My American Dream

MASTER MIND PRINCIPLE BY NAPOLEON HILL

2011-05-25T10:41:00.000-07:00

The Mastermind Principle: Extract taken from Napoleon Hill's, Think and Grow Rich:

You have learned that everything man creates or acquires, begins in the form of DESIRE, that desire is taken on the first lap of its journey, from the abstract to the concrete, into the workshop of the IMAGINATION, where PLANS for its transition are created and organized.

In Chapter two, you were instructed to take six definite, practical steps, as your first move in translating the desire for money into its monetary equivalent. One of these steps is the formation of a DEFINITE, practical plan, or plans, through which this transformation may be made. You will now be instructed how to build plans which will be practical, viz:—

· (a) Ally yourself with a group of as many people as you may need for the creation, and carrying out of your plan, or plans for the accumulation of money— making use of the "Master Mind" principle described in a later chapter. (Compliance with this instruction is absolutely essential. Do not neglect it.)

· (b) Before forming your "Master Mind" alliance, decide what advantages, and benefits, you may offer the individual members of your group, in return for their cooperation. No one will work indefinitely without some form of compensation. No intelligent person will either request or expect another to work without adequate compensation, although this may not always be in the form of money.

· (c) Arrange to meet with the members of your "Master Mind" group at least twice a week, and more often if possible, until you have jointly perfected the necessary plan, or plans for the accumulation of money.

· (d) Maintain PERFECT HARMONY between yourself and every member of your "Master Mind" group. If you fail to carry out this instruction to the letter, you may expect to meet with failure. The "Master Mind" principle cannot obtain where PERFECT HARMONY does not prevail.

Keep in mind these facts:—

· First. You are engaged in an undertaking of major importance to you. To be sure of success, you must have plans which are faultless.

· Second. You must have the advantage of the experience, education, native ability and imagination of other minds. This is in harmony with the methods followed by every person who has accumulated a great fortune.

No individual has sufficient experience, education, native ability, and knowledge to insure the accumulation of a great fortune, without the cooperation of other people. Every plan you adopt, in your endeavor to accumulate wealth, should be the joint creation of yourself and every other member of your "Master Mind" group. You may originate your own plans, either in whole or in part, but SEE THAT THOSE PLANS ARE CHECKED, AND APPROVED BY THE MEMBERS OF YOUR "MASTER MIND" ALLIANCE.

If the first plan which you adopt does not work successfully, replace it with a new plan, if this new plan fails to work, replace it, in turn with still another, and so on, until you find a plan which DOES WORK. Right here is the point at which the majority of men meet with failure, because of their lack of PERSISTENCE in creating new plans to take the place of those which fail.

The most intelligent man living cannot succeed in accumulating money— nor in any other undertaking— without plans which are practical and workable. Just keep this fact in mind, and remember when your plans fail, that temporary defeat is not permanent failure. It may only mean that your plans have not been sound. Build other plans. Start all over again.

Thomas A. Edison "failed" ten thousand times before he perfected the incandescent electric light bulb. That is— he met with temporary defeat ten thousand times, before his efforts were crowned with success.

General Colin L Powell Best advice

2011-05-21T00:05:00.000-07:00

"Once you've got something that you like, something you're good at, then do it for all it's worth. Be the very best you can be. Let nothing deter you, let nothing stand in your way, and go for it."

Oprah Winfrey Power of VISUALIZATION

2011-05-09T12:26:00.000-07:00

"I was raised on a farm with my grandmother for the first six years of my life -- I knew somehow that my life would be different and it would be better. I never had a clear cut vision of what it was I would be doing. I remember absolutely physically feeling it at around four years old. I remember standing on the back porch -- it was a screened-in porch -- and my grandmother was boiling clothes because, you know, at that time, we didn't have washing machines, and so people would, you know, physically boil clothes in a great big iron pot. She was boiling clothes and poking them down. And I was watching her from the back porch, and I was four years old and I remember thinking, "My life won't be like this. My life won't be like this, it will be better." And it wasn't from a place of arrogance, it was just a place of knowing that things could be different for me somehow. I don't know what made me think that."

"I truly believe that thoughts are the greatest vehicle to change power and success in the world. Everything begins with thoughts. The chair that we are sitting in, the room that we are in, all started because somebody thought it"

Billionaire Carlos Slim Best Advice

2011-05-06T00:46:00.000-07:00

"I believe in circumstances, and I think that you make your own destiny, but your own destiny depends on the circumstances, and that in some way, you can say that circumstances take you to some destiny, but I believe in the freedom to create your own future. Because if it's not there, it's another place, but you will find it. "

" if you're in business you need to understand the environment. You need to have a vision of the future, and for that you need to know the past. That is very important. But also, on the personal side. A businessman cannot be only business. You need to have more interests. Life offers a lot of interests, many things to know, to learn, to feel, to live."

"You remember in the Bible, Joseph makes an interpretation of the dreams of the Pharaoh, and he says, "You will have seven years of fat cows and then seven years of starving cows. So in the years of the fat cows, let's save grain for the years of the skinny cows." That means, in the new economy, the fat cows are superávit (surplus) and the starving cows are the deficit."

"it's a social responsibility to make wealth produce more wealth, for at the end of the day it will go to society."

