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Articles also on this Site... |
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Be Smart When Using Credit Cards to Finance Business
Finally a study to back up what I have been recommending all the entrepreneurs and small business owners that come to me for assistance. Using credit cards to finance a business is not a good idea. It can only work when there is the discipline to keep small balances and paying them off as soon as possible.
Here is the summary of the study from the Kauffman Foundation:
Reliance on Credit Card Debt Affects Startups' Survival Chances
Credit card debt often fills startup firms' equity gap, but those with continuing high balances have reduced likelihood of success.
(KANSAS CITY, Mo.), Aug. 6, 2009 – Credit card debt reduces the likelihood that a new business will survive its first three years of operation, according to findings from a new study released today by the Ewing Marion Kauffman Foundation.
I remember case after case of stories about credit card debt way out of control. One of the last cases was a small business that had more than $80K in credit card debt with average interest rates of 20%. It took a very disciplined effort to reduce and renegotiate that debt.
09/06/2009 07:27 AM - 683 - 08/14/2009 11:53 AM
I was reading the newspaper last Sunday and found this cartoon.
How to become an Entrepreneur!... Be your Own Boss!... I loved it.. I could not resist sharing with you...
Beware of those amazing business opportunities that promise lots of money quick and easy.... Enjoy!....
08/08/2009 09:46 AM - 855 - 08/08/2009 09:21 AM
How fairness is wired in the brain.
A group of scientists at the California Institute of Technology are making interesting discoveries on how we make decisions and how fair we perceived those decisions to be. These neuroscience research brings more light to the amazing potential of the human brain.
From Caltech:
In the biblical story in which two women bring a baby to King Solomon, both claiming to be the mother, he suggests dividing the child so that each woman can have half. Solomon's proposed solution, meant to reveal the real mother, also illustrates an issue central to economics and moral philosophy: how to distribute goods fairly.
Now, researchers at the California Institute of Technology have discovered that reason struggles with emotion to find equitable solutions, and have pinpointed the region of the brain where this takes place. The concept of fairness, they found, is processed in the insular cortex, or insula, which is also the seat of emotional reactions.
Its interesting to see the research behind what entrepreneurs and small business owners have been doing for hundreds of years.
08/08/2009 09:09 AM - 721 - 08/08/2009 07:48 AM
The Small Business Dilemma: How Rising Health Care Costs are Tough on Small Business
From the U.S. PIRG press release:
Small business owners are being crushed by rising health care costs, and feel left out of the current health care debate in Washington, according to a new report released by U.S. Public Interest Research Group this month.
The new report, The Small Business Dilemma, which surveyed hundreds of small business owners and managers across the country, makes clear that small business owners want and need health care reform.
Click below to read the executive summary and download the report
07/28/2009 08:47 PM - 681 - 07/28/2009 08:28 PM
An interesting editorial opinion from the Financial Times in London published on July 13, 2009. Some interesting observations.
Time to tackle the real evil: too much debt
Financial Times - July 13, 2009
The core of the problem, the unavoidable truth, is that our economic system is laden with debt, about triple the amount relative to gross domestic product that we had in the 1980s. This does not sit well with globalisation. Our view is that government policies worldwide are causing more instability rather than curing the trouble in the system. The only solution is the immediate, forcible and systematic conversion of debt to equity. There is no other option.
Some points to consider
First - Debt causes fragility, leaves a person and/or a business vulnerable.
07/26/2009 05:26 PM - 795 - 07/21/2009 05:53 PM
Are you a good decision maker?
Ten Steps to Wise Decision-Making and Common Decision-Making Mistakes
Decisions, decisions, decisions. It seems like every time we turn around, we have to make more decisions. The question is, "Are you a good decision maker?" If you aren't (or don't think you are), there is no need to worry. Decision-making is a skill that can be learned by anyone. Although some people may find this particular skill easier than others, everyone applies a similar process.
There are two basic kinds of decisions: those that are arrived at using a specific process and those that just happen. Although both kinds of decisions contain opportunities and learning experiences, there are definite advantages to using a specific process to make a decision. The most obvious advantage is the reduced level of stress you will experience.
Wise decisions are made using a definite process. They are based on the values and perceptions of the decision-maker and include carefully-considered alternatives and options along with periodic reassessments of the decision and its effects. Wise decisions may or may not follow societal norms and expectations, but they are right for the decider based on what he/she knows at that point in time about his/her options as well as him/herself.
07/19/2009 07:04 PM - 2656 - 07/19/2009 06:55 PM
What you need to know about Networking..
