![]() Telegraph.co.uk |
Financial crisis: George W Bush says bail-out 'sends strong signal'
Telegraph.co.uk, United Kingdom - 9 hours ago President George W Bush has said that his government's ?380 billion bail-out package "sends a strong signal" that the US is determined to end the world … |
Archive for September, 2008
Financial crisis: George W Bush says bail-out 'sends strong signal' – Telegraph.co.uk
Monday, September 29th, 2008Why Is Passion In Small Business A Necessity?
Monday, September 29th, 2008The small business world will always contain plenty of ideas, competition, and talent. There will almost always be some other company doing exactly what you do. They may do things better than you or worse. And so we always end up asking ourselves what is it that we can do better than them? What can we do to differentiate ourselves from them? Well there is always one thing that is available to you and that is passion?
There is one major difference between owning a small business and just working for someone else. The small business owner can’t just up and change jobs. If the worker doesn’t like where they work or what they do for a living they do have the option of finding another job. The small business owner does not have that option. So it becomes even more important to do something that they have a real passion for.
I write articles on small business topics that I hope can help small business owners and entrepreneurs because I love small business. I love the fact that a person can take an idea and develop it into a money making enterprise. I love the fact that a small business owner can then use that money making enterprise to help others by offering better wages and benefits to employees. That customers can be helped by giving better service, and products. And that a business can give back to its community more effectively that can just one person.
Small Businesses can have a great deal of impact on a great many people if you wish it to. I write articles and run my website because I have a passion for small business. I want to help others with their businesses. If you run your own small business or are considering joining the ranks and becoming an entrepreneur then you need to make sure that you find something that you can be passionate about doing. I know I have that passion. The question is do you?
Passion for what you do increases your willpower to get things done. Running your business should not be a chore. It needs to be enjoyable. How else can you expect to survive doing what you do everyday. If you consider running your business a chore then you might as well quit and go find a job. At least then you’ll have less responsibility.
With passion comes the energy you need to get the job done. As business owners we need all the energy we can get. Coffee and energy drinks can only get you so far. You have to want to get things done. Knowing that what you are doing will make a difference to someone should help give you that energy. Your company was hired to provide something to someone. And you are not just a cog in the process of providing that something. You are the driving force. And you need to remember that.
Passion inspires others. Your employees want to believe that what they do makes a difference. A difference to your business and your customers. They want to believe that what they do will make a difference to them in the future. Seeing that you are passionate about your business and the future will inspire them. Your passion can even inspire your customers because passion shows. If they see how passionate you are about your business and your relationship with them they will be inspired too. Inspired to put their faith in you.
In business passion is the difference maker. If you don’t love what you do how can you inspire others to put forward their best effort. If you show them you are truly passionate about what you do then they know you are giving your best effort and that may inspire them to give theirs. So remember that having passion in small business is a necessity. It is that extra edge.
Cash Miller is an expert in small business affairs. To receive more tips that can help your business and allow you to crush your competition you can sign up for his FREE Newsletter. Once you’ve signed up your going to receive access to 5 FREE E-Books that can help your business prosper. And as a Bonus FREE Newsletter Members can expect to receive an additional FREE E-Book each week.
How to Trade Commodities In A Sensible Way
Sunday, September 28th, 2008How to trade commodities is on the minds of thousands of people. As the economy continues to worsen and 401k’s become less reliable, many are looking to find a way to support themselves. For those that go about it in a business-like manner, trading commodities can be a very gratifying and rewarding.
It’s too bad that so many people see commodities trading as simply a way to make money rather than the business that it is. This is quite regrettable because how to trade commodities doesn’t have to be overly complicated if a person will simply go about it properly. Most go about it in a rather casual way, without the formalities and proper respect of a business. Assuming that they survive in spite of this casual approach, a very high percentage of traders go without making consistent profits months or even years as a result.
