How to Determine the Quality of a Diamond

When it comes to diamonds, size doesn't always matter. You may have one that is the size of a hen's egg, that's not worth as much as one that's the size of a dime. This is all due to the four Cs of diamonds: cut, clarity, color and carat weight.

-Cut: Most people interpret "cut" to mean the shape of the diamond, when in fact you can have many round diamonds that have been cut with different numbers of facets. Diamonds are actually cut (the mechanical act, not the appearance) into a number of traditional shapes that include round, square, oblong, "emerald" (octagonal), oval, marquise (pointed oval), and pear (half oval, half marquise).

-Color: Diamonds are most often referred to as "white", when in fact, the term that is meant, would be "colorless". Diamonds however, are rarely if ever, totally without color. In fact, many diamonds have trace amounts of yellow, brown, green and other colors. What are called "colored" diamonds, are generally those that have been enhanced by heat or other treatments.

-Clarity: This is literally the definition of how "clean" a diamond is, or how it is affected by inclusions. The highest quality diamonds have nothing inside them that will in any way interfere with the passage of light. Inclusions like pockets of gas, minute particles, or even liquids, l can cause cloudiness, or a duller appearance. Not all inclusions are visible to the eye, or even the standard power microscope used by gemologists. Thus, you may see ratings of clarity that state a diamond is: clean (no inclusions), or eye clean (no inclusions visible to the naked eye).

-Carats: This is not actually a measure of quality, but taken with the other Cs, constitutes part of the framework for determining a diamond's value. Carat is simply a weight measurement.

10 Dynamic Traits of Over-Achievers

Are you a successful over-achiever? Considerable research has been done about the characteristics that typify the successful business owner. Most experts who have studied the subject tend to agree that the most important single factor is an overpowering need to achieve. In other words, a person's attitude seems to be the main determinant of success in business, more so than education, intelligence, physical attributes, or having a pleasing personality. The key characteristics that have been found to be part of the makeup of all successful over-achievers are:

1. Powerful need to achieve -- which should not be confused with a mere need to exercise power or be liked or admired; the way in which different entrepreneurs "keep score" in assessing their level of achievement varies, and may range from accumulating great wealth to creating a better mouse trap;

2. Perseverance -- the characteristic trait of following through on commitments and not abandoning objectives when difficulties are encountered;

3. Positive mental attitude -- the self-confidence in one's abilities that allows a person to remain optimistic in new, unfamiliar and unexpectedly difficult situations;

4. Objectivity -- an ability to accurately assess the risks associated with a particular course of action, including a realistic understanding of one's own capabilities and limitations. This includes being willing and able to abandon an ill-advised project without having ones' ego get in the way.

5. Foresight -- the ability to anticipate developments and be proactive, rather than constantly having to react to problems after they arise;

6. Well-developed personal relations skills -- being cheerful and cooperative and able to easily get along with people, but often without being close to employees and associates;

7. Strong communication skills -- the ability to communicate well in written form and in making effective oral presentations, either one-on-one or before groups;

8. Resourcefulness -- an ability to solve one-of-a-kind problems in unique or creative ways, including the ability to handle problems for which you might not have had previous training or experience to call upon;

9. Technical knowledge -- broad and well-rounded technical knowledge and understanding, especially with regard to the nuts-and-bolts physical processes of producing goods and services

10. A respectful attitude towards money -- a tendency not to look upon it as an end in itself, but to view it as a means of making things happen and accomplishing business goals, or as a type of objective feedback from the outside world, which lets the entrepreneur know if is on the right track with the business.

So, there you have it...10 successful business traits. If you see yourself in this list, then we will be seeing you at the top!

Business Meeting Etiquette

What makes up proper business meeting etiquette? How do you have
a meeting everyone can leave feeling good about? Meetings have
become an inevitable part of doing business for almost every
business owner. There are meetings with clients, meetings with
employees and meetings with peers or associates.

Almost everyone has suffered through meetings that take up your
valuable time and accomplish very little.