Fourteen guidelines to increase your success.
Networking is an invaluable tool that anyone in the business world can utilize. Effective networking can be your best form of marketing, as well as being extremely affordable. To give a definition of networking, networking occurs when there is a planned event or gathering with the primary goal of connecting with others. The purpose of networking can vary based on one's own agenda, yet the primary focus is to meet people, and have people meet you. In other words, you have the opportunity to market yourself and your business in a relaxed, social situation. This often proves to be a comfortable situation for all involved.
07/19/2009 06:40 PM - 750 - 07/19/2009 06:36 PM
Recovery Act Contracting Opportunities
Questions and Answers
Q. Is there an opportunity for small businesses to get contracts under the Recovery Act?
A. Yes. The SBA is committed to helping small businesses get connected with contracting opportunities as a result of the Recovery Act. SBA’s Procurement Center Representatives are working with federal agencies to ensure that small businesses get their fair share of the prime and subcontracting opportunities stemming from the Recovery funds. The Recovery Act requires agencies to provide maximum opportunities for small businesses to compete for contracts. The SBA is working with its district offices and resource partners to make small businesses aware of the contract dollars and information to pursue registration/certification at the state/local levels. Small businesses seeking contract opportunities as a result of the Recovery Act should visit Recovery.gov, an online portal with links to Recovery Act informational pages on federal agencies’ Web pages and their weekly update reports. At Recovery.gov, small businesses can get an idea of the areas that federal agencies are targeting for Recovery Act contracts as well as opportunities at the state and local level. Federal agencies are expected to submit program specific Recovery Act plans with contracting
opportunities for small businesses by May 1, 2009. Federal agencies will report contracts awarded using Recovery Act funding to the General Service Administration’s Federal Procurement Data System-Next Generation (FPDS-NG) database, which is the government’s official source for federal contracting data. Contracting data will also be available on Recovery.gov.
07/19/2009 06:34 PM - 719 - 07/19/2009 06:31 PM
The Stimulus and Small Business: What's In It For Us?
We've had a number of small businesses wondering how the recent passing of the stimulus package will ultimately affect their bottom line. Based on our research, the following seems to be of importance for small business owners.
1. If you lost money. Some small businesses will be able to use monetary losses to their tax advantage. To qualify your gross receipts have to fall at $15 million or under. You can use your losses to alleviate your tax bill for two years prior to the loss and 2 years following the loss. Ask your accountant about this important change to the tax regulations.
2. Money for equipment. A business can normally write off up to $125,000 in spending for equipment such as vehicles, machinery and computers. In 2008, that amount was temporarily increased to $250,000. The stimulus package maintains the $250,000 level through 2009. However, if you already spend more than $800,000 on these types of capital expenditures, the deduction is phased out. For this reason it is geared more toward small business spending.
06/12/2009 11:46 AM - 823 - 06/12/2009 11:40 AM
From the WSJ:
Rising interest rates threaten to dim prospects for a housing recovery and choke off a refinance wave that was a major plank of the Obama administration's economic-stimulus efforts.
On Wednesday, rates on 30-year fixed-rate mortgages climbed to 5.79%, up from 5% two weeks ago, according to HSH Associates. That jump will cut roughly in half the number of borrowers with an incentive to refinance, according to FTN Financial.
Ten year treasury yields started to soar and 30 year mortgages for good borrowers jumped a full point from 4.5% to 5.5%. in Just two weeks!
Many people who were looking to refinance or purchase properties are now out of the game. The credit markets are getting tighter again.
For many small businesses who were looking at the new programs may have to look for other funding alternatives.
06/11/2009 01:09 PM - 808 - 06/11/2009 12:53 PM
US Foreclosure filings (default notices, scheduled auctions and bank repos) were 321,480 U.S. properties during May 2009.
One in every 398 U.S. housing units received a foreclosure filing in May, the third highest month on record.
RealtyTrac said they expect REO activity to “spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”
Click Read more for a larger map.
06/11/2009 12:51 PM - 790 - 06/11/2009 10:33 AM
Calvin and Hobbes’ take on the Recession.
Click to read the rest of the story... Enjoy!..
06/11/2009 12:30 PM - 4834 - 03/16/2009 10:12 PM
SBA Goes Green With Loans for Small Businesses
Small business owners thinking of incorporating green technologies at their facilities are now eligible to borrow more money to make it happen. The U.S. Small Business Administration (SBA) is now offering special financing to small business entrepreneurs who go green through their SBA 504 Loan Program.
