What it Means to be an Entrepreneur in 2013

Gutenberg Printing Press

An entrepreneur is a visionary; someone who sees the world as it could be with the introduction of some new product or service. Gutenberg brought the printing press to spread information. Franklin brought electricity to light and power our homes. Bill Gates brought personal computers and Steve Jobs made them attractive, along with introducing us to the ipod, iphone and ipad. Each of these great entrepreneurs made life easier for the common citizen and very profitable for himself.

While the essential qualities possessed by an entrepreneur remain constant over time – ambition, above average risk tolerance, persistence and work ethic, to name a few – the landscape in which today’s entrepreneurs operate has changed significantly.  This change has important implications for what it means to start a new business. 

The internet has shrunk the world in a very real sense, bringing Marshall McLuhan’s notion of the global village to light. People are connecting and communities springing up across borders, oceans and continents. Facebook groups comprised of members from all over the world exist on interests ranging from knitting to bungee jumping (https://www.facebook.com/bungyhilmi).

Through the internet and social media, it’s less expensive to start a new business; new options exist to raise capital; and there are powerful, accessible platforms with which to communicate directly to potential consumers without paying a cent. 

The Reshaping of Business and Commerce

Starting a business doesn’t need to be expensive:

All you really need to get started is an idea, a plan and a website. Your web page is your storefront, and it’s a lot cheaper than renting or purchasing a bricks and mortar space. It’s where your customers come to shop, interact with your brand, and purchase whatever it is your selling. Luring customers onto your site is achieved through online promotion. This includes Search Engine Optimization (SEO), which can be done for free, social media, which can and should be used to interact with potential customers, and paid online advertisements.    

New options to raise capital:

Websites like Kickstarter allow entrepreneurs to raise capital to start their businesses without giving up ownership in the form of stock, or owing money on loans. If you have a good idea, present it well, and people believe in it, Kickstarter is a great option to look into (http://www.kickstarter.com/help/faq/kickstarter%20basics?ref=nav)

New platforms to promote:

Social media is a powerful way to promote online and it’s free. If you haven’t already, create an account on Twitter, Facebook and LinkedIn. Learning to harness these tools to yield results (i.e., pull customers into your website) will take some time, but is well worth the personal investment.

How to Take Advantage

The internet is a great thing for Entrepreneurs. It encourages creativity by reducing the risks and financial barriers involved in taking a chance on your visionary idea. Take advantage: go build a website, open a Twitter account, and start working on your new business today. 

Matthew Moses (info@biztoolz.ca) is an editor and regular contributor at www.biztoolz.ca, which provides tools and resources for Entrepreneurs. 

George Torok Host of Business in Motion Business Speaker  
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Do You Have a Black Book?

Keep a Mysterious Black Book - And improve your sales effectiveness! 

Guest Post from Jim Domanski

Call this a 'throwback' idea or tip but if you're serious about a career in sales and you want to continue to improve your selling skills and abilities (and subsequently) earn more, then keep a black book.

What's a Black Book?

A black book is literally a bound book of some sort or another (see some popular choices below) that you use to record virtually anything. It is a single and central repository of everything that is or could be important or significant to you.

9  Good Reasons to Keep a Black Book

1. Black books keep you more organized. Instead of having sheets here and there, notebooks here and there, smart phone notes here and there, your black book is the one place for everything. This means you can find everything you need. Use it for brief client notes, selling tips, ideas on prospecting, brain storming sessions on marketing, to do lists, doodling (yes, doodling), sales meeting notes, quotes (see the list below for more ideas). Everything and anything you might want to refer to or remember. It will save you time, frustration and hassle.

2. Black books keep you focused. You can record important things like your goals and objectives. You can use your book to create a daily "To Do" list. Note your priorities. Your book will keep you on task.

3. Black books keep you motivated. Use your black book to record your 'victories' or to list your dreams. Use them to record your results. Jot down inspirational quotes. Cut out pictures of what you'd like to buy or places you'd like to visit or scenes that inspire you. Tape them inside. Refer to them. Remind yourself of what you've achieved and what still lies ahead. Note your 'losses 'and 'defeats.' Jot down why you might have lost a sale. What did you learn from the experience? Were you prepared enough? Do you need to brush up on a skill? Should you be working on your product knowledge? You'll find it quite rewarding when you take personal responsibility.

5. Black books make you more creative. When a good idea pops into your head, capture it in your black book. Immediately. Craft some notes while the idea is still sizzling away. Go back to the idea later and expand on it. In this manner, you'll never lose the thread. (You can use your black book to "mind map" your ideas. Mind mapping is a way to more effectively tap into the creative, right side of your brain. Check the internet for Joyce Wycoff's book called "Mindmapping." It will literally change your life.)

6. Black books make you look...well...smart. This may not be a big deal for you but when you go into a meeting with your black book under your arm you immediately set yourself apart from the crowd. Look around. Half the people won't even be equipped with a pen or a pencil. People who count (bosses, executives, owners and the like) take note of someone who comes prepared. It elevates your status.

