Key to Starting Your Own Clothing Company

Starting your own private label clothing company is not as difficult as you may think. I assure you that the founding members of Volcom, Paul Frank, Hurley and Von Dutch, are not mad geniuses of fashion. You can duplicate their rise to brand stardom provided that you have the following:

1. A decent logo

2. Creative concepts and graphics - Design Talent

3. A unique, blank apparel supplier

4. A decent screen printer

5. A Line Sheet to show potential buyers

6. Sales and promotional talent.

Which do you think is most important? Its obviously design talent you say? Are you Joking? You must be joking. Have you stepped out of the house recently? Have you seen Von Dutch clothing? Crayon weilding Chimpanzes produce better designs. Furthermore, I imagine the monkeys are more sanitary, but I digress.

#6 is clearly the most important element. You can create an entire line of fashion forward, beautiful clothing but if you can't pitch it - no one will ever see it (excluding your mom of course). So, unless you want a closet full of your fantastic designs, ask yourself the following two questions:

Can I sell?

In other words......can I hit the pavement with my line sheet and walk into every boutique clothing store I can find? Then will I harass the hell out of retail clothing store buyers so that they'll try to squeeze 5 minutes of time in for me at Magic 06' (Clothing Convention) ?

Will I be able to make a professional presentation to a Nordstroms buyer?

Can I promote?

Do I have and creative viral or gureilla marketing ideas to get this label kickstarted?

If the answer to both of these questions is No - you better get some help. Namely, find someone passionate for fashion who also happens to be ridiculously outgoing, great on the phone and aggressive as hell. Lastly, (and superficially) it would help if your sales rep is hot.

I know, how horrible.....so sorry, buy I didn't say anything about this being an equal opportunity blog :)

That being said, let me welcome you the shallow end of the pool..... i.e. the fashion world.

Good luck with your label!

How to Start a House Cleaning Business

Have you ever thought about how to start a housecleaning business? When you think of how to start a housecleaning business you will probably think of questions such as - How do I start a housecleaning business? - Do I have what it takes to run my own house cleaning business? - How do I find and keep clients? - How much should I charge? - What other services can I offer to my clients? - How do I hire and train staff? - How does commercial cleaning differ from home cleaning?

And most of the people who have dreamed about how to start a housecleaning business have been hesitant to put their plans into action, as they cannot find the correct answer for these questions. This comprehensive guide will help you to successfully launch and grow your business by offering expert advice on each and every aspect of setting up and running a prosperous home-based housecleaning business.

Housecleaning businesses are one of the fastest-growing service businesses in the United States. It is an ideal option for new entrepreneurs, part-time workers, and also for those people who would like to make a career switch. In today’s busy world, these are highly sought commodities, and a good housecleaning service offers comfort and order. Housecleaning is a cost effective business with low operating expenses, inexpensive equipment, and a flexible work schedule. Generally speaking, the answer to how to start a housecleaning business is an understanding of basic cleaning technology. In the very beginning of housecleaning business, the home cleaning service might start out small, but it has the potential to foster into a multi-million dollar business with branch offices and franchises.

The very first thing about how to start a housecleaning business is to develop a business plan and policy. After developing a business plan you need a unique name which must stands out from the rest. The next and important step before starting the business is to insure your housecleaning business. You are starting the business, and as you are the sole-proprietor, insuring your business entitles you to the status of independent contractor. Insurance also eases the minds of your future clientele as well as it gives you peace of mind to work freely.

The next important step is to get a copy of your background check and police record. Hopefully, you won’t have one; but depending on which state you are residing in, you have to pick up the application at the State Trooper Barracks, City Hall or the Police Station. This is a simple step; you just take about 5 minutes to fill out the form. The application fee will be between $3 and $15.00. After filling out the form, mail it in, and within 14 days the form will be mailed back to you with an official stamp stating "No record." You can take photocopies of this form, as you should provide this certificate to your prospective clientele with your information packet.

The information packet is the major step in the housecleaning business – it is what makes your business professional. The information packet must contain a printout or photocopy of your policy and procedures, insurance and background check, references and a sample work order. In your policy statement you should explain the details of your working policy. This will give information such as: your hours of operation; if you will work in a house that has a dog; if you bring the cleaning products or the client has to provide his/her own cleaning products; your rates (per hour or per job); and what form of payment you take. All these details have to be included in the policy statement.

Don’t forget to include a sample work order in your information packet. For example, in cleaning a bedroom, what will you do? That is, you must write - ceiling fan will be dusted, trinkets dusted, bedroom furniture dusted, sheets changed and bed made, carpet vacuumed and any other service you will provide. Also, you can custom create a work order if a client wants something done which is not on the work order.

Also, it is a plus for you to include at least two references. Adding references might be a difficult task as you are just starting out so add them as you go along. You can get a references by offering a free cleaning for some community organizations or churches.

When you create your business cards, you must only include your name with the title of proprietor, and your telephone number. Don’t put anything such as FREE ESTIMATES or CHEAP on the cards. You have to present yourself as a person offering a professional service.

Now you’ve got some idea about how to start a housecleaning business! It is a highly profitable business. So what’s stopping you now?

How to Start a House Cleaning Business

Have you ever thought about how to start a housecleaning business? When you think of how to start a housecleaning business you will probably think of questions such as - How do I start a housecleaning business? - Do I have what it takes to run my own house cleaning business? - How do I find and keep clients? - How much should I charge? - What other services can I offer to my clients? - How do I hire and train staff? - How does commercial cleaning differ from home cleaning?

And most of the people who have dreamed about how to start a housecleaning business have been hesitant to put their plans into action, as they cannot find the correct answer for these questions. This comprehensive guide will help you to successfully launch and grow your business by offering expert advice on each and every aspect of setting up and running a prosperous home-based housecleaning business.

