Thinking Ahead Journal: 25th October 2009

Page 1

L me

Ideas and Insights from the First Step Member Community www.first-step-community.info 25th October 2009

Thinking Ahead is a collection of blog posts from members of the First Step Member Community. Each contributing author retains their copyright for their individual content. The material contained in this publication is general and is not intended as advice on any particular matter. The authors expressly disclaim all and any liability to any persons whatsoever in respect of anything done by any such person in reliance, whether in whole or in part, on this publication.


2FWREHU

7hinking AheaG www.first-step-community.info

*,+$1 3(5(5$

7KRXJKW /HDGHUV *HW KHOS ZLWK \RXU ³SLQN VKHHWV´

2&7 $ 0 *,+$1 3(5(5$ ,I \RX¶YH GRQH SUHWW\ PXFK DQ\ 7KRXJKW /HDGHUV SURJUDP \RX SUREDEO\ NQRZ DERXW WKH ³SLQN VKHHWV´ WKH SDJHV IRU FDSWXULQJ HDFK RI \RXU JUHDW LGHDV LQ D ZD\ \RX FDQ WKHQ XVH WR VSLQ WKHP LQWR SURGXFWV VHUYLFHV

,QWHUQHW 8VHUV +DYH +LJK ([SHFWDWLRQV

VRXQG ELWHV LQWHUYLHZ WRSLFV HWF

2&7 $ 0 +HUH¶V DQ H[DPSOH RI RQH LGHD LQ WKH PLGGOH WKDW VSDZQHG GLIIHUHQW SURGXFWV DQG VHUYLFHV

2UGLQDU\ ,QWHUQHW XVHUV KDYH YHU\ KLJK H[SHFWDWLRQV ,W¶V QRW HQRXJK WR GR D ³JRRG´ RU ³2.´ MRE RQ OLQH \RX KDYH WR EH H[FHSWLRQDO 7KLV GRHVQ¶W PHDQ \RX KDYH WR KDYH DQ DOO VLQJLQJ DOO GDQFLQJ RQ OLQH SUHVHQFH %XW LW GRHV PHDQ JHWWLQJ WKH EDVLFV ULJKW

03 )LOH ,W¶V RQH RI WKH ILUVW DQG PRVW LPSRUWDQW VWHSV LQ EHFRPLQJ D 7KRXJKW /HDGHU *HW WKDW ULJKW DQG HYHU\WKLQJ HOVH EHFRPHV PXFK HDVLHU %XW LW¶V QRW HDV\ FUHDWLQJ SLQN VKHHWV $QG ZKHQ , GLG D PHQWRULQJ VHVVLRQ D IHZ ZHHNV DJR TXLWH D IHZ SHRSOH DVNHG IRU KHOS 6R ,¶P GRLQJ D IRXU SDUW ZHELQDU VHULHV QH[W PRQWK WR KHOS \RX GHYHORS \RXU SLQN VKHHWV 7KLV LVQ¶W VXLWDEOH IRU HYHU\ERG\ EXW LW LV H[WUHPHO\ XVHIXO LI \RX¶UH IDPLOLDU ZLWK WKH 7KRXJKW /HDGHUV SURFHVV DQG ZRXOG OLNH VRPH KHOS LQ FUHDWLQJ DQG UHILQLQJ \RXU RZQ LQWHOOHFWXDO SURSHUW\ )LQG RXW PRUH DERXW WKH ZHELQDUV KHUH


2FWREHU

www.first-step-community.info

62 :+$7¶6 1(;7"

DOORZLQJ IRU SDUNLQJ DUUDQJLQJ WKH URRP SULQWLQJ RU FDUU\LQJ

HQRXJK KDQGRXWV DQG WKH OLNH

FKDQJH PDQDJHPHQW LQ VHFRQGV

5HFRUG LW WR FUHDWH LQVWDQW SURGXFWV 0DQ\ ZHELQDU VHUYLFHV KDYH D UHFRUGLQJ IHDWXUH EXLOW LQ VR UHFRUGLQJ \RXU ZHELQDU LV D EUHH]H <RX FDQ WKHQ WXUQ WKDW UHFRUGLQJ LQWR D SURGXFW W\SLFDOO\ D '9' YLGHR SRGFDVW RU RQ OLQH YLGHR

2&7 3 0 6RPH JUHDW LQVLJKWV LQWR ZK\ FKDQJH PDQDJHPHQW RIWHQ GRHVQ¶W ZRUN DQG KRZ LW FDQ IURP 0DQDJHPHQW &RQVXOWDQF\ ,QWHUQDWLRQDO

*LYH SHRSOH PRUH DFFHVV WR \RX $ ZHELQDU LV D ORZ FRVW ZD\ WR LQWHUDFW ZLWK PDQ\ SHRSOH DW WKH VDPH WLPH ZKLOH VWLOO RIIHULQJ JUHDW YDOXH

%H UHPDUNDEOH ,DQ )RXQGHU 'LIIHUHQFHPDNHUV &RPPXQLW\ :ULWHU DQG ,QWHUQDWLRQDO %XVLQHVV 6SHDNHU RQ KRZ GRLQJ JRRG LV JUHDW IRU EXVLQHVV

3RLQW RI GLIIHUHQFH )HZ LQIRSUHQHXUV DUH XVLQJ WKHP DQG HYHQ IHZHU DUH XVLQJ WKHP ZHOO <RX FDQ VWDQG RXW E\ DGGLQJ WKHP WR \RXU VHUYLFH PL[ 0DNH D GLIIHUHQFH %HFDXVH RI WKH JOREDO SRVVLELOLWLHV \RX FDQ UHDFK SHRSOH EH\RQG \RXU ERUGHUV $QG EHFDXVH RI WKH ORZ FRVW \RX FDQ UHDFK SHRSOH ZKR ZRXOGQ¶W EH DEOH WR DIIRUG \RXU RWKHU VHUYLFHV

GRLQJ WRGD\ ZKDW RWKHUV ZLOO RQO\ EH WKLQNLQJ DERXW WRPRUURZ

2&7 $ 0

'R PDUNHW UHVHDUFK %HIRUH HDFK ZHELQDU VXUYH\ WKH DWWHQGHHV WR GLVFRYHU WKHLU ELJJHVW TXHVWLRQV FRQFHUQV FKDOOHQJHV DQG DVSLUDWLRQV DERXW \RXU WRSLF 7KLV EHFRPHV LQYDOXDEOH PDUNHW UHVHDUFK IRU \RX QRW MXVW IRU WKH ZHELQDU LWVHOI EXW IRU \RXU EXVLQHVV LQ JHQHUDO

$ ³ZHELQDU´ LV D SUHVHQWDWLRQ GHOLYHUHG RYHU WKH :HE UDWKHU WKDQ IDFH WR IDFH L H :HE VHPLQDU :HELQDUV DUH WKH KRW QHZ ZD\ WR GHOLYHU LQIRUPDWLRQ HVSHFLDOO\ LQ WKLV WLPH RI FOLPDWH FKDQJH DZDUHQHVV FRUSRUDWH FRVW FXWWLQJ HPSKDVLV RQ OLIHVW\OH DQG JOREDO DFFHVV