7.  Black books become your sales encyclopedia.  When you read or hear a good sales tip, jot it down or cut it out and paste it in your book.  If you listen to a speaker and you like what he or she says, put it in the book.  When you learn a new technique, grab a pen and write it out.  This simple act will help you retain the information better.  More importantly, you can go back and review your notes every month and remember those sales tidbits your forgot.  

8.  Black books make you mysterious.  Well...not really... but people will take notice and the WILL ask you about it.  Then you can show them how valuable it is. Pass the word. Do a good deed. All that stuff.  In any event, it's kind of fun because others get intrigued by it. 

9.  Black books create a legacy. I have black books dating from the late 1980's. Every now and then I haul out one or two. I see how I have progressed and matured. I sometimes see where I have regressed. Here and there are some really hare-brained ideas. But there are also some interesting insights. In any case, it gives me a sense of personal development and growth. I suspect it will do the same for you.

Use your black book to:

Here is a summary list of things you record in your black book. But don't feel constrained. Use it however you see fit.

•    List your sales victories
•    Stimulate thoughts and ideas
•    Record your yearly sales goals and objectives
•    Record your daily goals and objectives
•    Make notes about your clients
•    Take meeting notes
•    Take notes while on the telephone
•    Impress your boss with your thoroughness
•    Tape in articles of interests on sales ...or whatever
•    Paste in pictures that inspire
•    Write compelling quotes
•    List "lessons learned" from your mistakes
•    Jot down "Top 10 Lists" ( e.g., Top 10 fiction best books, best movies, best restaurants, best business books, best web sites etc.)
•    Create daily to do lists
•    Doodle and draw
•    Jot down dreams and ideas
•    Note your achievements
•    Draft proposals
•    Write down quotes ("Never, ever quit," "L'audace, l'audace, toujours l'audace!" etc.)
•    List strategies to develop new customers
•    List ways to develop your relationship with existing clients
•    Jot phone numbers and messages
•    Note questions or issues
•    Rate restaurants that you visited
•    Insights and observations on anything
•  Recipes (All Purpose BBQ rub)
•  ... you get the picture, right?
•  

Choosing Black Books

First off, black books don't have to be black. Color doesn't matter. It's what's contained inside.

Next, go to any bookstore and you'll see ever-growing displays of "Moleskin" books that are leather or cloth bound. More expensive, they tend to have a 'neat' look. People like Ernest Hemingway used them, so you'd be in good company. They come in different sizes and themes. Piccadilly make a less expensive version and it's just as effective. Check them out on line.

I have gone to art stores and purchased blank sketch books. These books are sturdy rugged things, and they give you lots of space to write, sketch, and map out your ideas.

But you don't have to get fancy. Your black book can be an inexpensive wire bound notebook that you can get almost anywhere for a few bucks. Doesn't matter. Whatever you like; an expression of yourself.

Black books or 'journals' are nothing new by any stretch of the imagination. Caesar had one (it was in a scroll format, of course). Napoleon had one too. Most professional golfers keep a version of a black book. Most great figures had a black book of one sort or another. I'll bet a lot of sales gurus have them as well.

Can your Smart Phone be a Black Book?

No. First off, it lacks the panache. (Look that word up). More importantly, they are not particularly good for extensive notes. Use your phone as a memo pad, not black book.

Invest in yourself today and you'll find yourself in good company.

Jim Domanski is president of Teleconcepts Consulting and works with companies and individuals who struggle to use the telephone more effectively to market and sell their products and services. Visit his web site at www.telesalesmaster.com or call 613 591 1998.

George Torok Host of Business in Motion Business Speaker Listen to Business in Motion audio PodCasts On iTunes Business in Motion on Facebook

7 Reasons You Can't Be an Entrepreneur with Bad Credit

The hardest thing about being an entrepreneur is getting people to latch on to your business idea. As great as it may be, when it comes to finding financing and investors, you need much more than a great idea to get others to put their own money into your project. This becomes much more difficult if you, yourself, are not in good financial standing personally. We all have mistakes looming in our financial records, but, if your credit score is dangerously low, you may not be able to start a new business anytime soon. Here are some reasons why:

1. It will be difficult to find investors.

Investors don't just want to look at your business plan; they want to look at the whole picture. Anyone who is considering investing a major amount of money into your idea will desire as much information about your financial background as possible. If you can't take care of your own finances, how can you be expected to manage a business? You will need an extraordinarily brilliant business concept to make up for bad credit, if you want to secure an investor.

2. Your co-signers might be dried out.

If you've had credit issues in the past, there is a good chance you also had to go to friends and family for loans. It's difficult to find yourself out of cash suddenly, and most of us with poor credit scores have had to go through some sort of financial downturn in order to get there. But, when it comes time to now start your business, you will need to finance some of the expenses. If you have bad credit, and the people in your life are reluctant to continue supporting you financially, you could be out of luck.

