5 Reasons You Should Focus on Creating Passive Income

ari-monkarsh-generate-passive-income.jpg

No matter what stage of life you’re at or what industry you work in, you’ve likely heard the term “passive income” before. Many people are already generating passive income, but might not refer to it in that way. Passive income can be a variety of ways you make additional money, but the general idea is that it’s something you worked to put in place or create so that you’ll regularly get money back from it with little to no effort on your part. Passive income could be anything from a book you’ve written that you receive royalties from, a program or webinar you created, or something else that people are regularly purchasing. Real estate is also a common source of passive income, as are stock investments. If you’re still deciding about whether you should pursue a type of passive income, here are a few reasons it’s something you should focus on in the near future.

Your time is valuable

First of all, one of the biggest reasons you should push for generating passive income is because your time is valuable. When you’re spending time working in order to make more money, you’re spending a significant amount of time doing something you’re probably not really passionate about in order to make ends meet. Consistent, passive income means you have to spend less time working to make money and actually invest your time in more valuable ways.

Focus on other goals

Once you have more of your valuable time back, you can begin focusing on other goals. Whether passive income accounts for your entire income or just part of it, you’re giving yourself more time to focus on pursuits you actually enjoy. Teach yourself a new language, start a project you’ve been putting off, or travel somewhere exciting. Even just relaxing and spending time with family is a good idea!

Additional income

If you’re still working full-time, passive income gives you the chance to generate additional income. Having some additional income makes it easier to pay your bills or save for a larger purchase you want to make. You’ll appreciate this extra income, especially when you’re putting in minimal work to generate it. You avoid having to get a second job to generate more income and can instead rely on your passive income.

Financial security

If you put enough work into creating your source of passive income, it’s likely that you could meet or exceed what you make at your full-time job. Working toward the goal of generating passive income that you can live off of gives you financial security and peace of mind in case you’d ever lose your regular job.

Freedom to travel

Finally, passive income provides you with the freedom to travel whenever and wherever you want. Maybe you don’t love traveling, but you also have the freedom to live somewhere different and not be tied down to whatever your full-time job is. You can find a place you’ve always wanted to visit or live and head there. If you’re generating enough in passive income, you don’t have to stress about finding a new job that pays enough for you’re living expenses; you’ll cover those in passive income.

Advertisements

3 Ways to Get Your Team to Work Together

ari-monkarsh-teamwork.jpg

Teamwork is a skill that is sadly neither taught nor practiced well enough in the modern workplace. Some might argue it isn’t taught well enough to children in school either, which leads to issues in the workplace. This is an odd state of affairs given the obvious and proven benefits of good teamwork and the well understood principles of teaching and practicing it in all areas of life.

Unless you’re dealing with a group of wildly dysfunctional people, it is not difficult to get a group to work together, especially professionals who are being paid to do a job. Teaching teamwork is a combination of knowledge, leadership, basic psychology and will. Once you instill these ideals in your team, you’ll see a drastic improvement.

Camaraderie

Anyone who has watched an inspirational film or read a story about one or more characters facing difficult circumstances has likely experienced camaraderie. Those who have participated in any kind of ensemble activity like a team competition has as well. The battle cry of “we’re all in this together” is designed to inspire people to realize they won’t make much progress alone.

Instilling this sensibility in a group of people is the first step towards building a team.

Leadership

Selfish instincts must be replaced with regard for the people around the individual. The fastest way to make this happen is to identify strengths in each individual and require every person to teach their strengths to the others. This egalitarian approach to leadership forces team members to rely on each other instead of wandering off to look for a solution on their own. Teaching also encourages the natural leaders to step forward.

Rebuilding

One needs to only look at the armed forces to see this dynamic in action. A new platoon of recruits is broken down by the drill sergeant and then built back up. The key to the process is the fact they are all experiencing these dynamics together. They get stronger and more capable together. They earn the opportunity to take charge of the barracks, the gear, the weapons and the uniforms. Each recruit gets a chance to lead. This brings camaraderie and leadership together into a powerful mixture.

The measurable result of great teamwork is indisputable. There are decades of stories in team sports, military victories, and even academic settings that prove there are few things more effective in any environment where goals are set and achieved. Teaching teamwork is therefore one of the most generous and powerful things anyone can do.

