Every week our firm gets phone calls from clients around the country who have lost their money by investing with friends, family or neighbors they trusted.

In nearly every case, in the beginning there was a guarantee of unusually high returns with no risk, and of course the promises of success from a trusted relationship. However, by the time they call our office, the money is gone, their calls are being ignored and they need legal advice on what to do next.

In the worst cases, people have borrowed money against their own homes or used their retirement plan in order to fund risky investments and businesses in anticipation of higher returns, but now their nest egg is gone.

I am constantly amazed at how many people will invest or loan hundreds of thousands of dollars to their neighbor or fellow church member without getting anything in writing or security. I just hear the constant excuse: "I didn't want to hire a lawyer because it would have made the relationship uncomfortable and I trusted them."

Investing with people you know or who seemingly have a great reputation and tract record may be comforting, but it has no bearing on whether an investment is sound or the documentation to protect you is sufficient.

In fact, I typically recommend my clients not invest with close friends and family. This standard practice has two important benefits: In the beginning, it takes emotion out of the equation and helps you to focus on the merits of the opportunity. On the backend, when things get nasty or go bad, you will not hesitate to aggressively protect your interests and go to court if necessary.

Most people don't like to sue their family and friends -- it makes family reunions, local sporting events, neighborhood parties and church functions too uncomfortable. I strongly encourage you to think about this ugly feeling and follow your gut before investing or doing business with a close friend or relative.

This doesn't mean you can never invest with close friends and associates. I simply suggest you go into this type of relationship with your eyes wide open. Realize you're playing with fire and with a different set of rules. Here are some important guidelines to follow:

In a partnership or transaction with a close personal friend or family member, emphasize the fact you want to consider all of the best and worse-case scenarios so there's a game plan and you won't ruin your relationship.

Ironically, people use less documentation with friends and family when they should actually use more. Go the extra mile to even over-document the transaction so emotion is taken out of the equation.

Beware of guarantees, aggressive sales pitches, requests for secrecy and situations where people need money urgently. Ask the hard questions before you hand over your money, not after.

Tell them you promised your spouse or parents you would always use an attorney when you invest your money in a project like this and you still respect and trust them as a friend. A lawyer won't tell you if the investment is good or bad, but whether it is documented properly and whether or not you're protected if it doesn't perform as expected.

Bottom line: if you feel you can't ask for thorough documentation, or could never sue or send a nasty letter to the person you are going to be in business with, this is probably a project you should walk away from to hang on to the relationship.

Courtesy: www.entrepreneur.com

If you want your company to be the best, there are three rules:

1. Be better.

2. Don't be cheap.

And 3. There are no other rules.

That's according to a recently released book co-authored by Deloitte director Michael Raynor and strategist Mumtaz Ahmed, The Three Rules: How Exceptional Companies Think (Portfolio/Penguin, 2013). Raynor, who earned his doctorate from the Harvard Business School, and Ahmed, along with a team of researchers, analyzed a database of 25,000 companies across hundreds of industries spanning 45 years to identify those companies that were statistically "exceptional."

Defining "exceptional" was a project in and of itself, but it began with one question: "How much of a difference is enough to make a difference?" What Raynor's team ended up doing was generating something of an actuarial table for business success. "If somebody says I am 82 years old. Is that person old or not? Well, if they live in the Northern Islands of Japan, that is early middle age because those people live forever. If they are from Tanzania, they are probably the oldest person in the country. What counts as old is a consequence of your context."

Raynor and his team also developed a mathematical algorithm that corrected for age of business, date, amount of debt, size and industry, among other variables. The goal of the analysis was to strip out the effects of luck and variation to come to an answer to the question: "What do managers do to make companies great?" says Raynor, who is based in Mississauga in Ontario, Canada.

After identifying 344 top performers, Raynor and his team, who officially started working on the project in 2007, looked for common traits to define how those exceptional businesses acted.

The team largely came up empty.

However, when Raynor and his team started to look at how those exceptional companies think, the principles started to become clear.

They are as follows:

1. Better before cheaper. Differentiate yourself from your competition based on quality, not price. While you may achieve some level of success undercutting your competition with cheaper prices, you will almost never become exceptional on a price-based model.

2. Revenue before cost. It will be more valuable to your company to drive your revenues higher than it will be to drive your costs lower. Cutting costs may result in some degree of success, but, most likely, your company won't sustain an exceptional level of greatness.

3. There are no other rules. Technology, talent, markets, people -- it can all change. But don't mess with Rule 1 or Rule 2.

Exceptional companies include long-haul trucking company Heartland Express and teen clothing retailer Abercrombie & Fitch. The companies are all publicly traded companies, larger than the sorts of companies that many young entrepreneurs may have on their hands. But Raynor says the three rules still apply to younger, smaller companies, if with a modicum of compassion in the application.

