How to Become a Millionaire by Age 30

Getting rich and becoming a millionaire is a taboo topic. Saying it can be done by the age of 30 seems like a fantasy.

It shouldn’t be taboo and it is possible. At the age of 21, I got out of college, broke and in debt, and by the time I was 30, I was a millionaire.

Here are the 10 steps that will guarantee you will become a millionaire by 30.

1. Follow the money. 

In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money and it will force you to control revenue and see opportunities.

2. Don’t show off -- show up! 

I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.

3. Save to invest, don’t save to save. 

The only reason to save money is to invest it.  Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.

4. Avoid debt that doesn’t pay you. 

Make it a rule that you never use debt that won’t make you money. I borrowed money for a car only because I knew it could increase my income. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.

5. Treat money like a jealous lover.

Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.

6. Money doesn’t sleep. 

Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. When I was 26 years old, I was in retail and the store I worked at closed at 7 p.m. Most times you could find me there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person -- just make sure you outwork everyone.

7. Poor makes no sense.

I have been poor, and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, "If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake."

8. Get a millionaire mentor. 

Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources.

9. Get your money to do the heavy lifting. 

Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money you won’t make investments. The second company I started required a $50,000 investment. That company has paid me back that $50,000 every month for the last 10 years. My third investment was in real estate, where I started with $350,000, a large part of my net worth at the time. I still own that property today and it continues to provide me with income. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.

10. Shoot for $10 million, not $1 million. 

The single biggest financial mistake I’ve made was not thinking big enough. I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.

Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too.

 

Source: http://www.entrepreneur.com/article/234454

5 Habits That The Super Successful Have Before Sunrise

There’s something about the morning that makes it so special… maybe it’s the promise of a new day.

Maybe it’s the chill in the air, the darkness in the sky, or the uncommon silence.

Whatever the reason, one thing is for sure. The morning is a make or break moment for your day, and the problem is, you probably don’t even realize it.

If you were to go through history, and pick apart the routines of the most wildly successful people, you’ll quickly realize that the vast majority of them all have one thing in common.

They have very specific morning habits that set them up for a successful day.

And the good news, you have the ability to create those exact same habits. And hopefully, find similar success. So let’s explore the five habits successful people practice before sunrise.

Habit #1: Journaling

Journaling is something that’s been around for over 11 centuries. The only way something sticks around for that long is if it’s serving a purpose.

Countless super successful, entrepreneurs, politicians and celebrities have talked about their extensive use of journaling. And there’s a reason why it’s so popular among the uber successful.

Journaling gives you the opportunity to clarify your thoughts. When you feel overwhelmed by your emotions and feel that your mind is moving at a thousand miles an hour, in a thousand different directions, the journal gives clarity.

And once you have clarity, you act with more precision and take more meaningful action.

Habit #2: Exercise

Barack Obama has stated on several occasions how important his morning exercise is, often times waking up with his wife at 4:30am to squeeze in a workout.

Regardless of your political affiliation, I think we can both agree that becoming President of the United States qualifies you as somewhat of a success.

Exercising in the morning gives you the energy boost you need to not only make it through the day, but to do it in the most productive way possible. It’s been proven that exercise increases both your focus and cognitive performance for any difficult task you might face during the day.

With a beefed up brain (and biceps) you’ll have an unfair advantage of whatever obstacles are sent your way.

Habit #3: Identify Your “Big Wins” For the Day

Being busy doesn’t equal being productive. But unfortunately, so many people mistake having a full calendar with doing things that actually matter.

How many times have you laid down at night, exhausted from all the stuff you did, but still feeling unfulfilled because none of the “stuff” you did was important? You just woke up, and started working without any real plan of what you should be working on.

When you wake up in the morning, before you do anything else, you need to figure out WHAT it is you should be doing. What are the three to four things, that if you got done, would provide the most value in your life? What few things would move the needle the most?

The trick is, you have to answer this question on a consistent basis.

That’s what separates the successful from the average.

Habit #4: Rising Early

Does it still count as a morning habit if it happens at 11:59am? To get the most out of the other habits on this list, you have to get them done early. Before the rest of the world starts begging for your attention, asking you to read this, watch that, like this, tweet that.

Getting an early start to your day gives you a chance to calibrate your day and perform the other habits that will set up the rest of your day.

Bob Iger, CEO of Disney, is also known for waking up at 4:30am to just get enjoy a little quiet time alone. It’s a time he uses to recharge his batteries and clear his mind.

Like I said, there’s something magical about the morning.

Habit #5: Meditation

You probably already know all about the benefits that meditation brings; reduced stress, increased self-awareness, regulates emotions, regulates attention, strengthens willpower, etc.

If you could focus in on just one of those benefits at the beginning of your day, you’ll dramatically increase your chances for having a day where you get important things done and overcome big obstacles, all while keeping a cool, calm, mental focus.

Source: http://addicted2success.com/success-advice/5-habits-that-the-super-successful-have-before-sunrise

You Can’t Be Successful Without These Internet Marketing Tips

Cruising around the web, you’re going to find a lot of information on internet marketing in general. Some of it is good, and some of it is not so good. You should always be wary of what you’re reading, and in this article we’re going to explain some of the real points of internet marketing that you should be aware of, without the mumbo jumbo.

Getting involved in online forums and talking up your website can contribute significant benefits to an internet marketing plan. Do not be pushy or single-minded when you do this; contribute to forums that relate to your website’s focus and your own interests. If you can forge connections with potential customers that are interested in what you provide they will more than likely come to your site.

To make more money, you can offer additional products and bonuses. After presenting the qualities of a product, mention its shortcomings and how that can be fixed by an additional product. You should make sure that the original product and the bonuses would interest the same kind of customers.

To learn more techniques, you should pretend to be a customer and see what other sellers and marketers are doing in the niche you are interested in. Subscribe to other email lists, and analyze what attracts you and what makes you not want to buy the product. Adapt these techniques to your product.

Always provide the information and answers that customers are seeking and make it easy to find. Just providing a one page website that gives your hours and address is not going to attract customers. You should include plenty of information on different pages of your site, it should be of great quality and pertain to your niche.

Take a careful look at your competition. Making sure that you have a good knowledge of your competitors is important. Visit their websites. Take a look at the keywords that they are using. Take a look at your own keywords and compare them. Improve upon your keyword usage until you find yourself featuring more prominently in search results.

Brand yourself up. Make a logo, a saying, or even a simple title that will carry into everything you do. When people start to recognize your brand, success is on the way. Market your website just like you would a product: acknowledge the shortfalls, but be sure to praise the uniqueness. If you need help in this area, we recommend iConnect Media, a Mississauga web design company.

If your business is engaged in advertising both online and offline, make sure your marketing strategies in the two spheres complement each other. An internet marketing plan should work with and enhance your other efforts in print or other media. Make sure your website points visitors towards your adverts in other media – and make sure your TV, radio and print ads mention your website.

