This article contains insight into the leadership skills you need to be successful in business when you’re the person in charge. Keep reading to get a better understand of what it takes to be the top dog.
Decide What You Want
One of the keys to becoming a successful entrepreneur is to know what type of business is right for you. After all, you’re going to have to invest tons of time and money into whatever industry you choose.
Lean into your strengths. What is it that you do best?
Keep in mind that running a business is a huge responsibility, so you need to be sure that you’re the kind of person who’s up to the challenge.
Put Together a Business Plan
When you’re starting your own business, you’re going to need loans and investors. And they will want to see your business plan.
Sit down and crunch the numbers. Be strategic.
Financial institutions and investors will have a million questions, and you will have to provide solid answers to convince them to invest in your business.
Timing Is Everything
The simple truth is that success in business is partly the result of timing. Knowing when to jump in the ring isn’t easy.
Move too soon, and your plan could end in disaster. Enter the market too late, and you might miss the boat.
You have to be smart and trust your gut — because when the timing is right, the sky is the limit.
Invest in Yourself
When the time is right, you have to be ready.
That means accumulating the necessary skills and training to become successful. Starting a business is extremely challenging, even in the best conditions. So you’d better make sure that you’ve done everything possible to maximize your odds of success.
Becoming your own boss means that the potential success of your business is riding on your shoulders.
Be prepared to work longer and harder than you’ve ever imagined. You’ll give up weekends and vacations and experience tons of sleepless nights — but in the end, you’ll discover that it was worth the effort.
The Benefits of Being Your Own Boss
It’s no secret that being your own boss is a lot of work.
But for those born with the entrepreneurial spirit, there is no better feeling. After all, when you do what you love for a living, it feels like you never have to work a day in your life!
Ready to learn more about becoming an entrepreneur? Make sure to browse the rest of our website to learn everything you need.
Most people can’t afford to buy a home or startup a business unless they take out a loan. Besides that, loans are also needed when an emergency happens. Loans therefore come in handy when you really need liquid cash or capital for the first business purchases. This is because it’s not easy to save money for big purchases. Regardless of that, there are so many people that are in trouble today just because they applied for a loan blindly. Since they were in desperate need of money, they overlooked some of the most crucial things. Here is a list of tips that can help you understand what you are getting yourself into before filling out the loan application.
Image by 3D Animation Production Company from Pixabay
In most states, you can’t qualify for a loan if you are below the age of 18 years. Some states require you to be at least 21 years. This is because every loan applicant is expected to submit his national ID when presenting his application. Besides that, the law considers everyone who is not yet 18 to be a minor. If you are underage, you must therefore wait until you get your ID, national Social Security Number or driver’s license. Moreover, banks usually decline loan applications that are made by people that are 55 years and above. Such people are considered as a risky lot to do business with as they are not far from retirement. But if you live in the UK, you can get a home equity loan even for your startup business.
Source of Income
Every lender expects you to have a source of income. It doesn’t matter whether you are an entrepreneur or employed. Having a source of income reassures the lender that you will be able to pay back the money. This is the startup dilemma. You may not be able to get a loan before some form of revenue develops. You are actually supposed to enclose your pay slip or any other document that indicates that you really earn some money. If you are not involved in any income generating activities, the majority of lenders will demand that you avail an asset that can be used as collateral in case you fail in making payment.
Interest Rate and Repayment Period
Lenders make money from the interest that you are charged when applying for a loan. The interest rate can either be fixed or floating. A floating interest rate fluctuates throughout the repayment period while a fixed rate remains constant. In most cases, the interest rate is determined by the repayment period that you will choose. A long repayment duration attracts a low interest rate and vice versa. You can get a fair deal at https://nordiclenders.com/sv/lan-utan-uc/.
This one goes without saying. Whether you are borrowing from a community bank or private lender, they will not approve your loan application without first checking your credit history. If you have a low credit score, your application will definitely be declined. This is because lenders don’t like giving their money to people who can’t be trusted to pay on time. If you are planning to apply for a loan, you should first clear your credit card debt and any other debt because it will help in enhancing your credit score.
