1) Time: You must understand that time is money. In business, our objective is to make money. Period. But the question is how productively you convert your time into money. Are you making full use of your time or you just let the time pass by you?

How much you make depends on how good you are at converting time to money. If you are already productive, then you may want to ask what are the things you can do to improve further the ratio of dollar/second? If you are making $0.01/second, what you can do to make it $0.02/second? Or even more. Remember time is the most valuable asset and once it’s gone, it’s gone. Also time is also the fairest distribution of resources every human being receives.

2) People: To be successful in business, you must have people connections. I mean the right people. People consist of customers, suppliers, partners, staff, and associates. One thing that you must not leave out is your mentor or coach. Having genuine mentors or coaches is very important and it can make a very big difference in your business. Organize your database of people connections. By simply knowing who does what, who supplies what, who needs what, where to get what make you miles ahead of other people. To organize your connections, you can either use a paper folder or computer spreadsheet.

3) Knowledge and Skills: When I talk about knowledge and skills, I am not referring to academic knowledge that you find in schools or colleges. What’s more important to you is knowledge and skills that can bring you results you want.

How many MBA holders that you know of have become business owners and have made tones of money? That shows getting the right knowledge and skills is important. Don’t blindly go after knowledge that could drown you. Go for knowledge and skills that are universally tested and proven.

Examples of right knowledge and skills are where to get what from who, money making trends, marketing strategies, art of dealing with people, negotiation skills, selling skills, skills of managing and growing money, investment skills, universal laws of success, and more. Don’t waste time on unnecessary knowledge as I went through that before. There’s only so much that you need to know and learn. Be sharp and focus when you acquire knowledge and skills. Don’t follow what normal people do.

4) Personal Health: In fact, this is the most important ingredient of all. How can you run a business without a healthy body? In order to maintain an optimum health, you have to provide your body with proper nutrients and sufficient exercise. And also don’t forget about emotional well being. Don’t let anger and other negative emotions control you.

This is where positive and empowering attitudes come into play. Maintaining your body is just like maintaining your car. If you send your car to workshop for regular service and pump petrol regularly, why don’t you do the same for your body? It’s something for you to think about. Don’t be stingy over spending money for your own health because physical and mental health can cause you a lot of money in the long run if your body is not taken care of properly.

5) Money: Let’s face it. It does take money to make money even you need a little. But you might not need a lot of money to start a business because there are many ways to start one with low capital. I meet a lot of people who want to be rich but are not willing to invest the money. You must invest in something in order to for you to get something. The law of sowing and reaping is at work. Don’t expect something without investing anything. Money is one of the investments you need to make.

Even though you don’t need to have a capital for your business, but at least you must be able to cover your expenses while building your business. You also need money to buy products to stock up and other stuff. So, you must at least come up with whatever amount that you have to start a business.

These are the five basic ingredients of business success. Do your best to acquire or grow or invest in these ingredients. But the good thing is you don’t need to have a perfect combination of ingredients to get started. You can still perfect the ingredients along the way. Somehow, get it started with what you’ve got.

author:Abel Cheng

1. Renting single family homes. Good points: An easier way to get started, and good long term return on investment. Bad points: Being a landlord isn’t much fun, and you typically wait a long time for the big pay-off. You also lose all your income when a house is vacant.

2. Fixer-uppers. Good points: Fast return on your investment, and it can be more creative work. Bad points: More risk (many unpredictables), and you get taxed heavily on the gain.

3. Low income housing. Good points: Similar to any other rentals, but with higher cash flow. Bad points: Similar to any other rentals, but with more repairs and tenant problems.

4. Selling rent-to-own houses. Good points: If you buy, then sell on a rent-to-own arrangement, you get higher rent, and the buyer is usually responsible for maintenance. Bad points: Bookkeeping can be tricky, and most tenants don’t complete the purchase (this can be an advantage too, but it does mean more work for you).

5. Commercial properties. Good points: Multi-year triple-net leases mean little management and high returns. Bad points: A tough market to break into, and you can lose income on vacant storefronts for a year at a time.

6. Land, split and resold. Good points: Simpler than some real estate investments, with the possibility of great profits. Bad points: It can be a slow process, and you have expenses, but no cash flow while you wait.