In fact, you may find that you yourself have now become numb to
that fact that your meetings aren’t as good as they could be.
And everywhere you look, it seems as if somebody has another
idea about how to fix your meetings, and make them more focused,
more productive, and – dare I say it? More fun!

So what can you do about it? Simple business meeting etiquette
can help you put on a quality meeting. Here are a few tips and
ideas for meeting planning –

1. Schedule your meetings at the best times -

2. Make sure your meetings all start on time - (and whenever
possible, avoid scheduling meetings when someone is up against a
deadline, or on a tight schedule).

3. Maintain a consistent focus on what topics will be covered –
(use an agenda).

4. Ensure there is a good level of rapport in the group –
(people can talk to each other and exchange ideas about what is
being discussed).

5. Arrive at a decision - (find new ways to avoid covering the
same ground, and ask for input to help create a plan of action.)

6. Use parliamentary procedures - (so that the correct methods
for amending or making a motion, following the agenda and taking
turns before speaking are being followed).

7. Choose the best location and environment for your meetings -
(for example, trying to fit 15 people into a closet-sized room
that doesn’t have windows or a proper ventilation system is poor
planning on your part.)

8. Do not schedule meetings to go over routine topics - (you can
send a memo or email for this.)

9. Talk to your group and make your meetings interactive -

10. Alwaysr ask for feedback from participants and allow them to
present ideas or get involved.

These ten simple business meeting etiquette tips that
guarantee a better meeting for everyone. Follow these and you
will see results on what you covered as well as a better
attendance at future meetings.

Business Goal Setting

How many times have your decided to set a goal for your business
and set it aside because the task seemed too huge or difficult
to begin? I have seen this happen over and over so I decided to
write and article on business goal setting.

When setting your business goals it is interesting to see that
the thought process is no different than personal goal setting.
You have to clearly define your goal and write it down. Here are
7 steps that will help your business achieve th goals you are
setting for it.

- Think about the goal you want to set for business

- Write the goal down as soon as you visualize it. Writing the
goal on paper for posting on a wall or desk where you may review
it daily is very important.

- As you develop and write your goal, make room for changes and
put it on a type paper that can be easily updated as needed.
This just means you will need to be ready to revise and change
the written procedures as you move forward with the
implementation of your goal. Change is inevitable a necessity of
life.

- Start taking the steps neccessary to implement your goal.

- Be sure to write down the date you want the goal to be
completed! Also write down the time and day of the week you will
start working toward the goal!

- Begin reflecting on how you are doing working towards you
business goal. You can always make adjustments as needed.

- Develop an attitude of I will do whatever it takes. Too many
business owners set goals and then give up do to laziness or
they just get to busy to follow thru.

Business goal setting is a long term process and you are going
to have to work at it to make it happen. It's your business so
you determine the success and failure. Business goal setting is
one step that will help you fall into the success category.

Where Is Your Career Headed?

The Direction Your Career Takes Is Up To You

Does your career seem to be going nowhere fast? Is it because of the economy, your company, your boss, or your co-workers? Is it everyone's fault but your own?

Your career gets better when you make it better and that requires your participation. Circumstances can throw us off-track from time to time. But, the person
responsible for the direction of your career is you. (Even if it does not feel that way.)

Being responsible for your career sets you free. Once you are accountable, you can assess what's working, and eliminate what's not. You can make changes that need to be made because you know you are the person who can make them.

Once you take responsibility, you have no one to blame anymore. You get the control back into your career. You can move forward because you know you have to power to
do so.

So How Do You Take Responsibility For Your Career.
Follow These Five Steps Below:

1. You Decide To Be Responsible

An attitude that begins with "I don't care" or "I'll wait for things to improve on their own" can one day become a problem that is so overwhelming that you are
not sure how to deal with it. (Don't let this happen to you. If you are already overwhelmed by a complacent attitude, know that there is a way out.) If you do not
deal with your career now, you will have to deal with it later. If you are not working on your career, your career moves without direction. No direction means no goals, which means no progress.