A fantastic way to increase your site visibility is to create site map pages which outline all the different parts of your site. This makes it easier for your site to be navigated, and will allow search engines to locate all the different sections of your site more easily.

While you do need keywords to get a higher visibility, you need to make sure that you write the content on your site for your consumers first. The search engine bots are not going to buy your products. Only real people are going to buy your products, so you need to write for them.

Once you cut through the hyperbole and the useless content out there, you will find that real information on marketing doesn’t make bold promises or mislead you in any way. Like the information contained in this article, internet marketing is a serious business venture, and thus you must approach it as such.

Source: http://www.womenentrepreneurshq.com/you-cant-be-successful-without-these-internet-marketing-tips

Best 5 Tips On How NOT To Lose Money On The Forex Market

When you think about the forex market you realize how economically stable it is, as it spans across the entire world and brings in about four trillion dollars’ worth every single day (that number being the average daily trading volume). As a result, the forex is the largest market pertaining to financial processes that we’ve ever seen (and that we will probably ever see in our lives). The popularity of this particular market is pretty obvious, and traders from all sorts of different backgrounds have taken it upon themselves to work their way into it.
It’s one of the easiest things to get into, and that’s exactly why trading forex is one of the most popular financial past times ever. The costs to get started when it comes to trading forex are rather affordable, and we’ve decided that due to its popularity it was only right to go through 10 different ways to help you keep your money (while trading forex).
There aren’t any online courses out there that are going to guarantee you a successful venture when it comes to trading, but there was ways to learn how to keep your head above the water. Losing money is the last thing you want to be doing when it comes to trading forex, and hopefully these 10 tips will help you keep (and even profit) from your endeavors.

1. Do Your Due Diligence – Learn the Ropes before You Trade

Learning the ropes when it comes to trading forex is one of the most important parts to being successful with it. Most of the time the most efficient way to learn is to just start making trades, but there are a bunch of resources online that can provide you with useful information regarding the topic. There are tons of factors that come into, things like the geological and economic factors regarding your trade can come into play, so learning how to adjust accordingly is a crucial component to the entire process. Developing your very own trading plan is always a good idea in this regard, and soaking up as much information as possible before making the first trade is ideal.

2. Find Yourself a Trustworthy Broker

Trading with brokers that haven’t built up a reputation is never a good idea, so when you’re looking into forex trading make sure you’re working with a high-quality forex broker that’s been around for a while. Worrying about deposits and other things like that should never take place when you’re trading forex, so you should only look for brokers that are part of the NFA (National Futures Association), as well as a broker firm that is registered with the well-renowned U.S. Commodity Futures Trading Commission (usually referred to as the CFTC).

3. Trade While Using a “Practice Account”

Before you start to make forex trades on your “main account” it’s recommended to make prevalent use of a practice account. When it comes to trading platforms almost every single one that you use will have a practice account implemented, and these are usually referred to as demos. The accounts let new traders make “fake trades” without any funds, and then it allows them to see the repercussions of their trades (whether they be good or bad).

4. Make Sure Your Charts Are Tidy!

There are tons of tools available to you to analyze the competition (as well as anything else that can be monitored by the trading platform). Although they are useful you need to be aware as to which ones are currently working, and when you find them you should keep them while cleaning out other useless statistics. Keeping a chart tidy will help you trade with ease as you move along, and using two different types of tools that analyze the same thing is just foolish.

5. Keep Yourself Protected

Trading with your forex account is a foolproof way to gain a profit, but keeping that account secure is an entirely different story. Knowing how to accept a deficit in your revenue (or even your profit) is something a quality forex trader needs to be able to deal with, so make sure you have a loss threshold put into place. It’s always nice to know when to cut your losses, and when you don’t know your limits you could find yourself in the position of constantly losing money (this usually happens when people keep making bad trades even after they’ve suffered a loss in the market).

Source: http://investazor.com/2014/07/24/best-5-tips-on-how-not-to-lose-money-on-the-forex-market

Why Do Forex Traders Fail?

When it comes to being efficiency and accessible, the forex market is one of the largest (well, it’s the largest) financial market that we’ve come to know on this planet. Seeing as it’s so appealing there’s obviously going to be some new faces popping up on a consistent basis, but that doesn’t mean that these new traders are going to be incredibly successful. To be completely honest, when it comes to forex trading there are only a few select traders that could be considered “successful”.
When a trade fails it’s usually due to an abundance of reasons, but it’s mainly pertaining to the fact that the same investors have a tough time with other assets as well. Leverage is a key component to this as well, which is when the investor makes use of borrowed capital to maximize their potential ROI’s (return of investments). Not only that, but the margin that’s in place when you’re trading currencies sort of puts traders in the position where nothing is low-risk.
The traits of trading currencies can lull some investors into a false sense of security, and in most cases will have them expecting a greater return on their investment than they’re scheduled to receive (or just simply take a lot more risks than they should usually be taking).

The Risks of Trading Forex (The Biggest and Most Common Mistakes)

There are a list of certain things you can do that will more than likely put you in the negative when it comes to your investments, so look at your trading regime and fix it accordingly. Nobody likes taking a loss on the market, so prepare yourself and do your best to avoid it.

Trading Discipline

The worst possible thing that any trader could do is to lose their discipline when it comes to trading, you should never let your emotions control you and your money when it comes to the market. If you really want to be a successful forex trader you need to think like one, and you also need to make an immense amount of winning investments (while still maintaining a small number of losses, if any at all!). When you experience a bunch of losses back to back on the market you might lose your confidence, but it’s important to trade with a smart edge (as opposed to letting your emotions control your decisions). Fear and greed are things you don’t want to deal with, so keep your eyes on the prize and practice discipline when it comes to trading.

Not Having a Trading Plan

No successful forex trader is going to tell you that they didn’t create a trading plan, the key to success is to follow through on an initial plan that you’ve already put together. When you don’t plan you’ve already lost a head start when it comes to the forex market, and head starts are exactly what you need. Make sure you’re looking at your risk management processes, as well as expected ROI’s (return on investment). Being a planner before a trader can be amazing in most case, so try it out for yourself and see how it works. No trading plan means you don’t know what you’re going to do with your investments, which is a foolproof way to end up on the wrong side of the profit margin.

Not Being Able To Adapt

The market is ever changing, and there’s no way to stop it. It’s just how the financial market grows, and as a result plenty of traders are being “left in the dust” (so to speak). Look at the different scenarios you might find yourself in before you’re even trading on the market, because preparation is ideal for anybody who wants to be successful. Being able to adapt to the many changes the market will bring to the table is critical in order to be a great trader, so planning for events that might not even occur will prepare you in ways you would have never thought possible. There are an abundance of different risks to take into account when you’re looking at forex trading, but preparing yourself is one of the key components necessary when you want to be successful.

Source: http://investazor.com/2014/07/26/why-do-forex-traders-fail

Self-Motivated? 4 Science-Based Secrets To Achievement And Success

I run every other day.

