Ss101 vol 2 issue 1 jan 15 by Mohammad Alauddin

Successful Startup 101 Magazine

Ten Strategic Imperatives for Every Business, by William Buist

Entrepreneurialism Is Dying. "Experts" Want To Fix It By Ignoring Small Business Startups - by Chuck Blakeman

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10 Tough Quandaries That Lead Entrepreneurs Astray, by Martin Zwilling Avoid These 3 Mistakes As A New Entrepreneur, by Dale Partridge The Habit of No, by Ethan Austin 6 Stress Busting Tips for Self Employed Business Owners, by Jenny Okonkwo Building a Business with Friends: Difficult, But Not impossible - by Cristopher Ramirez How to Avoid Falling Short of Your Sales Goal This Year, by Jill Konrath 5 Commonly Missed Tax Deductions for Small Business Owners, by Bert Seither 10 Easy Steps to Reduce the Costs of Running Your Business, by Michael Evans and Peter Duff

Necessary Prerequisites to Finding Funding for Your Startup, by Kevin Carney

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3 Business Investments Every Entrepreneur Should Make, by Rieva Lesonsky

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Which is the Right Startup Funding Option for You? - by Travis Levell Crowdfunding’s Unparalleled Impact on the Startup Landscape, by Matt Ward Movie Spotlight: January’s Must See Movie For Entrepreneurs: The Wolf Of Wall Street A Blueprint for a Killer Product Launch, by Lindsey Groepper

7 Navy SEAL Sayings That Will Keep Your Team Motivated, by Brent Gleeson A Startup's Guide to Professional Networking, by Jason DeMers

Partnership Feature: Sorority of Survivers Facing The Inferno: Through The Eyes of A Successful Entrepreneur 3 Invaluable Lessons for the Hopeful Startup Founder

fter much anticipation, 2015 has arrived with many new promises to make and goals to achieve.

If you have planned accordingly and remained positive, this year should bring you and your business many fun experiences and reasons to continue looking forward. Even through the many trials and tribulations that you may have faced as a business owner or entrepreneur in 2014, setting goals and keeping your head up can help you reach your destination of success.

New Year’s Resolutions

LETTER FROM

THE EDITOR

You may have set some resolutions this year for yourself, such as shedding a few extra pounds or staying on an all-kale diet, but setting resolutions for your business can be equally as beneficial. Resolutions are more than just achievements you want to complete throughout the year they are goals and promises you are not only making for yourself, but for your business. On your journey to success, it is important to mark your achievements, even if you have encountered some failures along the way. Reaching your destination isn’t always easy, but the journey is always a learning experience. If you haven’t set any resolutions yet, now is the time. Some example resolutions can include:

I will attend more events that will benefit my business and allow to me build a bigger and stronger network.

If my business has employees, I will spend more time listening to their ideas, suggestions and implement them.

I will take risks and explore new marketing strategies that may not necessarily be common, but can allow my business to venture outside of the box.

As a startup founder, I will do things that are challenging and not simply imitate the competition.

The resolutions you set in place for yourself and your business are intended to help you maintain a focus. It is important to set goals that you deem achievable. If you are setting standards

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for yourself that you cannot reach or that are simply impossible to predict, you are going to let yourself down. For example, avoid making resolutions that are going to downplay your achievements. Create goals that are reasonable and realistic, but will still allow you to feel proud of yourself even if your sales didn’t reach $500,000 this year.

Outlook For 2015 Keeping a positive outlook for 2015 can help your business succeed and reach all of the goals you have set for your startup. Because the economy is improving, this can give you a sense of relief and the motivation you need to launch your startup and keep your mind on the right track. While a positive outlook is imperative to the success of your startup, there are some other ways to stay on top of things during this new year.

Commit to your startup. While it isn’t necessary to live, eat and breathe work, it is important to maintain focus on the goals you are trying to reach for not only the year, but the lifetime of your business.

Strive to better yourself in every way possible. This can help you keep yourself healthy and happy, which will essentially have a positive impact on your business.

Remain positive but be aware that there are risks and failures in your future. Remember that you may encounter some failures and unexpected turbulences on your journey to success.

With all seriousness aside, the most important goal of 2015 should be to enjoy what you are doing and how you are doing it. If something isn’t working for you, don’t be afraid to try something new. Let’s make 2015 the year of taking chances and making an impact in the world.

All The Best -

Tabitha Jean Naylor Editor & Publisher

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Ten Strategic Imperatives for Every Business

Every Business By William Buist

There are 10 key strategic imperatives every business needs to understand if it’s to be successful.

1. Be Clear In all of your marketing material, emails and social media, clarity is the foundation of selling. Avoid jargon, speak in simple language and don’t assume that your prospects have an encyclopedic knowledge of industry terms. Be concise; get to the point and be relevant. Speak in terms of the prospects’ needs.

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2. Share Where You’re Needed To people who find your message relevant, you can be a godsend. They need you and they want what you’re offering. To everyone else, you’re spam. For example, if you’re selling car wax, people who own luxury cars will probably be glad to hear from you. But those who drive cheap cars just to get to work probably don’t spend a lot of time waxing them. Know your customers and where to find them.

3. Sell to Buyers The best sales people qualify their prospects and only sell to people who are ready to buy. This is more specific than just finding the right market. You’re looking for people within that market who need precisely what you’re offering.

4. Make Realistic Promises Make promises that you can deliver on more often than not and...

5. Deliver on Your Promises A business that delivers on its promises will thrive without having to spend millions on advertising. Playing it straight with your customers’ expectations isn’t just ethical – it’s also profitable.

6. Document Your Methods of Operation This will allow you to find out what you’re doing right so that you can keep doing it – and what you’re doing wrong so that you can make changes where necessary. If you’re not going to make the necessary changes – don’t bother gathering data in the first place.

7. Grow in the Right Way Growing as a small business doesn’t mean opening additional premises you can’t afford. Growing means improving profitability, for example, by exploring an untapped market or discontinuing unpopular products. When you think of growth, think strictly in terms of profit margins and customer satisfaction.

8. Keep the Cash Flowing If your business is costing you more than it earns

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or if it’s just breaking even, it’s not a business, it’s a hobby. Taking out a second business loan and maxing out your credit cards is not cashflow. Be realistic about how much you need to stay in the black and how you’re going to keep that money coming in.

9. Bridge Your Gaps Where are your shortcomings in terms of skill level, experience, customer service, marketing, etc? Spend some time thinking about what you could be doing better and how to improve on it. That could mean improving your knowledge when you have time or (if you can afford it) hiring someone who can bridge that gap for you while you get up to speed.

10. Plan Your Getaway Successful entrepreneurs build something bigger than themselves. Building a business takes a lot of work; it can be both exhilarating and exhausting. Almost nobody has the energy to work for years without having a day off. So, one of your goals – and something that you should write into your business plan – is an opportunity to take some time to yourself. Whether your aim is a month-long vacation or selling the business, you need your business to be able to run without you.

Putting These Imperatives to Work Whenever you’re faced with a decision in your business, double-check the 10 points above. With enough experience and education, you’ll absorb these imperatives. They’ll become second nature. Until then, whenever you feel uncertain about a business decision, check back and make sure that your ideas are financially and strategically sound.

About the Author William Buist is the owner of Abelard Collaborative Consultancy and founder of the exclusive xTEN Club. He is also the author of At your fingertips and The little book of mentoring.

Entrepreneurialism Is Dying. â&#x20AC;&#x153;Expertsâ&#x20AC;? Want To Fix It By Ignoring Small Business Startups By Chuck Blakeman

The first step to reversing the trend is mind-boggling. L

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or the first time in American history, more businesses are closing than starting up, a tectonic shift, and a disaster for our economic future. The way to fix that, according to Gallup, venture capitalists and politicians, is to convince you that eighty percent of all businesses are irrelevant. To solve the crisis, they want the nation to fixate instead on finding a tiny percentage of early stage startups they call “highgrowth” businesses, that no one, including them, can identify. It’s crazy, but they’re convinced that will make the crisis all go away. The first step to reversing the trend is mind-boggling. It’s to convince you and politicians that over 22.7 million businesses actually don’t even exist.

You Don’t Exist Jim Clifton, Chairman and CEO of Gallup, stunningly asserts, “20 million of the 26 million reported businesses are inactive companies that have no sales, profits, customers or workers. The only number that is useful and instructive is the 6 million current operating businesses with one or more employees.” This is wrong on so many levels: inaccurate, twisted, and misleading, to name a few. Clifton and Gallup’s anti-small business agenda is exposed by the facts.

Nonemployer Businesses Are Alive and Well The latest U.S. Census data available shows 22.7 million nonemployer businesses, not 20 million. These companies comprise 80% of all businesses in America. To even be counted, nonemployer firms must have a minimum of $1,000 in receipts. Not a single one is inactive. Further, the average receipts for these supposedly mythical businesses is $45,344, and they constitute over $1 trillion a year in revenue. 2.3 million of them have $100,000 to $5 million in revenue, and hundreds have well over $5 million in receipts. And most of it goes directly to salary, which makes that $1 trillion exponentially more powerful to the U.S. economy than the revenue of giant corporations sheltering their earnings offshore and every other way possible. This is an irresponsible statement by the leader of a research company that we should be able to take at his word. Why does Clifton want to make 22.7 million business owners simply disappear? Venture capitalists have the same agenda.

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You’re Just a Mom and Pop Scott Case, former CEO of the epically failed Startup America partnership said, “Small business owners, if they fail at their first attempt, they’ll immediately go take a job in their industry. The local salon owner who doesn’t make it will go cut hair for someone else. But not a startup founder. A founder will shut down their business and just start again. And that’s the fuel that drives the market ahead.” He goes on to say “founders” are people involved with “highgrowth” startups that want to become giant corporations. He describes them as “special” and different from “mom and pops”. Pejoratives like “mom and pop” rule amongst the economic elite-if you don’t want to be a giant, you’re a mom and pop. The arrogance is palpable and the motive seems clear. VCs and cheerleaders like Clifton and Gallup are focused on high-growth startups that intend to become huge, who, in the process will enrich the venture capitalists. To get politicians to refocus, they casually claim everything from 40% of net new jobs to virtually all jobs come from these very few freaks. It’s a wonder that we ever got along without focusing on them before.

You’re Not Worth The Investment Sadly, uninformed politicians with their hand out to rich VCs are playing along. Ignoring small business startups, they are enacting bills to give the VCs tax credits and expanding regulations and funding that go directly to VCs. Billions of dollars are now funneled straight to VCs through the SBA, and small business owners aren’t even allowed to apply.

Clifton, Gallup, VCs and politicians don’t get to decide. And they shouldn’t play loose with the data to do it. Full disclosure: Our company, Crankset Group, would be considered a high-growth startup by these guys, with well over 25% employee growth every year for over five years. I’d rather be lumped in with the 22.7 million, thank you very much.

They Don’t Know What They’re Talking About The idea that ignoring millions of small business startups every year will reverse the business failure rate is ridiculous. 400,000 to 650,000 businesses start up every year, depending on the year. Less than 00.06% of them will ever in their lifecycle become a high-growth company (there are 28.4 million businesses in America; only 17,600 have 500 or more employees). That is so rare that it is nothing more than a statistical anomaly. Even if high-growth firms do create a lot of jobs, there isn’t a venture capitalist on earth who can identify highgrowth companies from “mom and pops” until long after they have already arrived, at which time they don’t need government coddling or even venture capitalists.

