To create leverage in your business you need to use other people’s…
OPM – Other People’s Money
Leveraging other people’s money is how the famous Mirage Hotel and Casino in Las Vegas was built–specifically using other people’s money, otherwise known as Junk Bonds. Steve Wynn, the developer of Mirage, has since built many more casinos and is currently on the Fortune 1,000 Richest People in America. A couple of ways successful entrepreneurs have the ability to use other people’s money are through credit and small loans.The trick is to use the money wisely and invest in a part of your business that will produce a return greater then the cost of borrowing the money.
OPT – Other People’s Time
Equally important, the hiring of employees is an example of OPT – Other People’s Time. Why perform daily tasks yourself, if you can hire someone to do it for you? When starting a business, entrepreneurs get set in their ways of doing things, then when it comes to a point that their time is extremely limited, they are unwilling to give up tasks because “No one does it my way.” By letting go of the need to “Do it your way,” you will start to take advantage of OPT.
OPE – Other People’s Experiences
OPE is Other People’s Experience. Why try everything yourself to see if it succeeds or fails? Just by talking with people who have done what you want to do, you can learn a great deal. We can learn as much from other people’s failures and successes as we can from our own. Again, the trap that many entrepreneurs fall into is “No one is doing it my way, so I can’t learn from what they did.” Look to other businesses in your field and see what they have done. Study your industry, the competitors and everything you can, so you know what has worked and what hasn’t. I guarantee if you do this one thing for your business you will outpace the competition.
Source: David Gass, President & CEO, Business Credit Services, Inc. Business Credit Services, Inc. specializes in helping businesses build business credit and establish an excellent corporate credit history. Download their free booklet How to Build Business Credit at http://corporatecredit.biz
Original Article Business Credit and Loans – Other People’s Money published at http://corporatecredit.biz