February 5, 2009 -- The SBA 504 Loan Program has been assisting small business entrepreneurs for over 25 years by providing fixed rate, long-term financing for the purchase, construction and renovation of commercial real estate. SBA 504 loans provide a source of long term capital with typically only a 10% down payment from the small business borrower. The rest of the financing is arranged by a Certified Development Company (CDC) securing an SBA 504 loan for up to 40% of the project costs and a lender providing the remaining 50% of the project funding.
06/11/2009 12:19 PM - 756 - 06/11/2009 12:17 PM
How to Jump Start your Sales in a Downturn
by: Daniel Morales, MBA
With the current challenging economic conditions it’s suddenly become much harder to win new customers and more business. But going back to basics can help jump start your business performance while your competitors struggle.
Even in today's economic conditions, growing your business must likely be your number one goal. However, in the current economic downturn your ability to develop new sales can be harder.
How do you increase your bottom line when your finances continue to be challenged? How do you continue to cultivate your client base when even your most loyal customers are cutting back on their own spending?
Here are a few things you can do today to help jump start your sales even when the economy is tanking:
06/11/2009 12:16 PM - 760 - 06/11/2009 12:14 PM
I found this video that explains the current credit crisis in a simple, yet well done graphic form done by a student at one of the best schools in the area.
The Short and Simple Story of the Credit Crisis, viaCrisisofcredit.com
From Jonathan Jarvis website.... "The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated. This project was completed as part of my thesis work in the Media Design Program, a graduate studio at the Art Center College of Design in Pasadena, California.
02/21/2009 10:23 PM - 856 - 02/21/2009 10:08 PM
By Rhonda Abrams, USA TODAY
February 13, 2009
Here's a trivia question: Who's the only U.S. president to receive a patent? Here's a hint: He was also a small business owner and one-time retailer. The answer: Abraham Lincoln.
This year we observe the 200th anniversary of Lincoln's birth. We remember Lincoln as a great president, who helped save the nation and free the slaves. But a little known fact is that Lincoln was also one of us, and small business owners and entrepreneurs can find a kindred soul in Abraham Lincoln:
• He was self-made. He worked his way up from poverty, with less than one year of formal education.
• He was a retailer. He owned a small store, which quickly went out of business.
02/16/2009 10:19 AM - 750 - 02/16/2009 10:14 AM
Steve Jobs, an entrepreneur who changed the world
How some entrepreneurs change people lives.
A personal story by Daniel Morales
I recently read on the news that Steve Jobs, founder of Apple Computer and Pixar Studios is taking a leave of absence to recover from complication of pancreatic cancer. It is rumored that his prognosis is not that good and that the inevitable may soon come to pass. Let’s pray for his recovery and celebrate his life.
Steve Jobs is one of the most successful entrepreneurs of our generation. His success story is legendary. Put up for adoption at an early age, dropped out of college after 6 months, slept on friends’ floors, returned coke bottles for 5 cent deposits to buy food, then went on to start Apple Computers and Pixar Animation Studios.
Watch him in action during the introduction of the Macintosh computer in 1983
Read the 12 Rules of Success of Steve Jobs then watch him deliver one of the best speeches at the 2005 Stanford Graduation Ceremony.
02/08/2009 03:09 PM - 2030 - 02/07/2009 06:18 PM
The Gift of Time
By: Daniel Morales, MBA
Every year at this time, we think about time and what we have done and accomplished during this year that is coming to an end and what we expect to do, goals and accomplishments for next year.
Again, we are given a new gift of time.
We have a whole new year of opportunity.
As we look into next year, 2009, let's look at it from a new perspective.
I see 12 months, 52 weeks, 365 days, 8,760 hours, 525,600 minutes, 31,536,000 seconds.
12/29/2008 05:11 PM - 960 - 12/25/2008 10:59 AM
Last week I gave a talk at the Los Angeles SBDC Annual Network meeting, and I asked the question.. how long do you think will take for us to get out of this recession?.. 65% of the attendees said it will take over 2 years.... What do you think?..
Take a look look at the chart below to see where we are in this financial tsunami...
Then watch the 60 minutes video that I highly recommend. It goes through, what many people have known for some time, that there are multiple waves of the financial crunch. We are just ending the first one..
Then watch a video from Fred Thompson explaining why this bailout may not work this time. Spending and more debt may not be the right formula to get out of an overextended debt crisis.
Maybe its time to consider your own plans and strategies to get your own business and personal situation prepared and ready to deal with the crisis as it continues unfolding and not only survive, but thrive and prosper.
