V.L. Thompson's Blog, page 15

What to Know and Do Before Applying for a Loan for Your Business

Document Resource by Tom Fleckenstein from America’s SBDC (asbdc-us.org)

Going after a loan? These are the six essential areas a lending institution will consider

Your Personal Character

The very first thing a loan officer looks for when reviewing a business proposal is some indication of how trustworthy you are. If your background demonstrates a lack of integrity, your request will not be considered, even if it’s the best business idea there is. They want to know a lot about you personally; who you are, how long you’ve been in business (if at all), and your history of meeting your financial obligations. Your credit history will be checked to see how you’ve handled previous debts. Why? Because if you are a small business, in the eyes of the lending party you ARE the business, and how you’ve handling things in the past is a good indicator of how you’ll handle them in the future.

What To Do:

Know your credit report. Get a copy well before your loan request is made, and if it is less than perfect (which most are) fix or resolve any mistakes in the report. If you have a low score because of a bad payment history or too much debt (I have been told by some in the banking industry that credit card balances should not exceed anywhere from 5-15% of your gross income), clean it up before applying. It takes time to do this, so begin this task well in advance. Make sure you have some good personal references. It does make a difference if somebody they may know and respect will vouch for you. If you have some gaps in your work history or issues in your background be prepared to explain, in detail, the reason(s) for these “black marks”. Honesty is the best policy! Be truthful, but you don’t necessarily have to be blunt or negative.

Your Ability to Actually Run the Business

An old saying goes “just because you can bake bread does not mean you can run a bakery”. The lending institution needs to be sure that you or the person making the business decisions knows what they are doing. Bad management is the primary reason why most new businesses don’t make it more than 3 years, and your lender is not in business to lose money on bad investments. Many times the knowledge, skills and abilities (KSA’s) you have may be something you can apply to the new company, but are not necessarily something you learned in your new company’s area of business. For example, you may have worked as a manager in a very successful retail clothing store, but you want to open a dry goods store. You basically understand what it’s going to take to work in a retail environment, but will have somewhat of a learning curve when it comes to the dry goods business. The skills you can bring with you are called transferrable skills and are important, so let the lending institution know you have them.

What To Do:

Look at your resume and see how much of your background is transferrable to your new business. If you do not have adequate experience, it may be a good thing to go to work for someone who does essentially what you hope to do yourself and learn the ropes. The lending institution will want to see a brief bio/resume on you and anyone in a key position in your new company, to see that those in decision making roles know what they are doing. Have a brief bio/resume prepared for all those persons involved with you. If you do not have the necessary KSA’s to run this new business, you may want to seriously consider hiring someone with more experience to run it for you – at least for the interim – until you are capable. This will probably make a big difference in the chances of you have of getting the funds.

Can You Pay Me Back?

The biggest question in the lending institution’s mind, if in their estimation you seem to be a credible, trustworthy, knowledgeable candidate, is if you can pay back the money they would be lending you. Lenders are conservative by nature, and the information you are providing them in your business proposal HAS to be objective, accurate, believable and concise. The conclusions they have to reach after reading the proposal should be that it is a solid idea based on credible information. While there are no guarantees, their exposure to risk seems to be palatable. Keep in mind that the person you are talking to about the loan did not go into their field because they wanted to sell, but in essence what you are asking them to do is sell your idea to the loan committee. They have to feel comfortable with the idea and with you as well. If they present your request to the committee and it is based on bad or inadequate information, not only will you not meet you obligation to repay but you quite possibly have damaged the loan officer’s reputation and maybe even his/her job.

What To Do:

Be prepared to demonstrate several things in your plan; how you can make your loan payments, at what point are you estimating you will show a positive cash flow and eventually profit (they are not the same thing!), and how big a profit you expect to see, when, and will it be sustainable. Create a minimum of a 2 year projected cash flow – which if the truth be known – is the foundation for generating your business proposal. This cash flow projection is part of your overall “pro forma” and is the second thing a lending officer will review, after your Executive Summary. Most, if not all, lending institutions require this and some need 3 years’ projections, all based on monthly income and expenses. Every figure you put in the cash flow has to have some sort of “reasonable assumption” backing up the reason you chose to use that number to represent the income or outgo of money. The litmus test is that if you use a figure, you should be able to generate some sort of documentation as to why the figure you used is accurate. And example would be the power bill – did you just guess or actually call the power company to find out the true costs? Key point – Be sure your numbers show “seasonality” of both sales and expenses. I know of very few companies that have the same costs or income every month for everything. Also, do not round your number off to the nearest $50. Make them accurate to the dollar if possible, and be able to “prove” your number is accurate. Think about it – when is the last time you got a phone bill for exactly $100 every month? Do you think a loan officer doesn’t notice things like that? Just that simple change can make a huge difference in your chances of success. Key Point – If you are a new business it may be best to begin the forecasting process by determining your break-even point on the cash flow, then go on to show if this number is realistic and sustainable. What you are trying to generate is a feel for how much business you HAVE to do to cover your costs, then figure out how much more than that you expect to do. Keep it realistic. It’s better to be pleasantly surprised than mildly disappointed when projecting sales figure, and most business owners tend to be pretty optimistic when it comes to sales. Also, determining your breakeven will give you a firm grasp as to how the business is doing at any given point. (ie., I have to sell 40 units a week to cover my costs for the month).