7HVW RXW QHZ PDWHULDO %HFDXVH WKHUH¶V OHVV YLVXDO IRFXV RQ \RX WKDQ LQ RWKHU SUHVHQWDWLRQ PRGHV \RX GRQ¶W KDYH WR VSHQG DV PXFK WLPH RQ VWDJH SUHVHQFH ,QVWHDG \RX FDQ IRFXV RQ WKH FRQWHQW VWUXFWXUH DQG IORZ <RX FDQ WHVW QHZ PDWHULDO DQG DVN IRU IHHGEDFN

*,+$1 3(5(5$

:K\ ZHELQDUV"

<RX FDQ HYHQ XVH FRSLRXV QRWHV PLQG PDSV DQG RWKHU VSHDNHU DLGV EHFDXVH \RX¶UH SUHVHQWLQJ IURP WKH SULYDF\ RI \RXU RIILFH

7KH WZR PRVW REYLRXV EHQHILWV RI ZHELQDUV DUH WKH VDYLQJV LQ WLPH DQG H[SHQVHV IRU ERWK \RX DQG \RXU SDUWLFLSDQWV (YHU\WKLQJ LV GRQH IURP WKH FRPIRUW RI \RXU KRPH RU RIILFH DQG WKH VDPH DSSOLHV IRU \RXU DXGLHQFH

/LYH DFFHVV IRU PHPEHUV RQO\ VLWH ,I \RX UXQ D PHPEHUVKLS VLWH LW¶V HDV\ WR ORVH WKH SHUVRQDO FRQQHFWLRQ ZKLFK PLJKW KDYH EHHQ WKH UHDVRQ WKH\ VLJQHG XS LQ WKH ILUVW SODFH 2QH ZD\ WR JHW EDFN WKDW SHUVRQDO FRQQHFWLRQ DQG VWLOO GR LW LQ D OHYHUDJHG ZD\ LV WKURXJK ZHELQDUV

%XW ZHELQDUV RIIHU PRUH PXFK PRUH ,Q IDFW ZKHQ , SXW P\ PLQG WR LW , IRXQG WZHQW\ RQH RWKHU EHQHILWV RI ZHELQDUV 1R JHRJUDSKLFDO ERXQGDULHV <RX FDQ UHDFK WKH ZRUOG QRW MXVW \RXU RZQ WRZQ FLW\ RU FRXQWU\

3URYLGH SURGXFW VXSSRUW 8VH ZHELQDUV WR DQVZHU FXVWRPHU TXHVWLRQV H[SODLQ KRZ WKH\ FDQ XVH WKH SURGXFW PRUH HIIHFWLYHO\ DQG JHW IHHGEDFN IRU IXWXUH HQKDQFHPHQWV

%XLOG OR\DOW\ ZLWK H[LVWLQJ FOLHQWV ,W¶V DQ HDV\ ORZ FRVW OHYHUDJHG ZD\ WR DGG YDOXH DQG PDLQWDLQ \RXU UHODWLRQVKLS

6XSSOHPHQW OLYH HYHQWV 6RPH ZHELQDUV ZLOO UHSODFH OLYH HYHQWV ZKLOH RWKHUV VXSSOHPHQW WKHP )RU H[DPSOH LI \RX UXQ D WUDLQLQJ SURJUDP LW¶V HDV\ WR RIIHU D IROORZ XS ZHELQDU IRU SDUWLFLSDQWV VD\ GD\V ODWHU

,QYLWH SURVSHFWV WR DWWHQG ,W¶V D ORZ FRVW ZD\ WR JLYH WKHP DQ H[SHULHQFH RI \RX EHIRUH WKH\ ³EX\´ \RX 5XQ LW ZLWK VPDOO QXPEHUV <RX GRQ¶W KDYH WR ZRUU\ DERXW JHWWLQJ PLQLPXP QXPEHUV WR PDQDJH YHQXHV KDQGRXWV FDWHULQJ DQG WKH OLNH

([SRVH \RXU GDWDEDVH WR JXHVW H[SHUWV <RX GRQ¶W KDYH WR EH WKH VWDU RI DOO \RXU ZHELQDUV ,W¶V WKH LGHDO IRUPDW IRU \RX WR EULQJ LQ D JXHVW SUHVHQWHU VRPHERG\ ZKR VHUYHV WKH VDPH PDUNHW EXW ZLWK D GLIIHUHQW DUHD RI H[SHUWLVH

5XQ LW ZLWK ODUJH QXPEHUV $JDLQ \RX GRQ¶W KDYH WR ZRUU\ DERXW ILQGLQJ DQG ERRNLQJ D VXLWDEOH YHQXH PDQDJLQJ FDWHULQJ

([SRVH MRLQW YHQWXUH SDUWQHUV WR \RXU GDWDEDVH ,I \RX KDYH


2FWREHU

www.first-step-community.info

D VWURQJ GDWDEDVH DQG \RX NQRZ VRPHERG\ HOVH ZLWK D SURGXFW LGHDOO\ VXLWHG IRU WKDW GDWDEDVH EULQJ WKHP LQ DV D JXHVW RQ D ZHELQDU %HFDXVH RI WKH SHUVRQDO LQWHUDFWLRQ WKLV LV PRUH HIIHFWLYH

7+,1.,1* &$36

WKDQ VD\ MXVW SURPRWLQJ WKHLU SURGXFW LQ \RXU QHZVOHWWHU RU RQ \RXU :HE VLWH

0DWHV 2&7 3 0

(DV\ WR RIIHU DV D ERQXV LQFHQWLYH 2IIHU ZHELQDU ³VHDWV´ WR DQ\ERG\ IRU DQ\ UHDVRQ IRU H[DPSOH DV D ERQXV IRU VRPHERG\ ZKR EX\V D SURGXFW E\ D FHUWDLQ GDWH RU DQ LQFHQWLYH IRU FOLHQWV WR PDNH D ERRNLQJ EHIRUH WKH HQG RI WKH ILQDQFLDO \HDU 6KRUW OHDG WLPH %HFDXVH WKH ORJLVWLFV RI ZHELQDUV DUH VR VLPSOH \RX GRQ¶W KDYH WR SODQ WKHP PRQWKV LQ DGYDQFH 'HYHORS DQ RQ OLQH DUP WR \RXU EXVLQHVV <RX EHFRPH OHVV FRPPLWWHG WR IDFH WR IDFH SUHVHQWDWLRQV JLYLQJ \RX PRUH RSSRUWXQLWLHV IRU WUDYHO OHLVXUH WLPH DQG IOH[LELOLW\ LQ \RXU ZRUN IORZ 5HSODFH KLJK FRVW IDFH WR IDFH SUHVHQWDWLRQV LQ D WRXJK HFRQRP\ <RX FDQ UHWDLQ FOLHQWV ZKR ZRXOG KDYH RWKHUZLVH FDQFHOOHG ERRNLQJV

