For those of you who are a food, beverage, or hospitality small business owner and is seeking capital to grow your business, today may be your lucky day!

Samuel Adams and ACCION USA have partnered to help small business owners like yourself in New England, New York City, Ohio, the Lehigh Valley of Pennsylvania and craft brewers nationwide with the financing you need to help your business succeed.

How so?

They are offering Brewing the American Dream Business Loans up to $25,000.

What do you need to do?

Applicants should contact Elizabeth Garlow at ACCION USA, 617.616.1582 Egarlow@accionusa.org

If you want to apply, fill out the loan application and call Elizabeth. It doesn’t get any easier than that!

I think it is the story of our life these days! In a matter of seven days, I have been on two business trips and one weekend trip. In the grand scheme of things, I am holding things together but when something slips through the cracks or I feel like I am not fulfilling all of my obligations, I feel guilty.

I was sitting at my desk at 5:00 in the morning on Saturday to ensure that I took care of everything before I left on my weekend trip. There were two things that I didn’t do that I should have done; at least I feel like I should have done to be on top of everything.

Yes, I have the Superwoman syndrome. What about you?

At what point do we decide to do what we can and leave the rest for tomorrow? I know that tomorrow is not guaranteed, but can we have faith that we will be here tomorrow to complete what we couldn’t today?

Stay Focused!

I have a post-it on my computer that reminds me to focus on the most important task at the beginning of the day by working for two and one-half hours, then taking a break. Then, repeat the process throughout the day. It reminds me to be cognizant of how I am spending my time and what I am spending my time on.

That means no multi-tasking as well. A part of my Superwoman syndrome is multi-tasking. Why can’t I just do one thing at a time, do it well, and then proceed on to the next task? I feel like I am squandering precious time.

I could have written a newsletter about the 5 Tips to Being More Productive. Instead, I decided to share the error of my ways with you  because I think there is something to be said about NOT feeling the need to maximize every moment of every day.

Waiting to Exhale

It is just as important that we take a moment to take a deep breath and exhale. That’s my only tip today. AHHH, doesn’t that feel good?

A very close family member of mine is buying a business. We discussed the necessary steps that are part of the due diligence process especially when there are investors involved.

I asked a good friend of mine, Kyle Griffith, a New York business broker, who helps privately held companies sell their business to provide some tips that will ensure the process of buying a business is a smooth one.

Here are eight tips that Kyle suggested every potential buyer should take heed to when buying a business.

1. Obtain the most recent prior three years of financial statements such as Balance Sheets, Income Statements, and Cash Flow Statements for you and your accountant to review.
3. Obtain the marketing plan of the business to gain an understanding of how this business obtains and maintains its customers
5. If there are investors involved, have a lawyer review the terms of the contract and have an accountant review the numbers in regards to what the investor is requiring.
7. Review the Lease Agreement if the seller rents “space.” You want to know the duration of the lease agreement and what are the terms and conditions of  it.
9. Identify where the business is generating income from. The financial statements should give you an idea of the source(s) of revenue.
11. If there is equipment or inventory involved, identify what the value of the equipment and/or inventory is and is it owned or leased.
13. Evaluate what systems and/or processes are in place.  When you think systems/processes, think McDonalds.  For example, there is a process in place to make a Big Mac. This is very important because you want to ensure that you are buying a business that has value based on a model for success. In addition, it will significantly reduce the time and money you will potentially have to spend on hiring an outside consultant to get you up and running to learn about the business.
15. Hire an accountant and a lawyer for legal and financial advice once you have done your due diligence in gathering all the necessary documents i.e. financial statements, lease agreement, and etc.

There is so much due diligence that is required when buying an existing business. You want to avoid as many landmines as possible.

Whatever you decide is a more viable option, buying an existing business that has demonstrated a winning formula for success or creating a business from scratch, a foundation of success is essential. Good luck!

I am definitely in agreement with the report that there is a wide perception that entrepreneurs make a lot of money and live this grand lifestyle. Most entrepreneurs do not live the rich and famous life of Ralph Lauren, Oprah Winfrey, or Bill Gates.