Housecleaning businesses are one of the fastest-growing service businesses in the United States. It is an ideal option for new entrepreneurs, part-time workers, and also for those people who would like to make a career switch. In today’s busy world, these are highly sought commodities, and a good housecleaning service offers comfort and order. Housecleaning is a cost effective business with low operating expenses, inexpensive equipment, and a flexible work schedule. Generally speaking, the answer to how to start a housecleaning business is an understanding of basic cleaning technology. In the very beginning of housecleaning business, the home cleaning service might start out small, but it has the potential to foster into a multi-million dollar business with branch offices and franchises.

The very first thing about how to start a housecleaning business is to develop a business plan and policy. After developing a business plan you need a unique name which must stands out from the rest. The next and important step before starting the business is to insure your housecleaning business. You are starting the business, and as you are the sole-proprietor, insuring your business entitles you to the status of independent contractor. Insurance also eases the minds of your future clientele as well as it gives you peace of mind to work freely.

The next important step is to get a copy of your background check and police record. Hopefully, you won’t have one; but depending on which state you are residing in, you have to pick up the application at the State Trooper Barracks, City Hall or the Police Station. This is a simple step; you just take about 5 minutes to fill out the form. The application fee will be between $3 and $15.00. After filling out the form, mail it in, and within 14 days the form will be mailed back to you with an official stamp stating "No record." You can take photocopies of this form, as you should provide this certificate to your prospective clientele with your information packet.

The information packet is the major step in the housecleaning business – it is what makes your business professional. The information packet must contain a printout or photocopy of your policy and procedures, insurance and background check, references and a sample work order. In your policy statement you should explain the details of your working policy. This will give information such as: your hours of operation; if you will work in a house that has a dog; if you bring the cleaning products or the client has to provide his/her own cleaning products; your rates (per hour or per job); and what form of payment you take. All these details have to be included in the policy statement.

Don’t forget to include a sample work order in your information packet. For example, in cleaning a bedroom, what will you do? That is, you must write - ceiling fan will be dusted, trinkets dusted, bedroom furniture dusted, sheets changed and bed made, carpet vacuumed and any other service you will provide. Also, you can custom create a work order if a client wants something done which is not on the work order.

Also, it is a plus for you to include at least two references. Adding references might be a difficult task as you are just starting out so add them as you go along. You can get a references by offering a free cleaning for some community organizations or churches.

When you create your business cards, you must only include your name with the title of proprietor, and your telephone number. Don’t put anything such as FREE ESTIMATES or CHEAP on the cards. You have to present yourself as a person offering a professional service.

Now you’ve got some idea about how to start a housecleaning business! It is a highly profitable business. So what’s stopping you now?

How To Generate Unique Business Ideas That Make Money?

Every money making opportunity that you see boils down to one common thing: idea. As you know the best ideas pay. The most creative ideas pay.

The best thing about ideas is it's free and everybody has the capability to think of ideas.

In order to be creative and innovative about ideas, you have to have knowledge. Knowledge is important. You need to know thousands of things to be creative.

Below are steps that you can take to come up with profitable innovative ideas:

1) Read and study as many things as possible about your industry or product. You need to investigate specific information of what you are going to sell. For example, if you want to be involved in real estate, you study everything about the subject matter in details. If you want to start a business, you have to know what's going on in your industry, what sells and at what price, etc.

2) Improve general knowledge. Don't limit yourself to only learn about things in your own industry. Learn as many topics as possible from other industries. It can be any topic. This enables you to think out of your own industry.

3) Mix and match ideas from cross industry. Once you investigate and research enough, your mind is the storehouse of all the ideas you have studied. And this is the main source to your creative ideas. All the knowledge you have learned so far is the raw materials to produce new ideas.

4) Thinking of raw idea. After you have done your study, think hard about the solutions you want to your problem. Then stop and relax. Get a cup of coffee or go for a movie. Do something relaxing and let your subconscious mind work for you. The idea or solution will come to you at a much unexpected moment. For me, ideas always come to me before I sleep. My mind will be bombarded with ideas that I can't stop.

5) Refine your raw idea until it's up to your satisfaction. You can always do your own research on the raw idea by asking questions to target market to test the feasibility of the idea and how to improve the idea further.

Basically new idea is a combination of old ideas. You need to have enough old ideas to come up with new ideas. That's why constant reading and observation are important.

Sometimes when someone has launched a new product, you would say, "Hey! I thought about that before. That's my idea." You might have had thought about the idea but you didn't capitalize on it. Someone has done it before you.

It's always good that you have an ideas book. Whenever you think of a good idea, write it down. You can always work on it or improve it later. Bring along the ideas book wherever you go. It doesn't need to be fancy. It can be a normal pocket-sized spiral notebook.

With the method outlined above, I hope that you will be the next person who makes fortunes with unprecedented ideas that people can never think of.

Seven Key Qualities of Successful Entrepreneurs

A recent poll conducted by Forbes magazine shows that majority of its readers would prefer to become a billionaire rather than a Nobel peace prize winner, a great scientist or a famous athlete. There is no secret that most of the average people dream about getting rich albeit very few makes any real effort to become one.

According to statistics, more than 100 thousand people become millionaires each year in the United States alone! Overwhelming majority out of them is self-made and owners of business. This means, if you would like to pursue your goal of becoming rich, you have to start your own venture.

Becoming an entrepreneur is not an easy task! There are certain qualities that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weak ones - those, which need strengthening - will, eventually, help you become a successful entrepreneur.

1. Common Sense

Studies show that most successful businessmen consider common sense as the foundation of their success. Common sense is defined as an ability to make sound judgments on the issues, which you encounter in everyday situations.

Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense in a person. Common sense allows you to understand complex issues in simpler terms and get into the core of a problem.

2. Specialized Knowledge of your field

It is easier to start a successful business, if you have deep knowledge of the business field that you decide to pursue. About half of all home-based start-ups are launched by people who decide to use the knowledge, which they gained from their previous work experience of a particular niche area.

