Success Archives - GUJRAT INDIA

How You Can Apply Entrepreneur Definition Secrets to Success

Where focus goes energy flows. You have to act on it immediately because if the energy is gone it could be gone forever and you missed a golden opportunity to start a big business.

We are the results of our thoughts and actions. Thoughts are plentiful and cheap. Action is reality. If you do not start, you will never know whether your business would have been successful or not.

Learn about money and success every day. Do not put too much money into a new business. Until all the problems are sorted out you can start growing if the customers received your product positively, in other words if they are buying your product. Is the turnover there and will you be able to make a decent living out of your business?

85% of Millionaires are self-made. These people have persevered in what they were doing. They also have not invested too much money into their business.

You can be anything if you just decide what you want to do. The secret is to start doing. If it is your interest your business will be a joy.

Plant your seed in the ground. Water it and fertilize it and spray it so that the insects don’t destroy your crop, and believe. Keep on believing. Do the right thing at the right time and your business will be a great success.

Decide what you want, and go after it with everything you got! Don’t waste time looking for “Get Rich Quick” Schemes. Create a Product or Service. Build a Business and Work very hard to make it happen, never quit!

Enough with the Excuses! Don’t let anyone tell you what to do, but be smart enough to listen to the right people. Every Millionaire and Billionaire was laughed at for their ideas. Who’s laughing now?

Don’t Quit! Persevere. Success can be around the corner. If you have to chop a little on your idea to suit the market, do it. Do what you love! And success will follow!

Running a Business is not easy! It’s a full-time commitment. Be the 1%. 99% of wealth is controlled by entrepreneurs and businessmen. Most of them started with nothing! Get your blueprint sorted out.

Wait for no one! Start right now! You are on the right path, but you must persist. The harder you work the luckier you get! Failure is a mindset. You must know what success looks like so that you can change failure into success.

Get to work right now!

21 Secrets to Franchise Business Success

1) Evaluate your tolerance for risk

Opening a new business is a scary prospect. There’s a lot of personal, professional and financial risk to consider. It’s natural when contemplating such a profound step in your career to look at ways to manage your risk and increase your chance of success.

The Small Business Administration conducted a survey that found 62% of non-franchised businesses failed within 6 years. A separate study by the United States Chamber of Commerce found that 97% of franchises were still open after 5 years.

The research conducted by these independent third party organizations clearly demonstrates that choosing a franchise business carries significantly less risk than starting a business on your own.

2) Work with what you’ve got

Making a list of your strengths is easy. But when launching a business, it’s also important to make an honest assessment of your weaknesses.

Before you get to work selecting a franchise, take the time to develop a list that honestly depicts your strengths and weaknesses as a potential business owner. Then use this profile as a tool to help with the decision making process.

Ask franchise owners questions about the duties they perform, and compare the job requirements to your profile. If the business has the potential to be a good fit, the skill sets required to run the business will either be skills you already have or skills you can learn quickly. If this is not the case, it’s best to keep looking.

If a certain aspect of a franchise has a steep learning curve but the business is otherwise a great fit, you may want to consider hiring someone experienced with that position. If this is the choice you make, be sure to include their salary and benefits in the financial business plan.

3) Remember to run the business

Many potential franchisees make the mistake of thinking they’re limited to buying a franchise in their current field. In fact, this might be the worst way to go.

Some franchises will not allow someone skilled in a particular industry to buy a franchise in that industry. For example, a mechanic may not be allowed to purchase an auto repair franchise. Skilled technicians sometimes find the transition from hands-on work to management work difficult to make, and are tempted back onto the floor to do the job they’re familiar with.

The problem with this is that you grow the business by running the business, and what a franchisor wants to see on the bottom line is growth. A business owner needs to be out networking, marketing and interacting with customers. If there’s too much work on the floor of an auto repair franchise, then the owner – even if he’s a highly skilled mechanic – needs to hire more mechanics.

Basic business skills are transferable to any franchise. If your current position involves universal roles like sales, marketing or accounting then your franchise options are practically unlimited.

4) No business is recession-proof

There’s no such thing as a business that can’t be impacted by a faltering economy.

There are, however, certain industries that are considered recession “resistant.” These are generally products and services people can’t do without no matter how much they’re cutting the budget.

The good news is there are hundreds of great franchise opportunities in recession resistant industries. The following are just a few examples:

Top recession resistant industries: Food · Automotive · Healthcare · Medical·Clothing · Education

Recession resistant franchise industries: Fast food restaurants· Automotive maintenance, parts and repair · Weight loss and fitness · Resale shops and discount (dollar) stores · Education (tutoring) and child care

5) Objectively evaluate professional advice from personal sources

Friends and family have your best interests at heart, and their advice comes from a place of love and concern for your well-being. No one would suggest making the personal, professional and financial commitment to launching a business without consulting your loved ones.

But friends and family are not subject matter experts and their advice can – intentionally or not – discourage a new business venture. The people who love you worry about what could happen if you fail, and their instinct will be to protect you from the risk.

When it comes to the final decision whether or not to proceed with purchasing a franchise, of course you will carefully weigh all the advice you’ve received. The key is to rely most heavily on the advice offered by industry professionals.

6) There’s no such thing as a free lunch

There are countless “free” franchise brokers and consultants out there claiming to offer unbiased information on franchise opportunities. They will work with you to assess your needs, and use your professional profile to help make recommendations on franchise opportunities that may suit you.

The problem with these services is that they get paid by the franchises for selling franchises. That means they are naturally only going to show you options they’ll get paid for. And in the case of high profile franchises that may offer them 2 to 4 times the average commission, there’s a real risk they may steer clients to those businesses whether they’re a good match or not.

These broker services may have access to detailed data on several hundred franchises and they can be a great source of information. Just be cautious about their recommendations, and get a second opinion before investing your money.

7) Tune out the hype

Never before was the adage “if it sounds too good to be true, it probably is” more applicable. You’re going to hear a lot of hype – good and bad – while assessing potential franchise opportunities.

