This week’s Entrepreneur University comes courtesy of Franchise Gator. Franchise Gator pride themselves on linking real people with real franchise opportunities. You can search franchises, opportunities and business for sale listings to locate profitable home based business ideas, top franchise concepts for 2008, or high income business opportunities. Franchise Gator discusses if a franchise is right for you:

“There are a number of questions an entrepreneur should ask himself before buying a franchise. As with any new business venture, you should carefully weigh all your options before starting a franchise. This article will cover some of the many issues that should concern a potential franchisee.

Financial considerations First and foremost, do you have the necessary financial resources to buy a franchise? If the answer is “no,” you will need to decide where you will get your start-up capital. Should your initial financing be proven insufficient, do you have alternate financing resources? These could include friends and relatives who might be able to lend you money. You should also be prepared to make financial sacrifices in order to get your new business off the ground.

The potential loss of company benefits such as health insurance and retirement plans should be significantly outweighed by the monetary and self-satisfaction rewards that you anticipate receiving from your franchise business. Additionally, you will need enough money in savings to provide you and your family a one-year “cushion.” This allows your business a one-year period to break even. Most new businesses do not break even for at least one year, and franchises are no exception. You need to be aware of this fact. And, for this reason, you will also need to decide whether you will retain your current occupation while your franchise is in this pre-profit stage.

In preparation for buying a franchise, you should compile a written balance sheet that details all of your assets and liabilities including liquid cash.

Finally, if applicable, your spouse should be in total agreement with your business plan. Starting a business is a difficult task to undertake—one that requires the support of friends and family. Your spouse should be fully apprised of the financial challenges that can be involved with buying a franchise business, and he or she should be willing to take on these challenges.

Personal considerations Starting a new business involves long hours and countless administrative duties. You—and your spouse—should be certain that you will be physically and emotionally capable of handling this. Potential franchisees also need to consider who else will be affected by their long working hours. For example, do you have small children who will be negatively impacted by your frequent absence?

After thorough research on your selected franchise, you should be reasonably certain that it is a business you will enjoy operating for a number of years—or even until retirement.

Anyone considering buying a franchise needs to realistically asses his own personality. Do you enjoy working with others? Do you have the skill sets necessary to work effectively with a franchisor as well as your employees and patrons? After answering these questions yourself, consider asking friends and family for their truthful answers.

Another important question many aspiring business owners may overlook is this: Is there someone who is both willing and able to run the business should you become incapacitated by illness or anything else?

Business considerations Do you have previous experience in the industry of the franchise you wish to purchase, and, if not, have you considered working in this type of business before committing to buying a franchise?

You should conduct copious independent research once you have selected a franchise. You’ll want to look at things like the background and experience of the franchisor and whether the product or service you aim to sell has a market in your area. In addition to whether a market currently exists, you’ll want to consider what that market will be like in five years’ time. You should also research what competition—if any—exists in your proposed territory. Your research should include competing franchise and non-franchise businesses.

Other considerations You must perform the essential task of preparing a business plan for your selected franchise that details all your research and projections.

Keep in mind that you will need the help of other professionals such as a franchise attorney who can evaluate your franchise contract and—once you open your business—an experienced accountant who can help you maintain accurate financial records.

Information to obtain from the franchisor Once you become interested in a specific franchise, there is a wealth of information with which you should ask the franchisor to provide you.

For example, will your franchise agreement give you an exclusive territory for the length of the agreement, or will the franchisor be permitted to sell additional franchises in your area? Will you be given the right of first refusal in adjacent territories? You will need to determine whether the franchisor will sublet space to you or assist you in selecting a location for your franchise.

You should find out if you will be required to lease fixtures, signs or equipment from the franchise, and, if so, whether the prices are reasonable. You should ask whether the franchisor provides in-house financing and what the terms are. Additionally, find out whether any fees beyond those discussed in the offering circular are required of franchisees.

Consider what information you’ve received and how forthcoming the franchisor has been with that information. Have you been given data on actual, average or forecasted sales, profits or earnings? Have you been told the success rates of other existing franchisees, and was the franchisor willing to provide you with their names and locations? Refusal or reluctance to provide this type of information is often a red flag.

Once all of these issues have been addressed—and you still want to move forward—there are still more questions that you—as a prospective franchisee—should have answered:

For example, are there any variances permitted by the franchisor in franchise agreements. If so, what is their nature? You need to find out if you’ll be compensated for the goodwill you build into the business if you decide to sell your franchise back to the franchisor under the right of first refusal.

When you open for business, will there be any restrictions on what items you may sell, and, if so, what are they? You’ll need to find out whether you’ll be able to use any federally registered trademarks, service marks, trade names, logotypes and/or symbols that the franchisor may possess without reservation. If not, you should have a clear understanding of what the applicable exceptions and conditions are. You should also ask whether the franchisor owns patents or copyrights on equipment you’ll be using or products you’ll be selling. Additionally, find out whether any endorsement agreements with celebrities are in place for advertising purposes and what the terms of those agreements are.