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84% of the fastest growing companies in America never took venture capital. Almost all fast-growing firms start as zero to 1 employee startups, and nobody knows which one will actually grow. McDonalds was a hot dog stand for twelve years before they sold hamburgers and started to grow. The McDonald brothers never had a dream of becoming big, and every venture capitalist would have blown them off as a “mom and pop”. Their small business, slow-growth pattern is very typical of most high-growth companies.

Focusing on Small Business Startups is Our Best Hope For the first time in our history, there are indeed more businesses dying in America than being born. Instead of helping grow more of every kind, VCs and anti-small business interests want to hijack this data and go running to congress for more special interest money, even attempting to make 22.7 million existing businesses disappear in the process. If we want more high-growth startups, the only sure way to do that is to focus on creating every kind of mom and pop possible, even hot dog stands, so the free market can decide which ones get to be big.

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About the Author Chuck Blakeman started and built eight businesses in the U.S., Europe and Africa. He is the founder of Crankset Group, providing business advisory for leaders and companies worldwide. He is a TEDx and worldwide speaker, author of best-selling books Making Money Is Killing Your Business, and Why Employees Are Always A Bad Idea, and a contributor to Inc., Harvard Business Journal, Entrepreneur, CNNMoney.com, and NYTimes.com. He regularly advises businesses and does keynote talks and workshops throughout the U.S., Europe and Africa. @ChuckBlakeman

10 Tough Quandaries That Lead Entrepreneurs Astray By Martin Zwilling

ost entrepreneurs struggle with many startup Founders dilemmas in building their business, and these key dilemmas are probably the biggest source of pain and failure for the entrepreneur lifestyle. People may jump into the lifestyle to be their own boss, achieve great wealth, start a new trend, or all the above. The dilemma is that these goals are usually mutually exclusive. For example, is the person who starts a new trend likely to be the one who controls it through the growth phase? In a famous study of 212 new ventures a few years ago, Harvard professor Noam Wasserman found that half the Founders were no longer at the helm after three years, and over time 80% were forced out. Thatâ&#x20AC;&#x2122;s not an attractive statistic if you crave control and power.

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Donâ&#x20AC;&#x2122;t wait for the harsh reality of the demanding business world to start thinking about these tradeoffs. The research from Wasserman and others outlines the following top ten dilemmas that every Founder needs to deal with sooner or later in their career as an entrepreneur:

. The make money or serve humanity dilemma. Your great idea for the

next Facebook may make you wealthy, but it probably wonâ&#x20AC;&#x2122;t help the hungry. The answer is to look hard inside yourself, to see what makes you happy and satisfied. If living on Raman noodles while you make the world a better place is fine, skip the investors and growth race.

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. The right time to start dilemma. The right time to jump is a function of favorable career, personal, and market circumstances. While it’s unlikely that all three of these will ever be true at the same time, most experts don’t recommend jumping at the first opportunity, but first gaining some skill, financial, and business experience first.

. The founding team size dilemma. Should you start a company solo or find co-Founders to help you? With one or more co-Founders, you gain complementary skills, spread the workload and responsibilities, and reduce the risk. The downside is loss of control and financial dilution. In my view, two heads are always better than one.

. The co-Founder relationship dilemma. While longtime social friends and family may seem like the natural choice for co-Founders and team members, these relationships often get in the way of hard business decisions or necessary business adjustments. Old co-workers or new friends with complementary skills usually make the best partners.

. The Founder’s title and role dilemma. Usually co-Founders expect to get a C-level title associated with their area of interest, like CFO for the financial expert. Make sure these titles are handed out only to people who are willing and able to accept the responsibility and workload of the associated role. It’s tough to downgrade titles and roles later.

. The compensation model dilemma. Every founding member wants to be compensated richly for the risk and the unknown. You have very little money, and you don’t want to give away your equity. Recognize that the best people don’t work for free. Giving equity is realistic, but base it on contribution and role, with vesting after time and milestones.

. The right investors and right time dilemma. You don’t want to take money from friends and family, but it’s too early for Angel investors and VCs. No one wants to put in money until you have a product, and you need money to build the product. Bootstrap if you can, otherwise climb the pyramid of family, friends, Angels, and VCs.

. The right motivated employees dilemma.

Very early, you need generalists who can cover multiple areas, but you can’t pay for experience. Later you need specialists and managers. Offer low cash early, with bonuses or stock options for milestones, to people in your personal network. Later use LinkedIn and other job sources for professionals.

. The Founder succession dilemma. Startups are usually founded by product or service experts who don’t enjoy the various growth phases. Should the Founder keep the company small, try to adapt, or step aside in favor of a seasoned business executive? Transition to a specialist role, plan to exit, be prepared to be pushed out, or plan to fail.

. The control and growth dilemma. If you take

investor money, expect a push for hockeystick growth and a liquidity event, like going public (IPO) or sale (M&A), to get the payback. If you prefer a private company with organic growth, keep control within friends and family, and prepare for the long haul. Otherwise exit and startup with another idea.

Not facing these dilemmas squarely and honestly is one of the biggest pitfalls facing every entrepreneur. You can’t have it all, just like your startup can’t be all things to all customers. You have to focus on the things you can do and love to do, and do them better than anyone else. Turn these top ten dilemmas into your strengths, and you will have a competitive advantage, as well as the fun and satisfaction you sought to find in the entrepreneur lifestyle.

About the Author CEO & Founder of Startup Professionals, Inc.; Advisory Board Member for multiple startups; ATIF Angels Selection Committee; Entrepreneur in Residence at ASU and Thunderbird School of Global Management. Published on Forbes, Gust, Young Entrepreneur, Harvard Business Review, and Huffington Post. Feel free to follow me on Twitter StartupPro or Circle me on Google+.

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Avoid These 3 MisTAkes As A New eNTrepreNeur A mentor once told me, “entrepreneurs get paid well because they bear the weight and responsibilities that employees don’t have to.” i remember i would often find myself complaining to my staff about how hard it is to run a business. This was not healthy transparency. it was prideful complaining and i had no good reason to share it. This is pressure and workload that was required of me, not them.

By Dale Partridge

In 2003, I started my first business. It was a fitness company called “The Fit Image.” We offered inhome personal training and massage therapy to upscale individuals in Southern California.

was a new entrepreneur at the time and had slowly built up a strong clientele and a few loyal employees. Looking back, I made lots of big mistakes. I hurt people I worked with, missed out on killer opportunities, and was insecure as a leader.

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Seven companies, $18 million, and over 100 employees later, I have identified most of my blindspots. I’ve made the mistakes and now understand how to avoid them. Of all my experience as an entrepreneur, here are my top three mistakes to avoid in your early years.

1. employees Are Not Like You As an entrepreneur, we sometimes believe the rest of the world shares our disease. But they don’t. Most of society is completely content with working for someone else and letting their dreams remain dreams. Early on, I made the mistake of expecting my staff and vendors to work like me, think like me, and act like me. But creation is your gift, not theirs. Speak to employees how they need to hear it, not how you want to say it.

2. Be Transparent But don’t Forget Your position A mentor once told me, “Entrepreneurs get paid well because they bear the weight and responsibilities that employees don’t have to.” I remember I would often find myself complaining to my staff about how hard it is to run a business. This was not healthy transparency. It was prideful complaining and I had no good reason to share it. This is pressure and workload that was required of me, not them. It’s lonely at the top. Deal with it or go work for someone who can.

3. success is Not About Money But Freedom The entire entrepreneurial arena is so ridiculously focused around money that people who work 80 hours week and make $200,000 per year think they’re successful. In my opinion, they just have two $100,000 jobs. Success is freedom. If you’re capable of keeping expenses low and eliminating debt, then making $6,000-$9,000 per month is likely sufficient. If you can make that in 10 days per month, that’s what makes you successful. Like I said in my previous article, “you can always make more money but you can’t make more memories.” Are you a new entrepreneur? Have you defined your blind-spots? What have you learned so far? Let me know in the comments below. If you’re interested in starting a new business and don’t know how, I launched a new 12 month program for $99/m on November 1st. If you’re interested you can sign up to be notified here.

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About the Author Dale Partridge is a social entrepreneur and founder of Sevenly.org. Described as “a mind who feels the trends before market,” Partridge teaches leaders and organizations how to position their brand, love their people, and develop profitable corporate social responsibility programs. He’s a renowned expert on branding, consumer psychology, and marketplace trends. He is an avid speaker and has been featured in various business publications including the cover of Entrepreneur Magazine, Fox News, NBC, INC Magazine, Mashable, MSN Money, Forbes and the Los Angeles Times. Dale resides with his wife, Veronica, and daughter, Aria, in Bend, Oregon.

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The

HABIT of No By Ethan Austin

Most people at startups are in the habit of saying yes. This year if you are looking for a resolution that will transform your startup, get in the habit of saying no.

The Habit of Yes The habit of yes occurs when a founder asks you to help him with something that “will only take half an hour,” or when a co-worker asks you sneak in a “quick” bug fix to the weekly sprint because it’s an “easy fix and should only take ten minutes.” We’ve all been there and our natural inclination is to say yes. There are lots of reasons why we say yes but most of them have to do with the fact that saying no feels rude. Yes, on the other hand, leads to happy co-workers, happy founders and a conflict-free environment. Yes, for lack of a better word, is nice. It is pleasant. It is agreeable. And everyone likes yes.

The Danger of Yes But yes is a dangerous habit to fall into. Saying yes here and there might seem harmless. But all those little yeses add up. They compound on each other, and they can transform a decisive strategy with clear objectives into an all-you-can-eat buffet of tactics and activities with no common goal.

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The true cost of yes is far greater than most of us realize. When we say yes to the small things, we’re also saying yes to switching costs. We’re saying yes to scope creep. We’re saying yes to shipping late. Falling into the habit of yes is like running a marathon where every three miles you decide to run in a different direction for a quarter mile before getting back on course. The habit of yes means never crossing the finish line before your competitors, or worse yet, never crossing at all. Everyone wants to be respectful of their co-workers but invariably saying yes to every request is actually disrespectful to the company. Yes leads to mediocrity. Yes is execution’s achilles heel. Yes is a non-

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confrontational cop-out. It circumvents the reality that we need to make hard choices. Ultimately, yes isn’t respectful. Yes is the insidious startup killer.

The habit of no The habit of no is one of the healthiest habits your startup can develop. At its most basic level, the habit of no is about accepting the reality that all ideas are not equal. The habit of no means ruthlessly prioritizing ideas, setting goals and then sticking to them. No is having the conviction to eliminate the good in order to get to the great.

The Path To Greatness is Paved with No The reason that no is so important is simple: no company has ever achieved greatness by being good at ten different things. They achieve greatness by being best-in-the-world at one thing. The best companies have a singular thesis about what the future looks like and then maniacally execute against that thesis. They ignore the outside noise. They know exactly where they are going and then say no to any ideas that don’t take them closer to achieving their goal. Take Google for example. Today Google offers everything from cloud storage to grocery delivery but that is not how Google won the Internet. Google won the Internet because long before you could use Google to video chat with Nana halfway across the country, Google figured out how do one thing 10X better than anyone else in the world: sell ads on the search engine results page. The same idea can be applied to investing in public stock markets. No one has ever become a billionaire by betting on index funds. Investors win big when they have a thesis about what the future looks like and then place all their chips on the sector or company they think has the greatest chance of creating that future. The greater the risk, the greater the reward. The startup world is exactly the same.

