Business Insights

I have met a couple of hundred business people and met a couple of hundred others.

They are not all the same. They have diverse characters and identities.

There are a few qualities that the fruitful business people offer.

They see something that others don't.

They have faith in something that nobody else does.

They are not hesitant to commit a few errors.

They don't see an error as a disappointment.

They don't see a disappointment as the end.

They frequently do things for what shows up absolutely silly to 'intelligent personalities'.

It is safe to say that you are a business person?

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FOOLS & EXPERTS ON CREATIVE PROBLEM SOLVING TEAM

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

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

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

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

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

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

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

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

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

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

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


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

What does that really mean?

Perhaps you just asked a question at a committee meeting. The room went silent and at least one person pointedly explained to you that “We’ve always done it this way”. The rest of the group either chimed in or nodded their heads in arrogant approval. Some might even have glanced at you with that dismissive look of lost causes.

For many people change is painful. It doesn’t matter how silly their current path or how promising the opportunity of other possibilities. Change hurts. It is also painful to admit that what you have been doing needs to be changed. Accepting change means accepting the possibility that you are not currently doing things the best way.

While you bite your tongue or fume at that response consider this Top Ten List of the Real Meanings of “But we’ve always done it this way”.

What might people be thinking as they state that lame defense?

10. I haven’t got a clue why we do it this way and I never thought about it before. But I’m not going to admit that to you.

9. Your question is a good one. But I never asked it and wish that I had. As much as your question disturbs me I won’t admit that out loud.

8. You’re new aren’t you? You new people just want to change our perfect little world. We like it the way it is. We can outlast you.

7. How dare you question the wisdom of your predecessors? It was good enough for them why isn’t it good enough for you? Have you no blind respect and subservience to those who were here before you?

6. You clearly don’t know how we do things around here. It has nothing to do with logic, fairness and openness.

5. If you are a team player you will go along with us without asking embarrassing questions like that.

4. We don’t like questions like that. And right now I don’t like you for asking it.

3. Perhaps you believe that you have the right to ask questions… but you’re wrong. Shut up and go with the flow.

2. It’s working the way it is. Leave it alone. Can we go now?

1. Despite what you were told, this is not a democracy. We don’t care about your ideas. Just do what you are told to do. And do it the way that you are told to do it.


When you try to change things you will hear the response “But we’ve always done it this way.” Don’t hate people for that response. Consider the list above to understand what they might be feeling. Recognize that your questions might be disturbing them and they might not be ready to give you an honest and thoughtful answer.

“But we’ve always done it this way” is likely the response of a person who feels threatened.

When faced with this challenge you will need to find a less threatening way to make change. The other alternative is to expose the status quo as the bigger threat.


© George Torok is a Creativity Catalyst. He helps teams make productive creative change. Find more creative ideas and tools at www.Creative-Problem-Solving.org To arrange a presentation on Creativity or training program on Creative Problem Solving visit www.Torok.com or call 905-335-1997

But We've Always Done it this Way

Interview with Beth Oakes, Managing Partner of The Oakes Group

The Oakes Group provides career advice to executives and professionals. Beth Oakes has worked most if not all her career in the business of human resources and human capital. She previously held the positions of Managing Partner at Millar Dallas – an outplacement firm and Executive Vice President at DHR - an executive search firm.
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Insights from this interview with Beth Oakes

In spite of her corporate experience, Beth has always seen herself as an entreprenuer.

Entrepreneurs can make their own decisions and they can fall by them.

This industry of coaching executives and managers is new within the last 5 to to 10 years and it is growing. Corporate executives and managers have much less time to mentor and guide their staff.

Coaching can be like being a parent…

As an entrepreneur you worry about the cash flow and you can be lonely.

Advice to an entrepreneur: Write a good business plan and create an advisory board.

Steel on the outside – cotton on the inside.

Building a good network is much more than making friends.
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Listen to the podcast of this radio interview with Beth Oakes

Listen to Business in Motion interviews on iTunes

Listen to more Business in Motion podcasts

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George Torok is the host or Business in Motion, the weekly radio show on CFMU

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

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

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

They are in no particular order...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

:-)Yours For Online Profits,
John Reese.

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

We are FOR individualism, accomplishment and excellence.

We are AGAINST the mediocrity, self pity, negativity and discouragement of the news media and of "normal" people sleepwalking through life.

We are FOR alchemy. We believe that there is everywhere lead waiting to be transformed into gold. Opportunity hides literally under every rock and shade tree.

We are AGAINST scarcity that says that everything you receive was forcibly taken from somebody else. Entrepreneurship is about making new pies, not dividing up old ones.

We are FOR you, regardless of mistakes you've made. Whatever stupidity spasms you've had in the past don't matter. If you owe $100,000 and you're scraping change out of your car seats for lunch today... if every time you pick up the kids at your ex's apartment you're accused of being a devil...

we are still FOR you.