Between marketing blitzes and human nature, it’s easy for success stories to spread like wildfire. Think about the guy who lost weight eating Subway – that story is so pervasive it’s become almost impossible to separate the allegory from the restaurant in the public’s perception. The hype surrounding that marketing campaign will have an impact on potential Subway franchisees for the foreseeable future.

It’s also natural for people to look for something to blame when things go wrong. Because of this there are also going to be negative, emotionally charged franchise stories in circulation. However, keep in mind the nuanced details that created such situations are never discussed; only the attention-grabbing outcomes.

No one is suggesting you completely ignore these stories, because hidden beneath the hype there are likely valuable lessons to learn. Learn from them what you can while keeping in mind what they are: unique situations with complex back stories that probably have no bearing on your success whether or not you choose the same franchise.

8) Look beyond the big brands

Sometimes it’s easy to forget there are thousands of franchise opportunities out there, because the big name brands get all the attention. When you’re in the early stages of your search, it’s a good idea to bypass the overblown marketing of the huge franchises and make an effort to learn about the “no-name” franchises in your industry of interest.

There are quite a few advantages to lesser known franchise brands. For instance, they are often cutting edge concepts that can get a lot of marketing attention. Lesser known franchises haven’t yet saturated your local market. And they’re usually less expensive to start up, which means less financial risk.

Of course, you may be looking for the security and benefits that come with a big name franchise. Criteria such as national marketing campaigns, standardized employee training, management support and strong purchasing power may be at the top of the checklist for what you’re looking for in a franchise, and there’s nothing wrong with that. But if you’re not interested in being another instantly recognizable box in another strip mall, then a ‘no-name’ franchise might be for you.

9) Look beyond the price tag

Just because a franchise is more expensive does not mean it will be more successful.

It’s important to evaluate every aspect of a franchise – financial projections, monthly franchise fees, franchiser support levels, issue response time, customer base and marketing, to name a few. The price tag is a factor to consider, but should not be the sole criterion for evaluating the quality of the business opportunity.

Once you narrow down your preference to a particular industry, conduct due diligence on 2 to 3 franchises in that industry. Gathering adequate information on several comparable franchises will allow you to make an informed decision.

10) Comparison shop

Once you decide a franchise is right for you, keep looking.

If you decide to purchase a franchise of Coffee House A, then it’s time to start looking for reasons not to buy it. Build a list of questions, and then go talk to owners of Coffee House B and Coffee House C.

Be blunt – ask the competing franchise owners why they feel their business is better than Coffee House A. Ask them what made them choose B over A and C. Ask them if they would recommend you buy the same franchise, and don’t stop digging until you’re clear on the why (or why not) of their response.

Build a spreadsheet comparing the details of the franchises. Include data such as the benefits offered, financial commitment required, estimated monthly expenses, commercial lease requirements and franchise fees.

If your franchise preference stands up to the scrutiny, then you’re on the right track.

11) Contact current and former franchisees

The best way to find out if a franchise is right for you is to go behind the scenes and ask a lot of questions.

Before making a buying decision, prepare a list of questions. Contact at least five current franchisees and make an appointment to discuss your interest in the business. Whatever else you discuss, be sure to ask the questions you prepared.

Try to arrange an all day job shadow session with at least two current franchisees. This will allow you to observe the daily operations of your potential future business without committing to personal financial risk.

Contact several separated franchisees to learn about their experience. Understanding their reasons for getting into – and out of – the franchise can impact your decision.

12) Do your due diligence

All franchises are not created equal, and it’s your job to sort them out. The information is out there – all you have to do is go get it.

Conducting due diligence on a franchise opportunity should include:

· Check with the Better Business Bureau for complaints

· Check with the State Attorney General for complaints

· Speak with the franchisor

· Request a Franchise Disclosure Document (FDD)

· Attend a discovery day with the franchisor

· Make at least 10 calls to current and separated franchisees

· Make appointments to meet franchisees and visit the operation

· Job shadow a franchise owner (or owners) for at least a day (longer, if you can)

· Repeat as necessary

The purpose of due diligence is to reduce your risk. All the steps are necessary, but the most important step is interviewing and job shadowing a current franchise owner.

Some franchise owners will allow potential franchisees to spend weeks at their business learning the ropes. They may be willing to share detailed financial data, and can confirm or refute claims made by the parent company. A franchise owner can answer questions the franchisor may be legally bound from discussing. You may be able to make assessments about your own management style or potential business location by observing theirs. Visiting operating franchises in the course of due diligence may be the single best method for evaluating your potential success with a franchise opportunity.

13) When the time is right, hire a legal and financial team

Getting expert advice on the legal and financial aspects of a potential franchise purchase is essential. Some buyers skip this step to save money, but this is not the place to cut corners. The relatively small fees a lawyer and accountant charge pale in comparison to the enormous financial loss you’ll incur if the business fails.

Bringing in the legal and financial experts too soon in the purchase process can also be a mistake. Their professional opinions are necessary and valuable, but their advice can be expensive and potentially counterproductive in the early stages of your search. It’s crucial to remember when seeking their input that they should not choose the franchise for you.

Bringing in an accountant too soon can mean paying for them to run Profit & Loss data on every franchise that catches your eye. This onslaught of numbers can cloud your judgment, particularly if they’re taken outside the context of in-depth, due diligence research on each business.

Bring in an attorney too soon can mean paying them to review the Franchise Disclosure Document (FDD) for every franchise that strikes your fancy. Studying detailed franchise information at such an early stage with a legal advisor who doesn’t understand your personality, lifestyle and professional preferences can be detrimental to your search. You could end up inadvertently being talked out of the perfect business.

Waiting to bring in legal and financial advisors until your franchise choices have been narrowed down dramatically is not just cost effective. It’s the logical way to use the team’s expert advice to your best advantage.

14) Feel the fear and do it anyway

The best way to manage your fear of buying a new business is to manage your risk. The best way to manage your risk is to learn everything you can, then proceed according to what you’ve learned.

