So we are into week 3 of our poll and I am thinking that you guys have made an excellent resource for ALL Entrepreneurs. These books are packed with advice, success stories, inspiration, motivation, money making ideas and more…!

So, I decided that we should make a resource for all of your excellent entries (yep – entries, this is a competition poll – everyone who suggests a book is entered to win THE ultimate business book – as voted for by our Young Entrepreneurs).

Where better to place this resource than on Seth Godin’s very own Squidoo!

So, for the latest updates on this poll and to see a complete rundown of The Most Valuable Business Book’s, Visit “The Entrepreneurs Readers Digest” at Squidoo now!!

Keep your suggestions coming in! We would love to have some more to add to the lens!!

Matthew Toren

I’m going back and forth about the concept of advertising on Twitter posts. From an entrepreneurial standpoint, it’s a good advertising vehicle and a good way to make some extra money. But there is a bit of apprehension because you wonder if you’re selling your relatives, friends and business associates short. Will they continue to follow your tweets if they know you’re making money from your posts? It’s something to consider as we explore REVTWT.com (formerly TWTAD.com) and TWITTAD.com, the two major providers of Twitter advertising programs.

While Twitter itself doesn’t offer a formal advertising program, there are two social media networks that are built off Twitter’s open API. Both advertising programs provide opportunities to profit from tweets and each offers entrepreneurs a cost-effective means of advertising on one of the most popular Internet and mobile phone applications.

REVTWT.com bills itself as the “largest social conversation ad network.” It has two components. The first are advertising links added to the end of a post. Tweeters register their Twitter account to receive advertising links. Each time someone clicks on the link, the poster earns money.

The second component is directed towards businesses. You can post an ad at a cost of five cents per click. To date, Revtwt.com has over 3 million Twitter users, providing an attractive advertising platform at a pay per view method.

TWITTAD.com promotes itself as a social media affinity network. Its approach differs greatly from Revtwt.com. With Twittad.com, the ad program is more focused in pairing advertisers with Twitter users. Rather than assigning ad links to Twitter users, Twittad.com enables advertisers to pick and choose which Twitter accounts to purchase for advertising. However, Twitter users can set their own price and are given the option to decline the advertiser’s purchase.

A new addition to Twittad.com is its Opt-In to Advertiser Campaign. It’s a searchable component where entrepreneurs with a Twitter profile can peruse advertisers’ campaigns and get paid to advertise something that interests them or complements their business. Think of it as Twitter networking!

A number of entrepreneurs are already realizing success with advertising programs on Twitter. The types of business promotions that have used Twitter accounts include the launch of an Internet business podcast, new features to a website, the unveiling of an online contest and program startups.

Advertising programs using Twitter accounts offer a number of benefits. They target the demographic you are seeking and bring your message to followers who are already engaged in the type of product or service you are offering. This type of targeted marketing for the reasonable price can certainly prove effective for many businesses.

Advertising in the digital social age is very much different from traditional advertising. Like the technology itself, ad results are instant and target driven. What will be interesting to see is how businesses will use Twitter advertising programs in conjunction with traditional forms of marketing and advertising.

We’re interested in hearing your thoughts. Leave us your comments about this ‘new age’ advertising concept.

Adam Toren

Here’s some inspiration for entrepreneurs who are second-guessing whether to start up their companies during a recession. These well-known companies are fine examples that there is hope and success if you believe in your product and have sound business practices.

Depressions, recessions, slumping economies. These economic conditions are nothing new. For ages, economic times have had an ebb and flow cycle. For those starting up a business, you can wait for the good times to come around, or you can do what these famous companies did and move full steam ahead despite an economic recession.

1. Microsoft Corp.

Not only was this computer technology conglomerate founded in tough economic times of 1975, its founder, Bill Gates, was a Harvard University dropout. But with all its adversities, it has flourished to a billion dollar company.

2. Hyatt Corp.

You might think it risky opening up upscale hotels during a time when people were less likely to travel and vacation. But that’s exactly what this hotel chain did from 1957 to 1958 during recessionary times under President Eisenhower.

