Your Business Wisdom

Considering a Partnership?Consider This

DEFINITION OF A PARTNERSHIP

The state or condition of being a partner; as, to be in partnership with another; to have partnership in the fortunes of a family or a state. 

 

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A division or sharing among partners; joint possession or interest. 

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An alliance or association of persons for the prosecution of an undertaking or a business on joint account; a company; a firm; a house; as, to form a partnership. 

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A contract between two or more competent persons for joining together their money, goods, labor, and skill, or any or all of them, under an understanding that there shall be a communion of profit between them, and for the purpose of carrying on a legal trade, business, or adventure. 

“In the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create.” – David Ogilvy , considered the father of modern advertising.

Of course it makes things a whole lot easier if a person can successfully market and sell their genius idea or product. However, it shouldn’t be discouraging if you’re an idea person without a lot of strength in sales-related areas. Finding a partner can be extremely difficult because people tend to be invested in themselves more than any business venture, and trusting as well as depending on another person to pull their weight can be a scary and sometimes disastrous thing. Consider all aspects of a person's character including work habits, family status, their personal goals and objectives before feeling you found a match. Finding a partner in business is similar to finding a spouse. Both are for life and both require a good deal of trust. I have found with any partnership being too similar in skill sets can be a recipe for failure. Likewise, being similar in goals and objectives can be a foundation for success. Be very open and candid in your discussions. Leave few stones unturned, you both should be very interested in not only full disclosure of your lives, but full disclosure of your dreams. 

Discuss openly and honestly what you both want today and tomorrow from the business. What are each of your exit strategies and are the compatible to your business model. Exit strategies are necessary for any business startup, just make certain you both know what you want, what you need and what you will do when "opportunities" to exit present themselves. 

But once a reliable partner is found, it can be the most valuable relationship those two people may ever discover. If the two hands can create a machine in which they work simultaneously, one supporting the other, both depending on one another to move smoothly and successfully, the business can be unstoppable.

I strongly recommend that it is IMPERATIVE and it must be understood both explicitly (see below) and implicitly that one of you is the boss. Someone must be in charge of the company. You can both fly the plane, but one of you must be the captain and the other the co-pilot. Without this understanding in place, you will crash.

Should You Be Considering a Partnership - Here are a Few Other Prime Considerations: 

• Have The Same Vision: For a partnership to be successful, all parties involved must agree on the same strategic direction of the company. If one partner wants to build a national chain of retail outlets and the other would just like to earn a decent living, the business will fail in no time. Set a clear agreed course for the business that meets the needs of both partners.

• Define Business Roles: A winning business partnership capitalizes on the strengths and skills of each partner. Divide business roles according to each individuals strengths. E.g. one partner may be strong in marketing, operations and finance, the other sales, human resources and leadership.

• Avoid the 50-50 Split: It may seem logical and fair to split the share of ownership into an equal 50%. However, this ownership structure can impair decision making in the future. Instead of having decisions stalemated, consider a 49% to 51% split. If this is not possible, an outside board for bigger issue disagreements can help your company from being deadlocked on decisions.

• Hold A Monthly Partner Meeting: A strong business partnership is built on an open communicating relationship. Meet on a monthly basis to share grievances, review roles and provide constructive criticism. 

• Create A Partnership Agreement: It is simple to set up a partnership because no legal documents are needed. Partnerships are often an oral agreement between two or more parties. Potential problems can be averted down the road by drawing up a legal partnership agreement. Similar to a Pre-Nupital Agreement- "We love each other today, BUT". . . get it in writing before you get into "bed". Also note, this does not have to be simply we fall out of love agreement. Life Happens! And life sometimes gets in the way of good business - family, health, economics, and of course, age. One fact you will age and so will your partner, what happens?

I started this post with a quote let me end it with another one, 

A friendship founded on a business is a great deal better than, a business founded on friendship. - John D. Rockefellar

 

Good Luck. 

 

Inside The Entrepreneur's Brain

Entrepreneurs are that rare breed that come up with an idea and go forward with it. They have a passion deep within them for something and they won't take no for an answer. So what makes these individuals tick? What gets their fire going? This infographic gets inside the head of an entrepreneur to find out.

Click to View Full Size

Does your brain measure up? If not consider using our services to get your business idea off the ground. 

Understand The 2 P'S of Sales !

With full respect to the 4 (or 5) P’s of marketing, you must consider the 2 P’s of Selling: Perception and Potential

I don’t know about you, but I am truly sick of hearing the phrase perception is reality. NO, it is not. It is your perceived reality and not necessarily what truly exists. Many sales people view market potential only through the eyes of their own perception. And, you know what I am about to say, most times this is not on the side of what is real or exists. If you cannot state the current in real terms, how can you forecast the future??  The best example is how people view the glass " half empty or half full"? How do you determine the outcome factor of "what happened??" Was it only filled half way or did someone take a few sips? 

Reality is the state of things as they actually exist, rather than as they may appear or may be thought to be. Wiki. Key words here: " Rather than as they may be thought to be". 
Perception is the process by which an organism attains awareness or understanding of its environment by organizing and interpreting sensory information. Wiki - Keyword here: Interpeting. 

I have met many a sales person who views potential through the eyes of their own single perception. In turn, they commit to that perception as being reality. They act, interpet and unfortunately convince others of THEIR truth. 

As stated, perception is not always reality as many would have you think. Your sales perception IQ views /examines and processes that reality. It creates what you believe, not entirely what it is. Consider for your perception my tale of the 2 Nike sales people.

Two Nike sales people are sent by their Global Sales Manager to Africa. Their mission, determine Nike’s footwear sales potential in this market.

Salesperson 1 is an older company veteran highly seasoned, award winning, with little time for nuances. Salesperson 2 is a young, award winning and known to be agressive in opening new potential markets.  

After 4 days of touring the African market;

Sales person # 1 Reports : “I am coming home on next flight. There is no market for us, no one here wears shoes. I see little potential for our products. I recommend, I return to this market in a year or two and see if people start wearing shoes. Therefore, I am leaving on the next flight out.
And boss, thanks for the opportunity”

Sales person # 2 Reports : “Tell my wife to sell our house, we are relocating to Africa. No one, I repeat, no one wears shoes. The potential here is staggering!!! How fast can we launch our campaigns with unique value propositions? Please FedEx entire line samples to my hotel. I am looking for distributors now and will have distribution setup in 1 week with initial orders at the same time.
And boss, thanks for the opportunity.”

Before you can determine your market potential, you need to determine reality NOT based on perception. You must see the market clearly for what it is, and not, for what you perceive it to be and then in turn what you want it to be.

 The answer I would have liked to seen is:

After 2 weeks of touring the African market and speaking with potential channel partners:

“Boss, the possibility of great potential for our products possibly exists. You may not know this but most people live life without shoes, they go bare foot. We need to determine; why people do not wear shoes and instead “choose” to go bare foot.  I recommend, I stay longer, please send an initial marketing team. We can gather market research along with a focus group or two and prepare a marketing plan. We should then be able to determine market potential along with our price, position, placement, promotion and of course PERCEPTION (how are products will be viewed) and REALITY (can our products be sold).The key to this market will be why (factors determining choice price, availability, or knowledge), people currently go barefoot and will our product provide a viable solution. Addidas, dropped out of this market 2 years ago after 5 years and big losses, we must determine why, we do not want to duplicate their issues.
And boss, thanks for the opportunity".

If your business needs help determining your potential, contact us today for a Free 1 Hour Private Marketing Consultation

Or if you need to improve and empower your sales team consider Phoenix ONE Sales Training Workshops 

PS: AND BOSS, THANKS FOR THE OPPORTUNITY.

The Key to Your Success May Be. . . Failure!

In baseball, get a hit 1/3 of the time and your batting avg. is .333 and you are an All-Star. Succeed 1/3 of the time long enough and you will probably make the Hall of Fame. Heck, if you are a success 40% of the time you will be immortalized! This means you fail 60-65% of the time! 