Consider the rules "a compass, rather than a map," says Raynor. "You are lost in the forest and somebody says civilization is North. If I hand you a compass, I have done you a favor. You still have to be creative. You can't just walk straight north, you will bump into a tree, walk off a cliff, do whatever it is you do. And so sometimes you have got to go East, West, double back South even and really pay attention to cost for a while, but you want to make sure that over time, you are pushing your company in one direction versus another."

Very often, new startups are especially cash strapped. And Raynor recognizes that. But the rules of putting quality and revenue first still apply on a comparative level.

"If you want to have higher profits than your competitors, the way to do that systematically is not to have lower costs than your competitors," he says.

Raynor cautions that this doesn't mean businesses should put "gold-plated Aeron chairs and Godiva chocolates in all the conference rooms," but that businesses should figure out where they are better than their competition and exploit that gap with higher prices or higher volume, not lower costs.

"It is all about your relative position. If you want to be relatively more profitable, you want to have relatively higher volume and/or relatively higher price" than your "relevant" competition, he says.

Courtesy: www.entrepreneur.com

Everyone needs a little inspiration from time to time – especially entrepreneurs.

If you're looking for advice on how to rock the business world and live a successful and meaningful life, consider the words of leaders like Bill Gates, Mark Zuckerberg and Michael Dell. They might just have a trick or two up their sleeve.

Advice from 18 of the wealthiest and most influential leaders in history.

Some excerpts:

"Your most unhappy customers are your greatest source of learning." – Bill Gates

"Your time is limited, so don't waste it living someone else's life." – Steve Jobs

"Failure is the only opportunity to begin again more intelligently." – Henry Ford

"Done is better than perfect." – Mark Zuckerberg

courtesy:www.entrepreneur.com

During a recent radio interview on the BBC, the host asked me what advice I would give to young people who want to start their own businesses. In the 46 years since I launched Student magazine, the world has certainly changed. The uncertain economic outlook and the relentless pace of technological advances make replicating Virgin’s success much more challenging for today’s young entrepreneur.

At Student magazine, we expressed our opposition to the Vietnam War and the Cold War; these days, governments now face the more nebulous threat of terrorism and instability in the Middle East and Africa. Back then, American and European markets were generally stable; today, the economic power of Western nations is being challenged by the fast-growing economies of Brazil, Russia, India and China, and growth opportunities and new markets can be found around the world.

There is also marketers’ new ability to bypass traditional channels -- TV, radio and newspapers -- and build a strong following online for their companies via Twitter, Google+, Facebook and new applications such as Path and Klout. This means that most startups are able to launch with smaller marketing budgets, and that entrepreneurs can break into new markets fast. It also means that successful companies must defend their positions, because their products can go out of fashion just as quickly as they caught on.

But during the radio interview I found myself arguing that while the world may be changing quickly, the steps to building a good business have not. The five simple guidelines we followed when we started the magazine and then Virgin Music remain as valid and useful as they were in the late 1960s and early 1970s.

1. If you don’t enjoy it, don’t do it. You must love what you do.
2. Be innovative: Create something different that will stand out.
3. Your employees are your best asset. Happy employees make for happy customers.
4. Lead by listening: Get feedback from your staff and customers on a regular basis.
5. Be visible: Market the company and its offers by putting yourself or a senior person in front of the cameras.

Virgin Media founded its Pioneers program to promote aspiring business people and help them to network. One of our best known pioneers is Jamal Edwards, the founder of SB.TV, an online music and lifestyle channel, whose company and business model remind me of Virgin’s in our early days.

When Edwards started out, his company was just himself and his camera; he started posting videos of rap performances for his online followers. He was doing what he loved, and soon he developed a cult following for his passionate, innovative and authentic early videos of musical events.

Once he had established a brand and a following, Edwards and his team extended SB.TV’s reach into more areas, including music and lifestyle, merchandise, clothing and even a record label. Traditional brands like Puma and Nando’s (the fast-food chain) started calling, wanting to discuss deals and endorsements.

Edwards has also made his own luck by spotting talent. In 2010 a struggling singer-songwriter sent a video to SB.TV that was accepted and placed on the company’s YouTube channel. The views kept racking up, and eventually the rapper Example offered the unsigned young singer a chance to tour with him. This was none other than Ed Sheeran, whose career was effectively launched by SB.TV.

Edwards remains very busy and very visible, promoting SB.TV and himself wherever he can -- on his website, in partnership with Google Chrome and in the media, he tells the story of his company and their dreams and successes, getting the message out. And he knows that good business depends on backing your people and being a good listener. Despite his early successes, he remains down to earth, always willing to listen and constantly trying new ventures.