3. Trader Joe’s.

When this famous grocery store opened its doors as Pronto Markets during the economic slump of 1958, it was an instant success. The Trader Joe name change in 1967 was the start of its new branding image of offering unique products under its own label.

4. General Electric.

GE is probably one of the first companies to make history by getting started during the economic recession of 1873. Although the tough economic times lasted for six years, the incandescent lightbulb created by Thomas Edison continues to shine 136 years later. Today, GE is the 10th largest company in the world.

5. Revlon Cosmetics.

Founded in 1932 deep in the years of the Great Depression, Charles and Joseph Revlon unveiled their new opaque nail enamel. Tapping all their resources, the brothers grew their company into a multimillion dollar enterprise within six years.

Other well-known companies that opened for business during recessions are: Fortune Magazine in 1930, Hewlett-Packard in 1939, Burger King in 1954, Sports Illustrated magazine in 1954, IHOP Restaurants in 1958, The Jim Henson Company in 1958, FedEx in 1973, CNN in 1980 and MTV in 1981.

These companies are proof that you can start a business and prosper during an economic recession. Do you think a recession is the best time to start a company? Leave a comment with your thoughts.

Matthew Toren

We are onto part 4 in our 5 part series on the Canadian Dragons, this is a personal favorite of mine, a man born to be an entrepreneur!

Everybody Goes Through An Incredibly Difficult Time In A Start-Up. If You Don’t Have The ‘Stick-To-It-Iveness,’ Then You’re Not Cut Out For That.

That’s realistic and tough advice from Dragon Den’s opinionated investor Kevin O’Leary. In business, he has gained the reputation for telling it the way it is, even if it comes across as offensive. There’s no sugar coated, inspiring words of wisdom from this successful investor. “The path to wealth is paved with pain and grief and one closed door after another. I think it’s very, very important that life deal a reality check every day. To give false hope to a stupid idea is a crime. You need to say, ‘That’s a horrible idea. I forbid you to go on. Don’t ever think about it again. Go on to something else.’ ”

O’Leary’s acerbic look on life has gotten him to where he is today. For him, success is all about taking control of your wealth. He has a keen sense for investments that will make him money. O’Leary’s investing formula is simply. Rather than invest in people, he invests in businesses. He will buy a company with worldwide exposure at a bargain price and earn dividends until the company’s stock appreciates.

O’Leary is no stranger to having a great idea but no money to get it off the ground. As a young entrepreneur, he founded The Learning Company and developed software for children to help them read and learn math. But he recognized that in order for his company to grow, he had to sell it. “The greatest businesses are started by people, but because they can’t let go or let someone else run an aspect of the business that they’re weak at, they fail. I think understanding your weaknesses is number one. And number two, be able to get up in the face of the most difficult challenges, because you are going to have them, there’s no question about it. You just can’t get to a place where you’re so discouraged that you don’t go on. Your business will almost die three times before it lives. It is brutal to start a business.”

The sale of his company to toy maker Mattel netted him $3.7 billion. But he entrusted his fortune with money managers who were not as aggressive in investing as he wanted to be. That led to a new career path with investment and equity firms.

He is brutally honest about the business world, even with his own children. “I’m saying and listen, it’s ugly out there. You got to think about what you’re doing and going to do.” But if there is a soft spot to O’Leary, it’s that he wants to give to his children what his parents gave to him, “a great education. That is what you need. An opportunity. And I think, once you do that for them, they got to strike it out on their own.”

O’Leary became very independent at a young age. As the son of a United Nations ILO official, he lived in Cambodia, Ethiopia, Cyprus, France, Tunisia and Switzerland. His eyes were opened to a world where there were successes and failures, and in some cases, harsh living conditions.

For those just starting out, O’Leary has this valuable advice when pitching your idea to potential investors. “If you can pitch an idea in two minutes and I get it, I’m interested. Because I’m interested in your ability to show me your vision and explain it to me. If you’re that good at it, maybe I should invest in you.”