Your Business Environment

What your business is going to offer and where it is going to offer it is a big part of the decision making process of a lending institution. Questions like “who will be our competitors?” and “where are they located?” may be a couple of the questions you need to be prepared to answer. Bigger questions like the overall state of the general economy may play a role, as well as “why will your product/service be better than what’s already out there?” might be raised.

What To Do:

When thinking about your business, consider a couple of things: If there are no direct competitors in your immediate geographic area, is it because 1) there is not enough demand to support the business in the region, 2) what you plan to offer can be gotten easily and more cheaply online, or 3) nobody thought of it? If you are planning an online business you have to keep in mind that your marketplace is international; what may seem to be good for you in your geographic area may not be what is wanted or needed elsewhere. Do you homework on determining what else is available online that meets the needs you hope to fulfill. Is your business idea one that is highly dependent on seasonal activity or drastically affected by the overall economy? Areas such as tourist-based industries, gift items, sports related, and other non-essentials can be harder to get a loan for than other businesses that deal with more basic products and services. Your competition is not limited to just those who do what you do. If your product or service is one that would be purchased with disposable income (money spent for non-essential items), your competition could be virtually anything that someone could spend their money on to have fun, feel better about themselves, get something they really don’t need but would like to have, etc. For example, if you have $50 in your pocket and you were going to spend it on something that was not essential, what would or could you spend it on? A nice meal? A trip to the mall? Get your nails done? Download some music? Buy a subscription to a magazine? All these things could be considered indirect competition for your business. One other thing to consider; is your direct completion going to be other small businesses or Wal-Mart? It does make a difference….. Research your competition objectively.

Collateral and Loan Guarantees

While lending institutions are looking primarily at your business’s ability to repay what you owe them, they do want to have some sort of assurance that if the business goes belly up there is a way for them to recoup the potential loss from the bad loan. What they would like to see is something that is easily converted into cash, and is equal in value (or more) that what you’re requesting. And even if you do get a loan, it will not be approved for 100% of what you need; historically you will have to generate anywhere from 10 to 30% of the capital from elsewhere, and not loans from other creditors. The only real loan that makes sense to use is a second mortgage on a house, but unless you have a lot of equity in the house it will lessen the chances of getting the loan you’re applying for – especially if you are planning on using the house as collateral for the loan you’re asking for from them. Some things that are not considered to be too good for collateral are:

- Rolling stock – cars, trucks, etc.
- Inventory – don’t expect much in the form of value here. Maybe 25% of what it cost you.
- Restaurant equipment
- In some cases, undeveloped land

It is not an unusual practice to require that all principle owners of the business cosign and/or provide some sort of personal guarantee for the loan; meaning they are responsible for repayment if your business fails. This really accomplishes two goals – it assures the bank of recourse if the business is not successful, and it demonstrates that there is a commitment from the participants in the business venture to make it work.

What To Do:

Before applying for a loan, make sure everyone involved is aware of the need for their potential guarantee on the loan repayment. They will probably have to go through the credit check by the lender as well. If you’re planning on using something that can be appraised for its value (like a house), have a recent appraisal available for review by the loan officer. Be able to document your costs thus far in the business to show you have invested the necessary amount out of your pocket to cover the equity you need to have to secure the loan. There’s nothing wrong in asking the loan officer what they would consider viable for use as collateral.

Conditions and/or Terms of the Loan

Significant issues that may affect our application for a loan include:

- How much money do you want to borrow?
- What are you going to use it for?
- How long do you want to take to pay it back?

When a lending institution gets a request for a loan, what the loan is going to be used for is crucial to their decision making process. It is in your best interest to spell out where the money is going to be used, and how the loan is going to increase your income over and above the cost of the loan repayment. If you are starting a business, be prepared to include at least 90 days of operating expense in the loan request; you are not going to be running at full capacity right off the bat – your business will ramp up – and you will need some money to keep the doors open during that time. Odds are the operating capital you request will not be gone in 90 days; as you increase sales you will require less and less of that money and it will be your cushion for much longer. Some business types will historically need more than 90 day working capital, so ask what is the typical amount of working capital included for your type of company when applying for a loan. Where the money is going is also crucial. If you are going to use the majority of the money for debt consolidation or to increase your salary, you are dramatically limiting your chance of being funded. Lending institutions are much more open to loaning money for purchasing equipment or something that is tangible, retains its value, and they can repossess if necessary. The length of a loan has role in the overall decision. The difference in the monthly payments between a 5 year and 10 year loan can be significant to the cash flow, and can make or break a company’s success. It would be in your best interest to run your cash flow projections using information provided by your loan officer giving you the typical loan length and interest rate.

What To Do:

Make sure your terms of the loan are reflected in your payment for the loan in the cash flow projections. If you are planning on starting a business, do not put in the salary you’d eventually like to make. Determine your “survival level” salary needs and use that number. If you are making a profit at those levels, those profits could be your salary increase. A lending institution is not going to look at a loan where a significant portion of the money they’re loaning is going into your pocket.     Click here to download printable version

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12 Bible Verses Every Small Business Owner Needs

Article by Melinda Emerson from HuffingtonPost.com

I pray that you are inspired by God’s word. Your faith in yourself and your business are key to your long-term success. Starting a small business is a spiritual journey. You should pick a verse that will inspire you. I thought it would be helpful to share some of my favorites. Use these bible verses in the good and tough times in your small business.