Start the process with no intent to purchase. That removes the chance of getting so excited about business ownership that you take an irrevocable leap with the first prospect you research.

Above all, ask yourself “can I picture myself doing this all day?” If the answer is “no,” then be grateful for what you’ve learned and move on to researching a different industry.

The research and due diligence processes get easier with practice. It may take a few attempts to find the perfect franchise, but your efforts are not wasted. By actively engaging in the search, you’ve made yourself familiar with the process. And there’s no fear in the familiar.

15) Go it alone

Business partnerships are appealing on the surface because the idea of splitting costs, liability and workload is tempting. But it’s nearly impossible for any two individuals to work together as much as necessary to launch a new business without problems developing.

If it is a financial necessity to form a partnership in order to purchase your franchise, it’s crucial to define the roles each partner will play well in advance. If at all possible, try to structure the partnership so you own 51% and have the power to make binding decisions for the business.

Entering a partnership is not to be taken lightly, and should not be done without consulting your attorney.

16) Lease, lease, lease

Most franchises provide detailed specifications on the type of commercial real estate required to launch the business, and many will assist with the search for an appropriate property.

Leasing a commercial property is nearly always preferable to purchasing one. The capital required to purchase a property is better reserved to fund operating costs for the first few years. It’s also preferable to sign short lease terms with options to extend rather than committing to a long lease term.

Because many commercial leases include taxes and assessment fees buried in the fine print that can cause financial problems for your business, it is very important to have your attorney review any commercial lease before you sign it.

17) Don’t forget you’ve got to eat

One of the most common mistakes people make when working up a financial business plan is forgetting to pay themselves. This simple oversight is at the root of a lot of failed businesses.

In a perfect world we would all have enough in savings to go a year without a paycheck, and everything a new business makes could go right back into making it stronger.

The reality is we’ve all got bills to pay. It’s important to be honest and thorough when estimating the salary the business will need to pay you. Cutting yourself short will create enormous problems, especially if your fledgling business can’t afford to give you a raise yet.

This is one area where decisions you make for the business directly impact your personal life. The franchise isn’t going to do you much good if your heat’s turned off and the bank is foreclosing. Taking extra care with this critical detail could someday save more than just your business.

18) Consider alternate financing options

In the current economic climate, strict lending standards are making it harder than ever to get a commercial loan issued. When loan approval is a problem, it is worth considering your 401(k) or IRA as a resource for purchasing your business.

These self-directed retirement structures do permit individuals to actively invest their retirement funds into a business without taking a taxable distribution or incurring early withdrawal penalties. A successful use of this financing method offers the chance for a greater potential return on your money than the original investments.

Using your retirement funds to purchase a business is not to be taken lightly. But if done right, having your own business could be the best retirement plan of all.

19) Lead by example

If you’re not working hard for your business, neither will your employees.

At the end of the day, the only one who cares if your business succeeds is you. This is not the time to kick back and count the money. In fact, that attitude is the quickest way to ensure that soon there won’t be any left to count.

Even the most diligent business owners may forget that employees can’t see through the office door. They have no idea you’re calling customers, ordering supplies, writing a marketing plan, reviewing applications and trying to find a way to cover next week’s payroll. For all they know, you’re taking a nap.

When an employee sees a manager coming in late, leaving early and taking long lunch breaks they think the worst. They don’t understand that you came in late because you attended a 7 am referral group meeting. They have no idea that your lunch ran long because you were signing a deal with a big new client. It doesn’t occur to them that you left early so you could attend a Chamber of Commerce networking function.

Communication with your employees can help them see you’re working as hard as they are. Share your growth projections and help individuals set goals to meet them. Bring key employees to client meetings. Send high performing employees to networking functions in your place. By giving your employees a role in growing the business, they’ll take pride in supporting your success.

20) If you don’t love it, don’t buy it

Confucius said “Find a job you love and you’ll never work a day in your life.”

If you wake up in the morning and dread going to work, your franchise will not be successful. It’s as simple as that.

The beauty of franchising is the endless variety of options – there’s literally something for everyone. You just need to devote the time and effort to figuring out which one will make you hop out of bed every morning, happy to be doing what you love.

21) Use every resource at your disposal

Investing your personal, professional and financial future in a franchise opportunity is a big decision. Use every source of information you can find, and compare the data to make sure you’re getting the whole story.

Unsecured Business Loans to Gain Success in the World of Business

The word “success” is defined differently by different people. Success for some means money while for others it could be the name and fame factor. For an entrepreneur, success would mean maximization of profits and gaining recognition. An entrepreneur must be creative and confident; must have the passion, vision and mission to achieve set objectives. You may possess all these qualities, but do you have the necessary capital needed to start up or expand the business. If not, then unsecured loans can work as a significant source of finance for you.

Unsecured business loans do not require a borrower to put collateral against the loan. An unsecured business loan is an ideal source of funds for tenants who do not have a property to put against the loan. Homeowners who do not want to put their property at risk can also apply for an unsecured business loan.

Business is filled with uncertainty; you may earn huge profits one year or big losses the other month. In such circumstances, when returns are uncertain, an unsecured business loan is the best alternative. Unsecured business loan can be used to purchase fixed assets which involve huge investment for starting up a new venture or to expand the existing business. Unsecured business loan can also be used to meet the working capital requirement of a business.

Amount that borrowers can borrow with an unsecured business loan depends on their credit history and the lender they choose to borrow from. Usually, loan providers offer an unsecured business loan within a range of £30,000 to £250,000.

Unsecured business loan does not involve the lengthy process of verifying the value of collateral as it does not engage one. Thus, it makes the money available sooner as compared to secured business loan.

Unsecured business loans are offered at a high rate of interest as the loan is not secured by any collateral. Lenders try to cover the risk of lending by charging a high interest rate.

If you are starting up a new business then you need to make a little more effort as you don’t have business financial statement which can pose to be a proof of your capability to repay the loan. You need to design a business plan to prove that there is no risk involved in lending money to you and you will be paying the monthly installment and the loan amount in full and on time. A well organized business plan makes it easier to borrow money from lenders.

