Millionaire Acts

Yesterday, we tackled about sole proprietorship as one of the three main types of business entities. As Kiyosaki said, sole proprietorship is not the kind of business entity that he can recommend because as a business owner, you would be “solely” responsible and liable to your business and there’s a risk of putting your personal assets in danger if the business fails. Today, we would tackle the next business entity and that is partnership. Like a sole proprietorship, a

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Let’s now review the three common business entities: Sole Proprietorship, Partnership and Corporation. In the US, there is one additional entity called LLC or Limited Liability Companies but since this is not applicable here in Philippines, let’s skip that for the moment. Let’s go first with the most common – Sole Proprietorship. “Sole”, as the word implies means “one” – you are the only sole owner of your business and you don’t have

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In one of my earlier posts, if you want to start a business and you don’t know where to find the capital to finance it, I enumerated some of the ways to fund and finance a business. In addition to seeking capital to finance your new business, you have to decide what form of financing you want. Will it be debt or equity financing, or a little of both? Debt financing is money borrowed and repaid over a designated period, usually with interest. This is an attractive form of financing

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We all need to have mentors if we have to reach some goals. Mentors are there to guide us along the way. They have achieved success in their endeavors and so they can teach us the do’s and don’ts that we should accomplish in order to mimic their success. Now that you’ve chosen your business, it’s time to choose your business mentors and your team. If you were planning to climb Mount Everest next year, wouldn’t you want to speak with someone who had survived the journey to

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In continuation of my previous post in buying a business as one way of entering the B-Business Quadrant, another way of entering a business is by buying a business franchise. Say you don’t have the courage for a start-up or the breadth of experience to buy a business. Then maybe franchising is the ideal choice for you. Franchising is a readymade business system that offers a promising avenue into business ownership. A reputable franchise gives you the advantage of a tried and true business

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