However, only about a quarter of the time do I feel motivated to run before I begin. Even less so in the winter. It’s cold outside, and I’m quite comfortable inside. Most of the time, I’d rather stay put than put on my running clothes and push my body. But I do it anyway.

At the beginning of every single run, no matter how I’m feeling, my body is resistant. It feels like I’m running through quicksand, and everything hurts. Within thirty seconds, I want to stop. In fact, before I became a more consistent runner, I would stop.

I thought that resistance was a sign I just wasn’t a good candidate for running. Fortunately, a friend told me that everyone feels resistance at the beginning of a run. You just have to push through it until your body warms up. I finally tried it, and she was right. After about a mile, sometimes less, I get in the running groove. My joints loosen up, my breathing is less labored, and I pick up my pace.

I’ve learned to be patient and wait for it. Even when I don’t have the power of motivation inspiring me, I still know to keep going just a bit farther and the pain will let up. As my body and my mind are screaming, “Stop! Stop running right now!” — my higher self reminds me that I can do it. I’ve done it before, and I know I’ll feel better in just a few minutes.

I also know how I feel after a run – how a run gives me energy, helps my creativity, and makes me feel physically and mentally better in general. I also use this information when my body and mind are screaming at me.

So why am I sharing this with you?

I’m sharing it because I want you to know that there’s far more to accomplishment and learning than just motivation.

In fact, motivation has very little to do with creating new habits, acquiring skills, or reaching your goals.

Motivation is certainly the cherry on the cake when it happens to show up — but we can never predict when it will appear. We must be able to get things done even when motivation is a no-show.

What is self-motivation?

I believe self-motivation isn’t some elusive feeling of power and excitement. Instead, self-motivation involves knowledge and momentum. You must have thorough knowledge about the behavior or skill you want to undertake.

When I first began running, I didn’t do any research or ask any questions. I just slapped on a pair of old running shoes and started running. No wonder I kept failing at it. I wasn’t fitted properly for shoes. I didn’t know how to prevent injury. I didn’t know proper technique. And of course, I didn’t know about the resistance I’d encounter.

Momentum comes in by simply taking the first action. Once you take the first step, the subsequent steps aren’t nearly as daunting. With knowledge and momentum, you have just about everything you need to accomplish a goal.

But there’s one other skill set you need in order to be successful. You need to understand the specific skills involved in creating new habits.

The power of habits

Yes, there are some very specific skills involved in forming new habits, and without knowing these skills, you will likely fail at achieving your goal. Even with knowledge and momentum, you still need sustainability. You need a way to stick to the program after momentum fails you and motivation disappears.

Eventually, just like my body resists running, your mind will get tired of a new behavior, and you’ll drop it. So how do you keep momentum going and push through the challenging times when you want to give up? You have to retrain your brain. You have to build new neural pathways to reinforce this new behavior until your mind accepts it as automatic. And scientists have found a very specific way to do that.

Ann Graybiel is a neuroscientist at the McGovern Institute for Brain Research at MIT, as well as an Institute Professor and a faculty member in the Department of Brain and Cognitive Sciences. She’s an expert on the basal ganglia and how it functions to support new habits.

According to MIT’s McGovern Institute website, “Graybiel believes that the core function of the basal ganglia is the type of learning that leads to the formation of habits.” Her team “uses electrical recordings, behavioral tests, and gene-based approaches to study these issues. They recently demonstrated dramatic changes in neural activity in the striatum as animals learned new habits.”

As we practice habits, the brain literally changes, and the main component of fostering this change is early, consistent repetition. It is through repetition that we create new neural pathways, making our behaviors more and more automatic. But as you know, when repetition gets boring or difficult, staying the course is nearly impossible. You need some strategies to help you perform your habit every single day until it becomes easier.

Here are 4 science-based secrets to be self-motived and stay the course:

1. Start small

You might be able to run for thirty minutes right out of the gate or write several pages of your novel in one sitting at the beginning. But within a few days or weeks, you’ll feel overwhelmed as your enthusiasm wanes and resistance sets in. So begin with just five minutes for the first week or so of a new activity.

This may seem like a ridiculously short amount of time, but the goal is to establish a pattern of repetition and create a “no excuses” system. Anyone can do something for five minutes a day. You can slowly increase your time in subsequent weeks.

2. Trigger your habit

You’ll need a reminder to perform your habit, and the reminder needs to be the same every single day. So choose a trigger that’s a previously established habit you do daily, like brushing your teeth or putting on your shoes.

Then perform your habit immediately following the trigger. When you attach a new habit to a trigger, it affords a mental cue that it’s time to work on this new activity.

3. Reward yourself

As soon as you finish your new habit, immediately reward yourself with something you already crave or enjoy. It could be checking your email, having a cup of coffee, or even putting a gold star on your calendar.

The reward is most effective when it’s something you look forward to but you know you can’t have until you perform your new habit.

4. Create accountability

Be sure others know you’re committed to your daily new behavior. Create self-motivation by going public. Think about how much better you do at anything when you know someone else is paying attention.

Announce your goal publicly on social media, or share it with friends and family. As soon as you perform your habit and reward yourself, report to your accountability group about your success or failure.

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Once you learn these skills of habit creation, you can apply the skills to bigger goals and more challenging accomplishments. Any big undertaking is comprised of dozens of small habits.

When you start small, creating manageable actions that you repeat daily, you’ll find in time the actions become automatic, making it easier to begin the next piece of your goal. You won’t necessarily need motivation to begin. You just need to practice and have patience as you wait for your brain to take over.

When you feel bored, challenged, or discouraged, use your new knowledge and remind yourself that in time, the work will be far easier and you will become more skilled — just as I remind myself at the beginning of every run.

Use the science of habit creation to serve as your self-motivation tool, and you’ll be amazed at all you can achieve.

Source: http://liveboldandbloom.com/07/habits/self-motivated

Don’t Envy the Rich!

The rich are different from you and me. (F. Scott Fitzgerald) Yes, they have more money. (Ernest Hemingway)  “They possess and enjoy early, and it does something to them, it makes them soft where we are hard and cynical where we are trustful in a way that unless you were born rich, it is very difficult to understand.” (F. Scott Fitzgerald) Yes, the rich are different from you and me, they have more problems!

If you are not aware of it Forbes Magazine publishes a list of the 400 richest people in the United States. Rich people are ranked based on their estimated net worth! Just to make the list you need to have a net worth of at least $1.3 billion. People come and go from this list every year. It is not easy to be rich! Thirty (30) people are poorer than year ago, twenty-eight (28) people dropped off the list and six (6) people died. There are still a number of billionaires who qualify and were left off the list.

Don’t feel sorry for the overlooked billionaires! If you did not make the list, doesn’t mean you are not rich. It just means you are not on the list! Do rich people really care that they were excluded? Probably some do, but I imagine most do not. Although I think most rich people prefer anonymity, there is a certain amount of prestige in getting on the list. Rich people are competitive and they want to see how they stack up against other rich people.