12/29/2008 05:11 PM - 824 - 12/17/2008 02:35 PM
Winning is a Management Strategy Game
by: Daniel Morales, MBA
During the Olympics games millions around the world watched athletes challenge themselves and each other. We saw them, both in athletic skills and professionalism. Not only did we get a chance to see sports performances but we also got a glimpse, through interviews and spotlight pieces, of the means that these athletes use to reach their best performances.
What does this have to do with you as a small business owner and entrepreneur? Two things.
First, an entrepreneur's role is to lead people to aspire to be better, and to make anything appear possible. Perhaps we can gain insight into this process by learning from these athletes.
Second, entrepreneurs themselves can aspire to "winning management", using some of the techniques of athletes to increase their personal management effectiveness.
Let's take a look at four general techniques that small business owners can use to enhance their ability to deal with challenging situations.
12/02/2008 06:40 AM - 1701 - 01/13/2006 08:52 PM
The Importance of Giving Thanks.
By: Daniel Morales, MBA
Today in the US is Thanksgiving Day, a day dedicated to give thanks for life's many blessings and to acknowledge that we are all interconnected. We depend on one another for everything. We celebrate with a fabulous meal and in that feast, we receive the bounty and abundance of this earth. Let's make a daily practice to express gratitude.
It does not matter where the blessings and gifts come from, what we know ultimately is that there is an infinite source of energy and supply of all things.
Today and every day may we all experience heaven on earth by living in conscious appreciation of all the many gifts we have. May your life continues to bring you unceasing blessings, peace, love, abundance and prosperity.
Here below are some quotes to remember the importance of giving thanks....
11/29/2008 10:39 AM - 2183 - 11/28/2008 03:49 PM
As an Engineer, am in the lookout for some interesting situations.. This one caught my attention.. A classic example of engineering problem solving skills... Posted here for entertainment purposes only... enjoy....
Is hell exothermic or endothermic?
An internet story in the public domain.
The following is supposedly an actual question given on a University of Washington chemistry mid term. The answer by one student was so ‘profound’ that the professor shared it with colleagues, via the Internet, which is, of course, why we now have the pleasure of enjoying it as well:
Bonus Question: Is Hell exothermic (gives off heat) or endothermic (absorbs heat)?
Most of the students wrote proofs of their beliefs using Boyle’s Law (gas cools when it expands and heats when it is compressed) or some variant.
One student, however, wrote the following:
11/29/2008 10:38 AM - 1754 - 04/03/2006 05:02 PM
According to bankers, the following “five Cs” of credit are key to getting a business loan.
01/25/2006 09:01 PM - 1682 - 01/25/2006 08:57 PM
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Blogs also on this Site... |
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Hoping for the best... preparing for the worst..
Some ideas about the upcoming recession and what we can do about it.
05/23/2010 12:00 AM - 709 - 02/08/2006 08:11 PM
Capitalism R.I.P. ??
Many say the government intervention on Wall Street is the death of capitalism. Join Hoofy and Boo as they deliver a stirring eulogy.
11/28/2008 04:15 PM - 918 - 10/02/2008 05:11 PM
The Incredible Power of Words
The Incredible Power of Words.
By: Daniel Morales
Director
San Gabriel Valley SBDC
Words, words, words… They can help or hurt your business… and your life...
Words create images, impressions, expectations, feelings and emotions. They also build connections on how we perceive the reality around us. In the end, its about how we use them to get the results we want.
Let me give you an example….
Do you have a problem?.. or a challenge?.. which word moves you towards a positive action or takes you away from it? Think about how these two words move you in a different direction. You can fix a problem or escape from it. You can meet a challenge or raise up to it.
In business, its how you use words that can help you increase sales… want some proof?... Check this short inspiring video..
09/11/2008 08:41 AM - 931 - 08/29/2008 05:48 PM
Maximizing Your Business in a Tightening Economy
Maximizing Your Business in a Tightening Economy
Even the most confident business is apprehensive with the recession and the weakening economy.
Read more for upcoming workshops and to join our information list for upcoming presentations, workshops and materials about what you can do to stay above the crisis.
Learn about the driving forces in the economy that affect your small business.
Prepare yourself to handle the current financial credit and capital crisis.
Change your mindset and beliefs to attract prosperity in difficult times.
Learn why "Cash is King" in this environment.
Read more for info and to register for upcoming seminar and information list.
