The 4 Most Common Entrepreneurial Retirement Myths

Retirement planning can be a tedious task, and many people choose to avoid saving for retirement early in their career. They tend to wait until they are more financially stable before opening an IRA or funding their 401k; however, if you wait too long, you may not be able to retire comfortably. This is especially true for entrepreneurs, startup founders, and small business owners.

Business owners state a variety of reasons for why they don’t start saving for retirement. A lot of these reasons are untrue and are considered “retirement myths”. These myths play a large role in why they tend to avoid planning for retirement early on.

So what are some of these retirement myths?

Well, here are the 4 most common entrepreneurial retirement myths that many people believe are reasonable excuses to hold off on their retirement plans.

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3 Ways for Entrepreneurs to Learn from Failure

Let’s face it, failure sucks. No one wants to pursue a goal and come up short. That being said, failing at something is inevitable and everyone faces it sometime in their lives.

This is especially true for entrepreneurs who try to start their own business. Hence, an entrepreneur’s journey is never easy, and failure lingers at every corner. Even the most accomplished entrepreneurs have failed at some point in their career before reaching success. Failure should never be the end of the road, and it should be utilized as a tool for prosperity.

How? Well here are 3 ways for entrepreneurs to learn from failure.

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The 3 Most Irritating Payroll Issues for Small Businesses

Small business owners have a lot on their hands, when it comes to running their business efficiently. From marketing to accounting, the business owner needs to take care of all of the responsibilities required to keep his business afloat. That being said, these entrepreneurs can’t handle all of the business tasks, there’s just too many responsibilities.

Many sole proprietors try to alleviate some of their responsibilities and hire more staff or outsource their tasks. That way, they can focus more on the core aspects of growing their business, instead of the busy-work that needs to get done.

One of the most common problems that small business owners have is their payroll management. Payroll can be a serious nuisance if you’re trying to grow your business, and there are plenty of aspects about it that entrepreneurs can complain about.

But I’ve narrowed down the 3 most annoying payroll issues that small business owners must deal with. Continue reading

How Compliance Ruined My Entrepreneurial Spirit

When I was 5 years old, I remember believing that one day I would be running my own business. I had it all planned out. It was going to be a candy store with all types of chocolates, lollipops, cookies, brownies, s’mores, basically you name it, and I’ll have it. If you couldn’t tell, I probably had the largest sweet tooth in the world.

Besides the fact that I was merely a child when I thought of this idea, I had no clue how to run a business or what I would need to start one. 20 years later, and my vision of one day creating my own candy store is nothing but rubble.

Why? One word – compliance. Continue reading

The 3 Biggest Small Business Hiring Mistakes

Believe it or not, hiring is similar to dating. At first, you ask general questions to see if he/she has any traits that you’re looking for. Then, after a long period of time (usually), you decide to take the relationship to the next level.

Now, think of the “next level” as the job offer that a business owner makes during the hiring process. Like a relationship, the process of hiring a new employee takes time, energy, and money.

That being said, a lot of employers don’t take recruitment as serious as they should. I’ve heard way too many stories of small business owners who hired a new employee, only to have him/her leave after a couple of months. This is the last thing that any employer would want.

That’s why I’m here to share the 3 biggest hiring blunders you can make for your small business, so you can improve your hiring procedure:

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The Need for Work-Life Balance

Imagine two different workers in two different industries: Worker A and Worker B.

Worker A is an engineer for a tech company, who works 6 days a week and 10 hours per day. He receives a solid salary with a comprehensive benefits plan from his company, but he only has a week’s worth of paid-time-off, including sick days.

Worker B is a marketing manager for a digital agency, who only works on the weekdays and usually works from 9am-5pm. He also receives a health salary, but not as much as Worker A, and just a 401k plan and health insurance from his agency. However, he does receive two weeks of paid vacation days and 5 paid sick days.

From the short summary of these two workers, which worker is happier?

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What They Don’t Tell You About Entrepreneurship

So you’ve decided to quit your full-time job to start you own business. You have a great business idea with a well-thought-out business plan, and you have the passion to commit your entire life to growing your small business into an empire. You’re excited to begin your new journey and already day-dreaming about shaking hands with investors like Mark Cuban and Warren Buffet. What could go wrong right?

A lot. A lot of things can go wrong.

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