Only 5-10% of new traders survive past six months, making the success rate for new traders very low. Similar to commodities trading, the success rate is the same for new businesses in any industry, and the reasons are the same. These include not having a business plan, starting under-capitalized, being new to the industry and/or being new to starting and running a profitable business.
How to trade commodities can be summed up in a few short words: treat your trading as the business that it is. Traders would give themselves a tremendous advantage and considerably improved chances of success if traders would do this, and also seek training for building the skills to fulfill the various roles of a self-employed business owner. Because there is a reasonable body of knowledge for becoming a consistently profitable commodities trader, anyone looking to enter this occupation should make an allowance for the time needed to develop skills as a trader and the owner of a business.
Impatience and thinking that how to trade commodities means simply funding an account and starting to throw money at the market while expecting huge profits are in for a very unpleasant awakening. Trading commodities is a business of skill and involves personal challenges and trials that aren’t commonly experienced in most endeavors. It would be very wise for you to invest in training that goes beyond simply how to follow a system. Placing trades according to a good system is only a small part of what is takes to run a profitable trading business.
Substantial advantages are inherent to the business of trading when compared to all other businesses. First recognize that you are starting a business if you are considering becoming a trader, and then approach your trading the same as you would in starting a business in any other industry. You are likely to get the same results as the 90% that fail if you follow the same casual approach, and this would be regrettable. You’re more likely to realize all that trading has to offer if you do as the 10% do.
How to trade commodities is simple in many regards if approached properly, yet can be made tremendously difficult and complex if not. Commodity trading will fulfill all your expectations if you simply give it the respect it deserves. If you decide to try to take shortcuts and treat it as a get-rich-quick endeavor, then you’re in for a financial beating.
How to trade commodities sensibly is with proper training on all the different aspects of the business.Download your copy of the FREE report, “Traits of the
Top 10%” by visiting http://insideouttrading.com
Franchise Opportunities Take All And Give Little Back
Sunday, September 28th, 2008What does owning your own business and owning a franchise have in common? Other than having to manage the business, there really is very little in common. With franchise opportunities, you don’t get to make any executive decisions, and you have to share your success with corporate America.
When you own your own business, there is less risk, believe it or not, than owning a franchise, so long as you know which niche to fill. If you go out and purchase a fast food franchise, you’ll be expected to invest a certain amount of money. If you were starting your own business, your risk would end there. However, with franchises, your beginning investment is not the total sum of your monetary risk.
With franchise opportunities, you can expect additional hidden costs, franchise fees, marketing fees, and you’ll have to hand over a significant portion of your monetary success. The main reason that people seek to own their own businesses is to enjoy the success of that business, without having to split it with someone who has done, comparatively speaking, very little work.
Those who are partial to franchising might say that you get your marketing done for you by corporate America. However, that is handled by marketing fees, usually calculated as a percentage of sales. Between franchising and marketing fees, you could expect to pay almost one fifth of your monthly sales, and you have no say over what you market, to whom and how.
Watch out for the fine print, because even though the initial investment may seem akin to that required to start your own business, there are bound to be other fees and costs in addition to that original investment amount. In some cases, additional costs can amount to a price equal to the original investment price.
Currently, saving for retirement is more important than ever before. With more people living longer, relying on social security payments is no longer wise. Imagine being told your investment into a franchise opportunity will amount to one hundred fifty thousand dollars. After all is said and done, extra fees and costs are added in, your total investment to get the franchise up and running is three hundred thousand dollars.
After the first three months you’ve earned that back in gross sales. Nearly twenty percent goes back to the corporation to cover your franchise and marketing fees, leaving you with two hundred forty thousand dollars. You have to order supplies, because after the first three months, you’ve gone through everything covered by your start up cost.
Suppose that leaves you with one hundred thousand dollars. Then you have to pay employees, taxes and benefits. If you have ten employees, each earning one thousand dollars a month, that’s another thirty thousand dollars, so you’re down to seventy thousand. After taxes and benefits, that leaves you with fifty thousand dollars. You have to still pay utility bills, and also cover any training for yourself or others, because the corporation will only cover training for a limited time. Let’s say that your net profit is thirty thousand dollars after three months, or ten thousand a month.