1. Deuteronomy 8:18 NIV But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today. All of our skills and special talents that we use in our businesses are all given to us by God. He gives us the ability to make money and cut deals. He did it for our parents and mentors and he does it for us too.




2. Romans 12:2 NIV Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is–his good, pleasing and perfect will. The bible commands us to be innovative in our businesses. We should not ever try to be like anyone else. The world is still waiting on a better mousetrap, and we should never rest on our successes. We must renew ourselves by being lifelong learners and reading constantly.




3. I Thessalonians 5:16-19 NIV Be joyful always; pray continually; give thanks in all circumstances; this is the will of God for your life. It is important to have a prayerful life as an entrepreneur; it will help you on those days when things do not go your way. You need to have the strength to thank God, even when you do not win that big contract. God protects us when we do not get opportunities that we think we can’t survive without. Always be grateful.


4. Proverbs 16:18 NIV Pride goes before destruction, a haughty spirit before a fall. Many entrepreneurs struggle with pride. Do not be afraid to tell clients or employees that you do not know the answer. Try to diffuse any issues with truth and by taking full responsibility for fixing the problem. Never let your ego get in the way of doing what’s in the best interest of your business.




5. II Corinthians 9:8 NIV And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work.God always delivers to us what we need in order to do our best work. Sometimes he sends a check we need just in time, and other times he sends us creativity to find the best solution to our challenges. Trust in the Lord at all times.




6. II Timothy 1:7 NIV For the Spirit God gave us does not make us timid, but gives us power, love and self-discipline. Fear is the enemy of entrepreneurship. God wants us to go out with the power he gives us to pursue our ideas in business.




7. Hebrews 12:11 NIV No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it. You must be fiscally disciplined in business. You cannot put all your hard work at risk by not being focused on your big picture goals and your monthly sales goals. It is painful at times, but it will produce quite a harvest.




Read full article on  HuffingtonPost.com

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Cheese! Small businesses get sales off Instagram

Article by Joseph Pisani from USAToday.com NEW YORK — A picture is worth thousands of dollars for Limelight Extensions. Phones start ringing at the Farmington Hills, Michigan, salon each time co-owner Miranda Jade Plater posts pictures on photo-sharing app Instagram. Would-be customers call to book appointments or ask questions about hair extensions she posts. Colorful styles get the most attention. Plater still gets calls about a photo of herself that she uploaded two months ago. In it, she’s wearing long, black curly hair extensions with the ends dyed bright orange. That photo alone has generated about $10,000 in sales. “Without Instagram I couldn’t tell you where we would be right now,” she says. Instagram is an increasingly important part of small businesses’ social media strategies. It’s helping them drive sales, gain customers and develop their brand. The app is especially helpful to restaurants, bakeries, clothing stores, hair salons and other businesses that sell items that photograph well. The app, which was founded in 2010 and was bought by social media company Facebook in 2012, reaches more than 200 million users worldwide. Owners say it’s easy to use and like that they can automatically post their Instagram photos on their businesses’ other social media accounts, including Facebook and Twitter.

 

Paying for attention To boost Limelight Extensions’ followers, Plater pays local models and reality show stars to promote the company on their accounts. Payment is either a percentage of sales, a flat rate or free hair. In return, they post photos of themselves wearing the extensions with a link back to Limelight Extensions’ Instagram account. The company has more than 27,000 followers. Yumbox is trying a similar strategy. The Doylestown, Pennsylvania-based company makes colorful lunch boxes with portioned sections meant to teach kids balanced eating. It recently paid a well-followed health food blogger to post a photo of a food-filled Yumbox. The post spiked traffic to its website and doubled its Instagram followers to nearly 5,000. Facebook, Pinterest and Twitter allow small businesses to pay to promote their posts and gain followers. Instagram, which declined to comment for this story, doesn’t do that yet. On its website, it says it is working on offering advertising to more of its users.

 

Reaching out to customers There are cheaper ways to build followers. Yumbox reposts customer photos. Devitt and co-owner Maia Neumann scour Instagram for photos others have posted using Yumbox as a hashtag. (A hashtag is a word or sentence that begins with the pound sign (#), such as #yumbox. Using a hashtag, which is clickable, makes it easier for users to find all the pictures about one topic.) Devitt says reposting encourages more people to share photos of their own Yumbox, getting the boxes in front of even more eyes. Women’s clothing shop and online store UOI Boutique broadcasts its customers’ Instagram photos on its website. When someone uploads a picture of a skirt or top or necklace on Instagram with the hashtag #uoionline, it automatically shows up on uoionline.com. The Sterling, Illinois, company also asks its 25 workers to take at least one photo with their smartphone during their shifts. The best are uploaded to UOI Boutique’s Instagram account.

 

Hashtag everything The right hashtag can attract customers from far away. Brooke Sacco, the owner of Behind The Moon, a shop that sells used and new kids clothing in Hammonton, New Jersey uploaded a photo of a pair of outfits with the hashtag of the clothing’s brand name. A potential customer in Dallas was searching for that brand on Instagram and asked Sacco to send the $7 dress and romper to Texas. It was the first time Sacco had shipped clothing to customers since she opened the store in April. She tries to post six photos a day, complete with hashtags. “It’s free advertising,” Sacco says.

