Goal setting for 2007?!? What the gurus don't tell you...
 Burke Franklin, Founder & CEO of JIAN, Best-Selling Developer: BizPlanBuilder Software, Best-Selling Author: Business Black Belt
I'm sure you will hear or read a lot about "goal-setting" as you go into 2007... here's a different idea to consider... For example, I used to write down my goal of, "Get my pilot's license by end of this year." But it didn't work. The next year I wrote, "Get my pilot's license by December 31, 20xx." Thinking that a specific date was better (even if I allowed myself the entire year to get it done.) I even kept pictures of airplanes around as my motivation and reminder... Still didn't work. Then I did something all the goal-setting gurus don't tell you: I wrote on my to do list, "Go down to the airport and sign up for flying lessons by Friday." That I could do. And did. Now I've had my pilot's license for many years. The end result can be a great goal, but the starting act is the operative action that gets the ball rolling.
Here some other ideas:
- Lose 20 lbs by Feb --> Take the Butts & Guts class at the gym every Tue & Thu. (Add it to your PDA wilth the alarm set!)
- Make $10,000 by February --> Give 20 presentations each week.
- Organize my office by February --> Throw away everything I'll never use by Friday.
Read Business Black Belt for some other un-usual ideas. http://www.jian.com/business-books/business-black-belt.html
"Create the space for something good to happen...
and it just might."
~
[One of] Burke's Laws
Acquiring Venture Capital: A Realist’s Survival Guide
 Christopher S. Hintz
Chief Executive Officer
VC Intermediary LLC
(VCI typically represents companies that are seeking $1mm or more in their first or second round of institutional venture financing.)
So you’ve come to the conclusion that it’s time to raise venture capital for your business. My strongest suggestion, then, is that you take an extremely realistic look at what lies ahead and how you can best prepare yourself and your team for success.
I have prepared the following comments in the hope that you will find them to be exceptional guideposts along your journey – for a journey it is. While every funding pursuit has its own unique twists and turns, there are certain rules and philosophies that should be adhered to in every company’s quest for venture capital.
By way of qualification my company, VC Intermediary LLC (VCI), reviews some 2,500 executive summaries and business plans on an annual basis; of those, less than two percent pass muster. We turn away many good businesses because they do not possess the attributes sought by venture capitalists. The first question to address is a relatively simple one: Is my business “venture fundable?”
Let’s start with a description of the term “venture fundable.” What are VC’s looking for? The answer to that question comes in several flavors, depending upon what type of VC is right for your business. Those VC’s who like to roll up their sleeves and dive headlong into a business side by side with the founders may have different requirements as regards the strength of the current management team, for example. They may actually be encouraged that you need to fill several holes in your management team, for this is one of their primary functions. In contrast, later stage VC’s generally want to see a fully staffed management team with individuals aboard who’ve been there and done that. The key is to know your strengths and weaknesses intimately and use both to your eventual advantage.
Another important gauge of your probability of acceptance by the venture markets is the potential return on investment (ROI). Venture capital is the most expensive money in the world, so you’d better be prepared to face some pretty stiff dilution when acquiring a VC partner. VC’s aren’t looking for a return of two or three times their investment; they seek a return of five to ten times the invested amount, and more. Understanding that venture capital investing, in truth, is simply well-calculated gambling will give you a good glimpse into the mind of the venture capitalist. They know that not all investments will pan out – but they are willing to take the calculated risk that a few of their portfolio companies will be home runs which will offset the losses suffered from the others. Take a good, hard look at your company’s growth prospects over a four or five year period of time. If a venture capital company invests $5,000,000 into your firm in exchange for 50% of your company’s equity, will that VC reap $25,000,000 or more via a sale or IPO of the company down the road? If you can honestly answer “yes,” you may have a venture fundable company. If you have any doubts, you need to address this seriously and question whether or not venture capital investment is really the proper capitalization route for your firm. There are plenty of great, organically grown companies that are not well suited for the venture markets. Considering all of the above, don’t fool yourself by putting growth projections into play that can’t be substantiated; you’ll be wasting your time and the truth will surface rather quickly.
Now let’s address four areas of primary importance to the VC: Market Risk, Execution Risk, Technology Risk and Exit Strategy.
Click here to finish reading...
http://www.jian.com/resources/business-finance/answers.html#faq1163035101
"Don't ask yourself what the world needs.
Ask yourself what makes you come alive,
and then go do it.
Because what the world needs is people who have come alive."
~
Harold Thurman Whitman
2007 Business-Building Suite Deal!
 Get one each of every JIAN business-building software tool!
(Sold separately, this suite would cost $725.93! You save 45% = $328.93)
- Biz Plan Builder - Produce your plan for organization and financing for 2007
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- Employee Manual Builder - Produce a comprehensive employee policies handbook for 2007
- HR File Builder - Track all employee records using this comprehensive database and reporting system.
- Marketing Builder - Analyze & expand your marketing strategies
- Publicity Builder - Set up your PR campaigns and prepare press releases for free promotions in the media
- Procedures Builder - Put good management practices in place
- Safety Plan Builder - Comply with OSHA and publish your 'Illness & Injury Prevention Policies' manual
- Stock Options Builder - Save cash, inspire your people with stock
- (The BizPlanBuilder financial models are included with BizPlanBuilder)
- (All LoanBuilder components are also included within BizPlanBuilder)
This price will only be available through midnight on Mon Jan 1st 2007.
