Article Overview: I've always been the architect of my own happiness. Whether that meant virtually ignoring my initial job description as a young consultant at Deloitte, or creating my own company culture as a CEO (a work that's always in progress), I've aligned my career and my environment - the people around me - to my own personality and values system.
Free Download - What I’ve Learned from Dumpster Kids, a Buddhist Monk, and Other Wise Teachers By Keith Ferrazzi
Your Built Environment
I've always been the architect of my own happiness. Whether that meant virtually ignoring my initialjobdescription as a young consultant at Deloitte, or creating my owncompany cultureas a CEO (a work that's always in progress), I've aligned my career and my environment - the people around me - to my ownpersonalityand values system.
I bring this up as we head into Independence Day weekend because I want to remind you how much power you have over your life. You have the right -- the responsibility -- to make your world what you need it to be.
Just as I tell every new employee at Greenlight, part of yourjobdescription is to create the fun environment that you want to live and work in. So if you have an idea, run with it. If you see a problem, solve it. And if you need a change, ask for it.
As Maya Angelou said, "If you don't work, nothing will."
Widely hailed as one of the world’s most “connected” people, Keith Ferrazzi is the author of Never Eat Alone, the international bestselling book about building relationships for success. Ferrazzi is also an acclaimed speaker and CEO of Ferrazzi Greenlight, a consulting and professional development firm that helps organizations drive growth through relationships. Earlier in his career, he was chief marketing officer at Deloitte Consulting and the youngest to be tapped for partner in the firm's history. Then, upon joining Starwood Hotels and Resorts, Ferrazzi was the youngest CMO in the Fortune 500. He also served as CEO of YaYa Media before founding Ferrazzi Greenlight.
Related Forum Posts Re: Anyone Uses Elance.com? Guru.com? Rentacoder.com?
- oDesk.com is by far the best freelancing web site out there. Built in reputation systems, built in accountability functions, and real-time mediation/arbitration for bad projects. They are good tools to outsource work.
Re: Are you on Twitter?
- i am karl louis
Yes of-course that one of my favourite social media site..I also like it because of some awesome features of it like:
Display meta data through hover tooltips
Add a Built-in URL shortener
Auto Complete in Tweets
Text links in tweets
Re: Social media
- [quote="jacksonp":aysz1kbw]I prefer twitter,That one is the most important social media for increasing good traffic and creating new valuable contacts.I also like it because of some awesome features of it like:
Auto Complete in Tweets
Text links in tweets
Display meta data through hover tooltips
Use the sidebar more effectively to display information
Highlight specific users
Add a Built-in URL shortener[/quote:aysz1kbw]
What Twitter tool are you using that provides those features?
I use Hootsuite, TweetDeck, and recently added TweetMiner to manage day-to-day tweeting, scheduled tweets, etc.
Get the right people first, then build your business
- Having worked for companies that follow the "Good TO Great" (by Jim Collins) principles. The most important thing to do when you start is get the right people/mentors to work with you.
When I first started developing companies, it took me at least three months of planning before we even sold one product. Those companies went from Zero to 3Million in sales. After doing it for 5 years, it can take me 2 weeks to fully vet a new business.
If you want to be successful
1. Buy the books "Good to Great" and "Built to last" (there is a video on PBS that you can watch if you get US Public television)
2. Read them more than once
3. Find key people in your industry as mentors
4. Attend a trade show or get an internship (for an insiders view into your market)
5. Create your business plan
6.Start checking off milestones from your business plan
==========
How I used the some steps above
a) I attend the Magic tradeshow in las vegas each year where i meet with fashion insiders and authors of the textbooks used in fashion schools. The goal is to get data straight from the source. Why read about a trend on WGSN.com with a few thousand dollar registration fee when I can sit back and have WGSN employees tell me what the trends are in person..for free
b) I got an internship at a Major record label in october 2005. I produced an album in April 2006 for a VH1 event with my own record company. My time as an intern showed me not only what it takes to make records for artists but, WHAT NOT TO DO by observing the industry practices from the inside.
Different Types of Funding
- Finance for business can be obtained through a number of different sources.
