"From Passion To Profit" Radio launches Jan 7

Are you ready to Power Your Vision From Passion To Profit? On this series of Podcasts, I will present to you cool people with great ideas to share, to help you create the success you want and that you deserve in your business projects.

FromPassionToProfit Radio takes place every second Wednesday at 2PM Eastern starting Jan 7, therefore the list of planned shows are (all from 2PM to 2:30PM Eastern):

January 7, 21
February 4, 18
March 4, 18
April 1, 15, 29

Show details and podcasts of past shows will be available here:
http://www.blogtalkradio.com/FromPassionToProfit

I'm currently planning the launch schedule. Do you have tools, tips or experiences you wish to share, that can help solopreneurs succeed? Would you like to be featured on FromPassionToProfit Radio? Contact me by e-mail through my contact page and let's talk!

p.s. I am continuing "Book Yourself Solid" Radio on Tuesdays at 2PM starting Jan 6 - stay tuned for information on that great project...

The Physics of Trust

Trust is a hot topic these days: I believe the main problem with the economy is not a shortage of money, but rather that trust between people and trust in the process has completely collapsed.

What is "trust", exactly? In December I explored the subject of "Trust" in a couple of different formats:

Article: "Some Thoughts about Trust"
link: http://is.gd/cSFF

Audio Podcast: Beyond Lip Service with Sharon Saylor on the topic "The Physics of Trust" (9 December 2008)
podcast download (mp3, 6.9MB Running Time 30 mins): http://is.gd/cSKH
BlogTalkRadio page: http://is.gd/aHuV (audio plays automatically)

Video: Toastmasters speech "The Physics of Trust" (12 December 2008)
YouTube: http://www.youtube.com/watch?v=fbhsXE_s1Sg

Video: Coach At The Coffee Shop #1 - What's Your Project?

At this time of year, people spend time defining goals. Goals are great, they are necessary, but not sufficient to get to results. What is the missing piece? Projects!

In my first episode of "Coach at the Coffee Shop", I talk about projects:




Direct link: http://www.youtube.com/watch?v=JYZQZiOHZXM

Practice Defensive Computing - Your Biz Depends On It!

Last week, a friend of mine lost the use of her computer due to a virus. This week, other friends in New England are stranded without power or access to their PCs because of a bad ice-storm. In the past year, other people that I know have had their laptops stolen or damaged.

The businesses of all of these people - their livelihoods - are severely impacted by the fact that their computers are down. They cannot serve their clients, issue invoices or receive payments.

I love my friends, but I have to ask this one question to them - What in the h-e-double-hockey-stick are you thinking?

In 2008 there is absolutely no excuse NOT to practice "Defensive Computing".

Defensive Computing means treating your data and your computer systems as the most important assets of your business. Defensive Computing is equal parts common sense, paranoia and suspicion.

Large corporations spend millions of dollars to physically secure their computing facilities and their data, because they know the importance of these assets to the very survival of their business. Luckily Defensive Computing for the solopreneur does not require a lot of cash... actually most of what you require is free or cheap!

Here are some suggestions to practice Defensive Computing.

1. Use Gmail, at least as a backup for all your e-mail

Gmail is great because it has "unlimited storage" in that they are always increasing the available space. I started using Gmail as a backup e-mail system in Jan 2007 (two years ago) and my accumulated e-mail size stays at about 30% of the always growing total space. I never have to delete anything, and in addition it has great anti-spam filters.

At first I set it to simply copy my main e-mail box, then I started to use my Gmail account as my main account, because of all the great search features on it, plus it is available anywhere. When you send me an e-mail now, it is forwarded to my Gmail address. I backup my Gmail using GmailBackup.com as well as with Thunderbird on my main PC. Now I never lose an e-mail, and have access to it anywhere.