Golf and tennis, if you win 25% of all the tournaments you entered you will be a super star. This means you lost 75% of the time you competed. All other sports are pretty equal to these type of stats. Success seems to center around 70 to 75%!

Unlike Sports Business is Much More Forgiving,

Get Just One Hit in 100 at Bats and You Could Be in the Hall of Fame...

Starting your own business is quite different, you only need to succeed 1 time.  You can fail, and fail, and fail; time and time again. BUT, if you persist and succeed just once you are an entrepreneurial success! If you failed 99 times and succeed once,  you would be absolute failure in most sports, but you would be a successful business person! If that business continues that course you may financially set yourself up for life. People will ask you about the key to your success, very few owners will admit the key was their failure. Most will talk about their unique idea or product or hard work. Hard work may be truly measured in your ability to pick yourself up after failure and continue your journey.

In business, it doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and either should you. All you have to do is learn from them and those around you because…

All that matters in business is that you get it right once. Just get 1 hit in 100 at bats. That 1 hit may place you in the Business Hall of Fame, Henry Ford, Bill Gates, Phil Knight, Jeff Bezos, Sergey Brin/Larry Page, Mark Zuckerberg, and my all time favorite Charlie Bluhdorn- Now go out and get that 1 hit!

Then everyone will tell you how lucky you are!!

 

Consider the S M A R T Way To Goals

Part of your business planning process is writing goals. A goal is a common term that we’re all familiar with but the ability to reach goals in a measurable way is quite a different story.

Goals should be tied to your organization’s strategy or your strategic plan. Goals simply take the organization’s vision and look at where it is going and maps out the steps to get there. When writing goals, use our working model for SMART Goals:

S M A R T Goals

Specific

Measurable

Attainable

Realistic

Timely

 

All Goals MUST answer the following questions:

What, How, Who, When.

Those questions can be answered by creating your goal work sheet and seeing a visual of it.

Example Goal Work Sheet

Goal (what)	Tactical Steps (how)	Responsible Person (who)	Due Date (when)	Status
Reduce office supply costs by 10% by the end of the 4thquarter.	1. perform audit of supply costs; 2. perform audit of supply usage; 3. identify persons or departments with highest supply usage; 4. identify wasteful usage; 5. evaluate supplier agreements; 6. shop suppliers; 7. negotiate supplier rates; 8. create standard supply list and supply utilization controls;	Jack Smith	By December 31st.

One of the most important things with writing goals is the follow-up through completion of goals. A goal document is no more than a mere piece of paper if there is not a person (s) held accountable to achieving those goals. Set your goals and hold people accountable, make them responsible, but also give them the authority to achieve their goals. Without authority they cannot be held responsible, ultimately you are! 

Need Help with setting your goals or simply getting your team started? Contact us today.

Planning to be Perfect, Why?

What Happened To That New Years' Resolution to Start Your Business?

Each year people make a resolution to leave their job, pursue their dream and start a business. Did you know that, 99% of all people plan their business without leaving their current job. And, over 85% of all new businesses start while the owner is still working for someone else. Isn't it time you took that New Years' Resolution serious and begin working on starting your own business.If not now, then when? 

You may be looking for their perfect time in your life or the market, the perfect product, the perfect service, the perfect, ok you get my message. I tell all clients if you are waiting for the perfect time to do it, you are not an entrepreneur.   

 

UNDERSTAND : True entrepreneurs take calculated risks, they plan to succeed, they do not plan to be perfect.

So, what's stopping you? If you need help to plan or undestanding the risk  Consider our coaching services and mentoring 

Call 1.877.934.5447 x 84 to setup a  Free 1 Hour Confidential Consultation

What is in a Marketing Plan & Do I Need One?

One question I am asked on a regular basis. . . " I think I need a marketing plan, what should I include in this plan. . . ?" So I thought I would devote this post to answering that question.

One important element I always discuss first, before any marketing plan, and even a business plan, is your unique value proposition or UVP.  I have a few posts on just this topic but this is not only the most important part of you plan, it IS the PRIMARY element of your business. You must have it, know it, believe it, profess it and naturally market it!  You cannot be in business, I repeat you cannot be in business unless you have a UVP, it governs why customers will buy from you.

OK, now back to marketing plans;

Marketing plans are critical for any size company, especially in todays' economy. An effective marketing plan helps you identify your sales goals and position your product or service within the overall competitive landscape. Over time the plan can become an ongoing blueprint for business development.

While no two plans should be alike and much depends on your business situation there are basic questions that should be answered, Startup, small business, mid sized business, or whether you are seeking investors, partners etc, the are certain primary elements which should be included. The amount you detail each will be dependent on your situation.

A well-written marketing plan helps you think through how you will reach prospects and customers with your message. It demonstrates how you will acquire leads and convert them into paying customers. While high-end Harvard MBA-type marketing plans have their appropriate place, I’m going to show you how to create a quick n’ dirty marketing plan that you can use right now. Assuming you have already developed your product or service, this very basic plan will help you get your business going and growing.

 
 

Executive Summary

 A brief overview of the proposed plan for management

Marketing Situation

Relevant background data on the market, product, competition, distribution, and market trends. (UVP goes in this area)

Market Situation. 

Defines market size, growth and key segments

Product Situation.

Provides sales, profit, trends, cogs, spend, and distribution history by product• UVP also goes in this area.

Competitive Situation.

Major competitors’ size, share, strategies, spending, and comparisons UVP also included here it becomes your differentiator.

Note: this picture is from our website, we did not develop an unbranded image for our blog.

Distribution Situation.

Distribution channel and its relative importance in terms of percent of total sales, volume,distribution costs, growth potential, and competitive status

Target Market Situation. 

End users in demographic, psychographic, and lifestyle terms; actionable information such asbuyer wants, needs, attitudes, perceptions; segment growth or decline and why

Macro‐market Situation. Demographic, economic, technological, political, social, and cultural trends that have a directimpact on the company

Marketing Situation Analysis

External opportunities and threats, internal strengths and weaknesses, and issues facing the organization. This typically includes a SWOT analysis and Market Opportunity Analysis.

Marketing Objectives

The goals of the plan in the areas of sales, market share, and profit. Marketing objectives may include sales revenue, sales volume,market awareness, distribution channels, and average price. Financial objectives may include gross sales, cost‐of‐goods, grossmargin, net profit, cash flow, and return on investment.

Marketing Strategy 

The approach to how the marketing objectives will be achieved. Descriptions of target markets, segments and customers, productlines, distribution/sales channels, unique positioning/messaging, pricing, marketing/promotional spend, research and developmentand market research plans.

Marketing Programs 

The details of what will be done, who will do it, when it will be done, and how much it will cost.

Projected Profit‐and‐Loss Statement 

The expected financial outcomes of the plan.

Controls

Indicates how the plan will be monitored, measured, and refined

Please contact us for help with your marketing plan, if  you are looking for financing such as an SBA, Bank Loan, or Angel Investing . The amount of detail and quality of information is critical and is very necessary for success. 

Learn more about this and other topics by visiting our website. Your time will more than pay for itself in the knowledge you will gain. 

 

© 2008‐2010 Phoenix ONE Sales, Marketing Management + Communications  LLC. All rights reserved

Changing Habits - The Need For Timely Makeover!

Are You Changing Your "Habits" ?  Marketing That Is. . . Consider the 3 F's of the New Marketing!

 

We all know that we've become a screen-obsessed culture... Our waking hours are spent moving from the desktop to the laptop to the tablet to the smart phone to the HDTV. As audience habits of consuming information and entertainment change radically, so must the time-honored practice of how we market. Marketing methods of delivery, message and content MUST reflect the new way consumers consume.

TV ad/marketing was king for decades, but the advent of DVR's, "Click Happy Viewers", and the Fast Forward Button have changed the landscape of TV advertising, forever! No longer can you count on the demographics of a show, channel, or time slot to "wet viewer appetites" for products. 