3. You look like a risk to banks.

This is a big one. Even if you do get investors, there is a good chance you will need to take out some form of small business loan from a bank. Entrepreneurs with bad credit are turned away from banks on a daily basis. You can't expect your case to be much different.

4. Securing small business credit cards will be difficult.

There are plenty of credit cards that can be granted on the spot, even with bad credit. The only problem with them is they typically have hidden fees and crazy-high interest rates. If you want to secure a legitimate business credit card, then you may have trouble taking out more credit if you are already maxed out on some cards or lacking in upstanding credit in other ways.

5. Financing business equipment will be more expensive.

No matter what you need to do to run your business, you will probably need to purchase some amount of equipment. From trucks to printers to baking supplies, there is no end to the expenses that come with daily business operations.

6. You will need extra resources for down payments.

Even if you do secure financing for business items, credit cards, or loans, there is a very high possibility that you will have to pay much more up front than you can afford. A substantial down payment is often required of borrowers with low credit scores, so if your credit is bad, this is another area where you will have to cough up some extra cash.

7. You may not get the office space you need.

Another important part of running a business is having a space to do it in. Just as you may have problems securing loans and lines of credit, you could have equally trying times getting someone to rent you a space to work. Property managers want to make sure they are taking on residents who are financially responsible and have very few late pays on their records.

---------------------------

Stella Walker is a writer for Creditscore.net and an avid researcher of credit and insurance news. She is especially passionate about protecting consumers from credit card scam and providing information about good credit standing.

George Torok Host of Business in Motion Business Speaker
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Best Ways to Prepare for Your Summer Vacation

Regardless of whether your summer travel plans call for camping in the wild, whitewater rafting down a raging river or taking a road trip, one objective should be to disconnect from the hustle and bustle back home and really get away from it all. If the very thought of unplugging from your workplace causes you to break out in a cold sweat, remember: Disconnection is key to full relaxation. Numerous scientific studies have shown that people who take vacations are less likely to suffer from depression and report higher levels of overall happiness than people who don't. The truth is, over time, our physical and mental health deteriorates if we don't take time to decompress and slow down. This hampers our ability to be effective players at work and can cramp our personal lives as well. So start by thinking of your vacation as an investment in your well-being, then follow these ten tips on how to prepare to go on vacation. 1. Don't leave important, must-get-done projects to the last minute. You risk not getting them finished and having them mentally weigh you down during your "off time" - or worse: working on them while you are supposed to be relaxing. 2. Select someone as your contact person who can address important issues and emergencies while you're gone. Brief her/him - and your boss - about any potential issues that may arise. 3. If you are closing your office and everyone will be leaving, let your key clients know how long you will be away. Provide the names and contact information of people your clients can reach out to if they need a resource. Leave your cell number on your email away message or cell phone voice mail saying that you can be reached if (and I mean only if) there is an emergency. I have done this fo r the last ten years and, so far, no one has called. 4. Never officially come back on a Monday. Make your re-entry easier by officially starting on a Tuesday. Use Monday for catch-up and prepare a cheat sheet ahead of time with a reminder list of to-do's to be completed immediately upon your return. 5. Once you have your work responsibilities covered, you can begin to get in the vacation frame of mind.Quietly ask yourself what you need to do to get the highest level of benefit from your vacation, and set realistic expectations for your time away. For example: It may take you a day or so to decompress. Don't try to force the relaxation; instead, ease into it. 6. Facilitate your decompression by pampering yourself a bit ahead of time. Indulge in a pre-vacation massage, golf game or long lunch - anything that helps you get into relaxation mode.  Invest in a haircut, manicure, pedicure, etc. so that you can feel confident and spoiled. 7. If you're taking a stay-at-home vacation, otherwise known as a "staycation", keep the vacation mode alive and well by keeping yourself from over-planning activities. For example: Don't make hard labor projects at home, like building a new kitchen, one of your staycation goals. Instead make your time at home unstructured. Watch that movie tha t's been sitting by the TV for weeks, sit back and read a book, spend hours pursuing your hobby. Do what you always want to do but never seem to have time for. 8. One of the easiest things to do, yet one of the most often forgotten, is to arrange for someone to check your mail and pick up newspapers while you are away. This prevents would-be thieves from knowing you're not home. 9. Pack smart by keeping the small details in mind, and make sure to take items that tend to be more expensive at vacation resorts, such as sunblock, toothpaste and aspirin.  10. Save money by booking a suite:An extra-large hotel room might seem pricey, but it's often the best deal for a big family. Ask about the availability of sleeper sofas and rollaways if you need additional beds.  11. Recent research shows that, to be the most satisfying, leisure time should resemble the best aspects of work: challenges, skills and important relationships. Do some research and identify the types of activities you might want to do on your trip such as golfing, sailing, biking or hiking. What family fun is available? If you think vegging out is a vacation, you may be sh ortchanging yourself. Oftentimes, keeping your mind occupied will be easier than just trying to instantly tune out. 12.  Lastly, when on the actual vacation itself, be sure to avoid multitasking. Being on the beach while texting does not make for a true vacation. And please don't rush throughyour plans. The idea is to enjoy your vacation in a leisurely ma nner and not race through it as if you were running a marathon. Instead, create a loose schedule whereby everyone gets to do what they want to do and ends up satisfied with the time off. You need and deserve to tune out once in a while.  This prevents you from hitting a wall in your job when there is no break. Remember, when you look back at your life, it's not going to be what you missed at work during your vacation you'll think about - but the memories made from quality time away. On that note, upon your return, keep your memories alive by framing photos of your vacation.  Let the joy of your vacation be remembered in special places in your home and office. Cheers Roz

