America's Most Promising Social Entrepreneurs: Readers Vote

Three weeks ago, we posted profiles of 25 social ventures on this blog and asked readers to vote for the one they felt held the most promise. The profiles were part of our second annual round-up of businesses from across the country that aim to both turn a profit and do social good.

Now, nearly 4,500 votes later, the results are in.

No. 1. Hello Rewind took top spot, with about 17 percent of the vote. The New York City-based company makes custom sleeves for laptops out of old t-shirts, but its underlying mission is to help sex trafficking victims prepare for jobs.

No. 2 Morrisville, N.C.-based insurer The Redwoods Group pulled in just under 16 percent of the vote. Its founder, Kevin Trapani, says he started the company to cater to organizations like YMCAs, which are underserved by most insurers.

No. 3, No. 4, and No. 5 With just over 13 percent of the vote, Philadelphia biodiesel equipment maker BlackGold Biofuels took third spot. Rural development bank Southern Bancorp and Palo Alto, Calif. irrigation systems maker Driptech, shared the fourth, with 8.5 percent of the vote each. Cambridge, Mass.-based Global Cycle Solutions, which makes bicycle attachments intended for farmers in the developing world, took fifth, with 7.5 percent.

Hearty congratulations, all. You can read profiles on each of the top vote-getters as well as the rest of the finalists in our slide show.

Be sure to check our blog for follow-ups on this year’s alums, and keep your eyes peeled for candidates for next year’s roundup.

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America's Most Promising Social Entrepreneurs

Social entrepreneurship isn’t a niche corner of the business world anymore. The idea of using business to create social and environmental value alongside profits has reached nearly every sector of the economy—and that breadth is evident in Bloomberg Businessweek’s second annual U.S. roundup of promising social entrepreneurs.

The 25 finalists profiled in this slide show, culled from more than 200 reader suggestions, include entrepreneurs in insurance, banking, pharmaceuticals, and construction, as well as more conventional social enterprises like organic farms and fair-trade coffee companies. Other entrepreneurs have found opportunity in helping traditional businesses—including titans like Wal-Mart—increase their impact. The companies in our round-up range from fresh startups to established, multimillion-dollar enterprises. All share a commitment to using business to create a broader benefit.

While the idea of “blended value” companies that mix profits and purpose is clearly catching on, not everyone is convinced it’s a good one. Muhammad Yunus, the microfinance pioneer who founded Grameen Bank, argues that when entrepreneurs try to make money and impact, they often compromise their missions for profits. In a new book, Building Social Business, Yunus calls for a new type of company that employs business methods to create social change, without founders taking profit out of it. He challenges what has become conventional wisdom among social entrepreneurs: That businesses can be dedicated to both private profits and public benefits. Read an excerpt here.

Social entrepreneurs are trying to prove that they can. Take a look through our round-up to see how. Then vote on the one you think is most promising. We’ll publish readers’ top five selections on June 29.

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Entrepreneurs - 2 Simple Questions Will Determine Whether IP Strategy is Critical to Your Business

Intellectual property ("IP") is often a subject that is "out of sight, out of mind" for entrepreneurs who are launching new business ventures. And, why shouldn't it be: business schools rarely teach much about law in general, let alone about the highly specialized world of IP law. Since non-business school trained entrepreneurs generally take their cues from the methods of their colleagues, it can be said that a significant majority of entrepreneurs do not consider IP to comprise a necessary step when they are formulating their business plans. My conversations with entrepreneurs over the years bears this out.

When IP does form a fundamental basis of an entrepreneur's new venture, it is likely because scientific or technical subject matter forms the basis of the business. In this context, it makes sense that the scientific or technical subject matter core of the business model must be protected by seeking patent protection. In my opinion, this is a far too narrow view of when a new entrepreneurial concept requires IP protection, however.

Put simply, an entrepreneur needs more than a yes or no decision centering on whether she should obtain one or more patents to protect her idea. Rather, prior to launching her new business venture, an entrepreneur must develop and execute on a business strategy focused on determining whether she needs to pursue IP protection in order to meet her goals.

While IP can seem somewhat arcane and impenetrable to people who have not been trained in this specialized legal area, fortunately, formulation of a strategy requires an entrepreneur to ask just two simple questions:

What aspects of my business model differentiate me from my competitors?
Would I find it difficult to meet my goal and obtain my desired payback if someone copied the differentiated aspects of my business model?

With regard to the first question, most entrepreneurs should find it easy to define the differentiated aspects of their strategy. Indeed, the large majority of business models will be based upon one or more perceived needs in a particular market that are not being met by competitors. These one or more differentiators serve as the competitive advantage provided by the entrepreneur's model and serve as the reason that she seeks to develop the business in the first place.

As for the second question, most entrepreneurs will agree that it would be difficult for them to succeed in their goals if a competitor were able to copy the differentiated aspects of their business models. In answering "yes" to each of these questions, the entrepreneur should understand that an executable IP strategy should form an essential aspect of their business plan preparation.

It is important to clarify here exactly what I mean by "IP strategy." Significantly, IP strategy does not necessarily mean that the entrepreneur's end goal is to obtain enforceable IP rights, whether a patent or otherwise. Rather, an IP strategy centers on understanding whether and how protection of the differentiated aspects of the business model will enhance the enterpreneur's ability to achieve her goals.

With regard to patents, the IP strategy may indicate that it may not be cost effective to obtain a patent, but that filing of an application may nonetheless provide significant competitive protection. For example, because it takes many years and significant expense to see a patent through to the end in most technologies, it would not make sense for an entrepreneur to seek rights when the business model is expected to significantly evolve over time. In this instance, by the time the patent issues, it likely will not actually cover the products, technology or services of the company. Even so, the IP strategy may indicate that it would nonetheless be valuable for the entrepreneur to provide her competitors with the perception that she is seeking to obtain a patent on some aspect of the business model.