Moonshot or Bust To fully understand why the habit of no is so critical for startups, it’s necessary to understand the binary dynamic of how venture-backed startups operate. If you are at a venture-backed startup, by definition your singular objective is growth. You’re not aiming for single or double digit growth. You’re shooting for 1000% YoY growth. Your objective is to land a moonshot or die trying. Startups that fall into the habit of yes never hit the moon. Instead, they divide their time between a handful of activities and end up doing all of them at a B+ level. In the real world getting a B+ is an okay outcome, but in the binary world of startups a B+ is the same as an F. B+ work might get you 85% towards the moon, but it will never, ever, ever get you all the way there.

Once you realize that B+, A- or even A work isn’t good enough to hit the moon, it necessarily changes the way you have to operate.

Developing a Habit of No at Your Startup When a startup has a culture of yes, the people who have the courage to say no may get labeled as unhelpful, selfish or “not a team player.” But this couldn’t be further from the truth. The habit of no is actually all about teamwork. It’s about acknowledging what is required for everyone to reach a common goal, respecting this common goal and giving your company and your co-workers the best shot of achieving it. If your startup’s goal is to land on the moon, the next time someone asks you to do something that pulls you off course from achieving this goal, you should politely decline. If you’re afraid you might ruffle some feathers, share this blog post with them in your response. Or even better yet, have an open discussion with them. Show them your prioritized list of tasks you are working on in order to achieve the overarching company goals. Once all the information is on the table, decide together if the new task is more or less likely to move you closer to your company goals. The habit of no can be scary but it can also be transformative. It starts with one person and then it spreads. It’s certainly not the easiest habit to develop, but if you can commit to keeping your head down — to executing on a common goal, and inspiring others around you to do the same, you might all look up one day and realize: “Holy shit! We’re on the moon.”

About the Author My name is Ethan Austin. I like startups and I like burritos. But more than either of these things, I like helping people. I have started two companies with the goal of making the world a tiny bit better. One is called GiveForward and the other is called DealGooder. Over the course of building these companies, I’ve been lucky enough to receive incredible advice from mentors. I decided to start this blog as a way to pass on some of these lessons to others trying to hack it in the startup world. I also just wanted an outlet to write about burritos.

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or many small businesses, the income tax filing process is an overly complicated, time consuming process due to the following reasons:

Poor Record Keeping What cannot be supported or proved, gets added back to taxable income. Incomplete records is probably the No 1 reason why in many cases, small businesses may be parting with more of their hard earned income than they need to.

Limited Cash Management/ Expenses Tracking Small businesses often do not have the time or capacity for consistent cash monitoring. Poor

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6 Stress Busting Tips for Self Employed Business Owners By Jenny Okonkwo

record keeping is likely to leave them exposed to higher income tax liabilities which become a challenge to settle without adequate funds. Also, at the end of the tax year, it becomes a ‘guessing game’ as to how best to categorize and allocate the expenses.

No Budgeting and Forecasting Processes The use of budgets and forecasts help to profile a business in terms of targeted revenues and expenses. They could be useful as a basis for helping to validate the completeness and accuracy of the actual books and records as a basis for tax calculations.

Lack of Month End Procedures Month end procedures encourage a level of organization in maintaining the business books and records. The result is cleaner book-keeping to ensure the correct transactions are posted in the corresponding period in the accounts. Here are some suggested actions to alleviate some of the pain during the tax filing process:

1. Move away from the ‘Shoebox’. Develop a filing system so that you are able to immediately access invoices, expense documents, store till expense chits / receipts, bank and credit statements by month 2. Watch the Cash. Aim to have your suppliers on longer payment schedules than your customers if at all possible. Who wants to take out a loan to pay their taxes?? Open a separate bank account and put aside the HST / Income tax estimate of your revenue as you receive it 3. Introduce month-end procedures. As mentioned above, this will force you to improve your record keeping 4. Build a yearly budget, and flex it monthly, based on what actually happened. This will help you to

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stay on track with expenses and highlight areas that require urgent action

1. Buy in the expertise for ‘x’ days per month to help you get organized with the above responsibilities which then allows you to focus on the core activities of your business

1. Separate your personal and professional expenditure. Use a separate bank account and dedicated credit cards for your business, for easier tracking of revenue and expenses. Despite the above, some of you may choose to stick with the ‘Shoebox Method’ of managing your business finances. If so, may I recommend that you install some type of ‘navigation system’….that way, come tax time, you’ll actually know where the Shoebox is!

About the Author Jenny Okonkwo helps businesses reduce financial risk to maximize commercial opportunity. She does this by helping them resolve compliance issues and improve their financial and business processes. This article was originally published on the author’s blog, http://jennyokonkwo.wordpress.com/ and has been republished with permission.

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Building a Business with Friends: Difficult, But Not impossible By Cristopher Ramirez

eing an entrepreneur is hard. The tasks an entrepreneur must undertake are many and quite complicated. Especially if you haven´t been in the job market a long time or you just graduated from college and you have 0 experience in the real world, like I was 2 years ago. So one of the things I usually recommend to entrepreneurs that are beginning their ways into entrepreneurship is to gain or establish an alliance with a partner. And having a partner is a resource that can get you to avoid many troubles; finding someone that can support you or give you advice on what to do next is incredible valuable. And even more valuable when this partner or partners are close friends. And it’s not uncommon that a group of friends start a business, especially in these times. I have experience of beginning a business with friends. It’s hard but not impossible, in order to succeed you gotta take notice of a series of aspects, which I’ll enlist next:

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Not all your friends are good business partners

Work time not equal to friend’s time

Work is done, whether you’re friends or not

When you build a business or project with friends you tend to consider other friends of yours to join your venture, just because of that bond. You feel a responsibility to include friends who are close to you into the project, but this action could be catastrophic. Not everyone has what it takes to become an entrepreneur. You must surround yourself with capable people and with a dedication to push your business idea forward. If you want to recruit a friend to your business project, you must first evaluate his/her abilities and discuss with your other business associates why you think these individual has the potential to improve your teamwork.

One of the first subjects to define with your business partners/friends is that planning meetings or work meetings are precisely just that. Your business necessity must be discussed and arranged first. There’s nothing wrong with chatting with your friends about what’s happening on their lives but, it had happened to me that when you begin with these topics you end talking about it for several minutes, even for hours and then the business topics are postponed or taken lightly. So you should establish work hours that must be accomplished.

When starting a business, everyone on board need to have assignments and responsibilities. These must be delivered, like in any other job. Avoid that any of your friends, or even yourself, get advantage from your friendship and ask for time extension to accomplish their assignments or avoid their responsibilities. I don’t mean that you have to lack flexibility but every member of the team must be committed to this venture. If some of your friends don’t show a great dedication is better to take a minute and think if they’re really that important and necessary to your team.

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Getting out of the business is not equal to stop being friends The day may come when one or more of your friends would want to step out of the business. Leave them do it! They will have their motives, you must not try to retain them just because of your friendship. Doing this could trigger many disappointments and that the job can’t be done. It should be clear that no one is in this business because you made a friendship pact or something like it, like any other job many people come in and many go out. And independently of the way your friends decided to step down from your business, this must not affect your friendship.

Everybody’s success, everybody’s failure When you release your business idea into the real world, despite it succeeds or fail, you must remember that is everybody’s idea and the rewards or mistakes that your enterprise faces must be surpassed by everyone. Failing is not an excuse to blame somebody, all of the business partners have something to bring to the table that adds value to the business and it is everybody duty to see for the progress of the venture. In the same way, when you achieve your goals: don’t take all the credit for yourself. Starting up a business with friends can be a huge challenge but it has its advantages; for example, it reduces stress, it boost confidence, there’s a continuous flow of ideas and the most important you hugely enjoy the work. If you have friends that want to start a business with you, GO FOR IT! It would be hard but you will learn a lot and you will have a lot more fun. I assure you that.

About the Author Cristopher Ramírez is a mexican entrepreneur, writer and motivator. Author of “Imperio Emprendedor: Mentalidad para la Era Startup”. He loves entrepreneurship and his main goal is to help other to achieve greatness, to become the best they can be. Follow him on Twitter: @Cris_Rmz

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How to Avoid Falling Short of Your Sales Goal This Year By Jill Konrath

Knowing your “why” keeps you going during tough times. It’s essential to have a purpose that drives you forward – one that’s beyond an assigned quota or some revenue goal that you’d like to meet. L

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ou know, everyone wants to achieve their goals, and everyone expects that they will. But let’s be honest here: Typically about 50 % of salespeople fail to meet their sales quota. And as for you entrepreneurs, I’d suspect that an equal percentage aren’t bringing in the revenue you’d like. So why do we so often fall short of reaching our sales goals and what can we do to change this?

Know Your “Why” Knowing your “why” keeps you going during tough times. It’s essential to have a purpose that drives you forward – one that’s beyond an assigned quota or some revenue goal that you’d like to meet.

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Map Out Your “Hows” After clarifying your “whys” it’s time to map out your “hows”. For most people, that’s the missing link. For example, say that one of your goals this year is to land Primo as a client. So what’s it going to take? If it’s a bigger company, you need to figure out your entry point. Which business unit or functional area (like marketing or HR) will you go after first? Then, you need to identify the decision makers. That means you’ll need to pop over to LinkedIn to do some research. You’ll need to learn about the company’s direction, their challenges, and their issues. After that you’ll have to put together an account entry strategy, comprised of 8-10 different “touches”. You’ll have to figure out how to pique their curiosity and position yourself as a credible resource to land a meeting. Then, you’ll have to determine the most

effective way to lead that conversation so it advances to the next logical step. In short, to know how to achieve your goals, you need to outline, to the best of your ability, specifically which actions you need to take to accomplish those goals. As Rick Page always said – and wrote, “Hope is not a strategy.” It’s time to put that plan together. Do it now. Don’t leave those goals floating around in your head. Figure out what steps you need to achieve them. You’ll be pleasantly surprised at the difference it makes.

A quick P.S. In the next video in the sales goal series, we’ll be looking at the best kind of goals of all. Stay tuned. (Here’s the first video in case you missed it: No One Talks About This Key Factor in Sales Goal Achievement.)

About the Author Jill Konrath is an internationally recognized sales expert, keynote speaker and author of three bestselling books: Agile Selling, Selling to Big Companies and SNAP Selling. To accelerate your sales, check out all the free resources on her website: http://www.jillkonrath.com/sales-resources * This post originally appeared on Jill Konrath’s website and is republished here with permission.