Consider what the IPOD linked into a car audio system has done to Radio Advertising.

Consider what email coupons from your local store did for direct snail mail coupons.

What has online readership done to magazine and newspaper ads? - Not only are newspapers losing ad-muscle, they are bleeding cash. Top columnists leave print for the blog-o-sphere daily and in turn increase their readership and followers ten-fold. 

Even online ads are changing or morphing into another form- When was the last time you clicked on a "pop up" or banner ad"? We all have our pop up blockers on "lock and load"

The amount of time people spend on social media sites now equals their total TV viewing time, and exceeds their radio listening time by 1000%.

Consider the Changes of Habits:

• "Visit our website"; has become - the  3 F's - Follow, Friend and Fan!
• This arena is social "you talk WITH  people,  not AT them".
• We are in a social world of "advise and consent," not the former world of... "and now a word from our sponsors".
• People INVITE you, no longer do you intrude with messages!
• People be-friend your message not bemoan the intrusion / interruption to viewing or listening pleasures.

Not only must your method of delivery change, but your message must be:

• Memorable so it, , , "Pops the Cork"
• Viral to Gather Attraction and Distribution of Message 
• Enhanced for the. , ,"What's In It For Me", Question
• Deliver a Strong Value Proposition. . ."You Can Solve My Problem That Fast and Easy"
• Your Call To Action Must Reflect The Medium for Delivery. . .Hip Venues Have Hip Viewers" 
• Reflect the Attention Span of The Venues Demographics to Gather Social Support

You must now find friends who will become your banner ads, your direct mail coupons and your radio spots - Social media marketing is here to stay, that is until the next wave of technology captures our fancy. 

Your Marketing, Advertising and Branding must become socialized forms of adoption. 

Change Your Habits Today, Your Target Audience Has Changed Theirs' Already!

Self Quiz - Will My Business Turn a Profit ?

There is certain critical  information you must fully understand and have BEFORE you start your business. Likewise, if you are already in business, you must know the answers to these questions in detail. Without these questions answered and in turn explored your ability to succeed will be deeply affected.    Take this self (and very simple) quiz to determine how well you know your business. This is is in no means a tell all, but it provides a useful guide.  Will Your Business Turn a Profit?

You have a fabulous idea for starting a business. But how do you know if you should put your idea into action? There are many tests to take but first and foremost you need to determine if your idea will make money. This can be particularly difficult if you have never started a business before or it is a new untested idea. In order to reduce your exposure and risk, take this quiz to discover if your idea has profit potential. Click yes or no for each of these questions. 1)  Can you tell customers the facts on why they should buy from you instead of your competition?  Yes   No   2)  Do you know how you will reach the people that would want to buy your product or service?  Yes   No   3)  The price you need to charge customers will it be BOTH  a) profitable  b) competitive?  Yes   No   4)  Do you have the start-up cash to act now?  Yes   No   5)  Does your business / idea serve a a) niche or b) growing market?  Yes   No

It is absolutely critical you are able to answer these questions, with that said - it is MORE critical that you fully understand your risks in not being able to answer each of these with a yes. 

If you are unsure of your answers or have answered NO to any one of these, it is essential you get mentoring or coaching help before you take the plunge. Are you already in the water and if you find yourself answering NO to any of these you should seek IMMEDIATE help! 

One last point I have found in my many years of working with business owners of small and mid-sized businesses, and that is, they have a tendency to "misinform" themselves. I would use the words lie to themselves but misinformation is a much kinder term.

This is NOT about seeing the "glass half filled or half empty"... it more about understanding the size of the glass and the knowing amount of water it will take to fill the glass. 

And this should never be your guide to making this decision! 

Friday, Mash-Up - Thoughts on Your Business

I am sitting here this crisp, cool, Fall Friday and reviewing a few of the discussions that took place with clients this week. The following roughed out notes are thoughts and musings centering on concerns and issues heard and answered. They are condensed for obvious reasons, and are in note form in no particular order. 

The Term "Low Hanging Fruit" is Perception - Learn to Climb High, Fast !

Many times In a small business, you need to climb high to capture what APPEARS as low hanging fruit - You MUST be willing and able to climb the tree - otherwise your search will continue and in turn, cost you a good deal of time and money - and if low hanging food is not found, you may run out of BOTH, and in turn starve! 

Being on the Carousel Too Long Will Get You Dizzy!

If you cannot act FAST with a sound tactical approach being on the business carousel and trying to grab the brass ring will get you dizzy Going round and round gets you dizzy and the dizzier you become your grab becomes harder!

Learn To Throw Things Away and Retool. 

 Be able and willing to strongly question your theories / beliefs. Next, learn to understand, why / when / how to throw your bad ideas away. If you realize that your customers want something other than what you are offering, you must consider a retool. If you start going down one path you must be able to pivot and pivot fast - the concept of turning on a dime is essential for a small business- unlike large organizations who discover how difficult it is to train an elephant to dance!

You must;  "be willing to let go", "be willing to stray from your planned straight lines"- know when to move on to a different path. Your new path will be much more of a squiggly line than a straight one, seeking to avoid obstacle but get to your delivery point." "Tune your product or approach on the fly, with real world feedback." Pilot your product with real customers allowing you to find value points and a solution based approach to your prospective customers.

What is Your Motivation? 

 Sleeping in class was fun, but sleeping in your business is not!  Motivation will that drive you to work really, really hard. Do you care deeply about this idea and this potential business? "The combination of caring deeply about your ideas and business and loving the day to day of it will help you succeed." 

Do You?

Do you want to have the BEST- price, BEST- product or BEST- overall solution. Focus on one of these three and then focus, next focus  what comes underneath that. But always, always, always focus on the customer and what he needs, not want you want to sell! Make certain it improves his way of life, his way of business, and solves a problem. You want the "where has this been or why didn't I think of this" coming from your customers and peers.

There is Nothing Wrong with Failing!

Consider all the successful people who have failed many times over before they found success. It was not that they failed, it was that they did not stop believing in themselves, their ideas and their goal. One last point if you fail, fail cheaply for fast recovery.

How many of your customers will recommend your product to their network? 

 People talking to other people about their experience with your product will help your business to grow in a short amount of time. In todays market it is about the "Buzz", the "WOM" and the "WOW" ! You must attract the network using all possible marketing channels. 

You MUST Provide GREAT Customer Support Consider:

Make everyone in the company responsible and accountable. Make everyone say thank you. Saying thankful to your customers and users goes a long way of staying engaged and involved in the market. EVERYONE love the words "thank you"! It should even be used when customers find a problem with your company, make certain everyone says "thank you for pointing that out to us,it is much appreciated"

When Things Do Go Wrong, and They Will -  DIFFUSE IT ASAP. When something goes wrong, respond and provide GREAT service that will make up for your mistakes or problems. Make your customers think and say, "I like how you handled my problem" -Think the 3 R's  when you are responsive, responsible and reliable, customer think of the problem as theirs' not yours'.

These are just a few of the ideas that were conveyed to clients this week...

Now I Must Ask YOU 3 Questions:

• What's Keeping You Up at Night 
• Do You Need a Good Nights Sleep
• If Not Today, Then When

 

 

 

 

 

Learning from Others' Mistakes

Successful small business owners by nature are required to do 2 things, make mistakes and learn from them fast!

 

There is little substitute for the “Entrepreneurial Learning Curve”. Many of these business owners learned how to run and grow their business as they built it. Each day was sometimes a factor of try, error, and correction. They have "enjoyed" the educational experience of making mistakes, learning, and hopefully correcting as the business aged. In the business each has found the “what works & what to avoid.”

There is a great substitute for experience! It’s someone else's experience.

As you start and continue your entrepreneurial journey, You should seek those “in the know” to help you grow. Find a guide who PROUDLY wears the T shirt - "Been There Done That and I Have the Scars to Prove It."