Nevertheless, successful entrepreneurs share the same qualities that these three individuals have. They are able to transform their business idea to a successful enterprise by possessing great leadership and business skills.

The goal of the report was to look into the minds of some of the most successful entrepreneurs to gain a better understanding of the intrinsic and extrinsic attributes such as mindset and abilities that makes one a success.

Excuses, Excuses Be Gone!

Based on the key findings of the report, I was inspired because I realized I too possess  a lot of  the qualities inherent in being a successful entrepreneur. I have four out of the five. I am sure you do too!

Some of the key findings  were:

Entrepreneurs are Made Not Born – Most successful entrepreneurs acquire the skill sets and experiences necessary to run a successful enterprise through traditional employment. They started out in a traditional place of employment and learned great skill sets that they were able to parlay into their business once they made the transition.

For all of you that are still employed and don’t think you can successfully make that transition, think again!

Entrepreneurship is rarely an one off decision- Successful entrepreneurs are usually serial entrepreneurs. They start companies, build them to a certain capacity, and sell them. Then, they start the process all over again.

Here’s the one I haven’t quite mastered yet, but I am working on it!

Funding, People, and Know-How are the biggest barriers to success – 60% of the successful entrepreneurs interviewed said financing was their number one concern.  These findings were very similar to the ones that were reflected in my Aspiring Entrepreneur survey.  This demonstrates that it doesn’t matter if you are just starting out as an entrepreneur or have been in the game for quite some time, your issues are the same.

Most importantly, these barriers do not have to be an impediment to your success. It is quite evident that most successful entrepreneurs have found a way to overcome them so you can too.

Entrepreneurs share common traits- Successful entrepreneurs have a strong internal locus of control. They believe they control their own destiny.  They also are very optimistic in the face of adversity and have a strong tolerance of failure.

Most successful entrepreneurs have failed several times before they finally get it right. Oftentimes, we never hear that side of the story! We just hear the success part.  Tavis Smiley just wrote a book, FailUp, that discusses his failures and how they led to his successes. Check it out!

Traditional companies can learn from entrepreneurial leaders – Most successful entrepreneurs give large incentives to their employees to spur innovation. They develop a culture of intrapreneurship for their employees.

If you are in a work environment that doesn’t support intrapreneurship, create your own personal action plan to develop some of the skills you need to be a successful entrepreneur.

When I was a pharmaceutical sales representative, I ran my territory like a business because I already had a vision that one day I would have my own business. I tried different marketing strategies, measured my return on investment, utilized by strategic partners, and etc.

I had an AHA moment reading this report.  I have all it takes to attain the extraordinary success as an entrepreneur. It isn’t rocket science. It takes applying our experiences, skills, and persistence to our entrepreneurial dreams until we reach the level of achievement we desire.

I can’t think of reason WHY you can’t be a successful entrepreneur as well. If you want to take the leap, go for it! If you’ve already taken the leap, Congratulations!

I thought to myself, what can I say to the participants that can help them move one step closer to achieving their vision and creating the life they desire?

It just so happened that the speaker before me discussed the primary reason she started her own business as a financial planner was to have work/life balance.  Although, quality of life was a primary reason for her, we all have our own unique reasons why we decide to pursue entrepreneurship.

What is it that you would like for entrepreneurship to help you attain for you to feel successful?

According to Webster’s dictionary, success is the attainment of wealth, favor, or eminence. For some, quality of life is of utmost important, for others the attainment of wealth is critically important, and for others it’s a combination of both.

Another definition of success was an outcome or result. I like this definition because it gives each of us the latitude to define success for ourselves and decide what the result of that looks like.

Here are five steps that will enable you to define and achieve the success you desire:

Step #1 – Identify your vision – What is that you want to be, do, and have?

While you were sleeping,  imagine having a phenomenal dream that encompassed your personal and professional vision for yourself. What were  the specific details of your dream? This dream was your ideal life. Then, you woke up and sensed something was different. What was the first thing you noticed that something actually happened? Your dream was now a reality!