7. Boarding houses. Good points: You’ll generate more cash flow renting a house by the room, especially in a college town. Bad points: You’ll generate more headaches renting a house by the room, especially in a college town.

8. Invest cash, sell with terms. Good points: A high rate of return is possible by paying cash to get a good price, and selling on easy terms to get a high price AND high interest. Bad points: You need a lot of cash, and you tie up your capital for a long time.

9. Invest, live in it, sell it. Good points: The tax law lets you fix it up, and sell it for a big tax-free profit after two years (if you live in it), then start the process again. Bad points: You may become attached to your investment, and you’ll have to move a lot.

10. Pure speculation. Good points: You can make large profits buying in the path of growth and holding until values rise, and it is a low-management investment. Bad points: Growth in value isn’t always predictable, you have expenses with no income while you’re waiting, and transaction costs can eat much of the profits.

There are many ways to invest in real estate. These ten are just to get you thinking about what is possible, and what type of investing suits your personality. Once you figure that out, you may want to look into other categories of real estate investment.

author:Steve Gillman

To use a familiar analogy, criticism has the same impact on people that salt does on plants. Stated positively, compliments act as nutrients for people, just as fertilizer does for flowers. Having played golf for several decades, I remember the teaching professionals who helped me the least–and the most. The least helpful were those who spent the whole half hour describing my faults: bending your left arm. . .not enough weight shift. . . tempo is too fast. Jim, my favorite pro, accents the positives: swinging better than last time. . .hit that shot really square . . .now that*s the way to finish in balance. Not surprisingly, I wanted to swing better for Jim.

When I think of compliments, I remember my father’s advice. For forty years, he managed a sizable department store. When I took my first supervisory position in higher education, he counseled me: Bill, one thing I have learned is that workers perform better when we let them know we appreciate their performance. Remember to commend those who do well. Then they*ll keep improving.

During the twenty-three years I spent as a department head, I followed his recommendation. Even a simple comment–You did a good job drafting those letters–boosted morale and cultivated organizational loyalty.
As a communication specialist, there are several tips I will share about using compliments.

Avoid flattery, say no more than the situation merits. While flattery exaggerates our evaluation, the compliment reflects our honest opinion. For example, if you choose to tell an employee that she handled that customer superbly, better than anyone else could possibly have done, she might silently question your authenticity. A more believable comment: I liked the way you helped that customer. I’m sure you made a good impression she will remember. An employee–just like a friend or family member–detects shallow praise. Fortunately, when you have deep convictions about the praise you extend, co-workers will sense your authenticity.

This leads to a second characteristic of a compliment: It sounds realistic. If somebody told me that I am a wonderful dancer, I might laugh out loud. Sadly, so would my wife, who has endured my errant feet for a long time.

Be timely in issuing compliments. We should give the compliment almost immediately after the event that prompts our praise. Imagine that on Tuesday Dorothy makes the biggest sale she has ever made. Clearly, her training has brought beautiful results. Even fellow employees admire her accomplishments with this order. If you wait until Friday to compliment her, you’ve lost a grand opportunity. Give her your attention before Tuesday ends, while she*s still aglow with pride. Try this: Dorothy, I think you noticed that all of us were delighted with that special order you handled today. You’ve made lots of progress, and it shows.
Another tip: Issue compliments in moderation. Managers lose credibility when they praise employees too frequently. Like the most gorgeous flower, a compliment becomes grander with irregular appearance. No, we can’t go as far as my colleague Don, never issuing favorable comments. However, good judgment will help us find the reasonable pacing that works.

Again: Use compliments in proper context. When you tell Fred late in the day that he is one of your most dependable people, your compliment becomes suspect when you add: Oh, by the way, Fred, you*re supposed to have Saturday off, but I*m going to have to ask you to come in then to help us handle those weekend wedding orders. Any time a compliment appears manipulative, it loses force. . .and we lose face.
Yes, compliments can be chancy. Some employees might accuse us of playing favorites, being too syrupy, or trying to win favor for our hidden agendas. Risky, that’s true. . .but worth the risk.