Dirty Jobs Mike Rowe's insights on success

2010-12-08T07:35:00.000-08:00

Dirty Job's Mike Rowe talks about innovation and insights to success. Watch his compelling video that is a sure eye opener.

Billy Mays Marketing Strategies

2010-12-08T07:15:00.000-08:00

Billy Mays is one of the best pitch men that ever lived. He had a method to his madness that made him a stupendous success. Read more about his MARKETING STRATEGIES!

Creating global phenomenon for less than $10,000!

2010-11-14T12:23:00.000-08:00

Ferriss - Le Web 2

10 FREE OR CHEAP TOOLS FOR STARTUPS

2010-10-29T00:52:00.000-07:00

Here is a list of free or inexpensive online resources that can be used by startups. The list was obtained from an article on INC.

1. Zoho CRM

2.Drop Box

3.Mozy

4.PortableApps

5.oDesk

6.Google Docs

7.MailChimp

8.Fulfillment by Amazon

9.Skype

10.The Northwest Centre

STARTUPS FOR CHEAP!

2010-10-28T00:46:00.000-07:00

Startups that are cash strapped can benefit from this informative presentation from FORBES

1.Always ask for DISCOUNTS

2.Always NEGOTIATE

3.Don't own. BORROW OR LEASE

4.Look for opportunities to BARTER

5.Strike PARTNERSHIPS

6.Analyze all EXPENSES

Online Video courses from leading universities.

2010-10-20T18:49:00.000-07:00

Great online degrees and video courses from top leading universities. Browse through their massive collection. Very informative!

In this video, Guy Kawasaki gives valuable entreprenuership lessons.

Watch it on Academic Earth

Guy Kawasaki, Make Meaning in Your Company, Fall 2004. (Stanford University: Stanford eCorner), http://ecorner.stanford.edu/ (Accessed September 15, 2009). License: Creative Commons Attribution-NonCommercial 3.0

Crush it!

2010-10-13T20:03:00.000-07:00

Gary Vaynerchuk @ Big Omaha 2009 from Big Omaha on Vimeo.

Vitamins of the mind by Jim Rohn

2010-10-09T11:51:00.000-07:00

Financial Independence
Shortly after I met my mentor he asked me, "Mr. Rohn, how much money have you saved and invested over the last six years?" And I said, "None." He then asked, "Who sold you on that plan?"

It is better to be a lender than a spender.

To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.

Financial independence is the ability to live from the income of your own personal resources.

If you depend on your company to take care of your retirement, your future income will be divided by five. Take care of it yourself, and you can multiply your future income by five.

I remember saying to my mentor, "If I had more money, I would have a better plan." He quickly responded, "I would suggest that if you had a better plan, you would have more money." You see, it's not the amount that counts; it's the plan that counts.

If you were to show me your current financial plan, would I get so excited by it that I would go across the country and lecture on it? If the answer is no, then here's my question: "Why not"? Why wouldn't you have a superior financial plan that is taking you to the places you want to go?

I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understood that the problem wasn't "it" � the problem was "me."

The Bible says that it is hard for a rich man to enter into the kingdom of heaven. It doesn't say that it is impossible!

Service
One customer, well taken care of, could be more valuable than $10,000 worth of advertising.

Good service leads to multiple sales. If you take good care of your customers, they will open doors you could never open by yourself.

How do you deserve a fortune? Render fortunes of service.

You have to do more than you get paid for because that's where the fortune is.

Whoever renders service to many puts himself in line for greatness - great wealth, great return, great satisfaction, great reputation and great joy.

Quotes by Jim Rohn, America's Foremost Business Philosopher, reprinted with permission from Jim Rohn International �2010.
As a world-renowned author and success expert, Jim Rohn touched millions of lives during his 46-year career as a motivational speaker and messenger of positive life change.
For more information on Jim and his popular personal achievement resources or to subscribe to the weekly Jim Rohn Newsletter, visit www.JimRohn.com.

10 Lessons for entrepreneurs going into 2010

2010-10-08T02:36:00.000-07:00

See this video on Vator.tv »

Tribute to Jim Rohn

2010-10-07T00:30:00.000-07:00

For more than 40 years, Jim Rohn honed his craft like a skilled artist-helping people the world over sculpt life strategies that have expanded their imagination of what is possible. Those who had the privilege of hearing him speak can attest to the elegance and common sense of his material. It is no coincidence, then, that he is widely regarded as one of the most influential thinkers of our time, and thought of by many as a national treasure. Jim authored countless books and audio and video programs, and helped motivate and shape an entire generation of personal-development trainers and hundreds of executives from America's top corporations. Click to watch a Tribute Video on Jim Rohn

True Visionaries

2010-10-05T20:30:00.000-07:00

Seven true visionaries sharing priceless knowledge in these must see videos

Guide to buying investment property

2010-10-04T11:07:00.000-07:00

1. Where do you look to find your diamond in the rough?
•Online Multiple Listing Service(MLS)
•Realtor
•Classified ads
•Word of mouth(friends & acquaintances)
•Real Estate Investors(REI)clubs
•Driving neighborhoods
2. Don’t be fooled by the first impressions of a property. You will literally look at hundreds of properties before you find one that will work. A property that may look good visually may not work mathematically and visa versa.
3. Once you find a property of interest to you will need to know the fair market value(FMV) for this property. You can find that number by comparing this property to similar properties(comps) within the same area.
Sources:
•Classified ads
•Realtors
•MLS listings
•Your knowledge of the neighborhood.
•Zillow.com(data may be out of date and unreliable)
4. You will need to know rental rates for comparable properties.
Sources:
•Classified ads
•Realtors
•MLS listings
•Your knowledge of the neighborhood.
5. You need to know the taxable value and the real estate taxes.
* Your source will be your local taxing authority.
* This is public information.
* It may also be online.
* Zillow.com
6. You will need to know insurance rates. Your source will be insurance agents.
7. Take your possible gross rent and subtract your possible expenses.