7 Questions to Ask Before Changing Careers

Business man success in job

If you are considering a career change, you are not alone. Many people change careers more than once in their lifetime and for various reasons. However, if you want to make sure you make the right choice, there are seven questions you should be asking yourself before making this major decision. If you do not take these questions into account, you might make the wrong decision and waste time and effort in a career that doesn’t satisfy you when you could have been working toward something better. So go through the steps below before jumping ship and then decide what path you’d like to take.

What

You have to define what it is exactly that you want. Without this, you will be fluttering in the wind without a direction. What is the ideal outcome that a new career will bring you? Evaluate the types of tasks you enjoy doing and figure out what you definitely do not want to do. Then, search for careers and jobs that best fit your preferences.

Why

Once you’ve defined what you want, it’s time to hone in on why you want it in the first place. If you want more autonomy for example, it might be because you want room to grow. So therefore perhaps a company that is young and rapidly expanding would be a good choice. Understand the reasons behind why you want to change careers or why you’re looking for a specific job can help you determine what steps are the best to take.

When

Without a timeline, dreams die. Don’t think you will do it “someday.” Schedule your move and stick to it. Learn to manage your time effectively and force yourself to work hard and get through the monotonous steps to finding a new career. Do you need more education or to speak with a mentor? Give yourself clear steps and deadlines and it’ll  be easier to transition.

How

Now it’s time to figure out how you’re going to get there. What actions do you need to take? Do you need to upgrade your resume? Buy a new suit? Answer this before the next step and you’ll be better prepared to move to a new career.

Who

There is probably someone who has done what you want to do. Try to get their mentorship. At the very least, read about their story for clues. Talking with someone who has more knowledge and experience than you can be incredibly beneficial and help you avoid any major missteps.

When it comes to changing careers, it can be overwhelming at first. After all, you are completely shifting gears. Your old routines need to change. And most of all, you have to ask yourself the seven questions above which can take some time and energy. But don’t worry, if you go through the right process you will be able to find your ideal career and succeed in a way that fulfills you for the long term.

Being an Entrepreneur Gives You Superpowers

ari-monkarsh-entrepreneur-superpowers

As an entrepreneur, you’re going to need to learn a lot of important lessons in a short time. There are many skills necessary to being an entrepreneur; if you want to succeed, you need to develop these as soon as possible, if you don’t already possess them. Whether or not you remain an entrepreneur your entire life, the lessons you learn while doing it are going to be skills you carry with you the rest of your life and benefit you no matter what you’re doing.

Planning is vitally important

This trait is true for nearly any industry, but it’s especially pertinent to entrepreneurs. When you’re running your own business, you need to be on top of everything and stay informed. There are endless deadlines and responsibilities and careful planning is the only way to survive. In any aspect of your life, planning is incredibly beneficial and helps you stay organized.

Failure isn’t the end of everything

If you’re an entrepreneur, there’s a large risk that you’ll encounter failure in one way or another. No matter how confident and experienced you are, any kind of failure is daunting. We’re often terrified of failure. As an entrepreneur, you learn that failure frequently occurs, but you also know it isn’t the end of the world. You can encounter failure in any part of your life, but knowing how to learn from it and move on is invaluable.

Learn to focus on what you’re doing

If you want to be productive, you need to learn how to focus on the task at hand. Far too often, we procrastinate on what needs to get done and end up making life more difficult for ourselves. Learn to tackle one important task each day and prioritize your to-do list. Then, focus on your day’s most important task and avoid distractions.

Embrace creativity and learning

Entrepreneurs understand the intrinsic value of creativity and continued learning. No matter how busy you are, find time to learn something new as often as possible and express yourself in a creative way. Maybe it’s simply reading a few articles about a new topic and writing down your thoughts or going as far as to take official classes to get a degree in something. No matter what learning you’re doing, it’s helpful.

Find what you’re passionate about

To be a successful entrepreneur, you need to be passionate about your business idea and what you’re pursuing. If you don’t know what you’re passionate about, you won’t have a solid idea of where to direct your life. Passion is what makes life interesting and fun; find out what yours is.

Understand how to communicate

No matter what you do in life, you’re going to have to communicate with other people. Entrepreneurs constantly hone their people skills and learn how to talk to others. Far too many people lack strong communication skills and don’t understand how to relate to others. Being an entrepreneur forces you to learn to communicate well and this skill will benefit you in every other area of your life.