What were the tangible and intangible things you had, what were the things you had accomplished in life, and what kind of person were you?

Step #2 – Create the “Right” Business/Work Model

Oftentimes, we don’t align our business/work model with our personal vision because we see them as two separate entities. Regardless if you have a business or a job, either one should be creating value for you in other ways besides just monetary value. It should be helping you achieve the things you identified you want to be, do, and have. Those things that encompasses your vision!

Step #3- Be Strategic. Have a plan.

Statistics show people who have a plan and write down their goals have an 80% higher success rate of achieving them.  In addition to writing down your goals, you have to implement them. Implementation is key!

Step #4 – Identify the Resources You Need to Achieve Your Vision

The most valuable resources are the ones with minimal investment and significant return. Is it a key strategic partnership for your business, a mastermind group that would hold you accountable to your goals, a mentor that can give you guidance, or capital to grow your business?

Once you have identified what you need, seek it out!

Step # 5 – Be Productive.

Movement is not progress. Figuratively speaking, when we are walking on a treadmill, we are still standing still. Here’s a productivity tool I learned from Eben Pagan that I have implemented in my work day.

For the first 2.5 hours of my workday I focus on the most important task that will generate income. During those 2.5 hours, I have fifty minutes of focused work and then take a ten minute break. After I complete the 2.5 – 3.5 hours, I take a thirty minute break to eat and relax. Then I repeat the cycle again.

Make sure that your daily activities are helping you achieve your goals that you have identified in your plan. If you continue to do the things that will move you towards your goals, you will inevitable achieve your vision!

Five Minutes can make a difference.

As I was about to leave, I made my way to the little girl’s room. There was a woman standing outside the restroom waiting to use it. She told me how my talk really helped her reconsider how she is approaching her business. Two other people stopped me before I could make it to the exit door to share their sentiments with me as well.

I hope you taking the five minutes to read this will help you as well.  Move forward and upward in achieving and living your vision.

Of course, Donald Trump! If he wasn’t on the top of your list, I am sure he was in the top three.

We have to admire The Donald for his ability to play the game of business quite well. He has experienced extraordinary success, been on the brink of bankruptcy, only to come back more victorious than ever. These stories inspire us to know what we are of capable of accomplishing!

Most games that we play have an element of gambling, may it be business or a simple card game like poker. Figuratively and literally speaking, each player is dealt some cards and the object of the game is to end up with the highest-valued hand.

The artistry of being an exceptional player is knowing when to hold the cards in your hand, when to fold them, or how to circumvent the rules of the game all together.

It really was a great lesson for all of us to see The Donald try to Trump President Barack Obama in the game of politics and get served a flush.

What the heck was The Donald thinking when he decided to take on the President by championing the birther movement?  It really is quite surprising!

Any person in his rational mind knows that President Barack Obama would not be our President if he wasn’t a legitimate citizen of the United States. The Donald strikes me as someone who is only willing to play in games that he knows he can win. What was he was trying to accomplish? Was it more brand exposure?  I’m not quite sure.

And the winner is…

I am sure The Donald thought through his game plan. Whatever it was, he miscalculated the outcome.

The real question is has The Donald tarnished his image and brand to the degree that it can’t be repaired. Will this impact his business dealings?  Maybe.  Will it impact the ratings of his TV Show and people buying his books? Possibly.

Let The Donald serve as a reminder to each of us. When we participate in games where we don’t understand all the rules, we are bound to lose. It’s best that we stay in our lane and continue to do those things we do well and leave the rest to others to do what they do well.

As in any relationship, we usually assume we know what the other person wants. Oftentimes it has nothing to do with his/her wants and needs, it is usually based on what we think he/she wants.

It’s the best thing since slice bread!

We tend to approach our business the same way. We have this great product or service that is going to “knock the socks off of our customers.” Why wouldn’t they want it!

Every successful marketer knows how important it is to have an understanding of the needs and wants of his/her customers BEFORE he/she creates the product.

Here are three tips to help you create a “winning” product/service right out the gate.

