October 27, 2008

Finding That Perfect Business Opportunity... Start Building
Your Decision Skills Today!... Managing Expectations...
Overcoming the Networking Barrier... and More.

** Finding That Perfect Business Opportunity
By Adrian Newman, co-founder of the WLI

People who have become millionaires have made their money in one of two ways: they either had the foresight to act upon a moneymaking opportunity long before anyone else did or they simply turned a longtime passion, interest or hobby into a moneymaking opportunity. If you are looking for the perfect business opportunity to make you the extra money you need — maybe even to make you wealthy — you may not have to look very far.

Everyone has some kind of passion, interest or hobby that can easily be matched to the hundreds of opportunities being sold in the business marketplace today. These business opportunities can range from $20 to over $20,000 — but don't let these numbers fool you.

Many wealth seekers have made a fortune using the simplest and least expensive methods, such as turning a $40 business opportunity book they bought through the mail into a multi-million-dollar empire.

Just because you spend more money doesn't mean the business opportunity will help you reap larger financial rewards or make you successful quicker. Your perfect business opportunity begins with your believing in it — you have to possess the desire to make it successful. For example, don't pursue a real estate venture if you don't care much for real estate to begin with.

Instead, go with something that you love to do and that you are truly passionate about.

When people ask me for advice about moneymaking opportunities, they often have an unrealistic objective in mind: to make as much money in the least amount of time possible. Let's face it; you can't get rich overnight unless you win the lottery or get a huge inheritance. So, the next best thing is to find a business opportunity that will get you excited day in, day out until you reach your goal.

Remember, your goals have to be realistic! If you need to make an extra $2,456 each month to achieve the kind of lifestyle you desire, then make that the end goal you strive for — not a pie-in-the-sky fantasy of overflowing riches. If you have a realistic goal to begin with, you will have a better chance of success sooner than you think.

For example, if you are having a difficult time making ends meet each month, your first objective is to get out of your financial rut.

Forget about making the big bucks for now until you get your head above water. Determine how much money you need to achieve your number one goal and then put your business opportunity to work right away. Take baby steps because becoming wealthy will not happen right away.

Just as some people are naturally better at math than others, some folks find it easier to make decisions. But anyone can learn. You build your decision muscles by exercising them daily. Here are five ways to develop your decision-making prowess.

1. Start a "decision aerobics" program. Set aside 30 minutes a day, at least three times a week. Choose a problem — real or one you make up for the exercise — and work on it, applying the five steps and decision tools set out in this article.

2. Play games; especially strategy games. Chess, Go, "Risk,""Monopoly," and "Clue" are a few great choices.

3. Do puzzles. Logic and brain-teaser puzzles, as well as game puzzles like hangman and computer games like "Tetris."

4. Read the biographies of famous decision makers. Go beyond following the storyline and really focus in on their choices. Put yourself in their shoes. Would you have done the same? Why or why not?

5. Find a real-world hobby or activity that provides opportunities to practice. For example, coach (or help coach) a little league team. Or organize a fundraising event. Or start within your own four walls by redecorating your home. Don't be afraid to shake things up: When you're the one doing the shaking, you're also the one in charge and in control!

** Managing Expectations
By John Hurd, Chief Wealth Researcher

A few years ago, I worked for a small company that had doubled its size in just over a year.

When the company started, the employees and the owners were in constant communication. There was an open door policy that made everyone feel connected. There were company outings and group sessions to help improve service, while at the same time improving the morale of everyone who worked there.

The owners often talked about the "company culture" and became involved in the lives of their employees.

But, the company soon began to grow at an incredible rate. Those who started with the company saw promotion after promotion and it looked like the sky was the limit. However, many of the new employees became upset. The culture they had heard so much about when they started seemed to no longer exist.

The outings, the face-to-face meetings and everything in between fell apart because there was just too many people. As a result, there was a lot of turnover, as people came in expecting a tight-knit group and left when their voices seemed unheard.

Now, this company is still thriving, but they've had to make a change. They now educate new employees about the new culture and what to expect. Rather than letting the old stories flourish, they have new stories of much larger groups and how to make your voice heard in a big group.

Managing expectations is important, whether your small business is growing or whether you're attracting new customers.

How many times have you received a flyer in the mail and rushed to the store only to find that the items on sale are few and far between? Your expectations weren't properly managed and, as a result, you probably were a little upset.

The key here is to follow the old adage "honesty is the best policy." It's okay to add an exciting flare to your ads or job postings, but make sure you're setting up your prospects with an idea of what they'll actually get.

When I was younger, I personally couldn't stand networking. I thought it was a complete waste of my time and, for the most part, I wasn't particularly comfortable dealing with people I didn't know in such close quarters. Over time, however, I learned that networking is one of the most important parts of being a successful entrepreneur. It creates opportunities, and helps you build knowledge, expand your business and keep current on all kinds of things.

Now some entrepreneurs are introverts and have a hard time getting themselves in positions where they can take advantage of networking opportunities. Well, the truth is that you can still network successfully even if you're shy or think it's a waste of time. Here, I'll show you how:

The first thing you can do is alter the perception you have of networking. Most people tend to confuse the word "networking" with "selling," so it's important to remember the two are actually quite different. Networking is used for a number of things, and you're not required to go out there and sell every time you open your mouth. The fact is you can use networking for things like business advice, guidance, education, or simply to build strong contacts that can help you build your business. Getting away from the mentality that you're constantly selling when you're networking creates a much more relaxing atmosphere that can really increase your comfort level.

Another important networking tip is to remember that it is a two-way street. If someone has done something for you in the past, like offering up some good advice, providing you with contacts or something else that you've benefited from, show your appreciation by returning the favor when the opportunity presents itself. This will help you build strong relationships that can open many doors down the road.

It's also worthwhile to take advantage of different networking events that take place within your geographic area or industry. This can be done through local BIAs, industry organizations or economic councils. These organizations make it very easy to network because people are generally there for the same reason: so you can feel more comfortable. In addition, once you've attended a few meetings, you'll form contacts, so each time you return you'll be walking into a room filled with friendly faces, not complete strangers. If you're a little bit nervous before your first event, consider bringing a colleague who will help increase your comfort.

As an entrepreneur, networking is never a waste of time. It's easy to think that your time could be spent doing more tangible, day-to-day business operations instead of mingling amongst peers. However, networking should be thought of as part of your job. It can help save you money on advertising and open up a number of opportunities to grow that you may not have had otherwise.