To this end, the entrepreneur might wish to file an application with the full expectation that it may not issue as a patent. Such a filing will allow the entrepreneur to advertise that her business involves "patent pending" technology. I have found that in some industries the use of "patent pending" can assist in keeping competition at bay and can substantially assist in a company's marketing efforts. This "patent pending" IP strategy can be accomplished fairly cheaply if undertaken by a strategically focused IP attorney. The end goal with such an IP strategy is not to obtain an enforceable rights at the end but, rather, to leverage the "patent pending" to potentially reduce competition or give a product or service greater marketplace cache.

Moreover, by applying an under-utilized provision of US patent law, the entrepreneur can request that the application remain unpublished, a technique that will effectively keep her competitor in the dark about what she may be seeking protection on and whether she is likely to prevail. The uncertainty afforded by the unpublished application may be enough to keep potential competition away from the entrepreneur's growing business. Thus, the end goal of this IP strategy effectively serves as a shield against competition, rather than a sword.

Another way for an entrepreneur to use IP strategy to protect the differentiated aspects of her business model is to include brand equity development in the earliest stages of the launch of the venture. This brand equity must be associated with strategic trademark and service mark filings. As the business becomes more successful, consumers will increasingly associate the strong brand with the entrepreneur's product, technology or service. Successful strategic protection of a brand will hopefully result in the entrepreneur's solution being the go-to brand.

One example of an entrepreneur's establishing immeasurable value from developing brand equity is the LifeLocki dentity theft prevention product. This company was not the first to offer a product of this type; rather, it was the first to offer a $1MM guarantee that a purchaser would not experience identity theft as long as she paid $10 a month to LifeLock. Interestingly, LifeLock provides identity theft protection services in ways analogous to those of its competitors, both those coming before and after. This guarantee served as the basis of LifeLock's competitive differentiation.

Notably, the LifeLock guarantee could not be protected by a patent. Instead, LifeLock's owner (Todd Davis) decided to advertise the guarantee and build his company's brand equity around it. To this end, Mr. Davis flooded the airwaves with commercials in which he recited his social security number as proof that his company's product was foolproof--so foolproof, in fact, that he was willing to give the $1MM guarantee. Today, it is likely hard for many potential purchasers of identity theft protection products to think of going anywhere else than the company "where the owner tells us his social security number." The entrepreneurs responsible for the successful launch of LifeLock realized that the guarantee made them different from their competitors and made sure that the company's marketing strategy was focused toward ensuring that the public associated that guarantee only with LifeLock.

There are many other ways for an entrepreneur to protect the differentiated aspects of her business model from competition using IP strategy. Further illustrative examples include strategic agreements and first mover advantage. Indeed, there are likely as many ways to protect a business model from competition as there are business models. The key is for entrepreneurs to fully engage with the need to include IP strategy in their business plans and to ensure that they execute on that IP strategy. Put simply, IP strategy is not about getting IP as an ultimate end goal. Rather, IP strategy can ensure that the entrepreneur's business model not only provides a competitive advantage but that is also sustainable.

"It's not just about getting IP, it's about getting IP that makes you money." Jackie Hutter is Principal of The Hutter Group (http://www.JackieHutter.com), a leading provider of strategic IP ("Intellectual Property") business counseling to organizations and entrepreneurs that wish create and maximize asset value by capitalizing on the power of IP in today's market. Jackie has also founded Patent MatchMaker (http://www.PatentMatchMaker.com) to assist companies and entrepreneurs to identify opportunities to sell their patents. She has over 13 years experience counseling innovation-driven companies, universities and business development and investment professionals in maximizing their firm intellectual asset value. Jackie was named a SuperLawyer(R) in Intellectual Property in Georgia in 2004, and she has been a frequent speaker on IP issues to her fellow lawyers. Jackie was formerly Senior Patent Counsel at a Georgia-Pacific LLC, where she had sole responsible for Dixie(R) patent matters and, later, the company's Chemicals business. Prior to joining Georgia-Pacific, Jackie was a shareholder at the prestigious IP firm of Needle & Rosenberg, PC (now Ballard & Spahr), where she represented multi-national companies, universities and innovators in protecting their IP to create maximum asset value. Jackie has also been a patent and IP litigator, which gives her a unique perspective in how to maximize firm IP value by avoiding litigation. Prior to attending law school on a full academic scholarship and where she graduated with honors, Jackie obtained her M.S. in Pharmaceutical Sciences and she spent several years as practicing chemist at Helene Curtis (now Unilever). She is a named inventor on one U.S. patent. Jackie lives in Decatur, Georgia, in a groovy mid-Century modern house with her husband, 2 daughters and several pets.

What Drives Entrepreneurs to Create Something Out of Nothing?

Despite difficult challenges, entrepreneurs are "the engines of growth" that are transforming the American economy. According to the Small Business Administration, entrepreneurs start more than 600,000 businesses in the United States every year.

How important are small businesses to the U.S. economy?

Let me share with you some of the most recent information (September, 2009) published by the U.S. Small Business Administration's Office of Advocacy. Small businesses...

? Represent 99.7% of all employer firms.

? Employ just over half of all private sector employees.

? Pay 44% of total U.S. private payroll.

? Generate 64% (net) of new jobs over the past 15 years.

? Create more than 50% of the nonfarm private gross domes?tic product (GDP).

? Hire 40% of high tech workers, such as scientists, engineers, and computer programmers.

? Are 52% home-based and 2 percent franchises.

? Produce 13 times more patents per employee than large patenting firms.

Since small businesses have such an important impact on the business cycle, what drives entrepreneurs to create something, out of nothing? For that matter, what is an entrepreneur, and what makes him or her tick? Consider Sam Walton, one of the greatest entrepreneur's of the 20th century who once said, "I have always been driven to buck the system, to innovate, and to take things beyond a place where they've been."

What is an entrepreneur?