A Focus Group – gives you an opportunity to gain valuable insight about your potential product or service because you can actually test it. Your potential customers can tell you what is good and bad about it so that you will have an opportunity to tweak it before your bring it to market.

When I was considering going into the coaching business. I created a four hour workshop. I invited eight women to my house for Sunday Brunch to participate in it. It went so well!  I asked my manager if I could do it for my team members during one of our sales meetings.

I learned a simple but valuable lesson. I should have revised the workshop for a business setting because I was interacting with a different “customer.”

Surveys – this method is beneficial when you want to get a good sample size of the needs and wants of your customers. It’s a common and inexpensive way to get feedback about your product or service. It can be done by telephone, by mail, by fax, or via the internet.

It can be difficult to get people to participate in a survey unless you have access to a “pool” of people.  Consider that critical factor before you decide to use this approach.

Recently, I did a survey to find out what the core frustrations of my potential customers were.  I was able to find out some things that I had not considered to be key issues for my potential customers. As a result, I tried to provide information and services to address the needs and wants of my customers.

By the way, please take a moment to let me know what additional information and resources you would like for me to provide to you. In addition, let me know what business stage you are in (not yet in business, early stages, and etc.)

On-line forums – Participate in online forums where your potential customers frequent. If you take the time to “listen,”  you can find out a lot of information about what their needs and wants are.

We know that one of the key ingredients of any great relationship is our willingness to “listen.”

I am doing a webinar, The Ten Steps to Having a Successful Home Based Business, tomorrow with ACCION USA. I participated in a forum the other day that was a group of small business owners discussing some of their main obstacles in regards to working from home and how they deal with it. Great Stuff!

I was able to get an idea of what some of the core issues are for small business owners working from home and will be incorporating the information into my presentation.

By all means, you should do the market research by going to the library to learn more about your customer as well. Nevertheless, these three tips will give you a competitive advantage because you will actually be receiving valuable information from your customers that will help you create a superior product or service that you can be confident that your customers wants and needs.

Don’t forget to leave a comment letting me know what you want and need. I am looking forward to hearing from you all!

Of course, the answer depends on what side of the debate you fall on.

Although the Democrats and Republicans were able to compromise to keep the Federal Government “open for business,” this heated debate has only just begun and will surely be a critical factor during the Presidential elections in 2012.

Where will the two roads intersect?

It really boils down to do we increase revenue by raising taxes on the wealthy and revising the tax codes, do we decrease spending by making changes to Entitlement programs such as Social Security and Medicare, or do we do a combination of both.

One of the key items that President Obama doesn’t want touched is Social Security and Medicare and one of the key items that the Republicans doesn’t want touched is the reduced tax rates that Former President Bush put into effect while in office.

Will it take a mediator to get the job done?

Alan Greenspan, the former Chairman of the Federal Reserve, was on Meet the Press. Senator Mike Lee, a guest as well and a Republican from Utah, suggested that tax cuts for the wealthy were not a viable option because it would stifle innovation and job creation.

Sometimes, it takes a third party to see both sides of the equation. Although Alan Greenspan believes that tax rate reductions do not necessarily provide an adequate solution to this critical problem, he debunked the Senator’s argument by stating that all things should be on the table to mitigate the imminent crisis that lies ahead.

It’s all a matter of perspective.

Some people believe that President Obama has already “caved in” because the Republicans were able to get significant cuts in this year’s budget.

Regardless if we are negotiating what movie we should go see with our spouse, our compensation for a business deal, or the national debt crisis, the skillful art of negotiation necessitates a win/win solution.

In any situation, winning is really not about getting 100% of what we want.  That very rarely is the case. Winning at the art of negotiation is getting those things that are most important to us.  Just think about how you chose your significant other.

So, the art of being a consummate negotiator is understanding what is most important to us and not giving away those things and compromising on those things that are not so important.  It’s really that simple.

Every entrepreneur, successful or not, knows what it feels like to be rejected. It doesn’t feel good.  The only difference between the two individuals is one knows how to harness the emotion of rejection and one doesn’t.

To play the “game” of entrepreneurship, one must know, understand, and appreciate rejection.