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Special Spotlight Feature:

Dollars and Cents (aka: Accounting and Funding) L

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x a T d e s s i M y l n o m m o C 5 l l a m S r o f s n o i Deduct s r e n w O s s e n i s Bu her

eit By Bert S

f you put a price tag on the amount of money it costs to get a small business off the ground, the tag would probably be too small to fit all the numbers. This is because diving into business ownership can be an extremely expensive proposition. But there is some good news. The IRS does offer entrepreneurs and startup owners some much-needed financial relief in the form of tax write-offs. The following 5 small business tax deductions are often overlooked and go unclaimed in many instances. Being aware of them can help you hang on to a larger piece of your income:

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Vehicle Deductions

The Home Office Deduction

Deducting vehicle costs you incur as a self-employed professional or a small business owner can reduce your hefty tax bill. To be eligible to claim this deduction, you must use your vehicle to go from your home office or a separate place of employment to a different area for business reasons. There are two options to choose from when claiming this writeoff – either total mileage driven or actual vehicle expenses. The standard mileage rate for 2014 is 56 cents per mile. What this means is that you can claim this amount for every mile you drive your vehicle for business purposes. If you choose to use the actual expenses option instead, you can typically include gas, tolls, maintenance, and insurance when calculating your deductible amount. It’s important to take a close look at both deduction methods to determine which one will benefit you most in terms of tax savings.

If you are one of the many entrepreneurs out there who does some type of work from home and use an area of your home for these tasks, you may be allowed to claim the home office deduction. In basic terms, you would be eligible to deduct a specific percentage of the costs you incur that are necessary for doing business in your residence. Expenses you can write off include mortgage interest, insurance, rent, electric, water, home repairs, and even Internet access. Be mindful that these costs must be specifically associated with business activities you do from home. Plus, they need to be part of a room or space in your home that you designate for business activities. In 2013, the IRS enacted a simpler, flat-rate alternative to calculating the home office deduction. This newer option lets small business owners write off $5 per square foot for up to 300 square feet of office space in a home. But, like most deductions, there is a maximum deduction limit. In this case, it’s $1,500.

Medical Cost Deductions Medical expenses and health insurance premiums are normally eligible for a tax write-off for formally established small business owners and selfemployed professionals who may work as independent contractors. If you have a self-insured medical reimbursement plan, you may be able to deduct up to 100% of your out-ofpocket costs for medical care. Medical expenses you incur for a spouse or a dependent are eligible for this deduction under most circumstances.

Meals & Entertainment Deductions One of the more popular yet often overlooked tax deductions for small business owners revolves around costs spent on meals and entertainment. Based on IRS guidelines, meals and entertainment activities have to be considered “ordinary and necessary.” They must be directly related to doing business in some capacity.

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For example, letâ&#x20AC;&#x2122;s say you meet with your business partner, a potential investor, or a current client to shoot the breeze with about something related to your business while enjoying a delectable Italian dinner. You can write off 50% of the tab as a business deduction. Be sure to hang on to all of your restaurant receipts, and write down the names of everyone involved in a meal, along with the business that was conducted. The same rules apply to entertainment events during which some type of business is discussed.

Deducting Contributions to Qualified Charities Although it is not specifically considered a business tax deduction, any non-cash contributions made to qualified charities can be a tax-saving write-off for individuals and business owners alike. The value of certain items like clothes, furniture, and household items is 100% tax deductible in most cases. Many charities also accept used vehicles that meet certain standards, which you can claim as a deduction as well. Keep any receipts or handwritten acknowledgements you get for these donations from an organization. The IRS wants to see proof of your charitable contribution for it to be considered a legitimate write-off.

About the Author Bert Seither is Vice President at 1800Accountant, a national accounting and business development firm. For over a decade, Seither has assisted thousands of startup and well-established small businesses with their business development needs. He has assisted clients in a wide range of industries, enabling him to gain insight into a multitude of fields. He has gained the knowledge of tax reduction strategies, compliance, bookkeeping, payroll, and business planning â&#x20AC;&#x201C; all keys he believes are instrumental to ultimately starting a small business that can grow over time. With his tremendous entrepreneurial drive, Seither has also started up some of his own small businesses, and he constantly draws on this experience when working with aspiring and current business owners. He has been featured in expert interviews on television networks ABC, NBC, and Fox. Seither is a graduate of the University of Florida.

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10 Easy Steps to Reduce the Costs of Running By Michael Evans and Peter Duff

he general rule of business is to control costs, increase revenues, and maximize profit. Simple, but difficult to implement in weak economic times as well as in recovering economic times, such as we are experiencing now in the United States. As revenues increase, the tendency of businesses it to add workers, purchase technology, and increase inventories. However, many companies grow themselves out of business by diverting cash into fixed assets and inventory investments in anticipation of expanding sales. One way to avoid this situation is to reduce and control non-strategic costs. Through technology and the emergence of the outsourcing industry, companies can reduce costs, increase efficiencies, and increase profits to be in a better position to deal with the inevitable cyclical economic downturn. Let us look at the top 10 ways to reduce costs in the light of what the current circumstances are (not what they used to be):

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1. ManufacturingÂ The economics have changed substantially between producing goods in China and in the United States. A recent study indicated that offshore manufacturing companies are looking at a 15 to 20 percent average wage increases and will reach wage parity with the United States by 2017. Energy costs outside the country are growing quickly as conversions from coal to natural gas are implemented in China. Consider onshoring manufacturing back to the United States to reduce costs and better manage operations without different time zones, cultural barriers, and increased freight and inventory investment. The relative costs have almost come full circle.

2. Freight and Packaging Look at your trucking or small package competitive landscape for cost savings. Make sure you are organizing the business to take full advantage of full truckloads on the outbound. Take a look at the established minimum values for shipping levels to customers. Look at how much you uplift the shipping charge when you pay the shipping bill and recover the uplifted shipping charge from the customer.

3. Finance and Accounting The cloud simplifies outsourcing of accounting and makes cost reductions easier and to achieve. This makes a lot of sense if you are having to scale up, or if you do not have accountants on staff to improve reporting or make sure you are GAAP compliant.

4. Human Resources A Professional Employee Organization (PEO) can help process your payroll and offer your

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employees a better offering of benefits. In addition, by pooling with other

companies through a PEO, you can get significant pooling discounts on the cost of benefits. Additionally, you can have someone else take responsibility for the maze of changing HR regulatory issues including ACA compliance.

5. Legal Fees If you are involved in litigation, patent work, IPO introduction, or corporate reorganization, you will need a legal specialist. That specialist will be housed in all likelihood in a top law firm and their hourly charge rates are significant. Donâ&#x20AC;&#x2122;t, however, fall into the trap that you need to pay those rates for corporate counsel work. Legal fees are negotiable and many firms will fix the fee for basic corporate work or accept a fixed monthly retainer for basic legal services.

6. Bank Fees If you are a small- or medium-sized concern and working with one of the national clearing banks, you need to ask yourself why? These large banks are loaded with professionals to help large companies with complex international transactions, technical work such as risk and derivatives management, and other complex financial instruments, but these services may not be what you need to run your emerging growth company. Their rates are about twice the rate of a local or regional bank.

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7. Insurance When was the last time you had a competitive quote from an alternative insurance broker? Insurance companies will only allow one “broker of record” at a time. That means when you want to have your current broker and another designated broker quote, you will have to choose which broker gets quotes from which insurance company. Insurance brokers naturally form strong relationships with specific insurance companies, if for no other reason than volume brings additional discounts. Put your insurance needs out for bid to two brokers and insurance companies, and consider higher retentions and lower coverage limits if higher limits are not needed.

8. Audit Fees The big four audit firms are similar to the large national clearing banks. These audit firms are set

the next 3 national firms, regional firms, and small local CPAS. Make sure a CPA firm appropriately sized for your business performs your audit. The hourly rates are dramatically different between larger and smaller firms.

9. Social Marketing Your website, social networking, and LinkedIn usage can save you enormous sums for marketing your company. Look at the outbound marketing costs and see what you can substitute. Advertising budgets, trade show involvements, and general events are prime areas for trimming or eliminating while effectively using enhanced inbound marketing approaches.

10. Selling to the Right Customers When you analyze your customer base you will find you have highly profitable customers, somewhat profitable customers, and outright loss makers. The loss makers are obviously the ones you want to convert or ditch. Smart firms will not only rid themselves of loss-making customers but, by mapping the onboarding sales prospect process, incorporate activities and incentives for salespeople to bring only profit-producing customers on board. Whether you are reducing the selling cost or diverting resources to attain more profitable sales, you are moving to increase the cash and the profitability of the firm. Taking advantage of just a few of these cost reductions will give you truly substantially cash and profits savings.

Michael Evans and Peter Duff are partners in Newport Board Group. About Michael Evans

up with research groups and power groups to deal with complexity both driven domestically and internationally, and they have commensurate highlevel fees. The fee levels can be put into four groups: the top four,

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Michael Evans is Managing Director for the Newport Board Group, a partnership of board directors and senior executive leaders with deep knowledge of business strategy, operations, and capital markets. Previous to Newport, Michael L. Evans had been with Ernst & Young since 1977 and served as a partner since 1984. During his 34 years with the firm, he served as a tax, audit and consulting services partner, specializing in real estate companies and publicly traded entities. Michael served as the firm’s Global Director of the Real Estate and Construction Industry from 1988 to 1998, serving many of the largest international real estate organizations in the U.S. and the world. Michael is a frequent writer on business topics and has authored two books. He can be reached at (415) 990-1844 or via email at Michael.evans@newportboardgroup.com.

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Necessary Prerequisites to Finding Funding for Your Startup By Kevin Carney

Most Angel and VC investments lose money. The reason the overall returns are so high is the ones that make money make A LOT. Investor exits for successful investments are 5X to 10X the amount invested. L

s with everything in life, getting things means satisfying prerequisites. Being accepted by a University, winning a Golf tournament, or performing in a play. To get “in the game” you’ve got to meet the requirements. Funding your startup is no different.

What Investor’s Want Mostly, they’re in it for the money. You may have a cause, and you may occasionally find an investor who shares your cause. Just don’t count on it. Not only are they in it for the money, but Angel and Venture Capital money is the most expensive money you’ll ever obtain. A well run Angel fund in the US returns 2.6 times the total value of the fund, over time. However most Angel and VC investments lose money. The reason the overall returns are so high is the ones that make money make A LOT. Investor exits for successful investments are 5X to 10X the amount invested.

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This means that if an Angel invests $50K with you, they’re looking for a return of $250K to $500K. That’s expensive money.

Profile of a Fundable Startup Therefore, your idea must have the potential to scale. A business idea that returns 30% net profit with growth potential of 30% a year does not cut it. Your growth potential must be so big that you have a clear exit strategy. Remember the investors get paid after the exit. When there is no exit, there is no investor return. Your business idea either has the potential to IPO or there is a strong possibility an established larger business will buy you, for a significant multiple on invested capital.

The Big Idea This is where it starts. Your business has A Big Idea. This is the answer to why the business was started. • What problem is being solved, and how is it being solved? • What is the market potential in solving this problem? • How are you going to get attention and generate sales? • How much of that market can you realistically service?

your idea must have the potential to scale. A business idea that returns 30% net profit with growth potential of 30% a year does not cut it.

The Team Who Doesn’t Quit I always hear Angel and Venture Capital investors say “We invest in teams”. It’s important the founding team have the right mix of skill sets to develop products and services, market them, and handle the day to day operational aspects of the above. But…. Especially important is the investor knowing that when the going gets tough (and it will sooner or later), the founding team will dig in and persevere. Investors do not want to take over businesses and run them day to day. That’s your job. Their job is to provide capital, guidance, advice, and other forms of support. If you fail to do your part, they lose their investment. So you must project an attitude of commitment to your ideas. Is this “just” an idea to you, or are you “all in”? How do you convey this idea of being “all in” to potential investors?