 

Read full article on USAToday.com

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Best Reason to Start a Business? God Asked.

Article by Larry Kim from Inc.com

One entrepreneur explains how he answered God’s call by starting a new venture.

Entrepreneurs start businesses for a variety of reasons: some out of interest, some out of necessity, and some because they simply can’t see themselves doing anything else.

Even so, for some people the reasons why they started a business often get forgotten as they deal with the everyday challenges and necessities of running the business. That’s not the case, though, for Larry Kim, the founder and CTO of WordStream.

You might agree or disagree. Either way his take is definitely thought-provoking–and any time you think more deeply about your business, and the broader purpose of your role in that business, is time well spent.

Below is a guest post from Kim. Let me know what you think in the comments.

Is God Calling You to Start a Business?

Entrepreneurs spend a lot of time reading about how to run a business–but not nearly as much thinking about why to start one in the first place.

I mean beyond the standard “be your own boss” or “get rich quick” clichés.

For many people, deciding on a career path is a deeply spiritual process of finding their so-called calling in life, and sometimes even answering a call from God. Many feel called by their creator to serve honorable causes like caring for the sick, helping the poor, teaching our children, protecting others, or saving lives.

But what about entrepreneurship–can starting a business be as virtuous a career as say, social work?

Can entrepreneurship be a legitimate, godly calling in life? And if so, can God call upon you to start a business?

 

The Case for Entrepreneurship as a Calling in Life

People I ask generally say entrepreneurship can be a legitimate calling in life, citing reasons like:

We need people to start businesses and to make tons of money so they can fund worthy causes like helping the poor. Like how Bill Gates founded Microsoft and is now funding the elimination of diseases in the developing world.

Or:

Business people are pretty corrupt people, so we need a few God-fearing entrepreneurs to start businesses so that they may bear witness to the scum of the earth. Like how Jesus once saved a corrupt tax collector.

But I reject these arguments.

Why?

Because these reasons aren’t exclusive to entrepreneurship! Meaning, you can make lots of money in any profession, like sports or showbiz, and there are scumbags in every profession–take politics, for example.

 

Why Entrepreneurship?

Most believe the purpose of business is to Maximize Shareholder Value.

I believe that profits are a means to an end, and that the ultimate goal of the firm should be to create sustainable jobs in order to make more profits, create more jobs, and so on.

If an entrepreneur provides meaningful and rewarding employment to people, employment which helps enable them to realize their full potential in life, then I believe that can constitute a godly purpose or calling in life.

 

Read full article on Inc.com

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God’s Business Plan

Article by Gary Keesee from FaithLifeNow.com

For the last twenty years I have successfully operated several companies. I discovered that to be successful in business I had to trust the Kingdom of God. Early on, I realized that God gives you direction and favor in this life, but I had to do my part.

When I started in the insurance business, I was a single young man with little experience in life. I believed in what the company I worked for was doing, and I needed the money, but I did not like to talk to people. After I went through the licensing process, my manager taught me what to say on the phone in order to set appointments; then he left it up to me. At the time, I was in college and did not have many adult contacts to call. However, I did work during the day as a drapery installer, and this did put me in contact with various adults as I worked briefly in their homes.  I called my boss and asked if he would mind if I called these people concerning my new part-time business so I could set an appointment. I was excited, as well as scared, when he gave me permission, and I set the following evening aside for the purpose of setting appointments. After supper, I went to the office and started going through the files, back-tracking my installations. Very slowly I got my nerve up to make my calls. The first customers were not interested, and I felt more scared than ever. My mouth was so dry that I had to continually go to the water cooler to get a drink. After three hours of fumbling with paper and fighting fear, a person said “yes” to my call. I was so excited that I stopped and went home. The call produced my first sale and a check of over $300, which was more than I made all week installing draperies.

Proverbs 29:25 The fear of man will prove to be a snare, but whoever trusts in the Lord is kept safe.

I was not good at talking to people one-on-one. To be honest with you, it was something I usually tried to avoid. The reason it was so hard for me is that when I talked to people I risked REJECTION.  I had to understand how to deal with people and gain confidence from God to step out there and win.

I had to trust the Lord over every aspect of my business. If I allowed the fear of man to stop me from advancing, then I would surely fail – just as a snare stops an animal and steals his freedom and life. That is what Satan would like to see in our life! The fear of man stops the blessings of God from flowing in our life and the potential that God Himself placed there from ever coming forth. I had to make a decision that I would succeed. Failure and quitting are not options for a child of God. There will be some tough times and some moments of uncertainty, but that is to be expected with any victory or major accomplishment.

I remember when I was first married and things were very tight financially. We were full time in the insurance business on a 50% contract. I now had a new wife to take care of, which meant more responsibility and pressure. I WAS SCARED!  One particular week, I had not set many appointments, and the prospects didn’t look promising. I had left on a call, and when I got home my wife greeted me with a big smile and handed me a list of appointments she had set for that week…I was shocked! She had set seven appointments doing cold calls from the phone book!  This story goes to show you that if you really want to succeed, there is always a way.

Read full article on FaithLifeNow.com

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Mind Your Own Business

Article from articles.wishbowl.org

 

What makes someone a successful entrepreneur?