What you Need the Money for
Before you apply for a loan, it’s important you ask yourself what you will use it for. This is because you can’t just borrow money unless you have a plan in mind. Knowing how you will spend the money helps in determining the amount that you fill out the loan application for. Whatever business equipment or other expenses you are borrowing for, it is best to bootstrap the expenses with in-kind contributions and friends and family funds. If you do need to borrow, keep in mind that you will still need to clear the loan. If the amount you need is too small, you probably don’t need a loan because you can borrow from friends and relatives.
Relationship with Lender
Majority of loan applications are usually declined because the borrower doesn’t have a relationship with the lender. Most banks will be quick in approving your loan application if you have been dealing with them for at least a year. You should not therefore hurry in applying for a loan from a bank or a lender that you are not sure of. If you have a relationship with them, they will definitely offer you a loan with favorable terms.
In this article we will focus on increasing the digital marketing of your products and services in a strong and professional network such as LinkedIn. For this, we will review the factors that enable us to make the best use of company pages, an alternative that is unknown to many people, on LinkedIn.
Image by Pete Linforth from Pixabay
So, in this note, when we talk about company pages, we only refer to that option on LinkedIn, not on Facebook.
5 Tips For Using LinkedIn For Your Company Marketing
1. Optimize for new design Company Pages
Now that the new design of the company page is officially available to everyone, it is important to optimize the page to take advantage of the new design.
You can download from the complete electronic book HubSpot about design changes (in English) and how to configure your page to fit the new design, but at least make sure to take advantage of some of the most important changes such as adding a cover image, and make sure that the image you have upload from your products and services and continue to show well with new designs.
2. Publish company updates
Get the most out of your company page on LinkedIn by posting a company update so that all page followers see it. This will give LinkedIn users more reasons to follow your company page and increase your reach on this network.
You can also take advantage of the power of segmentation with the guide options offered by LinkedIn. You can direct these updates to certain users.
Page administrators (you must set yourself as an administrator first, it does not automatically) can direct their updates according to criteria such as company size, industry, position and function occupied by that person in the company, seniority, and geography, or included or not included employee. According to internal LinkedIn research, when implementing digital marketing segmentation options, audience participation increased by 66%.
3. Know what people say about your company
You might need an application that can help you track what people say about your company and other related topics on Twitter. First you need to install the application and adjust your theme to see tweets, trends, and the most important keywords. You might also need to automation using LinkedIn automation tools. You certainly cannot control your LinkedIn at any time.
4. Add videos to your Company page
You can make your company page more interactive by adding videos. To do this, if you are a page administrator, you must click the Products tab and, in the “Edit” drop-down menu, click “Add product or service”.
5. Take advantage of “LinkedIn Answers” as a marketing tool
In addition to the ability to ask questions, the LinkedIn answers section also offers a great opportunity for users to share their experience, as well as a link to a content page that can help answer questions from others. Have you recently provided a useful answer (perhaps one that was selected as the “Best Answer” by who asked the question) to someone else’s question? When you are on the question page, click “Share this” below the question. Then, you have the option to share the question via LinkedIn message with a maximum of 200 of your connections, mark it in Delicious, or take the link to share in another way.
We hope this digital marketing article is useful. Thank you for reading.
Starting up your own business venture is never easy. But it is one of the most rewarding career moves you can ever do in your life. Having a good idea is one of the most important steps towards a successful business plan, as originality is always rewarded in the competitive, modern marketplace. However, this is not enough to make sure you are making profits and growing your business for the better.
The key thing to turning a start-up into a full-on business is by having the clientele to support you. These people will be responsible for bringing in the profits, repeat orders, and giving you a good reputation. The following article has been put together to provide you with a helping hand in landing new clients as your business grows and some handy information on going forward.
Take your business to them
No matter where your business venture began, one of your biggest goals will inevitably be to expand into new territories and maybe even new countries. This will expand the reach of your business and give you the opportunity to make new business relationships with other professionals.
To do this, you need to take your business to them. Start by going on the Stratos Jets Charters website and booking your own private jet to take you to your next meeting. This will allow your journey to go smoothly and be productive on your way there. It is also a great way to show potential business partners and clients that you are a professional.
Reach them with modern marketing
If you want to increase your client base efficiently in the modern market, then you will need to embrace modern technology to do so. Taking some time to learn how social media can help you to reach more people will be a valuable exercise as, with the event of smartphones, everyone is on social media every day.