Consider the franchisor’s reputation. Is it one of honesty and fair dealing? Has the franchisor met all the requirements of FTC and state disclosure laws? And, do you feel that the franchisor has investigated you thoroughly enough to be reasonably certain that entering into a franchise agreement with you will be mutually beneficial?

Final thoughts Of course, this is not an exhaustive list of research topics, and you may find that there are questions unique to your situation that need to be answered.

The bottom line is this: On the day that you sign your franchise agreement, you should feel confident that all your questions have been satisfactorily answered, and all your concerns have been adequately addressed.” - Franchise Gator
Have you considered franchising as a way to get into business?

This week’s Entrepreneur University comes courtesy of Bob Kelly. Bob counsels and writes for business, non-profit, government agency and association managers about using the fundamental premise of public relations to achieve their operating objectives. In this article Bob discusses how to make PR work for you:

“PR: Here’s What Works When it comes to public relations, what can work best for you as a business, non-profit, government agency or subsidiary manager, is doing something meaningful about the behaviors of those key outside audiences of yours that MOST affect the department, group, division or subsidiary you manage.

You confirm that success by helping persuade those key folks to your way of thinking, then moving them to take actions that allow your unit to succeed.

What you’ve actually done is apply public relation’s underlying premise. Namely, people act on their own perception of the facts before them, which leads to predictable behaviors about which something can be done. When we create, change or reinforce that opinion by reaching, persuading and moving-to-desired-action the very people whose behaviors affect the organization the most, the public relations mission is usually accomplished.

What you will soon come to see is that the right public relations planning really CAN alter individual perception and actually lead to changed behaviors among your key outside audiences.

You will do well to recall that your PR effort should require more than talk show tactics, special events and news releases if you are to receive the quality public relations results you believe you deserve.

The payoff for using this approach to public relations will soon be apparent: community leaders begin to seek you out; capital givers or specifying sources begin to look your way; new proposals for strategic alliances and joint ventures start showing up; politicians and legislators begin looking at you as a key member of the business, non-profit or association communities; welcome bounces in show room visits occur; customers commence making repeat purchases; membership applications begin to rise; and prospects actually start to do business with you.

You’ll want to be certain your PR people really accept why it’s SO important to know how your most important outside audiences perceive your operations, products or services.

Because they’re already in the perception and behavior business, they can be of real use for your new opinion monitoring project. But, most important, be sure they believe that perceptions almost always result in behaviors that can help or hurt your operation.

Also insure that a solid discussion with your PR staff takes place re: your plans for monitoring and gathering perceptions by questioning members of your most important outside audiences. Suggest that questions like these be asked: how much do you know about our organization? Have you had prior contact with us and were you pleased with the exchange? Are you familiar with our services or products and employees? Have you experienced problems with our people or procedures?

Please stay aware that it could cost considerably more to use a professional survey firm to do the opinion gathering work versus using those PR folks of yours in that monitoring capacity. But, whether it’s your people or a survey firm asking the questions, the objective remains the same: identify untruths, false assumptions, unfounded rumors, inaccuracies, misconceptions and any other negative perception that might translate into hurtful behaviors.

In all likelihood, you uncovered a few serious problem areas during your key audience perception monitoring. Because you now must call for action on the most serious distortions, you will have to set down your public relations goal.

Will it be to straighten out that dangerous misconception? Correct that gross inaccuracy? Or, stop that potentially painful rumor dead in its tracks?

An equally specific strategy that tells you how to get there is now called for. However, only three strategic options are available to you when it comes to doing something about perception and opinion.

Change existing perception, create perception where there may be none, or reinforce it. The wrong strategy pick will taste like crème anglaise on your bratwurst. So, be sure your new strategy fits well with your new public relations goal. You certainly don’t want to select “change” when the facts dictate a strategy of reinforcement.

Good writing becomes crucial when you realize that you have to prepare a persuasive message that will help move your key audience to your way of thinking. It must be a carefully-written message targeted directly at your key external audience.

Assign the task to your very best writer because s/he must come up with really corrective language that is not merely compelling, persuasive and believable, but clear and factual if they are to shift perception/

opinion towards your point of view and lead to the behaviors you have in mind.

How will you carry your message to the attention of your target audience? By selecting the communications tactics most likely to reach those key folks. There are many such tactics available.

From speeches, facility tours, emails and brochures to consumer briefings, media interviews, newsletters, personal meetings and many others. But be certain that the tactics you pick are known to reach people just like your audience members.

HOW you communicate your message can affect its credibility and fragility. Because of such uncertainty, you may wish to unveil your corrective message before smaller meetings and presentations rather than using higher-profile news releases.

In order to produce a comparison between opinion at the beginning of the program and now, you will need to begin a second perception monitoring session with members of your external audience. The need for such a progress report will cause you to use many of the same questions used in the benchmark session. But now, you will be on strict alert for signs that the bad news perception is being altered in your direction.

Should the program lose any of its steam and actually slow down, you can always speed things up by adding more communications tactics as well as increasing their frequencies.

What will have worked at the end of the day, are your efforts to marshall the resources and action planning you need to alter individual perception leading to changed behaviors among your most important outside audiences.

During which, you will have helped persuade those key folks to your way of thinking, and moved them to take actions that allow your department, group, division or subsidiary to succeed.”