 

Need help in Your Journey, Contact Us Today. 

Find Your Niche

As a Small Business Owner it is essential that you create, know, and market to your NICHE. . .

 

I found these profound definitions for niche:

1: a habitat supplying the factors necessary for the existence of an organism or speciesc 

2: the ecological role of an organism in a community especially in regard to food consumption

3: a specialized market

Too many small business owners sell to anyone they think has money. Take the time to develop a well-defined niche for your business.  Sometimes it’s best to be known for the business you turn down.  It is so much easier to develop a marketing plan when you know who you are trying to sell to. You have limited time and limited resources. Pick a niche so you can focus your efforts.  After all, specialists can always charge more money.

Ideas for creating a niche product / business / service market, are all around you. Keep your eyes and ears open, and you may just find the perfect niche for you and your goals.

PS: I especially love definition # 2! Has your business found its role in the ecological community? Is your business feasting on food consumption? If not, what are you doing about it! 

 

Good Luck and Happy Marketing - Need Help with your niche and delivery, contact us today.

 

 

© 2010 Copyright the Ad Marketing Guy, Ramsey NJ All Rights Reserved

 

 

Consider You The Brand

 BRAND U...

If you do not define yourself or company someone else will !

 

A brand is not merely a logo or name, but the result of communications and experiences your market receives from every contact with you. Your brand is how people describe and feel about you or your company.

Online reputation is as vital as offline today. The first place where people will look up your company will be a search engine. Managing your reputation online is different to offline reputation management in that campaigns are not only targeted towards the press but try to best inform public and trade about company achievements and major events.

Results can be tracked with detailed analytical reporting. There are campaigns against libel comments as well as monitoring and prevention of inflammatory content.

The work carried out by Social Media has a structured approach of analysis, documentation, close monitoring and implementation.

Now, here’s the "real rub".

You don’t own your brand. It resides in the minds of the people who interact with you & your company. Brand Wisely.

 

Manage Energy Not Time

Contrary to All You Have Heard!

You Cannot Manage Time, 10 hours will always be 600 minutes ! You CAN manage where you will put your energy into the scale of time. Too often small business owners are so involved with working in their business, they forget to spend the "time/energy" in growing the business. The corollary of this is also true.

Think and Balance Your Time Energy Scale.

 

LIST FREE ONLINE COURSES

ONLINE BUSINESS CLASSES FOR FREE

A high quality education doesn't have to come at a high cost. In fact, it's possible to take classes from big names like Stanford, MIT, and Yale without ever submitting an application or paying a cent in tuition. We've compiled from these and other respected institutions, and you can take all of them with no strings attached. So here is a list of online courses to expand your knowledge. They are offered to everyone for online learning, many at your own pace. 

  

General Small Business

• Small Business Primer: Guide to Starting a Business
• My Own Business
• Business Planning Guide Down-Shifting in a Slowing Economy
• Strategic Planning & Execution
• Increase Your Business Success
• Organize Your Small or Home Office
• Evaluating the Potential of Business
• Business Organization
• Licenses & Permits
• Business Insurance
• Location and Leasing
• Expanding and Problems
• Buying A Business
• Online Tutorial for Starting a Business
• Entrepreneurship and Business Planning

Strategy

• Creating a Strategic Plan
• Maintaining an Agile Company
• The Entrepreneurial Strategies
• Identifying Your Sales Strategy
• Strategic Planning and Execution
• Analyzing Your Competition

Business Plans

• How to Prepare a Business Plan
• The Business Plan
• How to Write a Business Plan
• Crafting A Business Plan
• Developing a Business Plan

 

 Marketing

• How to Win Customers in a Slowing Economy
• Marketing 101: Guide to Winning Customers
• Marketing for Small Business
• Conduct a Marketing Analysis
• Advertising and Marketing Psychology
• Opening and Marketing
• Advertising Your Business
• Building Your Brand
• Conduct a Marketing Analysis
• Creating a Competitive Advantage
• Creating Buzz: Small Business Marketing
• Market Insight and Research
• Marketing 101
• Positioning Master Class
• Pricing Products and Services
• Pricing Strategy and Tactics
• Promoting Your Business
• Targeting Your Market
• Brand Leadership/E-Seminar 1, Brand Identity and Strategy
• Brand Leadership/E-Seminar 2, Experiential Branding
• Introduction to Marketing
• Marketing Management
• Marketing Strategy
• Entrepreneurial Marketing
• Marketing writing tips: five mistakes to avoid (quick lesson)

Financing

• How to Prepare a Loan PackageRaise new capital / Refinance existing debt 
• Finance Primer: Guide to SBA's Loan Guaranty Programs
• Assessing Financial Needs
• Accounting and Cash Flow
• How to Finance Your Business
• Finding and Attracting Investors
• Entrepreneurial Finance
• Early Stage Capital
• Find Startup Funding
• Introduction to Accounting

 

 

Communication

• Speak for Success
• No Sweat Speaking
• Listening to the Customer
• Management Communication

Leadership

• Cross-Cultural Leadership
• Practical Leadership
• Building and Leading Effective Teams

Special Interest Business

• Franchising Basics
• Buying a Business or Franchise
• Conduct Powerful Job Interviews
• How to Recruit and Hire the Best
• Starting a Business in Canada
• Dynamic Leadership: Using Improvisation in Business

Business Technology

• Technology 101: A Small Business Guide
• Building Your Website
• Managing the Digital Enterprise
• Computer Tools
• E-Commerce Business

Business and Social Media

• Promote your business with social networking

Other

• Global Enterprise: A Primer on Exporting
• Business Opportunities: A Guide to Winning Federal Contracts
• INSIGHT: Guide to the 8(a) Business Development Program
• Government Contracting Workshop
• International Trade

Good Luck and Happy Marketing and Learning, if you found this valuable or useful please drop us a line and let us know. 

MARKETING CONSIDERATIONS IN 2010's RECOVERING ECONOMY

A Few Simple Ways to Renew Your Marketing in 2010's Recovering Economy

With your success in mind, I'’ve created a checklist of best practices and tactics to give you practical ideas and solutions for marketing in 2010's recovering economy. All projections and forecasts moving forward point to a recovering and improving economy. The question which seems in "play" is how soon. While no one person is confident in their predictions that should not preclude you from growing your business, or in some cases rebuilding your business. Here are my ideas.

Now, more than ever, measurability and accountability should be a priority within your marketing strategy for 2010. By marketing online, you’re able to measure the results of your marketing dollars. Phoenix ONE can help you to ensure that your marketing dollars are committed to those programs that produce results.

Move Into Your Sales Department. Get closer to your sales team and listen to  the conversations they’re having with prospects and clients – it’s more important than ever. Find out what they are facing and consider how your marketing plans need to adjust to what you’ve learned.

Spell It Out, Post It, Make It Internally Known. Refine your 2010 marketing plans for the current economic climate. Be certain that you’ve identified measurable goals and adopt a strategy that can produce results for your company. Make certain your a flexible.

Change It Over. Fit your messaging to the times. What is your current VALUE BENEFITS to your clients. Rewrite your offer messaging to focus around product and service benefits. Rather than highlighting what your product does or how it does it – write about what problem it solves or how it will save money or resources.

Be Your Client or Prospect. Do You Know YOUR UVP, USP,UMP and UPP- Unique Value Proposition, Unique Sales Proposition, Unique Marketing Proposition, and of course your Unique Perceived Proposition - any of these missing -develop them immediately with outside help!

Check Around. Make sure your current marketing efforts are proving results. If you’re unsure, now is the best time to find out. Ensuring that your marketing tactics are measurable is vital to proving the success of your marketing initiatives. Get or Do your Own Marketing Audit

Help Now. Offer your marketing expertise in every way possible to help your sales team write proposals and presentations. Effective marketing includes providing the sales team with messaging and sales support tools.

Look Back. Review the strategies and tactics that have put you in front of your target audience and decide if they are worth repeating or not.