From that, you have to cover your own expenses, so suppose you take five thousand a month to pay for your mortgage and other living costs. Five years would go by before your business has earned your original investment, and then and only then could you start counting any money made as pure profit. Now, compare that to investing less than one hundred twenty thousand into your own business. In less than three years, based on the described example, your business would be earning a profit.
Andy West is a writer for ShipOnSite, a true turnkey business opportunity that features three revenue streams. Compare this type of business ownership with franchise opportunities to see the difference.
How To Build Better Teams
Sunday, September 28th, 2008Every year, team building gurus who are nothing more than snake oil shysters rake in millions of dollars writing books, giving seminars and hosting one on one counseling with CEOs of Fortune 500 companies looking for the magical password that will inspire their workforce to never before seen levels of productivity and happiness. Of course, the key to good team building is far simpler than any of these gurus will admit. The truth is that good team building is common sense. Let’s take a quick look at just a few things every boss can do to foster better team building.
Respect
Every team has a team leader, and it is the job of that team leader to help make every member feel proud of the team they are on. The problem that many team leaders face is that they stop caring about the team and start caring only about their own glory or their own advancement. It is up to the team leader to ensure that everyone in the group feels respected, feels appreciated and feels like their opinions are being listened to. A good team leader won’t be afraid to say, “I don’t know,” and he or she won’t be afraid to take advice from someone newer or someone who makes less money then they do. No one said that being a team leader is easy, it most certainly isn’t, but it also isn’t rocket science. Treat others as you wish to be treated, and your team is already off to a great start.
Handle setbacks
If your team is competing against other teams in your workplace, someone is going to win and someone is going to lose. It is the ultimate test of any team to handle losing gracefully. A good team leader should make sure that blame isn’t heaped on one person and that a lesson is learned from every defeat, no matter how big or how small. A true team leader will take defeat and use it as a learning tool and ensure that the team members don’t dwell on it, but instead use it as motivation for the future. If you have a team that can do that, you have a team that is going to be successful.
Find and utilize strengths
A strong team is one that manages to utilize the strengths of each member. Some teams don’t get the choice of who they include, so it can be a tough job for any team leader to have a member that has the skills necessary to tackle every problem they will face. The team leader needs to discover what the strengths and weaknesses of each member are so that they can meet as many demands as possible. Nothing can destroy the moral and effectiveness of a team faster than having members performing the wrong tasks for their skill sets. A smart team leader will simply ask team members how they feel they can contribute most effectively to the job at hand. Egos should be checked at the door. The result will be a healthy and motivated team.
Mark Warner is a Legal Research Analyst for RealDealDocs.com. RealDealDocs gives you insider access to millions of legal documents drafted by the top law firms in the US. Search over 10 million Documents, Clauses, and Legal Agreements for Free at http://www.RealDealDocs.com
Hillary Clinton: Obama will protect Mich. jobs – Detroit Free Press
Sunday, September 28th, 2008|
Hillary Clinton: Obama will protect Mich. jobs
Detroit Free Press, United States - 5 hours ago She's backing him 100%, and I think Bill is, too," a reference to former President Bill Clinton. She said she's "very frightened" at the prospect of Alaska … |
How the 80/20 Rule Can Make Your Business Fly
Friday, September 26th, 2008You may have heard of the 80/20 Rule before, but in case you haven’t, it’s often called “Pareto Analysis” and was first given this name by management thinker Joseph M. Juran. He named it after the Italian economist Vilfredo Pareto, who observed 80% of income in Italy was received by 20% of the Italian population.
Since J. M. Juran adopted the idea, it might better be called “Juran’s assumption”.
Briefly, the Pareto Principle states: “only a ‘vital few’ factors are responsible for producing most of our problems”. The converse is also true: 80% of our successes stem from just 20% of the things we do right.