Have you used PR to grow your business?

This week’s Entrepreneur University comes courtesy of Roger M. Ingbretsen. Roger is the Principal of Ingbretsen Consulting and with more than three decades of operational and leadership experience, he has developed a sharp eye for how organizations and their leaders can retool and become strategically focused. Roger shares his advice with us on how to build effective teams for your company.

“Teams and team work can be very effective in many organizational settings if, and only if, they are formed correctly and used to solve problems that are best resolved by several people working together. Teams and team work for the sake of teams, is most often a failure. The first thing that must be decided, does it truly make sense to form a team or teams. Next, will the time, money and effort expended obtain the desired results? Then, how long will the team/s need to be in existence to accomplish its objective? If you are serious about establishing “formal” or even “informal” teams in your organization the following 21 secrets can increase your success.

1. Think of teamwork as a beautiful delivery “system or device.”

2. Individual “innovative ideas” are needed for a team to implement.

3. Think of the team as the “entire company.”

4. Give all the people the opportunity to “build a legacy together.”

5. An effective team is a group of people with a “shared purpose.”

6. Teams require a lot of “hard work” because it goes against traditional thinking.

7. None of us are as smart as all of us! – If we are all truly “prepared and engaged.”

8. Beware of group thinking – “If everyone is thinking the same… someone isn’t thinking!”

9. You must “reward teamwork” if you want it to work.

10. “Strong teams begin with strong people” – individuality and individual excellence are key elements and ingredients of a strong team.

11. People must have both the “mind-set” and the “skill-set” for effective teams to occur.

12. You need team “decision-making” at all levels within the organization if you are going to keep pace with the competition.

13. You need to see the “interdependence” between all members of the organization – who needs who and why, then you will start to truly understand teamwork.

14. As a leader, have you ever been part of an “exceptional team” at any time in your life? What did it feel like? What did you learn? What can you share? What can you apply in your area of responsibility?

15. Teams and team members must be truly “interdependent” and value working with others.

16. The more specialized knowledge becomes the more important teams become when working in “highly complex” organizations.

17. To work well, teams must become “the way we do things.” It is a long term…top down, way of doing business.

18. When you focus on an end-to-end process…on “seeing things as a system”…with many people trying to accomplish common objectives, then you begin to see the power of teams.

19. High “trust relationships” – the ability to work through differences – is a key ingredient for team success.

20. As in any successful organizational environment “a great attitude” by all team members is necessary.

21. The team must develop a “passion to win” not for the teams sake, but rather for the greater good of the organization.”

This week’s Entrepreneur comes courtesy of John Brennan. John is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. John shares with us his advice on how to avoid the most common mistakes made when pitching an idea or project:

1. Don’t try to sell someone on an idea. Instead give them information to help them come to their own conclusion. Use phrases like, “Here is an idea,” “What do you think,” or “Here is something to consider and why,” in order to avoid coming on too strong.

2. Don’t be too self-deprecating. Being too humble and modest in your body language or voice tone destroys credibility. Aim to strike a balance between openness and credibility.

3. Don’t tell your story before you hear the other person’s story. Their story governs their behavior. Find out what they are telling themselves about you and your idea ahead of time so you can determine their values and predict any objections.

4. Don’t start trying to convince before you connect with your listeners. Talk first about what you know is important, the problem your idea will solve, and why it is important.

5. Don’t rely on Power Point to convince your audience to say yes.Build your case using a mixture of Power Point, story, examples, and even live demonstration if possible.

If You Blow It, Can You Pitch Your Idea Again?

Surprisingly, the answer is often yes. Don’t assume the topic is closed because of a setback. How you proceed depends on the specific situation. For example, Charvet advocates, “Phone the decision maker after a few days and leave a message like, “You know what we discussed the other day? Well, I’ve been thinking and I have another idea,” as a way to reopen the topic. You create curiosity about the issue. But don’t tip your hand in the phone call by giving the listener something to resist.

What if you choked because of nerves? Use a coach to help you examine self-sabotaging behaviors and figure out how to maintain your equilibrium. “I talk to my coach three times a month. When my life is in balance and I’ve had a good night’s sleep, I can gracefully hear a “No” from a decision maker. I can then proceed to ask good, non-defensive questions to satisfy my curiosity that “No” was the best answer,” says Simmons.

A coach will also emphasize the importance of getting a good night’s sleep. Anxiety may tell you that you should go over the data and figures one more time, but anxiety is not your best friend when it comes to maintaining equilibrium. Getting a good night’s sleep is a legitimate way to prepare for an important presentation. People will trust you when you are relaxed and calm.

At its essence, avoiding resistance is a matter of finding out what objections are likely to block your path, and what story the decision makers are telling themselves about you and your idea. With that information in mind, you are well equipped to position your presentation in a way that is meaningful to the values and concerns of the key decision makers. After all, “It’s not about you, it’s about them!”

For this edition of Entrepreneur University we turn to small business expert Don Doman. Don is a published author of self-help books on small business. He and his wife own Ide as and Training, which supplies business training products to organizations around the world. Don and Peg also own and operate PNW Video Productions, which produces video productions for distribution and internet viewing.