Most entrepreneurs who have achieved great success with tell you that rejection played a major role in their success.  You’re probably asking, how so?

Steve Jobs’ ideas were rejected by the Board of Directors of the company he created. Upon having a major disagreement in the direction Apple should take, they chose the C.E.O over him. Approximately ten years later, he had the technology they needed to get Apple back on track. They invited him back to be the interim C.E.O. The rest is history.

Tyler Perry’s scripts were rejected by all the major studios. He decided to create his own studio thereby developing, directing, and producing all of his own films. Jay Z was initially rejected by the music companies so he sold his CDs out of the trunk of his car and created his own record label, Roc-a-Fella records.

It’s something that makes you go, ummm.

When we have been rejected continuously, we begin to question our dream and our ability to carry it out. We ask ourselves, are we on the right path? Should I be pursuing this dream?

There is no rest for the weary.

Yes, you are on the right path. It’s just hard for others to “see” the value that you have to offer because it’s not their vision.  If you are passionate about a vision that will enable you to create value for others and yourself, then you are on the right path.

Don’t join them, beat them.

The lesson of rejection is usually not for us to question what we are doing, but how we are doing it.  It’s for us to create a new path.  Previously, we discussed to achieve paramount success, you must be a game changer. Well, this is where that principle comes into effect.

Steve Jobs, Tyler Perry, and Jay Z stories all serve as testimonials to what it means to be a game changer. Look at the rules of the game and how you can circumvent them so you can create your own opportunities!

Some wise person said, “the future is not some place we are going to, but one we are creating. The paths are not to be found, but made, and the activity of making them changes both the maker and the destination.”

LIVE YOUR VISION!

These are all very important questions that are worthy of our contemplation. But there is still one critically important question that 99% of us fail to ask of ourselves. I saw an interview that  IFV News did with Carol Roth, author of   The Entrepreneur Equation: Evaluating the Realities, Risks, and Rewards of Having Your Own Business that addressed this all important question.

Should I be an entrepreneur?

The other day, I spoke to a very good friend of mine. She and her husband are considering starting a family. Another couple that they know just had a baby. She asked the new mother to give her the “low down” on motherhood. We laughed about it, but there was a serious undertone.

Why do we just see all the beautiful pictures of the radiant new mother with her baby? Why doesn’t anyone tell us about the postpartum depression, the many sleepless nights we will endure, or the weight we can’t seem to get rid of.

Of course, we all agree that having a child should be one of the most joyous events of our life. But in all honesty, everyone can be a parent but not everyone is ready to be a parent or should be one. So, with that said…

In this current moment, do the benefits of pursuing entrepreneurship far outweigh the risks? And just like with parenthood, we tend to only think about the joys of having a business.  We envision financial independence, being our own boss, and living our passion as the obvious outcome in our pursuit of our dream. I know those were some of the key reasons I decided to start my own business.

If I knew then, what I know now, would I have still pursued my dream to become an entrepreneur?  Probably so.

Nevertheless, there have been times when I have thought about the pluses and minuses and answer has equated to a negative.

Here are ten questions to think about:

1. Do I have a sound business concept/idea?
2. Do I have the ability to successfully develop and implement this business from concept/idea to reality?
3. Can I take responsibility for the success and failure of the business?
4. Do I have the financial means to sustain myself during the early stages of business?
5. Do I have the mental resilience to get through the tough times?
6. Do I have the ability to bounce back financially if the business fails?
7. Am I willing to work longer hours and make less money than if I was working for someone else?
8. Do I have a good support system in place?
9. How much will my love ones support me financially and emotionally?
10. At what point will I walk away from entrepreneurship?

These questions are not meant to “rain on your parade.” By all means, I want you to pursue entrepreneurship with zeal and passion if that is your desire.

But for those of us who have considered starting a business or have already started a business, we may be very disappointed by the effort it takes to travel down that long and arduous road to success.

Any successful entrepreneur will tell you that it is a grind. For a lot of us, it is well worth it! We all must make that decision for ourselves. It will serve us well to make that decision before we take that road less traveled.