Despite his sharp tongue, balloon deflating persona, O’Leary is in high demand. Besides Dragon Den, he co-hosts the investment show Squeeze Play on the Business News Network, is host of O’Leary Live on the Business News Network and is an investor and co-host for Discovery Project Earth on the Discovery Channel. He will also appear on Shark Tank, the U.S. version of Dragon’s Den.

Next week I will be writing about the 5th and final dragon! Watch this space.

Adam Toren

SproutBox came to my attention the other day because of the really great work it is doing investing in startup companies. But as it helps out entrepreneurs, not to be overlooked is how entrepreneurial it is in offering a new approach to venture capital.

When the SproutBox founders established the entrepreneur investment firm, they knew they didn’t want to be just another venture capitalist that simply wrote a check. So they set out to redefine the term by actually investing their expertise into the company’s success.

The founders have an extensive background in business, technology development, software engineering, product development and creative marketing and design. Most are successful entrepreneurs in their own right and have an insider’s perspective of the challenges budding entrepreneurs face under the current startup culture. So they’ve basically set out to change it.

With the SproutBox formula, they invest their talent in exchange for equity at the idea stage, as opposed to the traditional product implementation stage. For startup companies, that means you can focus your attention on turning your idea into a money maker without having to worry about business functions, like accounting, product production, hiring, raising funds, workspace issues, human resources and legal matters.

Under the SproutBox model, the business is ready to exit after a few months of SproutBox guidance with a marketable product or service and a healthy revenue stream. This is achieved by enabling ideas to develop and generate revenue without having to worry about large reoccurring costs, like overhead and personnel, while trying to get your product to market.

SproutBox is particularly interested in working with entrepreneurs with Web, mobile, or desktop business ideas since these types of applications are best suited for its venture capital model.

As the traditional venture capital model is redefined to better meet the needs of entrepreneurs, it’s reassuring to see that entrepreneurs are a major part of the change by bringing a first-hand innovative focus to the concept.

Although SproutBox is relatively new, entrepreneurs should be excited about its possibilities for providing valuable financial help to startups. What do you think about the concept? Leave us your thoughts and comments.

Matthew Toren

Last week we asked a brand new Young Entrepreneur Poll Question! What is the most valuable business book you have ever read, and why?

The poll is off to a great start, and we have had some really interesting answers so far!

For you techy entrepreneurs we have Maximum Linux Security (2nd Edition) According to Amazon customer reviews it does a good job of showing examples, as well as showing how to secure your system step by step.

Next up we have Think and Grow Rich: The Landmark Bestseller–Now Revised and Updated for the 21st Century

The Amazon editorial review says; “Think and Grow Rich has been called the “Granddaddy of All Motivational Literature.” It was the first book to boldly ask, “What makes a winner?” The man who asked and listened for the answer, Napoleon Hill, is now counted in the top ranks of the world’s winners himself.

The most famous of all teachers of success spent “a fortune and the better part of a lifetime of effort” to produce the “Law of Success” philosophy that forms the basis of his books and that is so powerfully summarized in this one.

In the original Think and Grow Rich, published in 1937, Hill draws on stories of Andrew Carnegie, Thomas Edison, Henry Ford, and other millionaires of his generation to illustrate his principles. In the updated version, Arthur R. Pell, Ph.D., a nationally known author, lecturer, and consultant in human resources management and an expert in applying Hill’s thought, deftly interweaves anecdotes of how contemporary millionaires and billionaires, such as Bill Gates, Mary Kay Ash, Dave Thomas, and Sir John Templeton, achieved their wealth. Outmoded or arcane terminology and examples are faithfully refreshed to preclude any stumbling blocks to a new generation of readers.”

Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money–That the Poor and the Middle Class Do Not! is our next contender. “Anyone stuck in the rat-race of living paycheck to paycheck, enslaved by the house mortgage and bills, will appreciate this breath of fresh air. Learn about the methods that have created more than a few millionaires. This is the first abridged miniature edition of Rich Dad Poor Dad. The full-length edition has sold millions as a New York Times bestseller. As proven by the runaway success of The Secret and like titles, changing one’s thinking to influence one’s fortune sells big, and forms the basis of rich dad’s advice. Learn to think like a rich dad and let your money work for you!”