Pitch In. Showcase the value-added services that you provide to customers. If you don’t have any, now might be the time to develop some. 

Add it up. Every marketing dollar you spend should work to generate qualified leads for your sales team.

Need more help or want a marketing audit, contact us today

ABC's TO ASSIST YOUR GROWTH

NEWS TO GROW BY . . .

The economic indicators are starting to look better, and there’s hope in the air that perhaps we are truly at the bottom of the deep well we’ve been descending into for quite some time. This is a perfect time for you to be investing in your business.

Here are three key tips for you to focus on to increase growth and profit and accelerate your business:

A. Work on your business, not in it. I start every small business training course and seminar with this statement. Think about where you need to be six months from today and ensure all of your actions are aligned with achieving those goals. When we’re busy working in the business, on a day-to-day basis, we sometimes end up doing activities that lead us astray from our real business goals.Remember if you are now growing your business, who is?  

B. Make sure you truly understand and can define what differentiates your company from your competitors. This not only includes companies that provide products or services similar to yours, but rather all of the firms that compete for the same customer dollars. For example, one of the successful entrepreneurs I know runs an HVAC (heating, ventilation, and air conditioning) company. In reviewing her competitors, she realized that some of her prospects were deciding between spending money on a new AC system or a new swimming pool. That makes swimming pool companies her direct competition. Competition is not always obvious and it is important you do not assume you know who your competition is. Many times as in this example it comes it different forms.

C. Remember that sales is not a four-letter word. Selling is about listening to your customers’ needs and addressing them clearly and thoughtfully. It’s not about telling somebody everything you know about your products and services. Good salespeople spend at least 75% of their time listening to their customers’ needs before talking. With a typical adult attention span of 15 to 30 seconds, that means you need to truly do your homework before you meet with a key prospect so the message you provide is clear, concise, and targeted toward providing them with a solution that is customer-focused. You must understand your potential client is ONLY concerned about fulfilling his needs and not what you need, require and want.

Good Luck and Happy Marketing - Need Sales Improvement Contact Us Today.

THAT 4 LETTER WORK. . .A 'CUSS, YOU TELL ME!

You’re starting a business, you must be crazy that’s so risky! You want to start a business, how much risk can you take? You’ve got to be nuts to quit your job and start a business, why take the risk?

Ever heard these kinds of comments from others, either about business or any aspect of your life. It usually goes like this

YOU: I’m thinking about doing ________.

THEM: What? Are you insane, I wouldn’t do that if I were you, just too risky!

First remember, THEY ARE NOT YOU!

Whatever the topic may be, from starting a business, to wearing white after labor day, others are quick to give you advice about what you should do that is largely a part of what they perceive to be “safe” or “risky” behavior.

That EVER PRESENT Four Letter

Risk, or the perception of risk, has probably kept you from doing quite a bit in your life, I know it has mine. More often than not, this perception has been shaped by what others have told you is risky, and coming from trusted confidants you’ve probably believed them.

It doesn’t take much to be high on an idea one minute, and have somebody smash our dreams the next by using that little four letter word – R.I.S.K

But here’s the little secret about risk that nobody has ever told you…

Risk Is Relative

That’s right, risk is completely relative. So when somebody tells you that you shouldn’t do what you want to do because it’s too risky, what they really mean is that it is risky relative to their situation, their own biases, or outlook.

Risky or Safe, You Tell Me?

Ever seen footage of the guys who do free climbing? I’m talking about the people who set off up the face of a 1000 foot shear cliff, with no ropes, no safety harness, and only their feet and hands to keep them from plummeting to their death? If you’re like me you say to yourself “Wow, that’s risky!”

But, to the free climber who’s been doing it for 30 years, learned how to climb a rock face before they could walk, and have 1000’s of hours of climbing under their belt – ascending that mountain is safer than driving in a car, flying in an airplane, or riding a roller coaster at the fair. Activities that you or me probably think of as fairly safe.

When NASCAR star Jeff Gordon flies around the race track at 170 miles per hour, that looks pretty risky. But as one of the best drivers ever, and with years of practice under his belt, driving that track is about as risky as me walking my dog.

What Does This Mean To You?

Simply put – you define your own risk. Your background, personality, expertise, education, and essentially everything that makes you goes into what is risky for yourself!

When people tell you something is too risky, they are saying that it is too risky for them. Given their makeup, their situation, they wouldn’t try it. But what does that have to do with you? Nothing!

This goes for business as well as life. Risk is relative, don’t accept someone else’s risk profile for you, or live a life based on what others think is risky.

Good Luck and Happy Marketing, Need Help Contact Us Today

ENTREPRENEUR REALITY CHECK

Ah, the life of an entrepreneur. Come up with a business idea, write your business plan, line up a bunch of venture funding, and retire to a private island a few short years later when you go public.

If you’re heading off to business school right now, reading this on your iPhone, dreaming of buying your own island. . . sorry for the ice bath of reality I’m about to dump on you.

I strongly urge you consider the following:

You’re more likely to make a living than make the Forbes 500

Most entrepreneurs end up making a living, and some make a really nice living doing what they love. Very few end up buying their own island, they’re too busy saving for their kids college and making the mortgage payments.

There is no money line to get in

There are a lot of people just like  you out there competing over very scarce resources. But don’t think you’ll just get in line and pick up your check. You’ll definitely need to be the cream of the crop to attract venture funding. More realistically, look for alternative sources of funds.

It’s more about you than your plan

Business success has more to do with you than anything else. The best plans mean nothing in the hands of the wrong person.

You’re in sales, whether you think so or not

Every business on the planet is selling something. You’re either selling a product(service), idea, or yourself…YOUR MUST learn sales fundamentals, and apply them to everything you’re doing. 

You are going to fail

Yep, you will fail. You will probably fail multiple times. If that concerns you, pick another path for your life. If it doesn’t concern you that you will be an utter failure at some point, good – with every failure you get one step closer to success, clicheé but true.

Conclusion

Being an entrepreneur can be the most satisfying thing you’ll do with your life. Understand there’s a lot more to it than supply/demand curves, business plans, target markets, or financial projections.

Most of it won’t be taught in a Business 101 course , it’ll just be up to you – but that’s part of being an entrepreneur.

Good Luck and Happy Marketing

WHAT IS A GREAT IDEA?

There is one question I seemed to be asked almost daily, and it always starts with a preface;

. . .“I have a 'great' idea for a business.…and

No one has ever done it before…and,

I know it will be a complete 110% success….

Next, they ask their question....Is my business idea good enough”?

Now, depending  where I am, and my mood I first provide my perceptive on the word " Great ", which is:

I firmly believe “great” is the most overstated and misunderstood adjective in the English language. Alexander The Great was great (no pun intended); and according to pop culture so is the irreverent Sponge Bob!

One conquered the Known World, and was honored and revered. And one is a cartoon cult figure on cable TV who lives in a pineapple under the sea 

Great does become relative to a thinking mind vs. an emotional mind. Not to mention the time in which we live. Edison invented the light bulb it changed the world, if today you worked on a business plan to develop the light bulb, well you get my drift!

I am certain if you consider this type of analysis you can also cast your own spectrums on the word  (TERM) "great".

 

Back to their original question;

Next, “No one has ever done it before !!!”

Do you mean - Done it successfully, tried it unsuccessfully, thought about it and realized it was doomed to failure, considered the risk vs. reward and said no way…. What is it and how do you know this?

If they are still talking to me after I provided the above information I go a little further -

Finally, as we all know, “good enough” is VERY relative, but I will provide some ideas for you to think through in answering that question for yourself.

Ask the Question Another Way

Not, “Do you think my idea is good enough to start a business?”…what people truly mean is “do you think I’ll make money doing this?”. And in most cases they dream of a lot of money!

The short answer is- most ideas you can think of are good enough to start a business around –truth be told- - - you can probably make some money doing almost anything. Notice I said some, enough to cover startup costs, running expenses and of course profit!