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The Business Model Your business fundaments must make sense. If you sell something for $15, it better cost you $7.50 or less to make it. If you sell a SaaS (Software as a Service) app that is free to most people and premium to some, you better have a mechanism built in that encourages users to share with others. If your business fundamentals are unclear, or even worse terrible, you will be hard pressed to find investors.

Traction Maybe last, but definitely not least, you must demonstrate that real people will exchange real money for whatever it is that you sell. The way you do this is by having real people pay real money. The more people and the more money the better. I’ve heard investors refer to “The Experiment”. This is the proof that there is a market for your goods and services. There was a time that investors were willing to fund The Experiment. I’ve heard investors say (repeatedly) that often turned out badly. When the entrepreneur was performing The Experiment with someone else’s money, they did not design the experiment to be as inexpensive as possible. When the entrepreneur uses their own money to fund The Experiment, they get really creative about keeping the cost down.

For this reason alone, you should care. You should learn more. However, the HubSpot tool is rather costly (starts at $800 a month) for early stage startups carefully watching their cash. To learn how you can harness the power of Inbound Marketing on the cheap, please check out Inbound Marketing University, an online school and community devoted to teaching small businesses and early stage startups how to grow their online presence and generate leads. Borders went bankrupt because they failed to realize the importance of a strong online presence. Learn to be like Amazon.com instead, and learn how to create an amazing online presence for your startup. You need traction? Inbound Marketing will do that for you.

For that reason, the cost of this experiment rests with you. I’ve been to many pitch events, and startup businesses with zero customers and zero revenue do not get follow up meetings with potential investors. The ones who say things like “In the past 6 months we’ve received $50K from 3 customers and have 7 more customers in the sales pipeline” do.

Ever Heard of Inbound Marketing? If not, you should. Inbound Marketing is a means of attracting your desired audience to your website via organic search traffic, and converting some of those website visitors into prospects for your business. HubSpot is an Inbound Marketing tool vendor who did a study showing that leads from Inbound sources are 61% cheaper than leads from others sources.

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About The Author Kevin Carney is an expert in Inbound Marketing who writes on the topics of Inbound Marketing, SEO, and WordPress. Kevin runs Inbound Marketing University, the online school and community where people learn how to attract their desired audience to their website and convert website visitors into prospects. Kevin can be followed on social media at @ kevinbcarney, +KevinCarney, and LinkedIn, and contacted on the Inbound Marketing University Website. In case the links got lost in formatting, they are: Inbound Marketing University: http://zippe.biz/ Twitter: https://twitter.com/kevinbcarney Google+: https://plus.google.com/+KevinCarneySJR/posts LinkedIn: https://www.linkedin.com/in/kevinbcarney

3 Business Investments Every Entrepreneur Should Make By Rieva Lesonsky

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More than half (53 percent) of business owners say their company’s financials have improvedcomparedtolastyear; aboutthesamenumberpredict thattheirbusinessfinancialswill improveinthecomingyear;and almost nine in 10 (88 percent) saythefinancialhealthoftheir business is either stable or

f you’re like most entrepreneurs, you may not be investing in your retirement (at least for now) because you’re too busy putting every penny into your business. Good news for hardworking small business owners: A survey by The Principal Financial Group reports entrepreneurs are feeling more optimistic than they have in three years. More than half (53 percent) of business owners say their company’s financials have improved compared to last year; about the same number predict that their business financials will improve in the coming year; and almost nine in 10 (88 percent) say the financial health of their business is either stable or improving. There’s good reason for the optimism: Almost three-fourths (71 percent) of small business owners polled say they have surplus business capital on hand. That’s up from 62 percent last year. Where are small business owners

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planning to reinvest this extra capital? There are three smart places all entrepreneurs should be investing:

1. Invest in Your Business Almost half (46 percent) of entrepreneurs in the survey will invest excess capital into their businesses, with 37 percent making purchases to improve their companies’ technology and 36 percent taking steps to protect their businesses from loss. Since insurance and technology are places where many growing businesses fall short, this is good news.

2. Invest in Your Employees You wouldn’t have your business without your employees, so investing in them is important, too. Last year, 41 percent of business owners hired new staff, citing customer demand, high volume

of business and confidence in future growth as their top reasons for doing so. In the next 12 months, the same percentage will hire full-time employees.

finances and household finances are healthy—up 4 percentage points from last year. That’s really good news.

Existing employees deserve an investment in their happiness, of course. Forty-three percent of business owners say retaining talented employees is a challenge for them. To help improve loyalty, 33 percent offer competitive benefits packages, and in the next 12 months, 33 percent of entrepreneurs plan to add more employee benefits, up from 16 percent last year.

Investing in yourself has a psychological component as well. I’m happy to see that 48 percent of small business owners report either taking vacation time or using technology to work anywhere they want. In addition, 43 percent regularly make time for exercise, and 39 percent have enough staff so that they can leave work without worrying.

3. Invest in Yourself

About the Author

Last, but not least, don’t forget to invest in yourself. Too often, business owners support the business by taking money out of their own salaries (or not taking a salary at all). Not only can this cause family strife and leave you without adequate retirement resources, it can also be a sign of a poor business model. This year, 75 percent of business owners say their personal

Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at rieva@smallbizdaily.com, follow her on Google+ and Twitter @Rieva, and visit her website SmallBizDaily. com to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.

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Which is the Right Startup Funding Option for You? By Travis Levell

hen running a startup a hurdle that most, if not all founders have to overcome is how to fund it. Raising funding is a challenging task for any founder, whether they are trying to do so from friends and family or venture capitalists. This infographic that weâ&#x20AC;&#x2122;ve designed explains the most common funding options for startups and what you need to obtain them.

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In summary 5 types of funding are covered in relation to how difficult they are to obtain.

The 5 types of funding covered are: Bootstrapping -The simplest way to start a company is to either use skills that you already have, or invest your own money to complete important tasks.

Friends and family - Friends and family

funding allows you to raise capital from people that know and trust you. Raising this type of capital is usually more attainable than most other types of fundraising.

Crowdfunding - Crowdfunding often

allows ideas to be funded by their potential customers. In doing this, campaign owners usually have to have an audience or momentum prior to launching their campaign

Angel investing - This type of funding

allows you to raise capital from independently wealthy individuals or successful entrepreneurs. They will often find different ways to work with your company besides from just providing capital.

Venture capital - Very few entrepreneurs

ever raise venture capital. It often requires notable amounts of traction for your company and proof that your team is very strong.

About the Author Travis Levell is a Marketing Strategist that focuses on startup growth. He is currently working at the Founder Institute – the world’s largest entrepreneur training and startup launch program that has helped launch over 1250 tech companies across 6 continents.

Click here to see full infographic L

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* This article originally appeared on the Founder Institute website.

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Crowdfunding’s Unparalleled Impact on the Startup Landscape How crowdfunding’s redefining the lean startup and creating an era of entrepreneurial creation By Matt Ward

rowdfunding’s creating an enormous shift in the startup community. Where once only angel and VC backed companies could possibly go forth and attempt to innovate, a new player is emerging and exploding onto the scene. The effects of these waves are being felt across the world as small yet sophisticated startups are emerging and creating the high tech, future focused products that will define tomorrow.

The Origins of Crowdfunding Kickstarter and Indiegogo, the monoliths of modern crowdfunding have advanced at unparalleled rates since their inception. Launched in 2009 and 2008 respectively to help the little guys to raise funding for creative projects and passions, they’ve both grown to become billion dollar businesses. They’re revolutionizing the way we build startup, launch products and even contemplate commerce.

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But Why is Crowdfunding Crushing It? Crowdfunding’s early and explosive success could be the subject of entire economics dissertations. Instead I’d argue for simplicity. The pure and easily accessible nature allows individuals everywhere the freedom to create and innovate. Access to information, means to manufacture, manpower and even capital are quickly becoming mainstream options for inventors everywhere. Ideas guys who would once have bawked at the incredibly long and painful process of pitching VC’s are finding themselves with an alternative option...the crowd. Herein lies the true power of Kickstarter. Imagine instant access to hundreds, thousands, heck millions of potential customers without an ounce of ad spend. This outlandish idea a mere decade ago is a reality for creatives today as early adopting backers and inspired forward thinkers peruse the popular pages and seek out the latest and greatest.

The New Lean Startup After the internet bubble burst and DotCom crash crushed the hopes and dreams of entrepreneurs,

inventors and VCs everywhere certain steps were taken to improve the odds of success. We’re all familiar with Eric Ries. His book, the Lean Startup, stands as one of the pillars of modern money making. The principles of efficiency, iteration and rapid customer discovery drastically altered the software and startup scene. Hardware however remained unfortunately unchanged. The incredibly prohibitive startup costs for manufacturing and product design have always artificially excluded small startups and founders. This dynamic is changing as the crowd controlled capital comes into play. This evolution of hardware startup is bringing makers, hackers and DIYers everywhere out of the wood works and into the limelight. These handy, handson individuals have worked tirelessly perfecting, prototyping and testing their passion projects in the garage, basement and wherever else their spouse sought fit to allow. Suddenly with crowdfunding their creations are now feasible. The businesses they never dreamt of building are within reach and it’s resulting in unprecendented innovation in the hardware space.

Access to information, means to manufacture, manpower and even capital are quickly becoming mainstream options for inventors everywhere.

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The Innovator’s Era Now is the time of change. Inventive entrepreneurs everywhere are attacking the stagnant sectors of corporate and unveiling inventions as we’ve never before experienced. The examples truly speak for themselves. The Pebble Smartwatch raising in excess of $10 million. Oculus’ $2.5 million before a $2 billion acquisition two years later. The startup landscape is changing. The time is now for product creators to shine. Funding, building business or even exploring incredible other opportunities the campaign creators of today are turning the business world on it’s head. From Google, Nike, Amazon and Shark Tank I’ve seen past podcast guests and consulting clients frequently receiving orders, offers and unexpected campaign assistance as they work to innovate. And in the age of acquisitions where big businesses are turning away from risky ventures and costly product development, startups and crowdfunding campaigners are stepping up to fill the void. How this will play out is anyone’s guess but everyone from VC’s to Fortune 500 execs are caught in a whirlwind they could never fully anticipate or understand. Not sure how it’ll all shake out but believe me folks we’re in for a wild ride.

About the Author Matt Ward is the founder, crowdfunding consultant and podcast host of Art of the Kickstart, the leading resource for product creators and aspiring inventors interested in crowdfunding. Since launching Matt has interviewed over 100 crowdfunders and consulted and case studied dozens of other product innovators. To learn more about crowdfunding and how past guests have raised over $15 million dollars, check out Matt’s free 6 step guide to Kickstarter. @MattBnB * This article originally appeared on Inc.com

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Januaryâ&#x20AC;&#x2122;s Must See Movie For

Entrepreneurs

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he new year has finally arrived and with all of the exercise resolutions, business goals and exciting new adventures in place for 2015, it’s still just as important to take some time to yourself, sit down, and enjoy a good movie. It’s true; while The Wolf of Wall Street film was most notoriously known for its use of inappropriate language, this movie can have a significant impact on any entrepreneur who decides to watch it.