Being responsible does not mean you are chained to your commitments. It means that you recognize that if your career is not going in the direction that you would
like it to go that it's up to you to take it in a different path.

2. You Find Someone Who You Can Help With Their Career

What? Help others? What about me?

Sometimes when we are upset about our careers we go inward. Introspection is good when it helps us regroup. Not good when all we think about is our career
problems. Looking to helps others can motivate you to take action. Helping a colleague with career challenges will give you objectivity about your situation. You'll
also get energized, inspired, and motivated. And, you'll feel better. Helping someone else will help you move forward in ways that you'd never imagine.

3. You Become Inspired

My clients ask me what inspiration means. I tell them that inspiration is an almighty force that arises from inside. It lights you up and gives you more power than
you ever expected. It's what pushes you to pick up the phone, write another letter, or send out another e-mail when you don't feel like it. Recall a time in your career when you were excited and energized because
everything was going your way. Apply that feeling to where you are now.

To become inspired, put your disappointments behind you. They serve only to hold you back. Recognize that your career will improve when you take responsibility for improving it. Inspiration will help you to change your career for the better.

4. You Create A Plan

What do you want to happen in your career? Are you crystal clear or do you have a muddied idea of where you would like to be?

You cannot get to where you want to go unless you know where you are going.

How do you know? You listen to your gut. You listen to that nagging feeling inside that won't go away. You take small steps in that direction. Will you have all of your answers up front? No. But if it feels right, it probably is right.

Create your vision. Where would you be if you could not fail? What would you do if there were no obstacles in your way? Get your vision on paper and look at it
everyday. Then, develop a plan for reaching your goal. What will you do first? Second? Third? When will you do it? Get this down on paper and use your calendar to keep you on track. Once you know what you want, the
rest is implementation.

5. You Achieve Your Goals

Goals are achieved when you are working hard towards them on a regular basis. Your goals may not be reached on your timetable (most goals are not), but trust that you will get there. Know that the work you put in today will bring the rewards you seek tomorrow.

So, what do you say? You only have one life to live, so it might as well be a life you love!

Corporate Blogging: 7 Best Practices

Blogs have become one of the hottest communication tools on the Web. Offering the opportunity for anyone to create their own free Web site, encouraging opinions and interaction, blogs provide forums for individuals to create their own highly personal presentations to the Web audience. They also provide for consortia of all types to experience the sort of online community feeling that was pioneered by early newsgroups and by the phenomenal success of AOL in the 1990s.

Blogs have reached into the corporate and government sectors as well. What started out as an outlet for teenage expression and grassroots journalism has turned into a lucrative communications tool for small and large businesses alike.

Corporate Blogging refers to a company producing or supporting a blog that it uses to accomplish business objectives. As with anything, there are certain “best practices” to be followed to ensure your company reaps the maximum benefits. These seven tips guidelines will help make your blog a success.

1. Fine Print. Blogging can lead to legal issues. Companies should have real concerns about liability, exclusions and limitations, and indemnity. Although there are laws that protect against libel, misappropriations and other injuries suffered as a result of posts on the Web, companies can still be held “vicariously” responsible for statements made by employees that are harmful to others. Since there are so many legal issues surrounding blogs, it is imperative that the site has some sort of disclaimer and limitation of liability.

2. Know What You’re Doing. Senior management should be educated by the corporate communications and legal department about what blogs are and how they might affect business. That way, they can be contributing members of the blog, further improving employee relations. Their support and participation is often what makes a blog more effective.

3. Create blogging policies. In any medium where an employee is sharing information, there is the possibility of leaking trade secrets or financial information. Blogging also has a tendency to become personal. A company should have a list of policies regarding blogging to ensure that trade secrets are kept secret and personal lives do not become public. Policies may include keeping financial information from being posted, as well as severe consequences for anyone using the blog for negative publicity.

4. Avoid the Marketing Blog. Making your blog into a blatant marketing campaign is a bad idea. Customers are looking for real answers and honest opinions. They will pick up on insincerity instantly. Use the blog for what it's for, transparency. This is an opportunity to make a real connection with your customers. Don't ruin it by filling it with empty advertising.