Don shares with us his secrets to being able to write a business plan in 10 seconds:

“Quite a few years ago I needed a used pickup truck . . . well, I wanted one anyway. The need wasn’t urgent and I wasn’t searching daily for one, but periodically I would drive past the used car lots and see what was available. Then I found one. It was a few years old, in good condition, and the price was right.

Now, finding a truck and buying a truck are two different things. I knew I could buy the truck, but I what I really needed was to justify the purchase to myself and my to wife. I thought about it. Within ten seconds I came up with a business and marketing plan . . . for my wife.

My wife had just quit a job that she liked, but where she was vastly underpaid. She was looking for another job. She had a friend in similar circumstances: both young housewives and mothers looking for spending cash. I bought the truck and drove home. As I was driving I tweaked the plan a little bit and prepared my presentation.

I walked into the house and told me wife, “I’ve got a business for you.” She just looked at me. I said, “You know how hard it is to find people to clean out stuff left behind in our home rentals?” She nodded. “Well,” I said, “You can form your own business to remove trash and help people get debris out of their yards. You can go partners with your friend. All you need is a truck, and I’ll buy that. You pay for the gas, any dump fees (which you can charge to the client), and the advertising in the community classified newspapers. You can name your company Lump It and Dump It. Your slogan can be You Call, We Haul. And you two can probably split $25.00 to $30.00 an hour (you can see this was quite a few years ago). It’ll give you some exercise, some money AND you can almost choose your hours.

My wife recognized the opportunity and immediately called her friend, who accepted the proposal. We went and picked up the truck.

They placed ads in the small local papers and began making money almost from day one. Eventually, competition did them in, but for over a year they had a business that made them spending cash. My wife made more than twice what she had been getting, and her friend made much more than she had been receiving for baby-sitting, her previous money source.

Now, your business is probably more complicated than Lump It and Dump It, and it’s going to take more than ten seconds to make out your complete business and marketing plan, but if you can’t write down your core information in a little over ten seconds you have a problem.

There are basically four major aspects of the ten-second business and marketing plan:

1) What product or service you are offering?

2) How it is going to help people?

3) What are you going to call your business?

4) How are you are going to reach your customers?

After you’ve got those four questions answered, you can branch out to more heavy duty planning, but if you can’t answer those questions quickly and explain them to anyone with seconds, you better take more time and examine your business so you can do it.”

What is your 10 second business plan?

We started Entrepreneur University in August with Andy Marken and his advice on how to How To Create A Sales Incentive Program. To celebrate our six months of Entrepreneur University I wanted to share more of Andy’s advice with you.

Andy is the brains behind Marken Communications, a full-service marketing and communications company. Andy’s advice is on how to create a sales incentive program for your small business.

“In the TV series M.A.S.H., Hawkeye leaned over a friend who had been wounded and the friend said faintly, “I didn’t even hear the one that hit me coming.” It’s a similar concern that makes many executives avoid media interviews. They worry about the question that can make their company and them look foolish…or worse.

But knowing how to communicate about your business is as important as knowing how to run it. There are times it may be even more important. A positive story can produce orders. It can stimulate investor interest. A less than positive story can depress the stock value. It can demoralize employees. It can negatively impact sales.

If executives routinely close the door to legitimate interviews, they appear to have something to hide. If they open the door too wide, they can expose too many secrets and –in the case of public firms – see the company’s value suffer. What is not said may be more important than what is said and how it is said.

You have to understand that coverage isn’t always positive and journalists aren’t there to be your friends and to help you advance your agendas. Their job is to develop a credible story for their audience, not write a puff piece about you. If the article shows a less than perfect company, product or executive it is balanced and it is credible.

As a part of the total picture of business in your industry, your opinions and activity — or lack of it — are important to the media and their readers/viewers. Journalists have two obligations – to be professional and to fairly, accurately present the information to their audience. All of the rest is your responsibility.

Astute and prepared executives can turn the interview, even in an unpleasant situation, into a positive and beneficial effort for the company.

Interview Timing There are times when an interview just isn’t possible. Don’t explain your inability to talk with weak excuses.

Present yourself clearly and in a straightforward manner. If possible, suggest an alternate date and/or time.

If you give reporters a legitimate reason for not granting the interview, they will understand even though they may not like it. The key word is “legitimate.”

Reference Material It’s surprising, but many organizations don’t have written background information on the company, key personnel, products and markets. Such reference material can often save both the reporter’s or broadcaster’s time and yours.

An information package should include the following: Company — Information should be available that covers the history of the company, i.e., its founding, product lines, size, sales volume, number of employees, officers, areas of expertise and industry position.

Key Personnel — There should be a biographical sheet on every key member of the firm. It would include information on schooling, business background, history with the company, present duties, special honors and similar items.

Photographs — Have current quality photos of key people, as well as product shots, plant photos, application photos production shots and similar items that visually tell the firm’s story.

Current Product Literature – the reporter won’t copy directly from the literature, but it gives him or her a better idea of who the company is. Copies of past annual reports as well as general and technical literature are often helpful.

Other — There may also be some special information the reporter or broadcaster is looking for, so ask ahead of time. Then, if the material is available, it can be given to them at the interview.

