August 13, 2008

Risky Business... Cure Your Insomnia and Improve Your
Productivity... When It Comes to Money, Don't Put Your Eggs
in One Basket... How to Get the Straight Facts for Success...
and More.

** Risky Business
By Adrian Newman, Founder of e-Wealth Daily

It's no secret that, in order to take your business to greater levels of success, you have to stand out from your competition and provide a product or service that is unique and remarkable.

And when you decide to stick your neck on the line and offer something completely new or different, you are going to get into a risky position that could make or break your business.

In the marketing book "Purple Cow," author and entrepreneur Seth Godin offers up the advice that "safe is risky." What he is talking about is that most businesses that play it safe by following the well-trodden paths of product innovators will rarely achieve great success. They may ride on the coattails of the innovators for a while, but in the end they will most likely never reach the benchmark of success set by the market leaders.

In fact, by playing it safe, Godin goes on to say, these businesses could even be "invisible" to the market they are trying to reach and in turn fail completely.

No matter how big or small your business venture is, you too can take the path to success that involves some risk that could really attract the attention you want from potential customers.

But it is important to remember that a business risk isn't just a shot in the dark. You want to know your limits and calculate your risks just in case your breakthrough approach doesn't fully work out.

A risk that could really pay off is taking the time and effort to carve out a specific niche that only your business can fill for the market you are trying to reach. This doesn't mean you have to be completely different, original or brand new. Even the smallest difference can prove to be enough to attract the attention you want.

When it comes to the risks you don't want to take, there are a few mistakes you don't want learn from the hard way.

One of the most important things you can do is swallow your pride and know when to ask for help. If you are beginning to lose control of your business or your ideas just aren't panning out the way you have planned, always seek some outside guidance. There is strength in numbers and the more assistance you can get, the better your final results can be. By searching out assistance when you need it, you could also open new doors to opportunities you never knew existed.

And, finally, you have to allow yourself some flexibility when it comes to change. If you're not meeting your goals, take a step back and try and find out why. Not every plan to take the risky path will work out -- that's why they are risky -- but having the ability to adapt will certainly improve your chances for success.

** Cure Your Insomnia and Improve Your Productivity
By Doug D'Anna, the "Hundred-Million-Dollar Man"

Getting a good night's sleep is essential for staying alert and on top of things at work, not to mention that a lack of sleep can have an adverse effect on your physical health as well.

Sleep deprivation can really harm your mind and body. When you sleep, your batteries recharge and your body and mind can rest and replenish themselves. It's necessary -- a lack of sleep can really hinder your daily activities.

Maintaining a sharp mind is essential if you want to stay on top of tasks at work and in your personal life. Sleep deprivation can result in your lacking energy, concentration and alertness, which can hinder your ability to do normal things such as driving your car and cooking dinner... all the way to the big stuff such as giving presentations to important clients or dealing with financial tasks.

You will also find that sleep deprivation has an effect on your personal relationships. A lack of sleep can affect your personality and your ability to deal with situations as you normally would.

Not to mention that the feeling of being "drained" is not something you want to experience on a daily basis. If you suffer from sleep deprivation, then you need to rid yourself of this problem as soon as possible.

Stress is one of the most common contributors to insomnia. If you have too much on your mind, it can be difficult for you to fall asleep. You might be one of those people who wake up a dozen times during the night because you have work or something else on your mind.

Though you're probably thinking that this makes you a dedicated worker, you're really just hindering your performance by not giving your body and mind an opportunity to rest.

If you have work-related stress, get a planner and start making it a routine to keep notes on all the things that you have to do the next day/week/month. If you know what you have to do, and when it needs to get done, you will be able to settle your mind at night, which will allow you to sleep properly.

If you're feeling stressed out, try turning to exercise, yoga or meditation to settle your mind. However, avoid exercising too close to your bedtime, as it could hinder your ability to fall asleep. In general, exercise could help you tackle stress, so try it in the mornings or after work to give your body a boost of energy.

Though you may be tempted, avoid taking naps during the day. It's better to get your normal nighttime sleep schedule back in order and a nap could affect that. Try to get up earlier so you will be tired at night when it comes time to hit the sack.

Avoid taking in caffeine close to your bedtime. Set a cutoff time for yourself in the afternoon if you are going to indulge in caffeine and stick to this time.

However, if your sleep problem persists and these tips don't help the situation, then a visit to your doctor might be in order.

Simple lifestyle changes could mean the difference between getting a good night's sleep and feeling exhausted all the time, so make some adjustments and a conscious effort to rid yourself of stress. You could get a better night's sleep, I guarantee it.

** When It Comes to Money, Don't Put Your Eggs in One
Basket
By John Hurd, Chief Wealth Researcher

Picture this...

You've spent the last five years scrounging and saving every penny you can to raise money for your business start-up. You've set aside a sizable amount of money, but you still want more before you get started. So you head to the nearest casino, talk with a few pit bosses to find out how you can get the highest payout in the least amount of time and then make a bee-line for the roulette table. You change your savings over and then place the little towers of chips on your lucky number. The wheel spins, the ball drops and you lose everything.

Terrible, isn't it? But it has happened in the past and it is more than likely to happen again in the future. Not just in the casinos, but also in too-risky business moves that should never have been made in the first place.

Starting up your own business is full of risks, but there are ways to protect yourself from losing everything including the shirt off your back.

The first step when starting your own business is to separate yourself from your business. This means creating your business as a separate entity. There are a few legal steps you must take in this process, and it is best to get outside consultation.

Separating your personal finances from your business finances is a way of creating a safety net for your money and your property. In the unfortunate event that your business goes under, you don't want to lose your home and your car in the process.

My next word of advice is to not gamble on one big thing. Going all in with your chips stacked on the table is a risky move, and only one you should make if you've got something else to back you up. When starting a business, make sure you don't burn the bridges that helped get you where you are. Keep contacts from your former jobs and stay friendly with the competition. You never know where you may have to turn in times of need.

No business is without risk; you just need to be aware of what they are and be prepared.

** How to Get the Straight Facts for Success
By Michael Newman, Self-made Millionaire

With all the information people have at their fingertips these days, it's possible for us to learn about almost anything we'd like. The problem is that so many of us don't take advantage of it, while we just wait for things to happen out of thin air.

The truth is that if you want to do something and start making a positive change in your life, the time has never been better. All you have to do is find the motivation to go out and find the knowledge you seek.

There are so many instructional DVDs, books, magazines and news articles that there is truly no stone unturned. For example, when I log onto an Internet search engine and search, "How to grow a business," just under 89 million hits come up. Now, it's likely that some of the sites will be duds, but many of them will contain valuable information that can offer me insight and knowledge about how to take my business to the next level.

If you don't know how to do something, don't blame your lack of knowledge as the reason you're unable to get it done. The real problem is that you're not motivated, or you are simply afraid to venture out of your comfort zone. In order to step outside of your comfort zone, you'll first have to realize that you can, in fact, accomplish your goals. After all, the tools are all around you and you clearly have the passion to make something happen -- if you didn't, the thought wouldn't have entered your mind in the first place.

Simply log on to the Internet or head over to the local bookstore or library and start learning about the topics that interest you. With this wealth of information so easy to access, you're surrounded by opportunities to help you lead the life you want.

Don't let the fact that you don't have letters like MBA, PhD, CFA or CA behind your name; in this day and age, things like that don't matter. As long as you can grasp the concepts that are essential to your area of interest and work hard to achieve what you want, you could make things happen all on your own.