We are AGAINST complainers, fault-finders and critics. It's easy to criticize. It's hard to take action. But in the end, only action-takers make history.

We are FOR marching into every battle prepared and engaged and equipped to fight.

We are AGAINST all who would send soldiers into battle armed with plastic swords and helmets.

We are FOR those who take responsibility to arm themselves and invest in quality weapons and tools needed for battle.

We are AGAINST those who think that it is someone else's responsibility to prepare them for business or life or give them a "free" education.

We are FOR the wise use of technology. We are for every tool that makes you more productive and more effective and more able to serve others.

We are AGAINST using technology to abuse people, spam them, or dehumanize them. We use technology to express individuality, not erase it.

We are FOR gratitude and celebration under every circumstance. No matter how many times you fail, the sunrise still comes tomorrow morning. Autumn leaves still radiate brilliance in the fall and lovely flowers grow in the spring. No matter what befalls you, the world is still a beautiful place.

We are AGAINST the crippling belief that the past dictates the future. We know that if you can look up, you can get up.

We are FOR gifts and giftedness. We are for expertise and specialization. We acknowledge that each of us wields precious talents. We sharpen our skills. We discover ways to delegate the rest to those who have different gifts than us.

We are AGAINST the belief that any one person has to do everything or be everything. We are FOR human ingenuity because it's the mother of all natural resources.

We are AGAINST the false belief that finite physical resources mean finite possibilities.

We are FOR the hand of Providence. We are humble enough to request help when we need it.

We are AGAINST the self-deception and pride that says we're smart enough to figure it all out by ourselves.

We are FOR innovations, developments and paradigm shifts. We transport the future into the present.

We are AGAINST "business as usual" passivity and lazy "wait and see" attitudes. We are proactive.

We are FOR timeless principles and age-old wisdom. We study the ancient masters and respect those who have come before us.

We are AGAINST those who destroy the old simply because it is old. We judge ideas by their value and permanence, not by their age.

We are FOR making every minute count.

We are AGAINST time-vampires, time wasters and time killers.

We are FOR entrepreneurs and all who move resources from areas of low value to areas of high value.

We are AGAINST those who de-value business and burden us with excessive responsibilities, taxes and restrictions.

We are FOR communities, networks and relationships. We recognize that for every problem that needs to be solved, there is someone we can turn to who has already solved it.

We are AGAINST loneliness, isolation and discouragement. We know that the #1 cause of failure is lack of accountability, community and wise counsel. We know there is no such thing as a self-made man. Everyone has a father and a mother and everyone comes from a tribe.

We are FOR the daily discovery and unfolding of our personal destiny.

We are AGAINST the limitations imposed by other peoples' judgments and prejudice. We are FOR your individual performance, accomplishments and achievement.

We are AGAINST everyone who says you should apologize for your success.

We are FOR the Golden Rule. The highest level of conducting business is loving your customers.

We are AGAINST those who sell things to strangers that they would never sell to their friends.

We are FOR recreation, creativity and refreshment. We believe that friendships, rest and fun fuel our life force and nourish our creative engines.

We are AGAINST slavish devotion to anything, including our work. We do not live to work. We work to live.

Perry Marshall

You're free to use this or pass it around. Printable PDF version and space for comments at http://www.perrymarshall.com/for-against

http://support.perrymarshall.com

Perry S. Marshall & Assoc
159 N. Marion Street #295Oak Park, IL
60301United States
(312) 458-9102

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

Insights from the interview with Evan Carmichael:

“Donald Trump was our biggest target.”

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

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

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


Listen to the interview with Evan Carmichael

Listen to Business in Motion on iTunes

Business in Motion FaceBook page


George Torok

Host of radio show, Business in Motion

Motivational Business Speaker

Tip of the hat to Carol Roth for compiling this list of "163 Pieces of the Best Business Advice".

Good tips, ideas and reminders for anyone in business.

Also it's a clever way to create good content - ask other experts. It's the Chicken Soup model of writing.

Yes, I contributed. My advice is below for you.


109. Best Place to Invest?

When I started my business I left my corporate job with a separation payout. They were downsizing. I visited my financial planner and asked how to best use that money- pay down my mortgage, invest in mutual funds or stocks? He first asked me to explain my new business which I had started part time two years earlier. His advice was to invest the money in my business because that would give me the best return over the next few years. I followed that advice. It was good advice.

Thanks to: George Torok of Power Marketing.

And here are some pieces of advice that resonated with me



2. Wise Words from Henry Ford

While I never met Henry Ford (I'm too young to have known him), his words live on and have inspired me on many a day:Whether you think you can or think you can't, you're right.Believing I could start and grow my business played a huge role in the success I am now enjoying. Thoughts become things. What thoughts are YOU thinking?

