Nine Characteristics of Successful Entrepreneurs

Have you ever thought about striking out on your own? After all, being your own boss can be an exciting prospect. However, owning a business isn’t for everyone. To be a successful entrepreneur, you must have — or develop — certain personality traits. Here are nine characteristics you should ideally possess to start and run your own business:

1. Motivation

Entrepreneurs are enthusiastic, optimistic and future-oriented. They believe they’ll be successful and are willing to risk their resources in pursuit of profit. They have high energy levels and are sometimes impatient. They are always thinking about their business and how to increase their market share. Are you self-motivated enough to do this, and can you stay motivated for extended periods of time? Can you bounce back in the face of challenges?

2. Creativity and Persuasiveness

Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. Are you willing to promote your business tirelessly and look for new ways to get the word out about your product or service?

3. Versatility 

Company workers can usually rely on a staff or colleagues to provide service or support. As an entrepreneur, you’ll typically start out as a “solopreneur,” meaning you will be on your own for a while. You may not have the luxury of hiring a support staff initially. Therefore, you will end up wearing several different hats, including secretary, bookkeeper and so on. You need to be mentally prepared to take on all these tasks at the beginning. Can you do that?

4. Superb Business Skills 

Entrepreneurs are naturally capable of setting up the internal systems, procedures and processes necessary to operate a business. They are focused on cash flow, sales and revenue at all times. Successful entrepreneurs rely on their business skills, know-how and contacts. Evaluate your current talents and professional network. Will your skills, contacts and experience readily transfer to the business idea you want to pursue?

5. Risk Tolerance

Launching any entrepreneurial venture is risky. Are you willing to assume that risk? You can reduce your risk by thoroughly researching your business concept, industry and market. You can also test your concept on a small scale. Can you get a letter of intent from prospective customers to purchase? If so, do you think customers would actually go through with their transaction?

6. Drive 

As an entrepreneur, you are in the driver’s seat, so you must be proactive in your approaches to everything. Are you a doer — someone willing to take the reins — or would you rather someone else do things for you?

7. Vision

One of your responsibilities as founder and head of your company is deciding where your business should go. That requires vision. Without it, your boat will be lost at sea. Are you the type of person who looks ahead and can see the big picture?

8. Flexibility and Open-Mindedness

While entrepreneurs need a steadfast vision and direction, they will face a lot of unknowns. You will need to be ready to tweak any initial plans and strategies. New and better ways of doing things may come along as well. Can you be open-minded and flexible in the face of change?

9. Decisiveness

As an entrepreneur, you won’t have room for procrastination or indecision. Not only will these traits stall progress, but they can also cause you to miss crucial opportunities that could move you toward success. Can you make decisions quickly and seize the moment?

 

 

 

Written By: Ruchira Agrawal
Source: Monster

20 Hidden Sources Of Income Lying Around Your House

You can sell things online, like dolls, old appliances and books, for cash.

The unused items collecting dust in your home could be worth hundreds or even thousands of dollars. People tend to underestimate the value of their belongings, but buyers often are happy to pay serious cash for rare or limited items, said Jacquie Denny, founder of Everything But The House (EBTH), an online estate sale service. However, even everyday items can find a buyer.

Whether you’re on a cash crunch or want to do some heavy spring cleaning, check around your house. Find out which 20 things you can sell online and elsewhere for extra money.

1. CLOTHING

Chances are that you and your loved ones have clothing that’s collecting dust in a closet. If these items are gently worn, you might be able to cash in by selling them. One of the easiest ways to unload your used clothing for cash is to sell items on consignment.

I’ve been selling clothes through a local consignment store for years and regularly receive 50 percent of the selling price for items I unload. To earn top dollar, look for upscale consignment stores that enjoy a lot of foot traffic. Additionally, you should find out what brands and items the store accepts and make sure your clothing meets the store’s standards.

You can also sell to an online reseller such as ThredUP.com, which will send you a prepaid package to ship your items. ThredUP sellers can earn up to 80 percent of the marked price of their items.

2. DESIGNER SHOES AND HANDBAGS

If you paid big bucks for designer shoes or a handbag that you now rarely use, you can reclaim some of your money by selling these items online. Frugal living expert Lauren Greutman said she has sold shoes through Poshmark for up to 50 percent of the retail price.