2. Speaking of backups, DO THEM! (several)

You can never backup too much. Backup drives and software are so cheap that it is silly not to spend $150 for more space than you will ever need (unless you download lots of movies!). I have a 500GB FreeAgentPro always connected to my main PC, set to do a backup each day at 6pm. The backup works in the background and I don't notice it. If I finish some major work, I manually trigger a data backup before shutting the system down for the night.

I also keep with me a $20 8GB USB key drive with a copy of my files and archives (using SuperFlexibleFileSynch), AND have a full backup of my files and archives on my laptops (see below). In addition, I keep another USB key with my archives in my bank safety deposit box AND a full backup archived through the web service Mozy.com All these backups are automatically scheduled so I am confident to not lose anything.

My USB keys also have PortableApps.com on them, which are miniature, portable versions of software I can use to read all of my data even when I'm not on my own systems. This way, when I use someone else's computer, I plug in my USB key, use my own applications, settings and data, then remove the key without any trace of me being on the borrowed system. It's like a PC in my pocket!

So no matter what happens, even if I don't have access to my own computer, I can continue my business through any computer anywhere in the world.

3. Don't open attachments, and even better, don't send attachments

If you receive attachments by e-mail from people you don't know, or from people you know - DON'T DOWNLOAD THEM AND DON'T OPEN THEM! This is another reason why I absolutely love Gmail: it allows you to open most attachments (Word files, Excel, Powerpoint, .pdf) right in your browser without the file touching your computer. I tell people never to send me attachments unless they tell me first, and even at that, I don't download them in case they are infected (I use Google Docs to read them).

While we are on the subject of attachments, don't send those cute powerpoint videos or singing postcards, even if they are "inspirational". And if you get them, even from a friend, delete them right away.

And when you are on Facebook, MySpace or other social networking sites, consider any application ("SuperWall", "Gifts", etc) as being as dangerous as an attachment. I routinely cancel or ignore any invitations from my friends to SuperPoke, Kiss, Rate This or whatever. Don't worry, they won't be insulted (and if they are, it's time to find new friends).

Treat all attachments like the slimy, gross, germy, pus-laden pieces of trash that they are (got the message?)

4. Make sure your anti-virus is always up to date (and if you don't have one, you don't deserve to lay hands on a mouse)

Operating a PC without current anti-virus software is like driving at night without headlights. You may get away with it for a while, but you're setting yourself up for a horrible accident! Get good software, even the free stuff like Avast or AVG is good, and KEEP IT UP TO DATE!

5. Even Better, get off of Windows and move to Linux.

If you've had your main computer disabled by a virus, consider this your last warning. Get off of Windows, whatever version you are using. I highly recommend the latest "Long Term Edition" of Linux Ubuntu (currently 8.04). It's free, it works, and your computer will run a lot smoother. You can download the version at www.ubuntu.com and burn it on a CD, then pop in the CD and boot your computer from it to test how it performs on your system. Once you see that everything works, then simply press "Install" and it will install itself on your system without damaging your Windows installation. From this point on you can start your computer in Windows or in Ubuntu. I often use Ubuntu for everyday work, going back to Windows for some specialized stuff.

If you find this a bit daunting, there is probably a Linux Users Group in your area who will gladly provide the software for you (for free!) and help to make the switch.

Once you get used to the slightly different interface, you will enjoy it. Ubuntu, because it is a more efficient system, will make your computer faster and more pleasant to use. Right now, if what you do on your system is mainly web surfing, YouTube, mp3s and word processing, then Ubuntu will definitely meet your needs and keep you safe... and did I mention it's free?

6. Have a backup computer.

If your business depends on a computer, why do you have just one? For as little as $199 you can get a perfectly good used computer from a reputable used laptop store (corporate off-lease refurbished). Anything that is a Pentium IV processor and at least 512 MB of RAM and you'll be okay for word processing, accessing your bank accounts and your billing system. Load your main applications on it, then put it away. If you've made a backup of your data to an external hard drive or large-capacity USB stick, drag out your backup laptop, plug in your data source, and away you go!