The real question is whether or not your business idea is worth the risk, and will provide adequate reward if it works out. For sake of argument let’s say adequate return is enough money for you to live on, at least replacing your current income.

So now the question changes once again, this time to “given my idea, what is the potential?” We’ll talk about potential in a minute, but first let’s dispel some myths about what your business idea should be.

Business Idea Myths

To make an adequate return, your business idea doesn’t need to be:

• Revolutionary
• Totally unique
• Game changing
• Competition free

Now, you’ll make a heck of a lot more money if your idea happens to be one of the above – but the honest truth is very few of us will invent the new wheel, or be so unique we become our own category.

You can make your adequate return, and then some, if within your business idea you can see your unique selling proposition.

Unique Selling Proposition

Simply put your unique selling proposition (USP) is the reason I’d buy from you and not a competitor. What makes you special, why do you deserve a share of the market?

For example let’s say you want to start a lawn care business. You know lawns, your tomato plants are huge, and the azalea's in your yard are the envy of the neighborhood.

Great – you’d probably make a very good lawn care person, and make money doing it. But, will you make an adequate return? 

Probably not if just doing lawn care is eh extent of your idea.

Take for example: Where I live there are literally 1000’s of lawn care people. Why am I buying from you, what’s your USP?

Your potential USP’s may be:

• Creativity
• Service
• Convenience
• Price

HINT – Best not build your USP around price. It’s a very hard way to compete, and only a matter of time before somebody bigger and more efficient comes in a does it cheaper than you. Don’t believe me? Try selling toilet paper cheaper than Costco.

Okay, so you tell me “Matt, my Lawn Care business will focus on organic lawn care that is pesticide free. I offer free same day quotes for service, and tailor my schedule around the homeowners.”

Hey, now we’re on to something. You’ve taken your idea which 1000’s of people do and turned it into a special offering. If I’m into pesticide free gardening, I’m using you and not your competition who killed my cat with chemicals last spring.

The Market Potential

Once you have your business idea, and understand what your USP is, the last piece of the puzzle in deciding whether your idea is good enough is to look at the market potential and assess if it will provide your adequate return.

Three questions to ask when assessing market potential.

1) How big is the market?

2) What share can I get?

3) Is that enough?

Back to your lawn care business.

You know your area has 10,000 homeowners. There are only 2 people in your area providing organic lawn care, and you’ve heard they aren’t very shall we say “customer orientated” – given that you think you can get between 2-5% of the lawn contracts in your neighborhood (a small amount, but you are offering a very specialized service).

That means you can get around 300 contracts from your market. You also know that each lawn is worth about $200/month in profit, which works out to a profit of  $60,000/month or $720,000/ year. Is that enough?  Is your business idea “good enough”? That’s for you to decide when you run the numbers yourself.

I know, I know, you couldn’t do 300 lawns a month yourself so you’d have to hire people which would cut your profit, but that’s a blog post for another day.

I Summarize

You can see that deciding whether an idea is good enough to start a business around is a VERY relative question.

The good news is most ideas have the potential to make some money, they don’t need to be revolutionary, and quite often you won’t be the “game changer”. If you know your USP, and your market well enough I’m sure you can see how an “ordinary” idea could turn into extra-ordinary profits.

Put into another frame:

What is your product or service / how much will it cost (total cost) you to deliver?

Who are my customers and how and how much will it cost me to reach them?

Simply do the math, but base your answers in this frame with unbiased facts you gather, not simply numbers of hope.

Your job is:

• To decide how much you need for an adequate return,
• Do you have a USP, and
• Do the market dynamics offer enough potential to pursue it?

Good Luck and Happy Marketing-

THINK WRONG & YOUR FISH WILL STINK!

You have probably seen it. The fish store owner sees a decline in business, so they have less money to spend on upkeep and inventory, so they keep the fish a bit longer and don't clean up as often, so of course, business declines and then they have even less money... Eventually, you have an empty, smelly fish store that is out of business. In the end all people will remember is the stink of the store, a bitter memory.

The local doctor has fewer patients so he does not invest as much in training or staff and so some other patients choose to leave which means that there are even fewer patients...

The newspaper has fewer advertisers, so they cannot invest as much in running stories, so people stop reading it, which means advertisers have less reason to advertise which leaves less money for stories...

As Tom Peters says, "You can't shrink your way to greatness", and yet that is what so many dying businesses try to do. They hunker down and wait for things to get better, but they do not. This isn't a dip; it's a cul de sac. It's over.

Right this minute, you still have some cash, some customers, some momentum... Instead of squandering it in a long, slow, death spiral, do something else. Buy a new platform. Move. Find new products for the customers that still trust you.

Find new ways to attract new customers, develop short-term market focus, not short term accounting preparations.

"Staying in Business People" -

Think Sales and Marketing - Doing More with Le$$ - Looking for A Way to Succeed, Looking for New Ways to Grow

"Failing in Business People" -

Think Accounting - Doing Less and Saving More -Looking for a Way to Fail Safely, Looking for Ways to Keep Saving and Cutting Costs

Do nothing, and sooner or later your fish store will "stink" !

Why Brand Matters!

 

Building a Brand

Regardless if you’ve been in business for years or are just getting started, building a brand for your company is critical for your business success. When we think of a brand the first thing that comes to mind for many of us are large, well known companies like Target®, Starbucks® or Home Depot®. These companies have done very well at cultivating their brand, and although you may not be a huge operation like one of these, there is still a lot you can learn and apply to your own businesses by gaining a better understanding of these brands.

So what is a brand?A brand is more than just your logo, company name or tagline. Simply put, a brand is a promise - a collection of perceptions in the mind of the customer that must be delivered upon consistently. A brand is different than a product or service; it is intangible and delicate. Just like a reputation you need to guard your brand carefully and listen closely to what others are saying so you can begin to influence their thoughts.

The logos of a strong brand can elicit an emotional response. For example, when you think of Target the image of a red and white bull’s-eye most likely comes to mind. Not only that, but you probably think of clean and friendly stores, shopping convenience, and helpful customer service. You’ll also notice that your experience at different Target stores will be consistent. This isn’t just by chance. Companies spend a lot of time and effort assuring that the customer experience will be consistent across stores, sales channels and within the marketing plan.

To begin building a strong brand you’ll first need to identify your brand characteristics and values. These are guiding principles for your company. Think of the adjectives, attributes, or emotions that you want your customers to say or think of when they mention your company or share a recommendation with a friend. Make sure these guiding principles align with your mission and goals. By taking the time to define your core brand characteristics you will be able to build a stronger business identity. For example, many people associate Home Depot with empowerment and helpfulness. Starbucks customers loyally return for more coffee because of the feeling of luxury and the high standards of service.  After you have your core brand values determined, only then can you think about what your brand should visually look like.

Your brand is the foundation for your business including operations, service, and products and of course, all marketing activities. Bringing your brand to life means embodying the brand in everything you do. The brand should be reflected whenever you talk to a customer or develop new products. If you are truly living your brand you’ll see your core brand values reflected in the way you attack problems, work with vendors and suppliers and even how you choose to communicate to any employees within your company. How can you be sure your brand is reflected in everything you do? Continually think about your customers. Always ask yourself, will my customers view this interaction as a reflection of my core values? Regardless if it is a support phone call, a purchase experience, or a simple interaction with an employee, every interaction will influence a customer’s perception of your brand.

We mentioned that consistency is important when refining your brand perceptions. Here are a few tools to help guide your brand.

Customer Personas
This tool will help you to understand your audience. If you take the time to really get to know your base of potential buyers you’ll be able to narrow down your audience (if necessary) and find the niche that suits your business. Here are a few steps towards building out your buyer personas.