05/01/2008 02:07 PM - 802 - 03/31/2008 06:21 AM
Benjamin Franklin, Entrepreneur
Franklin was the youngest son and fifteenth child born to his working-class father and he only attended school for two years - but he made enough money to retire from active business by the age of 42.
How did he do it?
03/30/2008 06:05 PM - 1006 - 12/03/2007 07:19 AM
The Honda Accord commercial from the UK...
This is one of the BEST! commercials ever done. Its creativity, ingenuity and engineering are some of the best I've seen. It took 600 tries until they finally had it right.
Simply amazing!...
11/10/2007 07:58 PM - 867 - 11/10/2007 07:54 PM
Go figure... Inflation was low because oil prices surge
Inflation was low because oil prices surged
In GDP math, sometimes one plus one equals zero
From an article in Marketwatch.com:
As odd as it sounds, the government reported that inflation was at a four-decade low in the third quarter, primarily because import oil prices rose so much.
If you don't understand that, welcome to the confusing world of national income accounting, where up sometimes is down, and where sometimes one plus one can equal zero.
The simple explantion:
Because of the way the government counts and reports the numbers, real-life inflation was understated and growth was overstated.
The economy didn't really grow 3.9%, and inflation really wasn't 0.8%. The numbers aren't as good as they look.
When I read this, my engineering mind likes to question and look at the numbers and formulas. When I was an undergrad student, I loved to solved complex mathematical models and formulas, so when I looked at this one, I gave up. These calculations and formulas are simply puzzling.
11/01/2007 08:01 AM - 900 - 10/31/2007 04:02 PM
Some Financial Humor from the BBC Television...
Here are two videos from European English BBC Television......
"The Last Laugh - John Bird and John Fortune present:
"It's Credit and it's Crunchy" and
"The Subprime Financial Markets"
A humorous take on the financial markets, the subprime mortgage situation and some funny insights into the minds of the investment bankers in Wall Street and London...... Enjoy!...
10/22/2007 08:33 PM - 1027 - 10/22/2007 02:55 PM
The 'Money' Speech - From 'Atlas Shrugged' by Ayn Rand
A few years after I finished my MBA, I bought and became familiar with some of Ayn Rand books, I read "The Fountainhead" and then took on to read "Atlas Shrugged". Unfortunately, I was not able to finish it. However, I kept a copy of the famous money speech by Francisco, it's a classic.
I started to read the book again and while I do that, I want to share with you the famous 'Money Speech' from the book.
You have to read it a few times to really understand it. And once you really get it, it can save you a lot of money in financial education and personal development in understanding about abundance and prosperity.
This book will gain popularity in the next year due to several factors. Alan Greenspan, former chairman of the Federal Reserve Board took this book to heart and writes about the influence it had in his life when he read it in the early stages of his professional life. Next year, a movie is coming out in the theatres, Angelina Jolie is one of the main characters in the movie. The book turns 50 years this year.
Here below is the 'Money' speech from the book:
10/12/2007 01:49 PM - 1276 - 10/12/2007 12:21 PM
The fed has spoken... inflation ahead.. get ready...
The Fed has spoked and lowered interest rates in a seriously attempt to correct a troubled economy...
We may see higher inflation and possibly a recession just around the corner.
According to this article on Bloomberg..
Fed Rate Cuts Will Spur a Recession
Interest rate cuts by Federal Reserve Chairman Ben S. Bernanke will spur inflation, cause the U.S. dollar to collapse and push the world's largest economy into recession
09/19/2007 04:44 AM - 947 - 09/18/2007 08:24 PM
Secrets of Business Success - Shared with Humor (TED)
This is a great short video that I found.. What are the eight secrets of success in business? Watch it to find out!!!...
Let me know what you think... Enjoy!..
09/03/2007 06:09 PM - 873 - 09/01/2007 11:18 AM
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About Daniel |
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- Daniel Morales is an International Trainer and acclaimed Speaker.
- He has helped hundreds of people create prosperity and increase their value by building profitable high performance businesses.
- Learn the Alchemy of Business, the Art and Science of running a business incorporating ageless principles.
- Daniel will teach you how to.... successfully start, build, grow, manage and turnaround your small business.
- As an entrepreneur, business coach, consultant and mentor, Daniel provides you with real life practical experiences and solutions you can start implementing today!.
- If you have a need for a dynamic inspirational entrepreneurship and small business trainer and keynote speaker, Daniel delivers a unique emotional, technical and spiritual experience. Contact him for details, fees and available topics.
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Social Media ebook |
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Click Here to download the ebook Social Media Marketing using Facebook
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