Entrepreneurs who are running established business and need funds for expansion can borrow unsecured business loans. Entrepreneurs can continue using the property or the equipment against which the loan is borrowed.

Credit score is an important factor considered by loan providers while lending unsecured business loan. Higher the credit score, higher is the possibility of getting a large amount of loan quickly and that too at comparative low interest rate. A borrower can get his credit score evaluated from any of the credit rating agencies namely Experian, Equifax and TransUnion. Credit score is popularly known as a FICO score. It gives complete picture of an individual’s payment history, amounts owed by him, length of the credit history, types of credit used and new credit. A FICO score of 650 and above is considered to be a good score.

Unsecured business loan can be borrowed from banks or financial institutions. But, in case you are looking for a fast and hassle free loan, you can borrow it from online lenders. With internet, you can access number of online lenders. It is very easy to apply for an online unsecured business loan; a borrower has to fill a simple online application form with some personal details such as name, loan amount and period for which you need the loan. Loan quotes are offered free or for nominal charges by most of the lenders. Collect loan quotes from several lenders and compare them to find the most appropriate unsecured business loan.

Success of any business in term of management involves proper planning, organizing, team work and coordination among the various tasks in an organization. Adequate capital with a well defined business strategy gives birth to big business tycoons.

Enforcing IPR: An Imperative Need For Making India A Success

There is a huge brand value associated with the company IP. It gives investors, clients, and other stakeholders a tremendous confidence upon the company. Each type of IPR carries its own significance for the startup companies as shown below.

Today, almost one-third of all funded technology companies have a patent application filed, whereas almost 19% of these startups filed for a patent even before they were funded. There are several examples that show how intellectual property has played a crucial role in some businesses. The recent Canadian drug maker Valeant Pharmaceuticals acquisition of Sprout Pharmaceuticals was majorly based on the single drug patent (FLIBANSERIN) by Sprout Pharmaceuticals. It was Just days after FDA approval Valeant Pharmaceuticals paid jackpot of $1 billion in cash to buy Sprout Pharmaceuticals.

A startup’s negligence in securing the invention could end up as an expensive lesson for their business. For example, Xerox PARC did not patented their computer mouse and graphic user interface and later on companies like Apple Computer Inc. basically built their companies based on their innovative technologies, without paying any single penny to Xerox.

Roadblock for the startup company in investing IP

The major roadblock faced by startup company in investing IP is: lengthy judicial processes and weak IP enforcement mechanism in India. The delayed processing of applications and other actions in the IP offices is one of the major reasons for short enjoyment of patent rights by patent holders in India. It takes 6-7 years to receive a grant for a patent cutting short the life of a patent drastically. Considering that the patent term limitation for 20 years from the filing date of the patent application irrespective of any processing delay, this greatly reduces the patent term and puts the applicants at a loss. Though Indian Patent Office has taken initiatives by modernizing infrastructure and boost e- filing in the recent past, all the efforts will be of little help if the registration process is not completed in a timely.

In addition to that an equally strong enforcement mechanism is required to support strong IP laws. A weak enforcement of IP rights fails to provide relief against imitators and free riders, thereby acting as a major barrier to trade, investment in R&D and overall growth of a country’s economy. On contrary, a fair, strong and non-discriminatory IPR enforcement creates economic incentives that encourage innovation as well as helps attract new investment. Indian IP policy despite being in compliance with the International standards provided by the TRIPS Agreement is often alleged to be weak and ineffective, particularly with regard to patent protection. As per latest GIPC Index released by the US Chamber of Commerce in 2015, India ranks second last position in the rank. “Enforcement of patent laws in India is very disappointing and its harming India’s global image as an investment climate”.

Government Initiatives

Recently the concept of patent protection has garnered a flurry of attention by the announcement of Indian Government Start up action plan which also acknowledged the IPR role. “India’s future lies in innovation and creativity.” India Prime Minister Narendra Modi said while addressing at the Start-up India event. To encourage start ups new rules have been introduced to accelerate innovations including fast track examination, appointment of legal facilitator, IPR & patent funding and reduction in patent fees. Indian Government has also taken initiatives to enhance bilateral co-operation with other countries to improve the efficiency of Indian patent office. This initiative might enthuse Indian investors and creators to create IP assets in India and utilize them in manufacturing but having said that, a start up cannot avail the reap the benefit from IPR by merely creating intellectual assets.

How to Combat the Weak IP Enforcement?

Some of the recommendations could be:

Fast-track judicial process

IP specialized training for Judges, Customs and Police officials

Expanding the number of IPR cells that prioritize enforcement

Increase the number of independent IPR investigations

Adopt statutory damages in civil case

Giving political priority to IPR crimes

Creating awareness: It is important to create IP awareness amongst the stakeholders and public at large regarding IP rights and their enforcement. It would not only help the IP holders to enjoy their rights fully but also encourage others to create more and deter the infringers from violating the rights of others.

Conclusion

An invention or creation of an entrepreneur has value only if it is properly protected and safeguarded. Then only foreign companies will only be encouraged to invest their IP-protected inventions and establish their manufacturing, R&D and outsourcing bases in India. Startup India is a welcome step to foster innovation and credibility in Global markets but if India wants to project itself as Global Superpower we should not only modernize Patent Offices but also have a fair, strong and non-discriminatory IPR enforcement mechanism.

How to Overcome MLM Challenges – Multi Level Marketing Tips For Success

There are plenty of helpful tips available to help you overcome your MLM challenges. In my opinion most of the challenges we face in MLM are avoidable but only if you start off on the right path. When I am faced with a challenge in my primary opportunity its usually around developing new techniques for marketing, lack of customers, or lack of money. As business owners in the field of MLM we are faced with difficult challenges but they aren’t unlike those that any other business owner faces. We do face different challenges because of the nature of our business but if you plan for the unexpected and have a vision for the day-to-day operations of your company you’ll be able to thrive in your business.