5. Keep It Fresh. Blogs are usually judged by their amount of new content. Easy to add on to, they are designed to be updated constantly. To keep your readers coming back, make your content relevant and timely. Don't forget, content can include anything from product releases to job openings, recent news to thoughts from the CEO. It's practically impossible to run out of material.

6. Reinforce the company’s core values. Use your blog to reflect your company's inner soul: its mission, goals and direction. A blog is just another medium by which you interact with your customers and employees. It's another part of the brand experience. It should be consistent with the impression the company wants to make.

7. Encourage employees to use it. Create an atmosphere where they are comfortable asserting their opinions and concerns. You’ll be surprised how the quietest employees will speak up when given such an opportunity. With all communication, blogging can become negative, so remind employees of the public nature of the blogs and the ramifications for their actions.

5 Secrets To Continued Music Business Success

Develop these 5 attributes of a successful music business person, and you will find yourself moving quickly toward your music business goals (and other goals in life)!

1. Thick Skin: you cannot be easily offended or hurt if you want to be successful. There will always be people who are jealous or envious or out to bring someone else down—you must develop a way to see past that and let it roll off your back, like “water off a duck’s back.”

Ducks have feathers that are tight and their density act like oil—it keeps the duck dry and warm. So when water (cold or otherwise) lands on the back of a duck, it simply rolls off. Let criticism roll off your back in a similar manner—because if you are going to be successful, you will have your share of criticism. Count on it.

2. Obedience: although this might seem strange to talk about to adults and not children, it is important to consider that in order to be a leader, you must first learn how to obey a leader. You must learn the principle of loyalty to a leader if you want to lead others.

Once you have learned how to obey and to follow directions, you can lead others and understand what commands and orders do for an organization and an individual. Consider this: 175 of the CEOs of Fortune 500 companies are former US Marines, and 27 US Presidents served in the military.

3. Courage: bravery is not courage, but you cannot have courage without being brave. Courage is the moral fortitude to stand up for your character (touched on in the last article) and to do the right thing—even in the face of adversity.

When you have courage, you follow through on your vision. It’s on display every day and only the courageous have the ability to get the most out of life. When you have the strength of your conviction, find the courage to put it in to action. You won’t be sorry you did.

4. Intolerance: not exactly what you might expect to find in an article about success, but each of us must be intolerant of any number of things: intolerant of abuse, of injustice, of the things that you know are immoral, unethical, or illegal. If there’s anything in this world you should be intolerant of, those are some of them. I hope you are an intolerant person—in the right way.

5. Sense of Humor: if you don’t have a sense of humor, you will fall flat on your face and never be someone who succeeds. A good portion of the road we walk to success is filled with blockades and potholes. If you come up against one and go down, you must have the ability to laugh at the situation and yourself. If you don’t, you will be angry and bitter about your misfortune and never move past it. Laugh at yourself and what you run up against and you’ll find your climb to the top is quicker and more enjoyable than you thought it would be.

The Keys to Buying Motivation: Unlock the Door to Sales Success

One of the key things that we teach salespeople is that your job in sales is to understand what it is that people do, and then to help them do it better. For only by understanding what people do; how they do it, why they do it that way, when they do it, and who they do it with, can you be in a position to really help them and show them what will make sense to them. Notice that the emphasis here is on the prospect: what makes sense to THEM. It’s not about what makes sense to you, or what you would like to sell them. Notice also that we’re not talking about asking prospects about their “needs,” “problems,” or “pain.”

As D.E.I. Management Group President and author, Steve Schiffman says in his book “The 250 Sales Questions to Close the Deal:”

What if I ask the person to describe pressing business problems that he or she will face in the future? What if I build my proposal around those business issues? I might get a decent picture of what is going on in that person’s world, but I will not get the whole picture. Even if you discover everything about the person’s pains, needs, and problems, you will have only learned about certain parts of their situation – the parts that are currently causing pain and problems. You won’t be getting the whole picture. What about the rest of your contact’s situation – the things that don’t fit in the categories of pain, needs, or problems? What’s going on there? If I only ask about “needs,” I don’t know – and if you’ve only been asking the types of questions mentioned above, neither do you.