Philip Green, a billionaire, who made his fortune in garments retailing, claims that corner stone of his success is his knowledge of rag trade. He, presumably, can price a fabric simply by rubbing it between his fingers. Just by looking at a rack of coats he can predict which ones won't sell next season. That's the kind of knowledge required in order to become successful in entrepreneurship.

Around 45 percent of all start-ups fail to survive more than two years. One of the main reasons is many entrepreneurs do not accumulate needed industry knowledge before jumping into business world.

3. Self-confidence

Self confidence is a key entrepreneurial skill for success. It is easy to become demoralized, frustrated and resentful if you lack self-confidence.

Self-confidence is concerned with how a person feels about his ability. A successful entrepreneur believes in his abilities. He is not scared to explore un-chartered territories, take risk and take difficult decisions.

Self-confidence, however, is not a personal trait that either you have or you don't. A person can have high self-confidence in one situation and totally lack in another. This is one of those skills that can be developed by training.

4. Ability to get things done

Successful entrepreneurs are persistent and hardworking. They master self-discipline to such extent that if a work is important and related to their goals, they will, eventually, complete it.

Getting things done is the vital link between motivations and their outcome. At times, entrepreneurs force themselves to choose work over fun, a boring job against a pleasant one, working on tax papers rather than reading a glamour magazine. This requires a self-control that many people simply fail to develop in them.

5. Creativity

Creativity is the ability to use your insights and come up with new solutions to old problems, get things done in a different way or find a totally different approach for conventional things to work together. Entrepreneurs need creative thinking ability virtually in everything. Each new product, each new marketing method, each business decision - all these are fertile ground for creative thinking.

Often, entrepreneurs become immensely successful thanks to one single creative idea!

6. Ability to lead

Successful entrepreneurs are capable of leading people and get work done by them. They use a combination of various methods - effective motivation, planning, coaching and evaluation - to lead people. They are concerned about the wellbeing of others and easily get along with people.

7. Self reliance

Successful entrepreneurs try to take full responsibility for their actions. They know that what they are today, and what they are going to be tomorrow, depend solely on themselves, as it is the outcome of their own choices and decisions. They are proactive people, who set goals, walk an extra mile to achieve them and rely, primarily, on their own resources and abilities.

If you would like to check out if your personality fits the typical entrepreneurial profile, the following site has questionnaire that will help you asses your entrepreneurial skills:

http://www.rateyourself.com/subject.cfm/Subject_ID/2

If, even, you have all these great qualities and you feel quite confident about yourself, you will never know how good an entrepreneur you are, unless you give it a try! So, the best way to prove your abilities, is to jump start a new venture!

How Entrepreneurs Succeed - The 5 Qualities Needed For Business Success

What is it that sets a successful businessperson apart from an average businessperson? Is it down to pure and simple luck, or is it all about having an amazing idea and a successful and strategic business plan in place?

Well, these factors do indeed go a long way to turning a good business idea into a successful business operation, but they have nothing to do with what makes the ‘person’ succeed at business.

Every great entrepreneur naturally has 5 key attributes that sets them aside from their competition and that ensure they will succeed where others may fail. These 5 personal qualities will all reflect upon the entrepreneur’s business and they will mean the entrepreneur grows and develops every area of their own personal expertise to become not only the strategic thinker behind the business, but the strategic manager poised to lead the company forward to achieve even greater success.

The 5 qualities that every entrepreneur shares and that are the keys to their business success are: -

1) Desire – To succeed you have to have a massive desire to break out of the average 9 – 5 grind, to step off the employee-job-salary treadmill and to put your ideas, ideals and beliefs into action. An entrepreneur’s desire for personal fulfilment and professional success is his number one key strength and that which will force him to start out in business in the first place. This desire to achieve will become a desire for success and this desire for success will be reflected throughout the business.

2) Positivity – Entrepreneurs have a positive mental attitude towards their life, their business and themselves; they are not restricted by disappointments and regrets and they look forward not backwards. A naturally positive person sees opportunities where others see obstacles, a naturally positive person frees their mind from negativity and disappointment so that it is free to dream, imagine, develop and expand.

3) Commitment – To succeed you have to be committed to putting in the hard work necessary to build a business from the ground up. You have to commit to your beliefs and desires, you have to commit to your business idea and you have to commit to the employees within your company. With commitment comes effort, with effort comes results, with results comes success!

4) Patience – Patience and commitment go hand in hand, and the patient entrepreneurs who dedicate themselves to working away at their business day after day will reap the rewards of their patience when the steady and focused hard work pays off in the form of positive and successful results.

5) Persistence – Nothing is ever straightforward or without contradiction or change and the future is unknown. These factors mean that the final key entrepreneurial attribute is simply critical to success. When obstacles appear, when goal posts are moved and when ‘these things are sent to try us’ you have to persist with your ideas, persist with your hard work and keep focused on success. With patient and committed persistence the desired results will come.

Starting an Arcade Business: It's Fun, Entertaining, and Profitable!

You should consider Starting an Arcade Business for public entertainment if you enjoy entertaining and amusing people! You can set your cash registers roaring by providing loads of interactive games, computer games, video games and all kinds of electronic amusement amenities.

An Arcade Business is a fun and family entertainment business. Youngsters and young adults just want to chill out and get their adrenaline pumping and amusement arcades are just the environment. If you are looking for self-employment options that will earn you a stable and profitable income you need to consider the arcade business. Before Starting an Arcade Business you need to check out the local zoning laws.

Estimated start-up costs:

$10,000 to $50,000.

Financing Sources for Starting an Arcade Business:

Bank & Credit Union Loans

Angel Investors

Business Plan needed when applying for loans

Marketing Methods and Tips:
Remember that you are competing with home versions of all these games. For that reason you need to do something to draw them to your Arcade rather than remaining at home to play. Think up some catchy name for your arcade business. One way to draw customers is by offering exciting, fabulous and unique prizes on winning particular games!