The French word, entrepreneur, means an enterpriser. An enterpriser is person who undertakes an enterprise or business, with the chance of profit or loss. An entrepreneur is an individual who uses venture capital to start and finance a new enterprise, and who assumes the financial risks associated with owning, operating, and managing a enterprise.

Entrepreneurs come in many varieties and tend to develop innovations and create jobs. As a result, according to the SBA, they are vital to a stable and robust American economy. While many consider entrepreneurs to be visionaries, dreamers, and charismatic leaders, not all entrepreneurs share these characteristics.

Most entrepreneurs are individuals who march to their own drums, and who have the drive, determination, and perseverance to bring ideas and opportunities to life. Entrepreneurs usually have a clear, communicable vision, a passion for their areas of interest, the motivation to take their vision to market, and the perseverance to continue in spite of obstacles and setbacks.

The entrepreneurs are, without a doubt, horses of a different breed. Entrepreneurs are mavericks with vision and determination to create a company that takes the vision to market.

Entrepreneurs, as a group, want to architect and control their own destinies. They are inspired to launch their own business ventures and are driven to identify and exploit high-potential, business opportunities. They are typically obsessed with all aspects of their chosen area of expertise. Entrepreneurs have an itch to create a new life, be their own boss, follow their own path, and shed the constraints of the 9-to-5 work world.

Entrepreneurs move on ideas-ideas that are often generated by a flash of inspiration and that are frequently overlooked by others. Entrepreneurs are able to change directions quickly as conditions evolve. They can navigate transitions, tolerate uncertainty, and can balance continuity with change. Most importantly, they are tenacious! They follow projects through to completion and do not give up easily, even in the toughest of times.

What drives a person to start an entrepreneurial journey?

There are as many reasons that individuals start new businesses as there are people... Although motivations vary from individual to individual, the most common driver that individuals cite as their reason for starting a new enterprise is their desire for independence. Entrepreneurs want to be autonomous. They want to have the freedom to act independently in achieving their desires and goals.

Entrepreneurs also start businesses for many other reasons. Here are a few additional reasons:

? Sense of accomplishment: Entrepreneurs have the need to achieve and experience a sense of accomplishment.

? Innovation/Invention: Entrepreneurs have a drive to invent new products, services, processes, markets or opportunities, and to create new rules of competition.

? Career transition: Entrepreneurs often make career transitions upon job laid off, downsizing, out sourcing, retirement, or the desire for independence.

? Recognition: Entrepreneurs hunger for: status, power, or recognition for the value of an idea or an enterprise.

? Wealth building: Although entrepreneurs may become wealthy individuals, entrepreneurs typically do not consider wealth creation as their primary goal - wealth creation presents itself as the byproduct of the entrepreneurial adventure.

? Principles: Many entrepreneurs are driven to build businesses that are governed by deeply-held principles and values that contribute to their community and to society as well.

What motivates an entrepreneur is the drive to control his own schedule, manage his own workload, and steward his own destiny. Entrepreneurs want to envision a future where they are doing what they love to do!

Terry H. Hill is an author, consultant, trainer, mentor, and the founder & managing partner of Legacy Associates, Inc., a business consulting firm based in Sarasota, Florida. Legacy is the parent company of the online small business, entrepreneurship, and management training website, http://www.TrainingforEntrepreneurs.com.

A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.

12 Traits of Highly Successful Entrepreneurs

What are the traits of successful entrepreneurs that set them apart from everyone else? What trait do entrepreneurs like Bill Gates, Steve Jobs, Lawrence Ellison and Richard Branson have that the ordinary entrepreneurs don't? All these questions are going to be answered in this article.

After understudying the lives of these great entrepreneurs, I was able to pinpoint 12 traits that make them successful. Without wasting your time, below are the 12 traits of successful entrepreneurs:

1. Successful Entrepreneurs are proactive learners

Entrepreneurship is a life long process and successful entrepreneurs know this. Things change so fast in the business world; you could be an innovation today and become obsolete tomorrow. To stay on course and adapt swiftly to the ever changing trend, they keep studying and learning.

They read industrial journals, books and magazines. They attend seminars and update themselves regularly with the latest industrial trend. Successful entrepreneurs know that their cup is never full; they know that they don't have the right answers to all questions. So they humble themselves and learn when availed the opportunity.

2. They thrive on risk

I have never seen a successful entrepreneur who rose to the pinnacle of success without a measurable amount of risk. Successful entrepreneurs are risk takers; they risk their time, energy and resources with the hope of building a strong business. If they fail, they risk losing everything they've ever owned. Risk is the main reason many employees fail to start a business.

3. They work for free

Working for free is one of the traits of successful entrepreneurs that set them apart from others. It's hard to find individuals who will be willing to work for free, without pay for many years but successful entrepreneurs do this. They work on their business for many years without pay.

Being an entrepreneur, I can attest to this trait because i have built businesses without getting a dime from them for some years. All profits generated are re-invested into the business. To be a successful entrepreneur, you must always bear in mind that you are not building a job for monthly pay. Instead, you are building an asset that can generate residual income for you and add value to humanity in the coming years.

4. They work longer hours than employees

Successful entrepreneurs are known for their extraordinary resilience and long standing commitment to the course of building a business. Building a business is never easy and it requires time and dedication. Some entrepreneurs are known to work for 70 - 80 hours per week while average employees work less than that.

So if you are going to join their league, then you definitely need to develop the trait of working longer hours than normal.

5. They learn quickly from mistakes

Of all the traits of successful entrepreneurs, this one interests me the most. Many individuals shy away from the game of entrepreneurship because of the fear of making mistakes. They perceive mistakes as bad because mistakes sometimes cost money and pain; so they avoid it like a plague. But great entrepreneurs see mistakes as a learning tool; they see it as an opportunity to learn something new.

"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." - Henry Ford

They make mistakes in business but they don't quit. They know mistakes are part of the process of entrepreneurship, so they learn quickly from these mistakes and move on.

