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A Guide to Goal Setting

By Ray Silverstein

Do you make resolutions at the beginning of every year? Resolutions can be powerful tools. In fact, they can help you take your business to the next level. The catch is, once you make a resolution, you have to work to make it come true.

If you want action, you need an action plan. Goal setting is the best way I know to transform lofty resolutions into bottom-line results. Research shows that when entrepreneurs set measurable goals for themselves, they're more like to achieve them.

When you engage in true goal setting, you define your objectives in pragmatic, measurable terms. You also need to identify the resources, time and funds you'll need to invest to attain them. That's how you develop action plans. Once you know where you want to go, the next step is to figure out how you'll get there and how much you're willing to spend on the trip.

Use the SMART System
When it comes to goal setting, the SMART system is simple, down-to-earth and gets the job done. Each goal must be defined so that it meets the following criteria:

S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Timely

Specific, achievable and realistic--Make sure your goals are concrete, concise and attainable. Instead of, "I want to make a lot more money this year," specify "I want to increase my revenues by X percent (a realistic amount) by the end of the year."

Measurable--Frame your goals in such a way so you can measure your progress. For example, plan on measuring monthly or quarterly revenues against last year's figures--something you should be doing anyway.

Timely--Give yourself a reasonable time frame for achieving your goal. Then break it down into smaller, short-term increments. Realistically, you may not achieve that X percent increase early in the year, but you can work toward it. Divide your goal percent increase into monthly or quarterly increments that allows you to build on your momentum. This produces measurable, attainable and short-term goals to pursue.

Record your goals and action plans on paper. Whether you write them down or type them, the very act of recording them will help you flesh out your ideas. Once your plans are complete, you'll have a detailed roadmap with directions to follow.

Review your goals and plans regularly. Make a monthly appointment with yourself if that's what it takes. This will help keep you on track as time unfolds.

Also, beware of "BHAGs"--big, hairy, audacious goals. Super-ambitious goals are great when it comes to long-range planning and decision making, but they don't lend themselves to goal setting. Focus on attainable goals that you can realistically reach within the year.

It's easy to make resolutions, but it's hard to make them come true. No wonder some entrepreneurs make the same resolutions every year, without ever achieving them. Don't let yourself fall into that group. This year, resolve to set SMART goals and action plans.

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Investigate Before You Invest

By Brian Tracy

You should spend at least as much time studying a particular investment as you do earning the money to put into that particular investment.

The Law of Investing - investigate before you invest. This is one of the most important of all the laws of money. You should spend at least as much time studying a particular investment as you do earning the money to put into that particular investment.

Check Every Detail
Never let yourself be rushed into parting with money. You have worked too hard to earn it and taken too long to accumulate it. Investigate every aspect of the investment well before you make any commitment. Ask for full and complete disclosure of every detail. Demand honest, accurate and adequate information on any investment of any kind. If you have any doubt or misgivings at all, you will probably be better off keeping your money in the bank or in a money market investment account than you would be speculating or taking the risk of losing it.

Money is Easy to Lose
The first corollary of the Law of Investing is: "The only thing easy about money is losing it." It is hard to make money in a competitive market but losing it is one of the easiest things you can ever do. A Japanese proverb says, "Making money is like digging with a nail, while losing money is like pouring water on the sand."

The Best Rule of All
The second corollary of this law comes from the self-made billionaire, Marvin Davis, who was asked about his rules for making money in an interview in Forbes Magazine.

He said that he has one simple rule and it is, "Don't lose money." He said that if there is a possibility that you will lose your money, don't part with it in the first place. This principal is so important that you should write it down and put it where you can see it. Read it and reread it over and over.

Time Equals Money
Think of your money as if it were a piece of your life. You have to exchange a certain number of hours, weeks and even years of your time in order to generate a certain amount of money for savings or investment. That time is irreplaceable. It is a part of your precious life that is gone forever. If all you do is hold on to the money, rather than losing it, that alone can assure that you achieve financial security. Don't lose money.