And the really interesting thing is this applies to almost everything we do, no matter how finely we slice and dice our set of factors.
For example, take the typical cross-section of people you’ll get attending a presentation on marketing.
On average, about 80% of them disregard everything the speaker has to say or, if they actually think it’s all good stuff, find or invent reasons it won’t work for them in their particular set of circumstances.
And 20% won’t.
Then, if we take the 80% of “naysayers” and apply the 80/20 rule to this “new” 100% we’ll find about 20% of them will be actively hostile to the ideas presented. And if we then took this 20% as our even newer 100%, we’d find about 20% of them will be truly vitriolic and spend most of his or her time trying to prove the speaker “wrong”.
And that’s fine. We should expect it. It’s inevitable and unavoidable.
But now let’s get back to the 20% of the people who won’t disregard what the presenter has to say.
This 20% takes the time and makes the effort to research the subjects the presenter talks about – including research on the presenter – and then they actually take action and apply the information to marketing their businesses.
Now, you might now be wondering how this all applies to you and your business. Well, as I mentioned before, the 80/20 rule applies universally, although, you’d be forgiven for thinking this was just my way of obliquely taking a swipe at business owners who won’t take good advice.
Nope. It isn’t that.
And if you apply the 80/20 rule you’ll figure out why I wouldn’t waste my time complaining about people who aren’t listening anyway (clue: since I understand the 80/20 rule, would I spend a lot of time on the 80% of people I know are resistant to my ideas or would I concentrate on the 20% I know won’t be?).
It’s simply this: you must get it into your head that the 80/20 rule applies to everything about your business.
So, if you examine your records you’ll find approximately 80% of your income comes from approximately 20% of your product or service line. You’ll find 80% of your “regular” income comes from 20% of your “regular” customers. You’ll find 80% of the things annoying you about your customers comes from just 20% of them (and I seriously suggest you identify them and bar them from your business).
I mean it.
You’ll be amazed at how much people will want to do business with you when you tell them they can’t.
You’ll find that 80% of your receipts come from about 20% of the sources, and you’ll find 80% of your profits comes from 20% of your products. The numbers might not be exactly 80/20, but the point is if you do the digging, you’ll find a massively unbalanced relationship between efforts and results.
OK, so now you know what the 80/20 rule is, what’s the best way to use it?
It’s easy.
Systematically go through ALL aspects of your business and apply the rule to all of it.
Then, when you’ve figured out where the 80/20 rule lies, make sure you’re spending 80% of your time on the 20% of the things that make you the most money.
In my experience, businesses that are struggling have this focus wrong: they’re spending 80% of their time and effort on the 80% of the bad stuff (and if you dice it down you find they spend 80% of the new 100% of their wasted time on the worst 20% of the problems).
You can re-engineer your business to take advantage of the 80/20 rule. You can market and position yourself so you attract only the 20% of prospects out there who are willing to pay top prices for great service and quality products.
One client of mine not too long ago discovered his shop was taking up almost 100% of his time (because he was behind the counter every day), but was responsible for only 10% of his sales. The other 90% came over the Internet.
My advice to him? Close the shop! It’s a total waste of time.
Wouldn’t you take a 10% paycut if it meant you didn’t have to turn up for work? And, realistically, it’s not as if he’s actually going to lose 10% of his business, not when he can invest the time previously spent standing behind his counter like a lemon in promoting his business online.
There is a corollary to the 80/20 rule called the 95/5 rule. It’s very similar to the 80/20 only it describes the phenomenon with more “intensity”.
So, for example, maybe 20% of the business owners I deal with who learn all this marketing stuff and actually do something with it see benefits in the form of increased profits, reduced costs, all with less work; but 5% of them are going the extra mile and doing all the “stuff” and making extraordinary profits.
At a conference I was at in the US not too long ago, the host did a quick breakdown of the attendees’ incomes and the figures were stunning – they fit the profile perfectly: approximately 5% of the people at the conference were making upwards of $5 million a year.