(Monthly gross rent) – (Monthly taxes) – (Monthly Insurance) – (other expenses) = Net rent
8. You then figure your finance costs and deduct that from your net rent. I use my financial planner tool on my Quicken software to figure the amortization(finance costs) of the possible loan. There are also many webpages that provide this service for free.

(Net rent) – (finance costs) = your monthly cash flow
9. If the look good so far, then you take a tour of it and note any damage(other expenses).
10. Make a formal offer. I do this through my RE agent. I also get and submit a conditional pre-approval letter concerning my finances. This can be procured from your banker or a mortgage broker.
11. When a price is agreed upon you will submit earnest money and you will have a short period of time to inspect the property. Time is of the essence during this time.
12. Hire an inspector o go over the property. You need to go with him to see what he looks at. Wear work clothes so you can crawl all over and under the house.
13. Figure any repairs that will have to be made and resubmit another offer with the repairs discounted.
14. If your offer is accepted you will go to closing(may last as long as a month)
With the previous steps you should be ready to look at potential SFH investments. Most beginning RE investors mainly look at cash flow. That is OK to look at but it’s not the Fastlane way.
You want to buy your property as far under FMV as possible(I aim for 40-60% under FMV). That is what is known as buying or capturing equity. This strategy will usually give you cashflow and equity. If you do this you may be able to sell the property and make tens of thousands of dollars on each investment. Then you can rinse and repeat.

Great Resources for start up business

2010-10-03T12:52:00.000-07:00

www.business.gov -
government site covers taxes, human resources, marketing and regulation. Entry point for the SBA and other Federal agencies
www.myownbusiness.org -
free 14 session course that culminates in a completed business plan.
www.score.org -
home of the senior corps of retired executives. Provides free advice from accounting to woodworking.
www.startupjournal.com -
published by Dow Jones, has articles on many aspects of owning a business as well as businesses and franchises for sale.
Business.com
Business.com is a business-focused search engine and directory.
KnowThis.com
KnowThis.com is an advertising and marketing virtual library that offers resource materials and useful links.
http://www.msnbc.msn.com/id/13561213/
good advice from msnbc business

Buying a business

2010-10-02T14:00:00.000-07:00

Rolls Royce Phantom

25 Things to Consider
Following is a checklist of items you should evaluate to verify the value of a business before making a decision to buy:

1. Inventory. Refers to all products and materials inventoried for resale or use in servicing a client. Important note: You or a qualified representative should be present during any examination of inventory. You should know the status of inventory, what's on hand at present, and what was on hand at the end of the last fiscal year and the one preceding that. You should also have the inventory appraised. After all, this is a hard asset and you need to know what dollar value to assign it. Also, check the inventory for salability. How old is it? What is its quality? What condition is it in? Keep in mind that you don't have to accept the value of this inventory: it is subject to negotiation. If you feel it is not in line with what you would like to sell, or if it is not compatible with your target market, then by all means bring those points up in negotiations.

2. Furniture, fixtures, equipment and building. This includes all products, office equipment and assets of the business. Get a list from the seller that includes the name and model number of each piece of equipment. Then determine its present condition, market value when purchased versus present market value, and whether the equipment was purchased or leased. Find out how much the seller has invested in leasehold improvements and maintenance in order to keep the facility in good condition. Determine what modifications you'll have to make to the building or layout in order for it to suit your needs.

3. Copies of all contracts and legal documents. Contracts would include all lease and purchase agreements, distribution agreements, subcontractor agreements, sales contracts, union contracts, employment agreements and any other instruments used to legally bind the business. Also, evaluate all other legal documents such as fictitious business name statements, articles of incorporation, registered trademarks, copyrights, patents, etc. If you're considering a business with valuable intellectual property, have an attorney evaluate it. In the case of a real-estate lease, you need to find out if it is transferable, how long it runs, its terms, and if the landlord needs to give his or her permission for assignment of the lease.

4. Incorporation. If the company is a corporation, check to see what state it's registered in and whether it's operating as a foreign corporation within its own state.

5. Tax returns for the past five years. Many small business owners make use of the business for personal needs. They may buy products they personally use and charge them to the business or take vacations using company funds, go to trade shows with their spouses, etc. You have to use your analytical skills and those of your accountant, to determine what the actual financial net worth of the company is.

6. Financial statements for the past five years. Evaluate these statements, including all books and financial records, and compare them to their tax returns. This is especially important for determining the earning power of the business. The sales and operating ratios should be examined with the help of an accountant familiar with the type of business you are considering. The operating ratios should also be compared against industry ratios which can be found in annual reports produced by Robert Morris & Associates as well as Dun & Bradstreet.