0D[LH :DONHU LV D JRRG PDWH ZLWK D ZLGH PLQG D ELJ ODXJK DQG GHOLJKWIXO ZULWLQJ DELOLW\ ZLWK DQ\ RI WKH PDQ\ ILQH SHQV KH RZQV .QRZQ IRU KLV JRRG WDOHV ZKHWKHU WKH\ EH RQ WHOHYLVLRQ DGYHUWLVHPHQWV WKH ZLGH ZRUOG RI VSRUWV RU UHIHUHQFHV WR NLVVLQJ FURFRGLOHV 0D[ SHUVRQLILHV ZKDW LW LV WR EH $XVWUDOLDQ 3OD\ IRRW\ SOD\ FULFNHW ORYH \RXU IRONV EH JRRG ZLWK \RXU PDWHV VWDQG XS IRU µD IDLU JR¶ DQG ODXJK ORQJ ZHOO ,W ZDV D GHOLJKW WR JHW D PHVVDJH IURP 0D[ WKDW VXPPHG XS KLV WKRXJKWV RQ WKH 7KLQNLQJ &DSV ERRN µ/LNH ZLQGLQJ GRZQ WKH FDU ZLQGRZ LQVLJKW EDFN SRVVLELOLW\ IRUZDUG¶ 7KLQNLQJ &DSV LV DYDLODEOH IURP

5HPDLQ FRPSHWLWLYH <RX PDQDJH WKH WKUHDW RI RWKHU H[SHUWV GHOLYHULQJ \RXU PHVVDJH WR \RXU FOLHQWV RYHU WKH ,QWHUQHW ZKLFK PHDQV \RX UHPDLQ FRPSHWLWLYH LQ WKLV ³IODW´ ZRUOG :LWK DOO WKHVH EHQHILWV ZK\ DUHQ¶W \RX DGGLQJ ZHELQDUV WR \RXU VHUYLFH RIIHULQJV"

ZZZ JOHQQFDSHOOL FRP 7KDQN \RX 0U :DONHU

7+( $/021' ())(&7

&/8(6 $Q[LHW\ DQG SRRU GHFLVLRQ PDNLQJ 2&7 3 0 'RHV DQ[LHW\ HYHU FORXG \RXU DELOLW\ WR WKLQN FOHDUO\ DQG PDNH WKH EHVW GHFLVLRQ" $ FRXSOH RI GD\V DJR GULYLQJ KRPH IURP VZLPPLQJ WUDLQLQJ , EHJDQ WR KHDU D µFOLFN FOLFN FOLFNLQJ¶ VRXQG ,W VHHPHG WR EH FRPLQJ IURP WKH IURQW RI P\ FDU , UHFHQWO\ FRQGXFWHG D ZHELQDU DERXW ZHELQDUV DQG DOVR ZURWH DQ H ERRN RQ WKLV WRSLF $PRQJ RWKHU WKLQJV LW LQFOXGHV D SUDFWLFDO VWHS E\ VWHS SURFHVV IRU SODQQLQJ SURPRWLQJ DQG SUHVHQWLQJ \RXU RZQ ZHELQDUV

,Q D QDQR VHFRQG , ZDV RQ UHG DOHUW DQG LQ WKH JULS RI 7KH $OPRQG (IIHFW 0\ PLQG ZDV UDFLQJ µ, FDQ¶W KDYH D IODW W\UH KHUH ± ,¶P LQ WKH PLGGOH RI ODQHV RI WUDIILF , FDQ¶W JHW RXW RI WKH FDU WR FKHFN LI , KDYH D SXQFWXUH EHFDXVH ,¶OO JHW UXQ RYHU 2K QR ,¶P JRLQJ WR FDXVH D WUDIILF MDP DQG WKHQ WKH\¶OO UHSRUW LW IRU HYHU\RQH WR KHDU RQ WKH UDGLR , FDQ¶W SXOO RYHU EXW LI , NHHS GULYLQJ ,¶OO EH GULYLQJ RQ WKH ULP DQG WKDW ZLOO EH GDQJHURXV ± DQG H[SHQVLYH ¶

,I \RX¶UH LQWHUHVWHG LQ GRZQORDGLQJ LW \RX FDQ JHW LW DQG WKH UHFRUGLQJ RI WKH WZR ZHELQDUV , GLG RQ WKLV WRSLF IURP P\ :HE VLWH )LQG RXW PRUH KHUH


2FWREHU

www.first-step-community.info

+H VDLG WKDW WKH GULYHUV ILJXUH WKDW FUXQFK WLPH IRU MREV DQG VHUYLFHV ZLOO EH LQ DERXW PRQWKV WLPH ZKHQ WKH (%$ FRPHV XS IRU UHQHZDO

, EHFDPH DZDUH RI P\ KHDUWEHDW VSHHGLQJ XS DQG YLYLG PHPRULHV RI EHLQJ VWXFN LQ WKH VSLUDO ORRS RI D PXOWL OHYHO FDUSDUN IORRGLQJ EDFN ± ZKLFK LV ZKDW KDSSHQHG WKH ODVW WLPH , KDG D SXQFWXUH VHYHUDO \HDUV DJR

$QG DV WKH\ WKH GULYHUV WKRXJKW DERXW LW VRPH PRUH WKH\ EHOLHYHG WKLV ZDV DOO JRLQJ WR EH DERXW WKH (%$ GXH IRU UHQHZDO LQ VRPH PRQWKV WLPH

&UD]\ WKRXJKWV 2Q DQG RQ P\ DP\JGDOD ZRUULHG

7KH GULYHU FRQWLQXHG WR WHOO PH DOO WKH WKLQJV WKDW KH DQG KLV PDWHV KDG ZRUNHG RXW KRZ PXFK WKH VDODU\ ELOO ZDV IRU WKH SDWURO GULYHUV ZKDW WKH PHPEHUVKLS LQFRPH ZDV KRZ PXFK WKH RUJDQLVDWLRQ KDG VSHQW RQ D IDLOHG EXVLQHVV YHQWXUH KRZ PDQ\ MREV ZLOO EH ORVW WKDW WKH RUJDQLVDWLRQ UHDOO\ MXVW ZDQWHG WR EULQJ LQ FRQWUDFWRUV DQG VR RQ +H DOVR WDONHG DERXW WKH &(2 DQG KLV IDLOXUHV VR WKH\ SHUFHLYHG LQ RWKHU FRPSDQLHV DQG KRZ WKH\ EHOLHYHG WKDW KH ZDV WDNLQJ WKLV RUJDQLVDWLRQ GRZQ WKH VDPH SDWK

³, FDQ¶W ULQJ P\ KXVEDQG EHFDXVH KH LV LQWHU VWDWH DQG FDQ¶W KHOS ,W¶V DOUHDG\ ODWH DQG , KDYH DQ HDUO\ PRUQLQJ WHOHFRQIHUHQFH WRPRUURZ WKDW , VWLOO KDYH WR UHDG WKH SDSHUV IRU $QG LI , GRQ¶W JHW KRPH WLO ODWH DQG DP WRR WLUHG WR UHDG WKH SDSHUV SURSHUO\ WKHQ , ZRQ¶W EH IXOO\ SUHSDUHG IRU WKH PHHWLQJ DQG WKDW ZLOO EH HPEDUUDVVLQJ DQG ,¶OO OHW P\ FROOHDJXHV GRZQ $QG , ORRN D PHVV P\ KDLU LV VWLOO ZHW IURP VZLPPLQJ P\ PDNH XS LV KDOI RQ DQG KDOI RII :KDW DQ LGLRW QRW WR KDYH FOHDQHG RII DOO P\ PDNH XS EHIRUH , JRW LQWR WKH SRRO ´