Finally, you need to understand this: you cannot change the percentages. It’s like a law of nature. Maybe it is one.
I’m not mathematician enough to be able to tell you if it’s one of those beautiful mathematical constructs the eggheads keep finding or not.
But empirically, it serves us well to accept it.
And since you cannot change it, the only thing you can do is choose which group you want to belong to.
Jon McCulloch is the hottest marketing sensation in the UK and Ireland and is now taking the US by storm. Receive his free monthly newsletter through your letterbox by leaving your details here: www.JonMcCulloch.com
Bill Clinton Praises Microfinance, Gets $8 Billion in Pledges – Bloomberg
Friday, September 26th, 2008![]() Telegraph.co.uk |
Bill Clinton Praises Microfinance, Gets $8 Billion in Pledges
Bloomberg - 9 hours ago 26 (Bloomberg) — Former President Bill Clinton praised microfinance investors for helping “real people'' make a “real rate of return'' in poor nations as … Video: McCain Confident of Getting Agreement on Bailout AssociatedPress Clinton Global Initiative Honors $50 Million Western Union Commitment MarketWatch Bill Clinton?s Return Poses a Test of Party Loyalty New York Times Newsday - FOXNews all 854 news articles |
To Start a Successful Consulting Firm, Learn from Your Clients
Friday, September 26th, 2008I want to be part of the best team in the world.
–Will Carling
Let me tell you how I started a successful consulting firm so that you can learn from my experience . . . and get better results than I did.
After three years at head of corporate planning and development at Heublein, I was tired of the 100 mile commute each way. Contacting my old clients, I was pleased to find that they were all interested in having me work for them at night and on the weekends.
With Heublein’s permission, I started offering consulting again. Soon, I had a big enough base of business to start consulting full time, as the head of Mitchell and Company.
A month after I did that, Carol Bruckner Coles who had also been a colleague at The Boston Consulting Group, resigned from Heublein to join me. Carol did more of the missionary marketing than I did because there were more prospects near her home in Connecticut than near mine in Boston.
Early on, she realized that selling to a lot of people at one time was a better idea than selling to people one-by-one. We launched a series of free seminars in New York, and companies were soon fascinated by our ideas about how corporate performance translated into stock-price improvement, something we had done a lot of work on at Heublein.
That interest surprised us because much of our strategic work was of more economic value. This stock-price improvement practice became the backbone of our firm over time. From this enthusiasm for stock-price improvement, I learned that there was untapped potential in areas that I didn’t even consider to be very important because others did.
Wanting to push the boundaries of knowledge, Mitchell and Company did pioneering research in many areas of stock-price improvement. Typically, however, we found that client interest in important new ideas and practices was tepid, at best.
Focusing on that lesson, we turned our research model around and began to only research questions that were of interest to clients. In the process we formed a learning organization for executives at major companies, Share Price Growth 100.
Over the course of a decade, we learned that every major existing approach to stock-price improvement other than the one we had been developing was fatally flawed. Why? It turned out that those who wrote the road maps for stock-price improvement hadn’t bothered to do much, if any, research to test the validity of the directions.
Following Peter Drucker’s advice, we began inventing lots of new measurements, employing those measurements in as many ways as we could, cross-checking our conclusions with independent sources of measurements, and adjusting our conclusions to reflect how well the past estimations had worked. One of our first new measurements was to express a company’s stock price in terms of the factors that the company’s shareholders paid the most attention to.
We did this by looking at statistical correlations to a company’s historic stock price. Next we interviewed shareholders to find out which of those most highly correlated factors (or similar ones) the investors actually used to make buy and sell decisions.
The result was a verified multivariate correlation (an equation describing past stock prices in terms of what investors considered) that reflected those shareholder perceptions and practices. Those verified correlations, in turn, were helpful for anticipating stock-price changes through locating what had happened to companies taking new actions whose shareholders had similar perceptions and practices.