You can snap a picture of the items you want to sell using the Poshmark app and list them instantly. Poshmark will send a prepaid box to ship items that sell and take a $2.95 commission for sales less than $15 and a 20 percent commission for sales above $15.

3. JEWELRY

If you have an inherited necklace that isn’t your style, or an engagement ring you no longer wear because you’re divorced, you might want to consider selling these pieces for cash. Fine jewelry can be worth a lot, said Denny.

To make sure you get the full value of your jewelry, consider having items appraised beforehand. You can find an appraiser near you through the American Society of Appraisers’ site, Appraisers.org, or sell online through an auction site such as eBay.com. You can also opt to sell to a jeweler or pawn shop, but it’s important to seek out quotes from several stores before doing so.

4. COMPUTERS

Many households have $400 to $800 worth of cash in the form of unused laptop computers, said Michele Perry, a consumer tech expert at electronics resale site Gazelle.com. Fortunately, sites such as Gazelle and NextWorth.com make it easy to unload these unwanted laptops for cash.

With Gazelle, sellers can request quotes for their devices. They are then sent prepaid shipping boxes.

“You just send it back with your device, and we’ll send you cash,” Perry said. She went on to remind sellers to erase the data on their computers prior to sending them in.

5. CELLPHONES

Used cellphones are another tech item you can sell for cash — even if it’s damaged.

“Most devices still have value even if they are broken or damaged, as long as they are fully functional and just have a broken screen or need to replace a battery or button,” Perry said. In fact, sellers can net $75 for a broken iPhone 6S on Gazelle.com. Moreover, they can earn $185 if the item is in good condition with normal wear and tear.

Sellers can also unload old cellphones on sites like Kiiboo.com and NextWorth.com or drop their phones into one of the more than 2,000 ecoATM kiosks located in shopping malls across the nation.

6. GIFT CARDS

In 2015, $973 million worth of gift cards went unused, according to the professional services firm CEB. If you have gift cards you’re not planning to use, you can sell them for cash on sites such as CardCash.com, Cardpool.com, GiftCardZen.com and Raise.com.

The above sites purchase gift cards for less than face value and then resell them at a discount. For example, you can get back up to 92 percent of a card’s value at Cardpool.com. You also can exchange gift cards for cash at Coinstar Exchange kiosks in grocery stores.

7. BOOKS

If you have books you know you’ll never read again — or at all — you can easily turn them into cash by selling online. Check to see if you have any first edition books and books autographed by authors to start, said Denny of EBTH, as these items could be good sources of hidden cash.

Greutman recommended selling unwanted books on Amazon. Scan your books using the free Amazon Seller app, which tells you the current value. You can list your books with the app and price them based on Amazon’s pricing suggestions, she said. It’s important to note that Amazon charges 99 cents per item sold.

Additionally, sellers can unload unwanted books through Half.com, which doesn’t charge a listing fee. Start by visiting sites like AbeBooks.com and Biblio.com to see what your books might be worth.

8. CHILDREN’S TOYS

It’s no secret that children outgrow their toys quickly. Luckily, you can make money selling your kids’ unwanted toys — especially larger items such as kitchen playsets. I made about $50 on a wooden train set for which I originally paid $75 by selling it through a consignment store.

If you have several smaller toys to sell, Greutman advised requesting a box from Swap.com. You can fill it with items and then ship it back to the company for free. Earning $25 to $50 per box is not uncommon, according to Greutman.

9. COLLECTIBLE DOLLS

If you inherited a collection of porcelain dolls from your grandmother, it might be time to dig them out of storage. In fact, according to Denny, people are willing to pay top dollar for collectible dolls.

Additionally, individuals whose children have old American Girl dolls might be sitting on cash cows. These toys command a high price on eBay.com, said Greutman. For example, a 2014 American Girl Doll of the Year recently had a list price of $399.99 on eBay. This listing is $285 higher than that of the current Doll of the Year sold by American Girl.

10. FURNITURE

Make some extra cash by selling unwanted furniture that’s occupying space in your garage, attic or storage unit. Along with selling items in consignment stores, which offer owners a percentage of the final price, individuals can opt to advertise locally on Facebook, Craigslist.org or OfferUp.