7. Sales records. Although sales will be logged in the financial statements, you should also evaluate the monthly sales records for the past 36 months or more. Break sales down by product categories if several products are involved, as well as by cash and credit sales. This is a valuable indicator of current business activity and provides some understanding of cycles that the business may go through. Compare the industry norms of seasonal patterns with what you see in the business. Also, obtain the sales figures of the 10 largest accounts for the past 12 months. If the seller doesn't want to release his or her largest accounts by name, it's fine to assign them a code. You're only interested in the sales pattern.

8. Complete list of liabilities. Consult an independent attorney and accountant to examine the list of liabilities to determine potential costs and legal ramifications. Find out if the owner has used assets such as capital equipment or accounts receivable as collateral to secure short-term loans, if there are liens by creditors against assets, lawsuits, or other claims. Your accountant should also check for unrecorded liabilities such as employee benefit claims, out-of-court settlements being paid off, etc.

9. All accounts receivable. Break them down by 30 days, 60 days, 90 days and beyond. Checking the age of receivables is important because the longer the period they are outstanding, the lower the value of the account. You should also make a list of the top 10 accounts and check their creditworthiness. If the clientele is creditworthy and the majority of the accounts are outstanding beyond 60 days, a stricter credit collections policy may speed up the collection of receivables.

10. All accounts payable. Like accounts receivable, accounts payable should be broken down by 30 days, 60 days, and 90 days. This is important in determining how well cash flows through the company. On payables more than 90 days old, you should check to see if any creditors have placed a lien on the company's assets.

11. Debt disclosure. This includes all outstanding notes, loans and any other debt to which the business has agreed. See, too, if there are any business investments on the books that may have taken place outside of the normal area. Look at the level of loans to customers as well.

12. Merchandise returns. Does the business have a high rate of returns? Has it gone up in the past year? If so, can you isolate the reasons for returns and correct the problem(s)?

13. Customer patterns. If this is the type of business that can track customers, you will want to know specific characteristics concerning current customers, such as: How many are first-time buyers? How many customers were lost over the past year? When are the peak buying seasons for current customers? What type of merchandise is the most popular?

14. Marketing strategies. How does the owner obtain customers? Does he or she offer discounts, advertise aggressively, or conduct public-relations campaigns? You should get copies of all sales literature to see the kind of image that is being projected by the business. When you look at the literature, pretend that you are a customer being solicited by the company. How does it make you feel? This can give you some idea of how the company is perceived by its market.

15. Advertising costs. Analyze advertising costs. It is often better for a business to postpone profit at year-end until the next year by spending a lot of money on advertising during the last month of the fiscal year.

16. Price checks. Evaluate current price lists and discount schedules for all products, the date of the last price increase, and the percentage of increase. You might even go back and look at the previous price increase to see what percentage it was and determine when you are likely to be able to raise prices. Here again, compare what you see in the business you are looking at, with standards in the industry.

17. Industry and market history. You should analyze the industry as well as the specific market segments of the business targets. You need to find out if sales in the industry, as well as in the market segment, have been growing, declining, or have remained stagnant. This is very important to determine future profit potential.

18. Location and market area. Evaluate the location of the business and the market area surrounding it. This is especially important to retailers, who draw the majority of their business from the primary trading area. You should conduct a thorough analysis of the business's location and the trading areas surrounding the location including economic outlook, demographics and competition. For service businesses, get a map of the area covered by the business. Find out, based on the locations of various accounts, if there are any special requirements for delivering the product, or any transportation difficulties encountered by the business in getting the product to market.

19. Reputation of the business. The image of the business in the eyes of customers and suppliers is extremely important. As we mentioned, the image of the business can be an asset, or a liability. Interview customers, suppliers and the bank, as well as the owners of other businesses in the area, to determine the reputation of the business.

20. Seller-customer ties. You must find out if any customers are related or have any special ties to the present owner of the business. How long has any such account been with the company? What percentage of the company's business is accounted for by this particular customer or set of customers? Will this customer continue to purchase from the company if the ownership changes?

21. Inflated salaries. Some salaries may be inflated or perhaps the current owner may have a relative on the payroll who isn't working for the company. All of these possibilities should be analyzed.

22. List of current employees and organizational chart. Current employees can be a valuable asset, especially key personnel. Evaluate the organizational chart to understand who is responsible to whom. You must also look at the management practices of the company and know the wages of all employees and their length of employment. Examine any management-employee contracts that exist aside from a union agreement, as well as details of employee benefit plans; profit-sharing; health, life and accident insurance; vacation policies; and any employee-related lawsuits against the company.

23. OSHA requirements. Find out if the facility meets all occupational safety and health requirements and whether it has been inspected. If you feel that the seller is "hedging" on this and you see some things you feel might not be safe on the premises, you can ask the Occupational Safety and Health Administration (OSHA) to help you with an inspection. As a prospective buyer of a business that may come under OSHA scrutiny, you need to be certain that you are not buying an unsafe business. Some sellers may perceive your asking for OSHA's help as a dirty trick. But you must realize that as a prospective, serious buyer, you need to protect your position.

24. Insurance. Establish what type of insurance coverage is held for the operation of the business and all of its properties as well as who the underwriter and local company representative is, and how much the premiums are. Some businesses are underinsured and operating under potentially disastrous situations in case of fire or a major catastrophe. If you come into an underinsured operation, you could be wiped out if a major loss occurs.