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"A hero is no braver than an ordinary man,
but he is braver five minutes longer."
~ Ralph Waldo Emerson
Go buy a new car or truck right away!
The end of the year is the best time to buy or lease a new car or truck! Most dealers are desperate to sell anything and
everything to make their numbers for the year. The salespeople are scrambling to
make their numbers too. Even the general managers have incentives like vacations or or higher dealer ranking if they achive a certain revenue number. Everyone is motivated! Given all of this motivation, they will likely do something stupid — in your favor. (Usually, they are motivated by the revenue number, not necessarily the profit at this time of year, so they may easily take a haircut on the deal just for the revenue numbers.) That's why December 30-31 is the best time of the year to buy a new vehicle (or just about anything).
Many manufacturers offer factory assisted financing making the cost of a new
vehicle actually cheaper than a used one! (They offer lower than usual
interest rates, rebates, and better prices.) Most dealers will offer their through January 3rd.
Also, a 6,000+ lb vehicle may be eligible for an immediate tax deduction
because it would likely be considered a work vehicle (check with your
CPA). Everything is in your favor! Have fun looking and trying out
the new vehicles! FYI, the American cars and trucks have come a long way,
and are better than ever. Another idea is to ask for the accessories catalog (if there is one) and see if there are any addianal goodies they will throw into the deal (more for you, but easier for them to give because they can maximize that revenue number). Consider this a "high-class" problem. Enjoy!
Do you have an article or some useful advice that you you'd like to share?
Please email
the editor with your news to appear in Business Black
Belt as well as on our website.
"If your actions inspire others to dream more,
learn more, do more and become more,
you are a leader."
~ John Quincy Adams
Formula for Telephone Tax Refund Announced by the IRS
 After losing several court challenges to charging an excise tax on long-distance telephone service, the IRS is no longer assessing the tax. In May of 2006, the IRS announced that it will refund the tax paid by individuals, businesses, and tax-exempt organizations during the 41 months from March 2003 through July 2006.
Individuals can claim their refunds by calculating the actual tax they paid, or they can take a standard refund amount based on the number of personal exemptions they claim on their 2006 tax returns.
The IRS just recently provided businesses and tax-exempt organizations with a formula to estimate the amount of refund to which they’re entitled if they dont want the bother of going through 41 months of phone bills to calculate the exact taxes paid.
The formula compares the telephone bill from April 2006 (when the tax was still being levied) with a telephone bill from September 2006 (when the tax was no longer being charged). The amount of the refund is capped at 2% of total Telephone expenses for companies with 250 or fewer employees and at 1% for those with more than 250 workers. Sole proprietors filing Schedule C have special rules.
Businesses and tax-exempt organizations are to request their refunds by completing Form 8913 (Credit for Federal Telephone Excise Tax Paid) and attaching it to their regular 2006 income tax returns or, in the case of tax-exempts, to Form 990-T.
- Edward Mitchell,
Manager, Management Resources Consulting Group Inc., www.mr-cg.com
“To be yourself in a world that is constantly trying
to make you something else is the greatest accomplishment.”
~ Ralph Waldo Emerson
VOCABULARY SPIN
For those who love the philosophy of hypocrisy and ambiguity....
1. Don't sweat the petty things and don't pet the sweaty things.
2. One tequila, two tequila, three tequila, floor..
3. Atheism is a non-prophet organization.
4. If man evolved from monkeys and apes, why do we still have monkeys and apes?
5. The main reason Santa is so jolly is because he knows where all the bad girls live.
6. I went to a bookstore and asked the saleswoman, "Where's the self-help section?"
She said if she told me, it would defeat the purpose.
7. What if there were no hypothetical questions?
8. If a deaf person swears, does his mother wash his hands with soap?
9. If someone with multiple personalities threatens to kill himself, is it considered a hostage situation?
10. Is there another word for synonym?
11. Where do forest rangers go to "get away from it all?"
12. What do you do when you see an endangered animal eating an endangered plant?
13. If a parsley farmer is sued, can they garnish his wages?
14. Would a fly without wings be called a walk?
15. Why do they lock gas station bathrooms? Are they afraid someone will clean them?
16. If a turtle doesn't have a shell, is he homeless or naked?
17. Can vegetarians eat animal crackers?
18. If the police arrest a mime, do they tell him he has the right to start speaking?
19. Why do they put Braille on the drive-through bank machines?
20. How do they get deer to cross the road only at those yellow road signs?
21. What was the best thing before sliced bread?
22. One nice thing about egotists: they don't talk about other people.
23. Does the Little Mermaid wear an alge-bra?
24. Do infants enjoy infancy as much as adults enjoy adultery?
25. How is it possible to have a civil war?
26. If one synchronized swimmer drowns, do the rest drown, too?
27. If you ate both pasta and antipasta, would you still be hungry?
28. If you try to fail, and succeed, which have you done?
29. Whose cruel idea was it for the word "Lisp" to have "S" in it?
30. Why are hemorrhoids called "hemorrhoids" instead of "assteroids"?
31. Why is it called tourist season if we can't shoot at them?
32. Why is there an expiration date on sour cream?
33. If you spin an oriental man in a circle three times does he become disoriented?
34. Can an atheist get insurance against acts of God?
When the solution is simple, God is answering.
~ Albert Einstein
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