BudgetsAreSexy.com blogger J. Money has made more than $1,000 selling items on Craigslist, including furniture. When listing an item on the site, he recommended posting several pictures, providing all of the dimensions, using keywords such as brand names in your description and researching prices of similar items. Additionally, you should make yourself available by phone or email to respond to interested buyers.

11. MUSICAL INSTRUMENTS

That guitar or drum set you bought years ago, because you thought you were going to start a band, can be turned into cash if your dreams of rockstardom never materialized. In fact, J. Money reported selling an electric guitar, amps and accessories on Craigslist for $225. You also can sell musical instruments online through sites such as Reverb.com, which charges a 3.5 percent fee on sales, or at a physical retailer such as Guitar Center.

12. SPORTING GOODS

Denny said that outdoor sporting goods, such as bicycles, canoes and fishing gear, tend to sell well on EBTH. If you have sporting goods you bought for yourself or your kids, you can sell them on your own through Craigslist or OfferUp.

Additionally, you can take sports gear — such as skis, golf clubs, baseball bats, gloves and football cleats and helmets — to a Play It Again Sports store and receive 30 percent to 50 percent of the selling price.

13. SPORTS MEMORABILIA

If you collected baseball cards or sports jerseys as a child, you might be able to exchange these items for much-needed cash. Signed sports memorabilia, in particular, can be a big source of income.

“The more famous the player, the higher the prices demanded,” Denny said. For best results, consider having your items appraised to determine how valuable they are.

You can find an appraiser through Appraisers.org or have trading cards professionally authenticated through the Professional Sports Authentication at PSACard.com. One of the best places to sell sports memorabilia is eBay, which many sports enthusiasts use to find collectibles.

14. ANTIQUES

If you have antiques you’re willing to sell, their value will hinge largely on their condition and whether they are rare or have historical significance, Denny said.

“With antiques, small scratches and evidence of light wear and tear can actually increase the value slightly, but structural damage and other repairs can be costly and dissuade sellers,” she said. “All these complicating factors are part of why it’s important to work with a reputable appraiser.”

The best way to secure top dollar for antiques is to sell them through an auction house, according to Consumer Reports. You can also sell to antique dealers, but be sure to get quotes from a few services before doing so. Additionally, you can sell antiques at EBTH, which offers appraisers who will value individual items or an entire estate.

15. ARTWORK

Whether you have inherited artwork that isn’t your taste, or pieces you purchased are collecting dust in the attic, you can opt to sell these items for cash. In fact, I’ve sold numerous pieces of art at consignment stores.

For fine art, consider having items appraised before selling. Regional artwork sells particularly well in EBTH sales, said Denny. You can also sell your fine art through auction houses.

16. CHINA SETS

If formal dining isn’t your style, you can unload that china set you inherited or received as a wedding gift at a local consignment store. Denny said china is a popular item sold on EBTH — especially sets made by Spode, Lenox and modern designers, such as Ralph Lauren. Additionally, sellers can list china sets on Craigslist.

17. SILVER

If you inherited some sterling silver trays, serving spoons or other items you don’t use, you might be able to earn cash selling them “as is” or for scrap.

“If the silver holds any sort of historical significance, or has any brand association, it will offer a much greater return than if you were to sell it to scrap,” Denny said. However, she acknowledged that the current market for silver is a difficult one.

At the present time, buyers might get more money selling silver pieces for scrap than at a consignment store or through an auction house. For best results, secure quotes from several metals dealers — both online and storefront.

18. SAVINGS BONDS

You might have received — or even purchased — savings bonds decades ago only to forget about them completely. In fact, billions of dollars’ worth of matured savings bonds have never been cashed in, according to the U.S. Department of the Treasury.

You can use the Treasury Hunt tool at Treasuryhunt.gov to discover whether you have Series E bonds issued after 1974 that are no longer earning interest and can be cashed in. The tool can also help you identify bonds you might have lost and claim them.

19. APPLIANCE PARTS

Small appliances that are old or broken can still have value, Greutman said. That’s because you can sell their parts on eBay. For example, a used Keurig K-cup holder recently had a list price of $29.90 on eBay.

20. VIDEO GAMES

You can cash in on those video games you or your kids no longer play by selling them online or at various brick-and-mortar retailers. Sites such as uSell.com and NextWorth purchase used video games and offer free shipping. Additionally, you can sell used video games at retailers such as GameStop, which will pay cash or give you store credit to buy more hours of fun.