Sign onto my new Remarkable Leader Blog http://remarkableleader.wordpress.com. Listen to my latest CD "How To Be Politically Savvy: Developing A Personal Brand For Success"                            http://www.usheroff.com/products_political_savvy_audio.html

George Torok Host of Business in Motion Business Speaker
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Wayne Vanwyck, Radio Interview

Interview with business owner and business author, Wayne Vanwyck.
Wayne Vanwyck is the owner of three businesses – a training company, a call centre and a franchise business.

He is also the author of “The Business Transition Crisis”
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Insights from this interview with Wayne Vanwyck

71% of business owners in Canada plan to retire in the next 10 years

This book is for baby boomers who own businesses and are or should be thinking about leaving the business.

Why would a successful business owner sabatage his own retirement?

Took a six month sabatical to travel around North America and research the book.

Your buisness is a product. One day you might want to sell it for a profit.

There are five million businesses in Canada. 98% of them employ less that 10 people.

Of the businesses that are for sale – only 1 in 5 will sell.

Your business is not you and you are not the business. It’s tough for an entrepreneur to separate the two.

Listen to this radio interview with Wayne Vanwyck


George Torok

Host of Business in Motion

Motivational Business Speaker

10 Big Businesses That Started in a Garage

Every big business had to start out somewhere, right? Some have come from more humble beginnings than others, launching with no more than some basic equipment, a couple employees, a garage space and a big idea. Whether you’re a business or finance student hoping to follow your own path to entrepreneurial success or already working in your own garage on the next big thing, these stories of companies that rose from obscurity to be multi-million (or billion) dollar industries can be a big inspiration. They may very well help you finally realize your dream of getting out of that garage and onto bigger and better things.

Apple: Today, consumers will wait in line for hours just to get their hands on some of Apple’s latest products, but once upon a time this electronics giant was a mere blip on the technology industry’s radar. Back in 1976, Steve Jobs, Steve Wozniack and Ronald Wayne started a business out of a garage in Cupertino, CA, putting together one of the first prototypes of their personal computers. Over the next decades, the company would introduce several more models, including their Macintosh line in 1984, arguably what turned them from a struggling startup into a fully fledged business. Today, the company manufactures much more than computers, has almost 50,000 employees and brings in revenues of over 14 billion each year.

Google: Google might be a household name today, but back in 1998 the search engine giant was just starting out. Their corporate headquarters? A Menlo Park, CA garage. For the next five months, Google’s staff of three would work out of this garage, perfecting their search algorithm, indexing web pages, and raiding the refrigerator of their friend’s attached home. By the next year the company had outgrown the garage and eventually moved into what is today known as the Googleplex. To celebrate their 8th birthday, Google purchased the garage and intends to preserve it as a lasting legacy to the humble beginnings of their business.

Mattel: Mattel wasn’t always the toy maker we know it as today. When the Handler’s got their start in the 1940’s in a Southern California garage, they were making picture frames, not toys. Ruth Handler began taking the scraps of wood from those frames and making doll furniture, a side business which proved quite successful. Because of this, the entrepreneurs decided to change their focus to toys instead. In 1959, they introduced the first Barbie, and afterwards became a household name. Today they’re home to big names in the toy business like Fisher Price, Hot Wheels, American Girl and a number of board games.

HP: Back in 1939, Bill Hewlett and Dave Packard decided to establish their own electronics manufacturing company. Based out their garage in Palo Alto, CA, with an initial investment of only $538, the two helped establish the technology hub that would become Silicon Valley. When they started out, they made everything from high-tech electronics to agricultural products but by the 60’s were homing in on the tech market exclusively. Today, the company is an electronics giant, with some of the highest quality personal computing products on the market. They have opted to preserve the garage where they got their start, making it into a museum.

Amazon: In 1994, Jeff Bezos laid the foundations for what would be the online retailing giant Amazon in his garage, hoping to follow in the footsteps of fellow garage entrepreneurs HP. With a strong foundation, the company grew very quickly, and before long was in need of a much bigger space to house their operations. Today, there are few people who haven’t shopped with the online retailer, buying everything from food to televisions to electronic media. This small business had become one of the leading retailers in the world, with billions of dollars in sales each year.