I have actually three backup computers: my MacBook laptop which has a mirror of the data on my main system, a Linux netbook (mini-laptop) which has another mirror of my main data, and an old but still functional Pentium II tank-of-a-laptop which is the one I keep stored away (It runs a current version of Linux and OpenOffice so it works perfectly fine as an emergency system, even though it is almost ten years old!).



Done right, Defensive Computing is actually cheaper, faster and more efficient than the alternative... losing your complete business because of a silly virus or hardware failure. How expensive would having to shut the doors on your business be for you, just because you had to see that video of a dancing dog?

An interesting thought for Big Thinkers

"It is not social reform if you only change the way you think; actions need to be present for reform to even exist."
- Ruben Harris

http://www.thesocialreformer.com/2008/12/humanity-20-call-to-action.html

Book Yourself Solid Radio for week of 8 December: Blogs, Offers and Freelancing

A great week for you on Book Yourself Solid Radio, hosted by myself and Certified Book Yourself Solid Coach Trish Lambert:

Movin' Monday with Trish Lambert (Dec 8): Trish discusses building Trust and Credibility with blogs, newsletters and your e-mails, with "Queen Bee of Connections" Certified Book Yourself Coach Danelle Brown. http://tinyurl.com/6zogbc

Tool Time Wednesday with Davender (Dec 10): Davender's guest is Certified Book Yourself Solid Coach Monique Gallagher, to help you add MORE POWER to your Self-Promotion Strategies by your "Always Have Something To Invite People To Offer" (AHSTIPTO) http://tinyurl.com/6ryve8

Ask-A-Coach Friday with Davender (Dec 12): Davender welcomes Certified Book Yourself Solid Coach Trish Lambert and her new program "Freelancing in a Flat World" http://tinyurl.com/6bl575

For more information on these podcasts, and to access past shows, click on the links. Looking forward to hearing from you through the call-in line at (347) 327-9030 or using the Chat application on the show homepage http://www.blogtalkradio.com/bookyourselfsolid or Facebook Group Page: http://tinyurl.com/62roza

Basic money math for self-employed shoppers

Pop quiz: When you put $100 on your credit card because you don't have the money to pay cash now, how much income do you need to earn to pay this back?

a) $100
b) $1000
c) more than $1000

The answer is (b), and possibly (c). Why?

First, you put the amount on your credit card, because you don't have the cash. So the cash to pay it back has to come from future earned income.

Next, assuming your other basic expenses (food, rent, car, insurance, etc) stay the same and can't be cut back, so the amount to be reimbursed needs to come from the difference between your income and your expenses for the month (assuming there is a positive difference at the end of the month). So let's say you have a 10% surplus at the end of the next month. This is optimistic, but let's postulate this.

So the income needed to pay off the $100 in credit card debt then comes from the following:

income needed = the debt (divided by) surplus income percentage
$100 / 10% = $1000 is the income needed to pay off the principal
Plus the 12% credit card interest rate (if you're lucky)

The big mistake that most people make is that when they put something on credit, they assume that they can pay it back from future gross income. But when there is nothing left from that next paycheck, the amount rolls over to the next month, the next and the next, and eventually grows (because other charges add to the card) and becomes too big to pay back.

Salaried employees are stuck because the only way they can generate a surplus on their income is by cutting back expenses, because their income is fixed. Because people are not conscious of the true high price of debt, which is the ability to pay it back, they have been digging themselves deeper and deeper into a hole which is impossible for them to climb out of.

As solos we have an ability that wage-earners lack, that of being able to adjust our income upward to quickly absorb debt and pay it off. Which means first we need to have surplus income, and second, the ability to increase it by getting more clients more efficiently.

Failure to understand the simple math of debt is why the economy is tanking. And this is the mistake I made with my first business. I started putting business expenses on my cards, expecting to pay the balance with the income generated by new clients. But I didn't realize that the reason I was putting expenses on cards is that I did not have surplus income, so there was no way I could ever pay back the principal. And I eventually had to play the bankruptcy card to get out of a six-figure debt. Luckily I learnt my lesson and am much smarter about debt now because I know the million-dollar question: how does this expense increase my income so it pays for itself?