Every day businesses are birthed around the world within a dynamic and formidable marketplace where only the toughest survive. If you are in the network marketing industry you know that our environment is particularly fickle and can be a tough training ground for the almost 25,000 people that join Multi-level marketing business everyday in the U.S. and the 95% that fail within their first year.

Most people join network marketing companies not recognizing the importance of having a vision for how their business will grow and function in its infancy. There is concept that many large corporations use to lead their work on a daily basis and I think that it can be particularly effective for network marketers. Its called Strategic Planning. Planning is not a new concept to business corporations but it might be to those that don’t know about its extreme effectiveness for providing a roadmap for any business for periods of 6-months, to 3 years, to 20 years.

By understanding the importance of this process and the questions that go into taking you through it, you can gain a better sense of preparedness for your company’s growth. As someone new to this industry you need as much structure in the beginning as possible to understand how to plan and set and meet your goals. By taking the first step in this process you will exhibit your commitment to your business and your leadership for your organization.

You have to believe in something yourself first, before you can get others to believe.– Ashraf Seddeck, Oracle Corporation.

What does your company do?

What product or service do you provide?

What is your mission statement?

What are your company’s values?

What is your plan for your first 30 days, 6 months, 1 year?

What are your weaknesses/strengths?

How will you market your business?

Who is your competition?

What might be challenges that prevent you from reaching your goal?

What is your plan to grow your business over the next 12 months?

What is your plan for recruiting for your business?

What resources do you have to build your business?

What is your budget for your business?

What does your organization look like and what types of people are your recruiting?

What actions are you taking on a daily basis to build your business?

Jewish Wisdom For Business Success – Book Review

By: Rabbi Levi Brackman & Sam Jaffe (2008)

ISBN 978-0-8144-1274-9

Book Price: $24.00

Business consultants

Rabbi Levi Brackman is a popular Judaic scholar, writer and teacher. He has taught on 3 continents, has a weekly TV show, and is published regularly in newspapers and internet. Sam Jaffe has been on the staff of The Wall Street Journal, Smart Money, Bloomberg Markets, and Business Week magazines. Both are business consultants!

Ancient clues to wealth access

Rabbi Brackman and Sam Jaffe express their views in 9 chapters. They discuss such topics as, Patriarchal business models: Creating a blueprint for success (Ch. 4), Making the sale: Negotiation techniques from the Torah (Ch. 5), Spiritual entrepreneurship: Finding the Holy in your work (Ch. 7), and many more ancient clues to wealth access.

Godly business success

Rabbi Brackman and Sam Jaffe share with a personal and forthright style. Referring to moving forward, they say, “A good businessperson never surrenders his or her business to fate. The moment that you start blaming unseen forces (the market, currency traders… ) is the moment that you relinquish control… you are responsible to act… “

The authors use language that connects and relates to readers. They maintain relevant communication stating that, “If you have built your own business you know that to succeed, you need to be a self-starter. For that, pure determination and endurance is not enough. Something else is required to reach your goal-and that is passion.”

Rabbi Brackman and Sam Jaffe display keen insights into business acumen. Discussing negotiation, they share that, “The key to winning a negotiation is knowledge-knowledge of yourself, knowledge of your negotiating partner, and knowledge of the fair value of the deal… Do your homework regarding the other party’s situation.”

Encouraging words aim to lift readers into victory. Authors declare, “While most businesses make mistakes, you should never label your enterprise a failure. When your business seems to be failing, look for the silver lining to it-all successful businesses have been at that stage, yet have overcome.” Success comes to those who don’t quit.

Spirituality is a central theme. The authors declare that doing business to gain wealth should not produce guilt but, “For the spiritual entrepreneur, wealth creation is about making the world a better and more Godly place.”

Business success lessons

Rabbi Levi Brackman and Sam Jaffe share powerful Jewish wisdom for business success lessons.

Top 10 Secret Tips for Online Business Success

Online businesses don’t succeed by accident or without effort. Out of the thousands of would-be entrepreneurs who start an online business every year, only a small percentage will succeed. A recent survey estimates that a stunning 90% of new internet business fail within the first year.

You can avoid being part of that unsettling statistic. I have put together the top 10 secret tips for online business success. These may not be what you’re expecting to hear, but if more entrepreneurs heeded them there will be a lot more success stories.

1. Have a Plan

Everything begins with a plan. In principle, online business is no different from a real world brick and mortar business. People who fail in online business are very often those who think making money online “sounds like a good idea” instead of seeing it as a real business. They jump in without any idea of what they want to do or how to run their business.

Planning should involve:

– what type of business you’re going to start online

– what it will cost

– how you will market it

– what tools and skills you need to start

– how you will finance your online business efforts

– how much time you have to spend on it

– how and where you will network and make business connections

Without taking stock of factors like these before you even begin, you’ll be lucky to achieve any kind of success.

2. Add Action

Taking action is what separates most online business successes from the failures.

That “Earn a Million Online” seminar you went to, presented by the top online business minds? It’s worth nothing if you don’t act on what you learn.

That ebook full of secret online business strategies? They are of no worth until you actually use them.

That brilliant product idea swimming around in your head? Stop dreaming about it and create it.

While there are other factors as well, you must realize that you can’t win the game if you’re not in the game. Never let the fear of failure stop you. If you never try, you’ve already failed.

3. Learn to Test and Track

Yes, it can be a pain to test and track your results… until you finally do it and realize how much money you’ve been leaving on the table.

Imagine writing a sales letter for your $30 product and it converts 2% of all visitors into sales. A hundred sales per month is $3,000 in your pocket.

Now, imagine if, by simply changing the headline on that sales letter it converts 3% of visitors into sales? You would have been losing $1,500 per month.

Testing and tracking are crucial in tweaking your marketing campaigns for maximum profit, especially when you are paying for traffic.

4. Forget About Perfection

Repeat after me: it doesn’t need to be perfect, it just needs to work.