25. Product liability. Product liability insurance is of particular interest if you're purchasing a manufacturing company. Insurance coverage can change dramatically from year to year, and this can markedly affect the cash flow of a company.

Gabbage Millionaire

2010-10-01T17:21:00.000-07:00

When Tom Szaky sees a discarded juice pouch, he doesn't see garbage; he sees a pencil case. An old vinyl LP cries out for new life as a clock. Candy wrappers? An awesome kite. But these are not the musings of an idealistic tree hugger. For the 28-year-old CEO of Trenton, New Jersey–based TerraCycle, they're a revenue model.
Instead of recycling (shredding, pulping, or otherwise breaking down materials and enabling them to be remanufactured as other products), TerraCycle takes packaging headed for landfills from companies like Kellogg's and Starbucks and resurrects it—more or less whole. Yogurt containers become planters; snack wrappers are transformed into shower curtains. TerraCycle's 85 employees make nearly 200 products, sold at retailers such as Petco, Kmart, Whole Foods Market, and Target.
With their mission—to make products entirely out of garbage—suddenly clear, Szaky knew the time was right to drop out of Princeton.

$400 million woman

2010-09-30T17:28:00.000-07:00

When Andra Rush started her trucking company, all she had was a beat-up van, a pair of used pickup trucks, and the naive certainty of a 23-year-old. She figured it would take her about four years to make her fortune. Then she could use her newfound millions to accomplish her true goal: tackling poverty on Native American reservations across North America. "I thought I could retire by the time I was 27," says Rush, a member of the Mohawk Indian tribe of Ontario, Canada. "At that age, you don't know what you don't know."
That summer, she interned at an airfreight company, where the speed of package pickups and deliveries drove profits. "I thought I could do that better," Rush says.
She maxed out her credit cards and borrowed $5,000 from her parents to buy a van and two used pickups. She wooed clients, accepted every delivery job that came her way, and worked nursing shifts on weekends.
You have to be service-driven. You think of customers every day, every minute. You think about what would make their lives or their businesses more successful. And you have to be focused on who's serving them. If we don't look after our drivers, they won't look after our customers.

Entrepreneur DNA

2010-09-29T19:44:00.000-07:00

1. Tenacity – the most important attribute of an entrepreneur is never being willing to give up.

2. Street Smarts – getting out and understanding customers is far more important than book smarts or computer research.

3. Ability to Pivot – it’s not good enough to be tenacious and smart. You also need to be sure you have a great product/market fit and that it is a big enough market to make money. The best entrepreneurs fine tune their product and their business model until they find this groove.

4. Resiliency – being an entrepreneur is sexy … for those who haven’t done it. In reality it’s gritty, tough work where you will be filled with self doubt. Entrepreneurs are survivors.

5. Inspiration - Tenacity + street smarts is not enough without inspiration. You need to lead teams and convince others to move mountains when by all means they shouldn’t believe they can.

6. Perspiration - We all know people who can stand up at a conference and deliver a rousing speech or who sound awesome in front of customers. But it takes more than inspiration to build a successful business. It takes perspiration also.

7. Willingness to Accept Risk – I’m not talking about crazy risks, but entrepreneurs are people who are willing to start a business on a leap of faith. They don’t wait on the sidelines forever doing “side projects” until the day when they’re ready to start a company. If you aren’t willing to take a shot by going full time on your startup it tells investors you aren’t confident enough in the idea or in yourself.

8. Attention to Detail – If you’re going to lead an early stage business you need to be on top of all your details. You need to know your financial model. You need to be involved in the product design. You need to have a details grasp of your sales pipeline. You need to be hand on.

9. Competitiveness - The best entrepreneurs hate losing. Whether in person life or business they play to win. It consumes them. Sharing the market is not enough – they want to win every deal, hire every great employee and sign-up every partner. And they want to do it at the expense of the competition. As Leo Durocher famously said, “nice guys finish last.”

10. Decisiveness / Gets Things Done – Entrepreneurs don’t “noodle,” they “do.” This is what separates entrepreneurs from big company executives, consultants and investors. Everybody else has the luxury of “analysis” and Monday-morning quarterbacking. Entrepreneurs are faced with a deluge of daily decisions – much of it minutiae. All of it requiring decisions and action.

11. Domain Experience – Domain experience is not an absolute requirement. In fact, some people would argue that the uber successful ventures come from people outside the industry willing to challenge the conventional wisdom. But I believe that having domain experience and relationships gives you an unfair advantage. Better that you start with this than from scratch.

12. Integrity – I believe that integrity and honesty are very important to most venture capital investors. Unfortunately, I don’t believe that they are required to make a lot of money. This post talks about my views on this attribute.

Personal Success Stories

2010-09-28T19:05:00.000-07:00

Wildly successful entrepreneurs didn't start out that way. Read inspiring true stories of self-made millionaires.

Donald Trump Salemanship Lessons

2010-09-28T14:18:00.000-07:00

In his bestselling book The Art of the Deal, Donald Trump provided a unique perspective on constructing and negotiating business transactions. But as much as we know Trump as a deal-maker extraordinaire, his greatest skill is his salesmanship.

Think of The Donald as a salesman on steroids. And in this lesser-recognized role, Trump practices the art of the thrill.

Want to know what I mean by this and what we can learn from it for our own salesmanship?