Advertising for Starting an Arcade Business:

Place ads in local newspapers

Yellow Page advertising

Local Radio Stations

Distribute flyers at local clubs, super markets, etc.

Internet website

Essential Equipment:

Vending machines for food, candy and soda

Coin or Token Change Machines

Tables & Chairs

Arcade Games of all types and varieties

Recommended Training, Experience, or Needed Skills:
You don’t require any kind of formal or professional training for Starting an Arcade Business. It would be helpful to have some technical knowledge on repair and upkeep of the games. However, you can outsource for repairs and upkeep. Basic business skills would be helpful, but you can learn from books or business plans you can purchase.

Income Potential:
The income potential is dependant upon a good location. If you locate the arcade properly, you can make upwards of $100,000 a year. Without a proper location you will probably have little chance of success.

Target Market:
The biggest target markets for your arcade business are kids, teens and young adults.

Success Tips for Starting an Arcade Business:
The biggest success tip for any arcade business amateur would be to promote your gaming parlor in a big, big way. You have to employ clever business and marketing techniques to attract customers. After that word of mouth will work the best.

You need to create the perfect ambience that will help youngsters and their parents to have fun and relax! Revamp your arcade décor from time to time including the latest games and exciting prizes!

Traits of The Successful Entrepreneur

Want to know why certain people succeed and others don’t. Well successful people have certain traits? Do you have them?

Business has changed a great deal over the years. We now have computers, the internet and because of the internet - web pages, email and everything else that comes with it. Our telephone system has changed dramatically with the advent of cell phones and voice mail. However, even with all the technological advancements the traits that make a person successful in business can be traced way back when to our grandfather’s day. So before you decide you want to go into business for yourself, check and see if these traits are part of your make up.

Are you a person who sets goals? Most successful people have always set goals. They started at a very early age. They might have set the goal to be the best in a certain sport, or in a specific subject in school. Or if they wanted something, and knew that their parents couldn’t afford it, or wouldn’t spend the money for something, they earned the money themselves. They did this by setting up the lemonade stand, mowing lawns for neighbors, or delivering newspapers.

This is the same person, who as they got older, developed other goals and worked for them. Maybe they haven’t reached all of their goals, but they have always known what they wanted out of life. They have a vision for their future and they never lose sight of it. They keep revising and setting new goals for themselves. It is incomprehensible to them that everyone doesn’t do the same. They wonder how other people can live without striving for certain things.

The next trait is that the successful entrepreneur knows their strengths and weaknesses. They also face up to their fears. This means that they don’t let their egos get in the way. They know when they need to learn new skills or take other steps to make their business or themselves better. Due to the technological advances over the years, the skills and steps they need to take might be different; but the attitude has not. So do you have the attitude of a successful business person. To have this attitude you must realize that you are never done with the learning process, and you have to welcome any chance to improve your skills and knowledge.

Another trait is that they are always looking for opportunities. They could be in business or just getting started. In either case they know there are opportunities out there waiting for them. They also know that they need to find the opportunity that will work for them. Even those already running a business, are still open to possibilities.

Successful people will see opportunities other people miss. They also look at things objectively and ask the following questions: 1. Is this really as good as it sounds? 2. Is this something I really want to be doing? 3. Do I have the required skills or can I develop them? 4.Will this help me to reach the financial goals I have set for myself? 4. What impact will this have on my family?

A particularly important trait of the successful person is they will grab at an opportunity and take advantage of it, however they do not act impulsively. They take advantage of opportunities that come their way because they don’t want to be a shoulda, coulda, woulda type person. They don’t want to look back later in life and say I wish I had.

The next trait successful people have is that they like to know where they stand. They know their own business inside and out. However, they also know about their competition. They also know how well their own business measures up. And since they set goals they know exactly where they are in regards to reaching the financial goals they have set for themselves.

Successful people know how to handle budgets and finances. This is a very important trait. They are very cognizant of all phases of their finances. How much they owe, how much they have borrowed, interest rates, and anything else that can effect them. They always save for a rainy day. They are very much aware that they need to spend money to make money, and will put off expenditures for themselves (house, car, vacation) until they can afford it.

Another trait that successful people have in common is that they also don’t settle for second best. They like things done in a certain manner. They have standards that must be met for themselves and their product. If they work with an outside company and that company sends them something that is not up to their standards, they will return it. They look for the best products and the best workmanship in the price category they are working within. They would never put out a half hearted effort for a customer. If they realize they haven’t done a good job or haven’t done it right, they will do it again or set things right with the customer. This is why their customers are loyal to them and want to continue to do business with them again and again. Remember repeat business is why you are in business. If you don’t make a good impression the first time, you won’t get a second chance.

The successful entrepreneur has fun doing what they do. While they might not enjoy every aspect of their business, they enjoy the work that they do. One common theme you will find among them is that they enjoy it because its theirs, and they know they are building something for the future.

They also don’t mind putting in long hours because they know that this time is necessary in order for them to move forward. The owner wears many hats: sales calls, bookkeeping, and making sure that customers are satisfied and happy with their product and/or service. They also need to set up appointments, meet deadlines. However, they also know when playtime is over and it’s time to get down to business.

Another trait they all have in common is they get help when they need it. They will contact other professionals when warranted. They would rather be safe than sorry. They realize they are not experts in everything. They also realize at some point in their business that they can’t do it all, and that they have to delegate responsibility to either an outside source, independent contractor, or that they might have to hire an employee.

So, do you have the traits to become a successful entrepreneur?

The Six "F" Words Every Entrepreneur Should Know

Start your own business, and soon enough, you find yourself in a situation where there are many things you want to say, all of them unprintable.