And as voted for by you – the popular entrepreneur Donald Trump found his way in with Think BIG and Kick Ass in Business and Life Love the title for this one! The book discusses his proven strategies for success, and who can argue with a multimillionaire!

Do you have an inspirational book you have read which stands out from all the others – we want to hear about it, leave your answer in a comment or by entering our poll in the YE Forum! To say thanks for sharing, everyone who enters their most valuable business book is in with the chance of WINNING the MOST valuable book themselves, as voted for by our Young Entrepreneurs – So tell us what yours is right now!

Matthew Toren

I often Photoshare online, and the other day, this quick and easy process got me thinking about how convenient photo sharing websites have become. Since the concept of publishing digital photos online to share with others emerged, we’ve seen a multitude of photo sharing companies entering the scene. It got me wondering which ones are the best in what they do. What sets them apart and makes them click with people? That led to the following creation of our Young Entrepreneur Top 3 favorites..

We did have some criteria that photo sharing sites had to meet in order to make our list. They had to be free for unlimited storage; have super easy and fast uploading; provide quick and easy organizing, storing and sharing capabilities; and support various file types. With that, I present you with our Top 3 Best Photo Sharing Websites:

#1 – Snapfish.

We rank this photo sharing website at the top because it meets our criteria and then some. In addition to free unlimited photo storage and an unlimited number of albums, the site is easy to use and navigate, the upload is fast, the picture quality and size is great and it supports jpg and zip file types. The function display makes it easy to organize, store and share photos. Snapfish gets extra points for taking its capabilities one step further and allowing for images to be viewed and sent to and from camera phones. Snapfish also offers external linking to photos.

http://www1.snapfish.co.uk/

#2 – Photobucket.

This is probably one of the more popular photo sharing websites and it would have made our top spot if it provided free unlimited photo storage. Even Photobucket’s Pro Account does not feature unlimited space, thus its fall to the second position. But Photobucket does have some excellent mobile options and its integration with social media websites is convenient. Organizing is made easy through titles, keywords, or tags, and Photobucket has some cool sharing options that allow users to comment on a photo. Many entrepreneurs use the convenient Photobucket application that enables photos and slideshows to be embedded on websites, blogs, forums, ebay and other sites.

http://photobucket.com/

#3 – Flickr.

Yet another popular photo sharing website with a lot of great features and customization options. But like Photobucket, Flickr loses points for not providing a free account with unlimited storage. The free account has a 20MB monthly upload limit, with limits on storage, photosets and photostreams as well. If you want unlimited capabilities, you would have to pay for the Pro Account. But there’s no denying that Flickr is easy to use in terms of storing and editing your photos, and it has handy sharing tools, too. It also comes with multiple options for uploading via Windows, Mac and camera phones. Flickr does a nice job meeting the needs of the casual picture taker while providing advanced tools and features for the professional photographer.

http://www.flickr.com/

So what do you think about our Top 3 Photo Sharing Websites? We want to hear your thoughts about our choices. Who would be on your Top 3 Photo Sharing list and why?

Matthew Toren

It’s a pleasure this week to bring you Part 3 of 5 in our Canadian Dragons Series. A profile on Jim Treliving…

Jim Treliving is just your average guy who found something he loved and went after it. While he does regret not starting out in his own business sooner, he is pleased with what he has done with his Boston Pizza restaurant chain since taking it over.

As a former Royal Canadian Mounted Police officer, Treliving runs his business with the same attributes learned in his law enforcement career. He is disciplined, tough with establishing streamlined operations and loyal to his team members. “The very first thing you need is a good business plan. The second thing is to figure out exactly what will cause your business cash flow to jump to the next level. Then you project your cash flow. And then you sit down and say: this is what I’m going to do, and this is how I’m going to do it. And then you go out and work and work till you get it done. It’s all pretty simple, actually, if you just stop and think about it!”