This means that every time you whip out that Visa or Mastercard, ask yourself: "How many more clients do I need to get, above and beyond what I currently have, to pay off this debt?"

As a business person I want to minimize my liabilities (money goes out) and maximize my assets (money comes in). For every expense, I want to make sure that it doesn't just pay off the principal, but it also generates its own income, a "return on investment" (ROI).

ROI = (income generated by the investment) / (cost of the investment)

And I aim for at least a 100% ROI for every expense: that it not only pays for itself but also generates an additional amount equivalent to its cost. So for that $100 debt, what I really need is to be able to generate $2000 additional income. That expense better help me to generate that increase in income!

So please, please, please shop smart this holiday season. Don't dig yourself so deep in debt buying that you compromise the stability and prosperity of your business in the New Year. Don't burden yourself with liabilities, instead, start accumulating assets.

The more you focus on ROI each time you spend, the smarter you will shop and the more profitable you will be.

P.S.: The book that taught me so much and that in my opinion is REQUIRED READING for everyone is "Rich Dad, Poor Dad" by Robert Kiyosaki (www.richdad.com) .

Comments on the dynamic between "support" and "challenge"

Coach Dave Buck of Coachville.com was reflecting in a CoachBlog.com post on the distinction coaches need to make between "supporting" and "challenging" our clients to achieve their greatness:

Human Greatness means going beyond
personal achievement or playing a great game
for your own benefit and into playing so well
that you uplift the entire game
and everyone who plays it.

Another way of describing this is the distinction between what your player is doing and who your player is becoming. Greatness requires both doing and becoming.

The essential dynamic is support and challenge. Human greatness is only arises in the face of challenges. AND challenges are only overcome with lots of support.

This discussion resonates a lot with a professional situation I am experiencing at the moment - see my comments to his post here

If everyone was listening, what would you say?

Susan Scott, on her FierceBlog, asks this intriguing question:

"Imagine that you had the complete, avid attention of every person on this planet for thirty seconds. What would you say?"

Do you know what your message is? Are you integrating it into everything that you do, that you offer, that you say, that you make, who you are?

Leaders know with an unswerving certainty what their message is. Leaders also are clear about their Mission (who they are), their Vision (the impact they are meant to create in the world) and their Permission (their strengths, talents and abilities that enable them to execute).

Leadership is about creating a positive impact around oneself that changes the status-quo, in alignment with one's Mission, Vision and Permission. Gandhi said it so well: "Be the change you wish to see in the world".

Somewhere, out there, someone is listening with "complete, avid attention" for the message you were born to communicate, for the lesson you were born to teach, for the change you wish to see. Is your message loud and clear, so they can hear it, feel it, experience it?

We each have a message to bring to the world, an important piece of the puzzle that is life. You get one chance to state your case, this one chance being your lifetime. Once you're gone, that's it, the song is lost.

Get clear about your Life Message. Build a Big Project around it: that is your real business. People don't just buy your products and services, they want to create a personal connection with you... to experience the change you wish to create in the world.

Now that I am getting clear on my message, what drives me forward each day is this realization that time is ticking and there is so much to do to make sure my message is heard by as many people as possible...

Think Big, my friends... and act even Bigger...

Article: How To Barter Your Services Profitably

When starting out as a self-employed service provider, especially in a difficult economy, you are often faced with clients who need your services, want to hire you, but are unable to pay you in cash. In your eagerness to start doing what you really love to do, the temptation to lower your price or give your service away is irresistible - and dangerous.

The danger of giving away your service is that it tends to devalue what you offer in the mind of the receiver. As an alternative, consider non-money transactions such as barter (exchange of goods and services in kind) or pro-bono (as a gift, freely offered).