Be Smart About Investing
The third corollary of the Law of Investing says: "If you think you can afford to lose a little, you're going to end up losing a lot."

There is something about the attitude of a person who feels that he has enough money that he can afford to risk losing a little. You remember the old saying, "A fool and his money are soon parted." There's another saying, "When a man with experience meets a man with money, the man with the money is going to end up with the experience and the man with the experience is going to end up with the money." Always ask yourself what would happen if you lost one hundred percent of your money in a prospective investment. Could you handle that? If you could not, don't make the investment in the first place.

Action Exercises
Here are two things you can do to apply this law immediately:

First, think back over the various financial mistakes you have made in your life. What did they have in common? What can you learn from them? Accurate diagnosis is half the cure.

Second, invest only in things that you fully understand and believe in. Take investment advice only from people who are financially successful from taking their own advice. Play it safe. It's better to hold onto your money rather than to take a chance of losing it, along with all the time it took you to earn it.

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The Bootstrapper's Bible - 4 Ringo was the Luckiest Beatle

By Seth Godin

There are no guarantees in life, but the odds are that if you can take care of these nine things in your business, the rest will take care of itself.

RULE 1: FIND PEOPLE WHO CARE ABOUT CASH LESS THAN YOU DO
Borrow money from the people who have the greatest interest in your success: your suppliers and your customers.

RULE 2: SURVIVAL IS SUCCESS
Donʼt take this survival advice too far. But take it. Money now is better than money later.

RULE 3: SUCCESS LEADS TO MORE SUCCESS
The more you do, the more you do. Being in front of people will lead to new opportunities, new products, new engagements. Be in motion, because customers like motion.
1. Gives you positive cash flow
2. Teaches you things you didnʼt know
3. Builds your reputation
4. Builds your credit rating
5. Puts you in contact with smart people and potential customers

RULE 4: REDO THE MISSION STATEMENT AND THE BUSINESS PLAN EVERY THREE MONTHS
Learn as you go. Change as you go. Building a business from scratch is like walking through a maze with many, many doors. Once you open one, 100 new doors present themselves.

RULE 5: ASSOCIATE WITH WINNERS
Four groups of people will dramatically influence how your business evolves:
» Customers
» Employees
» Vendors
» Peers

RULE 6: BEWARE OF SHARED OWNERSHIP
(OR, WHY RINGO WAS THE LUCKIEST BEATLE)
Here are five principles to consider when you sit down and start talking about shared ownership:
1. PLAN FOR SUCCESS.
2. IDEAS AREN’T WORTH MUCH.
3. ALWAYS LEAVE BOTH SIDES AN OUT.
4. MATCH COMPENSATION WITH PERFORMANCE.
5. NEVER, CONFUSE PROFIT PARTICIPATION WITH GOVERNANCE.

RULE 7: ADVERTISE
From the first day, allocate a percentage of your income to marketing. Do marketing before you take out money to pay yourself. Letters, phone calls, banner ads, space ads, even TV—theyʼre all cheaper than you think. And youʼve got to spend the money to get the money back.
THE FOUR MOST IMPORTANT RULES OF ADVERTISING
1. SPEND REGULARLY ON ADVERTISING.
2. PERSISTENCE IS THE SECRET TO SUCCESS.
If you persist, directing your advertising to the same people over and over and over again, youʼll make a dent.
3. BE CLEAR.
4. TEST AND MEASURE.

RULE 8: GET MENTORED.
To find a mentor, you need to take some initiative. Finding the right person in the right industry at the right stage of her career takes some homework.
I recommend two steps in acquiring a mentor:
1. PICK THE RIGHT PERSON.
2. MAKE IT EASY FOR THE MENTOR TO SAY YES AND EASY TO SAY NO.

RULE 9: OBSERVE THOSE LITTLE BIRDS THAT CLEAN THE TEETH OF VERY BIG HIPPOS

Good luck. Have fun. Thanks for reading.

