Fatal Mistake 1 – Did Not Lock-In Credit Cards & Loans
Martinez was frustrated and fuming. The bank officer had just informed him that his loan application was rejected. He was counting on this loan to pay for much-needed equipment to start his new venture. Worse still…he was told that his new credit card application was also rejected. Reason: He did not have a job. So he was considered a credit-risk based on the bank’s credit policies.
Only two months ago Martinez had left the company he had worked as a Warehouse Manager for six years. He used to receive mail from banks inviting him to apply for one of their credit cards. Even pre-approved card applications…all he had to do was to agree!
IF ONLY he had applied for the loan and the credit card before he resigned.
Don’t make the same mistake. A loan, a credit card and a line of credit will always be handy when you start or run a business – especially on those low or no cash inflow days.
Fatal Mistake 2 – Did Not ‘Improve Self’
Have you tried cutting a piece of wood with a blunt saw? If you have you’ll understand what Stephen Covey the author of “7 Habits of Highly Effective People” meant when he used the phrase ‘Sharpen the Saw’.
What a difference a sharp saw makes in the results. Not only is the sawing effort much easier, but also the sawn pieces look smoother and cleaner. Just like a saw, a skill is just a tool. Whether it’s in basic writing or public speaking or photography… alternative nutrition…computer repair…carpentry…or another skill, sharpening a skill produces better results.
You can sharpen a skill by taking a course, reading a couple of books, learning from a mentor or from years of doing it. Soon…you’ll be an expert in that skill. With some imagination and guidance, you’ll be able to make some money with this skill.
Sharpening the saw is not limited to sharpening a skill. It includes other areas of self-improvement such as:
·becoming a member of a professional body (example: if you’re a manager in your company, apply to be a member of the Institute of Management).
·completing the last couple of examinations and projects to get that degree (which you’ve been procrastinating for too long).
·learning a new skill from scratch (in an area that you’ve always dreamed about).
While you have a job, you have opportunities to use your skills and sharpening them. For example, to sharpen your writing skills, you could volunteer to be the editor of your organization’s monthly newsletter. Or to improve your computer repair skills, you could come to the office on a weekend to repair some of your company’s damaged computers.
It would also be almost certain that you’ll be admitted as a member of your professional institute if you’re currently working in a related position. For example if you’re working as a Cost Accountant, don’t you think the Association of Cost Accountants will easily admit you as a member when you’ve clearly stated your position and job functions in your application? You’ll most likely be rejected or at best appeal to be a member if you do not have a job.