In addition, we used anonymously sponsored interviews to test market planned or potential actions to see which steps would elicit the most stock purchasing with the least selling.
We had a big surprise at first: We greatly underestimated how well our advice worked. We weren’t optimistic enough!
Here’s an example. One of our clients had asked us about taking a subsidiary partially public. After they succeeded with that stock offering, the parent company’s stock went to almost double the level we had predicted.
From that observation, we eventually learned that the client had created a bandwagon effect that caused investors to rush forward to create stock-price growth faster than would otherwise have occurred for less well designed and communicated programs. To adjust for that bandwagon factor, we added a fourth set of measurements related to the improved ways of understanding the current and potential liquidity of the stock.
Eventually, we developed a service to facilitate creating and sustaining the bandwagon effect and incorporated that learning into our estimations. With that service, we could help companies attract investors who would raise the value of the company while avoiding those who would harm the company’s stock price.
Then, the great epiphany occurred for me: With the right direction, people could greatly exceed the highest levels of historical stock-price performance that anyone had achieved. Now that was interesting to think about! Many company leaders were intrigued, too, and identifying and executing strategies to exceed historical stock-price performance became a rewarding part of our company’s strategy consulting practice.
Oh, how I wish I had been a faster learner from my clients in those days. I hope you will learn from my experience.
Donald Mitchell is an author of seven books including Adventures of an Optimist, The 2,000 Percent Squared Solution, The 2,000 Percent Solution, The 2,000 Percent Solution Workbook, The Irresistible Growth Enterprise, and The Ultimate Competitive Advantage. Read about creating breakthroughs through and receive tips by e-mail through registering for free athttp://www.fastforward400.com .
Peter Drucker Points Out a Task
Friday, September 26th, 2008The contribution I make to a client is basically to be very stupid and very dense; ask simple, fundamental questions; demand that he be thoughtful with the answers; and demand that he make decisions on what is important.
–Peter F. Drucker
Establishing a group of executives to study stock-price improvement through my consulting practice had another helpful impact on me. The members asked that we have the work checked by an independent academic to be sure we weren’t making mistakes that we didn’t realize.
I was asked to pick the academic. Naturally, I chose Peter Drucker who kindly agreed to begin working with Carol and me in 1992 to improve the stock-price improvement research. That’s when my business education really began because Peter was the only person who could help me see the full potential of what I was doing.
He had three messages for me that he repeatedly stressed over the years we worked together (through 1999, when he began to cut back on his consulting due to his failing health):
1. I had a general methodology that I used to solve all problems.
2. That approach could be used by anyone to solve 80 percent of all problems anyone ever has to face. Thus people could learn one way of solving problems rather than hundreds, creating the potential for lots of breakthrough progress as they became more talented in the new method.
3. If I didn’t share that process with the world, it might not be rediscovered for centuries and that would be a terrible loss. I should publish a book that explained the process so others could use it.
Even on my most optimistic days, it had never occurred to me that I could contribute anything uniquely valuable. Peter had replaced my mother in helping me see the unlimited future we can all create when we follow the right steps.
Since then, I’ve been a new kind of optimist — a practical, but unlimited, one. What’s the difference between a practical, but limited, optimist and a practical, unlimited one? The practical, unlimited optimist in me creates and uses disciplined ways of asking questions and thinking that extend my vision of what can be done well past the best of what can be observed today.
By learning those questions and ways of thinking, your ability to see opportunity and grasp its benefits will be unlimited as well. That’s my message for you, thanks to Peter Drucker.
Donald Mitchell is an author of seven books including Adventures of an Optimist, The 2,000 Percent Squared Solution, The 2,000 Percent Solution, The 2,000 Percent Solution Workbook, The Irresistible Growth Enterprise, and The Ultimate Competitive Advantage. Read about creating breakthroughs through and receive tips by e-mail through registering for free athttp://www.fastforward400.com .