Interview Types Most reporters are simply hard working individuals who are simply want to educate, inform and enlighten their audience. Most want to finish the story so they can do what you want to do at the end of the day — go home to dinner and enjoy their friends and family.

Some reporters and interviewers like to add personality and color in their pieces so they will ask questions about you, your background, and your family. If the information is meaningful to the article, provide it factually.

Some journalists like to be controversial so they do their homework prior to the interview. These individuals ask probing questions regarding your past, the company’s legal activities, market or company downturn and ramifications. If you are prepared with the information and have all of your facts available you can handle the situation very well.

A few journalists like to ask the same question over and over a number of different ways. They are looking to make certain your facts don’t change. Rather than repeat the answer, simply say it is a question that has already been answered and use the moment to bridge into information that further reinforces the company, its products and you.

There are occasions you’ll encounter a journalist who is either very technical by training or believes he or she is technically competent. If the interview is for a trade publication and the technical questions/answers will help the reader answer with clear, solid facts and information. If the reporter is simply showing his or her expertise, stick to the general information the audience needs. Don’t help the reporter lose sight of his or her audience just to promote their egos. The resulting story can be a complete waste of your time at best or at worst make your company and you look foolish.

There is also the hard core business piece that every journalist likes to do because it is the news of the day. These are articles regarding what is in store for the company given lawsuits, downturns, product recalls, etc. They also want to gain an insight on public offerings, quarterly/annual earnings, expansion/contraction, market shifts and other business specific news.

Regardless of the interviewer’s approach; don’t fudge, spin, lie or wing it. Know your facts and your information and present your answers clearly and concisely. Don’t cover things up hoping that they won’t be discovered. Leaks will happen. When the questions are asked provide your answers in terms of the key points and key issues you have developed for the interview. Imagine the type of story you expect to appear and present your information accordingly. Keep your emotions under control and you can maintain control of even the worst situation.

Commit your information and your key points to memory but don’t over rehearse. Then when you prepare for the interview take a number of deep breaths, relax and provide the news to the journalist’s audience.

The Interview There are usually categories of questions that arise in an interview:

* Questions you are willing to answer and want to answer

* Questions you are unwilling to answer and will not

* Questions you don’t want to answer but will

* Questions you simply can’t answer Life would be ideal if all of the questions asked were of the first kind. The second group is the one that strikes fear in most managers because they don’t know exactly how to handle the situation.

Perhaps you simply don’t have the authority or background to comment on those areas. The information could be confidential. Maybe those areas are still being evaluated, and a corporate policy or direction has not been established.

The interviewer will probe for answers or statements but when questions can not be answered you need to precisely explain your inability to comment on those areas. You may also recommend an alternative point that can be discussed without disclosing the specific information and without leaving the question totally unanswered.

The third set of questions is the most difficult because your organization is usually in the spotlight or “hot seat.” In these instances, it’s best to be well rehearsed and prepared.

Because these types of questions are increasing most executives are taking media training so they can efficiently and effectively handle the “hot potatoes.” Such intensive one- and two-day sessions are actually designed to be what are termed “attack sessions.”

If the manager can learn to think on his or her feet in heated situations, then he or she can easily handle “normal” interviews. People who participate in this training can usually handle even the most searching or aggressive interviewer. Given sufficient background, they could even fare well against a grandstanding congressional investigation.

The fourth series of questions can range from those you simply don’t have sufficient information to answer to those that are so confidential that it would harm the company’s business and direction if they were answered.

If you simply don’t have the information say so. Tell them you don’t have the information and that you’ll get back to them with the answers. Keep that commitment as quickly as possible. No one likes a commitment that isn’t kept!

There will probably be times when you’ll want a member of your public relations staff or counsel on hand during the interview. We encourage our clients to do this, since it permits us to help clarify points or make certain that requests for additional information and/or photos are answered promptly.

But the public relations person should be a support for you, not a guardian of what is going on. If you anticipate having problems, go over your ideas ahead of time, and “rehearse” the interview including difficult questions which might arise. Your PR person can be a decided asset in this area, since he or she has, or should have, considerable experience in dealing with the press in all types of circumstances.

While having the company lawyer sit in on the interview may seem like a great idea, it usually leads to disaster. The worst situation we had was when the company officer insisted that the attorney be present.

Every question from the reporter was met with: “We’re not going to answer that”

“We can’t divulge that” “We have no comment on that.”

The interview was a shambles. The ultimate story did the company serious damage. The reporter simply went to third party sources and got the information without the company’s perspective being heard.

There is never a reason for no comment! If you don’t know the answer, admit it and tell the reporter you’ll get back to them with the information. If you make a mistake, admit it, correct it and move on. If there are legal or other reasons you can’t answer a specific question explain why you can’t respond to that area and return to the key points you want to present.

Off the Record If the information is confidential, you can consider speaking off-the-record. Most of the time, this off-the-record commitment will be kept. But remember you’re going out on a limb at your own risk.

If you don’t want to see something in print, don’t talk about it. If the editor, reporter or broadcaster presses the point, tell him or her frankly that the subject is one you can’t discuss at the present time and that you will provide the information as soon as you authorized to do so.