The advantage of creating a barter or pro-bono arrangement is that you can gain experience right away. Creating momentum around your business is very important, so the more clients you have, the better. The biggest disadvantage is that a barter or pro-bono arrangement can be a trap, because it is very difficult to grow a successful livelihood based only on barter or pro-bono, because there is no positive cash flow. And isn't that why you're in business anyways, to make a living doing what you love?

It is possible to create barter arrangements that work for you and for your client, if you are prudent and clear about what you want. Successful solopreneurs know that they deserve to be well compensated for the results they create for their clients. Here are ten tips to create and maintain a successful barter or pro-bono arrangement that results in a win-win outcome for both you and your client.

1. Barter is a commercial transaction where you accept goods or services in lieu of money.

This is the Golden Rule of successful barter. Barter is a commercial transaction, with all of the privileges and responsibilities attached to it. You simply accept that the client provide you with goods and services instead of cash. You are the supplier, you set a price for your offerings, and the client proposes to compensate you with goods or services of equal value to the cash price you set. You have the final say as to whether what is offered in barter is agreeable to you. You do not have to accept barter or pro-bono.

2. Be choosy, reserve barter or pro-bono for special cases or as a last resort.

For many people, spending money for an intangible result is the hardest act they can do. Make sure that your clients are not offering barter simply because they are not really ready to commit to results, or because they are trying to take advantage of you. If a client is not able or willing to pay money, it is a strong signal that they are not ready to make a real commitment to you, even though they might really need your help. There should be a very compelling reason for you to work with them for barter or pro-bono: a unique situation where you can gain a lot of experience (far more than usual), because working with this client would give you prestige, or because you can build your business on the references that this particular barter work would give you.

3. The client should offer in barter something that you really need.

Does the barter offer replace something or some service that you already use, saving you time, effort and money? If you regularly pay for massage therapy, and a prospective client offers massage therapy in barter for your services, then it is real barter, since you can redirect your money and see real savings. But if you don't ordinarily go to massage therapy, then basically you are giving away your services for nothing (is that how much you value your services?). The most effective barter arrangements provide you with the goods and services that you need, in a way that works for you, first, and the client, second. If what you need is not what the client offers in the normal course of the client's business, then it is up to the client to go out of their way to provide you with something that you really need (see point #4).

4. What the client offers in barter must represent a substantial commitment on their part.

The client should offer something that requires additional time and effort to create specially for you - it must represent a substantial commitment on their part. If your client makes pies and offers you free pie for your services, this is not a substantial commitment on their part, because they will not be as invested in creating results as you are. The barter must represent for them a visible, conscious commitment, but not extreme hardship. When they are providing you with the goods or services, the barter client must be mindful of the real purpose of the barter. Use your judgment. After all, you are giving up time, money and effort, and you are doing them a favor by accepting barter.

5. Keep the barter/pro-bono relationship business-like.

A big pitfall of pro-bono or barter arrangements is that the commercial nature of the transaction tends to get blurred, and emotions become involved. Create a written, signed contract and issue an invoice for the full amount. Have your barter client do the same. The two invoices should cancel out. Then exchange signed, cashable checks made out to each other on the same date (the date of payment). Issue receipts for the transaction, then cash the checks at the same time. Declare the value of barter transaction as income (for what your barter partner paid you) and expense (for what you paid your barter partner). Pay all applicable fees and taxes, this will keep the taxman happy and encourage you to evolve the relationship to a cash basis as soon as possible. You will perceive yourself to have a real business, not a hobby, and your business will grow much faster. Your client will be reminded of the nature of the barter. It will also be easier for you to maintain the professional-client relationship.

6. Measure your effort in the relationship proportionately to the value of the exchange to the client.

What the client offers in barter has value to the client, but not necessarily to you. Your time and energy is limited and valuable to you, but not necessarily to your client. You have to measure the real value of the barter goods in the client's mind, something that the client would not normally think of. Don't make the error of counting the retail value of the barter goods. A fairer assessment would be to consider the wholesale or bulk value of the goods. Make sure you don't give more effort to the client than what they pay for. This does not respect the value you place on yourself, and it cheapens what you have to offer. It then becomes a lose-lose situation that can end in resentment or hurt feelings.