 

 

Written by: Cameron Huddleston
Source: GOBankingRates

10 States Where Taxes Are Going Up

© Thinkstock

Some states, still facing tight budgets after years of recession and slow recovery, are turning to tax increases to make up for the shortfalls. In some states, you’ll soon pay more for Gucci bags and other luxury goods. In others, soft drinks, cigarettes, gasoline and live entertainment will cost more.

Pay attention even if your state isn’t on this list. Some of the taxes are aimed at tourists and motorists passing through the states. And many other states may follow suit with similar tax hikes if these states’ efforts prove successful at raising revenues without upsetting voters.

CONNECTICUT

Buying a pair of Jimmy Choo shoes or even a T-shirt from the Gap will cost a little more in the Constitution State under a budget deal that is expected to yield nearly $1.7 billion in new revenue.

Starting July 1, yachts and other luxury items will be taxed at 7.75%, up from 7%, as part of a state budget plan for the next two years. And clothing and shoes under $50 will no longer be exempt from the state’s 6.35% sales tax.

The state tax on cigarettes also will climb — from $3.40 to $3.65 per pack on October 1, 2015, and to $3.90 per pack on July 1, 2016.Connecticut’s wealthiest citizens and businesses will feel the biggest pinch. A projected $300 million will come from the addition of two income tax brackets above the state’s current highest rate of 6.7%. The new top rate: 6.9%.

GEORGIA

Hotel guests will have to pay $5 more each night, thanks to a tax package that could yield up to $1 billion to fix the Peach State’s backlog of road and bridge repairs.

Drivers and owners of electric cars will also have to pay more. Motorists will pay an additional 6 cents for each gallon of gas starting July 1, 2016, under a new law that moves the state from a series of sales and excise taxes on gasoline to a single excise tax. Owners of electric vehicles face new registration fees ($200 a year for noncommercial electric vehicles, $300 for commercial). Meanwhile, heavy trucks will have to pay an extra “highway impact fee” of $50 to $100.

Counties also were given the green light to ask voters to approve a sales tax of up to 1% to fund local transportation projects.

KANSAS

Kansans will pay more for nearly everything they buy in the Sunflower State. Lawmakers raised the state’s sales tax to 6.5% to close a $400-million budget gap. The hike came three years after Gov. Sam Brownback, a Republican, backed the largest tax cut in the state’s history.

The new rate, up from 6.15%, is effective July 1. Coupled with local sales taxes, Kansas now leapfrogs California to have the eighth-highest sales tax in the United States, according to the Tax Foundation.

Smokers will pay more, too. The per-pack tax on cigarettes goes to $1.29, from 79 cents, effective July 1. And beginning July 1, 2016, people who use e-cigarettes will be taxed 20 cents per milliliter of consumable material.

NEVADA

What happens in Vegas may stay in Vegas, but so will more of your money, thanks to a historic tax package that is expected to raise $1.5 billion over the next two years. Everything from hailing a cab, smoking and attending events will cost more in the Silver State.

Taxi passengers, including Uber users, will see a 3% excise tax on all fares, and the cigarette tax will go up a buck, to $1.80 per pack. That’s still a far cry from the nation’s highest tobacco tax, $4.35 per pack in New York state.Most venues with live entertainment will have to charge a 9% ticket tax, instead of a sliding scale of 5% to 10%. The tax applies to fees for escort services, but not to rates charged by prostitutes at the state’s legal brothels.

Finally, a 0.35% sales tax boost that was due to expire became permanent. Nevada relies heavily on the sales tax and tourism because it doesn’t have an income tax. Most of the increases start July 1, although the live entertainment levy kicks in on October 1.

SOUTH DAKOTA

Motorists will have to pay more, but in return they’ll be able to drive faster on two major highways.

State lawmakers passed sweeping legislation earlier this year that raised the gas tax by 6 cents per gallon on April 1, to 28 cents. It also added 1 percentage point to the excise tax on vehicle purchases, making it 4%. The legislation allows counties and townships to raise property taxes for road and bridge work, if voters agree. The entire funding package is expected to raise $85 million per year for state and local infrastructure work.

In exchange, drivers can legally travel 80 miles per hour on Interstates 90 and 29, 5 mph faster than the old maximum speed.