Disney: While he would go on to build an animation and entertainment empire, Walt Disney’s first studio was a tiny, one car garage in Hollywood. There he worked on a variety of animation products, setting up a makeshift studio in the space, while he waited to see if his Alice in Wonderland pilot would be picked up by any major distributors. It was, and the company quickly moved out of the garage into a proper studio. These days, Disney is an entertainment giant for kids and adults alike with movies, theme parks and products around the world. That tiny garage was almost torn down, but the dedication of a few interested citizens helped to save it and interested visitors can go there today to see where it all began.

Microsoft: In 1975, Bill Gates and Paul Allen founded Microsoft, with just a few resources and an available garage space. Unlike Apple who developed both software and hardware, Microsoft homed in on the software market. Working with IBM, the company licensed their first OS for a mere $80,000. Later, they would go on to develop more sophisticated operating systems that would evolve into those we know as Windows today. The business would grow to be one of the most profitable and powerful in the world, dominating the personal computing market.

MagLite: Anthony Maglica started his dream of owning a business by working long hours to earn the money it would take to put a down payment on his first lathe. Working in a Los Angeles garage, he began to design and build precision parts for industry, aerospace and the military. By 1974, he was incorporated as Mag Instrument and the company was gaining a reputation for the quality of their products. In 1979, MagLite released their first flashlight, the product they are best known for today. It would help them to become a household name and secure their place in the market.

Yankee Candle Company: Unable to afford a present for his mother, young Michael Kittredge created his first scented candle from some melted crayons in his garage. Neighbors saw the candles and began purchasing them from him, eventually motivating the high school student to found a business with two high school friends. Kittredge sold the company in 1999 after a cancer scare, but it has gone on to even greater success and is now sold at many major retailers and a number of its own standalone stores.

Harley Davidson: It makes complete sense that a company selling vehicles would get its start in a garage or outbuilding, because that’s where those products eventually end up. Harley Davidson did just that, starting out in 1901 with a small business that built engines for bicycles. Of course, it wasn’t long before they started developing the motorcycles for which they are known, and in 1903 they had already released their first racing bike, constructed in a small wooden shed. Buoyed by the popularity and speed of their motorcycles, the company expands, constantly rethinking the best ways to build a bike. Today, they’re still known for producing some of the biggest, best motorcycles on the market and have become a household name.


Article Source
http://www.accountingdegree.com/blog/2011/10-big-businesses-that-started-in-a-garage/

Small Business Branding

George Torok is a bestselling author of “Secrets of Power Marketing”. He is the host of “Business in Motion” He is a specialist in helping small and medium sized business gain an unfair advantage over the competition.

George Torok offers insights and ideas for small and medium sized buisness on branding and building relationships.
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Insights from this radio show

Branding might not be the answer to your marketing needs.
Big business spends lots of money on branding because they have no other choice.
Small and medium sized buisness can build relationahps instead.
Branding is only a second rate perverted relationship.
The magic words to building relationships are please, thank you and you’re welcome.

Small Business Branding on Business in Motion

12 Mini-Lessons to Grow Your Business

These 12 lessons from John Reese resonated with me. I think you will find them to be valuable.

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In light of my upcoming 40th birthday, I want to share 12 valuable mini-lessons that I've learned so far as an entrepreneur...

These range from mistakes to avoid, to making strategic decisions, of how to get cash flow to come in the fastest, etc.

They are in no particular order...

1. ALWAYS DO MORE THAN IS EXPECTED OF YOU
I learned this at an early age from my Dad. He had a very successful career as a business executive and engineer, and this the core principle that created his success.

You can apply this to your business in many ways... over-delivering to your customers, giving unexpected bonuses to your employees or outsourced workers, and more. Most people do just the bare minimum. Do more than is expected of you and it will doamazing things for your business.

2. STOP DREAMING AND START DOING
Too many entrepreneurs get caught up in the big dreams of how they will one day be rich and how their life will be amazing......but they never end up doing anything. They buy courses, read all they can, jot down little notes and ideas in a notebook, but nothing ever actually gets created. A web site doesn't get made. Advertisingisn't run. Markets aren't tested. Nothing.

If you want to make a lot of money the only way that happens is getting stuff done. Period.

3. DON'T LET LEARNING DELAY ACTIVITY
Most people that have studied Internet Marketing much already have the basic skills that are needed to build a million-dollar business.

That's worth REPEATING... Most people that have studied IM much ALREADY HAVE the basic skills that are needed to build a million-dollar business. You can get stuck learning new stuff FOREVER. There will always be new methods and techniques that get discovered. The Internet changes on a DAILY BASIS. This is a given.

Don't get caught in the trap of "I'm going to start building my business right after I go through this next course..."You can start building your business TODAY while you are studying and learning new things that you can easily apply TOMORROW. Things will NEVER perfectly align for you and your business. There's no such thing.