Using platforms such as Facebook and Instagram to geographically target your audience, refining the adverts to reach your target audience based on age, gender, and social background, will help those who are interested in your product find you easily. Additionally, using social media is a great way of building brand awareness in general and taking your business ideas into the mainstream.
Get creative with a promotional event
The final way to get more clients is to get out and actually talk face to face through hosting events. You can go online and find many promotional event ideas for high attendance for your business venture, but one great idea is to run pop up events.
These will give your products a spotlight at places where your target audience will reside, such as supermarkets, university campuses, or even music festivals. This again gives your business more visibility and allow you to align your business with organizations and annual events which share your ethos and philosophy as a company.
By using these three ideas, you will be able to land new clients in no time and start seeing the growth you want in your business venture.
Every startup has a mission. A vision with which they set out to conduct business, and complete their objectives. There is little more exciting or challenging venture than orchestrating a brand new business. In the most competitive markets in the world, a digital marketing agency faces an impressive task to get off the ground. SEO practices are evolving. Compound that with all the rigors of starting a business, and you’ve got a pretty daunting venture.
A part of the maturation of a startup should be the understanding and use of the tools available to run your business. Software companies can invest in expansive cloud capabilities to allow employees to work remotely. New food trucks can wow customers with advanced trucks that make cooking easier.
It makes sense to pick the right tools.
Digital marketing is no different. The right tools can take eliminate stress, declutter workflow, and propel already great ideas into overdrive. These tools are Project Management tools.
As the name suggests, project management tools contain an entire project and help with organizing and running them smoothly. Teams are contained within the tool, and work is streamlined for the most efficient result.
Project Management tools boast a wide array of capabilities and features, designed to make work easier. These tools are deployed and are normally fine-tuned for the businesses which they support.
For a typical SEO-focused digital marketing agency, any one particular project can house many tasks across many different team members. A project management tool keeps all the threads connected in a user-friendly manner.
For digital marketing and SEO, there are a number of ways to win with the right tool.
SEO Catered Management
The right system can help navigate the ever-changing world of SEO.
Powerful keyword and metadata tools built right in. The right tool brings together resources that you would have to search for, using various widgets across the web. Time spent searching and repeating, that’s not efficient.
What is efficient is selecting a tool that integrates your email workflow with other productivity resources such as Slack and Trello. All while keeping an SEO toolbox at your fingertips.
Using the right project management keeps you ready for the future of SEO, provided that the tool has the necessary utility built in.
Repetitive, mundane, mindless, redundant, repetitive (You should not like this) tasks take time away from achieving the client’s goals.
Choosing the right tools makes your team more effective. The magic in marketing stems from successfully breathing life into a client’s vision. Not from all the emails and busy work that simply has to be done. Using a project management tool you have automation at your disposal.
As the book of business grows for a startup, repetitive and mundane tasks multiply. Winning agencies can tackle this problem with automation as a solution.
Work smarter, not harder.
Startups rise and fall on the backs of their team. At the most fundamental level, email is the standard communication tool. At a project management level, it becomes so much more.
The right tool allows startups to communicate and disperse work among a team quickly. It is the foundation behind successful team-productivity apps.
Collaboration between teams, or between teams and clients, makes for a seamless agency experience. Client satisfaction is the number one goal, and project management with integrated collaborative tools helps achieve just that.
SEO agencies looking for any edge they can get consider the benefits of project management tools. Collaboration, automation, SEO widgets, and more. There are endless possibilities and countless ways that your digital marketing agency today can be using these tools to win big.
Enterprise mobility is a phrase that we see getting thrown around a lot in the business world today. Many established businesses and startups are embracing this new technology to strengthen their position in the market. With all the buzz, you might be wondering:
What is Enterprise Mobility?
How Can It Benefit Your Startup?
Let’s go over the facts about enterprise mobility and its applications for startups right here.
What is the Definition of Enterprise Mobility?
Put simply, enterprise mobility is a business practice that involves:
Allowing Employees to Work Remotely
Allowing Employees to Utilize Personal Laptops
Allowing Employees to Utilize Personal Mobile Devices
Generally, enterprise mobility relies on cloud computing to allow distributed employees to accomplish job tasks regardless of their physical location. Enterprise mobility fosters increased agility for businesses by allowing them to move away from the traditional idea of a central business office where all work must occur.
How Can Enterprise Mobility Help Your Startup?
