How to Become Open to Inspirational Business Ideas

You just have to know how to become open to inspiration and then figure out how to recognize that inspiration when it does come along.The first thing that you’ll need to do is get rid of your preconceived notions. That is much easier said than done, but it is possible. You’ll start with identifying your preconceptions and determining which of them might keep you from being open to an idea when it comes along. Then, get rid of that assumption entirely. This way, you have nothing blocking the path if a good idea should come along.Next, you’ll need to start paying more attention to your surroundings. It is very easy to become so used to your regular routine that you don’t notice the things around you. But those things are going to be what inspires your business ideas. As you go about your daily life, look for things that are related to business. In particular, look for niches that have to be filled, for needs that are not being met. These are where you will find the best business ideas.You also have to know how to recognize the good ideas and sift out the bad ones. This requires that you think through an idea thoroughly before you do any work towards it. You need to determine exactly how the idea will work and what sort of pitfalls you can expect to find. Sometimes, an idea that looks great on the surface will turn out to be terrible, and sometimes the opposite is true.

The most important thing that you can do is to continually think about things from a business perspective until it becomes so much of a habit that you are unable to turn it off. That is when you will start coming up with amazing ideas, one of which could just make you a millionaire if you put in the work. But the idea has to come first so get to thinking about things!Why Health & Financial Success Are RelatedAre financial success and health actually related? The answer is yes. Science has found correlations between someone’s physical fitness or health and their success in business or other areas of their life. The simple fact is, healthier people make more money and achieve more of their goals than those who are not as healthy. Let’s look at five reasons why that’s the case.You release endorphins by working out first thing in the morningWhen you work out first thing the morning, you release a bunch of endorphins that stay with you for hours. This means that you head to work with a glow about you and an easier time focusing on tasks and getting things done.You have more energy when you are eating rightYou also have more energy when you are eating the right foods. Fast food, carbohydrate overload and other habits that people fall into can actually zap your energy, make you tired and cause you to get less accomplished throughout the day. People who get the right nutrients from their diet and who do not overeat are much more able to get things done and have the energy that is required for reaching goals.You have more confidence to accomplish goalsYou also have more confidence when it comes to the goals that you set for yourself. That’s because you know that you can achieve difficult things already, thanks to the goals that you’ve set for yourself when it comes to health and fitness.

You are respected more by your peersYou also get more respect from people when you are fit and healthy. Unfortunately, that’s just a fact of life. People that are fit and obviously healthy get jobs more often than people who are not, they get higher salaries, they make more friends and of course, they have an easier time with romantic partners.You save money through diet and exerciseYou might not have thought about it, but one of the big benefits of getting healthy is that you actually save money. Not only do you save money on food if you stop overeating, but you also save money on things like life insurance, and getting healthy now could prevent some huge hospital bills down the road. There is every reason to get healthy, but now you know that there are reasons that actually affect how successful you’ll be in business.

Sources of Business Finance

Sources of business finance can be studied under the following heads:

(1) Short Term Finance:

Short-term finance is needed to fulfill the current needs of business. The current needs may include payment of taxes, salaries or wages, repair expenses, payment to creditor etc. The need for short term finance arises because sales revenues and purchase payments are not perfectly same at all the time. Sometimes sales can be low as compared to purchases. Further sales may be on credit while purchases are on cash. So short term finance is needed to match these disequilibrium.

Sources of short term finance are as follows:

(i) Bank Overdraft: Bank overdraft is very widely used source of business finance. Under this client can draw certain sum of money over and above his original account balance. Thus it is easier for the businessman to meet short term unexpected expenses.

(ii) Bill Discounting: Bills of exchange can be discounted at the banks. This provides cash to the holder of the bill which can be used to finance immediate needs.

(iii) Advances from Customers: Advances are primarily demanded and received for the confirmation of orders However, these are also used as source of financing the operations necessary to execute the job order.

(iv) Installment Purchases: Purchasing on installment gives more time to make payments. The deferred payments are used as a source of financing small expenses which are to be paid immediately.

(v) Bill of Lading: Bill of lading and other export and import documents are used as a guarantee to take loan from banks and that loan amount can be used as finance for a short time period.

(vi) Financial Institutions: Different financial institutions also help businessmen to get out of financial difficulties by providing short-term loans. Certain co-operative societies can arrange short term financial assistance for businessmen.

(vii) Trade Credit: It is the usual practice of the businessmen to buy raw material, store and spares on credit. Such transactions result in increasing accounts payable of the business which are to be paid after a certain time period. Goods are sold on cash and payment is made after 30, 60, or 90 days. This allows some freedom to businessmen in meeting financial difficulties.

(2) Medium Term Finance:

This finance is required to meet the medium term (1-5 years) requirements of the business. Such finances are basically required for the balancing, modernization and replacement of machinery and plant. These are also needed for re-engineering of the organization. They aid the management in completing medium term capital projects within planned time. Following are the sources of medium term finance:

(i) Commercial Banks: Commercial banks are the major source of medium term finance. They provide loans for different time-period against appropriate securities. At the termination of terms the loan can be re-negotiated, if required.

(ii) Hire Purchase: Hire purchase means buying on installments. It allows the business house to have the required goods with payments to be made in future in agreed installment. Needless to say that some interest is always charged on outstanding amount.

(iii) Financial Institutions: Several financial institutions such as SME Bank, Industrial Development Bank, etc., also provide medium and long-term finances. Besides providing finance they also provide technical and managerial assistance on different matters.

(iv) Debentures and TFCs: Debentures and TFCs (Terms Finance Certificates) are also used as a source of medium term finances. Debentures is an acknowledgement of loan from the company. It can be of any duration as agreed among the parties. The debenture holder enjoys return at a fixed rate of interest. Under Islamic mode of financing debentures has been replaced by TFCs.

(v) Insurance Companies: Insurance companies have a large pool of funds contributed by their policy holders. Insurance companies grant loans and make investments out of this pool. Such loans are the source of medium term financing for various businesses.

(3) Long Term Finance:

Long term finances are those that are required on permanent basis or for more than five years tenure. They are basically desired to meet structural changes in business or for heavy modernization expenses. These are also needed to initiate a new business plan or for a long term developmental projects. Following are its sources:

(i) Equity Shares: This method is most widely used all over the world to raise long term finance. Equity shares are subscribed by public to generate the capital base of a large scale business. The equity share holders shares the profit and loss of the business. This method is safe and secured, in a sense that amount once received is only paid back at the time of wounding up of the company.

(ii) Retained Earnings: Retained earnings are the reserves which are generated from the excess profits. In times of need they can be used to finance the business project. This is also called ploughing back of profits.

(iii) Leasing: Leasing is also a source of long term finance. With the help of leasing, new equipment can be acquired without any heavy outflow of cash.

(iv) Financial Institutions: Different financial institutions such as former PICIC also provide long term loans to business houses.

(v) Debentures: Debentures and Participation Term Certificates are also used as a source of long term financing.


These are various sources of finance. In fact there is no hard and fast rule to differentiate among short and medium term sources or medium and long term sources. A source for example commercial bank can provide both a short term or a long term loan according to the needs of client. However, all these sources are frequently used in the modern business world for raising finances.