It certainly helps to have strong technology skills or expertise in a key area, but these are not defining characteristics of entrepreneurship.

Instead, the key qualities are traits such as creativity, the ability to keep going in the face of hardship, and the social skills needed to build great teams. If you want to start a business, it’s essential to learn the specific skills that underpin these qualities. It’s also important to develop entrepreneurial skills if you’re in a job role where you’re expected to develop a business, or “take things forward” more generally.

It’s very easy to get lost trying to rate ourselves against our peers or even rate ourselves around society when it comes to success. Its actually depressing at times and inconclusive as you often get side tracked comparing apples to oranges. In our quest for success, we often look for some sort of ranking system to gauge how well we are doing and unfortunately decide to use others as the measure.

It is often an inaccurate scale as so many factors come into play, so many that it makes it unfair to compare yourself to others on any level. There are so many circumstances that dictate success it makes it impossible to find multiple people with identical circumstances to compare us to. Since we cannot compare ourselves to others, we must become our own competition and strive for perfection daily in order to move forward. We ultimately set the velocity at which we move. The results however are none that can be compared to others as every situation is as unique as the next.

The real point here is why do we worry about what others are doing if we ultimately shouldn’t compare ourselves to them. The answer is jealousy and should end immediately. If you are someone that often finds yourself worrying about what others are doing, how they are doing it and where their wealth comes from, then start minding your own business and instead focus your energy on yourself and your work which is what will get you there, not finding out if your neighbor is in the Mafia or indeed a real estate guru. The best way to check if you are yourself is to ask yourself if you often form conclusions when faced with an individual who has attained a higher level of monetary success. Do you often find yourself guessing that perhaps this person was given wealth from past generations or that they are involved in negative activities that have led to financial success?

One should rather focus our energy and efforts on our own growth and not criticize others whose level of success is above ours. If you find yourself in such a negative position where a friend or relative seems to feel that way, then identify them as one whose lack of effort and lack of motivation is ultimately going to be the reason they fail, and separate yourself from that energy instantly.

Defining Entrepreneurship

Some experts think of entrepreneurs as people who are willing to take risks that other people are not. Others define them as people who start and build successful businesses.

Thinking about the first of these definitions, entrepreneurship doesn’t necessarily involve starting your own business. Many people who don’t work for themselves are recognized as entrepreneurs within their organizations.

Regardless of how you define an “entrepreneur,” one thing is certain: becoming a successful entrepreneur isn’t easy.

So, how does one person successfully take advantage of an opportunity, while another, equally knowledgeable person does not? Do entrepreneurs have a different genetic makeup? Or do they operate from a different vantage point, that somehow directs their decisions for them?

Though many researchers have studied the subject, there are no definitive answers. What we do know is that successful entrepreneurs seem to have certain traits in common.

Check for yourself if you have these traits:

- Interpersonal skills.




- Critical and creative thinking skills.




- Practical skills.

Optimism: Are you an optimistic thinker? Optimism is truly an asset, and it will help get you through the tough times that many entrepreneurs experience as they find a business model that works for them.

Vision: Can you easily see where things can be improved? Can you quickly grasp the “big picture,” and explain this to others? And can you create a compelling vision of the future, and then inspire other people to engage with that vision?

Initiative: Do you have initiative, and instinctively start problem-solving or business improvement projects?

Desire for Control: Do you enjoy being in charge and making decisions? Are you motivated to lead others?

Drive and Persistence: Are you self-motivated and energetic? And are you prepared to work hard, for a very long time, to realize your goals?

Risk Tolerance: Are you able to take risks, and make decisions when facts are uncertain?

Resilience: Are you resilient, so that you can pick yourself up when things don’t go as planned? And do you learn and grow from your mistakes and failures? 

Interpersonal Skills

As a successful entrepreneur, you’ll have to work closely with people – this is where it is critical to be able to build great relationships with your team, customers, suppliers, shareholders, investors, and more.

Some people are more gifted in this area than others, but, fortunately, you can learn and improve these skills. The types of interpersonal skills you’ll need include:

Leadership and Motivation: Can you lead and motivate others to follow you and deliver your vision? And are you able to delegate work to others? As a successful entrepreneur, you’ll have to depend on others to get beyond a very early stage in your business – there’s just too much to do all on your own!

Communication Skills: Are you competent with all types of communication? You need to be able to communicate well to sell your vision of the future to investors, potential clients, team members, and more.

Listening: Do you hear what others are telling you? Your ability to listen can make or break you as an entrepreneur. Make sure that you’re skilled at active listening and empathetic listening.

Personal Relations: Are you emotionally intelligent? The higher your EI, the easier it will be for you to work with others. The good news is that you can improve your emotional intelligence!

Negotiation: Are you a good negotiator? Not only do you need to negotiate keen prices, you also need to be able to resolve differences between people in a positive, mutually beneficial way.

Ethics: Do you deal with people based on respect, integrity, fairness, and truthfulness? Can you lead ethically? You’ll find it hard to build a happy, committed team if you deal with people – staff, customers or suppliers – in a shabby way.

Critical and Creative Thinking Skills

As an entrepreneur, you also need to come up with fresh ideas, and make good decisions about opportunities and potential projects. Many people think that you’re either born creative or you’re not. However, creativity is a skill that you can develop if you invest the time and effort.