So, you’re now familiar with what enterprise mobility is. Now we can focus on the ways that enterprise mobility can help your business. Many startups can benefit greatly from enterprise mobility, as they do not have to change previously established practices to embrace enterprise mobility.
Enterprise mobility can offer your new business:
Employees who can work anywhere and who have access to all of your systems through cloud computing can get a lot of work done. Enterprise mobility can also increase productivity by:
Simplifying Workflow Options
Increasing Data Accuracy
Allowing Users to Freeing Share Information from Anywhere
Improved Options for Communication
Communication plays an important role in any startup. You need to be able to communicate with your employees, stakeholders, and consumers. Enterprise mobility makes it easy to communicate with anyone in your organization.
Employees can quickly access the information they need for customers. Enterprise mobility also fosters real-time feedback for employee projects.
Lowered Costs for Operation
Allowing your employees to work from home can lower the overall costs it takes to operate your startup. You won’t have to pay for as much space if most – or all – of your employees work away from the office.
The ability to communicate freely and easily accomplish tasks from anywhere can empower the employees at your startup. Enterprise mobility can lead to
The Exchange of Ideas
Easy Discussion of Business Issues
Organizational security is very important, especially for new startups. Enterprise mobility can protect your computer systems and proprietary information. You can set up your enterprise mobility system to block unauthorized access to your cloud computing system
However, you do have to take some steps to ensure enterprise mobility security. You may need to focus on security culture and specific programs to protect your employee’s
Build Your Startup with Enterprise Mobility
Enterprise mobility can boost employee productivity, improve information security, lower business costs, improve communication, and empower employees. These benefits can help your startup flourish. You can take implement enterprise mobility services into the foundation of your new business to take full advantage of this service.
Thinking of starting a business or already up and running? There’s much to learn and know about running a business, and the effectiveness of how it’s run will determine whether it survives – not just whether your product or service meets a need in the marketplace.
Photo by Gabriel Santos Fotografia from Pexels
It’s a tragedy if an otherwise potentially successful business fails due to being poorly run. Here are seven things to bear in mind to ensure you find yourself filling in plenty of deposit slips as revenue rolls into your company’s bank account:
Business is competitive in just about every field. And, you may have gone into your area of activities knowing there’s a demand for what you offer even though you’re up against stiff competition.
The key to succeeding in competitive marketplaces is differentiation – or simply ‘being unique’.
Finding a way of offering more than the competition or a way of interacting with customers that makes your offering stand out is vital. While you shouldn’t reinvent the wheel, it’s also important not to do what everyone else is doing – especially if you’re new to the market.
So, ask yourself: what can you offer that established competition doesn’t?
While you can’t (indeed probably shouldn’t) do everything or try to be expert in all things, you do need to be a quick learner.
For example, while you may use an accountant to take care of financial matters, you should at least know how to read a balance sheet, a cashflow forecast and profit and loss statement so as to fully understand your business’s financial situation.
Understand marketing trends and methods
Somewhat obvious you might think, but it’s vital not to leave your marketing activities on autopilot once in place. Running a business requires constant self-assessment and adjustment.
The Internet and social media offers various low cost and effective marketing options. These are evolving rapidly and constantly. It’s important to keep a finger on the pulse, so you’re aware of what’s open to you and consider changes if needs be.
Hiring skilled people
As said above, you can’t do everything yourself so take a leaf out of world famous businessman Sir Richard Branson’s book: he says much of his success lies in surrounding himself with people who are skilled experts in their fields.
So, whatever expert help you need, it’s worth its weight in gold to secure it whether an accountant well versed in businesses of your type, a skilled web designer, IT professional or whatever you require.
Listen to your customers
Business evolves and things change quickly, so get into the habit of properly listening to your customers to understand their needs and align your service to what they require.
Don’t just ‘do’ market research with a few half-hearted surveys; build proper customer research into your daily activities and focus on learning what their needs are.
Focus on important tasks
When running a business, it’s easy to become sidetracked on tasks that seem important but aren’t the best use of time and resources at the expense of those that are.
For example, spending protracted periods of time thinking up logos and business card designs may seem important for your branding and marketing efforts, but shouldn’t divert you away from revenue generation.
Outsource these activities; an expert would likely do it better and faster than you can.
Even if you’re a one-person operation, you need to manage yourself and your time. If employing other people, you need to become a good manager fast.