Again, when the time is right, keep your commitment. It will go a long way in building your credibility with the media. Granting Exclusivity If you are a publicly held firm there are certain clear-cut guidelines you must follow regarding exclusivity. If the information will affect the stock of your firm, then exclusivity is out of the question. If one reporter digs up the information, you need to answer in a straightforward manner.

At the same time, you should also just as quickly announce the information to the rest of the press.

If you have a major contract you were planning to announce at a press conference in a few days but also want to tell an editorial friend, you may improve your friendship at one publication, but you can make even more enemies.

However, if an enterprising reporter obtains the information by asking penetrating questions after the press conference, then it isn’t up to the company official to run out and tell everyone else. Honor the ingenuity, capabilities, and drive of the reporter who digs below the surface to get more facts.

Another common area of exclusivity, especially in the technical community, is the announcement of a major new product. If you work closely with a publication and they develop extensive copy on the new product or perhaps even a special report, then give them sufficient lead-time before you announce it to the rest of the editorial world.

Again, they have done a lot more work and deserve the edge.

Prior Publication Approval A reporter or broadcaster doesn’t have to permit you to read the galleys or view the tapes before the interview is published or aired.

We advise clients to be accurate during the interview and provide in-depth background material and don’t even ask final copy approval.

If the publication is publishing a new product announcement or industry special report, they may double-check facts and figures. They may even submit the copy (time permitting) for checking but it is only for correcting errors, not for editing.

Once you have granted the interview, you have given up your right to final approval.

Benefiting from the Interview There’s more to granting an interview than ego-satisfaction. It is an opportunity to raise the visibility and credibility of your organization and your products. But don’t dictate to your PR people that you will only do interviews with Business Week, Wall Street Journal, New York Times or the one or two “key” books in your industry. Unless you have been thrust into the senior position in the largest company in your industry or you have made a breakthrough that will benefit all of mankind, such goals are totally unrealistic.

First of all, have a sound, newsworthy story to tell and be prepared to tell the story thoroughly and effectively. Next, have sufficient background material and information available so you aren’t wasting the reporter’s time. Finally, give him or her enough time to obtain all of the information needed so that the story can be properly developed.

Know who the audience is. If you’re talking to a newspaper person, be aware of the paper’s broad audience with very diverse interests. Don’t get bogged down in technical detail. If it’s a professional or technical editor, have the in-depth facts at hand and don’t spout generalities.

Know who the reporter or editor is by name and the media he or she represents. It sounds obvious but, all too often, we’ve found that the person being interviewed didn’t recall the interviewer’s name. This is espeecially embarrassing and discourteous if you’re introducing the reporter to another person in your organization.

Being interviewed can be profitable for your organization and you. It means someone thinks you have something important to say. If you’re properly prepared, the process can be effective and it can even be fun!

Preparation ensures you’ll never get hit by the one you didn’t hear coming.”

For this week’s edition of Entrepreneur University we tapped Business Coach Melanie Benson Strick. Melanie is the Entrepreneur’s Success Coach and she teaches entrepreneurs how to stop feeling overwhelmed so they can create more money and more freedom.

Melanie discusses the 6 common mistakes entrepreneurs make and how to avoid them:

“Have you ever felt like you were running a rat race? Everything seems like it takes forever, costs 10 times as much as you expected and you still feel like you are a million miles away from achieving your financial goals?

That’s because people often approach their financial growth with the wrong strategies. You may have heard the saying, “The strategy you used to create your million is drastically different than the strategy to maintain it.” It’s the same thing here. The strategy you used to get started is drastically different than the one you need to grow consistent six and seven figure revenue.

Here are six of the common mistakes entrepreneurs make when trying to grow their bottom line.

Mistake #1: Setting unrealistic expectations. I conducted a workshop where one of the students shared she planned to create $500,000 in new revenue in the next 12 months. She was barely making $50,000 and was launching a brand new business. This plan seemed unrealistic to me. Unrealistic expectations are different than setting ‘stretch goals.’ When you are unrealistic, you will often over spend and under perform because you believe you have everything on track for a huge leap in income.

Mistake #2: Focusing on price versus payoff. This being so focused on what everything will cost you that you miss the opportunities that will allow you to leap forward. The saying, “It costs money to make money” means that when you invest in high payoff opportunities, you will leap forward. Many people who are stuck financially don’t have the financial resources to invest in the tactics that would actually position them for a huge windfall.

Mistake #3: Making short-term decisions that sabotage the long term goal. I once knew someone who would say yes to any opportunity that crossed his desk if it meant he might make a couple thousand dollars. The problem was that most of these opportunities took a lot of his personal time, time he wasn’t spending on his own goals. This man couldn’t understand why his own programs weren’t profitable – when he spent up to 50% of his time on short term opportunities at the expense of his long term, more profitable projects.

Mistake #4: Trying to keep up with the “Jones.” Just because your competitor is experiencing huge financial wins with their strategies doesn’t mean it will work for you. It’s dangerous to just watch what others do and try to replicate it without understanding the entire strategy. A carefully crafted growth strategy will have many steps – you can probably see only one part of it. This mistake can be very costly because you invest your time and money “following the Jones” strategy only to experience a flop because you invested in only one piece of the whole puzzle.

