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Here’s the second principle to have a rewarding entrepreneurial journey.

Principle 2: Generate “Now” Revenue and Maintain Cash Flow

Nowadays, we see many newbie entrepreneurs getting more interested in developing long-term business strategies that, in actual fact, never create sufficient short-term revenue or cashflow. Take a look around, and you will see many ‘so-called’ business mentors pitching their business lessons around ideas like ‘generating passive income’, ‘growing a social media following’, ‘making awesome product launches’, etc. We admit that these ideas are attractive and will work for SOME to a certain extent. However, always keep in mind: when doing business, maintaining a passion for your work is the only way to keep going. And how should you do that?

The answer is simple: MAKE MORE MONEY!

Once you see that you can generate revenue from your business, you will naturally feel more confident to go on. Thus, we find that it is absolutely important for you to put in more effort at generating detectable income, especially if you are just starting out. After all, revenue – and in relation, cash flow – should always be the top priority for any business. Any experienced entrepreneur will tell you that cash flow is the circulatory system of a business, and before you invest more money in your venture, you want to make sure that you are maintaining a decent enough amount of cash flow so that your business is not in constant survival mode. So it’s really time to let go of the idea of making money while you sleep, and start WORKING HARD RIGHT NOW!

For a start, we will recommend retail business owners to concentrate on doing better product development and having a more targeted sales approach. For example, if you are an Amazon seller, you should start by researching for better-selling products, then go for optimizing your listings on Amazon’s search page. Other marketing strategies like engaging influencers to help promote your products are useful, but they should come in much later after your business is more or less steady. Trust us: if you focus on cash flow initially and stay in the game long enough, you will soon achieve that dream of owning a business that produces ongoing, consistent and predictable revenue in the long term.

Interested? Stay tuned as we introduce you to the rest of the principles!

Learn the other Principles Guide Your Entrepreneurial Venture here:

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