Many people spend months tweaking their websites on their computers without putting them online. They spend months trying to perfect a product instead of publishing and marketing it.

Don’t get bogged down in trying to have everything just right before launching.

An ugly website that’s actually live on the internet can make money and can be tweaked to perform better. A beautiful one sitting unpublished on your hard drive will not only make no money, but won’t even provide you with any real-world data for improving it.

Create it, then get it out there. Warts and all.

5. Maintain Your Focus

Focus on doing one thing at a time, and doing it well. Getting your business off the ground is the hardest part. Focusing on too many tasks, too many avenues of income and pursuing too many different opportunities will dilute your efforts and lead to confusion and overwhelm.

Many new online entrepreneurs suffer from this because there are so many income opportunities available. They start one thing, then abandon it for the next shiny opportunity that comes along. Pretty soon they’re stuck between 7 or 8 unfinished projects with no income and a lot of disillusionment.

Realize that you cannot chase them all. Decide on the business you’re going to start with, and focus your efforts on that.

6. Build Multiple Traffic Streams

There are a myriad of ways to generate traffic online. The more of them you can use, the bigger your potential income and the safer your online livelihood will be.

For example, if you decided to do affiliate marketing and your only source of traffic is Google, you are on shaky ground. If Google decides to penalize your sites for whatever reason, or an algorithm change sinks your rankings, most of your income can disappear overnight.

Make sure that, over time, you set up different income streams that draw their traffic from different sources. The “all eggs in one basket” approach is a dangerous one in the volatile online marketing arena.

7. Build & Maintain a Mailing List

This is still one of the most important secrets to online business success. A well-maintained mailing list can make you money every time you broadcast a message. It is a robust and trend-proof way to secure an online income.

Build your list and treasure it. Provide value to your subscribers and build a strong relationship with them.

8. Provide Value

Truly valuable websites, products and services take on a life of their own. They get more social sharing, more word-of-mouth exposure and affiliates are more likely to promote them.

It is possible to make money online by selling low quality products or building low quality websites. The problem is you’re going to have to do all the work and start from scratch every time your spammy content gets trashed by the search engines, or when the bad reputation of your product starts killing its sales.

9. Kick the Destructive Myths

Have you ever heard any of these phrases:

– Make money while you sleep

– Be your own boss and work when you want to

– Make $X00,000 dollars working just 2 hours a day

These are they typical myths and hype that marketers use to sell the online business dream. Is it any wonder then that so many start-ups fail?

Acquire a business mindset: one that expects hard work, failures, long hours and a stiff learning curve before it expects rewards. Just that simple shift will already put you way ahead of most new online business owners.

10. Learn to Outsource

This is a hard one for the control freaks out there. If you want something done right, do it yourself. Right?

That philosophy may be true in some cases, but in online business it will hold you back. Time really is money, and you need to use what precious time you have to focus on your strengths.

You will definitely have a few bad experiences with outsourcing. However, once you’ve separated the good from the bad, you’ll have gathered a handful of reliable people helping you build your business just the way you would have done it yourself, and perhaps even better.

Good luck with your online business. Ignore the hype, do your planning, work hard and never give in to the fear of failure.

Henry Sy’s Keys to Success

Who’s Henry Sy? Is he rich and successful? If so, why talk about him? Why not just relish on the successes of Donald Trump of The Apprentice or Warren Buffet, the Oracle of Nebraska?

Henry Sy has inspired millions of people from the Philippines and around the globe because of how he built his business empire; how he created the “malling phenomenon” and transformed the shopping experience in the Philippines.

Henry was born in China. Poor and desperate at age 12, his family migrated to the Philippines to seek greener pasture. Initially, he set up a small retail store as he aimed for a better life. After World War II, he opened a few shoe stores. Inspired by his early successes, he started Shoemart retail store in 1958 and later department stores.

Through perseverance and hard work, he gradually expanded his stores to malls to capture a bigger market. When he planned to build the first mall, many people including bankers and businesspeople thought that it wasn’t a good idea especially that Philippines was then going through crisis. But he followed his vision and his first mall was a huge success.

And now, Henry’s companies own major banks, a real estate business, and several huge malls in the Philippines and in China. In fact, three of his malls in Metro Manila belong to the top 10 largest malls in the world.

In 2008, Forbes Magazine named him as one of the world’s billionaires and the richest in the Philippines with $3.1 Billion net worth. Wow! Not bad for someone who started with almost nothing.

What are Henry’s secrets to success?

Teresita Sy-Coson, Henry’s eldest daughter who runs his many businesses, revealed his success formula. In one of her speeches (printed at Philippine Daily Inquirer, Sept. 2004), she stated Henry’s 14 success strategies: 1. Leadership 2. Integrity 3. Vision 4. Focus 5. Passion 6. Hard work 7. Perseverance 8. Optimism 9. Confidence 10. Discipline 11. Organization 12. Mission 13. Social responsibility and 14. Recognition of opportunity. Do you have Henry’s qualities?

Below, you’ll find questions on Henry’s success secrets. Read each of them carefully and provide your honest answers.

On Leadership

Are you willing to be different? Are you willing to establish a brand that represents who you are or that shows how unique your business is? Are you willing to make the necessary and yet painful decisions to help your business?

On Integrity

Can people trust you? Can you trust yourself? Do you mean what you say and say what you mean? Do you walk the talk? Do you keep your promises?

On Vision

Do you have a long-term plan? Do you see yourself or your business 15 years from now? Or 50 years from now? Have you weighed the necessary steps to achieve your goals?

On Focus

Are you fully focused in achieving your dreams? Do you make the effort to ignore distractions? Do you tactfully deal with people who waste your time?

On Passion

Do you have the burning desire to succeed? Do you like to savor success despite the hurts, frustrations, and losses? Are you passionate about what you’re doing?

On Hard work

Are you willing to give extra hours to pursue a sale or to create a better product or to improve your work? Do you give your best effort in advancing your business or your cause?

On Perseverance

Do you persevere against all odds? Do you stay the course despite the negativism in your community or problems in your family? Do you feel encouraged to do better by your losses and failures?