Manage Your Time Like a True Champion

ari-monkarsh-master-time-management

Far too many people catch themselves falling behind on deadlines or work they need to get done. Maybe you knew about a project a few weeks ago, yet you find yourself a week away from your deadline and realize you’ve barely made progress and have no idea how you’ll find the time necessary to devote to getting everything done. Learn how to actually manage your time so you can enjoy the free time you’ll have!

Identify time wasting

The first step to getting time management under control is learning where you’re wasting time. You might not realize how often you check your phone throughout the day or get distracted by a website or something else. Set your phone away from you when you need to focus on something at hand and consider looking into apps and extensions that block certain sites during specified times.

Decide what’s most important

At the start of each day, take time to figure out what tasks you need to get done for that day. Prioritize these tasks by importance and tackle the most important/difficult task first. We often avoid a looming task because we know it’ll take a significant amount of time and effort, but this approach ends up harming us much more in the long run. Once you get that big task over with, you’ll find everything else much easier to handle.

Say no to unnecessary tasks

For overachievers, it’s all too common that you often say yes to things you just don’t have time to take on or even really want to do. Instead of always saying yes, consider whether or not what you’re trying to do is actually necessary. Do not feel bad telling someone no, especially if it’s not a pressing issue or you have something that seriously needs your focus.

Take care of yourself

Self care is an incredibly important aspect of life that many people overlook. You could be the busiest person in the world and have multiple businesses to run, but you need to take some time to focus on yourself. Take a little bit of time at the end of each day to meditate, exercise, read, or anything else that helps you unwind. This small amount of time helps decrease your stress and makes focusing much easier throughout the day.

Plan out your entire day

Whether you do this step every day, once a week, or both, you need to take time to plan out what you’re doing at all times throughout the day. You don’t have to go overboard and plan out every single minute; in fact, you should allow yourself some buffer time in case something comes up that throws off your schedule. But, it’s incredibly helpful for time management to set deadlines for yourself and keep track of everything you need to accomplish each day. Use a physical planner, your phone’s calendar, or both, and you’ll feel much more organized.

Wisely Choose Your Business Partners

ari-monkarsh-business-partner

Becoming an entrepreneur offers special freedoms and opportunities that an individual can pursue on an individual basis. However, as a company grows, the option of hiring a business partner is often considered, and in many cases, necessary. While assistance in running a business may seem desirable and advantageous to the company, a partner should be carefully selected to ensure the best match for professional success; not anyone can succeed at this job.

Look for company-oriented compatibility

A partner should share the same degree of interest in the company as the owner, although their interests may vary. For example, one person may prefer the day-to-day operational tasks, while the other enjoys handling the creative side of things, such as marketing and community relations. If one person has only a casual interest, the other will probably be burdened with most of the work, which creates animosity.

Divide the duties

Write a company mission, strategic plan, or business plan to organize the operations and goals. Make sure it clearly spells out who is responsible for what. The plan should also specify how disagreements or conflicts will be handled. Profit-splitting and other financials should likewise be addressed. Never assume anything in running a company, and put everything in writing, updating as needed.

Keep it professional

Some experts recommend social activities with your business partner, and perhaps even taking vacations together. While this works for some individuals who knew each other before their joint business venture or who automatically get along perfectly, it can backfire. Spending too much time together could lead to relaxing the rules at work by allowing the partner to arrive late or leave early, or take a pay advance if that is not the usual practice. Some partners may expect perks or not fully understand how to conduct business professionally. While it is okay to have fun out of the office, be careful that it does not jeopardize company operations or the work environment.

Don’t expect perfection

If your business partner has less education or experience than you do, he or she may need some time to adapt to the job. Special training might be needed to get your partner up to speed. While you don’t want to necessarily relax the rules or lower your expectations, a degree of patience could be needed while your partner adjusts.

Have a back door

Agree up front on an exit strategy if the partnership doesn’t work out. Keep interactions amiable and respectful, no matter the outcome because you never know when you may have to work together again in the future. Make sure you have an agreement that protects you and your business, no matter what happens.

If You’re a True Leader, You’ll Recognize These 5 Leadership Styles

ari-monkarsh-leadership-styles

Every business has its own leadership style that is determined by the organization, industry, and ultimately the leader of the company. Most companies operate on multiple levels of leadership, finding what works best for them and their workers. Here are five of the most common types of leadership styles.