Mistake #5: Doing everything themselves. I can’t tell you how many entrepreneurs find themselves in a growth trap because they won’t build a team. If it is just you, then you can only accomplish what you have time to accomplish. When you build a team, you can leverage your time exponentially. Think of it as a way to finally clone yourself. Delegating and outsourcing is one of the fastest ways to grow your results and your bottom line.

Mistake #6: Sacrificing quality for revenue growth. This is absolutely one of my big pet peeves. And I know it’s the opposite of what many gurus teach. But here is the deal. If you are so focused on growing your bottom line that you sacrifice the quality or experience of a client along the way, you will impact your future revenue opportunities. Unhappy clients don’t come back. And usually they tell A LOT OF PEOPLE along the way.

If you are making one of these mistakes, what should you do? Here are three quick fixes to get you back on the fast track to bottom line bliss.

1. Know your high payoff opportunities. Typically they are based on your values, priorities and goals. If you need help with this step, check out the Unstoppable Goals Method.

2. Slow down and evaluate the real profit story. Just because it looks good doesn’t mean its profitable and a good use of your time. Create a cost analysis for your opportunities. Look at things like: when will it make me money, how much money and time will it take, what are my “hidden” costs, etc.

3. Respond, don’t react. Opportunities will always come at you. If you have a strategic plan mapped out, you will be able to take action on the right ones. Without a plan, you are just reacting to “Bright Shiny Objects™.” Successful people create and follow a strategic plan.”

This week’s Entrepreneur University comes courtesy of Eva Gregory. Eva is the International Coach of the Year 2006, “America’s Feel Good Coach”, speaker and author of The Feel Good Guide To Prosperity. She shares with us her tips on how to live an inspired life and not a tired one:

“Do you feel like you are just going through the motions and nothing you truly want in life is coming to fruition? Do you feel tired and drained more often than not? Are there things you know you have to get done, but you are lacking the motivation to do them? How about changing things around so that they become “inspired actions”, and not “required actions”?

One definition of inspire is “to exert an animating, enlivening or exalted influence upon”. Even the definition sounds fun, does it not? I will go one further and say that it is also powerful and empowering. I call it powerful because it can create a great deal of positive energy, and empowering because you will gain control back over a situation. Can you image finding joy in everything, having life be lively and exciting on a regular basis? Inspired actions are those that you get so excited about that wild horses could not stop you from doing them and will usually flow effortlessly and quickly. Believe me, it IS possible.

How does one become inspired and create a world of inspired actions? It goes back to setting your intentions for what you want, visualizing it, getting into the feeling place “as if” it has happened exactly the way you want it and let the inspired action “come to you”. Cool, huh? Sounds easy? It is. But if you get stuck, you can work backwards by focusing on what motivates you to complete your project. Is it your family, having free time to play, or perhaps just the satisfaction of having everything checked off of your “to do” list? Better yet, write down your tasks and your motivations. Things seem to become more concrete, more “real” when they are written down. These tools will help you turn a project or task into something that provides you with major inspiration. Just like Jack.

Jack was in the process of writing what he termed his “great American novel.” In fact, he had been in the process for four years and despite what he told his friends and family, he was not feeling very inspired. His novel had become the joke amongst his friends and the proverbial albatross around his neck. When Jack decided to set his intentions and visualize the outcome, he had a difficult time doing this. He realized that he could not get into his feeling place because the story he was writing did not fuel his passion. He could not even visualize himself completing this book. His writing had taken a wrong turn, and instead of backing up or starting over, he had felt compelled to continue because of the expectations of others. Jack was so surprised and energized by this realization that he immediately started outlining the book he wanted to write. Writing had become an inspired action and Jack did not feel like it was a required one.

So, what are you waiting for? There is NO time like the present. Find a little quiet, turn on your favorite music, light a candle, and get busy setting those intentions to create inspired actions. Remember, inspired actions will make you feel alive; before, due to the planning and anticipation, during, as you will be relishing actually putting your desires to action, and after, when you are remembering the task and your feelings while it was being done. So, get out your pen and paper and get busy. The time has come to be inspired, not tired!”

For this edition of Entrepreneur University we turn to Business and Management trainer Martin Haworth. From managers of small, developing businesses and their teams, through to one-on-one work with senior executives, Martin enables a new generation of managers - and their businesses - to meet their potential - and deliver performance they only dream about.

Martin shares with us his secrets to networking differently:

“How many people do you know already?

Chances are that if you are past 25 years old, you will know upwards of a thousand people. That’s folks you would recognise if they bumped into you in the street. Hey, it might even be several thousand.

If you are looking for a career change, this is an opportunity you can leverage, through the people you know.

The common concept of ‘networking’ is different. It’s a business world in-your-face imposition where you are working against, rather than with the flow.

So why would you go off meeting people that you didn’t know, expecting them to do you a favor or two, when you have a bunch of people who already know you well enough?

The basis of all business transactions is trust. And trust is very hard to create if you are meeting people, in however friendly a setting, for a short period of time. Sure, you swap business cards and maybe meet up in the future - and at that point your trust has grown and you can do business.

