Budget, Career and Business Success

By Festus OlatundeChief Executive Officer

GWC Group

BUDGET

What is a budget?

An estimate of income and expenditure for a set period of time. "keep within the household budget"

financial plan, financial estimate, financial blueprint, prediction of revenue and expenditure, forecast;

Proverbs 22:7 The rich rules over the poor, and the borrower is the slave of the lender.

Luke 14:28-30 For which of you, intending to build a tower, does not sit down first and count the cost, whether he may have enough to finish it;

What is a budget?

a. Know How Much You Have

b. Know What You Owe

c. Determine Your Net Worth

d. Determine Your Average Recurring Monthly Expenses

e. Enter this Information into a Database

f. Make Adjustments Accordingly

g. Track, Monitor, and Be Disciplined

Your Career

1. Ask yourself for directions

2. Set goals, we recommend following the SMART principle:

S – Specific – Is it focused and unambiguous?

M – Measureable – Could someone determine whether or not you achieved it?

A – Action-oriented – Did you specify the action you will take?

R – Realistic – Considering difficulty and timeframe, is it attainable?

T – Time-bound – Did you specify a deadline?

Your Career

3. Learn from everyone but avoid bad company and bad advice

4. Get a good mentor

5. Get training

6. Thrive in uncertainty

7. Promote your progress

8. Get feedback

9. Optimize your outlook

Your Career

10. Learn how to fight spiritual warfare

11. Avoid pride

The successful Business strategist

Proverbs 22:29Do you see a man diligent and skilful in his business?

He will stand before kings; he will not stand before obscure men.

Stay Curious

Howard Schultz, the chairman and CEO of Starbucks and who now has a net worth of over $1.5 billion, started as a lowly salesman for the Xerox Corporation

Believe In Yourself

Oprah Winfrey’s net worth is $3 billion. But she grew up in abject poverty in Mississippi, and later Michigan and then Tennessee. At the age of 16 she started in the radio business, and at only 19 became a co-anchor on the local nightly news. She now owns her own network as well as a magazine, and is a generous philanthropist.

Live Your Success

Kenneth Langone, has a net worth of over $2.1 billion. Langone is best known for co-founding The Home Depot. Yet, he too began his journey born into poverty. He worked as a ditch digger, a butcher’s assistant and as a golf caddy. He attended the New York Stern School of Business part time in the evening, while holding down a full-time job.

Move Out Of Your Comfort Zone

Shahid Khan moved from his Pakistani home to the United States at the age of 16. He became a dish washer at only $1.20 an hour and lived at a local YMCA. Khan’s net worth now is over $3.8 billion. He’s the owner of Flex ‘N Gate, a manufacturing company with company headquarters in Urbana, Illinois. Khan became an American citizen in 1991. He is also the owner of the Jacksonville Jaguars and the English soccer club Fulham. Khan has been recognized for his generosity to various charities.

Keep Fighting For Your Dream

Kirk Kekorian quit school in the eighth grade to help his Armenian-immigrant family financially. He dreamed of becoming a boxer and was known as “Rifle Right Kerkoria.” He won the Pacific amateur welterweight championship, but then went on to fly planes to Britain during World War II. Near the end of the war, he flew over Las Vegas and began to dream a different dream. Along with Martin Stern Jr. (touted as the ‘father’ of the mega-resort), he went on to build Las Vegas as it is today. Kekorian has a net worth of over $3.9 billion.

Where There’s A Will There’s A Way

Kenny Troutt was born into poverty and his father was a bartender. Troutt went on to pay for his college tuition through selling life insurance. He founded Excel Communications, using the then innovative Multi-Level Marketing (MLM) technique. Troutt became a billionaire when he sold the company in 1998 for $3.5 billion.

Know The Value Of Teamwork

Beth Comstock learned the value of teamwork while working at a Rubbermaid Factory. Upon graduation from the College of William and Mary, she took a job in local television production in Virginia. Currently, she is the senior vice president and chief marketing officer with General Electric. Comstock also helped found the popular Hulu network.

Earn, Save, And Give Back

Warren Buffett sold newspapers at the tender age of 11. Since then he has accomplished a great deal, primarily due to his skill in making investments. With a net worth of over $58 billion, Buffett is widely known for his philanthropic efforts.

Don’t Stop Trying For Your Success

John Paul DeJoria lived in a foster home and even lived in his car. He created the John Paul Mitchell Hair Care System with a loan of a mere $700. He also founded Patron Tequila and today has a net worth of over $4 billion. DeJoria joined with Nelson Mandela in the Food4Africa effort and helped provide over 200,000 meals for children.

Stay Focused On Your Dream

Ralph Lauren began his career in clothing as a clerk at Brooks Brothers. It was there that Lauren started dreaming of more variety and colors in men’s ties. In 1967, he sold $700,000 of those types of ties. The next year he started the Polo line of clothing. His net worth today is over $7 billion.

Be an innovator

Richard Branson: Having started Virgin as a mail order record retailer in 1970, Branson founded Virgin Records and opened a record shop on Oxford Street, London. There are now more than 100 Virgin companies worldwide, employing approximately 60,000 people in over 50 countries. Today he is worth over £3billion

Do not give up!

Sir Alan Sugar: By the age of 12, he was rising at 0600am every day to boil beetroots for a local greengrocer. Four years later, Sir Alan's earnings, after school and at weekends, were far outstripping those of his father, Nathan, who worked in a tailoring sweatshop.He started out selling car aerials and aged just 21, he launched his own electronics company, “Amstrad - Alan Michael Sugar Trading” in 1968.With Amstrad, he made his first million. By the age of 40 he was worth about £600m, making him the 15th richest person in the UK.Today he is worth £1 billion.