I have recently been working with a wonderful lady who has decided to become a business owner. During a recent conversation we found ourselves discussing the drivers of success. Is success driven by winning every negotiation and gaining every advantage prior to beginning the business or is it driven by something else, something harder to measure?
There are a number of books written on success but one of my favorites is The Millionaire Mind by Thomas Stanley. This book measures success from every possible view point. The data in the book clearly shows that success is primarily connected to the actions you take to grow your business. A good business person will find a way to succeed in the worst area and in the worst economy - I have seen it happen. A poor business person could have the entire United States as their territory and still fail. When asked, the poor business person will tell you the reason was the market, the contract or any other external reason. It will have nothing to do with the decisions they made while running the business.
You will have good years and you will have not so good years but at the end of the day, business success is driven by the confidence, integrity and work ethic with which you execute the business plan. Look back over your career. If you have a track record of accepting nothing other than success, then you will do the same with your business and the business will success. If you have a habit of trying lots of different things but not really succeeding at any of them, then your business will be challenged. Nothing is ever perfect, but at the end of the day, success comes from inside you.
As you look at different paths, ideas and options, remember - you direct your future. Nobody can get in your way unless you allow them to.
Have a wonderful April
|Franchisees Poised for Growth Despite Credit Shortfall|
For prospective and existing franchisees, a dearth of credit will remain a major hurdle this year to opening up new units or transferring ownership of existing ones, a new study shows.
Banks are expected to lend $8.4 billion to franchises this year, an amount that is projected to fall $2 billion short of demand, concludes a study prepared by Arlington-Va., research firm Frandata on behalf of the International Franchise Association, a trade group in Washington. The reason, it speculates, is that banks are still reeling from the housing crisis, which continues to persist.Go to Wall Street Journal.com, Click Here Read FranData Study, Click Here
|Consumer Spending Keeps Rising, Home Sales Up.
U.S. consumer spending rose 0.7% in February, the largest increase since October and the eighth straight month of gains, easing some worries about the economic recovery.
After adjusting for inflation-factoring out such things as the jump in gas prices-consumption rose 0.3%, the Commerce Department said Monday.
"Consumers could have endured these higher [gasoline] prices by cutting back on discretionary purchases, but they did not," said Ken Mayland, president of ClearView Economics.
Separately, the National Association of Realtors on Monday said its index for pending sales of existing homes increased 2.1% to 90.8 in February from January. Year over year, sales were down 8.2% from their level in February 2010.Go to the Wall Street Journal, Click Here
Entrepreneurship On The Rise - Boomers Lead The Charge.
Conventional wisdom has it that more baby boomers are starting businesses because it's the only way to make ends meet. But some experts say there's more to it than that. "You might get bored out of your mind going to the golf course. People like to be active, and what we consider work is what they see to be meaningful expression," said Dane Stangler of the Kauffman Foundation, noting that a 65-year-old retiree might have 20 healthy years ahead
Go to Wall StreetJournal.com, Click Here
Review New Kaufman Foundation Study, Click Here
|The Best Way to Leave Money, Real Estate or a Business to The Kids
Most of us want to leave a legacy, either to our children or to our favorite organizations. And it doesn't matter how old you are: You simply have to choose the best way to leave money.
Even if you plan to give away all your wealth this year, you still need a will. One advantage of leaving money in your will: Your heirs don't have to pay the tax on any built-up appreciation. Their cost basis for tax purposes will be the value of the asset when you die. If you bought Google at $100 a share and die when the stock is $600, your heirs will pay capital gains taxes only if they sell the stock for more than $600 - and only on the gain. .
There is a reality in life. Greater knowledge drives better decisions and better decisions reduce business risk. Franchising is all about risk reduction but not all franchises are low risk. The Educated Franchisee is designed to empower you. By following the advice and guidance presented in this book you will recognize high quality franchises and confidently pass over those that are not.