• Read everything they read. This includes magazines, blogs, and YouTube® videos, anything relevant to your target audience.
• Attend seminars and monitor conference topics.
• Talk with sales people, suppliers and vendors.
• Gain information by talking with customers who have and have not purchased your product or service.
• Capture data through your website. For example, how did they find your website, through a Google® search or a link on a partner site?
• Conduct interviews formally or casually.

The bottom line - get to know your audience inside and out. Understand their needs, wants, and frustrations along with their habits, likes, and dislikes. Learn how they digest information, gain insight into preferred communication vehicles, and most importantly listen to what they say. Your core values, and thus your brand, should align with the behaviors and expectations of your customers.

Style Guide
A style guide is helpful in delivering consistency across your brand. It is a handbook that can be distributed through the company and even shared with vendors or contractors who are doing design work for you. Included in your style guide are guidelines for color, logo, and typography usage. You can include copy guidelines and legal requirements as well. It may seem like extra work but choosing specific colors and fonts and ensuring that those assets are used across all customer facing materials can make a difference in the level of professionalism and output of your creative elements. Additionally, if you decide to hire someone to create or update a website, flyers, or other brochure ware you’ll ensure a consistent look and feel across your marketing materials.

Elevator Pitch
This is one of the most essential elements of your brand – your elevator pitch. Also referred to as a cocktail party pitch, this tool is your 10-30 second brief on your company. We’ve all been there; someone asks you what you do or what your company does and then you are presented with an opportunity to make a lasting impression on a potential customer. You need to convey who you are, what you do, and why you do it, all within a sentence or two. It’s best to have this prepared, practiced and refined for different audiences. This is your opportunity to shine while talking about your business. If there are multiple people in your office take the time to discuss your elevator pitches with each other. The more consistent they are the better – remember every interaction with any of your employees is a chance to influence prospective buyers.

Now that we have taken a deeper look into what a brand is and how to develop it, here are some tools to help influence your brand. It is important to remember that your brand isn’t just about your company it’s about your customers and the relationship you have with them. Engage your customers in your brand marketing.

• Use testimonials and customer success stories in your marketing materials.
• Collect feedback from your customers and directly address questions, concerns, and thank them for any praise.
• Leverage a variety of marketing channels, including forums or a blog. Invite your customers to join in a conversation.
• Talk about your customers, not yourself or your company, in marketing communications; address their needs and share solutions for their problems.

It’s important to remember a brand is more than a name. It's the entire essence of your business -- who you are, what you stand for, and how you back up your promises.

Your brand lives in the perceptions of your customers and you and others can influence that perception.

GETTING YOUR PATENT. . .CONSIDER THIS!

I was reading a forum thread on one of my favorite sites that discussed patents. I normally feel entrepreneurs should spend more time developing their business and marketing plans and less time worrying about how to get a patent. This is especially true for the "small" startup company with limited time and money.We all know how costly acquiring patents has become. We all have heard a story about the patent lost or the patent challenged, etc. But here is information that could truly affect how you approach patents both now and in the future! What you will read will make the hair on your neck stand on edge for even the most "easy going" entrepreneur.

Over the past several months, Congress has been discussing numerous changes to existing patent law. While certain elements of the legislation will bring the U.S. patent system in line with much of the rest of the world by potentially simplifying the process of filing, granting and disputing patents, my concern is that the direction and consequences of this new legislative effort will unfairly impact smaller inventors, who may face increased financial and administrative burdens throughout the patenting process.

The best information is best summed up by Stuart West, the founder and a principal attorney with West & Associates and Tamara Minisof of Entrepreneur . com -  Here's what you need to know:

Proposed Major Change

There are two very similar bills currently in process--one in the House (H.R. 1908) and one in the Senate Bill (S. 1145). In May, the Senate removed their bill from consideration from this session (although it could easily reemerge). The bill in the House was passed--with a fairly close vote of 222 to 175--on September 7, 2007, and while it has several more hurdles to clear, including passage by the Senate, it's the furthest along, so let's focus on this one.

There are six major changes proposed by the House bill that could negatively impact the small inventor:

1. A switch from a first-to-invent system to a first-to-file system
2. Substantial changes to patent infringement damages
3. Introduction of a post-grant review/objection period
4. Permission granted to third parties to submit art directly to examiners, providing them the ability to impact patent prosecution
5. Substantial limitations on the selection of courts for patent litigation
6. Early appeals in litigation matters

Let's review and evaluate each of these;

1. Switching to a first-to-file system.Under current patent law, when two patent applications are filed for the same invention by different inventors, the inventor who can prove he or she was the first person to invent it is legally entitled to the resulting patent. Presently, these conflicts are resolved within the U.S. Patent and Trademark Office (USPTO) through interference proceedings. Under the proposed Patent Reform Act, however, our current "first to invent" system would be replaced with a "first to file" system, which would award patents to the party that was "first off the blocks" to file the patent.

While this new process would bring our system into synch with the rest of the world, it also gives the advantage to the person with the largest wallet and existing infrastructure. For instance, let's say Inventor A has an idea and has begun working on it but lacks the resources to file for a patent. Along comes Large Company B, which independently developed the same idea and is able to file for a patent right away because they have the resources available. In this example, it doesn't matter who had the idea first; it only matters who could afford to file for the patent. Score: Large Company B = 1. Small Inventor A = 0.

2. Extensively changing the law that affects patent infringement damages. Current U.S. patent law says that a patent holder is entitled to damages adequate to compensate for the patent infringement, but in no event can the damages be less than a "reasonable royalty." That means if the patent holder has actually manufactured the product that's been infringed upon by someone, then the patent holder is entitled to lost profits. Additionally under current law, if the patented item is only a component of a sold product, the patent holder is entitled to damages based on the value of the complete item.

Under the new rule, the amount of the "reasonable royalty" would be based solely on the value added to the item by the inclusion of the patented component. This would limit an individual inventor's clout, as the payment for damages would most likely decrease under the new law.
 
The bill also limits the potential situations where the court could determine a willful infringement (and thereby enhanced/treble damages) to situations where the patent owner establishes, by clear and convincing evidence, that 1) the infringer continued to infringe after receiving a specific written notice from the patentee; 2) the infringer intentionally copied the patented invention with knowledge that it was patented; or 3) after having been found by a court to have infringed on a patent, the infringer infringed the same patent again.

More damaging to small inventors, though, is that the new bill creates a "good faith belief" defense, which can be raised by showing that the defendant had an "informed good faith belief that the patent in question was invalid or unenforceable, or would not be infringed by the conduct later shown to constitute infringement of the patent." While the U.S. Supreme Court recently established a similar exception, this codification increases the burden on the original patent holder, who would need to show that the infringement was intentional and that the infringer had a "good faith belief" that he wasn't actually infringing. In my judgment, this once again plays to the benefit of those with greater legal resources. Score: Large Company B = 2. Small Inventor A = 0.
 
3. Introducing a post-grant review.Presently, once a patent is granted by the USPTO, it is presumed valid and cannot, for the most part, be challenged except through legal proceedings. Under the proposed bill, however, the USPTO would now allow petitions to be filed for the administrative cancellation of an issued patent within 12 months of the patent's issue ("first window"). During this first window of review, there would be no presumption of the validity of the patent in question.

During the review window, the burden to establish invalidity is by "a preponderance of the evidence," a lesser burden of proof than the "clear and convincing" standard currently in use (which would remain the standard required to invalidate a patent in court). What would all this mean for patent holders? That for the first 12 months after its issue, a patent may not be as secure as it is today. Score: Large Company B = 3. Small Inventor A = 0.

4. Third-party interference in patent prosecution. Under existing U.S. patent law, third parties are essentially excluded from the patent prosecution process; the process involves just the filer and the patent examiner. As currently proposed in the House bill, however, third parties would now be permitted to submit patents, published applications or other printed publications to the patent examiner, thus potentially interfering with, complicating or preventing issuance of the inventor's patent. Score: Large Company B = 4. Small Inventor A = 0.