7. At the beginning of the relationship, set a time limit or conditions to the barter or pro-bono.

You are in business to create a livelihood for yourself, so sooner or later you need to convert the barter relationship to cash. At the beginning of the relationship, in the written contract, specify a time limit to the barter relationship (guideline: no more than 60 days), and specific results that must be attained to maintain the barter relationship. Make sure that the conditions lock the client to the results and the time period, considering even a cash penalty payable to you if the client terminates the deal early (remember, you want to make sure the client is fully committed to working with you). Make timelines short and results tangible and measurable. The client has to see the real worth of what you can provide. Finally, the barter agreement should allow you (and only you) to terminate the relationship at anytime or to ask for cash instead of barter at any stage of the transaction.

8. Make it clear paying clients come first, and barter/pro-bono clients second.

You are offering your livelihood to create results for your client. Other clients who are ready to pay money deserve higher priority and attention. You are doing the client a favor by accepting barter, and this arrangement should not limit the growth of your business in any way. Barter clients get the privilege of your surplus time or resources that are not otherwise committed to your paying clients or to yourself. Don't overextend yourself for your barter clients. Actually, this tip should read: yourself first, paying clients second, and barter/pro-bono clients get what's left.

9. Keep control of the situation.

Barter clients are not regular clients. Barter is NOT a two way street: the client is offering goods or services in kind for your services, instead of paying by cash. You do not become a customer of the client because you accept barter. Failing to remember this cheapens the relationship and works against you. Make sure the barter does not get out of hand: you deserve to be well-paid for the results that you create. This is a favor you extend to the barter client. As soon as you see that the barter client is not as committed to the relationship as he/she was at the beginning, you should seriously consider ending the relationship.

10. Create low-cost opportunities for participation for clients who do not have enough cash to pay your full rate.

Create options that can help lots of people at once, in ways that don't require as much investment of your time, money and energy. Options such as teleclasses, free introductory workshops, group coaching, newsletters, etc can still help people who don't have, or are not ready to commit, money for your most valuable services. Clients who spend time in your group activities also become longer term and more valuable customers, since they will get to know you and understand how you operate and what you have to offer. Reserve your most valuable time and energy for clients who are willing to fully commit their time, money and effort to have you help them create powerful results in their lives. Creating a "tiered" structure of offerings will ensure that the right people will come to you at the right time, ready to pay you what you deserve for a successful livelihood. And if this does not satisfy the client, say no and look elsewhere. There are always people who value what you offer and who are ready to pay you the rate you deserve!

Davender Gupta is a business leadership coach and Certified "Book Yourself Solid" Coach whose mission is to guide passion-driven solopreneurs, professionals and people with Big Ideas to accelerate their Vision from Passion to Profit. Join the discussion on his blog frompassiontoprofit.com and his main site coachdavender.com He welcomes your questions by e-mail at coach@davender.com or by phone, toll-free, at 1-888-788-8844.

As posted on EZineArticles.com: http://ezinearticles.com/?id=1747213

Article: Your Two-Page Business Plan - Cut the Fluff, Get to the Good Stuff

One of the biggest advantages of being a solo-professional in the hyper-dynamic marketplace is the ability to quickly make decisions that adapt to changing conditions.

The value of your business plan is not its weight in paper, but rather in the clarity of the thinking at its core. Too many solo-professionals get stalled by their business plan, because they get caught up in details that are eventually inconsequential to their desired result or overtaken by events in the real world.

To make good decisions in a quickly changing environment, a clear strategy, based on simple principles, provides better guidance than a plan that is thick, detailed and difficult to adjust. By cutting out the fluff and focusing on six core questions, you can create a concise, dynamic template that will clarify the core of your success strategy for yourself and your colleagues.