"Excuses cost a dime and that's why the poor can afford a lot of it." - Robert kiyosaki

6. They have the ability to run on debt

As a rule of life, we are all indebted to someone in one way or the other. With respect to building a business, i have never seen a successful entrepreneur that hasn't been in debt. Everyone owes but these set of entrepreneurs know how to use debt to their advantage, they know how to use debt as an instrument and leverage to build a business and get richer.

"Be careful when you take on debt. If you take on debt personally, make sure it is small. If you take on large debt, make sure someone else is paying for it." - Rich Dad

7. They are accountable and responsible

Successful entrepreneurs are accountable and responsible for the failure or success of business. They shoulder the responsibility of piloting the business through its trying times. If they succeed, it becomes a plus to them but if they fail, they will be held responsible.

8. They thrive on criticism

Another trait successful entrepreneurs share in common is the ability to forge ahead in the face of criticism. Building a business comes with its own challenges; as the entrepreneur, you are bound to be loved and hated by the public. But they always devise a means to use every bit of criticism to make themselves better and stronger.

"When everything seems to be going against you, remember that the airplane takes off against the wind, not with it." Henry Ford

"Sometimes, i think my most important job as a CEO is to listen for bad news. If you don't act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end." - Bill Gates

9. They are ambitious

Ambition is one of the traits of successful entrepreneurs. Successful entrepreneurs think big and do things big. They are never satisfied with their current achievement; they believe there is always room for constant improvement and they go for it.

Take a look at Mukesh Ambani's achievement in building Reliance Group; the world's largest refinery. Lakshmi Mittal built Mittal Steel, the world's largest steel producer. Look at Larry Ellison's ambition to surmount Microsoft. In generality, entrepreneurs are very ambitious personalities.

10. They are opportunist

This is another trait of successful entrepreneurs. They share a common ability to see opportunities, where others see problems. They know that behind every problem lies an opportunity. Great entrepreneurs are the drivers of creativity and innovation.

"The way to make money is to buy when blood is running in the streets." - John D. Rockefeller

11. They are great leaders

Successful entrepreneurs are great leaders with a proven leadership strategy. They possess the ability to bring out the best in their employees. They inspire creativity and foster innovation. They also have the ability to hire and lead smarter individuals.

"Good leadership consists of showing average people how to do the work of superior people." - John D. Rockefeller

12. Successful entrepreneurs are team players

"I want to start my own business," 'I want to be my own boss,' 'I want to do this my own way.' These are the words I often hear from would be entrepreneurs. Successful entrepreneurs know that entrepreneurship and investing are team sports. So therefore; they never work alone, they join forces with other entrepreneurs and professional advisers to build a stronger business.

"Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work." - Ajaero Tony Martins

In conclusion, these are the 12 traits of successful entrepreneurs which you must possess to succeed. These entrepreneurs were not born with these traits, they developed them over time. You can also develop these traits if only you are willing.

Discover the underground Untold Secrets to Becoming a Billionaire from scratch like the Drop out Billionaires

An Internet Business Opportunity Entrepreneurs Reality Check - Entrpreneurship

So you want to learn the internet business marketing secrets to make money by starting an internet business? Do you feel like an internet business entrepreneur that is just waiting for the best opportunity to strike it rich with? You know that the internet is a hot money market and you want to get your share! If there's money to be made, you'll find a way to make it! The only things you need are an income source, and the resources to market it. Once you have them, it's all downhill from there!!

...Right?

Well, let's take a brutally honest approach to analyzing your hopes of being an internet business entrepreneur. There are thousands of other entrepreneurs out there just like you who are just waiting for the chance to start their own internet business and make an insane income from the internet. That's alright though, because any good internet business entrepreneur knows that there is always a way to make money out there.

The beginnings of any entrepreneur's business are what ultimately what define their long term success. This not only applies to any successful internet business entrepreneur, but to any entrepreneur in history. That's right! I'm not even speaking specifically about our modern culture! Throughout human history, entrepreneurship has been always centered on one basic, broad concept. We hear all too often today, but rarely give it a second thought. Here is the golden rule for any entrepreneur, whether an internet business entrepreneur, a small business owner, or perhaps even an entrepreneur who is looking for the chance to start a business.

Entrepreneurship comes down to the ability of finding a need of the people and filling it.

We all know this is common knowledge. However, what happens all too often with internet business entrepreneurs is that they get caught up in the hype of a last chance offer or internet business opportunity, and forget to question if it fits the definition of entrepreneurship. Now, I'm not saying you can't be successful with these things. The problem is that entrepreneurs get hyped up in thinking they're all set for wealth because they have the best internet business program out there. They know that all they need to do is execute the pre-written plan they were given to achieve success. They may very well make money with any given internet business opportunity. Then, after a little success, they tend to convince themselves that they have become a true internet business entrepreneur and have accomplished exactly what they set out to do originally.

Well, if they were successful, what's wrong with thinking that?

The problem is that they have diluted the idea of being an internet business entrepreneur so far that it would be unfair to even consider them an entrepreneur. They may have had some success, but were they really an entrepreneur? This is where the men separate from the boys.

They are not entrepreneurs they better fit the definition of an Opportunist.

So what? They were successful right? What's the difference anyway?

The difference is this: Entrepreneurs find the need and fill it. Opportunists fill the need, but weren't the ones to find it. Now, when someone hears the word "opportunist," it usually carries a bad connotation. This is not the case. Opportunists are simply different than entrepreneurs. No one ever said they were less successful than entrepreneurs.