If you have the right idea and execute properly, your startup’s launch date does not matter. While the business environment has changed, the basic rules remain the same. Rather than getting nostalgic about how things used to be, embrace the new opportunities and challenges available to you now.

courtesy: www.entrepreneur.com

We all know fitness is important to our health, but did you know it can also be good for your business? Elizabeth Robinson, a Philadelphia-based personal trainer and creator of VitFit, a mobile app for customizable downloadable workouts and Dega Schembri, co-owner of City Fitness Gym in Washington D.C., say regular physical activity can make you a better entrepreneur.

Here are seven ways physical activity can improve the health of your business:

1. Build your network.

Whether working out at the gym or participating in a team sport, fitness can help you network with prospective clients or strengthen existing business relationships. Robinson met several of her business investors and clients through fitness activities. "A lot of barriers break down when you're working out with somebody," says Robinson. Fitness challenges open a window into individuals' personalities and allow you to communicate with others in a very different way and consequently learn more about each other than would normally be possible over a cup of coffee.

2. Get your creative juices flowing.

Exercise not only tones muscles, but improves brain power. A 2012 study by the Montreal Heart Institute showed aerobic exercise increased cognitive function. This is because exercise increases blood flow to your brain, meaning a jog might be just what you need before a brainstorming session.

3. Reduce stress.

Physical activity reduces stress hormones and increases the production of endorphins that give you a natural high. Getting in a workout, whether before work or during the workday can allow you to approach your work with a calmer mindset. "The more stressed you are, the more unable you are to make really good, rational business decisions," says Schembri.

4. Boost your confidence.

Whether building a business or going through a rough patch, even the smallest fitness win can help you gain the confidence you need to achieve larger goals in your business life. "Having a great workout translates into every area of your life, making you feel more accomplished at the end of the day about everything that you do," says Robinson.

5. Overcome business challenges.

Training for a fitness challenge such as a marathon can help entrepreneurs re-learn the importance of goal-setting and determination. Schembri participated in her first triathlon when she was 58-years-old and says the vigorous training regime she underwent to achieve her fitness goals helped her to be a more tenacious entrepreneur. Removing the word "can't" from her vocabulary made her view obstacles as simply another challenge to be overcome, she says.

6. Improve your energy.

Ditch your morning cup of coffee and head to the gym instead. A 2008 study published in the Journal Psychotherapy and Psychosomatics concluded that inactive individuals who normally complained of fatigue experienced increases in energy of up to 20 percent and decreased fatigue as much as 65 percent by participating in regular, low-intensity physical activity. "Exercising regularly helps you sleep better, and if you sleep better you’ll have more energy during the day," says Schembri.

7. Learn to let go of control.

"A lot of business owners think that they have to do it all, [but] there's a lot of stress that goes along with that level of control, power and decision-making," says Schembri, who argues power-hungry entrepreneurs can benefit from a personal trainer. "When you hire a trainer you're acquiescing to someone else, accepting that you're going to let them direct you," says Schembri. Participating in team sports can also teach control-freak entrepreneurs about the importance of entrusting others with important tasks, proving they don't have to do it all on their own to have a successful business.

Courtesy: www.entrepreneur.com

Virgin Empire founder Richard Branson’s first job was selling Christmas trees. NBA Dallas Mavericks owner Mark Cuban’s first job was selling garbage bags. Las Vegas Sands Corporation CEO Sheldon Adelson’s first job was selling newspapers. Groupon co-founder Eric Lefkofsky’s first job was selling carpets. And Elon Musk, the founder of Telsa Motors and PayPal, started his working life writing video games.

From their humble beginnings, all of these self-made billionaires have changed course scores of times. The infographic below, generated by San Francisco-based startup organization Funders and Founders, shows just how many different businesses these legendary entrepreneurs launched.

Funders and Founders also analyzed all 1,426 billionaires in the world. From there, the company segmented out the 960 that are self made and determined that 830 of them earned their wealth from more than one business.

As an entrepreneur, your job is to be one step ahead of the market, always ready with the next big idea. Whether you want to design a new product or disrupt a market, you need to be able to come up with creative solutions for problems of everyday life.

Creativity often eludes us because we're accustomed to certain norms. "We're highly socialized and have fixed assumptions about what the world looks like," says Barry Staw, an organizational behaviorist at University of California, Berkeley. "You have to try to envision another world."

To do that, Staw suggests a series of exercises, all designed to help you consider a wider range of options as you brainstorm.

As you do each of these exercises, resist judging your ideas for as long as possible. "A creative person is willing to suspend their caveats for a longer period of time," Staw says. The selection process can come down the road -- creativity requires freedom.