Let's review some of those channels to help you decide what's right for your business needs:
Grants
There are over 930 different EU and UK grants and loans available from over 100 issuing bodies. This is the cheapest form of finance and an important part of the funding package that companies and individuals need. We can help you find your way through this maze.
Technology
Micro Projects: 50% of eligible costs up to £20,000
Research project: For a technical and feasibility study of an innovative idea for new technology 60% of costs up to a grant of £75,000.
Development project: For development up to pre production 35% of costs up to a grant of £200,000
Developing an innovative idea: valuable for small companies and individuals at the start of a technical project: 75% of costs of hiring a mentor and consultants.
Export
To start exporting or moving into new markets grants of 50% of costs up to £20,000 each.
Training and Education
Knowledge Transfer Partnerships, Achieving Best Practice in Your Business, Investors in People
Modern Apprenticeships
New Deal for various grants.
Environment
BOC Foundation for the Environment: 25% to 50% of Project cost, typically £20,000 to £100,000
Clean up Fund: Emission reducing equipment up to 75% of cost
Community Chest Fund: Up to £25,000 for projects near active SITA sites
High Impact Fund: £150,000+ for larger projects near SITA sites
Assisted Areas
Regional assistance grants of between 10 and 35% for capital expenditure in less favoured areas of the UK.
Loans
Loans are an excellent source of finance if you have suitable security to borrow against or a reliable earnings stream. This needs to be planned and presented well to obtain funds.
Credit cards
Provides up to 56 days free credit if you play the game!
Overdraft
Banks are surprisingly supportive when presented with a well thought through plan and competent management.
Bank Loans
Lenders tend to look for a good business plan and security. Typically the loan is approved by a centralised back office function rather than the person you meet. Terms and rates depend upon the risk. Repayments can be very flexible to meet your specific needs.
Mortgages
These can include flexible repayment terms to meet your business needs. This can even be incorporated into your overdraft finance so that you have one flexible account for both personal/ business mortgages and overdraft
Small Firms Loan Guarantee Scheme
Up to two years trading: Up to £100,000
Over two years trading: Up to £250,000
However these are difficult to obtain and are a loan of last resort.
Export Guarantee Scheme
This is government backed insurance against appropriate export documentation.
Mezzanine
This is a halfway house between loan and equity. It can be an innovative way of raising funds for the more established business. Mostly for expansion capital.
Equity
This is not as easy as the papers would have you know. Only 1% of business plans received by Venture Capital Funds are successful. However, a good business proposition consisting of a strong demand for the product or service, management track record and a sound financial plan will enhance the chance of success.
Business Angels
These are high net worth individuals who are successful businessmen looking for investment opportunities. They can provide both time expertise and money. Typical investment size is £25,000 to £250,000 but can go as high as £2m for the right opportunity. Exit within 3-5 years.
Venture Capital
These are investment funds seeking high rates of return. However typically investments are over a million pounds. Some funds are targeted at lower amounts depending upon the sector and region. These funds are looking for exponential capital growth over 3-5 years.
Asset backed finance
This can cover machinery, sales invoices even sales orders. It can be a very flexible source of finance to the growing business
Leasing
This will cover your capital expenditure and spread the cost over a three to five year period. It is particularly useful if you do not have taxable profits to maximise your capital allowances.
Sale and leaseback of a property you own is another good source of funds.
Factoring
Factoring offers a sales ledger administration and debt collection service. Up to 95% of an approved sales invoice is paid within 48 hours, quicker if required. Credit protection is also available to protect against a bad debt. The Factor will own and place a first charge over the book debts and they might also take other charges, depending upon the strength of the financial information.
Invoice discounting
Invoice Discounting can be Confidential or Disclosed; it depends upon the strength of the financial information. The service is the same as Factoring, except that the sales ledger administration and the debt collection is the responsibility of the client and not the Factor. Pre payment of the approved sales invoice is still up to 95% and the factor will still have a first charge on the book debt and therefore own the debt. This service can also have credit protection cover. All sales invoices need to be for a business to business debt, and some proof of delivery is generally required.
Trade Finance
This is funding provided against stock purchases, signed contracts and orders whereby the funder will prepay a certain percentage of the value
Pension fund
It may be possible to use your pension funds for a loan back to the business
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