Creative Thinking: Are you able to see situations from a variety of perspectives and come up with original ideas? (There are many creativity tools that will help you do this.)

Problem Solving: How good are you at coming up with sound solutions to the problems you’re facing? Tools such as Cause & Effect Analysis, the 5 Whys Technique, and CATWOE are just some of the problem-solving tools that you’ll need to be familiar with.

Recognizing Opportunities: Do you recognize opportunities when they present themselves? Can you spot a trend? And are you able to create a plan to take advantage of the opportunities you identify?   Read full article on articles.wishbowl.org

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I Can Make It Happen

Article from articles.wishbowl.org History abounds with tales of experts who were convinced that the ideas, plans, and projects of others could never be achieved. However, accomplishment came to those who said, “I can make it happen.” The Italian sculptor Agostino d’Antonio worked diligently on a large piece of marble. Unable to produce his desired masterpiece, he lamented, “I can do nothing with it.” Other sculptors also worked this difficult piece of marble, but to no avail. Michelangelo discovered the stone and visualized the possibilities in it. His “I-can-make-it-happen” attitude resulted in one of the world’s masterpieces – David.

The experts of Spain concluded that Columbus’s plans to discover a new and shorter route to the West Indies was virtually impossible. Queen Isabella and King Ferdinand ignored the report of the experts. “I can make it happen,” Columbus persisted. And he did. Everyone knew the world was flat, but not Columbus. The Nina, the Pinta, the Santa Maria, along with Columbus and his small band of followers, sailed to “impossible” new lands and thriving resources. Even the great Thomas Alva Edison discouraged his friend, Henry Ford, from pursuing his fledgling idea of a motorcar. Convinced of the worthlessness of the idea, Edison invited Ford to come and work for him. Ford remained committed and tirelessly pursued his dream. Although his first attempt resulted in a vehicle without reverse gear, Henry Ford knew he could make it happen. And, of course, he did.”Forget it,” the experts advised Madame Curie. They agreed radium was a scientifically impossible idea. However, Marie Curie insisted, “I can make it happen.”

Let’s not forget our friends Orville and Wilbur Wright. Journalists, friends, armed forces specialists, and even their father laughed at the idea of an airplane. “What a silly and insane way to spend money. Leave flying to the birds,” they jeered. “Sorry,” the Wright brothers responded. “We have a dream, and we can make it happen.” As a result, a place called Kitty Hawk, North Carolina, became the setting for the launching of their “ridiculous” idea. Finally, as you read these accounts under the magnificent lighting of your environment, consider the plight of Benjamin Franklin. He was admonished to stop the foolish experimenting with lighting. What an absurdity and waste of time! Why, nothing could outdo the fabulous oil lamp. Thank goodness Franklin knew he could make it happen. You too can make it happen!

It Couldn’t Be Done

Somebody said that it couldn’t be done, But he with a chuckle replied That maybe it couldn’t, but he would be one Who wouldn’t say so “till he tried.” So he buckled right in with the trace of a grin On his face. If he worried, he hid it. He started to sing as he tackled the thing That couldn’t be done, and he did it. Somebody scoffed: “Oh, you’ll never do that; At least no one ever has done it.” But he took off his coat and took off his hat And the first thing he knew he’d begun it. With the lift of his chin and a bit of a grin, Without any doubting or quiddit, He started to sing as he tackled the thing That couldn’t be done, and he did it. There are thousands to tell you it cannot be done. There are thousands to prophesy failure. There are thousands to point out to you, one by one, the dangers that wait to assail you. But just buckle right in with a bit of a grin, then take off your coat and go to it; just start in to sing as you tackle the thing that cannot be done, and you’ll do it.

From Candles to Soap

In 1879, Procter and Gamble’s best seller was candles. But the company was in trouble. Thomas Edison had invented the light bulb, and it looked as if candles would become obsolete. Their fears became reality when the market for candles plummeted since they were now sold only for special occasions. The outlook appeared to be bleak for Procter and Gamble. However, at this time, it seemed that destiny played a dramatic part in pulling the struggling company from the clutches of bankruptcy. A forgetful employee at a small factory in Cincinnati forgot to turn off his machine when he went to lunch. The result? A frothing mass of lather filled with air bubbles. He almost threw the stuff away but instead decided to make it into soap. The soap floated. Thus, Ivory soap was born and became the mainstay of the Procter and Gamble Company. Why was soap that floats such a hot item at that time? In Cincinnati, during that period, some people bathed in the Ohio River. Floating soap would never sink and consequently never got lost. So, Ivory soap became a best seller in Ohio and eventually across the country also. Like Procter and Gamble, never give up when things go wrong or when seemingly insinuations problems arise. Creativity put to work can change a problem and turn it into a gold mine.   Read full article on articles.wishbowl.org

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6 Fantastic Ways To Improve Your Memory

Article by Mona Lisa Schulz M.D., Ph.D. from HealYourLife.com

Memory. I have it. You have it. And then we feel like we’re losing it. Losing it. With all our brain changes at midlife, are we really losing our minds? Here’s how you can utilize these brain-changes when they are taking you from having an ordinary earthbound brain and memory to having access to universal intuition and spiritual mysticism.