,¶P VXUH PXFK RI LW WKHLU QXPEHU FUXQFKLQJ FDPH IURP µEDFN RI WKH EHHU PDW¶ FDOFXODWLRQV WKDW PD\ RU PD\ QRW EH FRUUHFW EXW WKHLU IHDUV DQG GLVLOOXVLRQPHQW ZLWK WKH RUJDQLVDWLRQ ZHUH YHU\ UHDO

$OO WKHVH WKRXJKWV LQ MXVW RQH RU WZR VHFRQGV EHFDXVH P\ HDUV SLFNHG XS D µFOLFN FOLFN FOLFNLQJ¶ VRXQG WKDW , GLGQ¶W HYHQ NQRZ IRU FHUWDLQ ZDV FRPLQJ IURP P\ FDU

&RPPXQLFDWLRQ YDFXXPV EUHHG IHDU

1DPH WKH HPRWLRQV

, GRQ¶W NQRZ ZKDW LQIRUPDWLRQ WKH RUJDQLVDWLRQ KDV VKDUHG ZLWK LWV HPSOR\HHV QRU LI DQ\WKLQJ WKDW WKH GULYHU WROG PH LV WUXH %XW ZKDW , GR NQRZ IURP WKLV FRQYHUVDWLRQ LV WKDW WKLV GULYHU¶V µDOPRQGV¶ DP\JGDODH

DQG WKRVH RI KLV PDWHV ZHUH DURXVHG DQG RQ KLJK DOHUW DV D UHVXOW RI WKH VWRULHV LQ WKH QHZVSDSHUV

$V VRRQ DV , QRWLFHG P\ KHDUW VWDUWLQJ WR UDFH , DSSOLHG P\ 67$5 DSSURDFK 6WRS 7KLQN $FW 5HZLUH , WRRN D GHHS EUHDWK DQG VDLG WR P\VHOI ³, DP IHHOLQJ DQ[LRXV IUXVWUDWHG DQG HPEDUUDVVHG ´

$V D FRQVHTXHQFH WKH\ ZHUH DXWRPDWLFDOO\ LQ ILJKW IOLJKW PRGH WKLQNLQJ RI WKH ZRUVW SRVVLEOH RXWFRPHV DQG SUHSDULQJ WR GHIHQG WKHPVHOYHV IURP WKH µWKUHDW ¶

<RX¶OO UHFDOO WKDW QHXURVFLHQWLVWV VD\ WKDW GRLQJ WKLV FDOPV GRZQ RXU DP\JGDOD DQG WKLV FUHDWHV VSDFH IRU RXU SUH IURQWDO FRUWH[ RXU WKLQNLQJ EUDLQ WR ZRUN

, KDYH VHHQ WKLV VLWXDWLRQ LQ PDQ\ RI WKH RUJDQLVDWLRQV WKDW , KDYH ZRUNHG ZLWK :KDW UHVXOWV LV WKDW HPSOR\HHV VWDUW IRFXVVLQJ VR PXFK RQ WKH SHUFHLYHG WKUHDW WKDW WKH\ WDNH WKHLU DWWHQWLRQ DZD\ IURP WKHLU PDLQ SULRULW\ L H GRLQJ WKHLU MREV WR WKH EHVW OHYHO WKH\ FDQ ± WR WKH GHWULPHQW RI DOO VWDNHKROGHUV

,I \RX WKLQN RI RXU DP\JGDOD DV D VPRNH DODUP ZKHQ ZH UHFRJQLVH DQG DFNQRZOHGJH WKH HPRWLRQ ZH¶UH H[SHULHQFLQJ ZH WXUQ RII DQG UHVHW WKLV µGDQJHU UDGDU¶ ,W¶V OLNH VD\LQJ ³*RW LW WKDQNV IRU WKH ZDUQLQJ ± ,¶OO ORRN LQWR WKH SUREOHP QRZ DQG ILQG D VROXWLRQ ´ 0\ UHVFXHU ZDV DOVR H[SHULHQFLQJ 7KH $OPRQG (IIHFW

+RZ PDQ\ RI \RX ZRUN LQ RUJDQLVDWLRQV ZKHUH DQ LQIRUPDWLRQ YDFXXP LV FUHDWHG RU PLVLQIRUPDWLRQ VSUHDGV" )RU H[DPSOH PDQDJHPHQW LV VR EXV\ SURWHFWLQJ LWVHOI IURP H[WHUQDO WKUHDWV ± ZKDW ZLOO VKDUHKROGHUV DQG RU DQDO\VWV VD\ ± WKDW WKH\ ORVH VLJKW RI D PDMRU LQWHUQDO WKUHDW QDPHO\ KRZ VWDII ZLOO UHDFW LI WKH\ KDYH WR OHDUQ DERXW WKHLU IXWXUH IURP WKH PHGLD"

, WRRN WKH FKDQFH ± DQG NHSW GULYLQJ DV KRPH ZDV RQO\ D IHZ NLORPHWUHV DZD\ , ZDV H[WUHPHO\ IRUWXQDWH WKDW , PDGH LW VDIHO\ 7KH QH[W PRUQLQJ WKH 5RDGVLGH $VVLVWDQFH SDWURO PDQ DUULYHG +H IRXQG D URRILQJ QDLO ORGJHG LQ WKH WUHDG RI WKH IURQW W\UH

/HDGHUV KDYH WR KROG WKHLU QHUYH :KLOH KH ZDV FKDQJLQJ WKH W\UH IRU PH , PHQWLRQHG WKDW , KDG UHDG WKDW KLV RUJDQLVDWLRQ KDG SRVWHG D VLJQLILFDQW ILQDQFLDO ORVV IRU WKH \HDU 7KH SUHVV UHSRUWHG WKDW VHUYLFHV DQG MREV OLNH KLV ZHUH DW ULVN

$OWKRXJK WKH ZRUVW RI WKH JOREDO HFRQRPLF FULVLV DSSHDUV WR EH RYHU IHDU DQG DQ[LHW\ LQ HPSOR\HHV UHPDLQV KLJK

,Q DQ LQVWDQW , VDZ KLP LQ WKH JULS RI 7KH $OPRQG (IIHFW 0\ KHOSIXO UHVFXHU WROG PH ZKDW KH DQG KLV FR ZRUNHUV ZHUH WKLQNLQJ +H VDLG WKH\ KDG IRXQG RXW DERXW WKH ILQDQFLDO ORVVHV WKURXJK WKH SUHVV DQG D YRLFHPDLO DIWHU WKH DQQRXQFHPHQW KDG EHHQ PDGH