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The Bootstrapper's Bible - 3 Doing the Math

By Seth Godin

Most entrepreneurs donʼt think about money too much when they decide to start a business.
Planning for the money doesnʼt have to be complicated. But you do have to be consistent and, most of all, honest with yourself.
Start with the expense side. Make a list of every fixed expense you face month after month.Then add to this the actual average variable expenses youʼve faced each month over the last six months.
If your variable expenses vary, then try to get a handle on what percentage they vary every month.
As you build your expense analysis, create three columns:
MOST, AVERAGE, and LEAST
Now, tally up your three columns. Youʼve just figured out the best and the worst youʼre ever going to do in expenses.
Multiply your three numbers by 9. Now you know how much cash you need to last you nine months if all of your expenses are maximized and you have no revenue.
But of course, you do have revenue. It can be unpredictable. So, make two more lists. In one, list all the guaranteed revenue youʼve got contracts for over the next nine months. In the other one, list all the likely sources of revenue you expect over the next nine months.
Donʼt kid yourself on the upside. Itʼs one thing to be positive and optimistic in your daily life.
But be a superrealist when it comes time to do revenue projections. In fact, be a pessimist.
Being pleasantly surprised by an increase in revenue sure beats the alternative.

AN ACCOUNTING ASIDE
Revenue is revenue when you see the money.
Expenses are expenses when you pay the money.
Cash is king and thatʼs what you keep track of.
Not built in to any of the numbers youʼve just listed is money for you to live on. Thatʼs on purpose. Once you realize that changing the amount of money you need to live on can dramatically increase your chances of success, you have an important choice to make: How much are you willing to sacrifice for the business?

KEEPING SCORE
Every month, you need to tally up the numbers you care about. Write them down. Here they are:
Cash in this month:
Cash out this month:
Money in the bank right now:
At the current rate, how many months until no cash left:

ONE LAST THING
My rule of thumb is that debt is bad. Available credit, on the other hand, is good.
1. Donʼt borrow money just to cover expenses.
2. Try to avoid personal borrowing at all costs.
3. When you borrow money from friends, spell out the terms.

IF YOU HAVE SALES, YOU HAVE (ALMOST) EVERYTHING
The customer is king because the customer has money. If you figure out how to get the money, you become the king!
Here are the two most important sales rules youʼll need:
1. SELL SOMETHING THAT PEOPLE WANT TO BUY (AND KNOW HOW TO BUY!).
The first step is figuring out what theyʼre already buying. The second step is getting people to switch.
2. OWN THE SALES PROCESS
As a bootstrapper you must sell yourself and your business. Otherwise, no business.

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The Bootstrapper's Bible - 2 A great idea can wipe you out

By Seth Godin

The first law of bootstrapping: Great ideas are not required. In fact, a great idea can wipe you out.

What is important is finding a business model that works. Whatʼs a business model? This phrase describes how you set up a business so you can get money out of it. It is a formula that takes the assets of a company and turn them into cash.
A business model is a machine, a method, a plan for extracting money from a system.

THE KEY ELEMENTS OF A BUSINESS MODEL
DISTRIBUTION. Where is it sold to the ultimate consumer? What middlemen are involved?
SALES. Who is selling it for you and how are will they be compensated?
PRICING. What do wholesalers and retailers and consumers pay?
PRODUCTION. How do you make it?
RAW MATERIALS. Where do you get what you sell?
POSITIONING. How do the ultimate users position the product in their minds?
MARKETING. How do consumers find out about it?
BARRIER TO ENTRY. How will you survive when competitors arrive?
SCALABILITY. How do you make it bigger?

GET OFF ON THE RIGHT FOOT BY STARTING THE RIGHT BUSINESS
Business models should have the following five attributes:
1 THEY SHOULD BE PROFITABLE.
The question is: How long before profitability? Write down a target date. If you go way past it, figure out how to fix the problem or quit.
2 THEY SHOULD BE PROTECTIBLE.
First mover advantage is the fond hope that the first person into a business, the one who turns it into something that works, has an advantage over the next one.
3 THEY SHOULD BE SELF-PRIMING.
4 THEY SHOULD BE ADJUSTABLE.
5 THERE SHOULD BE AN EXIT STRATEGY (OPTIONAL).