Let’s explore this a bit more deeply. People will only make a decision to do something if it makes sense to them. I think that’s something we can all agree on. So how do we know what will make sense to someone we meet for the first time, or whom we don’t know all that well? That comes through asking questions and in taking a genuine interest in the people we meet with.

Many of us in sales were taught, at one time or another, that we need to be good listeners, and that we need to show we care by asking questions. Yet how many of us really do a good job at that? We are excited about our products and services – we want to jump right in and show our prospect that we have the fix for whatever ails them. We need to learn to fight that urge to “throw-up” on the prospect with our solution to their problem – for if we do this too soon in the process we’re really just guessing at what makes the most sense to them.

An understanding of basic human motivation will help you ask better questions to arrive at the ultimate plan that will make sense to your prospect. As human beings, we are all drive by two primary motivating factors; the desire to avoid pain, or the desire to gain something. Or, to put it another way – we either want to fix something that isn’t working, or we want to create a better future.

Consultant and author Mahan Khalsa in his book “Let’s Get Real or Let’s Not Play” says it well:

People who are trying to “move away from pain” will interpret issues as pain and may give us a list a problems, frustrations, and dissatisfaction. They may even use physical or emotional pain phrases like: “It’s killing us…,” “We’re bleeding…,” “It’s a pain in the neck…,” It’s a real headache…,” It’s a nightmare…,” “It’s like pulling teeth….”

People who are “moving toward gain” will interpret issues as results (i.e., objectives, goals, and outcomes). They may use phrases like” “What we’d like to see…,” “What we think is possible…,” “Our vision is…,” “What we’re excited about is…,” “Our end in mind is…,” “We’d like to create…,” etc. Their language will give us some hints about where they would like to start. We’ll just need to be aware of the language.

Our job in asking questions then, is to listen to what our prospect says and determine which mode they are operating in – listen to their language, and then ask more questions to find out more about their unique situation. In doing this, you will want to ask questions that relate to the past, the present, and the future. Asking about the past will help you determine what problems they may be dealing with that they want to fix. Asking about the present will focus in their present situation and the current “status quo”. Future based questions will give you a sense of what goals and outcomes they hope to accomplish. All of these areas are important to gain a full sense of what will makes sense to the person and of what will lead them to buy.

Every conversation is unique. You need to focus on what your contact is telling you and then follow-up with a logical question to dig deeper. Each question you ask should follow from the question and answer before it. For example, suppose you are speaking with someone and she tells you that her company plans to open 5 new locations in the next year. What will your next question be? Here are some possibilities:

• That’s great. I’m just curious, why five?
• That’s great. I’m just curious, where will they be? How did you decide on those locations?
• That’s great. What are your first year projections for those locations?
• That’s great. What kinds of challenges do you typically face when you open new locations?

You could probably come up with several other questions you could use here, but the point is that the question is squarely focused on them – and may not even have anything directly to do with your offering. Remember, your goal is to understand as much as you can about them. Through question like this you are developing a real conversation. A conversation in which your contact’s comfort and trust level will increase, and one in which you will gain real insight into what they “do” – what they hope to accomplish as well as the problems they need to solve.

Only once you’ve gained a better sense of their past, present, and future – along with problems (pain) and goals (gain) are you in a position to make a real recommendation or proposal.

Moving quickly through this step can jeopardize your opportunities to build a real relationship and to add real value to the selling situation. Take the time to truly understand what your prospect does, and you will see your sales increase!

Expand Your Business using Venture Capital

Venture capital is a possible source of funding for new,
relatively unproven enterprises that appear to have
promising futures. However, such money is often hard to
come by.


Be realistic in your quest for venture capital. Venture
capital firms expect a business to be able to return their
investment not only with interest, but with a large profit.