7KLV LV RQH RI WKRVH FULWLFDO WLPHV ZKHQ OHDGHUV QHHG VHOI GLVFLSOLQH WR 6WRS DQG 7KLQN EHIRUH WKH\ $FW 7KLV ZLOO EH KDUG LI WKH OHDGHU LV HQGXULQJ 7KH $OPRQG (IIHFW EXW GRHVQ¶W UHDOLVH LW 7KDW FRXOG KDSSHQ LI WKH\ DUHQ¶W DZDUH RI 7KH $OPRQG (IIHFW DQG WKH


2FWREHU

www.first-step-community.info

UROH WKH DP\JGDOD SOD\V HYHQ LQ QRQ OLIH WKUHDWHQLQJ VLWXDWLRQV 2U WKH\ KDYHQ¶W GHYHORSHG WKH VNLOO RI UHFRJQLVLQJ DQG UHVSRQGLQJ DSSURSULDWHO\ WR WKH SK\VLRORJLFDO VLJQV WKDW RXU ILJKW IOLJKW UHVSRQVH DFWLYDWHV EHIRUH

*,+$1 3(5(5$

:K\ $UHQ¶W <RX 0DNLQJ 0RUH &RQIHUHQFH &DOOV"

RXU FRQVFLRXV EUDLQ NLFNV LQ 8QGHUVWDQGLQJ WKLV DXWRPDWLF EUDLQ DFWLYLW\ LV D IXQGDPHQWDO FRPSRQHQW RI GHYHORSLQJ VHOI DZDUHQHVV $QG VHOI DZDUHQHVV LV WKH FRUH VNLOO WKDW GLVWLQJXLVKHV HIIHFWLYH OHDGHUV IURP WKH UHVW

2&7 $ 0

+RZ WR GR LW 6HOI DZDUH OHDGHUV OHDUQ KRZ WR FDWFK WKHPVHOYHV LQ WKH FOXWFKHV RI 7KH $OPRQG (IIHFW EHIRUH LW FORXGV WKHLU MXGJPHQW 7KLV ZD\ WKH\ PRVWO\ DYRLG PDNLQJ SRRU GHFLVLRQV EDVHG SULPDULO\ RQ LUUDWLRQDO HPRWLRQDO UHVSRQVHV QRW FRJQLWLYH WKLQNLQJ 7KHUH LV QR PDJLF EXOOHW WR GHYHORS WKLV VNLOO ,W¶V WDNHV FRPPLWPHQW DQG SUDFWLFH 2QH ZD\ WR VWDUW LV WR UHIOHFW RQ D SDVW GHFLVLRQ WKDW GLGQ¶W GHOLYHU WKH RXWFRPH \RX KDG KRSHG IRU ± WKLV LV 5HZLULQJ LQ 67$5 ,W SURYLGHV DQ RSSRUWXQLW\ WR DVVHVV ZKHWKHU \RX ZRXOG KDYH PDGH D GLIIHUHQW GHFLVLRQ LI \RX ZHUH LQ FRQWURO RI \RXU HPRWLRQV

&RQIHUHQFH FDOOV DUH HDV\ FKHDS DQG DFFHVVLEOH WR DOO EXVLQHVVHV ,I \RX¶UH QRW XVLQJ WKHP DOUHDG\ \RX¶UH IDOOLQJ EHKLQG

:KDW ZHUH \RX IHHOLQJ DW WKDW WLPH" ,I \RX ILQG LW KDUG WR UHPHPEHU H[DFWO\ UHFUHDWH DV PXFK RI WKH FRQWH[W DQG WKH VLWXDWLRQ DV \RX FDQ ,W KHOSV WR GHVFULEH LW WR VRPHRQH RU RXW ORXG WR \RXUVHOI :ULWH LW GRZQ LI \RX SUHIHU $V \RX GR WKLV \RXU EUDLQ ZLOO WDNH \RX EDFN WR WKDW WLPH DQG SODFH DQG \RX ZLOO EH DEOH WR UHFRJQLVH \RXU HPRWLRQV DW WKH WLPH

03 )LOH

7+,1.,1* &$36

7KLQNLQJ &DSV %RRN $ 5HDGHU :ULWHV

:KHQ \RX KDYH D KDQGOH RQ WKHVH DVN \RXUVHOI ZKHWKHU WKH HPRWLRQV ZHUH KHOSIXO RU XQKHOSIXO" ,I WKH\ ZHUH XQKHOSIXO ZKHUH FRXOG WKH\ KDYH EHHQ FRPLQJ IURP" :KDW FRXOG KDYH WULJJHUHG WKHP" ,I \RX FDQ NHHS H[SORULQJ XQWLO \RX ZRUN RXW ZKHWKHU WKH XQKHOSIXO HPRWLRQV ZHUH EDVHG

2&7 $ 0

RQ VRPH SDVW H[SHULHQFH 7KHQ H[SORUH WKH VLPLODULWLHV EHWZHHQ WKH SDVW H[SHULHQFH DQG WKH RQH LQ ZKLFK \RX GLGQ¶W PDNH WKH EHVW GHFLVLRQ 7KHUH ZLOO EH VRPH IUXLWIXO OHDUQLQJ LQ WKDW 6RPHWLPHV LW¶V QRW HDV\ WR ILQG WKH VRXUFH RI WKH WULJJHU ,Q WKDW FDVH DQG LQ DQ\ HYHQW WUDLQ \RXUVHOI WR UHFRJQLVH \RXU HPRWLRQDO VWDWH DW DQ\ WLPH DQG WR 6WRS 7KLQN $FW 5HZLUH ,I \RX GRQ¶W WKHQ GRQ¶W EH VXUSULVHG LI DQ[LHW\ DQG RWKHU UHODWHG HPRWLRQV FORXG \RXU MXGJPHQW DQG LQWHUIHUH ZLWK \RXU EHVW GHFLVLRQ PDNLQJ VNLOOV

5HFHLYHG DQ HPDLO IURP UHDGHU 7UDFH\ UHJDUGLQJ WKH QHZ 7KLQNLQJ &DSV ERRN

+L *OHQQ )DEXORXV :LOO\ D UHIHUHQFH IURP 3HW 1DPHV 3LHFH MXVW D TXLFNLH WR VD\ WKDQN \RX VR PXFK IRU WKH ERRN , DP DEVROXWHO\ ORYLQJ LW ,W¶V FOHYHU IXQQ\ DQG WKRXJKW SURYRNLQJ DQG YHU\ HQWHUWDLQLQJ , DP UDFLQJ WKURXJK LW WR ILQLVK LW E\ WRPRUURZ ZKHQ ZH JR DZD\ EXW , ZLOO GHILQLWHO\ EH UHDGLQJ LW DJDLQ ZKHQ ZH JHW KRPH VR ,


2FWREHU

www.first-step-community.info

/,)(/21* ),71(66

FDQ VDYRXU HYHU\ FKDSWHU , WRRN LW ZLWK PH WR WKH KDLUGUHVVHUV \HVWHUGD\ DQG KDG SHRSOH DVNHG PH ZKDW ,

7UDLQ KDUGHU WKDQ \RX SOD\

ZDV UHDGLQJ 7KDQN \RX YHU\ PXFK IRU D IDQWDVWLF UHDG &KHHUV 7UDFH\ /RYLQJ /R\DO 3OD\IXO &XGGO\«««\RX JXHVVHG LW IDYRXULWH SHW ZDV D GRJ