If you don't agree, think about the very famous, successful man we all know is without a doubt the world's greatest opportunist. Who would that be? Here are a few hints. He didn't find the need, but he knew two entrepreneurs who found the need. He even worked for the entrepreneurs who filled one of the biggest needs in history. He didn't even invent the product that filled this need, but most people who use this product don't know that. Do you know who it is yet? Here are a couple obvious hints. To this day, his products are inferior to his competitors', but he still leads the industry. He made his wealth through quality marketing, not a quality product. If you still don't know, here is the giveaway: He is the richest man in the world! Bill Gates, of course! Bill Gates is the greatest opportunist in history. But he still wasn't an entrepreneur.

So what? He's the richest man alive!

Yes, he certainly is. But that doesn't make him an entrepreneur. Steven Jobs and Steven Wozniak are the real entrepreneurs of the Computer Industry. They both are successful, but they were caught off guard by an opportunist with a vision. They could have very well had a virtual monopoly on computers to this day, but an opportunist stole it from them.

Alright...Well what's so good about being an Entrepreneur then?

Well... Umm... it sounds good to say you're an entrepreneur? No, that can't be it. Uhh... Everyone wants to be an entrepreneur? No, that's not it either.

The brutally honest truth is that being an entrepreneur is not all that it's played up to be. It involves a high risk of failure, and the bottom line is most people aren't going to take that chance. Also, it's good to remember that there is absolutely nothing wrong with being an opportunist. Sure, you'll have to factor in your own ethics. But, speaking monetarily, there is nothing wrong with being an opportunist.

With almost every entrepreneur we know of, there are opportunists that follow. Michael Dell founded Dell Computers on the idea that people would want computers built to their custom specifications. He was and still is very successful with this. Soon, Hewlett Packard, Compaq, Gateway, and many more adopted his principles into their business models. Many people would label what you now know as opportunists to be entrepreneurs.

Many people who declare themselves "internet business entrepreneurs" are really internet business opportunists. Many successful network marketers would call themselves entrepreneurs, but they are really network marketing opportunists. The real entrepreneur is individual that came up with the idea of network marketing. He found a need for a business model that would utilize ambitious individuals who had no product to sell on their own, but still sought a way to earn an income through marketing a product.

Entrepreneurship is one of the many subjects of common knowledge that few people think twice about. There are thousands of people out there who say want to be entrepreneurs that don't even know how to define "entrepreneur!" If that entire group was to eventually find success in internet business or any business at all, the chances of the majority of them becoming a true entrepreneur are very small. I would estimate that about 98% of them, if successful in the long run, are opportunists and not entrepreneurs.

Any given successful entrepreneur knows the concept described in this article all too well. That's most likely because at some point, they lost some aspect of business to an opportunist who picked up on what need they are filling and how they are doing it. Steven Jobs and Steven Wozniak would be able to describe in detail the shear frustration of this.

So if you really do believe that you want to be an entrepreneur, think about the golden rule. What is the need you will fill and how will you fill it? If you can come up with some answers for those two questions, you very well may be on your way to success. Don't forget to get a patent, trademark, and/or copyright though!

*On a personal note, I will take a shot in the dark and say that you're probably wondering what right I have to speak so bluntly about this subject. Maybe you're wondering what my experience and qualifications are. Perhaps you're ever curious about my own entrepreneurial endeavors. I'm not going to come out and spill the details of my entrepreneurial endeavors, but take a good look at this article and the information presented, and how it is presented. Maybe you can figure it out!

If you liked this article, read my previously published articles at [http://SearchWarp.com/swa15519.htm] and- Please visit my website http://www.SuccessForFreedom.com to check out the honest opportunities I offer. I am building a team of dedicated, driven, and honest people who want to make a solid income working from home. We are building a community of honest network marketers, so please come join! Hear what other honest people have to say about working from home! http://www.SuccessForFreedom.com

28 Things All Entrepreneurs Do and Don't Do

I was once asked just what is the thing that successful entrepreneurs do, or don't do. It got me to thinking real hard about what it is that sets entrepreneurs apart from those who'd like to be. Here are 28 things ALL entrepreneurs DO and DON'T do:

1. Entrepreneurs pay attention to the new opportunities that present themselves everyday.

2. Entrepreneurs don't stop because they don't know how to do something. They delegate tasks to people who are more gifted to perform the things you can't, or learn to do them. They don't re-invent the wheel if its not needed.

3. Entrepreneurs aren't afraid of change or new things, so they try, investigate and willing risk making mistakes.

4. Entrepreneurs set realistic goals daily as well as for the long term.5. Entrepreneurs study the background information of what they're marketing so they can become experts in a filed they wouldn't normally have any expertise in.6. Entrepreneurs study other peoples' mistakes and successes and learn from them.

7. Entrepreneurs realize that they're running a long term business, not a get rich quick venture. They think and plan for he future.

8. Entrepreneurs don't let problems stop them from reaching a goal. They learn new things from road blocks and hurdles.

9. Entrepreneurs are professional, thoughtful in their communication and to the point. They don't give people fluff or false hope.

10. Entrepreneurs are real with who they are and understand their own personality. They know their strengths and weaknesses.

11. Entrepreneurs use their resources and time wisely, while learning to make room for taking risks.12. Entrepreneurs don't get frustrated if something takes longer than expected. They always focus on the goal.

13. Entrepreneurs know that there are many parts of entrepreneurship that WILL NOT be fun, but they do them anyway.

14. Entrepreneurs learn to move on to new projects. They don't get attached to something that isn't working or is using too many resources.

15. Entrepreneurs don't give away their best information upfront. They understand how to pace what they bring to market.

16. Entrepreneurs remove things that distract them or take their mind off the goal.

17. Entrepreneurs don't have pre-determined or fixed ideas about how something will end up. They are flexible and try new things.

18. Entrepreneurs are honest with others and themselves. They earn the trust of their following by being trustworthy.

19. Entrepreneurs don't make decisions on whether or not something is enjoyable. They think about what their target wants.

20. Entrepreneurs are always making new products or ventures. They are constantly exploring new options without get wrapped up in one thing. They can get out of their own box.