So don't wait. Get started NOW and take action. Get some stuff going and go from there

.4. MULTIPLE IDEAS CAN BE THE KISS OF DEATH
It's okay to work on multiple projects and ideas. It's almost impossible to stop entrepreneurs from having tons of new ideas at the same time. BUT...

No new money comes in the door until you get ONE project launched and making money. Something has to be launched FIRST

.5. MAKE JUST ONE DOLLAR FIRST
No one has ever made a million dollars in sales without generating $1 first. ALL successful businesses start with that first sale and then grow from there. It doesn't matter what your income goals are. The faster you make your first dollar, the faster you will reach your goals.
PERIOD.

6. DO THE IMMEDIATE CASH PROJECT FIRST
What should you work on next? Whatever will bring in cash the fastest for your business -- and of course, I mean that in a moral/legal/ethical way. If you analyze all the great ideas you are probably sitting on, I bet you can realistically prioritize them in the order of which ones would actually make money come in the fastest (if it succeeds.)

THAT is the project you need to focus on. Cash is the lifeblood of your business (and your life.)Save some of those "big" ideas for the future. Focus on the ones that stand the best chance of getting new money to come in right away. Once you have some stable ongoing cash flow in your business, then you can take a chance on that project that may take longer to pay off.

7. EMAIL MARKETING KICKS THE CRAP OUT OFEVERYTHING ELSE
When it comes to growing a business online, nothing generates long-term cash flow like an email list of engaged subscribers & customers. Email marketing is the best way to generate traffic. It's the best way to 'recycle' the same visitors again and again to any of your projects. It's also the best way to convert prospects into buyers.

RSS, Twitter, Facebook, YouTube, BLAH BLAH BLAH Yes, those methods can generate leads. Yes, those methods can generate some sales. But time and time again little old email marketing kicks their butts -- by a long shot.

So make building a list, and a solid relationship with it, a top priority in your business.

8. RUN A LEAN OVERHEAD MACHINE
I can't stress this one enough. When you start growing a successful business it's really easy for your overhead to get out of hand. It's easy to start hiring a bunch of people and committing to a bunch of expenses. Take it from me, when you have months whereyour fixed expenses (doesn't include advertising, etc.) are well over $100,000/MONTH (and growing) it can put you in a tough position to make healthy profits.

I used to have fixed overhead that high but never again. I realized there were smarter ways to do things. What you need to realize is that REVENUE doesn't mean jack squat. It's your profit (income) that matters. So while running a $10,000,000/year business (sales) is impressive, I know people running a $1,000,000/year business that nets MORE than the person that ownsthe $10MM/year business. It all comes down to your expenses.

Sometimes it certainly DOES take heavy expenses in order to make a lot of money. But that's not my point...

My point is, your overhead can really get away from you. If your sales experience some dips, and it's almost guaranteed they will at some point, then you can LOSE YOUR BUTT very quickly. So add to your overhead as a last resort.

9. MAKE ACCOUNTING A PRIORITY
This is a big mistake that most entrepreneurs make -- and I've been guilty of it as well. Keeping the books and doing accounting work is the LAST thing that most entrepreneurs want to mess with. We have more fun by coming up with new ideas and trying to make them grow --not spending hours of our time inputting receipts and figures into QuickBooks. If you don't like accounting, immediately pay someone a few bucks to handle it for you. Just make sure your accounting is always up to date. It's very important.

As an extension of this, make paying your taxes a priority -- even if you pay them in advance. I have paid a small fortune in tax penalties because of being lazy and filing late. And it's too easy to let one delay turn into another and for the problem to get worse. So make it a priority.

Don't "rob Peter to pay Paul." This is a trap most entrepreneurs fall into -- again, I've been guilty of it in the past myself. It's easy to start making a bunch of money and think "I'll just use this money to make more money instead of paying my taxes on it now and I'll just pay the taxes later after I've made even more money."Or the same thinking is applied towards delaying payments to a vendor, or some other expense that needs to get paid. This is probably the #1 mistake entrepreneurs make that can create problems and a lot of wasted money in paying penalties and interest. So make sure your accounting is taken care of and your taxes get paid on-time for you.

10. DON'T LEASE OFFICE SPACE(If possible.)
As tempting as this might become if your business starts to grow, avoid it at all costs. If you're like me, what will happen is that you will eventually stop going to the office and just work from home where you always were more comfortable anyway. And/or you will end up realizing you really didn't need it.

Having an "office" is not required to have a successful business. We live in a Digital World now and it's just not important anymore. Even if your business grows and you need employees, you still don't necessarily need an office. There are people out there running $20MM+/year businesses with no office; the employees all just work virtually. This is becoming more and more common.* There certainly are exceptions to this. My team in the Philippines works out of an office I leased. But they are collaborating on software projects and NEED to work in the same location. And, of course, it's also very inexpensive. Most office leases are thousands of dollars per month and usually don't turn out to be a good use of cash.