Treliving is proof positive that you should always keep an open mind and be receptive to new things because your destiny could be waiting for you where you least expect it. For Treliving, his entrepreneurship was awakened when he took his first bite of pizza at Boston Pizza and Spaghetti House in Edmonton, Canada. After reviewing the finances and convincing his father to co-sign a loan, Treliving traded in his badge and job security and bought a Boston Pizza franchise.

Some might consider the franchise purchase a rush decision and a gamble, but Treliving was familiar with the company and liked what he saw. He stayed focused and diligent and soon he and his accountant George Melville purchased the entire company. From the very beginning, his motto has been: “Think like a customer, deliver outstanding food value and work closely with your partners.”

It has been nothing but success going forward with Boston Pizza the leading casual dining chain in Canada. Expansion plans are ongoing throughout Canada, the United States and Mexico, with future growth in the United Kingdom, Australia and Asia.Despite the company’s size, Treliving carries forth the theme of camaraderie that is such a strong part of the law enforcement culture. “You take people in as franchisees and they become part of your family.” He makes it a point when visiting restaurants to thank the staff for their efforts and to encourage their ideas and feedback.

Treliving continues to put his golden touch on other franchises and founded White Rock Commercial, a land development firm in Dallas, Texas. He also invests in other business ventures throughout the sports entertainment, real estate, and oil and gas industries. As one of the venture capitalists on Dragon’s Den, Treliving keeps an eye out for other investment opportunities. His advice to entrepreneurs is to develop a solid business plan that can weather any economic climate. “Make sure you run your business well and that you make it even better. If you’ve just established your business, take another six months to a year to make sure you’re doing everything right, and then decide where to go next.”

I am noticing that each of these Dragon’s have very different personalities and backgrounds – it just goes to show, you never know where the next entrepreneur is going to come from.

—————-

Adam Toren

Just about any entrepreneur, whether starting a business or expanding an existing one, can use some financial intervention. When traditional lending avenues turn you down, angel investors can be the break you need to finance your business plan.

Angel investors are individuals from all walks of life who invest money in businesses. They might be wealthy individuals with the ability to take a risk, or a group of successful business people looking to help another entrepreneur start or expand a business. According to the U.S. Small Business Administration, there are about 250,000 angel investors nationwide, funding an estimated 30,000 small companies annually.

There is no set limit on the amount of money an angel investor will lend to a business. Unlike banks, venture capitalists and other traditional loan sources, angels have much more flexibility in their lending criteria. But the funding does come with some caveats. Most angels require involvement in the business, whether hands-on or as an outside consultant. After all, they are expecting a good return on their investment. For that reason, you need to be sure you’re a good match with your angel, both from a goal-oriented and personality standpoint.

An angel investor’s involvement in your business and their expectations should be discussed early on in the relationship to prevent the angel from taking complete charge of your business. It is reasonable for an angel to expect between a 5% to 25% share in the business, a position on your board of directors, weekly updates and quarterly reports.

To attract an angel investor, it’s important to have a solid business plan that shows your company’s growth potential, the expected revenue projected over five years, how the money would be spent and the experience of management to carry out the business plan.

There are individual angel investors or groups comprised of angel investors in just about every U.S. state. A business attorney generally has connections to local angels, or you can search online for angel networks. Family, friends and business contacts might also be able to put you in touch with angel investors. You should also try your local chamber of commerce or small business administration office for angel contacts.

There are several advantages to turning to angel investors for funding. For new entrepreneurs, angels are more open to investing in risky and new enterprises. In addition to being a viable funding source, angels have a wealth of experience as successful entrepreneurs themselves and can bring valued experience to your business venture.

For some entrepreneurs, angel investors might not be the best route for their business. The biggest disadvantage is giving up a certain amount of control of your company, from equity to hiring decisions. You will also be paying a significant return on investment as part of the angel’s exit strategy.

When researching whether angel investors are the best source of funding for your company, remember that it will be a long-lasting relationship of at least five years or until you can pay back the agreed upon return on investment. But by selecting the right angel, you could make a heavenly deal that brings success to you and your investor.

What do you think of Angel Investors? Would you be prepared to part with a percentage of your company for cash?

Matthew Toren