The rich are different from you and me. Yes, they have more money. They actually think very differently! They put their money to work earning more money.  Debt does not scare them nor is it something they feel an urgency to pay down. They see the advantage of a leverage investment. Yes, they borrow money to buy assets not purchases. They actually understand money and how to use it more effectively. Money is not the answer! It is a byproduct of using it effectively.

Rich people are pitted against the rest of us. Recently, Hilary Clinton was criticized for her choice of words when she said she and her husband Bill Clinton were dead broke when they left the White House. Mitt Romney received criticism when his 2011 tax return revealed he earned $13.7 million and only paid 14.1% in taxes. The Occupy Wall Street protest movement was supposed to raise issues about social economic inequality, greed, corruption and perceived undue influence of corporations on government. Why do some people resent people who are wealthy? Is it jealousy? Usually, it is the people who struggling to survive that are jealous of rich people. It is similar to “keeping up with Jones.” You would like to have a new car, vacation or something else you cannot afford at the moment and you want it now. It is the first step to never reaching your financial goals; if you allow jealousy or your emotions sway you from your goals. Rich people do not lose focus on their goals or allow their emotions prevent them from their goals. Jealousy or envy does not help you reach your goal.

Although I think it is easier to be happy when you are rich, but there are no guarantees. In fact most people who are happy are not necessarily financially secure. According to an article in The Atlantic, the respondents have deep anxieties involving love, work, and family.  The respondents were 120 people with a net worth of $25 million or more. Just because you have money does not mean you do not have problems! The contrast is equally true, you can be happy without wealth as long as you earn a reasonable amount of money.

Money is never makes you happy! Some people will marry for money and say they are happy. Others hate their job and think if they are paid more they can tolerate their job. They will still hate their job, but compromise or sellout for the money. Rich or poor, family relationships are important! The busy rich executives, entrepreneurs or work alcoholics do not spend the time to create or nurture those relationships and will not be happy. These are just some of the reasons you should not envy rich people.

Stop being envious and do something about it!
 

Love and friends – If you are rich, you think people only want to be your friend because you have money or what you can do for them. You can be rich without broadcasting it to everyone you meet. You do not need to display your wealth in the cars you drive, homes or how you spend your money. At least reserve that information until you determine the relationship is genuine.
 

Work – Instead of just being envious of rich people, emulate them. They think differently for a reason! Use debt to buy assets that appreciate just like rich people. Figure out what you enjoy doing and get the skills to do it well and you will be successful.

Family – Family (spouse and children) like any other relationship does not flourish unless you work on it. You have a responsibility to your family to nurture this relationship. It adds to your happiness!

Final thoughts

Don’t be envious of rich people, do something about it. Wealthy people are not necessarily happy people! You can live your life resenting rich people or you can earn more money. I am sure you heard about maids, janitors or barbers becoming millionaires. All it takes is determination and some work. Remember, rich people are willing to take more risk and therefore they get more rewards. More importantly, you control your happiness! Don’t envy the rich, do something!

Source: http://www.krantcents.com/dont-envy-the-rich

What is your reason for waking up in the morning?

The Secrets of Selling Successfully

Selling is done the same way, whether online or off, which means that the rules of the game don’t change all that much. That being said, there are still those who think that the two modes of selling are like taming two different wild beasts at the same time. Keeping that in mind, the following lines are going to cover the secrets of selling successfully both online and offline.

 

All Customers Want to Buy

Let’s just say it as it is, everyone likes to buy new stuff, and especially new stuff. While that is true, nobody likes to be sold stuff or even told what to do. This is one of the main reasons why customers run away once sales teams become too aggressive while persuading, convincing or in other words, manipulating people into buying their product or service.
The idea of making a sale whether online (ecommerce websites) or offline (door to door or brick and mortar) is to assist the customer in to making the best decision possible. This will not only make the customer respect you for your service, but will also make their experience more pleasurable, which will consequently create the desire to buy.

Cold Calling Works

It doesn’t matter what the gurus say, the practice of cold calling, when used sparingly, works. Think about it, calling people who you don’t know to ask if you can help them is one of the best ways in which you can connect with the potential customer. And while all professional businesses use emails as a tactic to get potential customers to talk, cold calling is a better and much more direct way of getting the information which you need, both to improve your product and service, create rapport and build that valuable customer base.

It’s all about Listening (to the Customer)

The real challenge to businesses, when it comes to selling a product or service is to get the customer to talk rather than constantly talking to the customer. This is where you need to let the customer dominate the conversation, rather than using the “me, me, me” pitch. Also monitor the conversations that are happening on various social media outlets about your company, the product and the brand. Stay attentive, harness that information, and use it to tweak your next online marketing campaign.

Loyal Customers vs. New Ones

This is always going to be a tricky question, or is it? Convincing new customers to buy your product or service instead of the next is always going to be both expensive and chancy. On the other hand, getting your existing clients to buy your newly released products or services is easy and inexpensive. While expanding one’s business by breaking in to new territory is the goal of every business owner, your number one priority should always be to transform your existing client list into a customer for your latest offering, mainly because it costs you nothing and is practically automatic. New customers should only be a priority when a business is just starting up.

Create a Great Customer Experience

By far, the best and most effective way of creating your brand image is by creating a great customer experience. While large businesses often spend lots of money on their branding and marketing campaigns, a brand is basically what your clients think about you and is always the result of the experience they’ve had while doing business with you. So, you should be making sure that you create a great customer experience. You can do this by paying attention to the minute details which can make your brand better and create a better customer experience for all those who visit you at your business website or physical location.

Ending Note

While there are those who sell for a living, we like to call those folks salesmen (or women), there’s not a single person on the planet who does not sell their value. Everyone does it, from the company CEO to the janitor. So, unless your job description is “Stare at the ceiling” or something, you are selling, so why not use these tips, when you do.

Source: http://blog.optyn.com/secrets-selling-successfully

5 Ways to Know You Are Ready For Entrepreneurship

Some employees dream of the day they can fire their boss and become the master of their own destiny.  How do you know when the time is right?  If these five bullets describe you you're ready to make the transition from employee to entrepreneur.

Understand the difference between tasks and responsibilities. Employees wait to be handed a task to carry out.  Even if you carry out that task to perfection, it doesn't mean you are ready to be an entrepreneur.   Taking responsibility means asking questions about the task you intend to complete.  If you regularly ask these questions, you are on your way to becoming an entrepreneur:

• Is this the best way to accomplish this?
• Does this even need to be done?
• Will someone always need to check my work?

Grow up!  You are now an adult and you act like it.  Chuck Blakeman says this best:

Adults ask questions, most importantly, "Why?" Unlike the Silent Generation, they don't live passively but are self-motivated, self-managed, creative, and problem solvers. They don't shut up; they make waves. They don't sit down; they are highly visible. And they don't expect the company or other adults to take care of them.