21. Entrepreneurs don't take things personally.

22. Entrepreneurs run their business the way they want, while always being open to advice. They can understand that no one person can possibly know everything.

23. Entrepreneurs are proactive with their decision making. They DO what they DREAM.

24. Entrepreneurs are prepared for long hours and lots of work because they know that success does not occur overnight, or on its own.

25. Entrepreneurs incorporate ideas and products that they know already work.

26. Entrepreneurs know how to delegate tasks to other more gifted than themselves. They know how to let go of something and let another person get add their own style, twist or flavor to it.

27. Entrepreneurs learn about who they are marketing to and craft their communication accordingly.

28. Entrepreneurs welcome feedback and criticism from those who matter the most: their customers.

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Entrepreneurs Often Make These 3 Big Financial Blunders - Are YOU One of Them?

Entrepreneurs are some of the savviest people on the planet, aren't they? They know how to find economic opportunities that most don't even know exist. Over time, they can turn a small sum of money into a substantial amount of wealth through innovation, creativity and hard work. And yet so many of these entrepreneurs who have all the potential in the world are inadvertently stifling their own ability to achieve greatness. All because they are doing a few things that they think are the right and responsible things to do.

If you are an entrepreneur, you may find that you are falling into some of these traps. In addition to uncovering these pitfalls, I'll provide some practical solutions that can help you in your entrepreneurial journey. However, as with any financial matter, always consult with a team of professional advisors who understand the unique needs of entrepreneurs before making any financial decisions.

Mistake #1: Paying down your mortgage in an effort to increase your home's equity.

Many entrepreneurs are willing to borrow against their home from time to time in order to infuse some capital into their business. As a result, the equity in the home is relied upon as a "safe haven" or temporary holding tank for cash. Increasing equity in a home or a commercial building might seem like a wise thing to do, but the consequences of such a decision could be disastrous for an entrepreneur.

In an attempt to protect their home, many entrepreneurs wait until their financial situation requires them to tap into their equity. In other words, using equity is viewed as a last resort for obtaining cash. Here is the trouble with this logic. For those who do find themselves in a situation where they are in desperate need of cash, there is a good chance that they will be unable to receive an approval for a mortgage or home equity line.

When we entrepreneurs experience a financial crisis in our business, we are immediately less attractive to lenders. This is an important but often overlooked detail. Banks generally do not lend money to self-employed people who are in frantic need of cash. They only lend to people who can demonstrate a clear ability to make payments. Thus, if you walk into a bank and all you have to show for the most recent quarter is a weak Profit & Loss statement; you will be out of luck. And that is just the start of your troubles.

All one needs to do is play this scenario out a little further to see the danger in relying on equity for future cash flow. Since the struggling entrepreneur is unable to get a mortgage, he or she will likely begin to make use of credit cards and vendor debt, because most entrepreneurs are optimistic and will do anything to keep the business running.

The more this occurs and the longer it drags on, the worse the debt-to-income ratio becomes. Additionally, if debts are mismanaged during this time, credit scores will weaken. Now your chances of getting that loan are even slimmer.

Pretty soon, if the business does not recover, creditors get antsy...and what do you think they will go after to satisfy these debts? That's right, your home and all of its juicy equity. Not only will you lose the equity, but you'll be looking for a new place to live!

Solution to Mistake #1: Don't wait until you need the cash! Take out a mortgage when things are going well for you. If you are in a good financial situation and are maintaining good credit, you will receive better interest rates on the mortgage or home equity line. Since funds that are removed from the home may not be needed immediately for the business, simply reposition the cash into an accessible place where it can earn a decent rate of return.

Depending on your investment choices, you may or may not recover all of the interest cost of the mortgage, but remember, mortgage interest is often tax deductible, and so the amount you have to earn on the repositioned equity may not be as high as you think.

This is a key concept to proper money management for entrepreneurs. Leveraging an asset to maintain a liquid financial position is not as expensive as it seems! And if you are not sure where to put the cash from your home after it is removed, I recommend a unique financial vehicle which you can read about in the solution to Mistake #2.

Mistake #2: Putting too much money in retirement accounts.

Successful entrepreneurs know that their greatest ability to accumulate high levels of wealth lies in their ability to grow their own business. These same entrepreneurs also have plenty to say about the importance of having easy access to cash. After all, cash is king, right? And yet, despite these two factors, the very same entrepreneurs will take every last available penny each year and throw as much as they can into a retirement account.

You might be thinking, "Well, good for them! They will be rewarded for their discipline when they retire." But the problem here is twofold. First, these types of accounts are not liquid. Accounts such as Traditional Individual Retirement Accounts, 401(k)s, SEP IRAs and S.I.M.P.L.E. IRAs simply do not afford entrepreneurs any accessibility.

I see scenarios all the time where a small business owner who has not yet attained age 59 ½ (which is the age that you can start withdrawing from these types of retirement accounts without penalty) needs cash to take advantage of an opportunity or to avoid a cash flow dilemma and is unable to do so because the vast majority of his or her savings has been placed into these retirement accounts. The money is there, it's just not available to be used as capital in the very business that could probably create a substantially higher level of wealth! He or she ultimately is forced to rely on expensive lines of credit or vendor credit to keep the business going.

The second problem I see with too much retirement account money is lack of potential. You can add up all the deductions, the potential 401(k) contribution match (if the entrepreneur is also working a traditional job where 401(k) contributions are matched) along with the potential to earn an average rate of return of 10% to 12% each year and it will still pale in comparison to the kind of returns that a successful entrepreneurs or small business owner could achieve in his or her business.

Take a look at the Forbes list of the richest Americans and you won't see anyone who made the list as a result of contributing to retirement accounts. The vast majority are entrepreneurs who invested in themselves and their own businesses rather than relying on retirement accounts to create their wealth. It's okay to have some money in a retirement plan, but as a successful entrepreneur, don't fall into the trap of using it as a primary means of creating wealth. Focus on growing your business by keeping a sizeable portion of your money in a place that is safe and accessible.