JUST BECAUSE IT’S CHEAP TO START DOESN’T MAKE IT A GOOD BUSINESS
Donʼt fall into the trap of doing the easy business, or the fun business, or the sexy business. In the long run, any failed business, regardless of how cool it seems, is no fun.

DO YOU WANT TO BE A FREELANCER OR AN ENTREPRENEUR?
A freelancer sells her talents. While she may have a few employees, basically sheʼs doing a job without a boss, not running a business. There is no exit strategy. There is no huge pot of gold. Just the pleasure and satisfaction of making your own hours and being your own boss.
An entrepreneur is trying to build something bigger than herself. She takes calculated risks and focuses on growth. An entrepreneur is willing to receive little pay, work long hours, and take on great risk in exchange for the freedom to make something big, something that has real market value.

FOLLOW THE MONEY
A value chain is the process that a product goes through before it reaches a consumer. When looking at a business model and the value chain it creates, I like to start from the last step:
1. Whoʼs going to buy your product or service (called product for brevity from here on in)?
2. How much are they going to pay for it?
3. Where will they find it?
4. Whatʼs the cost of making one sale?
5. What does it cost to make, package, ship, and inventory the item you just sold?
6. What's your profit on one sale?
7. How many sales can you make a month?

EVERYONE IS NOT LIKE YOU
Donʼt fall into the trap of assuming that everyone needs what you need, wants what you want, buys what you buy.Instead of starting the business that makes stuff for people just like you, do some real research.

ONE GOOD REASON NOT TO PLAN SO MUCH
My best advice to you: Stop planning and start doing.

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The Bootstrapper's Bible - 1 The Joy of Small

By Seth Godin

There’s never been a better time to start a business with no money. And this manifesto will show you how.

What’s a Bootstrapper?
Entrepreneur who is working his butts off to start a great business from scratch with no (or almost no) money.

The Bootstrapper’s Manifesto
(Always remind yourself)
1 I'm a laser beam.
2 The Bootstrapper is here for the long haul.
3 I will know more about my field than anyone else.
4 I'm a salesperson.
5 The journey is the reward.

What's a Big Company Got That You Haven't Got?
1 Distribution.
2 Access to capital.
3 Brand equity.
4 Customer relationships.
5 Great employees.

You have to go where the other guys canʼt. Take advantage of what you have so that you can beat the competition with what they donʼt.You have plenty of things that the big guys donʼt.

1 Nothing to lose.
2 Happy with small fish.
3 Presidential input.
4 Rapid R&D.
5 The underdog.
6 Low overhead.
7 Time.

Then he talks about how you can use your advantages and how you can redefine the big guys out of the way on their advantages. Then he ends this section with these words "Which brings me to the most important, most concrete, most useful piece of advice in the whole manifesto. Simple, but indispensable: Donʼt give up".

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The Art of the Start

By Guy Kawasaki

Focusing primarily on the venture capital approach to entrepreneurship, Kawasaki’s “timetested, battle-hardened guide for anyone starting anything” is full of sound advice and useful tips for creating a startup.
Kawasaki is a strong advocate of the straightforward approach to business: keep it simple, keep it honest, and keep it short.

This manifesto is talking mainly about these five things…

GIST [ GREAT IDEAS FOR STARTING THINGS ]

1 MAKE MEANING.

The best reason to start an organization is to make meaning—to create a product or service that makes the world a better place. So your first task is to decide how you can make meaning.

2 MAKE MANTRA.

Forget mission statements; theyʼre long, boring, and irrelevant. No one can ever remember them—much less implement them. Instead, take your meaning and make a mantra out of it. This will set your entire team on the right course.