Thanks to: Randi Busse of Workforce Development Group, Inc..


9. I'm Anxious Today-- Excellent!

When you have your own business, you will never have the "right" amount of work: there will always be too much or too little. Therefore, you will always be anxious. The trick is to stop thinking of anxiety as a bad thing. Instead, say to yourself, "I'm anxious today- excellent! This means I'm alive." Thinking of anxiety as one more form of energy-- fuel-- keeps you focused, committed, and excited about achieving your goals day-to-day.

Thanks to: Frances Cole Jones of author of "The Wow Factor".


25. Attention
Pay attention to the things you can control, not to the things you cannot control.

Thanks to: John Pulsifer of Jolly John Auto City.


37. Create an Advisory Board

The best business advice I received when starting my company - Loyalty Factor LLC - was to create an advisory board of senior-level individuals who believed in me, and the business model. The board had to include marketing, sales and financial experts. I was surrounded by experts in all aspects of a business and had the support system to encourage and energize me to exceed my goals and objectives. Capitalize on other people's experiences and expertise to strengthen your own.

Thanks to: Dianne Durkin of Loyalty Factor, LLC.


105. Sweat the Little Things.

My grandfather was a craftsman and an artist. His business was to make things look good. He told me that if you don't sweat the little things, then the big picture will suck.This bit of advice isn't simply about "paying attention to the details," but this is more about having the business discipline to be meticulous about the aesthetic, the functional and even the peripheral pieces that inevitably contribute to whole of the business.The little things are what really matter.

Thanks to: Dave Racine of Pierce Cleaning.


134. Stay Dispassionate

Tip: Nothing is as good or as bad as it seems at first. I received this tip from a friend. One of the most important things in managing a business is maintaining your equanimity, not over-reacting to situations (positive or negative). Many times we faced critical problems like key contractors leaving at crucial moments in product development, issues that could have sunk us if we didn’t manage it properly. But by maintaining an unemotional approach, we turned the problems to our advantage.

Thanks to: Gaurav Bazaz of Pravega Inc..


Here's the full list of 163 Pieces of the Best Business Advice

Here's the Carol Roth site


George Torok

Host of the weekly radio show Business in Motion

Listen to Business in Motion Podcasts

Listen to Business in Motion on iTunes

Small business banking at your fingertips

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





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

Happy Canada Day!

On July 1, Canada celebrates 142 years as a nation.

Enjoy this collection of articles about Canada and Canadians.

Proud Canadians
I travelled the world to meet other Canadians.

10 Canadian Whines
Yes, we can laugh at ourselves.

In Canada We Have Freedom
How a visit behind the Iron Curtain made me understand and appreciate freedom.

The Yukon Spirit: Perfect for Entrepreneurs
Why the Yukon is the perfect environment for nuturing entreprenuers.

My 10 Favourite Places in Canada
You might agree or disagree with my picks.

Canadian Quotations
John Robert Colombo included some of my words in "The Penguin Dictionary of Popular Canadian Quotations".

Famous Lasting Words, Great Canadian Quotations
Another collection of Canadian Quotations from The Great Gatherer, John Robert Colombo.

Happy Canada Day!

George Torok
Canadian Motivational Speaker
Canadian Business Speaker

Thriving in a recession: Part 2
by Mark Elwood


WATCH YOUR CASH FLOW

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

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

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

BEWARE OF EXPENSE LEAKAGE

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

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

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

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

SMILE AND BE GRATEFUL

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

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

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

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


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

Radio show guest: Bay Gardens

My radio show guest today was Jan Nichols, President of Bay Gardens Funeral Home. I first invited Jan to join me on Business in Motion three years ago when he opened a new funeral home in Burlington, Ontario. I was intrigued by the playful open-house invitations. Listeners of my radio show learned that Bay Gardens was a pioneer – not a copycat. Three years later and they are opening another new funeral home in Hamilton. That suggests that what they did is working. Successful entrepreneurs learn from the successful buisnesses around them - expecially from other industries.

There were a lot of powerful lessons and tidbits for entrepreneurs in this interview:

When entering a new market don’t follow the leaders, instead discover what the customers really want and deliver that. And it’s not that hard to “discover”. You only need to ask and listen.
When entering a competitive saturate market you must be different - very different.


Big surprise – people like to eat – even – especially at funerals. So Bay Gardens planned and built proper kitchen facilities into their new funeral homes. As you can imagine there are some real and perceived health issues about serving food in a funeral home. At Bay Gardens you won't find the – move the body out of the room and let’s eat now.

The funeral business has been a stodgy business steeped in taboos and silence. Even though we all will die – we don’t want to talk about the details. Silly but true.

The best way to build a business in a competitive market is by building relationships.

Little details are important.

Listen to your customers.

Listen to your staff.