Solution to Mistake #2: Forgo some tax deductions and reroute some of your retirement contributions into a more liquid financial vehicle. I would recommend that you learn how to properly structure a maximum funded cash value life insurance policy. Unlike traditional policies that are purchased primarily for the financial protection in case of the premature death of the insured, these policies are structured to maximize the growth of the cash value in addition to providing financial security in the event of death. Typically, these policies are fully funded over a period of just 5 to 7 years.

By placing larger amounts of premium dollars into a policy that has a smaller death benefit, the majority of the premium payments will go into the cash value account; rather than being whittled away by policy costs. Cash value is contractually available through policy loans and never requires a credit check.

When properly structured, it is possible to access this money through policy loans both before and during retirement with no income tax consequences or IRS penalties. This assumes that the policy remains in force and is never cancelled; so be sure not to over borrow from your policy and always make sure that the minimum insurance premiums are being met.

Sometimes the death benefit on these policies is small enough that it won't adequately cover your life insurance needs. In this case, I recommend supplementing the policy with a low cost term policy. Don't leave your family or business under protected.

While there are lots of things to think about regarding these financial vehicles, a skilled financial advisor will understand the intricacies and can help you utilize these policies to increase your liquidity. Imagine owning a financial vehicle that can provide for you in retirement but also makes cash available to you as you experience your entrepreneurial journey. You will quickly be in control of your finances and will only have yourself to ask for a loan!

Mistake #3: Keeping too much money in the stock market.

Having too much money in the stock market may eliminate your chance to take advantage of opportunities that arise during economic downturns. It is during these difficult financial times that a properly positioned entrepreneur can thrive. Entrepreneurs with safe and liquid finances will have the ability to bargain shop for their business when times get tough.

For the entrepreneur, there is wisdom in keeping a decent amount of cash in an easily accessible place. To be certain, there will be times when you will not be earning as much interest as your friends, but remember, you are a skilled entrepreneur! You will more than make up the shortfall when you are buying inventory and equipment for pennies on the dollar from your competitors who are going out of business.

Solution to Mistake #3: Keep your money in a place that is accessible and will not fluctuate with the stock market. Money market funds, short term treasury funds and even short term CD's at a bank could benefit you. Certain varieties of properly structured cash value life insurance policies can work well for longer-term planning. You may feel out of place at first, because everyone around you will be using the stock market to create their wealth. Unfortunately for them, unless they have skills that rival Warren Buffet, they will probably only reach a mediocre level of wealth.

You, on the other hand, will be able to employ your money in your business from time to time and will have greater control over where and how it is invested and what risks should be taken. If you are confident in your ability to succeed as an entrepreneur, I am convinced that your decision to maintain higher levels of cash liquidity will allow you to achieve financial rewards in your business that will far exceed the returns that can be found in the stock market.

Brad Fisher is helping entrepreneurs achieve their dreams by showing them how to structure their financial plan to maximize their financial liquidity. If access to cash is important to you, visit http://www.EDFPlan.com learn about some important financial concepts that are beneficial to entrepreneurs.

Contact Info:
e-mail: brad@edfplan.com
phone: (614) 866-2850
web: http://www.EDFPlan.com

Doing Deals With the "Big Boys" - Ten Tips For Entrepreneurs

Entrepreneurs often find themselves in high-stakes negotiations with big, savvy players, with significant negotiating power (referred to herein as "Big Boys") -- whether it be a venture capital firm in connection with a financing or a private equity firm in connection with the sale of the entrepreneur's business; the situation can indeed be daunting. Below are ten tips for entrepreneurs to help them through this process.

1. Retain a Strong Team. In dealmaking as in business, you are only as good as your team. Accordingly, the first step for the entrepreneur is to retain a strong transaction team -- and the quarterback of the team should be an experienced corporate lawyer. Indeed, an experienced corporate lawyer will not only add value to the transaction, but also can help the entrepreneur build-out the team and tailor it to the particular deal (e.g., in an acquisition, a strong tax lawyer is imperative to help structure the deal or in a licensing transaction, a strong IP lawyer is often necessary, etc.). The Big Boys are generally represented by large, aggressive law firms, and the entrepreneur must ensure that his/her team is up to the task.

2. Do Your Diligence. Due diligence is often a critical component to any deal. One form of diligence that is often overlooked, however, is an investigation of the guys on the other side of the table. What's the reputation of the Big Boy -- e.g., is this a venture capital or private equity firm that treats its portfolio companies well or is this a firm that squeezes the little guy? What about the particular individuals with whom you are dealing? What are their reputations? Are they good guys with whom to partner or are they jerks? Indeed, the web is a good starting point for the entrepreneur who needs background information on a particular firm/individual. At a minimum, the entrepreneur should track down other entrepreneurs or CEO's who have done deals with the guys on the other side of the table and make an informed judgment as to whether they are guys with whom the entrepreneur wants to do business.

3. Create a Competitive Environment. There is nothing that will give the entrepreneur more leverage in connection with any negotiation with a Big Boy than a competitive environment (or the perception of same). Indeed, every investment banker worth his salt understands this simple proposition. Accordingly, a start-up seeking a Series A round financing from a venture capital firm, for example, will clearly be more appealing if such firm learns that other venture capital firms are interested in the start-up. Not only does competition validate a firm's thinking, but also it appeals to the human nature of the individuals involved. Indeed, everyone wants what he doesn't have and/or what someone else wants. The entrepreneur will have strong leverage with respect to price and other material terms as competitors are played off of each other and will thus strike the best possible deal. One caveat: as discussed below, it is probably best left to a strong corporate lawyer to play this game on behalf of the entrepreneur; indeed, this strategy must be played carefully and is better-handled by someone with experience.