5. Limiting patent litigation locations. Patent infringement suits may currently be brought to court in any district where the defendant is subject to personal jurisdiction. In practice, this has allowed for a patent suit to be brought wherever the product accused of infringement is sold.

Under the proposed law, however, plaintiffs could only bring suit 1) where a defendant has its principal place of business or is incorporated; 2) where the defendant has committed substantial acts of infringement and has a regular and established physical facility that constitutes a substantial portion of its operations; and, 3) under certain limited circumstances, where the plaintiff resides.

When an inventor can file a claim in his or her home town, they are much more likely to be able to afford to defend their patent than if they have to file in the home state of the offender. Again, this proposed change clearly falls to the advantage of those entities with greater resources. Score: Large Company B = 5. Small Inventor A = 0.
 
6. Early litigation appeals. Under current U.S. law, appeals are only permitted from a final judgment--a ruling that ends the litigation. The new laws, however, permit a party to appeal a district court's claim construction order before a final judgment has been made on the merits.

This option could create substantial delays in the determination of a patent litigation. Right now, you basically have to win or lose before you can appeal. Under the new system, you can begin the appeal process (and therefore stall the underlying base litigation) at several points throughout the base litigation. In other words, the case can conceivably be passed back and forth several times between the District Court and the Federal Circuit Court of Appeals before a first judgment is even rendered. Then, after all these interlocutory appeals, the case could still be appealed to the Federal Circuit Court of Appeals. Again, this is a costly process that plays to the advantage of large companies. Final Score: Large Company B = 6. Small Inventor A = 0.

I know what you are thinking, "the little guy" gets "it" again. It is tough to imagine Thomas Edison or any of our great inventors surviving today's "give into the big business lobby groups" demonstrated by our elected Government leaders.

It's Your Move, Consider Getting Proactive:

If these potential legislative changes concern you, contact your own members of Congress (www.house.gov, www.senate.gov) and ask them to look out for the interests of independent inventors.

ARE YOU an ENTREPRENEUR?

What is an ENTREPRENEUR?

Entrepreneur [en·tre·pre·neur] (French). Literal translation, undertaker.

Although the words innovator, proprietor, and capitalist are used in the same sense, there are subtle differences that make the term “entrepreneur “preferable. OK now go out and tell all your friends you are becoming an undertaker…watch their heads turn.

 

An entrepreneur is a person who has possession over a new company enterprise or venture and assumes full accountability for the inherent risks and the outcome. The term is a loanword from French and was first defined by the Irish economist Richard Cantillon. A female entrepreneur is sometimes known as an entrepreneuse. However, with the word "entrepreneuse" being the French feminine form of entrepreneur, its usage in English in delineating sexes detracts from the meaning of the word "entrepreneur".

Entrepreneur in English is a term applied to the type of personality who is willing to take upon herself or himself a new venture or enterprise and accepts full responsibility for the outcome. Wikipedia

Regardless of how you define an entrepreneur the Ad Marketing Guy feels there are Five Requirements of Entrepreneurial SUCCESS.

I always ask people who are thinking of starting a business,”what in your personality will lead you to the green pastures of entrepreneurial success”? Inevitably, I hear. ..” My hard work, dedication, drive, ambition, know-how”. Ask yourself this question now and see if you agree with those five points?

I have learned while those answers are very important there are truly five distinctive characteristics that WILL assist you in your quest to become a successful entrepreneur. The five mentioned above are necessary to succeed in business, but what is necessary for “the entrepreneur to succeed”

You hear it all the time from famous entrepreneurs: Long before they were running multimillion-dollar companies, they were flexing their entrepreneurial skills by selling lemonade on the corner, building gadgets in their garage or hosting weekly college beer pong tournaments. It seems that behind every successful mogul is a kid who grew up knowing they were born for business. The excitement is not in making money but in the enjoyment of entrepreneurial success.

But what exactly is it that sets entrepreneurs apart from the rest? What is it that makes certain people believe in themselves enough to take the prospect of failure head-on and have the determination to come out on top? It takes a special kind of person to set an idea in motion, riding the highs and lows from humble beginnings to ultimate success.

The entrepreneurial spirit is a gift that inspires others to become the best they can be. From passion and positivity to leadership and ambition, here are the entrepreneurs that best define the entrepreneurial spirit.

• Passion

No one embodies the word "passion" quite like Richard Branson, founder of the Virgin mega-brand. Part of Branson's passion lies in his insatiable appetite for starting companies. Founded in 1970, the Virgin Group has expanded to more than 200 companies, ranging from music, publishing, mobile phones and even space travel. "Businesses are like buses," he once said. "There's always another one coming."

Part of Branson's appeal is that he not only has passion for business, but an incredible passion for life. Branson is famous for his adventurous streak and zest for life, making him one of the most admired entrepreneurs for his ability to have a successful work/life balance.

• Positivity

Jeff Bezos knows the power of positive thinking. Living by the motto that "every challenge is an opportunity," Bezos set out to create the biggest bookstore in the world with a little internet startup called Amazon.

Amazon.com launched in July 1995, and with no press, managed to sell $20,000 a week within two months. By the end of the '90s, though, the dot-com bust had brought Amazon's shares from $100 to $6. To add insult to injury, critics predicted that the launch of Barnes & Nobles' rival website would wipe out Amazon. Instead of hiding in the corner, Bezos came out fighting with optimism and confidence, pointing out to critics all the positive things his company had accomplished and would continue to do.

Bezos continued to expand Amazon, which now sells everything from books to clothes to toys and more. Bezos claims his wife loves to say, "If Jeff is unhappy, wait three minutes." Thanks to Bezos' positive thinking, Amazon.com has grown into a $5.7 billion company.

• Adaptability

Having the ability to adapt is one of the greatest strengths an entrepreneur can have. Every successful business owner must be willing to improve, refine, and customize their services to continually give customers what they want.

Google founders Sergey Brin and Larry Page take this concept a step further by not just reacting to change, but leading the way. Google continually leads the internet with innovative ideas that allow people to see and do things in ways they couldn't before (think Google Earth). With their ability to continually be one-step ahead, its no wonder Google is the most powerful company on the web.

• Leadership

A good leader is someone with charisma, a sense of ethics, and a desire to build integrity within an organization--someone who's enthusiastic, team oriented and a great teacher. All of these attributes were embodied by the late Mary Kay Ash, founder of Mary Kay Cosmetics, a company that has helped more than half a million women fulfill their dreams of owning a business.

Ash's story began as a single mother, working in sales for a home products company. Despite being one of the top sales directors for 25 years, Ash was repeatedly refused the promotions and pay raises her male co-workers were receiving. Fed up with the way she was being treated, Ash started Mary Kay Inc. in 1963 with $5,000.

Ash was best known for being a powerful motivator and inspirational leader, creating a company with a "You can do it!" attitude. Her sometimes over-the-top incentives included the famous pink Cadillacs she would give top sales directors. Thanks to her powerful leadership skills, Ash has been named one of the 25 most influential business leaders in the last 35 years, and her company has been recognized as one of the best companies to work for in America.

• Ambition

At age 20, Debbi Fields didn't have much to start her business, but her ambition drove her. She was a young housewife with no business experience, but what she did have was a great chocolate chip cookie recipe and a dream to share it with the world, and of course her ambition.

Fields opened her first Mrs. Field's store1977, despite being told she was crazy to believe a business could survive solely on selling cookies. Fields' headstrong determination and ambition helped her grow her little cookie store into a $450 million company with more than 600 locations in the U.S.and 10 foreign nations.

Of these five, I place Passion at the top of my list. You MUST be passionate and an apostle of your own dreams. After all, you have destiny in your hands, now place it in your mind, your spirit and into action. You will never succeed by thinking you can, you will only succeed by getting out and making it happen.

In trying to summarize, I found this quotation by Dennis Waitley, which the Ad Marketing Guy believes provides the best definition of an entrepreneur. As an entrepreneur, you will “Chase Your Passion not Your Pension".