3 GET GOING.

Start creating and delivering your product or service. Think soldering irons, compilers, hammers, saws, and AutoCAD—whatever tools you use to build products and services. Donʼt focus on pitching, writing, and planning.

4 DEFINE YOUR BUSINESS MODEL.

No matter what kind of organization youʼre starting, you have to figure out a way to make money. The greatest idea, technology, product, or service is short-lived without a sustainable business model.

5 WEAVE A MAT (MILESTONES, ASSUMPTIONS, AND TASKS).

The final step is to compile three lists: (a) major milestones you need to meet; (b) assumptions that are built into your business model; and (c) tasks you need to accomplish to create an organization. This will enforce discipline and keep your organization on track when all hell breaks loose—and all hell will break loose.

The Art of the Start

Make It Happen

The only way to succeed is to believe in yourself. Here's how to keep the faith even when you run into roadblocks.

By Romanus Wolter

Thomas Edison is credited with developing more than 1,000 inventions. His friends and family called him crazy because he refused to give up on any of his ideas. His persistence and tenacity in finding practical solutions to any problems he encountered became his hallmark. The word failure wasn't in his vocabulary; he simply believed that with hard work and determination, he could achieve anything he set his mind to.

Edison's success teaches us that if we give up too easily, we can lose out on all kinds of opportunities for advancing our businesses. No matter how well you execute your plans, you will always encounter complications along the way. If you want to persevere in the face of challenges and achieve your goals, you must remain committed to succeeding--no matter the circumstances.

Adversity is a great teacher. It keeps you focused and alert to new expansion opportunities for your business. When you encounter a roadblock, use your determination to spur you on.

1. Be solution-oriented. As entrepreneurs, we know there's a wide range of issues that arise each day. When a problem develops, your first step should be to clearly define it. Once you've put it into perspective, you can brainstorm techniques to maneuver around it, over it or through it. Be creative. Don't discard an idea simply because you've never tried it. Your determination to find a solution will lead you down a path you could never have imagined before. List every possible option, consider the pros and cons for each, then choose one to implement.

2. Be willing to develop new talents. Your unique set of talents forms the basis for your entrepreneurial success. Affirm your natural strengths by continually developing your inner resources. If confronted with unfamiliar territory, reach out to others. Develop a circle of associates to help each other find new, innovative insights for resolving problems. The knowledge exchanged during these encounters will strengthen new talents and reinforce your determination to succeed.

3. Make achievement a core personal value. Your commitment to achievement is a valuable asset. Cultivate an unwavering stance on the road to accomplishment. Don't avoid what's hard. Face it, evaluate it, and find a way to conquer it. It's natural to adjust your action steps and strategies as you learn. Your steadfast pursuit of new problem-solving techniques will help you accomplish what once seemed daunting.

4. Remain patient. Patience, willpower and hard work pay off in unexpected ways. When faced with a dead end, don't consider it a failure--think of it as part of the necessary process of elimination on the road to success. Keep on task, and be willing to wait for an answer to present itself. Find joy in discovering new possibilities for growing your business, even though there may be a winding road to the final remedy.

Thomas Edison's aspiration was to do everything within his power to free people from drudgery. Take a page from Edison's book by reflecting on the inspiration behind your business. This passion is a great source of motivation that can't be easily shaken by self-doubt. Find opportunity in every circumstance, and you'll be successful in all your endeavors.

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8 Fast-Growing Careers That Offer Great Salaries

by Gabby Hyman

Want a hot, in-demand career with a solid income? Whether you're just beginning your education or returning to college, there are several fast-growing professions that show no signs of slowing down through the end of the decade -- and they pay well!

Let's look over some fast-track career fields that offer strong salaries with room to grow:

1. Commercial Loan Officers

Commercial loan officers work for banks, credit unions, and other lenders to help them analyze loan applicants for their consumer credit history and financial status. You'll need strong financial skills and a degree in business, economics, sales, or banking.
According to Salary.com, the national average of entry level earnings for commercial loan officers ranges from $55,475 to $71,382 with $3,000-$7,000 in bonuses. After six to eight years of experience, commercial loan officers can earn between $95,015 and $116,670, to a top salary of $128,034.

