1. Headline
  1. Headline
By
updated 1/14/2013 1:49:57 PM ET 2013-01-14T18:49:57

A roundup of the best tips of the week from Entrepreneur.com.

  1. More from TODAY.com
    1. TODAY's Takeaway: Natalie celebrates Boston Marathon triumphs; Willie rings in Earth Day

      On TODAY on Tuesday, Boston Marathon participants reflect on the event's import, and eco-friendly tips abound for Earth Day.

    2. 'Incredible': Runners with dwarfism on return to Boston Marathon
    3. Girl power: Drew Barrymore welcomes her second daughter
    4. 'Utter freedom': Paralyzed woman surfs duct-taped to friend's back
    5. Snoop Dogg loves Brian Williams' rap of 'Gin and Juice'

Most entrepreneurs have some idea of how important it is to choose the right legal entity for their business, but they may be unaware of the implications for their personal finances. Let's say you want to start a company, but you know it won't make any money in its first year. Many states, including California, would force you to pay a minimum tax out of your personal finances to cover your business obligation that year.

If you organize your business as a sole proprietorship, on the other hand, you won't have to pay a minimum tax, but you can be held personally liable for business debts. This is just one possible scenario. Look into your state's laws regarding business entities and, if necessary, speak with an accountant before locking yourself into a structure that isn't ideal. More: 6 Things About Money You May Not Think About -- But Should 

Tap into your emotions.
Don't let yourself get trapped behind "the veil of the professional role" which demands a buttoned-up reserve, says performance coach Achim Nowak. When you need to inspire your employees or clients, act as you do around your friends and family. In other words, act like a human being and let your emotions show. More: How to Be a More Charismatic Leader

Tone your body to hone your brain.
If you struggle to find time for exercise outside of work, find ways to get your blood pumping during office hours: Get a treadmill desk or begin riding a bike to appointments, for example. "The most important thing for maintaining brain function is physical condition," neuroscientist Richard Restak says. More: Easy Shortcuts to Make You Smarter 

Make your financial goals specific and measurable.
Vague goals to increase revenue and cut costs will get you nowhere. Financial planner Rick Rodgers recommends choosing what you think are the three most important statistics for your company, setting specific, achievable goals for them and then tracking your progress throughout the year. More: How to Change the Financial Future of Your Business

Build employee loyalty to reduce business costs.
Perhaps the best cost-saving measure you could implement is to inspire more loyalty in your employees. Giving them flexibility and individual attention will help them to feel fulfilled, and in return they will work harder and waste less, says Diane Bergeron, an assistant professor of management at Case Western in Cleveland. Loyalty helps with talent retention too: "As in any relationship, if you get what you need, you're more likely to stay." More: Methods for Building Employee Loyalty

Copyright © 2013 Entrepreneur.com, Inc.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

More on TODAY.com

TODAY's Takeaway
  1. Getty Images; TODAY

    Natalie celebrates Boston Marathon triumphs; Willie rings in Earth Day

    4/22/2014 8:39:34 PM +00:00 2014-04-22T20:39:34
  1. Danh Tang via Facebook; David Ab

    'Incredible': Runners with dwarfism on return to Boston Marathon

    4/22/2014 8:52:13 PM +00:00 2014-04-22T20:52:13
  1. Jason Merritt / Getty Images

    Girl power: Drew Barrymore welcomes her second daughter

    4/22/2014 9:35:41 PM +00:00 2014-04-22T21:35:41
  1. Mat Hayward / Getty Images Contributor

    Snoop Dogg loves Brian Williams' rap of 'Gin and Juice'

    4/22/2014 8:15:04 PM +00:00 2014-04-22T20:15:04
  1. Mysterious spike: More babies born with rare defect

    Seven cases of a rare fatal birth defect were reported in a remote region of Washington state in 2013, making it the fourth consecutive year that rates have more than tripled the national average, health officials said Tuesday.

    4/22/2014 8:27:33 PM +00:00 2014-04-22T20:27:33