To flex your creative muscles, try these three easy exercises:

1. Re-imagine a familiar situation. To think more creatively, consider alternatives to obvious choices. If you assume that a restaurant will buy and prepare the ingredients for your meal, then make a list of other options. Perhaps the customers bring their own ingredients for the chef to prepare, or the restaurant provides ingredients that customers cook at their tables. "Think of opposites or radical differences," Staw says.

That exercise can lead to exciting new business ideas. For example, companies like Bag Borrow or Steal and Rent the Runway, which both allow customers to rent high fashion goods, started as alternatives to the assumption that we have to own our wardrobes.

2. Practice breaking the rules. "To learn how to act creatively, you have to violate norms," Staw says. Practice breaking the rules with harmless violations that might be embarrassing or uncomfortable, like asking to read a poem over the loudspeaker at the grocery store, or offering to help the usher hand out programs at a play.

It's okay if you get shot down -- the point is to get comfortable trying options that most people would rule out immediately. Staw calls these "lessons in chutzpah" because they help you gather the nerve to take creative risks. Just thinking of rules to bend promotes creativity because you force your brain out of its comfort zone.

You can also look for ways that others are breaking norms. For example, Staw's son discovered that teenage girls like mismatched socks, so he created LittleMissMatched, a colorful teen clothing line.

3. Make a list of things that bother you. As you go about your day, Staw suggests creating a "bug list," or a list of annoyances. You might list slow internet or noisy air conditioner units. "Usually, if something has bothered you, that means there's a hole in the service," Staw says.

By thinking of possible solutions, you may stumble on a product opportunity. For example, one frustrated inventor created a stemware tether to stop wine glasses from chipping in the dishwasher.

Courtesy: www.entrepreneur.com

From the medieval days when it originated as a way to show both parties came in peace and were weapon-free, the handshake has been tied to a person's word -- no more so than when used in business to make a deal.

While certainly not as concrete as a legal document, a handshake can be a legitimate way to seal a business deal. Just keep in mind that if it isn't followed up with an agreement on paper, each party must let the justice system decide what's what in court.

Protection, protection, protection

If you prefer the old-fashioned way of doing business, follow these tips, which could provide some protection, as listed by Legal Zoom.

--Bind the deal by having others witness it take place

--Follow up with an email, even if written as a thank you, with details of the agreement

--Keep any correspondence or other documentation that could be used as "evidence"

--Put the deal in motion immediately. Even if the other parties do not act honorably, their compliance can be used as indicating validity

A deal junkie who made billions on handshakes

For the CEO of Camping World, Marcus Lemonis, operating with a handshake is the only way. The self-admitted "deal junkie" built his $3 billion company making more than 100 such agreements, rolling smaller businesses into the brand.

"I don't know if there's an art to it," he said. "I'm a big believer that a person's word and handshake are the best signature you can have."

For the past 12 years, Lemonis has been investing in struggling businesses and taking charge to help them survive. Now, as the star of CNBC Prime's "The Profit," he'll put $2.6 million of his own money into turning around businesses around the country that need help.

How the deal goes down

Lemonis wouldn't give away all his tactics in approaching a handshake deal, of course, but did have some tips.

First, always walk in with a game plan and enough information to be effective, never asking a question to which you don't already know the answer.

Second, keep it basic. The more complicated a handshake deal becomes, the easier it is for the other person to say he did not understand the agreement.

"If you keep it simple and clear ... the only reason you get screwed is because the other person is lacking in character," Lemonis said.

Finally, discuss the essential terms surrounding the economic foundation of a deal: What the business structure will look like, who will pay what and who will get what.

"If I give you a dollar, what do I get for it?" he said. "If you can't agree on these basic terms, then there's nothing you can agree on."

Use paper to solidify a deal, not hinder it

Besides his personal preference for the handshake deal, Lemonis dislikes walking into an initial meeting with a written document because it can weigh down the negotiation. Fluidity is essential to adjusting on the fly, as circumstances can change if a seller's request is reasonable.

"Maybe you'll understand their tax situation better, or their family dynamic, or even the emotions they tie into their business," he said. "If you walk in with a written document it can get visceral real fast." He does get each deal down on paper with an attorney, typically within a week.

Lemonis will never stop doing business this way, he said, though he acknowledges having been burned a few times.

"My attorney hates that I do deals on handshakes because you can get screwed," Lemonis said. "But if someone is intent on screwing you, they're going to do it whether you have it down on paper or not."

When a deal goes bad

Lemonis recalls a deal he made with a business that was set to close its doors last Christmas Eve. He wrote a $125,000 check so the owner could make payroll and settle with its vendors.