Management is an involved skill of running a business. It’s unfortunate that many managers aren’t necessarily very good at it. Often they’ve ‘become’ managers with no real training or experience. For example, a top salesman may be rewarded with a sales management role, but their ability in sales doesn’t necessarily help them succeed as a manager.
Once you have staff working for you – or even outsourcers or a virtual assistant – people management will become very important to how well your business is run.
When the time for researching and purchasing hits a consumer, one who is modernized and has digital experience and must use digital marketing for every step, Google search engines have become most common for the consumers researching. It does not matter whether the consumers are first starting the buying journey or whether they have been buying before and ready to purchase. They tend to use search engines as they get the reliable and correct information they are looking for to make the decision on the goods to buy and the ones to leave, and to find the specific brands they need. Currently, companies’ hard and smart work on their brand products can be easily seen through digital marketing. Thus consumers are engaged in every step of work done.
Available Digital Marketing Tools
Search is not the only tool consumers use to find information for purchasing decision. www.shoutagency.com.au, an expert agency in digital marketing did a study that showed between 79% and 82% always use the following to acquire data: customer reviews, search and brand websites to do their research. 14-25 percent still use blogs, social and mobile to learn about any new brands, solutions, and products. These are digital marketing methods that were meant to make it easy for modern consumers looking for information to help them in making purchasing decisions. Now as a marketer, reach out and implement these methods in your business to avoid losing customers meant for you.
Take Advantage of Mobility
Currently, many consumers use smartphones and any other mobile device to reach digital marketing information; this is going to be very important. The aim of any marketer should be content delivery to the customers as they expect it to be. Some are busy looking for vacuum cleaners, the best restaurants among many other things just in the place they are in. Through digital marketing, it is straightforward to reach your target market.
David versus Goliath
The huge companies that make huge profits as well should be very concerned about the way they spend their money. Shout Agency’s digital marketing techniques are effective, targeted cost conscious for every business. Startups and small businesses alike can efficiently market through SEO-driven content, email and social media with a minimal amount of money and the information get to reach a large number of people. You can choose to advertise in televisions and radios by placing ads.
A Good Investment
Digital marketing has an additional benefit apart from it being affordable. It offers ROI, which is very attractive for the business owners. At a time, some traditional methods of advertising are three times more than the content marketing costs. Return on investment is highly recognized by marketers who tend to publish essential contents. Content marketing is well known for its ability to offer high returns on investment and cheap. Digital marketing methods are capable of enabling you to make more profits.
Investing in marketing tactics that are affordable and earning you a high return on investment, you will be in a position of preparing the best budget. Through these affordable tactics, it is easy to save money and expand businesses more also engage in promotion campaigns. Talking about campaigns then you might require spending more money than before. After everything, you will find out that your budget is well allocated.
To remain the most competitive businessperson in your business then keeps up the pace with your competitors. It is evident that many of your competitors use digital marketing techniques in everything they do to reach their target customers and convince them to buy. Content marketing experts have made a study that shows 76% of marketers in B2C and 88% of marketers in B2B are nowadays making use of content marketing strategies such as blogging to get in touch with their target market. Many brands get to reach potential customers through digital marketing. Consumers have finally realized the digital engagement from brands of the products they buy.
Lyft is out to give new users exciting offers. They are in a marketing mission just as your startup is. As a new user, you can always use Lyft gift codes to claim a free ride, saving yourself significant amounts of money. Lyft grants a maximum of $50 in its promo codes. All you need is to enter your Lyft promo code and unlock your ride credit. Plus, it’s important to note that the credit amount varies from city to city. Remember, the offer is only available to new users.
With the Lyft promo code — which is valid for 14 days—new users can enjoy the platform without having to pay a lot to enjoy the ride. Start by downloading the rider app from Google play or App Store. The app can also be directly downloaded from the Lyft website.
Give Important Personal Info
Verify important contact details like your phone number. After downloading the app, you’ll be prompted to create an account. All your team needs to do is to follow the simple instructions and fill in profiler info and other necessary payment instructions.
Request the Rides, Enter the Promo Code
The next step involves requesting the rides and entering the Lyft credit code. From here, navigate directly to the payment section and enter the user promo code. Go to the Add Credit/ Gift Code. Here, you’ll be required to enter your codes. After adding the codes, information such as ride credit amount and expiry date will be displayed.