It takes a lot of work, time and effort to gradually build relationships of trust, which is why so many people trying to sell things network in the ‘big-beakfast’ sense.

Desperate for the next hit of a new crowd, it’s the only way to, as they say, win the ‘numbers game’. The more people that go past you, the more likely there is one that will take the bite of the worm you’re offering.

As long as there are your sort of fish in the water, of course. What a task - and what a desperate way to try to get more business.

Think of ‘networking’ in a different way.

Great businesses make the most of the relationships they build over many years, creating repeat business. In fact some need to advertise no more, such is the power of who they are, what they do and the reputation they have built.

How about turning that into a personal value? A ‘trademark’ of who you are and what makes you different form other friends, family members and acquaintances.

So what are those ‘trademarks’ that win you the gold star credits and make others want to help you?

Try these:1 - You listen well and pay full attention - You are more interested in other people than yourself - You keep promises and do what you say you will - You are a great friend when others are in need - You share resources and put the people you know in touch with each other - You aren’t judgemental, but very objective (fact-based) when dealing with others - You talk less than you listen (see a pattern here!)

- You make time for others when you say you will - You say ‘yes’ when you can and ‘no’ when you can’t - and are honest about it - You are encouraging, enthusiastic, supportive and challenging with those you know Why do these ways of behavior build your network closely around you? Well, for one thing, when you are much more interested in those around you than you are about you, ironically you become much more attractive. So, not only do people like being around you, they are much more responsive when you need their help.

If you are looking around you for extended networks to push your efforts, then others who like you will do just that - and utilize who they know as well. If you know a thousand people, how many people do those thousand know? And how much use is a thousand thousand people all on your side?

The door you are seeking to open can become a lot easier if you have people who love you, and the way you are, on your side.

And that doesn’t involve getting up at 5am every Tuesday morning; force-feeding on a ‘heart-attack-special breakfast’; and fending off folks desperately trying to sell you even more business cards.

That’s not what you want at all.”

How have you networked to get clients for your business?

In keeping with our recent theme of online business I decided to tap the mind of Thomas Young for this week’s Entrepreneur University. Thomas Wood-Young, MBA, is a marketing consultant helping companies increase revenues. He is also the author of Intuitive Selling (www.IntuitiveSelling.com). Thomas shares with us his three keys to Internet selling success:

“Whereas successful selling in traditional brick-and-mortar stores is said to rely on “location, location, location,” successful Web sales rely on the three pillars of effective Web sites: design, marketing, and hosting. And like a table with three legs, a Web site needs equal support from all three.

Pillar I: Design Poor Web design will give visitors a poor opinion of your company and your products. With so many new businesses now offering Web design, it is important to choose a developer who can combine functionality and design to create a site that is visually simple, attractive, and easy to navigate.

Always design your Web site to reflect customer priorities. First find out what your customers want, and give it to them quickly. Make the user experience easy and fast.

This brings three common mistakes to mind:

Web design is often based on the mistaken idea that visitors to your site want to know more about your company. This is why most companies feature the “About Us” link first as a visitor reads the page. Actually, a customer is looking for a product or service that solves a problem. With this in mind, correct site design will highlight the information about your main products first and show your company information last for additional support.

Another common error is the use of impressive graphics without proper regard for user experience. Visitors are looking for information, not graphics. Graphics add loading time, so keep them to a minimum. A site will be an effective sales tool when you include all information your customers will need to make a buying decision.

Avoid forms that require unnecessary information. Seventy-eight percent of respondents in a recent usability survey have bailed out of filling forms because the forms required too much effort. Eighty-four percent abandoned programs that required too much information, especially home phone numbers or household income figures.

Pillar II: Hosting Integration of technology and design is crucial to the performance of your site as a sales tool. Web site functionality depends on efficient hosting and stable technology. This pillar includes all technical back-office details, from hosting to programming and newsletter list management.

Host your site on servers with sufficient bandwidth to easily and flawlessly handle your predicted level of traffic. Hire specialized database programmers to make your site interactive without a hitch. Purchase shopping cart programs that process sales efficiently and make it easy to buy. A good host will avoid down time, slow connections, interrupted service, and slow downloads to give your visitors a pleasant experience.

Pillar III: Marketing Contrary to popular belief, effective Web marketing does not require a large budget. Eighty-one percent of respondents to a recent survey admitted they had visited a site because it was advertised. However, their main influence was the Internet (61%), print ads (57%), and e-mail promotions (51%). Television, for instance, didn’t even make the top five. The secret to cost-effective Web marketing is finding low-cost to no-cost actions that reach your narrow, primary target market. Avoid expensive shotgun advertising to large markets not interested in your product or service.

Some of the most effective low-cost marketing tools include:

Listings on select portals and directories that draw traffic within your target group Search engine strategies to improve rankings on traditional search engines Strategies for pay-for-position search engines for immediate results Newsletters that reach your prospects monthly with helpful information Programmable autoresponders that deliver your message seven times or more Affiliate programs that encourage other sites to refer customers Take into account the three pillars of Web site success and reap the rewards of the Internet.”