"Four days later, they sent me an email and said, 'We don't know what you're talking about. We don't know you. Don't come to our business anymore.' "

Such an occurrence is rare, Lemonis said, and he refuses to let it ruin future deals, saying some people are just bad.

"At the end of the day you have recourse, but it's expensive and time consuming, and it's just bad energy," he said."What am I going to do? Spend $100,000 chasing $100,000?"

Don't be misled: Lemonis takes such an event seriously and stresses that no one should confuse his kindness with weakness. He just realizes that no one is right 100 percent of the time. Rather than dwell on the deals that went wrong, this deal junkie finds it best to move onto 

the next one.

Courtesy:www.entrepreneur.com

Jared Isaacman knew in his teens that he wanted to launch a business. In fact, he was in such a hurry to get started that he took the General Educational Development, or GED, exam and left school at 16. Six months later, after a stint at a credit-card processing company, he launched his own business in the same industry, United Bank Card Inc.

At 30, Isaacman continues to lead the company he started from his parents' basement in New Jersey. Except today, it's a bit bigger. United Bank Card, which is based in Allentown, Pa., now goes by the name Harbortouch and processes nearly $12 billion in payments annually for more than 100,000 U.S. merchants.

Isaacman also started a second company called Draken International out of Lakeland, Fla. That aviation company consists of what he calls the world's largest air force, with more than 50 jet fighters, and offers simulated threats for training exercises for one of its clients, the U.S. Department of Defense. Isaacman developed an affinity for aircraft early on and trained to be a jet pilot, an acrobatic flyer and certified flight instructor.

                                                                                                  

Jared Isaacman left school at 16 to go on to launch a thriving credit-card processing company.

He also broke a speed record for flying around the world in a light jet while raising funds for the Make-A-Wish Foundation in 2009. 

While few people know as clearly what they want to do with their lives as Isaacman, but his experience -- from an ambitious teen to high-flying CEO -- may provide insight and inspiration for other young entrepreneurs.

"It all starts with opportunity," he says. "You can have the smartest person that works tirelessly day and night on a business venture but if there's no opportunity behind it, it's going to be a pretty big, uphill battle."

You may wonder how a teenager even got to the point of finding his opportunity in such a close-knit industry as business-to-business credit card processing? Here's how it went for Isaacman.

After leaving school at 16 with that GED, Isaacman went to work for a credit card processing company called MSI Merchant Services Inc.

"They were and remain a great company. I learned quite a bit from their management team and principally Mario Parisi. He is one of the partners at the company and has been a great friend and mentor. In fact, Mario Parisi and my father are probably the two most inspirational figures when it comes to my growth as a company leader," Isaacman says.

Despite his admiration for Parisi, he paid attention. After all, Isaacman was looking for his chance to start up. After a short stint at the company, it hit him: Credit card processing companies were missing out on a key revenue driver, as he saw it.

Credit card processing consists of two sides: card issuing, a massive business that the major banks dominate, and card acquiring, which involves enabling businesses to accept customers' credit cards, Isaacman says. When he started United Bank Card/Harbortouch in 1999, the card acquiring business was considered a backwater of the business. "It was a necessary but undesirable component of credit card processing," he says.

Banks were mostly interested in further developing their card issuing business, so the card-acquiring end of the business was receiving little to no attention in the form of technological or operational improvements, Isaacman adds.

"The companies that handled card-acquiring services were outsourcing like crazy, there was no personal service for the business owners and the paperwork process to begin the service was tantamount to signing up for a mortgage. It was a neglected market with all the focus on issuing more credit cards," Isaacman says.

So, when Isaacman left MSI to start United Bank Card out of his parents' basement, that's what he would focus on disrupting. Seeing the potential, Isaacman's father and Brendan Lauber, who is now the company's chief technology officer, joined the business within a few months.

"We brought the entire process in-house, literally," says Isaacman. He handled the sales, account underwriting, risk management, deployment and all of the customer service and technical support. "The result was a small basement startup that was faster, more efficient and provided better service than the larger players that were ignoring the potential of the credit card processing industry," he explains.

And not wanting to lay fallow for long, just about two years ago, Harbortouch introduced yet another new feature that Isaacman believes has transformed the company. He launched a free, integrated, touch-screen point-of-sale system. Other companies may charge $10,000 for a POS system, according to Isaacman, who compares the free-equipment deal to mobile phone contracts that offer free or low-cost phones when customers sign up for service.

 "It has been a very successful strategy," he says. "In our 14 years in business we have never launched a program that changed the face and direction of the company more significantly than our free POS initiative."

When running a business, it may seem like there are never enough hours in the day. Tapping into the power of mornings, a time of day when there are less demands, might be the key to increasing your productivity.