2&7 $ 0 <HDUV DJR ZKHQ , ZDV SOD\LQJ FRPSHWLWLYH EDVNHWEDOO , KDG D FRDFK ZKR XVHG WR PDNH XV ZRUN VR KDUG LW UDQ PH µUDJJHG¶ DW WUDLQLQJ 7KDW ROG H[SUHVVLRQ SUREDEO\ WHOOV \RX KRZ ORQJ DJR LW ZDV

7KH ILQDO VHQWHQFH EHLQJ D UHIHUHQFH WR 3LHFH 7KH 3HUVRQDOLW\ 7HVW

+H ZDV DOZD\V WHOOLQJ XV WR ZRUN KDUGHU DW WUDLQLQJ WKDQ ZH KDG WR LQ RXU JDPHV DQG WKDW WKH KDUGHU ZH SXVKHG RXUVHOYHV DW WUDLQLQJ WKH HDVLHU WKH JDPHV ZRXOG EH

7KLQNLQJ &DSV LV DYDLODEOH IURP ZZZ JOHQQFDSHOOL FRP

, GRQ¶W SOD\ EDVNHWEDOO DQ\ PRUH EXW WKH SULQFLSOH DSSOLHV HTXDOO\ WR ILWQHVV IRU OLIH

0DQ\ WKDQNV 7UDFH\ :H DUH VR JODG WKDW \RX DQG RWKHUV DUH HQMR\LQJ ODXJKLQJ VKDULQJ SLHFHV ZLWK RWKHUV DQG

:KLOH WKHUH DUH KXQGUHGV RI KHDOWK UHDVRQV WR H[HUFLVH DQG EH ILW , EHOLHYH RQH RI WKH NH\ EHQHILWV RI EHLQJ ILW LV WKDW LW PDNHV WKH UHVW RI \RXU OLIH HDVLHU

UHWXUQLQJ WR UH UHDG DQG UH WKLQN

/HW¶V IDFH LW MXVW ZDONLQJ WR WKH VKRSV LV KDUG ZRUN LI \RX DUHQ¶W ILW 0RZLQJ WKH ODZQV DQG JDUGHQLQJ FDQ EH WRR PXFK IRU VRPH SHRSOH DQG LI \RX DUHQ¶W VWURQJ HQRXJK FDUU\LQJ WKH VKRSSLQJ KRPH FDQ EH DOPRVW LPSRVVLEOH (YHQWXDOO\ IRU VRPH SHRSOH MXVW JHWWLQJ XS RXW RI D FKDLU LV D PDMRU HIIRUW

*,+$1 3(5(5$

$ TXLFN WLS IRU PDQDJLQJ \RXU LQIRUPDWLRQ RYHUORDG 2&7 3 0

$OWKRXJK WKLV PD\ VHHP H[WUHPH DQG D ORQJ ZD\ RII WKH PRUH \RXU ILWQHVV GHFOLQHV WKH PRUH GLIILFXOW HYHU\GD\ WDVNV EHFRPH

, ZDV WDONLQJ WR D IHOORZ WKRXJKW OHDGHU WRGD\ DERXW PDQDJLQJ WKH LQIRUPDWLRQ RYHUORDG 6KH OLNH PDQ\ SHRSOH LV IHHOLQJ RYHUZKHOPHG E\ WKH VKHHU YROXPH RI LQIRUPDWLRQ VKH KDV WR DEVRUE LQ RUGHU WR NHHS XS WR

$W ILUVW \RX ZRQ¶W QRWLFH %XW JUDGXDOO\ \RX¶OO VWDUW WR ILQG WDVNV WKDW XVHG WR EH HDV\ JUDGXDOO\ VHHP KDUGHU WR GR RU \RX ZRQ¶W EH DEOH WR GR WKHP

GDWH ZLWK KHU DUHD RI H[SHUWLVH

DW DOO /LWWOH WKLQJV OLNH PRYLQJ VRPHWKLQJ KHDY\ RU RSHQLQJ D MDU

, RIIHUHG KHU RQH VXJJHVWLRQ WKDW ZRUNV IRU PH , EORJ D ORW

2U \RX¶OO QRWLFH WKDW \RX JHW WLUHG TXLFNHU WKDQ \RX XVHG WR $QG PXVFOHV WKDW \RX GLGQ¶W NQRZ \RX KDG DUH VRUH DQG \RX FDQ¶W UHPHPEHU GRLQJ DQ\WKLQJ WKDW VWUHQXRXV

6R KRZ GRHV WKDW KHOS PDQDJH WKH LQFRPLQJ LQIRUPDWLRQ" , KHDU \RX FU\ :HOO KHUH¶V ZK\

3HRSOH ZKR OHW WKHLU ILWQHVV GHFOLQH WRR PXFK ORVH ULVN ORVLQJ WKHLU LQGHSHQGHQFH 6RPH FDQ QR ORQJHU VWD\ LQ WKHLU RZQ KRPH EHFDXVH WKH\ FDQ¶W GR HYHU\GD\ DFWLYLWLHV RU WKH\ DUH DW ULVN RI IDOOLQJ 2EYLRXVO\ QRERG\ ZDQWV WR EH IRUFHG IURP WKHLU KRPH EHFDXVH WKH\ FDQ¶W FRSH

:KHQ ,¶P UHDGLQJ WKLQJV QRW RQO\ DP , WKLQNLQJ RI LPSURYLQJ P\ RZQ NQRZOHGJH ,¶P WKLQNLQJ RI ZD\V WR EORJ DERXW LW VR RWKHU SHRSOH JHW WKH YDOXH RI WKDW NQRZOHGJH DV ZHOO 7KLV PHDQV WKH LQIRUPDWLRQ LV WZLFH DV YDOXDEOH DV EHIRUH 6R ,¶P PRUH PRWLYDWHG WR UHDG LW DQG WKHUH¶V PRUH RI DQ LQFHQWLYH WR GR VR

6R QH[W WLPH \RX DUH VWUXJJOLQJ WR JHW RXW RI EHG RU WR PRWLYDWH \RXUVHOI WR GR \RXU H[HUFLVH MXVW LPDJLQH KRZ \RXU OLIH ZRXOG FKDQJH LI \RX FRXOG QR ORQJHU GR WKH HYHU\GD\ WKLQJV \RX HQMR\ GRLQJ

2QH RI RXU MREV DV H[SHUWV LV WR ILOWHU VWXII IRU RXU FOLHQWV GLVFDUGLQJ PRVW RI LW DQG UH SDFNDJLQJ ZKDW¶V OHIW LQ D UHOHYDQW PHDQLQJIXO ZD\ IRU WKHP 6R ORRN IRU ZD\V WR VKDUH ZKDWHYHU \RX OHDUQ ZLWK \RXU FOLHQWV ,I \RX FDQ