It happens to every entrepreneur – a moment of extreme challenge that causes you to wonder why you started the (expletive) business in the first place. I’ve had my share of those moments since starting our public relations firm in March 2002.

But while trading notes with a fellow entrepreneur recently, I started to think about all the moments of extreme challenge I left behind when I decided I no longer wanted to be somebody else’s employee.

That got me thinking about what really matters to me as an entrepreneur. As I shared my thoughts with my friend, a new list developed – the “F” words I believe every entrepreneur should know. They’ve done the job for me so far, keeping me rooted, married and talking to my kids while we build a successful business. I hope they have the same effect for you.

1. Faith: I’m not a street corner preacher, but I have a deep and abiding faith that starting my business is what I was meant to do in life. I also have a strong faith that I’ve been given the tools to do the job – even in a moment of extreme challenge. Without faith in yourself, in your business and in your purpose, how can you succeed as an entrepreneur?

2. Family: My wife and daughters are the most important people in my life. Starting my business has enabled me to put them at the center of my life, where they belong. Oh yes, I work long and hard, but today, it’s with a clear purpose. The generations of entrepreneurs who built this country understood this principle. Their businesses often bore the family name, and generations of people who were born, lived and died together managed to build great businesses together.

3. Friends: Fortune 500 companies have boards of directors. Entrepreneurs have friends. When no one else will listen, friends will. When others fail to see the beauty of the product or solution, friends will. And when no one else will talk straight to you about a dumb business move, friends will. And they won’t send you a bill.

4. Focus: It’s nice to say you’re an entrepreneur, that you are your own boss. But do you have the commitment to turn that idea into true success? The ultimate measure is your ability not only to set a goal, but stick with it, despite those moments of extreme challenge. You may have to change course along the way, but like a good sailor, you focus, keeping your business pointed to the right shore.

5. Finances: Let’s face it – most of us strike out as entrepreneurs because we believe we can improve our financial situation. I know I have not missed the constraining limits and miniscule salary increases of corporate America. How much do I want to make this year? There is only one answer: How hard am I willing to work? And there is only one reason to ask that question: to make good on my commitment to all the “F” words that rank ahead of money on my list.

6. Freedom: This may be the greatest gift of entrepreneurship. But it is the one that comes only after you can act on all the other “F” words in your entrepreneurial vocabulary. So many entrepreneurs strike out to find success, which they define as freedom from all the things they hated about working for someone else. Unfortunately for these folks, they lack a true entrepreneurial vision – they’re merely running away from something. True entrepreneurial freedom comes from a vision that encompasses what’s really important to you.

Are these the only “F” words an entrepreneur needs to know? Obviously not. But in moments of extreme challenge, remembering these “F” words may help you weather a moment of extreme challenge without resorting to the unprintable variety. And if you’re like me, they may also help you remember why you started the business in the first place.

Pre-Money vs. Post-Money Valuation

When a company decides that it must raise capital, a key question that must be answered is how much the company is worth. For example, if the business needs $500,000 to get started and/or grow, how much of the equity in that company should $500,000 command? Once this question is answered, the company will go out and try to find investors. When doing so, a key question often arises as to whether the valuation is “pre-money” or “post-money.”

“Before the money" or “pre-money” and "after the money" or “post-money” denote simple concepts. However, these simple concepts can even confuse even the most sophisticated analysts at times. If a company is valued at $1 million on Day 1, then 25 percent of the company is worth $250,000. However, there may be an ambiguity. Suppose the company and the investor agree on two terms: (1) a $1 million valuation, and (2) a $250,000 equity investment. In this case, the company may offer the investor 250 shares for $250,000. Immediately there can be a disagreement. The investor may have thought that equity in the company was worth $1,000 per percentage point, in which case $250,000 gets 250 out of 1,000 shares or a 25% equity position. Conversely, the company may have believed that the investor was contributing to the enterprise which was already worth $1 million. Under this rationale, the $250,000 would give the investor 250 shares out of 1,250 shares or a 20% equity position.

The critical issue was whether the agreed value of $1 million to be assigned to the company was prior to or after the investor's contribution of cash (pre-money) or post-money.

In the above case, a pre-money valuation of $1 million and a post-money valuation of $1.25 million were equivalent. Because mixing up the terms could significantly increase the cost of capital raised, companies must be sure to understand the two metrics and agree with investors to the metric that raises them the capital at the appropriate price.

The 7 Traits of an Exceptional & Successful Entrepreneur

How often have you either referred to or considered the expression, “Success is a journey and not a Destination?” Probably many times, yet often being in a hurry to get there, we forget that success is not an end unto itself, but is instead an ongoing process.

Though some people seem to have the Midas touch and easily turn everything to gold, most of us have to give our endeavors lots of time, effort and the sweat of our brow before seeing things come to fruition. The simple truth is that the majority of us are simply not born leaders, but become leaders by who we are and the actions we take. Consequently, whether or not you’re an established entrepreneur or just starting out on your journey, there are particular traits you’ll usually find operating within the exceptional entrepreneur. In fact there are 7 particular traits you’ll generally discover deeply embedded within the exceptional and successful businessperson.

If you’ve already taken the plunge as an entrepreneur, you know that it takes a great deal of planning, development and strategic marketing to succeed. At any given time, there are changes to be considered and new directions to examine. In which case, whether you’re the CEO, CFO, Chief Marketer or Chief Solutions Officer of your company, your journey to success is probably full of trials and tribulations.

To support you in your journey to success, be willing to open your mind and sense of reasoning as you consider whether these traits are part of your driving force. If they are not yet ingrained within you, I recommend that you give them some thought.

