How to Calculate Your Net Worth

How to Calculate Your Net Worth
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What am I worth!? No, I am not talking philosophically, I am talking mathematically. I figured this would be an interesting post because it is so easy to calculate and it is always good to know how you are doing financially.

An individual’s Net Worth is their current economic position. Basically all of the assets you own minus all of the liabilities on your head. Sounds simple enough right? Let’s jump right in. I’ll make it even simpler by giving you an example with MADE UP numbers.

 

screen-shot-2016-12-13-at-1-13-41-pmNote: This is just an example. There may be other line items that I am missing. The idea is to have your assets subtracted by your liabilities.

 

Notice that I did not add Salary. This is because your Net Worth calculates what you already/currently have and not what you may have in the future.

If after calculating you end up with a negative number, don’t worry, it doesn’t mean you are worthless (you guys are all invaluable to me)! This usually means you may be young with a significant amount of student loans or perhaps you have a lot of credit card (or other forms of) debt. Over time, as you pay them down your net worth will increase.

You can usually find Net Worth calculators online where you can just fill in the blanks with your numbers.

Hope you enjoyed this post. Until next time…

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The Essence of Entrepreneurship

The Essence of Entrepreneurship

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Fostering Business Solutions, Inc.

By Antonette Hudak

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When you go to a coffee shop, movie theatre, boutique or restaurant. You normally aren’t thinking about what it takes to give you that experience. You arrive, pay, make your memories and might go back.

I just began working at a restaurant part-time. You begin to see what goes on behind the scenes of the establishment. The vision, preparation, and attention to detail that makes a customer want to come back.

There’s a quote that comes to mind, “A great entrepreneur gives people what they want before they ask for it.”

My experience on the first day was feeling welcomed. The restaurant opens at 5:30 pm and everyone is expected to get there by 4:30pm. The employees have a “family” meal together. Everyone talks and sits around a table together.

After the meal concludes, everyone gets together with the chef to try the specials. He explains every ingredient, where it comes from, and what the night’s dishes are. He talks about the sauces, nuts, spices and vegetables. The menu goes according to what’s in season. The chef buys the produce himself, usually from Amish Farmers in the area.  My job as a hostess is to call all the reservations for the next couple of days to confirm their bookings. I am to keep a log of cancellations and seating walk-ins. Each reservation is pre-set with a table, time, name, and how many people will be in the party. It’s also the hostess’s job to walk around and mark the status of each seated table and if they are on their appetizers, entrees, or desert.This is to keep the waiters up to date on what is going on so that they are always in the know.

Sometimes VIPS arrive that need extra attention and complimentary items like a bottle of wine. The mood is set with lighthearted music in the background. The environment is always alive.  Rustic at home feel, white brick walls. The chef inspects every dish because presentation counts before a customer is served.

Thinking of this business and how it all came together makes me realize how much work, vision, and details goes into it. A consumer needs reasons to pick a place.  Why would they have dinner here? Is it how aesthetically pleasing it is, the organic food, incredible service, good music, an opportunity to enjoy oneself or a mixture of them all?

It takes people, training, leadership and lots of planning.

This is what I believe is the essence of entrepreneurship. The essence of attracting a crowd. Attracting a certain clientele that expects a specific experience. It was all planned. However, the planning did not stop at the opening of the restaurant; it continued to grow, like all great businesses. Entrepreneurship takes artistry, creativity and planning. Perfecting your craft. With failure and experience. Continuously discovering with trial and error. Creating a brand the entrepreneur and consumers are passionate about. It doesn’t come overnight. It takes practice, failing, learning, and interchanging roles. Going into it for the right reasons and using practicality. Most importantly, organizing people and taking the time to properly train them.

As an aspiring entrepreneur. What to study can be your favorite coffee shop, restaurant, bar, film or business of interest. The memories and joy they gave you. Pay attention. With that said, in your own business, you can see what you can offer to the world. Service the world. Giving the customer what they want before they ask for it.

About the Author: 

Antonette Hudak is an entrepreneur working in the entertainment and hospitality industries. She is also a writer and actress. Some of her achievements include writing, directing, and acting in the play “How to Love A Drug Addict” which is now being created into a short film, “Failure isn’t something you should fear, it’s something to embrace” Published by Thought Catalog February 2016, and she is a Reservations Manager for the Nolitan Hotel, a luxury boutique hotel in New York City.

 

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How to find a cofounder for your Startup

How to find a cofounder for your Startup

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Fostering Business Solutions, Inc.

By Christopher Kogge

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A problem many startup founders face is finding a co-founder. Someone who will not only share the burden and workload but someone who can bring something to the table, someone whom you can trust and someone who shares the vision you have for your company. That is a tall order especially when you consider they will not see any returns for some time, if ever. Luckily, we have put together a few tips to helping you find your future partner in business.