When you become known for offering genuine, realistic compliments in moderation, at the right time, and in the proper setting, you’ll notice your employees responding positively. In fact, they will compliment you for your thoughtfulness and encouragement.

author:Bill Lampton Ph.D.

When to Use Debt Consolidation Programs
Debt consolidation programs are good for a few situations. If you are paying several different loans off, your life may be easier if you consolidate everything into one loan. You’ll only get one monthly statement and make one payment. Also, you’ll find that your monthly debt payments decrease if you use a debt consolidation program that stretches your payments out over a longer period of time. This means that you’ll pay out less each month and you can free up some cash.

A tempting (and sometimes successful) strategy is to use a debt consolidation program to manage various high-rate revolving debts. As an example, you might have numerous credit card balances with high interest rates. With a debt consolidation program, you might be able to get a handle on that debt and lower the interest rate that you’re paying. In general, credit cards have higher rates and secured loans have lower rates.

Things to Remember About Debt Consolidation Programs
Using debt consolidation programs can help you or hurt you. You should be very aware that all these programs do is shift your debt – a debt consolidation program does not eliminate your debt. You owe the money and will have to pay it back sooner or later.

One pitfall of a debt consolidation program is that you may feel like you have less outstanding debt. For example, you’ll notice that your credit cards once again have generous amounts of available credit. If you use this credit you’ll only dig yourself into a deeper hole.

You should also be aware that you may end up paying more total interest if you use a debt consolidation loan. If you stretch out your payments over a longer period of time, it is possible that your total interest cost will be higher. Of course, it may be worth it to you if you can more easily manage your cash flow today.

Finally, remember what you’re risking by using one of these programs. Often, you’ll use a home equity loan or a home equity line of credit to consolidate your debt. The consequences of falling off the payment schedule can include the loss of your home in some cases. Credit card companies can’t take your home. However, if you pledge your home as collateral in a debt consolidation program then your house is fair game.

How to Find the Best Debt Consolidation Programs
There are a variety of choices, and you should shop around to find one that fits your needs. If you need some ideas on where to start, try this plan:

• Local credit unions or banks that you already have a relationship with are reliable sources that are likely to give you a fair deal.

• Banks that you don’t already have a relationship with might offer you a good deal in order to win your business.

• Mailers offering debt consolidation programs already want your business – they’ve mailed you an offer because something about you fits into their desired profile.

• E-Lending programs offer increased efficiency and easy processing, but be sure to check the legitimacy of the lender.

In addition to shopping around, you can ensure that you get the best deal by managing your credit. Loans are hardest to get when you need them the most.

author:John Mussi

Remember that you are the consumer and that you are shopping for a service. That means that you have the right to be treated as a customer. Ask questions and keep asking until you get all the answers you are looking for. If a potential lender is reluctant to spend the time addressing your concerns, you don’t have to do business with that particular company. In today’s market with the opportunities to shop for a mortgage online, finding a lender is the least of your worries.

Look for the best interest rates, but also search for a lender who offers the mortgage without the high closing costs. There are likely to be some requirements for closing the loan. You may be asked to pay for an appraisal, home inspection and even a survey if property is involved in the transaction. Those are fairly standard but be wary of a company that charges a large additional fee for closing costs though you can expect a moderate fee. A lender is a business and as such, is in business to make money. That means that you as the consumer should expect to pay for the service, but comparing fees and interest rates will help you find the best possible deal on your mortgage.

Finally, be aware of unbelievable claims. A company that promises you’ll be approved for a loan regardless of credit is probably making promises that they can’t keep. If you’re asked to pay an application fee with this guarantee, you could be wasting your money. In some cases, the lender will approve the loan, but will make unreasonable requirements for repayment or down payment. If you then can’t meet the terms, the company will have fulfilled their promise - they did offer you the loan. Your application fee is typically non-refundable and you’ve simply lost that money.

author:Mark Lambie

1. Be prepared for questions - When you write your presentation, think about what you’re likely to be asked and what your answer is going to be. Maybe you won’t want to answer a particular question there and then, so think about what you’ll say to satisfy the questioner.