Take a risk! 

Most employees value security over anything else.  They want the security of a paycheck.  The security of a pension.  The security of "knowing it all" without the fear of owning any responsibility.  An employee will never take a leap from the edge because it's too risky.  The fear of failure is far too compelling to take a chance.  At the same time, entrepreneurs do not take foolish risks.  They have counted the cost and understand the cost and reward of risks.  If you ever want to lose employee status, you have to jump in anticipation of the payoff.

Stop thinking you can do things everything by yourself. 

The Lone Ranger had Tonto to depend on for help. You need someone to lean on for advice, accountability and support. A major role change is going to be stressful, no matter how positive it may be. Finding a mentor, business coach or trade organization of fellow professionals can be invaluable. Having a support system will give you perspective and lead to stronger choices earlier in your transition.

Don't wait for the perfect plan... none exists. 

Employees are always waiting for the perfect plan to be in place before making a move.  In their minds, the world is completely linear and the best time to take action happens when the stars of the universe align perfectly.  Throw that nonsense out the window. Only Hollywood writes those kinds of scripts.  Planning is a good idea, but the minute you put something on paper, it will need adjustment.  Take General Patton's advice here: "A good plan violently executed now is better than a perfect plan executed next week."  Just get started with your new project, business, or venture.  It is not going to finish itself, and it will never go as you plan. And that's fine in the world of the entrepreneur.

Are you ready to do your own thing? Please take a moment to share this article and your comments with others.

Source: http://www.inc.com/rhett-power/5-ways-to-know-you-are-ready-for-entrepenuership.html

How To Create Your Own Luck

I don’t believe in luck in a mystical sense, where through some random ritual or psychic forecast you can ensure yourself a little easier going. That’s because mysticism puts fate out of your control, I think. And I have always wanted to keep my fate in my own hands.

Nevertheless, I do most definitely believe that luck exists; I just think it’s a little more purposeful, and controllable, than most might think. I also think it’s often the simple result of being in the right place at the right time. And sometimes that’s all you need for your life to change forever.

So how does any of this relate to your business? Simple: you can create luck for yourself and your company by finding ways to put yourself in that right place at that right time. And sometimes that’s all you need to take your company to new heights. Happens all the time. How? By seizing opportunities to constantly improve yourself, your leadership skills and your company.

…full disclosure: I’m no Dr. Peter Venkman or Emmet Brown, so I have no parapsychological or metaphysical evidence to back up anything that I’m saying. I’m just a guy who runs a tech business and who thinks life is way too fragile and short to not make it amazing. I also want to be in control of where I take it. Maybe you do too.

Creating your own luck begins with learning where to find opportunity…

As an entrepreneur, you’re doing yourself an injustice when you don’t push yourself beyond your comfort zone to capitalize on a new opportunity, and opportunities abound when you run a startup. That’s especially the case when your business is in the early stages because you don’t just have to wear many hats, you’ve often got to wear every hat, and there’s all kinds of opportunities, several of which you may have absolutely zero qualifications for or experience handling. But forget that. Be versatile. Be hungry to become an expert in new areas. Be obsessed, in fact.

As a former soldier, I’ll use a military example: you’ve got to be the general, the grunt and the medic, all at the same time, and you’re always advancing on enemy lines, and you’re always taking casualties. Learning your role(s) allows you to capitalize. And capitalizing allows you to keep moving forward. I like to tell new people on my team to think of it like this: Welcome to Viet Nam. You just graduated from high school. You were a Private. But you just got promoted to Lieutenant. The fate of 40 other soldiers now lies squarely in your hands. It is no longer relevant what you were comfortable doing – just figure it out.

I think you’ve really got to commit yourself to a career of constant self-education to learn where to look for the best opportunities. Read books and blogs on project management or technology if that’s your field. Get to know online help communities like Meetup or Quora where you can go to network and get guidance or even hire people. Start tapping into your personal and professional network to seek out individuals who may want to join or help you raise funding. These are avenues that will help you acclimate to your newfound executive role and seek out the most valuable opportunities.

At my company, especially in the beginning, I did everything from site architecture and design to customer service, finance and sales, in addition to strategy and fundraising…most of these things I had no prior experience with. At all. But I love what I do, and I pushed myself to learn and figure things out. As you grow your business, it won’t always be feasible to enjoy such deep involvement, but understanding your resources and constantly educating yourself prepares you for the wartime promotion that will take you out of your element.

It’s inexcusable to fail because of inaction…

Of the innumerable ways startups often fail, the very last should be inaction. And I think it usually is the result of being either lazy, overwhelmed or, more often, afraid. These sentiments can pervade an entire organization, but it’s most important for you as a founder not to be paralyzed by anything. Whether it’s a fear like that of public speaking (pitching to investors, selling to clients for the first time, giving a pep talk, etc.) or simply a matter of spending time to go to the extra mile (attending a networking event or meeting a customer in person as opposed to over the phone), seize the opportunity. Get the Nike mentality and just do it, whatever it is.

I’ll give you a more civilian and personal example this time: writing this very column. I’m ecstatic to have this opportunity to share my experiences with other entrepreneurs in a forum like Forbes. But I could have just as easily decided not to take on the new challenge because I simply don’t have time for yet another responsibility. In a startup time is your best friend, your most valuable asset. If I’m 100% with you, though, my hesitation was more aptly due to a little bit of fear. You write for a periodical like Forbes for example, and you’re exposing your ideas and opinions to the criticism of thousands, and sometimes millions of people. As a writer, you voluntarily subject yourself to that criticism. As a business owner, the fear is that you’re indirectly subjecting your entire company to that criticism.

I think we all, to a different extent, have a fear of taking on new challenges because uncertain outcomes make us uneasy; but you get no value from not challenging yourself. Way I see it, the alternatives are simple with challenges like this. You either stay in your foxhole, afraid to get hit and accomplish nothing, or you take a risk and potentially end up with a major achievement under your belt. I decided that being able to simultaneously share my experiences with other entrepreneurs, record my thoughts, and, yes, get a little bit of press exposure was well worth the risk of criticism and offered more value than the alternative: nothing.

Condition yourself to be in a state of constant preparedness…

Along the same lines of fear, you must forget about the preoccupation with making a mistake…which is not to say be careless. But I do mean that if you are going to make a mistake, then make it out of ambition and courage, not out of laziness or fear. Sometimes you will be wrong. Sometimes people will disagree with you. But be fearless and make a move. Be bold, be tireless, and be resilient because that mentality needs to be the essence of your entire organization. Get something out there, generate traction and iterate based on feedback and what you learn. Jump in head first and train yourself to be impenetrable to your fear and confident that even when you do make a mistake, you’ll be resilient enough to bounce back and adjust for the next iteration or improvement.