2. Financial Analysts

Financial analysts develop critical revenue projections and investment analysis for individuals or companies.
The national annual salary range for entry level analysts is between $40,632 and $51,982, but with seven years experience, you'll leap into the $90,690 to $99,972 range.

3. Senior Database Administrator

A senior database administrator can design, maintain, and crunch a company's database to dramatically affect the operational bottom line.
The U.S. Department of Labor (DOL) reports that senior database administrator jobs will grow faster than the average rate for all career groups through 2014. And you'll look forward to your paycheck. Top salaries range from $90,690 to $113,849, with a top tier around $125,379.

4. Network Security Administrators

Like their database cousins, network security administrators are among the fastest-growing career groups in the nation. In this role, you'll be the architect and security watchdog for an organization's voice systems, LAN/WAN, and telecommunications networks.
Top annual salaries range from $61,117 to $100,685, with a high end around $123,585.

5. Registered Nurses

There's no shortage of nursing jobs. According to the U.S. Department of Labor, nurses make up the second-largest career group in the country. There are registered nurses and registered nurses with bachelor's degrees.
Consider the evidence: entry level wages for an RN floor nurse range $53,398 to $68,263. Nurses who want to move into supervisory positions better their chances for advancement with a BSN degree. For example, head nurses average between $74,965 to $97,276, and head operating room nurses average from $80,084 to $112,090.

6. Web Interface Design Directors

Among all the graphics design professions, the U.S. Department of Labor predicts that Web designers with animation experience will have the best job prospects through the decade. And, among these, Web interface design directors are the best earners.
In return, look for the national earnings average of $47,551 to $66,277 for entry level designers to ramp up to a muscular $121,310 to $141,662 range -- with top salaries at $148,374 -- for senior interface design directors.

7. Restaurant General Managers

Restaurant general managers work for major restaurant chains, private bistros, hotels, resorts, and casinos. The Department of Labor predicts the best opportunities will be for salaried managers as opposed to self-employed restaurateurs.
National average wages for restaurant GMs range from $53,255 to $60,765, with an average at $70,546 for managers of fine restaurants.

8. Paralegals

Paralegals provide critical support to attorneys, law offices, corporate legal departments, courts, and government agencies.
The national salary range for entry level paralegals is from $36,641 to $49,754, however, paralegals with eight years experience may earn upwards of $86,666.

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A Certain Way To Business and Personal Success

By: Brian Tracy

DECIDE EXACTLY WHAT YOU WANT TO DO!

Clarity
You must be clear about what it its that you want – what it is your doing - and why you are doing it, at every step of your life. You must know and see how everything you do fits in with your life.


Goal Orientation
Successful people are intensely goal orientated. They know what they want and are working towards the achievement of their goals every single day.


A Simple 7 Part Goal Setting Formula
1. Decide exactly what you want – formulate a goal
2. Then write it down (a goal not written down is merely a wish or a fantasy)
3. Set a deadline and even sub-deadlines if the goal is large and long-term
4. Make a list of everything you will have to do to achieve your goal.
5. Make a plan - organize your list by setting priorities on the list activities
6. Take action – Do this immediately DO IT NOW! And develop a sense of urgency. You must be intensely action orientated.
7. Do something every single day – Maintain momentum by doing something that will move you towards your goal daily


The Best Goal Setting Exercise
(Practice it over and over again during your life)
1. Start with a blank sheet of paper
2. Make a list of 10 goals that you want to accomplish in the next 12 months (write your goals in the present tense, as if you already accomplished them and start every goal with the word I)
3. Go over your list of 10 goals and select that one goal that will have the greatest impact on your life, if your were to achieve it
4. Take your chosen goal and write it on the top of a separate sheet of paper. Then write down a deadline for it. And then formulate a plan. Take action on the plan immediately, and resolve to do something every day until you achieve your goal.

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