For 15 years, Starbucks President Michelle Gaas has set her alarm for 4:30 a.m. to go running. Gretchen Ruben, popular author of The Happiness Project (Harper Perennial, 2011) wakes up at 6 a.m. and works for an hour before her family rises. Time-management expert Laura Vanderkam highlights what makes mornings special and how we can use them more efficiently in her book What The Most Successful People Do Before Breakfast (Portfolio Trade, 2013). Here are a few benefits to getting out of bed earlier. 

You are less likely to get distracted in the morning. An entrepreneur's day fills up fast. If you wait until the afternoon or evening to do something meaningful for yourself such as exercising or reading, you’re likely to push it off the to-do list altogether. “There are going to be reasons why you can't tackle a personal priority at 4 p.m. -- things have a lot less likelihood of coming up at 6 a.m.," says Vanderkam.

You have more willpower early in the day. Even if you aren't a morning person, you may have more willpower in the early hours than later in the day. "Willpower is like a muscle [that] becomes fatigued with over-use," says Vanderkam. During the course of the day as you're dealing with difficult people, making decisions and battling traffic, you use up your willpower, leaving you feeling depleted toward the end of the day.

Mornings give you the opportunity to set a positive tone for the day. If you've ever slept in past your alarm clock or forgotten your kids' lunches on the counter, you know that starting off the day with a failure can bring down your mood and affect your productivity at work. Vanderkam says waking up earlier allows you to start the day with a victory and set the tone for a happier and more productive day.

If the thought of waking up at sunrise makes you cringe, Vanderkam recommends these four steps to transform even a habitual night owl into a morning person.

1. Keep a time journal. Vanderkam says one of the reasons people say they don't like mornings is that they stay up too late. She recommends keeping a time journal for a week to show where you may be using your time inefficiently. Vanderkam finds when many self-professed night owls look at their time journals, they often find they aren't spending their evening hours productively or doing anything particularly enjoyable.

2. Imagine your perfect morning. Imagine what you would do if you had an extra hour in the day. Would you exercise? Read the newspaper rather than simply skimming the headlines? "[Getting up earlier] isn't about punishing yourself. You will not get out of bed if you don’t have a good reason to do it," says Vanderkam.

3. Plan your morning. Once you have decided what you want to do with your extra time, plan how to execute it, and set as much up as possible the night before. For example, if you want to exercise in the morning, lay out your clothes the night before, or gather the ingredients for your breakfast.

4. Build the habit slowly. Vanderkam says you will likely hit the snooze button and sleep in if you try to switch your habits drastically. So instead of setting your alarm for 5 a.m. when you normally get up at 7: 30 a.m. set the alarm for 10 minutes earlier each day. To make sure you don't lose sleep, go to bed 10 minutes earlier each night. If you have trouble hitting the sack on time, set a bedtime alarm.

courtesy: www.entrepreneur.com

Alexandria, Virginia, USA (8 July 2013)

On 1 July 2013, the Entrepreneurs’ Organization (EO) welcomed Rosemary Tan as the organization’s new Chairman of the Global Board of Directors. A member of EO’s Malaysia chapter since 1996, Rosemary has been actively involved in the organization’s leadership for many years, both at the chapter and global levels of the organization. Her tenure as Global Chairman in FY2013/2014 will focus on personal and professional engagement; the year’s “Engage the World” call to action will drive the organization’s initiatives and the leading entrepreneurs it supports to pursue new measures of growth in business and beyond.
“EO has always been about engagement. Since 1987, we’ve engaged our chapters, businesses, families and communities, and we’ve engaged other organizations to help facilitate entrepreneurship around the globe,” said Rosemary. “This year, we’re capitalizing on our commitment to engagement by giving today’s entrepreneurs more opportunities to expand their perspectives, pursue their passions, build on their strengths and contribute to the next generation of entrepreneurs.”