2. Make it clear at the start - You may decide to take questions as you go or at the end of your presentation. Whatever you decide, make it clear at the start and don’t change your mind. I would suggest questions at the end in a short presentation; if you take questions as you go, then your timing will get knocked out. And always remember, an audience won’t forgive you for taking half an hour when you were only scheduled to speak for fifteen minutes.

3. Never finish with questions - Far better to ask for questions five or ten minutes before the  and, deal with the questions and then summarise for a strong finish. Too many presentations finish on questions and the whole thing goes a bit flat - particularly if you don’t get any.

4. Listen - When asked a question, listen and look like your listening. It may be something you’ve heard a million times before. Treat the questioner with respect and don’t trivialize their point.

5. Thank the questioner - It’s only polite, it shows respect and it gives you a bit more time to consider your answer.

6. Repeat the essence of the question - Some people may not have heard the question so your answer may not make any sense to them. It can also be irritating for them not to hear the question. Again, it gives you more time to think of the answer and it makes you look so clever and in control.

7. Answer to everyone - Don’t fall into the trap of only answering the questioner. If they happen to be near the front then you could end up having a conversation with them and exclude everyone else.

8. Keep it simple - Many speakers, when it comes to questions, have become more relaxed and the fact that someone is interested enough to ask them a question, leads them to go on too long with the answer - DON’T.

9. Don’t bluff or bluster - If you don’t know the answer to a question, say so and find out. Suggest to the questioner that you’ll ‘phone them or come and see them with the answer. It can even be a good way to make further contact after the presentation.

As we all know, it’s possible that you may not be asked any questions and you then have that awkward silence. People may be thinking about what you’ve just said and may need more time to ask. They may also be a bit shy and may take a few minutes to speak out. Why not have a question of your own prepared and say something like. “You may be asking yourself………?”

If you still fail to get any questions then go straight into your summary and closing statement. Handling a question and answer session well, demonstrates your professionalism and reflects on your message.

author:Alan Fairweather

Consistency in use of your logo, tagline, materials. Repetition of similar elements, used in the same or similar ways, helps people to remember who you are and what you do.

Memorability, so that your logo stays at the forefront of your potential clients’ minds. That way, they’ll think of you next time they have a need.

Meaningfulness, so that your logo can spread the message about the distinguishing characteristics of your business.

Uniqueness, which helps you stand out from the crowd. For example, if everyone in your industry uses a particular symbol (i.e., travel agencies often use globes in their logos), try to use something else ­ that way, your logo doesn’t just look like everyone else’s.

Professionalism, in the quality of the graphics, the printing and the paper on which your materials are printed.

Timelessness in your logo will ensure that you don’t have to redesign your logo in just a few years and that your investment and equity in your design will be lasting.

Differentiation between the colors in your logo ­ and not just in terms of hue, but in terms of value as well, so that it translates well either to black and white or greyscale and colorblind people are able to see it.

Unity among the different elements in the logo. The logo must fit together as a single unit, and not just appear as a jumble of elements pasted together.

Scalability, so that your logo looks equally good on both a business card and on a sign for your business (or a billboard!), and at every size in between. Your business’s name should be legible at different logo sizes ­ be sure that your designer chooses a font that is easily readable.

Having a professionally designed logo can really give your business a jumpstart and helps your business get the attention ­and clients­ you need to succeed.

author:Erin Ferree

What are they? They are deceptively simple, and deep down inside you know what they are. But to purposefully write them down and use them as guides in selecting your dream business will make all the difference in the world. As you go through this exercise, you will dramatically build on your chances of success. Nowhere will it count more than right here, deciding how many of the three essential elements will qualify you to realize your dream.

1. Find a need!
Is there a market niche for your particular product or service? Does the world, or even your community, need what you have to offer? Only by sampling and testing will you be able to determine this with any degree of certainty, but we will be covering this as we go along in greater detail. The most important aspect would be to determine a Unique Selling Proposition for your product or service. Too many business owners are just trying to be me-too companies. You cannot be just like the next guy and expect to prosper in this volatile economy.