Using the Referral Code: Important Tip
While the Lyft promo code terms are simple and pretty clear, there are certain things you should know. They include:
New riders are only entitled to one promotion ride
In order to take your first ride, you should successfully enter the promo code
Lyft gift codes last for 14 days
By inviting your friends to join the app, you’ll be increasing your chances of getting free rides.
The True Value of the Codes
The two main forces that are now creating shockwaves in the rideshare industry are Lyft and Uber. Both were startups not long ago and are on a serious battle to attract more users. And Lyft is quickly gaining popularity for its remarkable bonuses. Since the company is struggling to stay on top of the game, it’s offering huge incentives to new customers. Take advantage of their free ride credits estimated at $20 to $50.
Different amounts are being tested in each city, so you can always land a certain price. Sounds good?
When to Use the Lyft Coupon
There isn’t a specific time to utilize the app, just use it when you’re ready for your first time ride. Download the app, enter the credit code, and have fun.
New Promo Codes from Lyft
Some of the most exciting new codes from Lyft include:
RIDESTERLYFT: Here, as a new driver, you are entitled to huge sign-on bonuses which can go up to$2,000.
NEWUZER: Here, new riders can get as high as $50 worth of free ride credits
NEWUSER10: Get up to $5 credit for two rides
LYFTCOUPONS: The code guarantees $3 credit for three rides
20LYFTPROMO: taking 10 rides with this code gives new users $2 credit each
Lyft is all about making its new users happy. With an array of promo codes, new users can get the most out of their money. With these incentives, you pay less while enjoying free rides. So, if you haven’t signed up with them, you are missing a lot. Sign up now, follow the simple instructions, and get your free rides for your startup. It’s that simple!
A credit card is supposed to make your life easier. This is because you can pay for services and products without having to carry money around with you. The other advantage is that a credit card gives you access to money that you have not yet earned, meaning it’s a loan like any other. This can be crucial for a startup. However, there are many cases of individuals and businesses that have been ruined by not knowing how to use a credit card. Some people assume that having a credit card is like winning a lottery. They therefore spend without considering that they will need to repay the loan every month. Here is a list of tips that can guide you on how to exploit the benefits that come with a credit card.
Utilize All Rewards
Credit card companies reward their loyal customers with perks that allow them to get discounts when shopping for products or paying for services. In fact, the perks are used as a marketing strategy. The company usually lets you know the rewards that await you when you are applying for a credit card. Some of the most common perks include cash back, hotel loyalty points, gift vouchers, flight mileage and travel insurance among others. However, you can only enjoy these rewards if you use your credit card consistently. Don’t therefore expect any perks if your card has been dormant for some months.
Let the Card Work for You
If the nature of your career forces you to travel regularly, it’s advisable you utilize credit cards concierge service. In a nutshell, it’s basically a service that transforms your credit card into a personal assistant. When this service is activated, the credit card company can book flights and accommodation for you. Besides that, they can reserve a table for you in a restaurant. They can also research on the prices of the things that you intend to buy in the near future and send you a detailed report. This spares you from the trouble of having to do such stuff on your own, especially when you have a tight schedule. The good thing is that they can’t pay for anything unless you authorize them to go ahead with any transaction. Most credit card companies have this service but they only offer them to those that dare to ask.
Never Go Overboard
Every card comes with a credit limit that determines the amount of money the card holder is allowed to spend in a month. The problem is that most folks tend to ignore their credit limit and that’s when the real trouble begins. When you spend beyond your limit, it’s obvious you will be overwhelmed by the debt and opt to delay in paying the credit card company. This will eventually hurt your credit score. The other problem is that your credit limit will not be increased. You can avoid such issues by sticking to a monthly budget and using the credit card for big purchases only because they are rare.
Pay your Debt on Time
Credit card companies don’t work like banks, they will not impound your assets when you fail to pay your monthly debt, even your startup assets. But they will make it difficult for you to get a loan from elsewhere by making sure your name is blacklisted in the credit registry bureau. They will also charge you a fine for not making payment on time. If you want to maintain a healthy credit history, it’s advisable you pay your credit card debt before the deadline of every month. Remember, creditors refer to your history when setting the interest for your credit card loan. They will therefore slap you with a higher interest if you are marked as a defaulter and vice versa.