Many venture capital firms are affiliated with banks,
insurance companies, other financial institutions and large
corporations. Some are owned by individuals or private
groups of investors and a few are publicly held.


Once you accept venture capital, you have relinquished some
of your autonomy and accepted the understanding that the
venture capital firm will take a large share of the profits
you earn.

As an entrepreneur, you should understand the nature of a
vendor firm, before pursuing this as a financing source.
This type of investor expects a projected return on
Investment that is directly related to risk.


The greater the risk, the greater the return expected.
Typically however, an investment firm will not be
interested in getting involved with a new firm until the
business has established itself in some way, so the risk
factor can be determined.


The venture capital firm and its interest usually depends
upon the stage of the new firm's development. Once the new
firm has established itself and has a working
organizational structure, a viable business plan and start
up arrangement a venture capital firm may be interested.


However, some firms prefer a later stage of new business
development, perhaps when the new company is in its second
or third round growth state and needs more capital either
to carry out expansion plans or to tide it over until a
merger or public offering carries it to the next stage of
corporate growth.


A company's business plan serves as the primary analytical
tool for the venture capitalist. In analyzing the plan, a
venture capital firm would most likely focus on three
features.


The product or service- Investors seek product or service
innovations that give the company a strong competitive
advantage. A new idea, backed by market surveys measuring
the appeal of the product or service and its potential
market may be tempting to such investors.


Management capability- No matter how good your product or
how innovative your service, the quality and experience of
the management is a key factor in the success of your
business. The astute investor is well aware of this and
looks for solid evidence of such skill.


The industry's growth- Investors also want to be sure that
your products or services is in a growth field. A
significant or revolutionary product improvement, by
itself, may not have appeal in a declining product or
service category.


Most venture capitalists purchase common or convertible
stock rather than burden the fledgling enterprise with
interest payments on debt or debentures. They may possibly
want more than 50 percent ownership.


Additionally, while the venture capitalists may insist on
sitting on the Board of Directors or offering management
and technical advice, they are rarely interested in the day
to day management of the enterprise, unless its survival
and their investment is at stake.


Keep in mind that the minimum investment is generally from
$25,000-$1,000,000, but investment ceilings are almost
unlimited.

Comparing Ecommerce Software Programs – 5 Tips

If you’ve ever been interested in selling products online, this is certainly a great time to go into business. With more and more online users everyday, and people becoming more comfortable spending and making purchases over the internet, there is a lot of opportunity for budding entrepreneurs to tap into this market.

Once you’ve selected your market and the types of products you wish to sell, you’ll need to choose an ecommerce software program that suits your needs though. Here are a few tips to help the process along.

What type of product are you selling? If you are going to taking orders for physical products that you package and ship to your customers, the ecommerce software you need will be very different than if you are selling digital products that are delivered directly over the internet. Make certain the software allows you to offer pictures, descriptions, and choices of sizes, colors, etc… if that is what you need.

Compatibility – Be certain your server or webhost’s server is compatible with the ecommerce program you choose. Most online store’s will want to have a secure connection, so make sure your webhost provides this option too.

Payment Processor – Make certain the ecommerce software you choose can integrate with your current payment processor or the one you are planning to use. Most of the better programs allow integration with all of the popular merchant account gateways so you an quickly and easily accept and process payments via credit cards.

Support – Although there are several open source ecommerce programs that work very well for small to medium size online shops, keep in mind that paid versions will usually offer full technical support. This is an important consideration if you are serious about starting and growing your online business.

Search Engine Friendly – Many newer ecommerce software programs are search engine friendly. That means they create addresses and ecommerce websites that search engines like google and yahoo can easily ‘read’ to see what’s in your store. This will increase your chances of your store getting listed in the search engines, possibly providing you with free traffic and more potential customers.

We hope these tips will help make your choice of ecommerce software and bit easier.

Good luck with your new online venture!