Consider the following:

Never do things for your customers and prospects in a small way. Make it big and important or don't do it at all. I can assure you that when Trump takes a banker out to lunch to discuss a construction loan, he takes him out for a feast. He's not out to save money on the meal; he's determined to make money from it.

Now think of your own mental gymnastics when you invite a prospect out to dine. Chances are you think through the options, searching for a nice enough place but affordable.

Affordable?! If you've set aside $100 for dinner and drinks, push it to $200. If the prospect is big enough, consider $300 or even $500. Is it extravagant? Yes, but you're out to practice the art of the thrill. No one will remember another run-of-the-mill dinner, but an over-the-top feast will make you the thrill-maker they remember.

Everyone likes to do business with a winner. No matter what stage of your career, you need to look like you've made it.That means wearing a suit that will impress. As a universal rule, make it your business to be the best-dressed in the room. If you lack the fashion sense, a premier store will be more than happy to assign a knowledgeable salesperson to assist you.

And if you're thinking of the budget thing again, forget it. Put it this way; a smashing, well-tailored suit will last you for years. Allocate the upfront cost over dozens or possibly hundreds of business meetings and the investment becomes a mere pittance. Remember that your goal is not to save money; it's to make the sale--leave the penny pinching to others.

Bring your ego with you in full bloom. It's not enough to look successful; you need to act it as well. This demonstrates that you are alsoone of the smartest people in the room.

Again, take a page from Trump. Sure, he can be garish and way over the top, but no way is he going to check his ego at the door. Neither should you. So find a way to bring up your most significant achievements, tell an intriguing story and talk up your travels, discoveries and epiphanies.

The timid and the small thinkers will talk sports and weather. They will pale in comparison to the bold winners who regale their prospects and customers with compelling ideas and stories.

I'll never forget the afternoon I spent with legendary Washington attorney and presidential advisor Clark Clifford. He didn't just "meet" with me; he held court in a walnut-paneled office, wore a suit fit for a monarch and fascinated me with vividly colored stories that thrilled as much as educated and entertained. He established himself as one of the most important people in a town filled with big egos and left the impression that when it came to lawyers in the nation's capital, there could be only one choice.

This is the challenge and the opportunity before you--to make certain that of all the salespeople your customers and prospects come in contact with, you are the one indelibly imprinted on their brains. You don't sell. You thrill.

Secrets of self made millionaires

2010-09-28T14:15:00.000-07:00

1. Set your sights on where you’re going
Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.

There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.

Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”

2. Educate yourself
When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”

One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”

3. Passion pays off
In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”

Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?
With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”

She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.
The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.

According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.

4. Grow your money
Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.

There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”

A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.

5. No guts, no glory
Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”

At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”

He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says
After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.

The Biggest Secret? Stop spending.
Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”

Bob Parsons 16 rules for success

2010-09-20T00:41:00.000-07:00

Bob Parson is the founder and CEO of godaddy.com. Below is a list of Bob Parson's 16 rules for success in business and life in general. More on Bob Parson can be found in his vlog, BobParsons.com

1. Get and stay out of your comfort zone.
I believe that not much happens of any significance when we're in our comfort zone. I hear people say, "But I'm concerned about security." My response to that is simple: "Security is for cadavers."

2. Never give up.
Almost nothing works the first time it's attempted. Just because what you're doing does not seem to be working, doesn't mean it won't work. It just means that it might not work the way you're doing it. If it was easy, everyone would be doing it, and you wouldn't have an opportunity.

3. When you're ready to quit, you're closer than you think.
There's an old Chinese saying that I just love, and I believe it is so true. It goes like this: "The temptation to quit will be greatest just before you are about to succeed."

4. With regard to whatever worries you, not only accept the worst thing that could happen, but make it a point to quantify what the worst thing could be.
Very seldom will the worst consequence be anywhere near as bad as a cloud of "undefined consequences." My father would tell me early on, when I was struggling and losing my shirt trying to get Parsons Technology going, "Well, Robert, if it doesn't work, they can't eat you."

5. Focus on what you want to have happen.
Remember that old saying, "As you think, so shall you be."

6. Take things a day at a time.
No matter how difficult your situation is, you can get through it if you don't look too far into the future, and focus on the present moment. You can get through anything one day at a time.

7. Always be moving forward.
Never stop investing. Never stop improving. Never stop doing something new. The moment you stop improving your organization, it starts to die. Make it your goal to be better each and every day, in some small way. Remember the Japanese concept of Kaizen. Small daily improvements eventually result in huge advantages.

8. Be quick to decide.
Remember what General George S. Patton said: "A good plan violently executed today is far and away better than a perfect plan tomorrow."
9. Measure everything of significance.
I swear this is true. Anything that is measured and watched, improves.

10. Anything that is not managed will deteriorate.
If you want to uncover problems you don't know about, take a few moments and look closely at the areas you haven't examined for a while. I guarantee you problems will be there.

11. Pay attention to your competitors, but pay more attention to what you're doing.
When you look at your competitors, remember that everything looks perfect at a distance. Even the planet Earth, if you get far enough into space, looks like a peaceful place.

12. Never let anybody push you around.
In our society, with our laws and even playing field, you have just as much right to what you're doing as anyone else, provided that what you're doing is legal.