Before starting your search, you must first look inward. How solid is your idea? Have you done any research? What aspects of the business are still unknown? How to you plan to finance, market, and grow? If you want a serious partner, you must be serious about your company.

Once you have taken the time to figure out the in’s and out’s of what you want to do, the next step is to start your search. Our first recommendation should be an obvious one, your personal/professional network. People who already know you and what you are capable of are going to be the easiest and most likely to stand along side you. Moreover, if they are not able to help you themselves, your network can still be powerful advocates to finding someone who can help. Talk to friends, family, past or current colleagues. Anyone you know could be the answer.

Let’s say you are like myself, I am a marketing guy, but I went to a business school that is known as more of an accounting school, my family all are healthcare professionals, and my childhood friends all went into finance or unrelated fields. What do you do then? If you have exhausted your connections, then it is time to step out of your comfort zone. Start looking into conventions and in-person events in your area for startups. Meeting people face to face will keep people from ignoring you and will let you convey your passion and energy. It is never easy going to things alone; we also suggest bringing one of your personal network friends to talk to and support you. Trust us, doing this will help tremendously.

Maybe you are not near any conventions, or they will not be happening anytime soon, what do you do in the meantime? You guessed it, the world wide web is the greatest invention of our time, use it! There are numerous communities and networks to meet people. Build relationships, expand your professional network. Maybe someone you talked with in your industry cannot do it, but he may know someone that can. Every person you connect with multiplies your reach. Always make sure you do your due diligence before agreeing to anything, but that being said, there are plenty of real people out there that could be the yin to your yang.

Now, if you have a groundbreaking idea or invention that you know will work, and you can prove it, you may be a little protective about advertising it for everyone to see. If this is the case we suggest finding a reputable V.C. (Venture Capitalist). They will have all the connections and resources you will need. Finding one can be a task on it is own, but don’t worry, just stay tuned for my next article where I will discuss How to find a V.C.

Take this information and make it happen, entrepreneurs. You have the map now it is time do the work. This is your idea’s first test, now is the time to prove it can be more than just an idea. Hard work pays off; I wish you luck. Remember FBS here to help please don’t hesitate in reaching out in the comments or via email. Goodluck!

 

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Mobile Screens are now the passion of the American Majority [Infographic]

Mobile Screens are now the passion of the American Majority [Infographic]

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Fostering Business Solutions, Inc.

By Christopher Kogge

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In the 1950’s America’s mobile move was all about connecting the country through Interstate Highways. In the 20-teens, mobile has taken on a whole new meaning with the rise of smartphones. As of 2015, more time is spent looking at smartphone and tablet screens than computer and televisions ones.

This swing is nothing surprising as the trends have been drifting in mobile’s favor for the last five years, which in tech years is more like 20. In other words, it has been a long time coming. What will come to a surprise to some is the opportunity that is currently open for advertisers. As illustrated in the infographic below, the amount of advertising dollars spent on mobile ads is disproportionate to the audience size with a 25 Billion difference.

 

Move2Mobile

 

These findings should be setting off bells and whistles to the leaders of small businesses and startups alike. The lack of advertising spending pumped into the mobile space means lower rates, which means more exposure for less money. If you have not allocated a hefty amount of your ad budget to mobile already, I would suggest doing it now as this opportunity will surely be in existence for but a small moment in time.

The last tip I will leave you with is this, SmartTvs look to be emerging as next screen people will be using more and more in the next 5 to 10 years. If your company isn’t a unicorn and is currently on the shoestring budget, I would keep an eye on the popularity of SmartTvs and look to advertise when they have an upswing of popularity.

 

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10 Quotes to Inspire Dreamers

10 Quotes to Inspire Dreamers
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Being a professional in any field these days can be stressful. It is easy to be swallowed up by other people’s negativity, which is why I find it necessary, as cheesy as it may be, to keep motivated. I love reading inspirational quotes by unique people, who have accomplished great things in their lives. Whether you are an entrepreneur trying to make it in the world on your first or 30th business or if you are a business professional working in the corporate world, it is critical to stay positive to move forward. Here are some of my favorite quotes and what they mean to me.

Do not bother just to be better than your contemporaries or predecessors. Try to be better than yourself. – William Faulkner.

William Faulkner was an American writer and Nobel Prize winner. I like this quote because it means that you have to keep trying to be better. I will never be content with where I am. I will always try to be a better version of myself, this is how I will continuously grow.