4. Run the Negotiations Through the Lawyers. The entrepreneur should do what he does best -- i.e., build companies -- and leave the negotiating to a strong corporate lawyer. Entrepreneurs are generally no match for sophisticated venture capitalists or private equity or corporate development guys who do deals for a living. Accordingly, a smart entrepreneur will stay above the fray and let his corporate lawyer run the deal. The Big Boys may try to do an end-run around the entrepreneur's lawyer (and may even criticize the lawyer and try to turn the entrepreneur against him), but the entrepreneur should remain disciplined and avoid "side-bar" negotiations with the principal(s) on the other side. This approach is particularly important where the entrepreneur will have an ongoing relationship with the other side post-closing; the goal is thus not to poison that relationship with testy, acrimonious negotiations (i.e., let the lawyers fight it out).

5. Develop a Game Plan. Every deal is different -- different players, different negotiating leverage, different risks, different timing -- and it is thus critical that the entrepreneur sit down with his transaction team and strategize; in short, he must develop a game plan and then attempt to execute the plan. Indeed, doing deals is no different than any other project: the entrepreneur must think through the issues with a smart, experienced team, set reasonable milestones and then monitor the progress. Rigorous analysis throughout this process is paramount.

6. Be Careful with LOI's. A letter of intent (an "LOI") -- sometimes referred to as a term sheet or memorandum of understanding -- is often executed in connection with all types of deals. The entrepreneur must understand that, depending on the deal and the context, there are different LOI strategies and considerations that must be addressed. For example, in the acquisition context, a selling entrepreneur should try to negotiate all of the material terms of the deal in the LOI when the entrepreneur's leverage is the strongest; on the other hand, a buying entrepreneur's main goal with respect to the LOI is merely to lock-up the seller and prohibit it from shopping the deal for a reasonable period of time. Another major concern with respect to LOI's is that they may be deemed enforceable by a court of law (i.e., be deemed a binding agreement) -- despite express language in the LOI to the contrary. The lesson here is simple: an LOI should not be executed without the advice of competent counsel.

7. Check Your Emotions at the Door. Big Boys are masters at taking their emotions out of transactions and being extremely disciplined. Indeed, Big Boys will generally walk from a deal if they get out of their comfort zone (e.g., with respect to the risk profile, price, etc.) -- regardless of how much time and money they have expended. Entrepreneurs, on the other hand (particularly those who haven't had much deal experience), often become emotionally wedded to a particular transaction and are unable to maintain their objectivity the further along they get in the process. Too often, an entrepreneur will fall in love with a particular deal -- like the first-time home buyer -- which will lead to poor decision-making and risky positions. ("I don't care if it has termites or there is a cesspool problem, I love this house" becomes "I don't care if I must personally guarantee all of the reps and warranties without a cap on liability, I love this deal.") It is critical that the entrepreneur understand this dynamic and address it accordingly.

8. Don't Blink First. There comes a point in time in just about every deal where both sides have dug into certain positions and the question becomes which side will blink first; e.g., in a venture capital financing, perhaps the issue is control of the board or, in an acquisition, perhaps the issue is carve-outs to the cap on liability. Whatever the issue, the lesson for the entrepreneur is clear (albeit difficult to execute): in order to maintain negotiating leverage and credibility, the entrepreneur should try not to blink first. Indeed, if the entrepreneur has flatly stated that "this issue is a dealbreaker", but then blinks and nevertheless agrees to go forward with the transaction despite not getting what he asked for, he will have completely undermined his credibility and will have his clock cleaned with respect to any other significant issues. Like poker, if your bluff gets called, it will be difficult to bluff again. Which brings us back to the important tip in #4 above: run the negotiations through an experienced corporate lawyer who does this stuff for a living.

9. Watch-out for the "Good-Cop, Bad-Cop" Routine. Big Boys employ all kinds of negotiating games, and one of their favorites is the "good-cop, bad-cop" routine. The Big Boy, of course, plays the good cop and is smooth, friendly and agreeable and makes the entrepreneur feel like all of his important issues are being taken care of. But then the documents arrive -- chock full of bells and whistles and boilerplate provisions designed to protect the Big Boy and often with significant gaps on the deal points. When the Big Boy is questioned as to what's going on here, the answer, of course, is "it's my lawyer's fault" (i.e., the "bad cop"). This game will continue throughout the negotiating process as the Big Boy charms the entrepreneur while his lawyers pound away on every significant issue.

10. Hire an Aggressive Corporate Lawyer to Watch Your Back. As a corporate lawyer at two major New York law firms, I have learned first-hand the importance of watching my clients' back. Indeed, I have worked on billion-dollar deals where, prior to signing, emotions run high (as discussed above), and a few of the significant risks are minimized or pushed-aside by investment bankers and/or business guys in order to get the deals done. My job, probably more important than anything, is to sober the entrepreneur and lay-out all of the significant legal risks -- and then push hard to negotiate appropriate protections. If the deal sours and lawsuits are filed, well-drafted documents become like an insurance policy to the entrepreneur -- and what entrepreneur doesn't have insurance?

Scott E. Walker is the founder and CEO of Walker Corporate Law Group, LLC, a boutique corporate law firm specializing in the representation of entrepreneurs and their companies. Mr. Walker has 15+ years of broad corporate-law experience, including nearly eight years at two prominent New York law firms, where he represented a number of major multinational corporations (e.g., Sony and Daimler), financial institutions (e.g., J.P. Morgan) and private equity firms (e.g., Apollo) in transactions valued in the billions of dollars.

You can learn more about Mr. Walker's practice at http://www.walkercorporatelaw.com, and he can be reached at swalker@walkercorporatelaw.com Please note that the foregoing article has been provided by Mr. Walker solely for informational purposes and does not constitute (and should not be construed as) legal advice in any respect. Mr. Walker expressly disclaims all liability in respect of any actions taken or not taken based on any contents of the article. Copyright ? 2007 Scott Edward Walker. All Rights Reserved.