your wealth? I believe through hard work, there is a guarantee and by your action, luck will find you. So, what does hard work means to you?

  • It means maintain and improve your physical health first, then it is time to activate the entrepreneurial spirit in you and set the goal: Knowing what you want, your passion and determine to meet your goals.

Reading the book Entrepreneurial Finance of Steven Rogers are really eyes opening and helps to clear my thoughts so much. “Working for yourself will be the toughest job you ever have”, said Steven. This book helps me know where I am stand and review my overall financial goal picture. I need to understand what is debit and credit, saving and debt situations, financial statements, techniques, business plan etc. Still remain (less) confused but I found I am in a better position to plan my next financial strategies for the entrepreneurial ventures.

  • Desire it with excitement and efforts with the overpowering purpose to achieve it. Make a list of your target dollar amounts of each goal (vacation for this year, find a better location for the business next year, for example). Watch out any unnecessary expenses.
  • Get the drive: Overcoming fearing stagnation. Accomplishment is doing. Get some helps from your mentor, accounting and or legal professionals…
  • Resources: Learning, conquering obstacles and prepare for any unexpected problems. I am so glad that I have a chance to read this book, The Entrepreneurial Finance of Steven Rogers – “the premier guide for your dream of running your own company”.
  • Perseverance: Stick to it, hang in there a little longer and then some more. If you would like to meet each goal, it is more effective to set the deadline if possible.
  • And many other positive ways that you can find to build on your foundation towards the goals.

Happy ventures and see you in the next blog.

 

Resources:

Rogers, Stevenson (2014). Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur. McGraw-Hill Education.

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4 thoughts on “ENT 650 Week 2 Blog Assignment by Mary Schuler

  1. re: “Make a list of your target dollar amounts of each goal (vacation for this year, find a better location for the business next year, for example).”

    I too am a big fan in “make a list.” I think the idea of putting figures in that list is excellent. I remember that someone said they wanted to cruise around the world in a boat. They then calculated that it would cost $200,000. That was the figure they had put for taking such a wonderful “vacation.” Someone else said, why not get 40 other people and rent a boat and share the cost. The final price came down to $30,000. So suddenly the dream and the figure were aligned. Without a clear image of the costs/expense/desire, you can’t know if you can reach your goal or if you already have.

    Liked by 1 person

  2. Hi Mary! I’m glad you are enjoying the book “Entrepreneurial Finance”, I too am learning a lot from this book. I think you are right about making a list of dollar amounts for what ever you are trying to accomplish. I used to be in direct sales, I sold Tupperware for a short time (until I didn’t have time to do it). And, the biggest thing that helped me with selling Tupperware was to make goals. Goals which included: how much do I want to earn for the month, how much do I need to sell to earn that amount?, how many parties do I need to hold, etc. Without that breakdown, I had no idea of what I needed to sell to earn a specific dollar amount goal. So, now I do that with all parts of my personal and business life. Like, my upcoming graduation / vacation! We are planning to make a vacation out of May graduation, so I have a list of what I need and how much that will cost! Thanks for the great post!

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  3. Succeeding through hard work is what I am banking on. Luck is too unreliable, so I’m not going to count on it. Sadly, I think there are a lot of people out there who still have the “lottery” mentality of winning big to change their life. In truth though, if we creatively use what we have – we can still change things. Great points in your post, Mary!

    Austin

    Liked by 1 person

  4. Hi Mary,

    Hard work is always at the root of success. Although, I don’t think we can totally discount the part that luck–being in the right place at the right time–can play in that success. Some argue that luck comes as a result of preparation and hard work. There’s truth to that, but I do think sometimes the “stars align” in our favor through no work on our part.

    I agree with the mental and physical preparation need. Without your health, it is hard to chase your passion, isn’t it?

    Like

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