Try getting yourself into a mentality of fearless ambition. If it only comes in bursts, try training yourself to make those bursts last longer. It’s all a state of mind, and it can be conditioned. Intentionally do things that make you uncomfortable. Get up and sing during a karaoke party. Ask a random girl or guy on a date. Turn off the TV and do some research on your competitors if you’re feeling lazy. Train yourself to always be looking for the next opportunity, your next challenge for growth, because that mindset is exactly what allows us to create our own luck.

Opportunism and serendipity are behind some of the biggest business successes…

A friend of mine started a company that eventually got very close to going bankrupt. They were clearing out their office and found several perfectly good textbooks lying around. They started sending these textbooks out to students free of charge to get rid of them. The funny thing is that for some reason, students started sending those textbooks back to the company. With few other options remaining, they thought, why not run with this? There could be a new opportunity here. They made one last pivot with their business model and started renting textbooks…today that company has raised almost $200M in funding, has brought on some of the most talented executive management in the world and is rumored to be eyeing an IPO. They were incredibly intelligent founders, but sometimes in a startup – in fact, this is the case at some of the biggest companies in the world – what you really need is a little bit of serendipity. And they created that serendipity by being opportunistic. Don’t you want to be able to do the same?

Creating good karma is just like creating good luck, and it will inspire loyalty and better results…

What else helps you create luck? Being a good person. Not to sound corny here, but kind gestures and loyalty do come back around. How can you apply this to your business? Talk to your customers firsthand for one. During the first few months of my company’s existence, I answered every single customer service call – not just because we couldn’t afford a staff, but more importantly because I wanted to understand exactly what the customer wanted and exactly what she wasn’t getting, and I’d make sure to personally see to it that she walked away happy.

I run a fashion website and blog (for independent fashion brands, music merchandise, custom products, etc.) that doesn’t manage its own distribution or shipping, which normally makes customer satisfaction very difficult to achieve at scale. Nevertheless, our commitment to connecting with our customers has helped us achieve an order return and cancellation rate of well under 10%, with the majority of order cancellations due to items simply being out of stock. Several customers in fact have written in to us telling us they had the best customer service in their lives with us.

Apply this mindset to your team and strategic partners as well. Show loyalty to your people – prove to your employees that you genuinely care about their best interest. Spend time personally with them. And treat every client like they are the most important client. Create a personal connection. I’ll give you another example of how this has worked for me: I met a Japanese street artist in New York City four or five years ago. I liked his art so I struck up a conversation with the dude, took his number and commissioned him to make me a custom piece. He invited me to a party later that weekend where I met the president of their company. I kept in touch with their president, and we went out from time to time. Now, years later, maintaining that friendship, which started on an unparticular New York City street, has directly resulted in my current business securing several new clients, gaining valuable business contacts in Japan, and, coming up in October 2012, will result in a major event that my company will throw in NYC to generate more exposure and sales for both his and my company together.

As an entrepreneur, valuing the human element of your business doesn’t simply help you create goodwill, luck or whatever else you want to call it. It is crucial to your survival because when you have little-to-no capital to pay employees, and when you have no track record to demonstrate value to new clients, your loyalty and thoughtfulness will be the deciding factors in who sticks by your side when the chips are down.

Strike a balance between opportunism and focus…

Don’t confuse ambition and opportunism with an attempt to be everywhere at once because you drown as a business when you lack focus. But do challenge yourself to keep a resourceful confidence. Hone in on your core competencies as a business, and then commit yourself to taking risks and challenging yourself, but only in those areas that are relevant to your objectives.

Create your own fate…

I’m also not saying to remove all the elements of surprise and excitement from your life by having a plan for absolutely everything. Rather, think of creating your own luck as a framework for embarking on a path where your surprises are the types that build more powerful personal and professional relationships, help you become mentally stronger as a leader, and which take your company to new heights. Accomplish these things by learning how to identify new opportunities, by taking action when you find them – and learning how to condition yourself to love taking action – and by inspiring loyalty with everyone you work with.

And think of your next decision this way: is saving a little bit of time or not confronting a little bit of fear worth more than a shot at putting your company in the right place at the right time?

Source: http://www.forbes.com/sites/shanerobinson/2012/08/02/how-to-create-your-own-luck

Lessons from an entrepreneur: Start before you are ready

I attended an entrepreneurship summit recently, where I was asked to help select and distribute an interesting award. Attendees were asked to write down something inspiring they learned at the summit and the best entry would win.

The majority of attendees entered the same mantra from an earlier speaker: Start before you’re ready. However, only one attendee went the extra mile and described what that principle meant to him. He applied the knowledge and was named the winner.

I was impressed by that because, of all the so-called entrepreneurs in the room, he was the real deal.

Thinking about this, I decided to look at my own entrepreneurship efforts (some successful and some not) to see how the “Start before you’re ready” mantra could apply to me. Here’s what I learned:

Don’t wait for perfection before launching your idea. In an effort not to fail, many entrepreneurs spend precious time and money perfecting a product or service before launching it to the market. I am no different. When developing an idea I had for a new social network, I was focused on creating the best user experience possible before launching it, when I should have launched the idea and let users guide my product development. Looking back, I wish I would have spent half the time and money on my MVP (minimum viable product) because my early adopters would likely work through challenges with me.

Focus on a few user scenarios first. Entrepreneurs want everyone to love their idea, and this can cause paralysis. Instead of trying to build a product for everyone, it’s better to focus on a few use cases, learn from these users to refine your idea, and then roll the idea out to more users. My reluctance to walk away from my big vision delayed the launch of my social network into the market and also watered down the user experience.

Pick the right investors and meet with them quickly. Even if you’re not yet looking for funding, it’s important to begin conversations early with the right investors. When launching my idea, I made the mistake of reaching out to the investors I know, not necessarily the right investors. Instead of talking to investors who understand B2C companies, I went to my tried-and-true network of B2B investors, spending time with people who would never invest in my idea. Instead, I should have used my investor contacts to network to find the right investors for my idea.

Claim your seat at the table. When talking with investors and other advisors, it’s easy to get pulled off task by following advice that’s not right for your idea. When meeting with advisors, ask yourself what you want to get out of the meeting and stay true to your idea. I ended up following advice that caused me to abandon some major features I had planned for my idea. These features would have driven value to a user, but I was pulled in another direction.

Finally, entrepreneurial success is often about people and execution, but it also is about timing. When looking at today’s great entrepreneurial companies, it’s clear that they had the right idea hitting the right market at the right time. It’s almost impossible to replicate this as a template or best practice. This is why it is so critical to solicit market feedback early and often to further assess the timing and market readiness.

Source: http://businesstips.com/lessons-entrepreneur-start-ready

Seven Secrets of Self-Made Multimillionaires

First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to Be a Multimillionaire

You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"

No. 2: Get Rid of Poverty Thinking

There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking. 

No. 3: Treat it Like a Duty

Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities. 

No. 4: Surround Yourself with Multimillionaires

I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited? 

No. 5: Work Like a Millionaire

Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working. 

No. 6: Shift Focus from Spending to Investing

The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income

The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.

Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. 