THE 7 TRAITS TO SUCCESS

1) Successful Entrepreneurs Gain the Respect of their Peers

One of the first and most obvious characteristics you’ll see operating in an exceptional entrepreneur is an equitable and unbiased disposition . Plain and simple the successful entrepreneur recognizes that no one is above or below. With an attitude of respect for others, the successful entrepreneur gains the respect from everyone they encounter. Strategies, attitudes and methods filter down to each person and reflect on all actions and activities. A successful entrepreneur gives everyone the space to be great. No matter how effective or beneficial your expertise, becoming a successful entrepreneur requires building up of your character muscles, traits and habits, which correspondingly make your dreams a reality.

2) Successful Entrepreneurs Believe and Trust in Themselves

The savvy entrepreneur is good at trusting his or her own ideas and instincts. Starting out as an entrepreneur requires persistence, determination and a high level of self-discipline. Continuing as a successful entrepreneur requires even more persistence, determination and self-discipline. The wise and successful entrepreneur knows this and works hard at developing their level of confidence. If you have a strong code of ethics and believe in yourself, then your ideas can work. Having the desire and passion are the first steps on your journey; getting there requires believing in yourself.

3) Successful Entrepreneurs Follow a Plan

The successful entrepreneur follows a plan. Haphazard or trial and error have no place for the triumphant entrepreneur, for no one gets to his or her destination without a map or a guide to follow. That doesn’t mean you won’t go off course if another road seems better, but it’s still more effective to have a plan in place. Most successful entrepreneurs start out by writing a basic business plan that acts as the impetus and guide for their endeavors. It doesn’t have to be fancy or lengthy but it should include marketing strategies, goals, intentions, ideas and why you can do better than your competition. A business plan should be reviewed and updated periodically for each new idea stirs and inspires other ideas.

4) Successful Entrepreneurs Think Creatively

Successful entrepreneurs are not afraid of thinking creatively. Whether a business idea has already been tried makes no difference to the exceptional entrepreneur. He or she sees better ways of doing things and knows that every idea can be expanded upon, made better, enhanced or broadened . The successful entrepreneur is willing to think outside or the proverbial box, which means using imagination, trying new things and expanding on a vision. The savvy entrepreneur pays careful attention as to whether a particular strategy is working. If after giving it his or her best shot the entrepreneur realizes the particular strategy isn’t working, they know there’s no point in continuing to invest energy, time and effort in the strategy. They move on to another approach and idea.

5)Successful Entrepreneurs Explore Their Exceptional Skills

Successful entrepreneurs realize that we each have our strengths and weaknesses as well as a multitude of skills and talents. Successful people ask themselves often what skills they have that no one shares in quite the same way. An exceptional and successful entrepreneur explores their particular skills until they find the ones that match most closely with their ideal. They don’t try to be and do everything. If the successful entrepreneur needs help, they’re willing to find someone who can do it better, and allows in the support. The successful entrepreneur stays open to change for they recognize that as they move forward, doors open in unexpected places that carry them to their next level of success.

6) Successful Entrepreneurs Envision Their Success

The successful entrepreneur gives time to envisioning how they want their business to look and how they want it to be. Intention is a powerful and dynamic tool. For those who are not inclined towards intention and visualization, talk to a successful athlete and you’ll discover that before each sporting event, the successful athlete envisions exactly how he or she wants things to turn out. Imagine what it will feel like when you’ve reached a particular set of goals. Get in touch with the feelings, you’d have as a successful entrepreneur. Practice and conceive of the sense of empowerment and the joy of having succeeded. The successful entrepreneur knows they have the power to live life the way they want, but to make it a reality, they know it has to be seen first.

7) Successful Entrepreneurs Never Give Up

Giving up is never in the vocabulary of the successful entrepreneur. Of course there may be days when a successful entrepreneur feels discouraged or disappointed, but giving up is not an option. Having faith, trust, confidence and determination are the qualities needed for the successful entrepreneur. To keep their focus on track, they seek out the support of those that know them, encourage them and bring out their natural enthusiasm. The smart and successful entrepreneur realizes that there will be good days and not so good days. Being a successful entrepreneur requires accepting the ebbs and flows of business for it is in fact what separates the exceptional and successful entrepreneur from the one who gives up far too soon.

Herb Filled Pillows Make Over a Million Dollars

Lauren Rosenstadt was a single mom working at a herb
company in Bethesda, Maryland. A herb (pronounced "erb") is
a plant that has medicinal, savory, or aromic qualities. One
day while at lunch with a friend whose daughter suffered
from insomnia, Lauren thought, "If I could fill a pillow
with herbs, that would be soothing and help my friend's
daughter sleep."

A few days later, Sydney Greensheep, a pillow shaped like
a sheep and filled with dried herbs, was completed. Lauren
gave Sydney to her friend to try with her daughter. The
next morning her friend reported, "It's unbelievable, she
slept like a baby!"

Insomnia is epidemic in our fast-pased American lifestyle.
40-50% of Americans complain of occasional bouts with
insomnia. 10-15 percent of the US population suffers from
chronic insomnia. Every year, as many as 10 million
Americans seek a physician's help for sleep disorders. As
many as 10,000 automobile accident deaths each year are the
result of someone falling asleep at the wheel.

Lauren showed Sydney to her boss, who was impressed enough
to provide her with space in the company's booth at a trade
show. Many trade show visitors liked the herb stuffed
pillow idea, and by the end of the show, Lauren had orders
for over 100 pillows.

Lauren hired a seamstress to sew the sheep-shaped pillows.
Then, she stuffed them herself. The trade show buyers put
the pillows on display in their shops, and within days they
all sold for between $18.00 and $22.00 each.

Encouraged by these results, Lauren sent samples to
department stores and specialty shops. Orders started
rolling in. To sew the pillows, she enlisted small home
business sewers. It was hard work to deliver bolts of
fabric and 40 pound bags of filling to their homes. Within
the first year, she grossed over half a million dollars.

Now, Lauren's Herbal Animals can be found in over 750 body
care, gift and natural living shops worldwide. Lauren's
company employs 13 people and has revenue of over a million
dollars a year.

