ROAD TO NEW ERA 7

Episode Highlights:

1. Risk Management
2. Budget Planning
3. Managing the Most Precious Resource - Time
4. Hiring

Chapter I: Risk Management

My mentor, Todor, and I discussed my approach to managing risks. I have a penchant for risk-taking, driven more by the thrill of the process than the end result. This adrenaline-fueled approach is evident in my handling of Digital New Era.

Key Points:

• Customer Satisfaction: Ensuring the client remains happy from start to finish.
• Commitment Fulfillment: Meeting our obligations consistently.
• Payment Security: Ensuring clients pay on time, despite the risks of working without contracts or formal invoices.
• Evaluating Worth: Assessing whether the effort and risks are justified.

Thankfully, our business model mitigates many risks:

• No rent expenses currently.
• No wages or insurance payments yet.
• Minimal software costs.
• Limited investment in marketing.

This results in a profit margin of about 60-65% for me as the founder.

Chapter II: Budget Planning

My philosophy on managing a budget and personal finances is unconventional but effective. Instead of extreme frugality, I focus on earning more to cover expenses and savings.

• Personal Finances: I avoid restricting myself excessively and aim to increase my income to meet my needs and savings goals.
• Business Budget: Investing in the team is crucial. Happy, motivated team members drive business success. The expense budget should be invested wisely to ensure the team's well-being and productivity.

Chapter III: Time Management

Time management has been a challenge, but I've developed a flexible routine tailored to my needs and lifestyle. Instead of rigid schedules, my plan accommodates my varying daily circumstances.

Daily Routine:

• 06:00 - 09:00: Morning routine
• 09:00 - 12:00: Focused work session
• 12:00 - 15:00: Lunch and concurrent work on Full-Time duties and New Era
• 15:00 - 18:00: Continued work on Full-Time duties and New Era
• 18:00 - 21:00: Dinner and continued work on Full-Time duties and New Era
• 21:00 - 00:00: Continued work on Full-Time duties and New Era, late-night gym session

Conclusion on Time Management

Success requires relentless effort. To achieve any goal, you must work hard and avoid excuses. Dedication and perseverance are essential to conquering challenges and reaching new heights.

Chapter IV: Hiring

The hiring process is underway, and soon it will be official. Here's the plan for hiring, stage by stage:

Stage One: Hiring Traders

Stage Two: Hiring Web Designers

Stage Three: Hiring Webmasters/Developers

Payment Model

Employees will be paid based on the commission from each project they contribute to. This model applies to traders, designers, and developers, ensuring motivation and alignment with the company's success.

Pros:

• Motivation: Commission-based payment aligns their success with the company's success.
• Flexibility: Allows for scaling the team as needed based on project demands.
• No Need for Capital: Salaries are not prepaid, reducing the need for upfront capital.
• Reduced Permanent Commitments: Team members are not burdened with permanent commitments, which can be positive in a flexible, dynamic business environment.

Cons (to be evaluated and shared based on your opinion):

• Potential inconsistency in team availability and commitment.
• Possible challenges in maintaining team cohesion and long-term loyalty.
• Variability in income for team members based on project flow.

Final Thoughts

Managing risk, budgeting effectively, utilizing time wisely, and building a motivated team are key to Digital New Era's growth. By focusing on these areas, we can navigate challenges and continue to innovate and succeed. Stay tuned for more updates as we progress!

Good luck!