Source:  http://www.entrepreneur.com/article/222718

8 Pieces of Advice Newbies Can’t Afford to Ignore

I met a client last week who told me something that really touched my heart.

He said “Amanda, looking back on the last 5 years of investing in real estate I realized that I have made so many mistakes along the way that were so costly. Does that happen to everyone and what could I have done to avoid those mistakes?”

His comment struck a chord with me because I was in those same shoes. I think that as we look back on investing (and life in general) there are always going to be things that we wish we had known beforehand.

The fact that we made mistakes or bad decisions does not necessarily mean that we did something wrong or that we missed the target by some fault of our own. It is just a part of growing. In fact I can say that I have never met an investor who didn’t make any mistakes.

So instead of talking about taxes or finances this week, I think it would be helpful to talk about some common investing mistakes that I see often, and if you are a newbie investor, then hopefully one or  more of these points below can help prevent you from making a bad investment move.

The 8 Pieces of Advice Newbies Cannot Afford to Ignore

The following are 8 pieces of advice that newbies need to pay attention to.  These will help prevent you from making terrible investment decisions and put you on the path to becoming successful earlier than most.

1. Take the Time to Learn:

Learning from the mistakes of other investors is likely the best way to leverage your time. Instead of re-creating the wheel or making costly mistakes, learn from others who have done this before.

2. Know What’s Important:

A smart investor focuses on what his or her return will be.

One of the best pieces of advice I received from a mentor when I first started investing was “don’t fall in love with the dirt”. As hard as that may be, focus your energy on the numbers behind the deal and don’t let that beautiful master bathroom lead you astray. Analyzing an investment is not the same as buying your dream home.

3. Take Action:

You can read books or attend seminars all day long but there is no better way to get into real estate than by taking action.

Get your feet wet by making offers, speaking with investors, and analyzing deals early on. Don’t waste too much time sitting on the sidelines.

4. Be Realistic:

You undoubtedly have read books or heard about how easy it is to get into real estate with no money and no experience.

Behind every successful investor are the stories of their sweat, tears, and failures that pre-empted their success.  Know that you will make some mistakes along the way and that it’s okay.

Accepting that mistakes can happen and that it is a natural part of investing can help reduce the anxiety associated with pulling the trigger on your first deal.

5. Get Your Team in Place:

None of us can understand all there is to know when it comes to investing, nor do we have the time to do everything that needs to be done for our properties.

Just as we leverage the bank’s money, we can also leverage the experience and knowledge of others around us. From attorneys and accountants to property managers and appraisers, leveraging your advisor’s experiences and expertise can help you to avoid common investing mistakes.

6. ListenTo The Right People:

If you are using a realtor to find your properties make sure they belong to the National Association of Realtors, because then at least you know they are mandated to adhere to strict ethic codes.

The right realtor can also help you look for the best properties. Listen to fellow successful investors and you may be surprised by how many great recommendations and sources for reliable information you can find.

7. Build a Business Not Just a Portfolio:

You should view this venture as a business and approach it with realistic goals.

To make sure that you treat your real estate as a business, it would be to your benefit to create a business plan that provides details as to how you will run your business over the next 1-10 years.

8. Stay On Top of Your Credit Score:

We have all heard of no money down real estate but let’s face it, one of the cheapest forms of funding for real estate is still bank money.

Many lenders require 700+ FICO scores and want a healthy debt-to- income ratio. Keeping an eye out on your credit score can help you to obtain cheap financing.

Would any of you seasoned investors add anything to this list? 

Be sure to leave your comments below!

Source: http://www.biggerpockets.com/renewsblog/2014/07/24/8-pieces-advice-newbies-cant-afford-ignore

Find Out What Type of Leader You Are

You’ve probably heard the saying, “Absolutely power corrupts absolutely.” Give a leader power and see how they respond to it.

Leadership is all about power and influence. Leaders use power to get things done. According to psychologist Ronald E. Riggio, there are two general types of power. The first is socialized power. Socialized power is power used to benefit others. Leaders that exercise this type of power are primarily concerned with the best interests of those they serve, not themselves.

The other form of power is called personalized power, and it is using power for personal gain. Personal power can become a problem when it dominates and gains, often at the followers’ expense.

What type of leader are you? And what type of power do you exert?

Business Insider details seven types of power that are present in the workplace:

1. Coercive Power - where a person leads by threats and force. It is unlikely to win respect and loyalty from employees for long.
2. Expert Power - the perception that one possesses superior skills or knowledge.
3. Informational Power - where a person possesses needed or wanted information. This is a short-term power that doesn’t necessarily influence or build credibility.
4. Reward Power – where a person motivates others by offering raises, promotions, and awards.
5. Connection Power - where a person attains influence by gaining favor or simply acquaintance with a powerful person. This power is all about networking.
6. Referent Power - the ability to convey a sense of personal acceptance or approval. People with charisma, integrity and other positive qualities hold it. It is the most valuable type of power.

Being a leader puts you in a position of influence. So how do you keep from letting that power go to your head? Here are four tips to avoid the CEO power-trip:

1. Be a Man/Woman of Character. As a leader, you will inevitably face competing demands from time to time. The ability to manage these demands with integrity, honesty and selflessness becomes crucial in times like these. Being willing to sacrifice your success, your fortune and even your life takes courage and character.

2. Stay Attentive. A good leader needs to be accurately informed. Be sure you have all the available facts before deciding anything. Thinking through the potential consequences of your decisions often prevents problems from occurring down the road.

3. Stay Connected. Having the ability to develop meaningful relationships with others is the most important quality a leader can possess. You gain power through relationships. Developing relationships with key people will expand your sphere of influence, your access to resources and your capacity to make things happen.

4. Serve Others. One of the greatest attributes of a good leader is your willingness to serve others. This service, however, should come from the heart and be genuine. Putting others’ needs and desires before your own is reflected in the attitude and actions of a good leader.

Source: http://bcrelativity.com/2014/07/17/find-out-what-type-of-leader-you-are

To Sell or Not to Sell Your Business

To sell or not to sell, that is the question many business owners ask themselves at least once during their tenure as business owners. Sometimes, the decision to sell is easy if the owner is ready to retire or has decided to pursue a new career or business opportunity. However, in many cases, business owners struggle with this critical decision. Fortunately there are several steps you can take to make an informed and stress-free decision on whether to sell your business now, later, or not at all. In all cases seek the advice of several third party professionals such as a Business Attorney, Certified Public Accountant (CPA), Business Appraiser and/or Broker, and a Financial Advisor as well as consultants in your industry.

Evaluate the salability of the business

You may be ready to sell, but your business may not be ready. Your books and records for the last three to five years need to be in good order so that they will pass the test of due diligence performed by a buyer. You should consult with a CPA to discover any financial, tax, and bookkeeping issues that should be addressed before putting the business on the market. Ideally, the operational aspects of the business also need to be in order so   a buyer will be impressed with how you manage the business and they can visualize stepping in and taking over a smooth running machine. A Business Broker can provide valuable input regarding both financial and operational issues that might need to be addressed. Brokers know from experience what business profile issues will be a plus or a minus regarding the salability of your business, and can recommend solutions to address the negatives. In some industries, industry-specific consultants provide valuable input as to how to improve the business and make it more attractive to buyers within your industry.