0DLQWDLQLQJ \RXU ILWQHVV OHYHOV LV WKH RQO\ ZD\ WR SUHYHQW HYHU\GD\ DFWLYLWLHV EHFRPLQJ KDUG ZRUN ,Q IDFW VWD\LQJ ILW DQG VWURQJ QRW RQO\ SUHYHQWV OLIH JHWWLQJ KDUGHU EXW LW PDNHV GD\ WR GD\ WDVNV VHHP HDV\

JHW SDLG IRU GRLQJ WKLV VR PXFK WKH EHWWHU

7KH KDUGHU \RX ZRUN WKH HDVLHU OLIH JHWV


2FWREHU

www.first-step-community.info

6+$5211( 3+,//,36

0$77 &+85&+

:DQW D ODXJK"

7KH SRZHU RI SHUVSHFWLYH

2&7 $ 0

2&7 $ 0

)RXQG WKLV IXQ FDUWRRQ VOLGHVKRZ RQ 0DWWKHZ +DQG\¶V ZHEVLWH +H¶V D PDWKHPDWLFLDQ ZLWK D VHQVH RI KXPRXU

3HUVSHFWLYH .HHSV \RX JRLQJ ZKHQ WLPHV DUH WRXJK $OORZV \RX WR NHHS \RXU KHDG ZKHQ HYHU\RQH DURXQG \RX LV ORVLQJ WKHLUV 5HGXFHV FRQIOLFW DQG DOORZV \RX WR PHGLDWH WHQVLRQ ,V ZK\ SHRSOH PHGLWDWH 3URPRWHV \RX WR OHDGHUVKLS SRVLWLRQV $OORZV \RX WR HQWHUWDLQ GLIIHUHQFHV RI RSLQLRQ 3URPRWHV ZHOO LQIRUPHG UDSLG GHFLVLRQ PDNLQJ 6R KRZ GR \RX JHW LW",¶YH FUHDWHG WKLV PRGHO WR VXJJHVW ZD\V

,I \RX DUH KDYLQJ WURXEOH VHHLQJ WKH ZKROH FDUWRRQ KRYHU \RXU FXUVRU RYHU WKH ERWWRP ULJKW FRUQHU RI WKH VOLGHVKRZ ER[ DQG VHOHFW WKH RSWLRQ WR YLHZ WKH FDUWRRQV RQ ³IXOO VFUHHQ´ WKHQ MXVW KLW ³(VF´ WR UHWXUQ WR QRUPDO VFUHHQ YLHZ

0$77 +(51¶6 021(< *8,'(

+RZ WR ,QYHVW LQ *ROG 2&7 3 0 )LQG PRUH SKRWRV OLNH WKLV RQ GRWPDWKV

*,+$1 3(5(5$

7KH :RUOG LV )ODW 7KUHH 7KUHDWV DQG DQ 2SSRUWXQLW\ 2&7 $ 0

, UHDG LQ 7KH :HHNHQG $XVWUDOLDQ RQ 6DWXUGD\ WKDW \RX FDQ QRZ ZDON LQWR +DUURGV LQ /RQGRQ DQG ZDON RXW ZLWK VRPH JROG EXOOLRQ 2I FRXUVH \RX FDQ DOVR EX\ D PDWFKLQJ GHVLJQHU YDXOW WR NHHS LW LQ $IWHU PDQ\ \HDUV HYHQ GHFDGHV RI ODQJXLVKLQJ RXW RI VLJKW JROG LV EDFN RQ PDQ\ SHRSOH¶V UDGDU DV DQ LQYHVWPHQW 3DUWO\ WKLV KDV EHHQ GULYHQ E\ IHDU WKDW SDSHU FXUUHQFLHV ZLOO FROODSVH 3DUWO\ LW LV GULYHQ E\ IDVKLRQ DQG WKH ROG EDQG ZDJRQ

7KHUH¶V D JURZLQJ WUHQG D WUHQG WKDW FRXOG SUHVHQW WKH ELJJHVW WKUHDW RU WKH ELJJHVW RSSRUWXQLW\ IRU \RXU EXVLQHVV , UHFNRQ LW SUHVHQWV WKUHH WKUHDWV DQG RQH ELJ RSSRUWXQLW\

%HVLGHV ZDONLQJ GRZQ WR \RXU ORFDO MHZHOOHU RU +DUURGV KRZ GR \RX DFWXDOO\ LQYHVW LQ WKH FRPPRGLW\ RI JROG"

03 )LOH

+HUH DUH WKUHH ZD\V ‡ %X\ SK\VLFDO PHWDO ‡ 9LD DQ H[FKDQJH WUDGHG SURGXFW ‡ 7KURXJK LQYHVWLQJ LQ D JROG PLQLQJ FRPSDQ\ 3OHDVH QRWH , DP QRW UHFRPPHQGLQJ DQ LQYHVWPHQW LQ JROG 7DON WR \RXU ILQDQFLDO SODQQHU WR DVVHVV LI LW LV DSSURSULDWH IRU \RXU JRDOV DQG


2FWREHU

www.first-step-community.info

FLUFXPVWDQFHV

*,+$1 3(5(5$

:LOO WKH ,QWHUQHW .LOO -RXUQDOLVP"

%X\ SK\VLFDO JROG 7R EX\ SK\VLFDO JROG KHDG WR WKH :LOG :HVW ZKHUH 7KH 3HUWK 0LQW SURYLGHV WKUHH PHWKRGV RI LQYHVWLQJ LQ JROG

2&7 3 0

<RX FDQ EX\ EXOOLRQ EDUV DQG FRLQV DQG WDNH WKHP KRPH ZLWK \RX $ZHVRPH VKRZ DQG WHOO IRU \RXU QH[W SDUW\ EXW ZKHUH GR \RX NHHS LW" 0RUH FRQYHQLHQWO\ \RX FDQ EX\ OHJDO WLWOH WR D SRUWLRQ RI WKH JROG KHOG E\ WKH PLQW WKURXJK WKHLU FHUWLILFDWH SURJUDP ,I \RX IDQF\ KDYLQJ \RXU RZQ ³SULYDWH YDXOW´ DW WKH PLQW \RX FDQ SD\ D ELW H[WUD DQG KDYH \RXU RZQ EXOOLRQ EDUV VHJUHJDWHG IURP WKH RWKHUV ,QYHVWLQJ LQ JROG RQ WKH VWRFN H[FKDQJH 7KH WKLUG PHWKRG RIIHUHG E\ 7KH 3HUWK 0LQW LV WR EX\ D JROG SURGXFW OLVWHG RQ WKH $XVWUDOLDQ 6WRFN ([FKDQJH $6; WKDW LV GHVLJQHG WR WUDFN WKH DFWXDO JROG SULFH ,W¶V VWUXFWXUHG DV D FDOO ZDUUDQW JLYLQJ \RX WKH ULJKW WR H[FKDQJH \RXU SDSHU IRU SK\VLFDO JROG $6; =$8:%$

,W¶V QRW WKH ILUVW WLPH WKH TXHVWLRQ KDV EHHQ DVNHG EXW LW¶V EHFRPH SDUWLFXODUO\ UHOHYDQW QRZ -RLQ &KULV DQG *LKDQ DV WKH\ JR KHDG WR KHDG RQ WKLV LVVXH LQ RXU ILUVW )RFDO 3RLQW GHEDWH