One of the most important things I learned from my Dad was, there are really only two things to consider, and next to them everything else is minor. Those two things are: (1) What do you really want? And just as, and perhaps even more important, (2) Are you willing to do whatever it takes to achieve it? What do you really, really want from this endeavor? What is your ultimate goal? Are you willing to do whatever it takes to achieve this goal? Instead of looking for a business based on how much money you can earn up-front, select a business based on your love for that endeavor. The most successful and fulfilled people are individuals who are following a dream or vision of their own. They are not just out trying to make a buck.

What opportunities can you act upon? Woolworth saw a need for small inexpensive items and opened the chain of stores that grossed billions. Wrigley started giving gum away as a bonus, and seized the chance to expand worldwide.

You must create a uniqueness to your product or service. What can you offer that no one else can offer? Is it a better warranty, improved customer service, more technical support, faster shipping, or lower price? Think of something that will set you apart from your competitors and describe in detail exactly what it is.

2. Be good at what you do.
Are you as good as, or better than, the next guy when it comes to producing/marketing your product or service?  This element requires an honest self-assessment. “What are my abilities?” To determine your abilities you must take an honest inventory of yourself. Examine every possibility and be sure to include strengths and weaknesses. Will your strong points be able to let you overcome your deficits?

3. Have true passion for the business.
If there is one element you absolutely cannot do without, it is passion. Passion is an irresistible attitudinal energy that generates power.  Do you have a passion for working with your particular product or service? Notice, I didn’t say “do you like what you want to do?”  There are too many competitors out there who are ready, willing and able to “eat your lunch” when it comes to competing with you. They may have found the same niche that you have found. They may like what they do as much as you do. But what separates the winners from the losers is passion.

What are you really passionate about? If your answer is, “I’m passionate about making a lot of money.” That is not the right answer. Making a lot of money is consequence of engaging in a successful activity where you remain motivated long enough to be successful. The key to creating passion is to find and do what it is that you truly love. Passion is the laser-like focusing of our creative life force. We do not create passion. (Don’t confuse passion with being a workaholic. Workaholism devours while passion amplifies.)

So there they are, the three key elements to having a successful small business.

author:Michael Brassil

The most common form of Federal grant money is the Pell Grant. The amount awarded is based on your financial need and it is for undergraduate study only. Pell Grants can be awarded to part-time students. The maximum amount of a Pell Grant is $3000 per year and it can be combined with other grants or financial aid.

Another common federal grant is the Federal Supplemental Educational Opportunity Grant or SEOG. Like the Pell Grant, the SEOG is awarded based on financial need and is for undergraduate study. This grant can be combined with other school grants or financial aid, but the cap is $1000 per year. Colleges and Universities often provide their own grants for students. The amount of the school grant varies, but they do take into consideration a number of factors in issuing these types of grants including: financial need, grades, merit or program of study. Please check with the college you’ve been accepted to for more information.

To be considered for any of these types of grants for college, you must complete a financial aid form known as the FAFSA. Your college will help you with this process and you can get information online. There are time deadlines in completing this application, so be sure to take that into consideration when planning your education.

Even though college costs are trending upward, there are many financial aid options for students. College grants are one of the best options since they don’t need to be repaid, however, not everyone qualifies for them. Complete a FAFSA application to determine whether you can qualify for a college grant.
http://www.fafsa.ed.gov/

author:Max Stein

Step One — Develop your mission statement by identifying:
Stakeholder(s)
Products and Services
Unique Value Added

Stakeholders - Those people who are directly affected by the company’s successes and failures. Stakeholders could be employees, internal customers, organizational customers, external customers.

Products and Services - Items that you produce for your customers. Products and services might include consulting, training, products or services for individual use, products or services for business use.

Value Added - The key advantage you provide over the competition. Why would a customer come to your company for service? What makes your company special?

Step Two — Construct A First Draft
The [your company name] meets the [your products and services] needs of [stakeholders] by [value added].

Step Three — Refine the Mission Statement
Is it too wordy? Is it brief and to the point? Will employees remember it? Would it make sense to your stakeholders? Is it a true mission statement and not a goal? Does it inspire your organization? Does it describe your business focus and effort? Is it unique?

Step Four — Make It Visible
Post the mission statement for easy review by all employees and customers.

Step Five — Live it! This step will be easy if you’ve involved your entire group in the process.

author:Denise O’Berry