Determine the business’s value

In most cases, a business valuation should be performed by a certified business appraiser. A business valuation provides several benefits beyond just providing the value of the business. Even if you decide not to sell now based on the valuation, it is a valuable tool in helping you identify what can and should be done to improve and grow the value of the business. It is a useful tool for tax planning to help minimize the tax liability on the gain from the sale. Some business owners have valuations performed every several years to measure the success and effectiveness of an exit plan that has been established to achieve a long-term business value goal. A business valuation pays for itself many times over.

Investigate if a buyer can secure third-party financing to buy the business

You should consult with financial institutions to determine if a qualified buyer could secure a loan to buy the business, or if there are issues that need to be resolved before third party financing is possible. If a business is advertised as pre-qualified for financing, you greatly increase your chances of attracting interest from buyers and their advisors who understand the importance of being  pre-qualified. A business broker can also recommend the best professionals and institutions to contact in order to explore all of the financing possibilities. Brokers know the go-to professionals who are experienced and skilled at identifying financing solutions for businesses that may face challenges in gaining approval for financing. A business valuation is also helpful in the pre-qualifying process as most SBA-backed loans require a valuation for loan approval. In some cases, the pre-qualifying process will reveal that a business owner will need to commit to a significant level of seller financing to complete a successful sale.

Determine the financial gain needed from a business sale to meet financial goals

You may need to consult with a financial advisor to determine the financial gain needed from the sale to achieve your retirement goals or other future plans. A CPA who is an expert in the tax issues regarding a business sale can provide advice on how best to structure the sale to minimize the tax liability and maximize the after-tax profit.

Determine your post-sale goal

Many business owners who are ready to sell have not given serious thought about what they will do after the sale. The next phase in your life after business ownership may require significant preparation and/or training in order to make a smooth transition from business owner to that next phase. If buying or starting another business is an option, consult with a Business Broker. A Broker can match possible new business opportunities with your business ownership experience, interests and financial profile. In some cases, after exploring other options and career paths, business owners decide to stay in their existing business. They may determine the grass is not greener on the other side, and they move forward with a greater appreciation and renewed passion for their current business.

Don’t procrastinate!

If there is even a remote possibility that you might sell your business in the future, you should educate yourself now on the issues and processes involved in selling a business and start exit planning for a possible sale. Too often, business owners wait until they are ready to sell or must sell before they have done any exit planning. It’s important to understand that the manner in which you manage the day-to-day operations of your business now will likely be the subject of investigation by buyers years from now. This tendency toward procrastination has led to many business owners recognizing a much smaller than possible gain on the sale of their business. In the worst cases, the business cannot be sold due to the lack of exit planning.

Selling a business can be a complex process that takes several months. A small investment in education, preparation and planning will lead to the highest possible gain on the sale and will likely shorten the time needed to complete the sale.

Source: http://exitpromise.com/to-sell-or-not-to-sell

The Best Way to Tell If You're a Successful Entrepreneur

I'm not a very successful entrepreneur.  Are you?
You may think so because your business is doing well financially.  Or you've managed to stick a lot of money in the bank.  Or you're on the cover of Inc. Magazine.  But these are not the true indicators of success.  The most successful entrepreneurs I know are the ones that are building value and creating assets.  And do you know how they do that?  They take vacations. Yes...vacations! And for a long time too.  Whenever they want.  Unfortunately, I'm unable to do this.  Which is why I'm not truly successful.  And, apparently, I'm not alone.
According to data released today from Office Depot, a whopping one-third of small business owners in the U.S. are unable to break away for vacation this summer.  60% of them cited financial hardship as the reason.  The rest had excuses ranging from "it's my busy season" to "I don't have enough staff."  These are not successful business owners either.
Sure, I take vacation.  But it has to be planned well in advance.  I can never take more than a week at a time. I have to be somewhere accessible.  During my vacation I'm always checking in with the office.  I'm answering questions when away.  I'm sending emails, taking a few calls, talking to my staff. I'm that guy who's watching "Old Faithful" while responding to text messages at the same time or talking on the phone while his family is going on that Disney ride without him.  This is not success.  This is the madness of keeping a business running while I'm trying to spend time with my family.  I'm earning a living. But I'm not creating value.  A valuable company is the true sign of an entrepreneur's success.
A valuable company doesn't just have a strong balance sheet.  Or strong earnings. Or a healthy cash flow. Those are all good things.  But a truly valuable company has intangible value.  It can run on its own.  There is infrastructure.  There is organization.  There is a chain of command.  It's a ship that will keep sailing on course regardless if the captain is there for a reasonable period of time.  It has processes and procedures and protocols.  There are set ways of doing things, documentation, manuals and rules.  A McDonald's franchise is valuable because everything is so regimented that the owner can slot in a different manager every week who can then run with the ball after just a little training.  This is not my business.
If a potential buyer were to look at my business he'd find a ten person company that's completely reliant on me.  I sign all the checks.  I make all the deals.  I approve all the transactions.  I hire all the workers.  I make all the decisions.  I have the primary relationship with our clients. I micro-manage every project.  A buyer would need to keep me on as an employee or consultant to keep the business going so that it can gradually, someday be transitioned over to a company that can run without me.  If I were hit by a bus then my company would ultimately fold in on itself after just a few short weeks.  This is not success.  This is not value.  This is just a glorified job. I haven't been creating an asset.  I've just created work for myself and nine others.
Is it a good time to sell your business?  Definitely, absolutely, yes.  According to a BizBuySell.com report issued this week, second quarter small business transactions reached their pre-recession activity, up 11% over Q2 2013 and transactions were just 3% short of the record mark set in Q2 2008.  The 2,029 reported transactions in Q2 2014 represented the second highest total recorded since BizBuySell.com began tracking insights data in 2007.
Why all the activity? Interest rates are low so getting financing is attractive.  Inflation is low which means alternative investments are fewer.  Capital gains taxes are still at a relatively low level while the general population of business owners are getting older and looking to retire, which creates more supply of available companies.  "If you're an experienced entrepreneur then now's a great time to buy a company," Curtis Kroeker, President of Marketplace Verticals at BizBuySell, told me recently.
Unfortunately, if you're like me, your selling price may not be as high as you hoped.  And that's because your business can't run on its own, even when you're on vacation.  A buyer will need to buy you along with the business.  And that really impacts your company's value.  And your value too.  So maybe you think you're a successful entrepreneur.  But if your situation is like mine then really...you're not.

Source: http://www.inc.com/gene-marks/the-one-way-to-tell-if-you-re-a-successful-entrepreneur.html