The purpose of a clear, concise two-page business plan for solo-professionals, is to demonstrate that:

1. that your business project can make money,

2. that you can attract and serve clients who value what you have to offer and who can commit to you, and

3. that you are clear about what the resources you need and the actions to take.

When you can make your case using brief, precise statements, then you will be able to transform your passion into profit.

Set aside your old business plan brick and answer each of the following questions in a couple of sentences:

1. What is the key, compelling result you create for your client?

People don't buy your product or service, they invest in the results that your product or service provides for them. Describe your business in terms of the impact you make on your customer, how their life is changed for the better. Aim for the impact with the greatest value. Keep it simple, go for the WOW. In reading your statement, the response should be "this is something I gladly would spend my own energy, time and money for!"

Bonus points if you can state your compelling result in ONE sentence, 10 words or less.

2. How do you generate profit?

A successful business must have, at its core, a profit engine, where you input your products and services and the client inputs their investment of time, money and attention, and both of you benefit. What is your "value proposition"? A strong value proposition is a tight, focused mechanism that involves an offer, a customer, a consideration (money, time, effort commitment), to create the compelling result. How is this effect created? How do customers invest in it? Where do you generate your income, and your profit?

What is the reason why customers care that you exist? What is your long-term value proposition that will keep customers coming back again and again? Or that will create a permanent, powerful and positive change in the client's situation?

Is your value proposition scalable (i.e. can you quickly grow the number of customers without adding appreciably to costs)? Are there multiple points where customers can interface with you?

Note that your value proposition must focus on something other than reducing a customer's costs or saving money, because this is only a temporary advantage.

The simpler your value proposition, the simpler your profit engine, the sooner you can generate revenue, and the more successful you will be.

3. What can get in your way?

You can bet that at least five other people in the world are working on the same idea as you. How will you anticipate the obstacles that can slow you down:

- who has a business who can make the need for your product or service evaporate?

- where can you be blocked or sideswiped (technology, legislation, economy, environment)

- by what alternative ways can customers can achieve similar results?

In a couple of sentences each, identify the primary traps and how you can overcome them. Be brief and to the point.

4. What is your secret sauce?

What makes you THE go-to person for what you have to offer? What are the most compelling features that make you stand out from everyone else? How are your advantages something that make it difficult or impossible for someone to copy? Think long and hard about your answer to this question, because the more special your "secret sauce", the stronger your business will be.

5. Who is involved with you to make this happen?

Your partnering strategy can make or break your execution. Partners can give you the weight and leverage you need to make a big impact fast. What kind of partners and team do you need to make this happen? How quickly can you spool up your idea? How much are you going to do in house, and how much outsourcing? Who is in charge of what?

6. What is your next step to build your business, and what do you need to make it happen?

Be very specific about the next step you are taking, and what resources you need to make it happen. Have specific 90-day, 6-month, 12-month and 36-month goals.

Remember: keep each response short and powerful. Cut out the fluff and get to the good stuff. Your answers to these six questions should fit on the front and back of one standard letter-sized sheet at 10 to 12 point font. Bonus points if you only need one side.

The more concise and precise your answers to these six questions, the more successful and profitable your business project will be!

Davender Gupta is a business leadership coach and Certified "Book Yourself Solid" Coach whose mission is to guide passion-driven solopreneurs and beginning network marketers to accelerate their Vision from Passion to Profit. Join the discussion on his blog frompassiontoprofit.com and his main site coachdavender.com He welcomes your questions by e-mail at coach@davender.com or by phone, toll-free, at 1-888-788-8844.

Posted on EzineArticles.com: http://ezinearticles.com/?id=1694982

Plus ca change, plus c'est la meme chose

I wrote this piece on Feb 18, 2001, a couple of days after Nortel's stock dived, signaling to Canada and the world, that the internet tech bubble had just burst. The fear was palpable, especially in the tech business incubator building where I had my office.

In re-reading this, I see many parallels with the emotions we are living now. What parallels do you see between 2001 and 2008, especially in the reactions of yourself or others around you? Or the media? And what can you do this time to change the outcome for you ?