If you respond yes to all these questions, then you have what it takes to be a success like Henry Sy.

MLM Training – First Timers MLM Training Guide For Network Marketing Success

My first day in MLM Training!

I was both excited and nervous because I had just completed my first “NDO” or New Distributor Orientation with my Millionaire upline from Taiwan. He had joined Amway more than 10 years ago, became a Diamond in Amway but quit later and switched to Nuskin. He became a Team Elite Million Dollar Earner in Nuskin and now I believe he has made over 10 million US Dollars in MLM.

My upline said, “This business is very simple. All you need are these 4 pieces of paper!”

“Hmm!” I was kinda skeptical, yet I had to believe him because he is successful.

So he dug out a few pieces of paper from his pocket and started writing down on the whiteboard.

1) 2 Important Concepts:

i) Long Term Thinking

ii) 100% Duplication

“Ok! the first important concept in our training today is to have LONG TERM THINKING!”

Then he started to explain about why MLM or Network Marketing is a long term business just like any other traditional business, minus the problems of traditional businesses like employee problems, logistics problems, management issues etc! which are all handled by the MLM or Network Marketing company.

All you have to care about is “Building your network of distributors around the world”.

“Give yourself the next 1 to 2 years to build a solid network of distributors around the world and you will become the owner of a multinational network that generates solid income for you every month, even if you are sleeping in Singapore and others are still awake in Japan.”

Now that sounds really exciting to me!

The next 1 or 2 years all my friends would still eating textbooks for breakfast in university, while I would be building my pipeline to early retirement.

And so I did exactly that, I told myself, “For the next 1 to 2 years, I will give 110% to my network marketing business!”

2 years later in 2003, my network grew from Singapore to Malaysia, China, Indonesia and I had customers from as far away as Japan, Taiwan and Hong Kong!

So that is exactly what YOU MUST DO too, commit to give yourself at least 1 to 2 years to build your business!

Have “LONG TERM THINKING!” and treat your network marketing business like a real business!

Important concept number two, “100% Duplication”.

“Duplication is the key to success in network marketing, however to quote this example!

1 x 1 = 1

0.9 x 0.9 = 0.81

0.8 x 0.8 = 0.64

0.7 x 0.7 = 0.49

0.6 x 0.6 = 0.36

0.5 x 0.5 = 0.25

and so on!

If we are to put that in percentages as in 100%, 90%, 80%, etc! it simply means that the less you duplicate the successful system that your upline taught you, the less your chances of success!

Well, that seems to be quite logical to a certain extent.

McDonald’s uses franchising to expand their business around the world and if you notice McDonald’s will always maintain its brand capital “M” and colors “yellow and red” theme in their fast food restaurants from USA to China and even Russia.

The system is 100% duplicated across the globe.

Once you understand this concept, you realise that you should trust your successful upline and use the system they are using to achieve success.

“Do not reinvent the wheel unless it’s to make it more efficient!”

Every network marketing company or organization should have an efficient and effective duplication system that everyone in the organization can copy easily to achieve their own level of success in the business.

“Ok, so follow my successful mentor and I will not go wrong! I get the message.”

“Do you?”

Then my millionaire upline wrote on the board,

2) Why 100% Duplication?

i) To avoid unnecessary mistakes

ii) To have a stable network

3) How do you duplicate 100%?

i) There are 3 steps you must go through,

Learn; Do; Teach

ii) There are 3 elements of the Support System that will help you as well,

Successful Leaders; Events; Tools

“Your aim in this business is to first be a good student, then become a good teacher and finally become a great leader!”

“First you must be willing to leave behind all your baggage from your previous job or business and have a BACK TO ZERO mentality, so that you can start on the right foot and we can guide you in the right path towards success!”

“After that, once you have reached a certain level of success in the business, your role switches to teaching, guiding and leading your team towards their success!”

Thus, the 3 steps to success in your MLM business is to first be able to go back to zero and start learning the ropes, then lead by example and take action to achieve success, before finally teaching others to do the same.

While you play a vital role in your own business, your company or organization should have a proper support system that provides you with a number of successful upline or sideline leaders who are already successful.

These leaders act as mentors to keep you on the right track and lead you in the right direction. They are very approachable, willing to help you learn and overcome difficulties that you will meet along the way.

There should be regular company or organization level events which cover training sessions, motivational rallies, experience sharing and company meetings ranging from small team gatherings to big hotel meetings.

The bottom line is, network marketing or MLM is still a people business and people since the dawn of time, need to gather together regularly.

“Just like a piece of red hot burning charcoal in a flaming bon-fire, if you take out that lone piece of charcoal and move it away from the bon-fire, what happens to that lone piece of charcoal?”

“It starts to cool off!”

“What happens if you put it back into the bon-fire again?”

“It heats up again and helps the bon-fire to continue burning brighter than before!”

This is the rule of survival in MLM or Network Marketing.

“Meetings and events are where people re-charge. Small meetings create small decisions. Big Meetings create BIG DECISIONS”.

Finally, any solid network marketing or MLM company must have powerful marketing tools that help the distributor share the company’s message easily with anyone they can come into contact with.

“You can’t win a battle without guns and bullets!”

Similarly, you can’t win in network marketing without the proper tools.

Tools refer to things like a company magazine which explain everything about the company, products, pay plan and system clearly and simply to the person who you pass the magazine to.

Tools refer to things like an audio CD that anyone can play in their car or listen to at home with a CD/Mp3 audio deck and have one of your top successful leaders present the business opportunity to them while you wait to make a follow up call the next day.

Tools refer to things like a Video DVD that anyone can play in their DVD player at home or on their laptop/desktop computer and again have a top leader present the business opportunity to them professionally.

Tools refer to things like a website that combines the contents of the magazine, audio CD, Video DVD and your personal contact information into an ALL-IN-ONE online information resource that runs 24/7 everyday, never sleeps and does all the talking and presenting for you while you are sleeping at home!