It's interesting to note that Lauren Rosenstadt didn't
start out as a hobby seamstress or craft person. She was a
person who used her insight to help a friend confort her
daughter. After recognizing an opportunity, Lauren didn't
let up. She did the thinking and the work necessary to
achieve success.

Can You Achieve Financial Freedom Using the Internet?

What would you do with a million dollars? Buy your dream house? Retire, invest, and never work another day in your life? Go on a dream vacation? What if you could work from your home for a few hours a day and have money pouring into your bank account; enough to become financially independent for life. Sounds too good to be true, doesn't it? Well, for the most part you're right.

We've all seen the ads for get rich quick schemes. The internet is full of them running the gamut from do-it-yourself real estate ventures to stock market investing to internet marketing. They all have one thing in common; a self-proclaimed guru that's willing to show you how to earn millions if you just buy their secret book. I can tell you right now that 99.9% of these people are total frauds. You may have even fallen prey to one of these scam artists, selling you their latest "work at home" program. I know I have. I've spent years and thousands of dollars looking for a golden opportunity. I've bought into dozens of these schemes, always looking for the big payoff and always coming away poorer and more disheartened. Finally, after so many disappointments, I got MAD. I decided to start researching these programs to prove that all of them were garbage and then tell my tale on the internet. It was a small dream but one I knew I could accomplish.

I contacted the owners or administrators of every work at home website I could find. I would enter into negotiations with them to purchase their website. Many of them were more than happy to sell and gave me the access I required in order to review their material before I would pay them. What I found was infuriating, and to my mind, criminal; almost all of them were junk. Many of the owners actually boasted about how many people bought their useless programs. I repeatedly found:

1. Information that was out of date
2. A complete lack of customer support
3. Substandard or nonexistent email support
4. Broken links within the site, or
5. Links leading to other sites that asked for more money

It was easy to tell that these so-called work at home programs were completely useless. And the owners knew it, yet they were laughing all the way to the bank! They knew that most people wouldn't follow up on a refund, even if they were offered on the site (which many didn't). Obviously I didn't respond when they asked if I was still interested in buying their websites. I toyed with the idea of reporting these people to some form of authority, but I didn't know who. Unfortunately, even though their product was junk, these people hadn't broken any laws. They just took money from average people that were just trying to get ahead in life.

I was able to locate a couple of individuals that actually ran legitimate programs. The owners of these programs are everyday people like you and me that found a way to make extra money working from home on their computers. Their membership areas are impressive, with quality content on how to make $100-$200 per day on your computer doing very little work. Several of them had robust customer service operations available around the clock. I even chatted with a few of their customers in several online forums, and they verified that they are making extra money through the sites, some even said they were making $500-$1,000 a day!

Please, don't take my word for it, review everything for yourself before you get involved. You can visit some review sites I found below. See what you think. The owners do charge a minimal fee for access to their program, which is to be expected for any legitimate company that actually has people on staff who are dedicated to helping you get started. Also, these aren't "get rich quick" schemes where you press the "Easy button" and get millions of dollars dumped in your bank account (although you can make a lot of money with them.) As with any legitimate business opportunity these programs require that you put forth effort and look for results over time. Some of these programs only have room for so many customers, so you may want to act quickly.

Well, fortunately, my quest to debunk all Work At Home programs failed, because I did find some legitimate ones. I have to say I was thoroughly disappointed with most of what I found, and I strongly advise that you do not take chances joining any programs before you thoroughly research them! I thank you for taking the time to read my article and I wish you the best. The links listed below bring you to the opportunities that I found to be the best and most creditable. Good luck in your search!

Respectfully

An Entrepreneur and a Life To Be Remembered

I was reminded of my own mortality today. I guess you can say I had a near death experience, though the death I experienced was not my own.

No, I was never in any danger, nor was my life ever threatened. In fact, I was sitting in the air conditioned comfort of my home office sipping a nice cup of coffee and watching the dogs run around the yard when the moment came.

The sun was shining. The birds were chirping. Life was going along just fine.

Death was the furthest thing from my mind.

Then the news came that Corey Rudl had been killed in a high speed crash at a race track in California. At the moment of his death at the young age of 34, Corey was a passenger in a Porsche that hit a retaining wall at over 100 miles per hour, killing him instantly and the driver shortly thereafter. The track had been rented by a local car club so that Corey and his buddies could take their expensive, powerful cars to the track to see how fast they could go.

Corey died doing what he loved. Those closest to him say he would not have had it any other way.

Corey Rudl was not a professional race car driver. He was an entrepreneur, and one of the best of his breed.

Most of you who read this column probably have no idea who Corey Rudl was or what he accomplished during his short life, and that’s OK. You also have no idea of the imprint he made on me and millions of others who make our living (at least in part) as online marketers. Again, that’s OK. For all his accomplishments, those who knew him well have said that Corey was more concerned about building his businesses than being a public figure. By those accounts, Corey never really cared about being in the public limelight, even though he was probably the most visible and successful entrepreneur in his field.

Perhaps that’s why Corey Rudl was so successful. He knew what was really important when it came to building a business. The limelight came easy to him, but his focus always seemed to be on making his business stronger, serving his customers better. He also knew that there was life beyond business, and he pursued that life with a passion and energy that most of us can only imagine.

Corey Rudl’s story is the classic entrepreneur’s tale. He started his business from his kitchen table just a few short years ago selling a homemade booklet he had written on how to get the best deal on a new car. From that modest start Corey built an internet marketing empire that has generated $40 million dollars in revenue in just a few years.

Corey was the definitive internet marketing guru. He was young, energetic, and highly passionate about his business and his industry. He wrote and spoke frequently on the topics of internet marketing and business success and that’s where he and I briefly crossed paths. We were both expert columnists for Entrepreneur.com and exchanged several polite emails, nothing really personal, mind you, mostly swapping compliments of each others work.