The Plot The movie starts out displaying the typical life of the average employee. Jordan Belfort, played by Leonardo DiCaprio, finally reaches his goal and receive his broker’s license. To his dismay, he begins working on Wall Street on the well known ‘Black Monday’ in 1987 - in other words, on the day that stock markets all over the world crash and lost an abundance of value in a short amount of time. This simply won’t work for DiCaprio. Like everyone else, he has big dreams and wants to provide a satisfying life for him and his wife. As he looks through newspapers in search of a job, he finds an investor center that is hiring. To his surprise, upon his arrival, he finds himself in a less-than-suitable place of employment that hardly even looks like a legitimate business. Fortunately for DiCaprio, his mentor from his previous job has provided him with the cutthroat skills necessary to make serious money, branch out to start his own business with his best friend, played by Jonah Hill, and launch one of the biggest firms ever. Though his firm is extremely large and successful, DiCaprio knows his way around a good lie and is referred to in the movie by Forbes Magazine as a “Sleazy Robin Hood.” He does whatever he needs to do

to make a sale, including lying and deceiving to anyone - even big names such as Steve Madden, the infamous shoe designer. While his love for money, drugs and women is eventually what leads him to lose everything, including his freedom, he succeeded in achieving his dreams and is even given a reduced sentence for his compliance with the FBI.

Why You Should See It You’re probably thinking that Jordan Belfort is one of the worst role models a person can have and, in a way, you’re right. It’s true - Belfort is a sleazeball and does a lot of inappropriate and illegal things to get what he wants. While your goals and tactics may severely differ from Belfort’s, your motivation and extreme passion should not. To be successful, you need passion. You need to have a goal and strive for it. If your only goal is money and power, the chances that your business will fail are high. If your goals are to have a positive impact on the world and do what is necessary to benefit the population, with an intense passion and doing what is necessary, you will succeed. The Wolf of Wall Street shows how an egocentric entrepreneur takes his unemployment and turns it into a billion dollar company and while his tactics are frowned upon, his desire to succeed is something to take note of. If you’re looking for the positives in the movie, at least take away this: To be the best and have a successful business, you must know the best way to do things. Assess the way you pitch your sales. The scene where Belfort is teaching his friends about sales and requests for one of them to “sell him this pen,” is an extraordinary scene on how to change your sales pitches to benefit you. Continue to motivate your team. In the movie, Belfort holds two meetings a day and keep his employees motivated by message of inspiration, incentives and more. Create a successful personal brand. Belfort’s nickname says it all: the wolf. While a wolf isn’t necessarily a positive nickname, if you can turn your brandin into a more positive light, it can have a huge impact on your startup.

Successful Startup 101 Magazine

A Blueprint for a Killer Product Launch By Lindsey Groepper

eventy-two percent of all new products fail to meet revenue targets, according to a global pricing study released in September by Simon-Kutcher & Partners and the Independent Professional Pricing Society.

Here are 10 tips for product launch success L

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When your business is counting on a shiny new product offering to kick-start the New Year’s revenue, marketing support is imperative. For launches to have the best chance at success -including getting the new product in front of the right buying audience and evoking consumer action -- agency partners and internal marketing teams must work from the same blueprint.

2. Create collateral materials. You’ll need a wealth of marketing assets to provide information to potential customers, whether they are driven by visuals or data.

1. Do the research. Survey customers and tap research from outside resources about marketing demand for the product. Figure out which demographic group is most likely to buy it and how such customers tend to make purchasing decisions. Before deciding when to launch the product, get a handle on upcoming industry announcements and events that could steal the spotlight, such as big brand launches or major trade shows, as well as major current events (Election Day or a royal wedding, say). Define what success means to you. Is it brand awareness, online sales or new retail partnerships? You need to set realistic goals.

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Your internal team should be familiar with the final key messaging, pertinent for the creation of press releases, fact sheets, technical-specifications documents, reviewers’ guides, blog content announcing the product, video assets, digital advertising creative work, high-resolution product imagery and a dedicated landing page for the company’s website. If you start your campaign with a full arsenal of content, you’ll have a more cohesive public message and save critical time on launch day.

3. Locate advocates. Supply media targets with advanced product samples, interviews or pre-launch web demos to ellicit expert feedback and line up reviews. You can also call on YouTube reviewers and current customers to help tell

6. Follow up. your story. A quote from a beta tester who has had a positive product experience can strengthen a press release and offer context to media interviews about the product. Identify online influencers on social media with strong followings of target customers and also provide them this early access to information and samples.

4. Spread the word. When you’re ready to share the news to your target demographic, organize all your pre-announcement activity. Coordinate the mentions from prebriefed media contacts and influencers as well as relevant marketing pieces (the blog posts, product video posted on YouTube, new landing page) to coincide with the press-release announcement about the new product’s availability. Enlist your PR team or agency to do personalized outreach to media targets on the week of the announcement and secure third-party endorsements.

5. Reach fans. Don’t neglect the people who supported your company’s brand before the new product launch. Issue a tailored email to your subscriber list announcing the new product offering and pointing to the overview video. Consider executing a giveaway on your company’s Facebook page to increase social engagement and buzz. Or put a few digital ad dollars behind your product’s video to give it further reach. Use complementary brand imagery across all channels to ensure brand consistency and draw in customers.

Don’t let your killer launch die after the initial announcement. Make contact with media targets who have shown interest, offering interviews with executives and product managers. Do tech troubleshooting for those having a problem with the product. Arrange for contributed content that focuses on the industry as opposed to the product. Continuously engage with social influencers via one-on-one communication. Deliver consistent communication to current customers via email and social media.

7. Engage partners. If your new product is available through online or in-store retail partners, tag retail outlets in socialmedia posts and run Facebook ads aimed at fans of those retailers. Your fans will know where to buy the product and the company’s partners will appreciate the marketing push.

8. Tune in to customer needs. As customers begin to receive and use your product, provide timely and accurate customer service via social media. Be sure your community manager has a working knowledge of the product or has someone available to help answer product questions. Especially with justlaunched products, lackluster customer service can hinder full adoption.

9. Measure success. Determine how the launch stacked up against the goals set at the beginning. Google Analytics can help provide insight into what marketing tactics worked, based on traffic, referrals and sessions. Your agency partners should be part of that discussion.

10. Humble brag. Promote media coverage through as many channels as possible, including via social media with paid media support. Create PDFs or printed clip books with major media coverage to share with retailers and partners. Build a press page on your website to showcase coverage.

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Below, seeÂ a related infographic created by BLASTmedia.

Cick here to see full infographic About the Author As president of BLASTmedia, Lindsey Groepper is responsible for new business development and helping oversee the strategic direction of the agency. The agency focuses onÂ digital advertising, social media and public relations.

Successful Startup 101 Magazine

By Brent Gleeson

7 Navy SEAL Sayings That Will Keep Your Team Motivated

sleep at your desk? Read this and get going.

Whether you are an entrepreneur, working in corporate America, or building a start-up, it is imperative to continually seek new ways to stay inspired and driven. Being a self-starter is a fantastic quality, but we are all human and get distracted by the minutiae of our day-to-day responsibilities.

Here are seven Navy SEAL sayings I keep top of mind while moving toward achieving my personal and professional goals. 1. The only easy day was yesterday. This is one of the more well-known sayings of the SEALs. When constantly pushing yourself to excel, there will be challenges that make every day a battle. As an entrepreneur, this concept keeps me motivated, because it puts things into perspective. If you wake up knowing that every day will pose new challenges and that you are ready to face them head-on, you will be well equipped to achieve any goal you set.

2. Get comfortable being uncomfortable. One exercise in SEAL training is “surf torture.” You link arms with your classmates and stand, sit, or lie in the frigid Pacific Ocean until your body reaches the early stages of hypothermia. During the initial phases of training, you do this daily.

Then you cover yourself from head to toe in sand and stay that way for the rest of the day. You might follow this with running the obstacle course, weapons training, or classroom time, but you are expected to push the discomfort aside and stay focused on the task at hand. There have been many times as a business owner that I have been in very uncomfortable situations. That could be a difficult conversation with a team member, a lawsuit, or dealing with a demanding board member. Discomfort comes in many forms. But the more you embrace that as a reality, the wider your comfort zone becomes. This boosts confidence and provides the tools for facing even larger challenges down the road. So as we like to say, “Embrace the suck.”

3. Don’t run to your death. In the SEAL teams, this is not a metaphor. When conducting raids that put you in close-quarters combat scenarios, restraint is often the best approach. Once you breach and gain entry to the

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target, being slow and methodical often wins the race. Hence the phrase, “Don’t run to your death.” Knowing when not to act is as important as knowing when to push forward. Restraint is crucial for business leadership. This is especially important if you are running or managing a rapidly growing business. Growth is fantastic, but smart growth is even better. Have a good plan, slow down, grow intelligently, and never, ever, run to your death.

4. Have a shared sense of purpose. A shared sense of purpose is hard to continually communicate. The economy changes. New technologies emerge. Employees come and go. There are many moving parts, which is why it’s critical for the leadership to always be communicating the reality of the situation and what the “win” will look like when you get there. And, most important, what everyone’s role is in helping the team achieve that goal.

5. Move, shoot, communicate. As a SEAL, you must be able to perfectly execute these three functions to ensure mission success. Move: You have to be able to work as one well-maintained mechanism with the ability to have constant fluid motion. Shoot: That’s self-explanatory. Communicate: All good teams have frequent, open, transparent communication. When the bullets start flying, everyone needs to know what the next move is. The same philosophies apply in the fast-paced world of business and entrepreneurship. The team has to have the ability to communicate effectively to adapt to changing environments. Which takes us to the next saying.

6. No plan survives first contact with the enemy. This is from Helmuth von Moltke, a German field marshal from World War I. Similar is this sentiment from Mike Tyson: “Everyone has a plan until they get punched in the face.” That is why preparation and training are even more critical than planning. When you have a team of the right people doing the right things, they will know how to adapt when the you-know-what hits the fan. And they will adapt with composure, not panic. This is why ongoing training and professional development are so important.

7. All in, all the time. I wanted to close with another one of the more wellknown SEAL sayings. Just being a good performer won’t cut it to make it into the SEAL teams. You have

to give everything you have just to make it to the next day. Just like managing stress, you have to focus on one piece at a time. So don’t worry about the test you have in the afternoon. Your goal is to make it to breakfast. Then lunch, and so on. Whether you are building a startup, leading a team in a large organization, being an active parent, battling cancer, or training for a triathlon, it’s got to be all or nothing. Mediocrity and moderation won’t get the job done. Give everything you do everything you’ve got. My heart welled with pride when I heard my 8-yearold son’s flag football coach give the team one last piece of advice in the last couple minutes of its championship Super Bowl game. He said, “Now is the time to dig deep. Leave everything you’ve got on that field. If you do that, win or lose, you will be the champions!” So whether you are 8 or 58, get comfortable being uncomfortable, get well prepared, and be all in, all the time.