All these tools and more which I can just keep on listing will dramatically simplify, automate and duplicate our efforts a thousand times more than what you can do alone.

Your role in the business is just to LEVERAGE the tools and “PASS THE INFORMATION” onto as many people as you possibly can every single day.

“Can you learn how to pass a CD or DVD to a potential distributor or customer?”

“Can you learn how to pass a magazine to a potential distributor or customer?”

“Can you learn how to give someone your namecard with your website address on it?”

“Heck, nowadays with email and text messaging on your mobile phone, all you have to do to start the business is email or text message your website address to everyone on your contact list and invite them to check out your website and your new business!”

“Now that’s what I call simple duplication!”

Point Number 4!.

4) 8 Daily Habits

1. Show the Plan

2. Share the Products

3. Listen to a training audio

4. Read a recommended book

5. Report your progress to your upline

6. Invite a guest to a weekly event

7. Use the products yourself

8. Add a new name to your list

Now, as in Stephen R.Covey’s best-selling book “The 7 Habits Of Highly Effective People”, if you want to become successful in network marketing fast, you have to change your daily habits to become highly effective and highly efficient.

A successful network marketer must not only expand his social network constantly, you should devote a lot of time to personal development and growth.

1. Show the Plan:

Show someone a Video DVD or magazine and explain that you are looking for business partners and the DVD or magazine explains your business proposal in detail.

2. Share the Products:

Show them a sample of your products and explain the unique value and benefits it brings to the consumer.

3. Listen to a training audio:

Listen to training audios to upgrade your knowledge about the company, products, pay plan and the duplication system.

4. Read a recommended book:

Read books that will upgrade your personal knowledge and help you grow as a leader.

5. Report your progress to your upline:

Call your upline every day to update your progress. If I’m your upline and I do not hear from you in a week, I know that you have not been taking action. On the other hand, if you let me know how many people you have called everyday, I know that you are making progress or doing something wrong that needs to be corrected.

6. Invite a guest to a weekly event:

If you have local events and presentations, make sure to leverage them by inviting your prospects to attend these events. 3rd party testimonials and justification are always better than your own.

7. Use the products yourself:

Network marketing is like sharing a good movie that you watched with your friend and telling them that they should watch it too. So if you do not use the products yourself, how can you possibly share your experience or views with anyone else?

8. Add a new name to your list:

If you are depending on your family and relatives to succeed in network marketing! good luck to you. Although I have seen network marketers who have great and supportive family members, personally that did not happen to me! My experience is that most of my best team members are people who are outside my family circle. So learn to make new friends every single day and find like-minded people who will join your business and your team.

So there you have it, the 8 Daily Habits that you must adopt to achieve success FAST in your MLM or Network Marketing Home Based Business.

So think about it, “What do you really want? I mean, what do you really, REALLY WANT?”

If you really desire greater wealth, better health and more freedom, “JUST DO IT!”

Action speaks louder than words!

Success Secrets – How A Poker Tip Can Change Your Life

I received a phone call 9 months ago and I pretty much ignored it.

I ignored it because I’m not much of gambler.

Hold on.

Don’t move.

Where I’m going with this is very important, so grab a Peach Snapple (I love Peach Snapples) and stay with me.

9 months ago I received a call from a good friend of mine I met in college.

He said, “Mike, you have to start playing poker. It’s just amazing. You can play with us next week in Mark’s home or just jump online and join a game. It’s such a rush.”

He was so excited, but I had to say, “Thanks, but no thanks, I’m not interested.”

About 2 weeks later I was channel surfing and I came across a poker tournament on TV.

Because of my friends ‘frantic’ EXCITEMENT, I stopped and watched.

I wanted to SEE why he was so excited.

It’s taken off.

Like the Beatles year’s ago.

Like ‘Cabbage Patch Kids’ (remember them?).

Follow me here because you’re about to discover a success insight that will change your life and make you mon.ey.

Poker has become a billion dollar business and the newest phenomenon around the world.

I got home from the office yesterday, got my mail, and saw the latest edition of Inc. magazine.

Who was on the front cover?

You got that right, the guy who started the Poker craze.

Oh baby, was I excited, this was going to be a great story to read.

And I was right.

Let me share with you 3 success secrets that Steve Lipscomb, the creator of the Poker craze, has used to build a $300 million dollar business and kick start a multi billion dollar industry.

1) Do Something You Love – Why did Steve Lipscomb even get into the poker business?

Because he started playing it, LOVED it, and saw a better way for poker to be ‘sold’. So simple, but so beautiful right?

What do you enjoy doing? What products or services have you bought in the past that revolve around your passion that you can improve and s.ell to other enthusiasts?

I always go through the same process with my coaching clients in helping them discover their passion and show them how to make mon.ey with it. The steps are so simple and always work – and that’s why I included them in ‘The Ultimate Lifestyle Workshop’.

2) Find A ‘Model’ That Works And Emulate It – After Steve decided to turn his poker passion into a business, he looked for a business model that he could emulate, that he could learn from.

We can learn so much from other businesses outside of our own.

Steve found the model of the PGA golf tour and used it to build his $300 million dollar business. Amazing.

My income tripled when I found a business model that worked with the business I was building.

But here’s what’s funny, this model could work for you in probably 50 other types of businesses.

I’ve only revealed my business model once in public, it was at ‘The Ultimate Lifestyle Workshop’, and I think it’s a big reason why people love it.

3) Ignore The Naysayers – Nobody believed in Steve Lipscomb. I know how that feels and it’s not too good. The cable companies, production companies,even people around him thought he was crazy.

They said, “Nobody would buy this”, but he believed in himself and his idea.

And that’s what YOU need to do.

By taking it 1 step at a time, celebrating each victory, Steve Lipscomb has now built a publicly traded company worth $300 million.

Pretty good for a guy with a passion and an idea.

Are you ready to stretch yourself, believe in yourself, and go for what you want?

Talk to you soon.

Mike Litman

http://www.unleashyourgreatness.com/ns.html