Investing In Son's Business Could Cause A Real Family Feud

Q: My youngest son wants to borrow $5,000 to start his own business. My wife is afraid to tell him no. She thinks we should just give him the money and not expect anything in return. I disagree. He doesn't have a very good track record with money, so I'm a little worried that my investment will be lost. Should I loan him the money and hope for the best or just tell him no and hope he doesn't get too upset?

A: The first thing you need to do, Jeff, is determine if this money would be offered to your son in the form of a gift, loan or investment. The very wording of your question tells me that you have not yet made that all-important distinction.

It sounds like your wife wants to make a gift of the money, expecting nothing in return but the undying love of her last born son.

You, on the other hand, don't know if you should offer the money as a loan (should I loan him the money) or as an investment (worried that my investment will be lost).

Until you can make that distinction, your money should remain in the bank.

I have a very simple rule when it comes to loaning money to relatives: NEVER, EVER loan money to anyone you might have to sit next to at Thanksgiving dinner.

"Son, pass me that dressing and tell everybody the story of how you blew your old dad's retirement money..."

A loan from a relative is no different than a loan from a bank. You, Mr. Banker, are giving your son, Mr. Borrower, the use of your money for a specific period of time and you fully expect the loan to be paid back under specific terms, even if his business goes south. Sure, you will probably be a little more forgiving than a bank when the loan goes unpaid, but the damage to your personal relationship could be extreme and hard to repair.

In the most basic of terms if you loan your son the money you become the creditor and he becomes the debtor. Have you ever heard of a creditor and debtor having a very good relationship? Has Visa ever called you up just to ask how you're doing? Has your mortgage company ever named a kid after you? Probably not.

The same rule applies with investing in a relative's business. I have raised money for several business ventures and not once did I ever think about asking my relatives to chip in. The last thing I'd ever want to do is lose my mother's yard sale money. I'd never hear the end of it!

An investment is made with the understanding that your money is totally at risk with no guarantee of return. Even under the best of conditions an investment in any business is a gamble. You are betting your money that the business will be successful and that you will get a payback at some point in the future.

Hug your money real tight before making the investment, because if the business doesn't make it, you will never see your money again.

You and your wife also seem very worried about making your son mad, which raises another huge red flag for me. If your son isn't mature enough to take the word "no" without getting upset, he's certainly not mature enough to start and run a business. Unless that business is a bicycle paper route, and even then I wouldn't put my money on his chances of success.

The bottom line is this: if you can afford to give your son the money and can do so without attaching strings to it, then by all means give him the money and wish him well. Encourage his entrepreneurial spirit and support him as a parent should.

Do not, however, expect anything in return and never bring up the money again, especially if he's the one carving the turkey on Thanksgiving Day.

Here's to your success!

Franchises Offer Shortcuts, But Not Control

Q: I will be retiring this year at age 60 and intend to fulfill my lifelong dream of owning my own business. I'm too old to start from scratch, so I'm looking at several franchise opportunities, including fast food, auto parts, and an accounting service. What should I consider before choosing one? Anthony R.

A: Congratulations on the retirement, Anthony, and on the new business venture. As the old adage goes, when one door closes, a drive-through window often opens (or something like that).

Given the franchise types you are considering the first thing you should ask yourself is whether or not you want to spend your golden years cooking fries, selling mufflers, or doing taxes.

Franchising can be a great way to start a business career, but you should make sure you're not just trading one job for another. Unless you plan on being an absentee owner, which I highly discourage, you are gong to be working in the business just as an employee would, so be sure the business you choose doesn't turn your lifelong dream into a never-ending nightmare.

The primary advantage of buying into a franchise system is that it allows you to enter business quicker with a proven system, while minimizing risk and increases the odds for success.

The primary disadvantage is that you give up considerable freedom in how the business operates. In many ways franchisees are not really their own bosses because they are required to follow the rules set down by the franchisor.

Many franchise owners also quickly tire of asking: "Do you want fries with that?" and become absentee owners, which usually leads to the business being sold or shut down.