 As you experience more anxiety and panic at midlife, you begin to lose your inner calmness and serenity in a crowded supermarket or suburban mall.  With more irritability and impatience at midlife, you tend to lose your cool in heavy highway traffic. And finally, when you feel like you’re losing your memory, you start losing your keys, wallet, and reading glasses.

 Like the song that Barbara Streisand sings from Cats—”Memory,” we can get lost in our dreams of the old days. Life was indeed beautiful when we had pinpoint mental clarity. At least it was better than what our brain is capable of now with all this hormonal havoc. Life was indeed beautiful then. However, we’re not helping our memory by perpetually “dreaming of the old days” and wishing we had the brain and body of a 20-year-old.

 How can you improve your memory? Let’s do a medical intuitive reading on what could make or break your memory. Let’s go body center by body center.

The First Emotional Center (Your Bones, Joints, Blood, Immune System and Skin): 

Memory can be affected by immune system disorders like chronic viruses such as Lyme and chronic fatigue. If you have an autoimmune disorder like SLE/lupus, rheumatoid arthritis or others, your attention and ultimately your memory may at times feel foggy.

The Second Emotional Center (Your Bladder, Reproductive Organs, Lower Back and Hips):

We are usually aware of menopausal estrogen and progesterone changes that may affect a woman’s memory. But, did you know that, at times, when a man’s testosterone dips, he, too, may have brain fog?

The Third Emotional Center (Your Digestive System, Weight, Adrenal Glands, Pancreas and Addiction):

Alcohol, pain medicines like Percocet, and oxycodone can all deplete your attention and memory. Did you know that if you have chronic esophageal reflux, gastritis and other ailments, you may be prone to low B 12 levels, making you feel you are losing your memory? Anorexia and low blood sugar can affect your focus and memory by depriving your brain of critical nutrients. However, diabetes and obesity may affect not just nutrition but can clog critical arteries that supply brain memory centers. Chronic trauma and adrenal gland cortisol also clogs brain memory centers making your thoughts and memory feel like they reside in a fog. 

The Fourth Emotional Center (Your Heart, Lungs and Breasts):

Long-term high blood pressure, high cholesterol, and heart rhythm problems may predispose you to small artery disease that could dull your memory. Depression, moodiness and panic may also cause your memory to get lost in the shuffle of emotions.

The Fifth Emotional Center (Your Mouth, Neck and Thyroid): 

Autoimmune thyroid problems like Hashimoto’s disease and Graves disrupt brain circuits for memory. Attention deficit disorder, traumatic brain injury, stroke, MS, epilepsy and other brain disorders may also change how your mind remembers.

The Sixth Emotional Center (Your Brain, Eyes and Ears): 

After reading this entire laundry list of problems that can cause you to have a foggy memory, the vast majority of the time your problem is not Alzheimer’s disease, a degenerative disorder of the brain.

At midlife, “another  day is dawning ” in how you experience the world. You may not be able to remember as quickly everything you see, hear, smell, taste and feel on a daily basis. This is because changes in estrogen, progesterone , testosterone, and a lifetime of cortisol-laden adversity has rewired your brain to have more access to clairvoyance, clairaudience, clairsentience, and mysticism on Earth and in the Heavens. Your youth blesses you with five earthbound speedy senses, but the intuition and mystical wisdom you get with aging gives you ten universal senses that are a little slower to access. Which brain and mindset would you rather have?

 

Here Are 6 Fantastic Tips For Memory Improvement

1. Treat your immune system.  You can do this with acupuncture, traditional Chinese herbs, and nutritional supplements: Coenzyme Q10 or Vitamin D if your levels are low. (Ask an integrative physician, nurse practitioner, naturopath or other caregiver.)

2. Lower the inflammation in your blood and brain:  You can do this with Acetyl L Carnitine, special gut-appropriate formulations of phosphatyl inositol, choline and serine. (Ask a physician or your health care provider if you can take SAMe if you are not already talking serotonin medicines.)

 

Read full article on HealYourLife.com

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20 Things You Didn’t Know About… 3-D Printing

Article by  Christian Millman from DiscoverMagazine.com

3-D printing is all the hype these days, but there’s a lot about the technology that you don’t know.

1. We’ve heard so much hype about the wonder of 3-D printers, but they aren’t really printers at all. They’re “additive manufacturers” more akin to Star Trek’s replicators, building incredibly complex three-dimensional objects by spraying materials in successive layers through special nozzles.

2. Unlike Capt. Jean-Luc Picard, you can’t yet order “tea, Earl Grey, hot,” but several foodstuffs are already in testing, including scallops, cookies and burritos.

3. Mmmmm, burritos. Thingiverse, an online community for sharing 3-D designs, has dozens of templates for print-at-home bongs, bubblers and other items that elicit the munchies.

4. From spaced-out to space itself: NASA is sending a 3-D printer to the International Space Station so its crew can build spare parts — a far cry from the 1970 Apollo 13 misadventure when that crew stayed alive by MacGyvering a carbon dioxide filter using duct tape, cardboard and a plastic bag.

The Liberator printed gun.
Gastev via Flickr

5. Speaking of MacGyver, the TV character hated guns, hence his reliance on a pocketknife as sharp as his wits. He would have been dismayed to learn about the The Liberator — a plastic, single-shot pistol made on a 3-D printer — which easily gets past metal detectors.

6. Should you prefer making love, not war, the following will help: The sex toy industry has embraced 3-D printing with such gems as a toy shaped like Justin Bieber. Don’t ask.