11. ALMOST EVERYTHING TAKES LONGER
When creating new projects, or having some software made for you, or having an ebook ghostwritten, or anything else, know that things almost always take more time than originally expected. This is the #1 reason why you need to act TODAY to start putting things in motion to grow your business. The longer you wait, the more into the future you push your potential of getting money to come in the door.

12. THE MONEY IS IN THE MARKETING
Don't get caught up in trying to make Web pages and learn HTML, or studying how to create javascript, or learning to master Linux so you can administer your own server, or how to use Photoshop to create little logos, etc. You can certainly do that stuff if you want, but know that it will most likely just be a HOBBY.

It's no surprise that some of the most successful entrepreneurs I know are also some of the LEAST TECHNICAL people I know. The main thing they do right is to simply pay others to do all the "nuts & bolts" stuff that makes online business work. It allows them to spend all their time on the marketing -- which is where the money comes from.

*** BONUS LESSON ****
See how I'm over-delivering as mentioned in the first lesson? :)

SPENDING TIME ONLINE ISN'T NECESSARILY WORKINGON YOUR BUSINESS
Just because you spend hours a day online doesn't mean you're working on your business. You can do 'research' forever and never make a cent. You need to be spending most of your time on:
- Generating Traffic
- Communicating With Your Customers (i.e. blog, list, etc.)
- Creating Content Don't fall into the trap of reading blogs & forums, chatting on Facebook or Twitter, checking stats, reading news, etc. for hours upon hours. Just know that almost all of that stuff (with rare exception) is LOSING YOU MONEY more than making you money.

---I hope you enjoyed these mini-lessons. Hopefully, you can apply them to your business and be a lot more successful!

:-)Yours For Online Profits,
John Reese.

This message was sent by:
Income.com, 8815 Conroy-Windermere Rd #415, Orlando, FL 32835

Evan Carmichael Inteview

Interview with Evan Carmichael, founder of EvanCarmichael.com – the online magazine for entrepreneurs. The site receives nearly 600,000 visitors per month. It has the world’s largest collection of interviews and stories about famous entrepreneurs.

Insights from the interview with Evan Carmichael:

“Donald Trump was our biggest target.”

“Entrepreneurs are arsonists, they like to light fires.”

“If you only had 24 hours to work on your business – don’t spend it all in one day. Instead spend one hour a day for 24 days.”

“If you check email in the morning, it ruins the rest of your day.”


Listen to the interview with Evan Carmichael

Listen to Business in Motion on iTunes

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George Torok

Host of radio show, Business in Motion

Motivational Business Speaker

Small business banking

Small business banking at your fingertips

http://small-business-banking.com/





http://small-business-banking.com/

Business in Motion has a Squidoo Lens

Business in Motion is popping up all over the Internet. It now has a Squidoo Lens.

"What's a Squidoo Lens?" you ask.

Squidoo is Seth Godin's blog like creation. A lens is his term for blog. The lens allows visitors a view into the world that you wish to display. It's been around awhile and it's still here.

Anyone can create their own "lens". It's free and it's as easy as starting your Blogger blog. Unlike a blog, you don't need to do alot of work to maintain it. You can attach feeds from blogs, Twitter and RSS feeds to populate the lens with fresh content.


Go ahead and check it out.

Business in Motion Lens

Squidoo

Video: Bransen on the role of the Entreprenuer in this crisis

It's the small businesses that are going to get America back on its feet again. Iconic entrepreneur Richard Branson explains in this video interview.



Richard Bransen in video interview about the role of entrepreneurs to end the recession.

George Torok

Host of radio show Business in Motion

Follow EntrepreneurX on Twitter

THRIVING IN A RECESSION: Part 2

Thriving in a recession: Part 2
by Mark Elwood


WATCH YOUR CASH FLOW

Any business can run out of cash, even a profitable one. As an example, says marketing expert Ian Mishkel, small retailers can get pinched when they have to buy inventory that does not turn into cash for a while. Cash is king, so plan your cash flow. Start with a simple spreadsheet. In columns across the top, enter the months of the year. In the rows down the side enter your sources of revenue. Below these, list all your major expenses into the future. Be sure to include your own salary, plus a provision for taxes, as well as reserve funds. At the bottom subtract expenses from revenues each month to obtain your month-end balance. This becomes your opening amount for the next month. It sounds basic, but few entrepreneurs do it.

Under normal conditions, you might estimate about three months out. In tougher times, consider projecting your cash for up to a year. At some point during this period, expenses will continue, but revenues will stop. Your projection will show a shortfall. That’s where you will need to dip into your savings, or take advantage of a line of credit. Include those in your cash flow. Then, any new business that comes in will be a bonus, and will reduce the need to dip into savings.

Here is what is important about this approach. By making a decision now that you will borrow six months from now, you remove the pressure of having to make a sale this month. The result is that you can remain cool and calm, knowing that your cash flow plan will sustain you through the year. This minimizes short term worrying. As Toronto based chartered accountant Rubin Cohen says, “When you maintain your composure, you are more successful than when you are desperate.”

