Established in 1929
50c/
Health City Sun
The
Published by Defined Publishing, Inc.
New Mexico’s Legal & Financial Weekly
July 8, 2011
Vol. 1.82 No. 28
FORECLOSURE SALES: 3
PROBATE:19
STORAGE AUCTIONS: 2
NOTICE OF SUITS: 9
OTHER: 21
SPANISH NOTICES: 7
Is Entrepreneurship For You? from www.SBA.gov
S
tarting your own business can be an exciting and rewarding experience that offers numerous advantages, such as the ability to be your own boss, set your own schedule and make a living doing something you enjoy. Becoming a successful entrepreneur requires sound planning, creativity and hard work. It also involves taking risks because all businesses require some form of financial investment. To begin evaluating whether or not owning a business is right for you, consider the personal characteristics and qualities that can help improve entrepreneurial success.
Prepaid copy provided by:
Defined Publishing, Inc. 2011
FACT: Anyone can learn how to be an entrepreneur Entrepreneurs often have similar traits and characteristics. Here are some of the qualities that can go a long way in bolstering business success. If you don’t have all of these traits, don’t worry. Most can be learned with practice. • • • • • • • • • • • • • • • •
Creative Inquisitive Driven Goal-oriented Independent Confident Calculated risk taker Committed Avid learner Self-starter Hard worker Resilient (able to grow from failure or change) High-energy level Integrity Problem solving skills Strong management and organizational skills
One approach to improving creativity is to research and learn as much as you can about the things that interest you. New ideas can come from reading or by talking to others who have the same interests. Another way to spark your creativity is to think about a problem and picture different ways to solve the issue. Once you have an idea, think it through and determine if it is a reasonable option. If it is, try it. If it isn’t, keep thinking. Don’t limit yourself. Be open to a variety of possibilities and your creative mind will naturally form new ideas. To keep your creativity flowing, use these helpful hints: • Look for new ideas in a variety of ways • Keep the process simple • Start small • Try, try again
Businesses are built on ideas. In fact, the first step to starting a business is to come up with an original idea. Therefore, entrepreneurs must be open to thinking creatively. Are you able to think of new ideas? Can you imagine new ways to solve problems? Do you have insights on how to take advantage of new opportunities? Many people believe that some individuals are just born with creative minds, while others are not. This might be true, but you can learn to be more creative if you want to become an entrepreneur!
Taking the Mystery Out of Credit Scores
F
ICO, short for Fair Isaac Corporation, was founded in 1956 by a mathematician and an engineer who were interested in the analysis of numbers -including credit scores. Their work gave creditors a means of predicting which customers are more or less likely to default on loans. Your score can pre-determine how you’re treated by creditors: 1. A high credit scores equates to a lower anticipated rate of default. 2. Creditors raise or lower the interest rates they offer you based on your likely risk of default.
Dollars & Sense by David Uffington 3. The higher your credit score, the better the deal you’ll get on interest and the more money you’re likely to save over time. The front screen of the MyFico. com website gives a perfect example of potential savings: “A 100-point difference in your FICO score could mean over $40,000 extra in interest payments over the life of a 30-year mortgage on a $300,000 home loan.” FICO scores range from 300 to 850 and are based payment history, length of credit history, new credit you might open, amount of established credit and the types of credit. A mix of credit types --
perhaps vehicle, mortgage, credit card -- will yield a better score than all credit cards or vehicle only. With all the lender emphasis on credit worthiness, a simple late payment can damage your credit score. The later it is, the more damage is done. Here’s an additional credit fact: Unfair though it is, the higher your credit score, the bigger the “ding” to your credit if you do miss payments. Here is a comparison of late payment and bankruptcy at two levels of credit score and the length of time for the score to rise again: Thirty days late: Credit score of 680 might be cut to 600-620, but can rise again in nine months. A score
of 780 might be cut to 670-690, and it could take three years for the score to rise again. Bankruptcy: Credit score of 680 might be cut to 530-550, and could take five years to rise again. A score of 780 might be cut to 540-560, and it could take seven to 10 years for the score to rise again. For more information on keeping your credit score healthy, visit MyFico.com. David Uffington regrets that he cannot personally answer reader questions, but will incorporate them into his column whenever possible. Write to him in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@gmail.com. (c) 2011 King Features Synd., Inc.