13. Never expect life to be fair.
Life isn't fair. You make your own breaks. You'll be doing good if the only meaning fair has to you, is something that you pay when you get on a bus (i.e., fare).
14. Solve your own problems.
You'll find that by coming up with your own solutions, you'll develop a competitive edge. Masura Ibuka, the co-founder of SONY, said it best: "You never succeed in technology, business, or anything by following the others." There's also an old Asian saying that I remind myself of frequently. It goes like this: "A wise man keeps his own counsel."

15. Don't take yourself too seriously.
Lighten up. Often, at least half of what we accomplish is due to luck. None of us are in control as much as we like to think we are.

16. There's always a reason to smile.
Find it. After all, you're really lucky just to be alive. Life is short. More and more, I agree with my little brother. He always reminds me: "We're not here for a long time, we're here for a good time!"

Property Management checklist

2010-09-18T14:06:00.000-07:00

Lets say you want to delegate the management of your rental property or properties and would like to browse a few property management companies. Here is a basic check list that can help you narrow down the best company that fits your needs.
Some things to look at while you are comparing companies:

-Does the PM co. offer owner operational statements showing profit/loss? How often? Monthly? Quarterly?

-What is the fee during vacant periods? Is it the same for occupancy?

-What is their average turnover time for vacancy?

-Will the PM co. send you a tax statement at the end of the year?

-Does the company subcontract for routine maintenance (cutting grass, shoveling snow, etc) or is it inhouse? Is there an extra fee?

-Do they offer a discount if you plan to aquire more properties and use their services?

-What is their method for collecting rent? ACH? Does the tenant mail it, drop it off, etc?

When you narrow your list down, get 3 references and call them.

If you feel that property management companies are not in your kind of thing, here is another way of managing your property

The BEST property management companies are members of NARPM.org ( national association of residential property managers)

But there's a better way...

(1) Find a really sharp real estate investor in the area where the property is and master lease to the investor. Example, if the house rents for $1000 per month, you might lease to the investor for $900 - $920 per month them they sub lease to the tenant who moves in.

(2) or take David Tilney's class about Hassle Free Property Management and learn how you can make each tenant the property manger for the house. That's what to do!

Run ads on craigslist and rentals dot com to find my tenants. After a thorough screening the prefect tenant is selected. They live in the house and they are in charge of taking care of the house. The first $50 - $100 in repairs are their responsibility. If the repairs are more than that they have the number for my contractors and make the call. Since yu can't fix anything it is a total waste of time to call.Eliminate the middle man and let the tenants call your contractor. When repairs are needed, the contractor calls to let you know the situations and approve the work order.

What about rents?

You set up two ways -- Either use ACH ( automatic clearing house) to go in to the tenants accounts and take out the rent or . .

Give each tenant a book of deposit slips for my bank. You can offer them to pay rent at any Bank of America, just give them one of these deposit slips when you do. The money goes in to a deposit only account which is swept clean every night when the money is moved to my management account.

With this system, you don't need to hire a property manager, the tenant is the property manager.

RICHEST AFRICAN

2010-05-26T16:51:00.000-07:00

Born in Ethiopia to a Saudi father and Ethiopian mother, Al Amoudi is the richest African black person in the world and the single biggest investor in the country.
Sheikh Mohammed Al Amoudi who ranks 64th in Forbes world richest people owns this luxurious hotel.
Al Amoudi made his fortune in construction and real estate before branching out to buy oil refineries in Sweden and Morocco. He is said to be the largest foreign investor in both Sweden and Ethiopia.
Al Amoudi owns a broad portfolio of businesses not only in oil but also in mining, agriculture, hotels, hospitals, finance, operations and maintenance. Some[who?] have said he is gaining a monopoly on businesses in Ethiopia, but there seem to be other wealthy Ethiopians to challenge some of his companies. Despite losing bids to Al Amoudi, CEO Girma of Ethiopian Airlines said Al Amoudi's work is a healthy competition, saying "growth and competition, it is good for everybody."[10]

His businesses are largely to be found within two conglomerate holding and operating companies, Corral Petroleum Holdings and MIDROC (Mohammed International Development Research and Organization Companies), which he owns and manages. He employs over 40,000 people through these companies.

Essentials on Flipping houses

2009-08-13T16:22:00.000-07:00

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There are several things that we look for in a flip.
There are really TWO kinds of flipping:

A wholesale flip and a retail flip

Wholesale FLIPS are when you just get an option to purchase then wholesale the an investor who will fix them up.Possibly thefastest and easiest way to make money.

With a wholesale FLIP, build a buyer's list before you ever start looking ( a good place to do that is at the foreclosure auctions because they are all buyers). The buyers will tell you where they want to buy - then you just go find the deals.

Some wholesale buyers are rehabbers.Wholesale them properties that require more work than I want to deal with. ( ie. fire damage ore excessive repairs)

Retail Flips are when you buy the house and rehab it to sell to a retail buyer. Pay attention to location, location, location. Especially now that sub-prime loans are gone, You need a buyer who can qualify for an FHa or conventional loan. You can only attract those kinds of buyers in nice neighborhoods.