7. It’s not only Beliebers rejoicing in their heroic figures. Engineers at Loughborough University in the U.K. used a 3-D printer to rebuild the skeleton of King Richard III.

8. Even more exciting than entire skeletons are individual bones. Replacement jawbones and hips are among the medical uses of 3-D printing.

9. Fitting, considering the fumes from 3-D printers may necessitate a new set of lungs. Research in the journal Atmospheric Environment shows many desktop 3-D printers produce emissions linked to health issues ranging from asthma attacks to strokes.

10. Some emissions come from certain plastics used as printer feedstock. But 3-D printers can use many other base materials: metal alloys, paper and even soil.

11. Not bad for technology that can cost as little as $300.

3-D printed pieces of the RepRap Mendel.
makerbot via Flickr

12. Or you can buy a printer to make your printer. The RepRap Mendel 3-D printer can build about 50 percent of itself and counting. Can anyone say The Matrix?13. If this is starting to freak your mind, you’re in good company. President Barack Obama devoted some of his 2013 State of the Union address to the technology, saying it has “the potential to revolutionize the way we make almost everything.”

14. Perhaps Obama got inspired after the White House viewing of the James Bond movie Skyfall. The Aston Martin DB5 that Bond appeared to drive was one of three models created using a 3-D printer.

 

Read full article on DiscoverMagazine.com

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How the Affordable Care Act (Obamacare) helps small business

Article by Mark Taylor from news.yahoo.com

After the Affordable Care Act’s 2010 passage,Lorenzo Harris said he realized the landmark law’s employer mandates would not apply to his commercial janitorial services firm, Janico Building Services.

Those mandates require firms that employ more than 50 to provide health insurance coverage.

“We were already providing health insurance because we’re in a competitive market and that helps us to retain and recruit good employees,” the Sacramento-based small business owner said. “For us it was just good business. But pretty quickly we saw that our firm could benefit from the law. What appealed to us about the ACA were the tax credits and other financial incentives.”

In addition to the tax credits his 40-employee company can claim for providing insurance, Harris said by using the California Small Business Healthcare Option Program (SHOP) insurance exchange, Harris was able to save around 35% on health insurance costs over the previous year, while offering his employees more plan choices.

“The ACA gives our employees more affordable options than we previously had,” Harris explained. “My advice to any small business considering offering health insurance is do not listen to the pundits. Research how the ACA will apply to your specific company and circumstances, because it affects companies differently.”

Dealing with complexity

It’s complicated. It’s uncertain. And it applies differently to companies based on their staff size, average payroll and even the states in which they live. But some small businesses are saving money on health insurance premiums, receiving tax credits and offering employees choices in health coverage never available before the Affordable Care Act.

David Chase, the California director of the advocacy organization, the Small Business Majority, said all small businesses are affected by the law.

“The healthcare exchanges are just one piece of this large and comprehensive legislation,” Chase pointed out.

He said before the ACA, one third of self-employed Americans went uninsured. Chase said the ACA also changes the way employers’ insurance rates are determined.

“Under the new law, the health status of their workers can no longer be considered, so whether a company has the healthiest or sickest employees, it won’t affect their rates. There are now limits on how much insurers can increase rates based on age, and gender is no longer an issue, so rates won’t skyrocket. And with guaranteed issue (a health insurance term meaning that coverage is offered to everyone regardless of health status), many people who felt they couldn’t leave companies because they feared losing insurance coverage, can go, freeing them to take better jobs start their own companies.”

Chase said early information from Covered California, the Golden State’s health insurance exchange, indicates as many as 20% of those enrolling online with the state’s Small Business Health Options Program (SHOP) are small businesses that may be finding coverage for the first time.

He’s disappointed that the federal Centers for Medicare and Medicaid Services (CMS), the agency that administers Medicare, granted a waiver earlier in June to 18 states seeking to delay implementation of the employee choice feature of the SHOP program for one year.

“We urged the administration not to allow this delay,” he said. “We see the employee choice feature as the key component in the SHOP exchanges, which requires employers to offer multiple insurance plans.”

He said before the ACA, few small businesses could offer multiple plan choices.

“So this feature is a game changer and we think the SHOPs in those states will struggle to find enrollment. Outside of the tax credit, there is not a big draw to bring employers in. So in those states granted the waiver, employers will pick one plan, which is pretty much like the status quo.”

Chase said the remaining 32 states offer SHOP exchanges run either by the states themselves or by the federal government and those states offer the employee choice features.

“The most successful SHOPs are in states offering choice,” said Chase, whose SBM represents 25,000 small business members and a partnership that serves 400,000.

A watershed event for small business

Healthcare Attorney Jim Pyles, a partner in the Washington, D.C.-based law firm Powers, Pyles, Sutter & Verville, called the ACA “a watershed event.”

“It is as significant an event as the 1964 Voting Rights Act and Medicare, because it affects even more people,” Pyles said.

He predicted the law will expand job mobility for millions of Americans, increase the nation’s global competitiveness and enable small businesses to attract better quality employees.

“In the short term it’s causing a lot of angst because of the uncertainty over future costs and the variations between states. But I think ultimately over time it will level out healthcare costs and be beneficial to small businesses. “

Read full article on news.yahoo.com

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