Train your staff and give them the permission to do what you preach.

Ask for the business.

Train your staff to ask for the business.

Do things that your competition hasn't or won't do.

Be bold and don't apologize for it.

Be willing to annoy the competition.


As you can guess, it was another wonderfully instructive interview on Business in Motion. Thank you Jan Nichols, President of Bay Gardens.



George Torok

Host of Business in Motion

Hamilton Business Speaker

Canadian Business Speaker

What defines the entrepreneurial spirit? Drive, focus, innovation, can-do attitude, self-determination and the desire to be different. If you demonstrate these qualities you might be an entrepreneurial spirit. It doesn't matter whether you run your own business or if you work for someone else.

What creates the entrepreneurial spirit? Are you born with it or is it determined by your environment? I believe it is both. The environment can help to nurture the spirit within you. The perfect environment to nurture that spirit is the Yukon Territory of Canada.

The Yukon is a breathtaking land of extremes and hardy spirit to match. Winter temperatures range from -60C to summer days in the thirties. Winter days shorten to five hours of sunlight while the mid summer sun shines for almost 24 hours a day. You will find Canada's highest peak, Mount Logan and Canada's westernmost city - Whitehorse. Chinook Salmon swim 2,000 miles up the Yukon River to spawn. The worlds toughest dog sled race, The Yukon Quest, runs 1,000 miles from Fairbanks, Alaska to Whitehorse, Yukon each year. It is a grueling 10 day contest of 'musher' and dog team against the elements and most importantly against one's self. The mushers face their own limits, self doubts and often wild hallucinations due to fatigue and lack of sleep.

These are extreme conditions that would tax the mettle of entrepreneurs everywhere. Entrepreneurs explore their own limits, and face self doubts and lack of sleep in their business. Business conditions and cash flow can swing from one extreme to the other. Like the mushers a successful entrepreneur needs to focus, prepare, and plan. Then be ready to flex as conditions or opportunities demand.

A woman won the Feb 2000 race for the first time in its 17 year history. The entrepreneur of the new millennium is more likely to be a woman. They are staking out new ground in the workplace, as corporate CEO's and in small business.

The once mighty mining industry has fallen. Old strengths can become future weaknesses. The new force is the entrepreneur. A rapidly growing part of the new business is destination tourism. The Yukon is a beauty to visit and experience. Be sure to mark the Yukon on your list of places you must visit soon.

The new entrepreneurs are not just in tourism. They include builders, jewelers, artists, brewers, authors and Internet specialists. The Yukon is the perfect incubator for the entrepreneurial spirit. Plan your journey; focus your efforts and mush!

© George Torok is co-author of Secrets of Power Marketing. He speaks across North America, including the Yukon on how entrepreneurs can market themselves with greater success. You can reach him at 800-304-1861. For more information about his programs visit www.Torok.com

Business in Motion

Keynote Speaker - Seminar Leader - Business Coaching
Insights to "Master the Make it Happen Mindset" in your Business, Career and Life!

Q: What is your key focus?
A: My focus and passion is in helping people Master their MarketPlace. I like to say I teach people how to find more business, create more opportunity and have more fun.

Q: What is the pushback that you often get?
A: Time is a huge roadblock. It is interesting but people don’t have time to change, time to learn or time to plan even though they will readily agree that change will serve them well. People don’t have time to do the things they want to do let alone the things they have to do.

Q: Tell me about one of your heroes.
A: Having worked for Microsoft for 7 years I would have to say Bill Gates is one of them. Not only is he incredibly bright but he was able to balance technical smarts with business acumen. Bill is also very self-aware, meaning he knows where he adds value and where he doesn’t. He has a good level of confidence which he balanced with paranoia to ensure Microsoft never got too cocky or self assured.

Q: What is unique about you?
A: I think most people find it interesting that I am a two-time world award winner in business and a certified hypnotist. I blend tactical and strategic concepts in a fun and engaging way.

Q: Bottom line - what is it all about?
A: It’s all about your happiness, your family and your future. Look in the mirror and be happy with who you are, where you are and where you are heading. When you are happy you have a ton more energy to focus on your success.

Q: What is the most common mistake you see?
A: People fail to do the basics brilliantly. No matter what you do there are 3-5 things you better do very, very well. Those may differ by profession but things like Network, Promote, Service, Empathize are a few that we all need to be great at. People try to get fancy before being true to their core needs.

Q: What concerns you most about business today?
A: I don’t really have lots of concerns. The world is changing and businesses are re-inventing themselves too quickly to get too caught up in it. Perhaps my concern is for those businesses that don’t get that the world is changing rapidly and they need to evolve with it.

Curt Skene, CHt CNLP
Keynote Speaker - Seminar Leader - Business Coaching
http://www.aahhah.com/


Interview by George Torok
http://www.businessinmotion.ca/