No matter what franchise you're considering, you should ask yourself the following questions before making a decision:

* Do you have past experience that pertains to the type of franchise you're thinking about buying?
* Are you prepared to work long, hard hours?
* Are you an effective manager?
* Are you willing to share your revenue with the franchisor?
* Are you willing to follow the franchisor's rules and regulations?
* And the biggie: do you have access to the necessary capital to invest in the franchise?

The big franchises like McDonald's and Midas Muffler can cost hundreds of thousands of dollars to buy into, but unless you are a total business savant, the franchise is virtually guaranteed to succeed.

It's true that even a McDonald's closes on occasion. Roy Croc spins in its grave when it happens, but happen it does, so keep that in mind. There are thousands of lower cost franchises that you can buy into, but the lower the investment typically means the risk of success is higher.

As a rule, franchise operations are generally more successful than independent startups because they have a proven concept, a ready market, an established customer base, and a business model that can be replicated over and over again. Less than 5f franchises fail during the first few years as compared to an 80ailure rate of independent ventures.

Many people have done very well as franchisees and often end up with multiple franchise operations. Adversely, many have not done so well because they bought into a franchise system that either was not all it was purported to be or they discovered that they did not fit into the franchisee's mold.

The key is to pick the franchise system that is right for you. Here are a few tips to help you do just that:

* Purchase a franchise that complements your skills, work experiences, and interests. Don't start a business in a field that is totally foreign to you.

* Plan on becoming an owner-operator versus an absentee owner. Absentee owners lose control and interest quickly and the franchise suffers because of it.

* Gather as much information as you can about the franchises you are interested in. You are considering investing a lot of money to buy into a system, so know who you are dealing with and what you are paying for.

* Experience the product or service firsthand, as a customer would. If you don't like the service you get at McDonald's, don't invest in a franchise thinking you can fix their problems and run things better. You can't and you won't.

* Interview other franchisees to gauge the franchisee satisfaction level.

* Ask how many franchises have closed and for what reason.

* Ask about initial and long-term training and support.

* Make sure the franchisor is profitable and financially sound.

* Finally, do your due diligence. Request a disclosure document that includes in-depth information about the franchisor and if a franchisor refuses to produce such a document, take that as a huge red flag and mark them off your list.

The Product Creation Ideas, Secrets, Tips, And Tricks! Part 2 Of 2

Have you ever wondered how some people can turn out product after product with such easy? Have you thought these people were born with product creation ideas gene that you lack?

Thank your lucky stars that you found this article. In this article, I uncover some of the product creation ideas, secrets, tips, and tricks the Master product creators use. The article will help you create your own products.

After you master these ideas, secrets, tips, and tricks, you can begin to create your own products on demand. With A little practice, you can join the ranks of the Master product creators on the Internet.

In order no make this article too long, I have broken the article into 2 parts. You can get part 1 on my website: (See my resource box)

To start you on the road of product creation, below are the things you need to do.

6. Reincarnate an older product. Maybe you have a book that's out of print and is no longer being sold. You could change the title, design a new front cover, and bring some of the old content up to date.

The so called internet gurus have made fortunes doing this. Some of them resurfaced old direct marketing systems and brought them online. And they continue to do it today with great success.

7. Ask your current customers. You could contact some of your existing customers by phone or e-mail and ask them what kind of new products they would like to see on the market.

This is chance to connect with your customers. They will appreciate the fact that you sought their view.

8. Combine two or more products together to create a new one. For example, you could package 2 e-books together to make a package that compliment each other.

You can also do this with software. One of the best selling software package on the internet was done using this method.

9. Survey the people who visit your web site. You could post a survey or questionnaire on your web site. Ask visitors what kind of products they would like to see on the market.

This is another great way to connect with your customers. It’s always nice to offer them a freebie in return for their taking the survey.

10. You could create a new market for your existing product. For example, if you're selling plastic bottles to a pop company, you could turn around and sell those bottles to a fruit drink company.

The concept here is not just restricted to online or digital products. Think of all kinds of ways to get an idea and make money with it.

I hope the ideas, secrets, tips, and tricks presented here will get your creative juices going. The more you use them, the more they’ll become second nature to you.