UTAH

Motorists will pay 5 cents more per gallon at the pump, starting Jan. 1, 2016. The revenue will help fund transportation projects and maintenance. In addition, counties can add a sales tax increase of a quarter-cent per dollar if voters give an OK. Before the hike, the Beehive State faced an $11-billion funding gap for critical road projects through 2040.

Meanwhile, homeowners will see a boost of $50 on property tax bills in November. The $75 million in new revenue will be used for education programs.

VERMONT

Soft drinks and cigarettes will cost more, while wealthy taxpayers will be able to take fewer deductions. The changes were aimed at closing a budget gap of nearly $100 million.

For the first time, Vermont’s 6% sales tax will hit soft drinks. The tax applies to nonalcoholic beverages that contain natural or artificial sweeteners, but not to those containing milk or milk substitutes, or to drinks that include at least 50% vegetable juice or fruit juice by volume. Also, smokers will pay an extra 33 cents in state taxes for cigarettes, raising the rate to $3.08 a pack by next year.

Millionaires in Vermont could pay about $5,000 more in taxes. The plan limits the amount filers can deduct from income taxes to $15,000 for an individual and $31,500 for a household. Vermonters also won’t be able to deduct from this year’s tax liability what they paid in state and local taxes the previous year.

IDAHO, IOWA, NEBRASKA

Gas tax increases are also coming in Idaho (7 cents a gallon), Iowa (10 cents per gallon) and Nebraska (a 6-cent hike spread over four years).

Other states are likely to boost gas taxes in the coming years as Congress struggles to pass a long-term surface transportation bill to fund road and bridge repairs, and as the cost of deferred maintenance soars.

Written by Kiplinger

(Source: Kiplinger)

The Average Tesla Driver Isn’t Who You’d Expect

© Ann Hermes/The Christian Science Monitor/Getty Images

Not everyone behind the wheel of a Tesla Motors car is a millionaire. And that’s a good thing, according to a Jefferies research report by Dan Dolev.

After surveying 145 Tesla owners, Dolev and his team found that against popular wisdom Tesla owners are not just for luxury car drivers, indicating the company’s attempts at making its cars accessible to everyone are working.

“Survey responses yielded some surprising results: most notably that Tesla owners are not a homogenous group in the market for luxury cars, but rather that they come from a wide variety of previous makes/models,” Dolev wrote. The analyst raised his price target to $360 from $350, but kept his “buy” rating on shares.

Because of its higher brand value and drivers willingness to switch to Tesla, Dolev increased 2020 production estimates to 515,000 cars, up from a prior outlook of 500,000. He also slightly raised 2016 and 2017 revenue estimates, forecasting $9.27 billion and $12.84 billion, up from $9.269 billion and $12.827 billion, respectively.

In 2014, deliveries of the Model S vehicles increased to 31,655 from 22,477 in 2013, according to company filings. Total revenues for company also increased to $3.2 billion, up from $2 billion. In its first-quarter earnings report, Tesla reported generating $940 million in total revenues, up from $621 million in the same quarter the previous year.

Shares of Tesla were higher in pre-market trading, gaining 0.5% to trade at $266.50.

Tesla owners surveyed reported to previously driving cars ranging in price from $15,000 to $250,000, including everything from a Toyota Highlander to a Acura MDX and Porsche 911/918. After averaging national pricing data, the report said owners paid an approximately 80% premium on their Tesla cars compared to the average selling price of their previous cars.

Of the respondents, 25% said they were not considering any other brands besides Tesla, and 85% of owners said that their next car would most likely also be a Tesla. Yet another strong indicator of customer loyalty was that 89% of surveyed owners said they would still buy a Tesla even if the current $7,500 federal tax credit were taken away.

The results also showed that if drivers had not purchased a Tesla some would have rejected going the luxury car route and instead bought a car with an average selling price as low as $30,000, once again indicating the high premium drivers give Tesla. Of those surveyed only 13% of respondents said they would have purchased a vehicle with an average selling price higher than the Tesla Model S, which begins at $57,500 for the 70D version.

Cars viewed as a suitable substitute for Tesla have an average selling price of $78,000, which means there is a 29% premium for Tesla cars.

The release of the Tesla Model 3 in 2017 will also help Tesla reach a wider audience base since it is estimated to have a lower average selling price of $55,000, according to Dolev.

Written by Meg Garner of The Street

(Source: The Street)