Anyone who lives within their means suffers from a lack of imagination. – Oscar Wilde

Oscar Wilde was an Irish playwright, novelist, essayist, and poet. This quote is vital to the entrepreneur as it tells you to be imaginative. It is similar to the quote above in that it tells you not to be content in who you are.

Whenever you find yourself on the side of the majority, it is time to pause and reflect. – Mark Twain

Mark Twain was an American author and humorist. Twain challenges you to question your motives and understand why you make the decisions that you do. Do not blindly follow the crowd. Make sure your choices are right for you.

I am an old man and have known a great many troubles, but most never happened. – Mark Twain

Another quote by the great Mark Twain. Many of us live in constant fear of minuscule things. To me, I always felt like the first step was the hardest. You question yourself at every corner. What if this happens, this won’t let it happen, etc. Don’t let your fears stop you from becoming the person your potential will allow you to be.

What we fear is usually what we most need to do. – Timothy Ferriss

Tim Ferris is an American author, entrepreneur, angel investor and public speaker. Here is another quote about fear. Procrastination is a killer. The sooner you get your work done I promise you that you will feel better. Pushing something off will put weight on your shoulder that you do not need.

In the end, it’s not the years in your life that count, it’s the life in your years. – Abraham Lincoln

Abraham Lincoln as 99% of you know is the 16th president of the United States of America. You only have one life so don’t let your fears hold you back. If you want to do something, do it. If you want to start a business, try it. If you want to talk to that girl/guy, go for it. I ask myself one very dramatic question when I am making big (or even small and scary) decisions. Will I regret this on my deathbed? If the answer is yes, I am going to do it.

There is only one way to avoid criticism: do nothing, say nothing and be nothing. – Aristotle

Aristotle was a Greek philosopher and scientist. I love this. If you are afraid of what everyone else thinks of you, you will get nothing done. The innovators of this world did things that others thought was impossible. They won’t understand you and they will discourage you. Don’t let them get to you. Block out the haters.

All men dream, but not equally. Those who dream by night in the dusty recesses of their minds, wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act on their dreams with open eyes, to make them possible. – T. E. Lawrence

Thomas Edward Lawrence was a British archaeologist, military officer, and diplomat. Everyone dreams but entrepreneurs make their dreams a reality.

I have promises to keep and many miles to go before I sleep. – Robert Frost

Robert Frost was an American poet. This quote is important for an entrepreneur, but also those in managerial roles. Promises are important. When you start a business people working for/with you are relying on you. I know that is a scary thought, but being in a leadership role means that you need to be responsible. Remember, a man/woman is only as good as his/her word.

Never argue with an idiot. They will only bring you down to their level and beat you with experience. – George Carlin

George Carlin was an American stand-up comedian, social critic, actor, and author. I wanted to end this off on a lighter note. I know this is hard, and sometimes even I cannot resist, but try not to argue with a tool. There are times you can win someone over and there are times you cannot change the mind of someone stubborn. Pick your battles and refrain from stooping low.

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Angel Investors [Infographic]

Angel Investors [Infographic]
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In our startup dictionary post ,one of the terms listed is an Angel Investor. In case you missed that post here is the definition.

Angel Investor – An angel investor is an individual who provides financial capital to startups and entrepreneurs, usually in exchange for convertible debt or equity. These investors are often among the business owner’s family and friends.

In this infographic, we look at some stats that illustrate what type of startups are getting funding from these angels and how much these companies are receiving.

AngelInvestors

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The Mythical Unicorn

The Mythical Unicorn
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“Unicorns” in the startup universe refers to those companies which hold value in the billions. The top Unicorns are currently Uber ($51B), Xiaomi ($46B), Airbnb ($25.5B) and Palantir Technologies ($20B). If you have been paying attention to the startup world, you would have noticed fear of a Startup Bubble. The idea is that these Unicorns, with their valuations in the billions, are unprofitable. Some of which barely generate revenue at all. This approach resulted in the devaluation of some startups. Flipkart saw its value drop from $15B to $11B, Dropbox went from $10B to $4.9B, Snapchat from $16B to $12B, etc. So where does this leave us? Are these valuation made up?

Maybe some, but not for all.

Companies such as Uber, Airbnb, and Palantir generate significant amounts of revenue. They are likely to be close to their current valuations. Then if you add their assets to the equation, it makes it even more realistic. Palantir has been purchasing significant amounts of property on the West Coast. As well as generating close to $1B a year.

Other companies I would be cautious about include, Snapchat, and Dropbox. Maybe devaluing those companies wasn’t such a bad idea. These companies generate less revenue than their unicorn counterparts. What is the market price of information these days?

What do you think? Is this bubble going to burst? 2000px-Visible_Green_Unicorn.svg

http://www.fool.com/investing/general/2016/04/27/technology-investors-worth-following.aspx

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