$OVR OLVWHG RQ WKH $6; LV DQ H[FKDQJH WUDGHG PDQDJHG IXQG 7KH IXQG EX\V DQG VWRUHV SK\VLFDO JROG %\ SXUFKDVLQJ D VKDUH LQ WKH IXQG \RX EX\ D SRUWLRQ RI WKH JROG LQ WKHLU VWRFN ZKLFK LV DXGLWHG $6; *2/'

03 )LOH

,QYHVWLQJ LQ D JROG PLQLQJ FRPSDQ\

*,+$1 3(5(5$

7KLQNLQJ $KHDG -RXUQDO *DU\ 5\DQ ,DQ %HUU\ *LKDQ 3HUHUD *OHQQ &DUGZHOO +HOHQ 0DFGRQDOG 6KDURQQH 3KLOOLSV 3HWHU :HEE 5RVV &OHQQHWW

7KLV LV D OHVV GLUHFW PHWKRG DQG \RXU LQYHVWPHQW YDOXH ZLOO QRW QHFHVVDULO\ WUDFN PRYHPHQW LQ WKH JROG SULFH )XUWKHU PDQ\ PLQLQJ FRPSDQLHV KDYH LQYHVWPHQWV LQ PRUH WKDQ RQH FRPPRGLW\ 3OXV \RX KDYH WKH PDQDJHPHQW DQG RSHUDWLRQDO ULVN DVVRFLDWHG ZLWK DQ\ FRPSDQ\ 7KH EHVW LQYHVWPHQW LQ JROG« )RU PH WKH VKDGRZ RI P\ ZLIH RYHU P\ VKRXOGHU DV , ZULWH WKLV DUWLFOH UHPLQGV PH WKDW P\ EHVW LQYHVWPHQW LQ JROG PD\ EH WKH GHFRUDWLYH NLQG 2K DQG DSSDUHQWO\ JROG¶V DQ HYHQ EHWWHU LQYHVWPHQW ZKHQ FRPELQHG ZLWK RWKHU SUHFLRXV JHPV

2&7 3 0

5HODWHG SRVWV 7UDGLQJ LQ ([FKDQJH 7UDGHG )XQGV 3D\LQJ RQO\ IRU SHUIRUPDQFH )LQG WKH ULJKW SURSHUW\ PHQWRU

(YHU\ ZHHN , FROOHFW WKH PRVW UHFHQW EORJ SRVWV IURP P\ FOLHQWV DQG


2FWREHU

www.first-step-community.info

PHPEHUV DOO OHDGLQJ WKLQNHUV DERXW EXVLQHVV DQG OLIH DQG DVVHPEOH WKHP LQWR WKH 7KLQNLQJ $KHDG MRXUQDO

0$77 &+85&+

'RZQORDG WKH WK 2FWREHU LVVXH KHUH

2&7 $ 0

:KDW¶V LQ LW

6RPHWLPHV ZKHQ \RX VZLWFK RQ \RXU WKLQNLQJ LW¶V KDUG WR VZLWFK LW RII , XVHG WR ZRUN DV D ZLQH ZDLWHU WR JHW WKURXJK VFKRRO $W WKH HQG RI D µVZLWFKHG RQ VKLIW¶ RQFH WKH SDWURQV KDG JRQH WKH VWDII ZRXOG VLW DQG KDYH D GULQN DQG FKDW 7KH\ NQHZ IURP H[SHULHQFH WKDW UXVKLQJ VWUDLJKW KRPH DOO VZLWFKHG RQ IRU µVHUYLFH¶ ZRXOG UHVXOW LQ D QLJKW RI WRVVLQJ DQG

+RZ WR GHFRPSUHVV

‡ *DU\ 5\DQ¶V %ORJ 7KH 5HODWLRQVKLS %HWZHHQ 3XUSRVH DQG *RDOV ‡ 6R :KDW¶V 1H[W" 7KH 5HDO 3RZHU RI &ROODERUDWLRQ

WXUQLQJ , VZLWFK LQWR ZHHNHQGV RQ ‡ *LKDQ 3HUHUD 1R % 6 7LPH 0DQDJHPHQW IRU (QWUHSUHQHXUV ‡ *LKDQ 3HUHUD ,QWHUQHW 0DUNHWLQJ ,Q -XVW 7ZR :RUGV ‡ *LKDQ 3HUHUD <RXU ( /HDUQLQJ 6WUDWHJ\ ‡ *OHQQ &DUGZHOO +RZ PXFK IUXLW DQG YHJ GR ZH HDW" ‡ *LKDQ 3HUHUD 7KHUH¶V D ULJKW ZD\ DQG D ZURQJ ZD\ WR VD\ VRUU\ 7KLV LV WKH ULJKW ZD\ ‡ 6R :KDW¶V 1H[W" 7KUHH W\SHV RI FRUSRUDWH UHVSRQVLELOLW\ PDQDJHUV E\ 7RE\ :HEE ‡ <RX FDQ¶W 3DUDFKXWH WR 6XFFHVV ,QVSLUDWLRQ IURP WKH :LQG ‡ 6+$5211( 3+,//,36 )DFLQJ &KDOOHQJHV ‡ *DU\ 5\DQ¶V %ORJ 7KH 6\QFKURQLFLW\ RI ,QVSLUDWLRQ ‡ *LKDQ 3HUHUD 6RFLDO PHGLD LV DERXW WKH PHGLXP QRW WKH PHVVDJH ‡ 3HWHU :HEE¶V ³:LVGRP &LUFOH´ &DUHIXO ZKDW \RX ZLVK IRU ‡ 5RVV &OHQQHWW 7KH +LGGHQ 3URILW $YDLODEOH ,QVLGH <RXU 5HFUXLWPHQW &RPSDQ\


Regular Contributors Gihan Perera

www.gihanperera.info

Hugh Gyton

justaconversation-hugh.blogspot.com

Ian Berry

www.ianberry.au.com/ianberrysblog.html

Matt Church

www.thoughtleadersblog.com www.mattchurchblog.com

Glenn Capelli

glenncapelli.blogspot.com

Glenn Cardwell

glenn-glenncardwell.blogspot.com

Sharonne Phillips

sharonne-phillips.blogspot.com

Anne Riches

anneriches.blogspot.com

Matt Hern

financialfuturist.com

David Beard

lifelongfitness.net/blog

David Thomas

thinkglobalblog.blogspot.com

Ross Clennett

rossclennett.blogspot.com

Jenn Shallvey

feeds.feedburner.com/LetsGoThere

Peter Webb

www.peterwebb.com.au

Sue-maree McEnearney

hspotting.blogspot.com

Helen Macdonald

helenmacblog.blogspot.com

Steve Francis

www.stevefrancis.net.au

Ann Rolfe

mentoring-works.blogspot.com

Michael Harrison

www.michaelharrison.com.au

Gary Ryan

garyryansblog.blogspot.com

Vanessa Hall

thetruthabouttrust.blogspot.com


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.