About the Author I am a passionate speaker, entrepreneur, Navy SEAL combat veteran, and the Co-founder and Chief Marketing Officer at Internet Marketing Inc. (IMI), one of the fastest growing digital marketing agencies in the country. IMI specializes in analytics and data-driven integrated online marketing strategies for medium and enterprise-level clients. IMI was recently named #185 on the prestigious Inc. 500 list of the fastest growing private companies in the country. I earned a degree in finance from Southern Methodist University, studied English and History at Oxford University, and have a Master’s Degree in real estate finance and development from the University of San Diego. I’m also a public speaker and TV personality, recently appearing on NBC’s reality series ‘Stars Earn Stripes’.

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tartup companies are stressful, yet exciting places to work, and whether you’re the star entrepreneur, a partner or a sales professional trying to generate an initial stream of revenue, professional networking can play a key role in achieving your first-phase goals. The bigger your network, the more access you’ll have to funding, customers, partners, and perhaps most importantly -advice. Almost everybody in the business world uses social media to some extent, and it makes for a great opportunity to connect with new people. However, there are a few principles to keep in mind while networking on social platforms.

Know your platforms. The rules of etiquette and the types of people you’ll find will vary from platform to platform, so it’s important to keep your messaging and approach appropriate while you find new connections. For example, reaching out to strangers on Twitter is more socially acceptable than it is on Facebook, since most people try to restrict their Facebook visibility to close friends and family. On LinkedIn, almost every member is a professional seeking professional connections. For most startups, LinkedIn is the best place to meet new contacts and exchange information.

Successful Startup 101 Magazine

Startup’s Guide to Professional Networking

By Jayson DeMers

Conversations are gateway opportunities. Look for active conversations on social media, and start some of your own. These are perfect opportunities to uncover new connections. For example, if there’s a running public conversation on Twitter about touchpad technology and your startup is releasing a new iteration of software relevant to the conversation, jump in! Introduce yourself briefly, but more importantly, make a real contribution to the conversation and follow it as it develops. After the conversation ends, reach out to anybody you engaged with directly and ask for more information about who they are and what they do. You may also find conversation participants reaching out to you because of your expertise. LinkedIn Groups are an ideal place to look for these conversations.

Keep in touch regularly -- but not often. Once you’ve found a connection and introduced yourself online, follow up with that person so you stay on top of their mind. This is especially important for a connection who is considering investment, or a connection who has a future -- but not present -- need for you. Your follow-up messages can be short and to the point, though flattery and personal consideration sometimes help, but don’t follow up too often or you’ll end up annoying your new connection.

Reach beyond the screen. Don’t let your connections stay confined to the digital world. Once you’ve interacted a handful of times, take the next step with a phone call or, even better, an inperson meeting. Nothing can replace the personal feel of direct interaction.

it down. However, I advise you not to memorize it word for word. If you do, your pitch will sound overrehearsed and regurgitated in a real-world application. Instead, go over the highlights, focusing on a few key phrases so you can come off sounding natural.

Be open to any opportunity. Even if someone doesn’t seem like a good fit for your needs at the moment, they could still present a great opportunity later on. Be open to meeting almost anybody, and try to make a great impression every time. Collect contact information whenever you can get it, and listen to people when they talk about their business. You never know when an interesting partnership opportunity could arise.

Be yourself. Don’t try to ham up your personality or put on a fake sales persona. People will notice. Instead, be yourself. Show your true personality, and show your enthusiasm for your startup. Personality definitely counts in the networking world, and yours needs to be sincere.

Go out and introduce yourself. If you want to meet people, you have to go where people meet. Sign up for networking events around your city, and try to sniff out group activities where professionals or potential investors might be lurking. Go out of your way for opportunities, and never be shy about introducing yourself. Networking is both an art and a science, so no matter how much you try to learn about it on paper, the best way to improve yourself is to get out there and do it. Take note of which strategies work, which ones don’t, and any changes you can make to expand your network and improve your reputation in the field.

Whether you’re meeting your social-media contacts or engaging in regular networking events, it’s also important to establish your in-person networking techniques.

Have your elevator pitch familiar- but not memorized. Your elevator pitch is the first chance you’ll have to make an impression on someone unfamiliar with your startup, so practice it often to make sure you have

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About the Author Jayson DeMers is founder and CEO of AudienceBloom, a Seattle-based SEO agency. He’s the author of the ebook, “The Definitive Guide to Marketing Your Business Online.”

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Partnership Feature:

Sorority of Survivors

interview

A candid with Odessa Hopkins, the Founder of SOS… Was there a specific moment or situation that inspired you to found SOS? I come from a long line of strong women who survived everything imaginable, and yet, they never considered themselves a victim of anything. They considered it one of life’s blows and, as with any fight, you take the blow and come back swinging until you’re knocked out – permanently. That’s what inspired me to found SOS. I know what it’s like to want to give up. I know what it’s like to want to give in. I know what it’s like to fail – big time and multiple times; but, I also know what it’s like to turn all of that into success. That’s what I

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bring to The Sisters of SOS. My experiences do me absolutely no good if I can’t share it with other women, and help them become successful – whether in their careers, in their business or in life.

I’m sure every woman you encounter has a special story of their own. Is there a story that has rung true to you personally or one that has reminded you as to why you started SOS in the first place? The story that has most impacted me was a conversation I had with a friend and mentee. Her

daughter heard me speak at an event, and went home and told her mom she must meet me. She said her daughter kept telling her this, but she couldn’t figure out why. One day she called me and asked if I had time to speak with her and I told her I was busy, but could spend a few minutes with her. We ended up talking for well over an hour, maybe two. A few days later, she came by my facility to meet with me. She told me about her journey from being a prostitute, and raising her daughter in the streets, to turning her life over to God and becoming the owner of a successful landscaping company. She feared I would judge her, and told me it was like talking to Oprah. We laughed and I assured her that with my past, I was in no position to judge anyone, just to teach, and learn from, them. It’s women like Jacqueline who remind me of the gift I’m blessed with. The gift of trust. Women trust me, and I value that trust.

Has SOS experienced any setbacks that have made you feel like running the site was more of a hassle than it was worth? What were they?

The goals of SOS are clear, but what is it you want women to feel or do after coming across/joining the site. Should they be able to define their goals more clearly, or is it simply designed to provide women with feelings of empowerment?

online because, in only six months, our members are already global – including in the Bahamas, Puerto Rico and Australia -- but we have both offline and online events, especially in the spring, summer and fall.

Well, keep in mind that SOS is not an online site, we are a full fledge organization. We do most of our communicating

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No. Not yet anyway (laughing). If you feel like running, less than a year into your business, you’re probably in the wrong business. I’ve never really felt like running in any business I’ve started. I have, however, felt overwhelmed and under-appreciated, but not at SOS.

A few days later, she came by my facility to meet with me. She told me about her journey from being a prostitute, and raising her daughter in the streets, to turning her life over to God and becoming the owner of a successful landscaping company. She feared I would judge her, and told me it was like talking to Oprah. We laughed and I assured her that with my past, I was in no position to judge anyone, just to teach, and learn from, them. It’s women like Jacqueline who remind me of the gift I’m blessed with.

In joining SOS, feeling empowered is certainly a goal, but it’s so much more than that. One of the things women get, pretty quickly, is that I hold them accountable. They’re a little surprised, at first, because it’s something other organizations don’t take time to do. Yet, it’s one of the

reasons so many don’t succeed. When you have a job, your employer holds you accountable. When you’re in business, your clients hold you accountable. But in between your job, and having clients, there’s a space where you’re just trying to make something happen and often things get started, but not completed. You get overwhelmed, and you don’t do everything with excellence. You stop promoting your business consistently or you stop investing in educating yourself. Whatever those things are, our goal is to provide reminders and hold you accountable for getting things done, and in helping you move to that next level of success – whatever that is for you.

Where can women read about your own personal story of struggles? Is it something you publicize for other women to relate with?

What is one of your favorite parts of SOS?

I’m sure many of your subscribers learn a lot from you and your story. Do you go out of your way to listen to the personal stories of others?

Definitely the relationships I’m building with women from all walks of life. It’s like traveling the globe without leaving home. We contribute and teach a lot, but I’m learning so much more – especially about the different cultures and lifestyles. I’m getting everything from geography lessons to lessons in foreign economy; and history lessons to education on religion and foreign policy. I also get to hear their stories and, hopefully, make enough of a contribution in their lives to become part of their story. So the relationships, by far, is my favorite part.

What kind of self-empowerment tools does SOS offer women with their membership? One of the self-empowerment tools all members, including our All Aboard members, who pay only $15 a year, receive is our quarterly Live Broadcasting series. We recently conducted a broadcast series called, Wake Up Your Life with The Sisters of SOS. For 12 days we featured a different speaker, and topic, all conducted by our members – who are speakers, coaches authors and entrepreneurs. Those broadcasts are now available, free, in the Members Only portal of our website. That portal is another empowerment tool – a Video Vault of content from experts in categories of health, wealth, parenting and business. There are also weekly empowerment, and leadership, calls available to all members. That’s in addition to a very interactive FaceBook group, where we have a daily agenda and theme. Of course, with the level of membership comes more tools and resources, but those are for women business owners, speakers and authors who require more promoting and assistance with building or expanding their craft. So the empowerment tools are there, and members can be as active, or as inactive, as they choose to be. As with most things, the value is based on the time and resources you are willing to invest.

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I’ve shared my story in a few broadcasts, but I’m currently in the process of writing my autobiography. I don’t want it to be another story. I want it to be a guide to getting to the next level by building your own ladder, so it’s taking more time than expected. I once told someone that there is a time to tell your story, and that only you know when that is. This is my time, so I’m looking forward to completing my second book and putting it on our website.

Absolutely! You can’t really get to know a person without knowing their story. The best way to assist my members is to know their journey. It’s especially important for my Elite and Platinum Members because we can’t effectively promote them, and their business, without knowing who they are. That’s like an agent trying to promote a musician, without knowing what kind of music they play. It doesn’t work.

Along with the weekly conference calls and online broadcasts, does SOS host many live events for speakers to share their stories? SOS does not host events, online or offline, for women to share their stories of victimization – because our focus is on the next level. We do host events on how they started a business, how they became a speaker or coach, how they landed a six-figure income, how they got their sexy back, how they landed a contract, how they are successfully raising five kids, as a single mom – stories of next level living. People hear the word “Survivor” in our name and assume we focus on being abused, ill, victimized, etc. But, for SOS, a “Survivor” is simply a woman who, in spite of adversity, chose NOT to be a victim. So we don’t talk about victimization. I tell women that you ceased being a victim when you survived the situation – no matter how difficult it was. If you’re here to talk about it, you’re a Survivor, so let’s focus on the next level. There are enough organizations out there to hold their hand. We are not that organization, but we do support those organizations because there is value for those who are not yet ready for SOS.

Tell us a little bit about the sisters of SOS. Does each member offer a different kind of service? We have a blog called Everyday Women, and that describes The Sisters of SOS. They are you and

me. They are exceptionally supportive, talented and intelligent career women, entrepreneurs, aspiring entrepreneurs, moms, mompreneurs, senior citizens, women in transition and just everyday women. They are of various race, religion, nationalities and income brackets. They have G.E.D.’s, Bachelors, Masters and PhD’s. The one thing they all have in common is the desire for more. What that more is varies from member to member – just as it does with everyone else.