Ten Thoughts on "Penetrating the Wall of Fear"

Davender Gupta, 18 Feb 2001

There has been a distinct energetic shift in the fast-growth entrepreneurial community over the last eight weeks. The newspaper headlines are not helping things either - witness the meltdown at Nortel last Friday (16 Feb 2001).

A lot of companies are in fear mode now: slashing staff, shrinking expenses, or closing shop altogether, because of "current market realities". The human price is very high, especially since a lot of companies are making draconian steps without regard to longer term possibilities or their responsibilities to the team that they had so passionately put together when times were "good".

I also see fundamentally good companies getting discouraged...when they could be doing very well in the current environment with a little support, encouragement and clarity.

These are times that cry out for coaching intervention, to penetrate this wall of fear that is eating away very fast at the potential of these ventures. What can we do as coaches to help in this situation? Is there anything we can do? SHOULD we be doing something?

Here are a few situations I see around me about what's happening in the tech sector/fast-growth/dot-com (anything that seems to be connected to the Internet Economy) right now, as food for thought on what can be done:

1. Entrepreneurs giving up.

Some entrepreneurs are simply giving up, closing their businesses in one swoop, or disengaging from the day to day process and letting the venture run itself into the ground.

2. Managing for share price instead of revenue/profit

Leaping into panic mode and making wholesale short-term massive layoffs and cutbacks without thinking about the bigger picture. Some restructuring is warranted, given some of the excesses of the past year. However I'm reading story after story of companies slashing production and marketing teams...even though these teams are currently booking revenue.

3. Risk Aversion

Hanging on to the safety net of "cash reserves" and calling it an advantage. In several cases, i've seen more focus on keeping the cash reserve intact instead of using it to propel the business forward ("risk-averse")

4. Business Model/Plan/Direction

Some entrepreneurs are switching their business models 180 degrees, to follow what's hot (last year was e-commerce, now it's m-commerce)...still without clearly articulating what their business is about. This creates confusion inside the company as well as with clients.

5. Personal Stress and Integrity Glitches

Stress levels of entrepreneurs are at an all-time high. Many young CEOs (as well as older ones) are trying to keep a public happy-face ("all is well") while inside they are very worried about their venture. The pressures right now are enormous, because if they tell the truth about what's
really happening their backers may pull funding.

6. Pump up the adrenaline

Working twice as hard, promising three times as much, speeding up timetables to please investors and markets...and setting themselves up for major failure. I suspect many teams are burning out.

7. Not taking the time to learn the lessons/hear the message

They're moving from situation to situation without pausing to see the patterns that they are repeating.

8. Buying in to the pessimism

It was interesting to see reactions in Canada to the dotcom downturn and Greenspan's actions in the US...even though the fundamentals hadn't changed much up here (until the Valentine's Day+2 Nortel stock massacre ;) For several companies there is no reason to panic, their client base is still strong.

9. Fearing to step into the ring

A number of would-be entrepreneurs have great ideas and the passion to carry them out, but are holding back because of the bad press they're seeing.

10. Confusion among the refugees

A lot of dotcom refugees (laid-off employees) are wondering what happened, and what to do next. Many have never experienced a downturn...they left university in the last couple of years and jumped on the fast-growth rocket. These refugees do not have the life-skills or support systems that they would normally have if they first transitioned from school into a larger company. So there is a tinge of panic and mob reaction (the day Nortel announced its intention to layoff 10000 employees, local Ottawa recruiting firms were swamped with resumes, even though the specific people to be laid off were not yet identified)

As I read this I am reminded of the truth that "this, too will pass". The current economic situation, though serious, is part of the normal cycle. The important thing to remember is to keep moving forward. For every offer you make, there is someone who values what you have to offer and who is ready to commit! You simply need to find that person and connect with him or her!

Michael Port posted an interesting note on a similar subject on Facebook (see here http://tinyurl.com/5kl4j2 )