The Millionaire Mind Support Network

Millionaire Minds Are Starting Businesses

7th July 2008

Millionaire Minds Are Starting Businesses

…and Looking for Opportunities to Expand Existing Businesses

The message most Millionaire Mind Intensive graduates took away from our three-day experience was: if you don’t have a business, start one — if you have one, expand your business to produce both residual and passive income streams.

The Millionaire Mind Support Network™ site is designed to be a self-help resource for action-focused information we all need to master the inner and outer game of businesses and personal development. With that purpose in mind, I have gathered some resources to help our members make sound business decisions as we navigate through this invigorating and complex time.

Millionaire Minds ask questions, listen carefully to the answers, and develop a profitable plan forward.

POWER PRINCIPLE

You can always be more, have more and do more because you can always learn more.


Small Business Administration: where to find the answers for your most frequently asked questions.

Office of Advocacy Resources

Office of Advocacy Resources

The Small Business Economy: A Report to the President

Quarterly Indicators: The Economy and Small Business

Small Firm Lending Studies

State and Territory Small Business Economic Profiles

Regulatory Research

Research on Owner Demographics (women, minorities, veterans, etc.

Advocacy Working Paper Series

Advocacy Conference Proceedings

Small Business Journals

Entrepreneurship Theory and Practice

International Small Business Journal

Venture Capital: An International Journal of Entrepreneurial Finance

Journal of Applied Management and Entrepreneurship

Journal of Entrepreneurial Finance and Business Ventures

Journal of Business Venturing

Journal of Small Business Management

Small Business Economics

Web-Based Resources

Center for Women’s Business Research

Kauffman Entrepreneurial Research

Kauffman-RAND Center for Study of Small Business and Regulation

National Bureau of Economic Research Working Paper Series

National Women’s Business Council

Organization for Economic Cooperation and Development, SMEs and Entrepreneurship Dep’t

Research Papers in Economics

Social Science Research Network

The World Bank’s Doing Business Project

Data Sources

U.S. Department of Commerce, Bureau of the Census 1997 Economic Census

2002 Economic Census (Survey of Business Owners

American FactFinder

Nonemployer Statistics

Center for Economic Studies (CES) Data and Working Papers
CES Data is available at Research Data Centers for approved research proposals.

Statistics of U.S. Businesses — partially funded by Advocacy

County Business Patterns

Survey of Income and Program Participation

Business Employment Dynamics

Current Population Survey

Federal Reserve Board

Survey of Small Business Finances

Survey of Consumer Finances

Senior Loan Officer Survey on Bank Lending Practices

Internal Revenue Service/Statistics of Income Division

Ewing Marion Kauffman Foundation/Kauffman Index of Entrepreneurial Activity

National Federation of Independent Business Small Business Economic Trends

Small Business Polls

Global Entrepreneurship Monitor

Panel Study on Entrepreneurial Dynamic

Live Well and Prosper

posted in Business Resources, Entrepreneurship, Millionaire Mind MoJo, Small Business & Entrepreneurship, Strategic Planning | 0 Comments

4th July 2008

Why We Give Thanks Today

The Declaration of Independence

IN CONGRESS, July 4, 1776.

The Unanimous Declaration of the

thirteen United States of America …

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.

—That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed,

— That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shown, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.
But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.

— Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States.