What is one piece of advice you would offer a woman who hasn’t had a chance to join SOS yet? I would encourage women to join SOS to experience the difference. When I say “experience the difference” it’s because I’ve been affiliated with women’s groups, Chambers of Commerce and other organizations for many years, and I took what I learned from them and created a company that has the best of those organizations. It’s not the only organization they should join, let’s be clear. I believe women should explore and join a couple of organizations, in order to meet, network and learn from, different people. But SOS, without a doubt, should be one of them. There is no contract or commitment because we want women in SOS who bring, and give, value and who want to be there.

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Is there anything else you would like to add? I just want to thank Successful Startup 101 for providing the opportunity for me to share SOS with your readers. I also want to congratulate you on filling a void in an industry that caters to businesses who are up and running, but who often forget about those aspiring entrepreneurs, and those just in the mist of bringing their dreams to life. Your magazine is their roadmap, and The Sisters of SOS will be taking advantage of, and sharing, the information you provide. I want to leave your readers with this. I set out to lead a happy, productive, fulfilled, blessed and priceless life. And, I’m living that right now! But, if I could assist women in accomplishing what their life’s mission is, through their involvement in SOS, that would be the icing on a beautiful cake for the both of us.

Website: www.sororityofsurvivors.org email: sos@sororityofsurvivors.org phone: 1-877-433-3810

e h T h g u o r h T : o n r e f n I e h l T u f g s n i s e c Fac c u S A f O Eyes

r u e n e r p

e r t En

rview e t n I n A

r e n g a W T. ith Eric

ollowing your dreams as an entrepreneur can be a tough road to travel. Some days can feel difficult while others can seem downright impossible. For Eric T. Wagner, this journey was no different than anyone else’s. With over 30 years of experience with numerous startups, writing experience and the recent release of his book, “Walk Through Fire: Rise Up, Face the Inferno, and Build Your Dream Business,” Eric has had as many successes, failures and hardships as the next entrepreneur. His hard work, diligence and perseverance has paid off. During a short Q&A with Eric, some of the secrets, keys to success, and solutions you have been looking for have finally been discovered.

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Is there one significant experience, failure or success you can attribute to inspiring your book, “Walk Through Fire”?

Short answer? All of them. But deep down inside we each crave to create something. A better business. An ideal life for ourselves. A project where everyone around exclaims ‘wow, you did an amazing job creating that.’ For me, I’ve always wanted to write a book to empower and inspire other entrepreneurs. So after many fits and starts over 3 years, I finally sat down and got it down over a 6 month period. Call it the drive to create something bigger than myself.

What kinds of tools and lessons can an aspiring entrepreneur take from this book?

One big one - y ou cannot build a wildly successful business over night. It’s in the small, connected steps.

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The bits of wisdom, inspiration, and encouragement you pick up along your journey of entrepreneurship that help you make better decisions as you go. Essentially, Walk Through Fire has more than 365 valuable lessons you can apply to your business. 365 of the thousands you’ll need to reach the top.

As an entrepreneur of over 30 years, you have had your share of ups and downs. Was there a specific failure that made you want to quit? How did you get through it?

Great question. I’ve wanted to quit so many times on different things it’s hard to count. And actually, I have thrown in the towel a great number of times. However, I believe quitting on your dream is different from quitting on a particular strategy, business idea, or direction. My friend started 9 companies and quit on every single one of them. But did he give up on his dream of business ownership? No. And now he enjoys the fruits of his labor with his tenth company because he was tenacious enough to never give up on his bigger dream.

Your family is probably a big part of your motivation to succeed. What kind of support system do they offer you?

You just hit on a major component for successful entrepreneurship - your support network. So yes - for me, my family plays a big role in this. They love me and support my pursuits. However, in 30 years of doing this, I’ve also experienced times of complete loneliness and feeling like an outcast. The whole, ‘that will never work as a business and you’re crazy Eric for trying’ string of verbiage. So what to do? Smart entrepreneurs surround themselves with peer group entrepreneurs, join mastermind groups, and build strong advisory networks. With or without the support of family, this is a must for entrepreneurs because quite frankly, we’re not like other people.

Describe your daily schedule and routine. Is there anything you set out to do everyday that helps fuel your motivation to work hard?

Are there any habits or traits that you would recommend an entrepreneur to avoid? Yes - 3 come to mind:

1. Perfectionism. Yes- we want things we build to look and sound great, and they should. However, I see many entrepreneurs miss out on the value of ‘market feedback’ by spending too much time and money to make things perfect. Instead of perfectionism, think - ‘finished beats perfect.’ 2. Over analysis. Of course, it pays to do our due diligence. To consider all the facts. To be wise in our choices. However, at the end of the day, those who pull the trigger and take action are the only ones to succeed. 3. Not drinking the water. Most times, we have everything we need to be successful right in front of us. Key connections. Knowledge and know-how. Natural born talents. But do we leverage those resources to their fullest capacity? Most times, no. It’s like the old saying; ‘you can lead a horse to water, but you can’t make him drink.’

First - motivation. Face it, some days we don’t feel like lifting a finger on our businesses. Which is why I’m a believer that motivation must come from having a bigger purpose. A north star, if you will. For example, my purpose is to ‘empower entrepreneurs to build great companies’. It’s bigger than me and flatout fires me up to pursue it. Call it passion for my purpose. So once an entrepreneur has their ‘giant why’ (bigger purpose), then it becomes about knowing the 3 key activities to work on every day to make it happen. Not 100. Not 20. Three. For me, these 3 priorities drive my daily schedule: 1. Connect and engage entrepreneurs (the more I know about my target customer, the more I know how to help.) 2. Write (at my core, I write to empower. Books, articles on Forbes and Entrepreneur, scripts for video, and email to name a few.) 3. Recruit strategic partners (in order to empower even greater numbers of entrepreneurs, I connect with and nurture high-level relationships with those who reach the same audience.)

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First, as billionaire David Rubenstein once said in front of me, a key to successful entrepreneurship is to “learn how to write and talk.” If you want to be a top level writer for a top tier publication, you must hone your craft of writing. Read books on writing. Practice writing. Even when when it hurts.

When I started as a young teenager, all I had was books and myself. No mentors. No guidance. Just the sheer determination to make it big someday by owning my own company.

You have written pieces for “Forbes” and “Entrepreneur” what advice can you give someone who wants to accomplish goals similar to these?

Next, you must reach out and connect with those in charge to let you write. But not a pitch out of nowhere. Do the research. Ask for introductions. Begin by connecting and then offer value instead of pitching. I have a great story on how I got on with both Forbes and Entrepreneur, but that’s for another time...

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Did you have a mentor or someone guiding you along the way? If not, where did you turn to when those feelings of anxiety and frustration came about?

50,000 shades of grey hair later, I realize I took the hard road. It’s an extremely difficult road to travel by yourself, especially during a 3am panic attack because something is going horribly wrong in your business. That’s why I highly recommend peer group entrepreneurs, masterminds, and advisors. Go to people who have been there, done that, and can help you move through the rough times.

In your Q&A with Andrew Spence, you said you would spend one evening with Steve Jobs. What kinds of questions would you ask him, or what would you hope to take away from the evening?

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Mainly, what made him so special? Millions of women and men walking around who are just as smart as he was, but clearly something he had was different. Most likely, not just one attribute or element though. A mosaic of different experiences, natural born talents, and lessons learned or acquired. I would love to dig in and really figure that mosaic out in totality.

10.

What is one piece of information you would give entrepreneurs that you wish someone would have given to you?

Enjoy the journey. Listen- true entrepreneurs at heart live a lifetime of business creation. It’s not a sprint, like I believed when I was younger. It’s a journey. Some days are great and you take 3 steps forward, and some days are not so good and you take 3 steps back. But in the big picture, you don’t want to get on the other side of this at age 90 and realize you didn’t stop to enjoy any of it.

About Eric I am a life-long entrepreneur and startup expert living in Sisters, Oregon and I am the Founder and CEO of Mighty Wise Academy: A Virtual Academy For Entrepreneurship. I am also a mentor and advisor for multiple startup companies. If you’d like to learn what it really takes to become a successful entrepreneur, you can connect with me here >>.

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3 Invaluable Lessons for the Hopeful Startup Founder

hen launching a brand new business, getting good advice early on can make the difference between success and failure. This is why many startup founders choose to work with advisory boards consisting of a group of experienced people who help point them in the right direction when things get rough. Even though there are many benefits associated with having a group of experts by your side as you take your idea into the realm of reality, most startup founders choose to ‘go it alone’. If you’re a lone wolf so to speak who is about to launch a new business venture, here are three invaluable lessons to keep in mind which will help increase your chances of succeeding in your new business venture.

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Building a Business is an Ongoing Process and Not a One Time Deal Building a business involves much more than just putting your plan into action and hanging out the “Open For Business” sign. If you have a grand vision of running a business wherein everything will just work itself out in your favor, you are in for a big surprise to say the least. What you can expect to happen is that you will face many issues and problems along the way that may seem impossible to overcome and solve. You’ll experience times where it seems for every step

forward, you take two steps back Every business owner and especially during the startup phase, faces problems and roadblocks and sometimes many of them. It’s important to realize that your business won’t succeed and grow if you’re not dedicated to working hard and making tough decisions. You’ll have to take some risks that put everything on the line. Building a successful business takes time. It’s almost certain that you will have to make some sacrifices along and fast decisions when facing problems or dilemmas. Yes, there will be moments when you feel like giving up as sometimes the obstacles before you will seem insurmountable. However, with dedication, determination and lots of persistence, your hard work will lead you in the right direction toward succeeding.

Success Won’t Happen Overnight So Don’t Expect to Get Rich Fast Many startup founders admit to dreaming of going from rags to riches in a very short period of time. If you have those types of dreams, it’s important that you realize that most things associated with getting a business up and running well take longer (and even cost more) than what you originally planned for. From developing your products to finding an investor, everything is likely to take more time than you expected. While the idea of owning a business sounds wonderful, many people who decide to take the leap into business ownership are simply not prepared as they jump right in with no preparation and little knowledge of what they’re doing or of what to expect. It’s all-to-common for people to think that startup success is easy and requires just a few quick steps. Many people think they just need a great idea that involves offering a very desirable product in order to rake in loads of money shortly after launch. If startup success was really that easy, literally everyone and their brother would be a successful entrepreneur! Startups that do succeed are run by people who don’t have unrealistic expectations. Instead, they understand that running a business requires them to work long and hard. The breakout successes in the business world are few and far between. There’s actually a greater likelihood that you’ll be struck by lightening than there is of you becoming an overnight business success so keep things in perspective.

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You Must be Willing to Learn and Ask for Help When You Need It No one likes a know-it-all and taking on that mindset certainly won’t help you succeed in the business world. The most successful entrepreneurs learn all they can and they never stop learning. They say when we stop learning, we’re merely existing and how true that is! Read, listen and seek advice from industry experts. Many people become too comfortable after being in business for a while wherein they stop learning and growing. Make it a point to regularly attend webinars, training sessions, conventions and meetings related to your industry. Then apply what you earn to your business. In addition to learning all the ins and outs of your industry, it’s equally important to learn about other areas like sales, marketing, administration, PR, finance and pricing. Finally, don’t be afraid to ask for help as there is nothing wrong with doing so. Nobody knows everything including you. You will always have questions so be open to asking for advice. If you think you’d benefit from having a mentor, then find one. Just make sure the person you choose is someone who has already accomplished the things you want to accomplish.

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