1) Location, Location, Location or really cheap, really cheap or really cheap.
2) Cosmetic fixes not structural. This includes cabinets, counter tops, vanity in bathroom ect. and NEW APPLIANCES FOR THE KITCHEN. Not moving walls or fixing foundations.
3) Kitchen returns 150% for every dollar spent WISELY!
4) Bathrooms returns 125% for every dollar spent WISELY!
5) Carpet
6) Paint
7) Landscaping- this is a must and it's not expensive your potential buyer will either pass by the house or love it before they even walk in.
Things I think make the biggest change in value:

#1). Landscaping -- Many flippers overlook this, but in my opinion -- Nothing can improve the look and value of a house like quality landscaping.

#2). Getting rid of popcorn ceilings and replacing with knockdown texture

#3). Putting on a new roof, if needed. It's not that expensive if you have the right contractor and priced it into your purchase price.

#4). Installing Ceramic tile in the kitchen and all the bathrooms. Don't be cheap with flooring!

#5). Using an upgraded carpet. Again, don't be cheap with the flooring and buy the crap landlord grade carpets. Pay a little extra for a cut berber or thicker carpet! Also, always pay for the extra thick pad to put under it.

Free Bank REO resources

2009-08-12T18:28:00.000-07:00

Alot of millionaires have been made from the real estate business. Me being a novice in this, i am learning more everyday. I recently came across a list that i would love to share. Its a list of REO properties directly from different bank databases. Hopefuly this helps me and anyone else out there. Featured above is the Lamborghini gallardo superleggera. Just drove one last week. Its stupendous!

IndyMac Bank REO:
http://apps.indymacbank.com/individu...ate/search.asp

Countrywide
http://www.countrywide.com/purchase/f_reo.asp

HSBC
http://www.banking.us.hsbc.com/HICSe...ySearchDefault

Bank of America
http://bankofamerica.reo.com/search/

JP Morgan Chase Bank REO:
http://mortgage.chase.com/alt/altdel/REOSearch.jsp

M&T Bank REO:
http://services.mandtbank.com/person...owned_prop.cfm

Wells Fargo REO:
https://www.pasreo.com/reo/

Compass Bank REO:
https://www.compassbank.com/appforms...ties/index.jsp

http://www.thedirectoriescompany.com/reos.htm

http://www.biggerpockets.com/bank-reo.html

Kind regards
www.flosslounge.com

Free Press Release Resources

2009-08-11T20:03:00.000-07:00

Its always a good idea to hold a press release for your new website or company. Press releases make it possible for you to be noticed and that can be very beneficial. If you are on a bootstrap budget and prefer resources that offer free press releases, here is a list of some:

1.Pressreleasepoint.com
2.Pressabout.com
3.Pr9.net
4.Gossipcraze.com
5.Pressreleaseforum.com
6.Postafreepressrelease.com
7.Pressexposure.com
8.Seenation.com
9.My freepr.com
10.Exactrelease.com

Hopefuly these resources can bring you closer to that million or more!
www.flosslounge.com

Online Resources for business

2009-08-11T13:51:00.000-07:00

I was recently browsing one of the social media site named Mashable, and thought it would be great to share some useful online resources for business, they had listed there.
The resources are broken down into categories and here is a partial list:
1. Accounting , billing, invoicing, estimating & contracts.
2. Calendars & Scheduling
3. Charts diagrams and whiteboards
4. Collaborations and work groups
5. Conferences, presentations & Meetings
6. Crowd sourcing, networking & community
7. Customer relationship Management, Customer service and contact Management
8. Database, file storage & information Management
9. Employee Management, payroll & Human resources
10.Money making and eCommerce solutions

This is just a partial list. Infact they have listed over 270 tools. These tools could give you that edge to make your millions come true. Remember to always share your story of success with us or tell us your progress.

Don't Need College to Strike it Rich

2008-01-21T09:46:00.000-08:00

A lot of people have wondered whether a college education is a must ingredient for paving way to financial success. Although education is vital , it does not guarantee success in life. Here are a few individuals who are school drop outs but are living in financial bliss. If you know someone in a similar scenario, e mail us his or her story. Lets motivate each other.
David Geffen made it big with Asylum records and Geffen records and currently owns L.A times. Steve Jobs who brought us the iPhone,iMac,iPad never graduated from college. Jack Taylor founded enterprise rent a car and has taken this company to greater heights.Lets not forget Sheldon Adelson who has changed the Las Vegas sky line with resorts such as the Venetian and the Palazzo. Of course there is more people to list but the message is that you don't have to major in business or graduate to make it financially.
Undergoing MyBlogLog Verification

Super Soaker Inventor

2008-01-20T10:09:00.000-08:00

DON'T TAKE NO FOR AN ANSWER

2007-11-30T16:49:00.000-08:00

I am currently working on my own clothing label and hope to be at the next MAGIC convention in Las Vegas. I have found my niche and will not take no for an answer. Alot of people are telling me that the apparel market is saturated with all sorts of clothing lines but i will not let that stop me. It will be a difficult road but i will not give up....

I GOT RICH FROM MUSIC

2007-11-30T11:04:00.000-08:00

Looks like there is always a new artist coming out with some good music and making it big. We would like to hear from you. Tell us your story, your hardships, your tribulations and that moment that led to the big break. Be an inspiration to others and tell us your story.

Fashion Rags to Riches..we need your story!!!

2007-11-29T21:54:00.000-08:00

For those who have found riches in the world of fashion, we want to read about your rags to riches story. If you have a clothing label you are trying to develope, share it with us. Remember we need stories from all aspects....