Rosemary was the president of EO Malaysia in 2001, held various leadership roles for the Asia-Pacific region and has been a certified EO Forum and Moderator trainer for more than 10 years. In 2003, she was awarded the “EO Volunteer of the Year” award for her dedication in helping the organization achieve new levels of excellence. In July 2010, Rosemary was awarded “Most Passionate EO Member” by her local chapter for her long-term contributions to EO Malaysia.
Rosemary is the creative director of Palam Mesra Sdn. Bhd., a niche residential property development company she founded with her husband. In 2008, the company made The Edge Malaysia’s “Top 30 Property Developers” list for creativity and innovation. Rosemary’s community involvement has included volunteering on the Board Trustee for Worldwide Fund for Nature Malaysia (WWF Malaysia), serving as a distinguished lieutenant governor for Kiwanis Malaysia and as president for the Kiwanis Club of Kuala Lumpur. Rosemary was awarded the Governor’s Medal for her outstanding service to the District of Kiwanis Malaysia in 2001, and in 2004, she received an EO Kauffman Community Award for her efforts in supporting the Kiwanis Down Syndrome National Centre, Malaysia.
Rosemary has been married for more than 24 years to her husband, Stephen Chia, who is also an entrepreneur in the IT and wireless broadband industry, based in Malaysia and Cambodia. In addition to Rosemary’s tenure as Global Chairman of the Global Board beginning, the EO Global Board also welcomes four newly elected Directors: Adrienne Cornelsen of EO Dallas, Lance Lai of EO Sydney, Gilberto Crombe of EO Monterrey and Yoon Li Yong of EO Malaysia.

About the Entrepreneurs’ Organization

The Entrepreneurs' Organization is a global business network of more than 9,500 business owners in 131 chapters and 40 countries. Founded in 1987 by a group of young entrepreneurs, EO enables small and large business owners to learn from each other, leading to greater business success and an enriched personal life. The organization’s vision is to build the world's most influential community of entrepreneurs, which aligns with its mission of supporting entrepreneurial education and engaging entrepreneurs to learn and grow.

The Entrepreneurs’ Organization also operates the Global Student Entrepreneur Awards (GSEA), the premier award program for high school, undergraduate and graduate students that own and run businesses while attending college or university; and Accelerator, a series of quarterly, high-impact learning events designed to provide top business owners with the tools, knowledge and skills they need to grow their businesses to more than US$1 million in annual revenue.

As an entrepreneur, the most lucrative way to spark immediate business is to tap into your power base. Your power base is all the people you know and are connected to. "Oh," you say, "I don't want to bother my friends and family." That is ridiculous. If you have a great product or service, you have an obligation to tell your network first and keep telling them.

When I first got into sales, I spent all my time trying to sell people I didn't know. Then one day, my uncle told me he had purchased the same product I sold from a competitor. When I asked why he didn't buy it from me he said, "I didn't know you sold the product." I swore to myself I would never let this happen again. Leverage your power base -- your family and friends -- first. This is much more effective than working with strangers.

Make a list of every person you know, starting with the people closest to you. Start with your spouse or partner, then keep going outward to other family, friends, associates, teachers and every person you have ever made contact with. Make your list now and worry about how you will reach them later.

You know the saying, "It takes money to make money," but this is not true. It takes contacts to make contracts and those contracts will grow your business.

Be a politician. Your everyday routine is a way to capitalize and grow your base. Today I had a meeting with the bank in downtown Miami to talk about refinancing some real estate for me. I shared business cards with everyone I came in contact with, from the guy who parked my car to the receptionist to the president of the bank to the folks at the nearby sandwich shop. I said the same thing to each of them: "If I can ever do anything for you, please give me a call."

You have to operate like a politician running for office. Make a commitment to be out there shaking hands, handing out cards, making friends, kissing babies and taking interest in everyone you meet.

Become an online socialite. Every day I use social media to get attention, pay attention, ask questions and find people who may be interested in what I am doing. Facebook, Twitter, Google, YouTube, Instagram, Pinterest and LinkedIn have changed the game. It is now possible for entrepreneurs with no money but a lot of desire and creativity, to not only create a power base, but to become celebrities.

Today I tweeted over 20 times, posted on three different Facebook pages for a total of a dozen posts, responded to a couple dozen comments, wrote two blogs and posted two videos on You Tube.

I keep my eye on trending topics. For example, today when I saw #WhatBrokePeopleSay trending on Twitter, I started banging out related tweets such as: "Money doesn't make people happy." It took maybe 30 seconds. Then, about every 15 minutes, I posted new tweets on the topic while working on a book. In a very short period of time, with no cost other than my creativity, I got attention for my brand, engaged with followers, and added new followers to my power base. It's how I have been able to amass close to 250,000 followers and 226,000 likes on my Facebook page in the last four years. But it takes a willingness to be engaged. In that time, I've posted more than 33,000 tweets.

Never quit working your power base. Once you initiate interest and connect or reconnect, don't quit. I have a prospect who wasn't quite ready to do business. I had to figure out very creative ways over a period of eight months to stay in contact with him. One month I sent him a report that I thought would interest him, then I sent a video for his staff's sales meeting, another month I checked in with a text, and also asked if he would contribute to my blog. The next time I called him, I asked: "When are we going to do business? You know I won't quit until we do." I still haven't gotten his business, but I am growing my power base and I won't quit until he's a customer.