Laissez Faire

Laissez faire is derived from French meaning “let (people) do (as they choose).” With this leadership style, employees are given freedom to perform how they wish with little to no interference. Leaders who choose to lead in this style promote trust in their workers and instill a higher sense of responsibility. While this seems like a great way to empower your employees, this leadership style also has its disadvantages. Without direct leadership, productivity tends to decrease along with the quality of work. If a worker doesn’t possess the right set of skills, the lack of leadership can hinder their work.

Authoritarian

The Authoritarian leadership style has one leader who has complete control over everyone underneath them. This is often the type leadership style implemented in a small business environment. With this type of leadership, there is a more streamlined work process and the decisions of the business are made more quickly due to the lack of layers in management. However, this leadership style often leads to low morale because of less contribution from everyone in the company about the decisions made that impact everyday work.

Democratic

This leadership style is quite the opposite of Authoritarian. The democratic style gives everyone in the organization a voice, leaving the ultimate decision up to the leader. Employees have higher morale due to feeling like they are included in the decision making process. Allowing everyone an opinion in the decision requires time, making time the only enemy of this leadership style. This type of leadership does not work well when a decision needs to be made quickly.

Transactional

The transactional style of leadership requires an exchange. As the leader, you let your workers know exactly what you expect from them. Should they meet this criterion and exceed your expectations, they will be given something in return, such as a bonus. However, if this expectation is not met, employees can be punished or will require additional training. This is a popular tactic in the world of business but should not be the only way to lead.

Transformational

This is one of the most empowering forms of leadership. Leaders who follow a transformational type of leadership expect the most from their workers. Expectations are set high enough that workers are constantly striving to achieve more, but not set too high where they feel like failures for falling short. These leaders focus on the big picture, which allows for the workers underneath them to take ownership of the smaller tasks required to achieve this goal.

Do you recognize some of these styles of leadership? What combination of styles has worked best for you?

Learn How to Travel the World for Your Job

ari-monkarsh-business-travel

While some people find business travel to be terrible, it doesn’t have to be that way. There are lots of jobs that require travel, often numerous times throughout the year. You may spend a week or more away from home when traveling for business. Maybe you have to go to remote locations that do not seem very interesting. Travel can be stressful no matter why you’re doing it, but here are some ways you can make business travel a little less terrible. Make traveling for work something you actually enjoy and no longer stress over!

Join a rewards program

One of the best ways to maximize the benefits of frequent business travel is through joining a rewards program. Since most companies reimburse purchases you make for business travel, find a credit card with quality rewards and use it for business-related travel. Most airlines and hotels also offer rewards programs, so if you’re loyal to a specific company, you’ll greatly benefit from your business travel.

Streamline your packing routine

There are few things worse than realizing you have to leave for a lengthy business trip the next day, but you haven’t even started packing. You should always try to start packing a few days ahead of leaving so you have time to make sure you pack everything, but sometimes last minute is your only option. Create a packing routine that takes minimal time – know what items you’re taking with, keep travel sized toiletries packed at all times, and use the same bag so you know how everything fits.

Learn how to cure your jet lag

If you’re making significant changes to your timezone, jet lag can kill your entire trip and prevent you from functioning at your best. Keep hydrated before, during, and after your flight. Try to sleep on the plane and begin adjusting your schedule before you even leave. If you need to take some kind of medicine while flying, know what works best for you.

Plan ahead

You might be incredibly busy with work, family, and other obligations before your flight, but you need to plan ahead if you want to avoid unnecessary stress from flying. Clear everything with your company about the times of meetings and what will be reimbursed or how much you can spend. Know the times of all your flights and your booking numbers. Think about how you’ll get around where you’re heading, whether you’re renting a car, using public transportation, or located close enough to walk to places. Planning ahead means you’re that much more prepared for your trip.

Stick to a healthy routine

If you have a set routine, especially when it comes to diet and exercise, stick to it as much as you can while you’re traveling for work. If you usually read for a bit before bed, do that! Or try to get to bed at the same time you normally do, if it’s possible while on your trip. Do not push yourself and end up exhausted. Also make sure you’re watching out for sick people around you and taking steps to keep yourself from catching any kind of illness.

Keep track of your spending

Though most companies reimburse all expenses associated with business travel, very few will do so if you do not keep track of your receipts and what money is being spent on what. Save your receipts and make some kind of list (a spreadsheet would be even more useful!) to keep track of all the costs on your trip. Make sure everything is clearly labeled for business or personal so there’s no confusion.