Much of Corey’s time in recent years was spent teaching others how to do what he had done: build a successful online business from scratch. For a man of just 34 years, he packed in decades of expertise and knowledge and he shared it with anyone who would listen, including yours truly.

I never personally spoke or shook hands with Corey Rudl, but I was his customer, his student, and ultimately an admirer. I can attribute much of the success of my own online business to Corey’s teachings and principles. He was one of those rare birds that you didn’t have to meet to feel like you were on a first-name basis with him. Everyone in my little circle of internet marketing friends simply referred to him as “Corey” and we spoke of him warmly, as a friend and mentor. He set the bar for all of us. We wanted to achieve his level of success. We wanted to hit his heights. We wanted to be the entrepreneur that he was.

Corey had just recently married the girl of his dreams. He was a millionaire many times over. He had a big house and fancy cars and a future so bright he had to wear shades. His business was thriving. Life was perfect. Corey Rudl truly had the world by the tail and there was no chance he’d ever let go. I imagine he was holding on tight until the very end.

The lessons we learn from the death of Corey Rudl are the same lessons we always learn when someone so young and vibrant is suddenly taken from us. As entrepreneurs we should take those lessons and apply them not only to our own lives, but to our businesses, as well.

Lesson One: live everyday as if it is your last, because it just might be. As entrepreneurs we often think that our businesses have to come first on our list of priorities. It’s not until a tragedy reminds us that life is too short that we think about making time for the things in life that are really important. Get out from behind your desk. Go play with your kids. Hug your wife. Call your mother.

Lesson Two: be passionate about business, but never let it eclipse your passion for life. Corey was a true entrepreneur whose passion for business was unparalleled, but by all accounts he also knew that a life devoted strictly to business was a life not lived to its fullest. Corey died doing what he loved. Some will argue that his passion killed him and in a way that’s true, but I have to believe that before he knew he was in danger Corey had a smile on his face a mile wide. He would not have lived his life any other way.

As I finish this column my oldest daughter has come in to ask if I’d like the honor of taking her out to Sunday brunch. She’s seventeen now. She has a job, a car, and a life that is very much her own. Chances to be graced with her presence grow rarer with each passing week. Still, any other day I might have weighed her invitation against the eight million business-related things that need my attention.

Today, however, the decision is easy.

I usually end my column with the words, “Here’s to your success.”

This week let me end with, “Here’s to your life.”

Are You Ready for Start-up? Financing: 8 Cons & 5 Pros - From a South African Perspective

Almost every entrepreneur has a start-up financing horror story, how the banker giggled while reviewing the business plan. Because of experiences like these, entrepreneurs often assume that lenders and investors lack either money or good business sense to know a good deal when they see one. But the real reason that most entrepreneurs cannot get financing for their new business is they are just not ready for the money. In other words, if they received the money today, most entrepreneurs would spend it without any long term positive results. Being ready for start-up financing means having a plan for spending the money wisely and being able to prove to others that they will follow it. failing to convince potential lenders and investors that they can add value to their business using these peoples money is a surefire way to be rejected. Here are some of the reasons why entrepreneurs fail to get start-up money:

1. Poor communication: Refers to inadequate description of the business.

2. Insufficient sales and marketing strategies: Remember the old adage: " Nothing in business happens until someone sells something." Investors like to see about 30% of a business plan devoted to marketing and selling.

3. Ignoring the negatives: Every business venture faces threats and problems. Investors get nervous if an entrepreneur cannot explain them.

4. Over-emphasis on the product or service. A common tendency of entrepreneurs is to fall in love with their product or service concept. Spend time in selling the entire business concept.

5. No assumptions for financial projections.

6. Insufficient evidence of the market.

7. Failing to know how much money you need.

8. Failing to set yourself and your business apart from the rest.

What can you do to prove you are ready for the financing you need?

1. Your business plan must explain the business, not just the product or service and its competitive advantage.

2. Your business plan must show that you understand the power of the bottom-line, providing a way to pay back loans or produce an attractive return on investment.

3. You must have a clear strategy for marketing your product or service and know what it will cost to make or provide.

4. You must show exactly how you will use the money to meet your company's goals.

5. You must prove that the business concept will work, that customers will buy your goods or services, before looking for money.

The Term Sheet's Role in Raising Venture Capital

Entrepreneurs and companies who are seeking venture capital often negotiate with one or more venture capital firms on a number of important issues. These issues include the amount of capital to be raised, the investment terms, etc. The document which summarizes these terms is known as a "term sheet."

The term sheet is similar to a letter of intent, that is, it is a nonbinding summary of the key points of the transaction. These points are later covered in detail in the Stock Purchase Agreement and related agreements signed at the time of execution of the transaction.

The value of the abbreviated term sheet format is that it speeds up the process of consummating a transaction. Specifically, it allows the parties to agree on the general terms of the transaction rather than having to debate less important details. In addition, because it is not binding, it allows the parties to take their discussions to the next level without the danger of committing too much. Note, however, that some parts of a term sheet may be binding. Typically the binding aspects only refer to confidentiality and disclosure issues.

Venture capital firms, and not the companies seeking capital, typically prepare the term sheet to include the terms under which they are willing to invest their capital. Alternatively, when seeking capital from angel investors, firms typically create their own term sheets for the angels to review. This fact tells a bit about the balance of power in an investment transaction. Venture capital firms are often more sophisticated and have more power than the companies seeking capital. Alternatively, angel investors are typically less sophisticated and have less power, and are more prone to consider the investment terms as laid out by the company seeking capital.

Getting to a term sheet is a key milestone in the capital raising process. Although not all term sheets result in a transaction, the term sheet shows that both parties are legitimately interested in executing a transaction. It is then up to the investor and company to agree upon the details.