Light up your power base and keep it lit by turning those you know and meet into screaming fans. Be exceptional in building and growing your power base and you will never be without opportunity.

courtesy: www.entrepreneur.com

(Alexandria, Virginia, USA) 1 July 2013 – Fourteen American entrepreneurs returned from Moscow as delegates of the G20 Young Entrepreneurs’ Alliance (YEA) Summit. Held from June 15-17, 2013, the Summit highlighted how entrepreneurs are addressing the global economy’s most significant economic challenges. The Official Communiqué of the Moscow 2013 G20 YEA Summit is the voice of more than 1 million business owners who are recommending youth entrepreneurship as a dominating force for strong, sustainable and balanced growth, the central subject of the G20 Leaders’ Summit to be held in St. Petersburg in September 2013. The recommendations summarized in a final Summit communiqué were presented to the B20, and on to Russian President Putin, primarily focus on the following: Need to develop digital infrastructure. Young entrepreneurs are the most active group in terms of both starting up businesses and using the latest digital technology to help run the business and optimize business processes; Importance of developing educational programs for entrepreneurs.Advancing the entrepreneurial culture, and streamlining government funding for “green” technology studies; Need to ease the tax burden. In the fields of scientific-technical programs and social entrepreneurship, namely the taxes imposed on employers and employee income tax; Access to funding for start-ups and emerging companies. Ensuring funding on easy terms, changing banking requirements, developing rules for new forms of funding, including cross border online platforms, investors’ and entrepreneurs’ networks. At the Summit, more than 400 dedicated and influential entrepreneurs identified how government and business communities can best harness the potential of young entrepreneurs as drivers of job creation, innovation, economic growth and competitiveness. In addition, in-depth research reports from Ernst & Young andAccenture were revealed, providing new data and thought leadership on the state of entrepreneurship around the globe and recommendations for G20 governments to support entrepreneurs. The US delegates included the winners of the Entrepreneurs’ Organization’s Global Student Entrepreneur Awards (GSEA) from around the country as well as leading American entrepreneurs who were selected to participate in this fourth annual Summit of the G20 Young Entrepreneurs’ Alliance. The American delegates included: Kevin Langley, Ellis Construction [President] Gene Lim, Mav12 [Sherpa] Ben Biron, Alcohoot Tammy Camp, Action Factory Mark Delgado, Koyr Engineering Sarah Endline, Sweetriot Daniel Fine, The Fine Companies BreAnna Fisher, DoDrinks Harman Johar, World Entomophagy Michele Kehrer, LifeStyle Physical Therapy Susan Lindner, Emerging Media Mikhail Naumov, Global Renewable Energy Education Network Brent Skoda, Ahkeo Ventures Chelsea Sloan, Uptown Cheapskate “These inspiring young American entrepreneurs are already changing the world and creating jobs,” said Kevin Langley, president of the US Delegation and former global chairman of the Entrepreneurs’ Organization. “Their innovation, entrepreneurial leadership and experience will advance youth entrepreneurship in the US and beyond.” For more information about the G20 Young Entrepreneurs’ Alliance Summit, please visit www.g20yeasummit.com. Entrepreneurs’ Organization (EO)  The Entrepreneurs’ Organization (EO) is a dynamic global network of more than 8,700 business owners in 35 countries. EO is the catalyst that enables entrepreneurs to learn and grow from each other, leading to greater business success and an enriched personal life. Membership in one of EO’s 124 chapters is by invitation only; the average member is 41 years old whose companies average annual revenues of US $18.3 million. For more information on EO visitwww.eonetwork.org or call +1.703.519.6700. G20 Young Entrepreneurs’ Alliance Summit, Russia The G20 Young Entrepreneurs’ Alliance Summit in Moscow, Russia, is a gathering of young entrepreneurs (age 18-40) and entrepreneurship-focused organizations from the G20 countries. Hosted by The Centre for Entrepreneurship (CFE) it provides valuable input to government leaders to assist in driving sustainable global economic growth, exchange ideas, and to foster international partnerships and collaboration. The G20 YEA Summit is an official program of the G20 Young Entrepreneurs’ Alliance. For more information, visit www.g20yeasummit.com or www.cfe.ru.en. G20 Young Entrepreneurs’ Alliance (G20 YEA) The G20 Young Entrepreneurs’ Alliance is a collective of leading entrepreneurially-minded organizations representing the G20 countries who seek to promote youth entrepreneurship as a powerful driver of economic renewal, job creation, innovation and social change. The Alliance was founded as a movement to engage the G20 leaders in the cause of youth entrepreneurship, share information across borders, affect positive change and create a global network of young entrepreneur advocates, while building a collaborative entrepreneurial environment worldwide. For more information, visit www.g20yea.com.