BEWARE OF EXPENSE LEAKAGE

Financial planners such as Michael Chow from Stonehaven Financial Group and Derrick Lahey from RBC Dominion Securities warn about expense leakage. All the minor daily expenses that we pay little attention to create leakage. Together they can be a real burden, because nothing adds up to much, but everything adds up to a lot. Consider how much you spend on coffee, cigarettes, chocolate bars, muffins, road tolls, cell phone calls, your Blackberry, coffee, your cable bill, credit card interest, coffee, and newspapers. Oh, and did I mention coffee? When you track your expenses for a month, you will be surprised at the impact of small expenses. Cut out the things you thought were essential, but really aren’t.

There is a different kind of leakage at the other end of the financial scale – big expenses for the cottage, private school education, a second car, the kitchen renovation, membership dues at the club you rarely use, outstanding credit card debt, a home theatre, and many others. These are the big-ticket items that are harder to cut in the short term, but also create a financial strain.

The minor daily expenses are mostly just stuff. The big expenses are mostly just possessions. But what many people really want are the things that cost somewhere in the middle. They want more experiences in their lives. They want dinner dates, trips to the zoo, vacations, lunch with a friend, a day at the spa, and theatre tickets. Creating experiences is also about purchasing time for them by hiring others to free up time. Someone to clean the house, a virtual assistant to conduct clerical tasks, baby sitters, and handymen. By controlling the big expenses and the small ones, you’ll have more money for the medium-sized expenses that pay for great experiences. Do what you do best, and delegate the rest.

Another aspect to money management is saving. Are you having trouble putting money aside? Dump your coins into a jar at the end of each day. They will add up fast and you can use what accumulates for “mad money” – a special treat or a night out once in a while to celebrate.

SMILE AND BE GRATEFUL

When you look back at the past, there is often temptation to be regretful or wish longingly that things had turned out differently. Unfortunately, you create negative energy when you use phrases like these:
· “I should have cashed my stocks…”
· “I missed a chance to buy that house…”
· “If only I had followed his advice…”,
Regret drags you down. You should learn from you mistakes, not dwell on them.

Looking in the other direction towards the future, anxiety can be just as much of an energy drain:
· “I’m worried I won’t have enough money”
· “My health might not last.”
· “I might lose my job.”

Gratitude on the other hand, is appreciating what you have right here and right now. If you are healthy, if you have a family, if you have customers, and if you have friends, then you have everything to feel good about. Gratitude trumps regret and anxiety any time. So pause, reflect, and find joy in all that you have. The moment you are in now is pretty special. Remember – some day, these will be the good old days. Celebrate your success.

Thriving in business is about getting sales, but it is also about having a positive outlook. We are entrepreneurs. We make choices for ourselves. We choose our own path. We succeed where others can only wish. So go out and thrive. Do the things that are nourishing, productive and positive. And keep smiling. After all, your time is worth it.


Mark Ellwood is the president of Pace Productivity Inc., a consulting firm based in Toronto, Canada that shows employees how to gain three hours per week on their top priority activities.

Torok Library New Articles

George Torok Library: New Articles

What's new on the Torok Article Library?


Fire alarm rings during your presentation

What do you do when the fire alarm rings during your presentation? I've witnessed this disaster happen to two other speakers and this week it was my turn. It's a lot easier to think logically about it after it is over. It might never happen to you - but perhaps you should be prepared for the fire alarm to ring during your presentation. About eight minutes into my breakfast presentation to the local chamber of commerce at a fancy restaurant the fire alarm rang. The alarm was annoyingly loud so naturally I stopped speaking and... read the rest...



Mastermind Group Mistakes

I was recently invited to become part of a mastermind group. It's not the first time but this one was the quickest disaster. One meeting and it burst into pieces. There are several lessons in that disaster from which you can learn when forming your own mastermind group. We should learn from our own pain and especially from the pain of others. I believe that a mastermind group can be very productive. I know that from others who have been members of long time productive mastermind groups. And I have taken part in groups that are variations of mastermind groups and I was surprised at what happend this time ... read the rest



Business Lessons from Las Vegas

If you haven't been to Las Vegas recently - you should visit soon. When you visit take good notes. Don't judge - pay attention. Las Vegas offers a powerful business model. Las Vegas is a place to learn how to run your business. It has been called the sin city. But the real lessons of Vegas are not about sin or gambling. It's about how to run a successful business. Consider these important business lessons that ... read the rest ...


Why Did This Motor Cycle Dealer go Bankrupt?

My motorcycle dealer is bankrupt. The notice in the paper screamed that message and announced the two-day bankruptcy sale. By "my" dealer I mean the one where I bought my motorcycle. Naturally I was unhappy to read that news because now I would have to look elsewhere for motorcycle service. My bike is a Suzuki and Cycle City was the only Suzuki dealer in Burlington ... read the rest ...


George Torok
Business Speaker
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