Determining your salary is one of the most important decisions you'll make as a business owner.
Read the full article here :
http://www.entrepreneur.com/money/moneymanagement/article80024.html
The biggest mistake most entrepreneurs make is to not pay themselves.
Most would think that they should only take that into consideration when there is profit.
Personally, I have experienced that if you don't do it right from the beginning, you will be putting it off till much later and what this does is, it will soon eat away your enthusiasm for the business.
Why? Simple. It is just not rewarding you to continue to do what you do.
As humans, we are compeled towards action either to avoid pain or gain more pleasure.
And if you are in business for yourself, putting off the payment owed to you to reward your daily efforts will kill your excitement to continually take effective actions for your business.
Friday, March 07, 2008
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2 comments:
This is a great entrepreneurial tip! I have been searching websites about starting my own business, and here's another one I really enjoyed that you should take a look at. You have a lot of the same ideas as these guys. www.bootstrapbusiness.org. Thanks so much!
I love the simplicity and depth conveyed in your posts.
I'm a friend of JP Parker from XL and would like to connect with you about a colleague who is coming to Kuala Lumpur in two weeks.
Warmest regards, Dr. Lin Morel
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