To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.
He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.
He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.
He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
He has endeavored to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.
He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
He has affected to render the Military independent of and superior to the Civil power.
He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:
For Quartering large bodies of armed troops among us:
For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants
of these States:
For cutting off our Trade with all parts of the world:
For imposing Taxes on us without our Consent:
For depriving us in many cases, of the benefits of Trial by Jury:
For transporting us beyond Seas to be tried for pretended offences
For abolishing the free System of English Laws in a neighboring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
He has abdicated Government here, by declaring us out of his Protection and waging War against us.
He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.
He is at this time transporting large Armies of foreign Mercenaries to complete the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.
He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.
He has excited domestic insurrections amongst us, and has endeavored to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.
Nor have we been wanting in attentions to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us.
We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence.
They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the
Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and
Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent
States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other
Acts and Things which Independent States may of right do.
And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.
Here are 56 expert testimonials from 15 different states in the Union:
Georgia:
Button Gwinnett
Lyman Hall
George Walton
North Carolina:
William Hooper
Joseph Hewes
John Penn
South Carolina:
Edward Rutledge
Thomas Heyward, Jr.
Thomas Lynch, Jr.
Arthur Middleton
Massachusetts:
John Hancock
Maryland:
Samuel Chase
William Paca
Thomas Stone
Charles Carroll
Delaware:
Caesar Rodney
George Read
Thomas McKean
Virginia:
George Wythe
Richard Henry Lee
Thomas Jefferson
Benjamin Harrison
Thomas Nelson, Jr.
Francis Lightfoot Lee
Carter Braxton
Pennsylvania:
Robert Morris
Benjamin Rush
Benjamin Franklin
John Morton
George Clymer
James Smith
George Taylor
James Wilson
George Ross
New York:
William Floyd
Philip Livingston
Francis Lewis
Lewis Morris
New Hampshire:
Matthew Thornton
New Jersey:
Richard Stockton
John Witherspoon
Francis Hopkinson
John Hart
Abraham Clark
New Hampshire:
Josiah Bartlett
William Whipple
Massachusetts:
Samuel Adams
John Adams
Robert Treat Paine
Elbridge Gerry
Rhode Island:
Stephen Hopkins
William Ellery
Connecticut:
Roger Sherman
Samuel Huntington
William Williams
Oliver Wolcott

posted in Gratitude | 0 Comments

2nd July 2008

Untapped Sources of Capital

Business Start-ups and a Recession Economy

Recently I’ve been thinking about the non-profit educational organization, Outward Bound. The group’s mission is to inspire character development and self-discovery in people of all ages and walks of life through challenge and adventure, and to impel them to achieve more than they ever thought possible. It has been said that one of the founders of Outward Bound noted that more, older, sailors survived shipwrecks than younger, more physically fit, sailors. He came to the conclusion that the older sailors had “experienced survival” and therefore had the expectation of rescue. Their young shipmates often just couldn’t see past the existing, life threatening situation and gave up.

As a business manager, I weathered the two “Oil Shock” recessions in 1973 through 1975, and 1981 through 1982. As a business owner, I had the opportunity to navigate through the “What were they thinking, Savings and Loan Debacle / Bailout” recession of the late eighties and early nineties.

Here is what I learned

Starting and growing a business during a recession is not impossible. In fact if you structure the right kind of business model, a recession economy can be a great incubator for creative problem solving. Local Economic Development Groups offer tax breaks for job creation, lower rent in specific impact zones; and in cooperation with local and state government agencies, they can offer specific business support services.

Show Me the Money

As an SBDC counselor, my client’s most frequently asked questions concerned start-up or expansion capital.

With a proven business model, product or service, and good credit, the entrepreneur would tap the “Usual Suspects” — SBA secured bank loan, Local Economic Development Agency grants or low interest loans, Friends and Family, Angel Investors, and Venture Capitalists to secure expansion capital.

I’ve got a great idea, where do I get start-up funding?

Here are my top suggestions for “go-to” sources of initial investment.
1. Customers
2. Suppliers/vendors
3. Competitors/strategic investors

It is important to note that these three sources don’t work in all situations.

For instance, using your experience and contacts as a corporate event planner you are opening up a Catering and Events company focused on corporate and charity events. You happen to know a wealthy individual, who respects your managerial skills and who attends a number of social and charity events — they may be a relevant investor. Likewise, the food distributor from which you plan to purchase hundreds of thousands of dollars worth of catering supplies over the next year might be interested.

Conversely, the Catering and Events company across town surely will not invest in you. Likewise, if you are launching a company targeting teens, your customers aren’t going to have the ability to invest in you. Or if your venture exploits weaknesses of other companies in your sector, looking for competitors/strategic investors may tip everyone else off regarding what you are doing.

However, in many instances, at least one of these sources might be relevant for companies seeking capital. In addition, these sources of capital may help in referring other investors and/or be able to provide additional capital in the future should it be needed.

Since capital is the fuel that new ventures need to grow, the entrepreneurs that run them must always think creatively about financing, and never miss out on good potential capital sources.

Millionaire Minds always find a way!

Live Well and Prosper,

posted in Business Finances, Business Start-up, Entrepreneurship, Millionaire Mind MoJo, Money Blueprint | 0 Comments


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