Lessons Learned – All in the family!

In counseling it is judicious to avoid getting in the middle of a dispute and negotiation between family members. Case in Point: A physician who owned all the shares of a very successful and profitable medical corporation Sub S Corp with 7 doctors, asked for counseling to smooth the succession and transition of leadership roles in the corporation. The father of the owner had founded the practice and, despite his intentions to retire and encouragement from others to retire, had shown no inclination to back … 
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No Business Is Too Small For IT Security

This is excerpted from an article written by David F. Carr for Forbes magazine. Not long ago, I was helping a small business set up a new e-mail system when the owner’s assistant told me to set her password to the firm’s phone number–the same number posted on the firm’s website. She explained that was the standard password she was using for lots of different applications and online services, and that it was OK. After all, who was going to pick on her? Lots of … 
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The Risks of Entrepreneurship

The “spark” for many entrepreneurs is seeing an opportunity that doesn’t yet exist. Ted Turner, for example, launched CNN because he perceived that people wanted more television news than they were being offered. It took a lot of patience on Turner’s part to realize the vision, but he had read the market in a way that few “experts” did at the time. In realizing the promise of CNN, Turner demonstrated another facet of the entrepreneurial spirit, persistence. There are a lot of bright ideas that … 
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Why Businesses Fail

It helps to improve your chance of success if you know what not to do. The most frequently cited reasons for start-up business failure are: Lack of money: This is the equivalent of saying the patient died because he or she stopped breathing. Or, as Henry Ford said on his deathbed, “The only thing wrong with the Model T was that people stopped buying it.” Companies fail because they run out of money. Most start-ups suffer from under capitalization. The entrepreneur underestimates the amount of … 
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Business Selection Checklist

Many entrepreneurs consider several ideas before deciding on the one for them. Is there some way to make a somewhat objective decision on which idea is best? Below is a checklist by which you can rate each business in several categories, on a scale from 0 to 3. Go through the checklist for each idea and assign a value: Your knowledge of the business. How much do you know about the area? Will you have to spend extra time and money teaching yourself the business? … 
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We are all Self-Employed

We are all self-employed; even as employees of a firm, we are still primarily personal career managers.Many people equate being self-employed with being an entrepreneur. We suggest that few of us are entrepreneurs, but all of us are self-employed. To make the distinction, let us explore the requirements of entrepreneurship. Entrepreneurship is generally characterized by some type of innovation, a significant investment, and a strategy that values expansion. The entrepreneur is often quite different in mindset from a manager, who is generally charged with using … 
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Sales: Professional Checklist

From the SCORE Ask an Expert Blog: 22 Points for Sales Success People buy from people they like and respect. What they expect of you: Product knowledge-customers want to do business with one who knows their products. Look sharp, be sharp-dress in a professional manner. Look successful. Know your customer-develop a profile of your customer. Customer relationship software can be very useful. Be prompt, confirm meetings, and always be early. This goes for returned phone calls. Customers respect sales people that get back to them … 
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Plan for Success

The main purpose for the plan is to serve as a working guide for the business. It is a living document that should be referred to regularly and updated periodically. The Executive Summary may be the most important part of the plan because it is what investors and lenders read first. The executive summary should not exceed three pages. It should be concise and highlight what the company is all about and what’s in it for the investor. The executive summary should be written last … 
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Selecting your domain name – Short, Smart and Significant

This posting was borrowed from Volusion where I have a shop set up at www.amjoshop.com Remember these words ‘Short, Smart and Significant‘, these are the rules to live by when you are choosing a domain name for your business. There are several things to consider in the quest for the perfect domain name. Remember that defined, a domain name is “a name that distinguishes your business from others on the Internet, allows Internet users to find your website quickly and easily”. Your domain name will … 
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Get Paid Now

By: Gene Marks Don’t you just love calling on deadbeat customers and being given excuses like “your invoice got lost” or “we only process checks once a month?” Kimberly Martinez has seen this movie, and she hated it. Her $2 million (sales) fashion accessories firm Bonitas International sells lanyards, “organza bags” and other things my teenage daughter and wife would buy. About a year ago Martinez’s wholesalers were taking their sweet time paying her and she was about ready to explode. Then Martinez signed up … 
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