Are you famous or are you focused? Let's start with "famous". When people look at you, what do they say that you are famous for? Are you famous for procrastination…negative words…poor time management…What are you famous for?
Let me share with you what I am famous for. I am famous for consistent, structured, focused daily strategies and techniques to live a victorious life. I know…that is a pretty strong statement! You see, I would rather be "focused" than famous. I am focused on success.
I am focused on assisting you in achieving you dream and discover the greatness that is inside all of you! Forget about being famous, let's be focused. Be focused on your dreams…be focused on providing for your family…be focused on building a huge team…be focused on Finding Your Why! Let's commit today to become focused and start changing people's lives.
Millions of people world wide watch shows like "Who wants to be a Millionaire" or "Lifestyles of the Rich and Famous". The interesting thing is that everyone sitting on the couch with a bag of popcorn watching these shows are broke. Why? Because they are famous for sitting back and watching shows on other people being famous. How about we flick the switch in life from famous to focused.
Stop dreaming of other people being famous and start being focused on your own destiny! You must laser-focus in on your success and demolish procrastination and create action. Demolish resolutions and create results! Let's demolish fear and create faith!
How is this all possible by simply being focused. How do people become gold medalist, super bowl champions, etc? They take charge of their lives, hire a coach and become focused. What are you? Who are you? Where are you going? How are you going to get there? More importantly, why are you not focused?
Those that know their "Why" are very focused. I am focused on my Why of changing lives of Champions worldwide through my coaching, mentoring, seminars and success library and creating massive success in those Champions lives! Do not allow famous to get in your way of being focused. Make a commitment today to forget fame and become laser-focused!
Let's get focused and know your Why! Let's go out and impact the world one heart at a time. Focus creates success and Fame creates problems. It's your decision…become focused and live your dream!!!
Sunday, August 12, 2007
Are You Famous or Focused?
Protect The Merger Or Sale Value Of Your Business: What You Can Learn From The DaimlerChrysler Debacle
In the heat of summer 1997, Daimler Benz purchased Chrysler for 37 Billion Dollars in a reported business merger of equals. Now, not quite 10 years later DaimlerChrysler is selling Chrysler for a reported 7.4 billion dollars for 80% of the firm. If the loss of 30 Billion Dollars in business value is not bad enough apparently the entire purchase price being paid by the buyer Cerberus will be placed into Chrysler and not retained by Daimler. How did this happen and what lessons can you learn when planning the sale, merger, or valuation of your privately held business?
When Merging Or Selling A Business, It's Business Profits Not Sales Revenues
When Daimler purchased Chrysler, Chrysler was having record revenues of 61 Billion Dollars and net earnings of 2.8 Billion Dollars. Revenues and profits were growing rapidly. Exciting new product lines were eagerly accepted by the market. The resulting projected cash flow would pay for the purchase.
Now, in 2007, Chrysler has revenues of 62 Billion Dollars and a 1.5 Billion Dollar loss with no projected growth and no current cash flow for financing. This proves one more time that cash flow is the basis of traditional companies' business value. To increase business value and business merger sales price, maximize your cash flow during the lead-up and sale period.
The Importance Of Business Cycles When Selling Or Merging
When Daimler bought Chrysler the auto industry as a whole was having record years. The three American automakers were selling cars like hotcakes. Costs had been brought down to where Chrysler was a low cost provider.
Compare that to the current industry weakness with reports of overcapacity, impending layoffs and inability to compete because of health care and retirement costs. Yes, the overall industry cycles do matter in the pricing of a business at the time of sale. Sell on the up-cycle. Up-cycles provide prospective purchasers with cash to buy your business and up-cycles provide your business with profits to sell.
Selling Period - Desperation Does Not Increase Price
When reports that Chrysler might be sold hit the street it was clear that Daimler was having a fire sale. Great for a buyer but a very tough negotiating position for a seller. Don't wait until even the "business challenged" can tell you must sell. If you wait too long before you start the business sale or merger process the bottom feeders will win.
Maintain Your Core Strengths When Looking to Merge
When Daimler purchased Chrysler a new design center had been completed allowing Chrysler to bring cars on the market in three years or less. This allowed them to compete with stylish exciting cars. Daimler, in an effort to milk profits, did not bring out a new car for three years prior to 2006, destroying this design leadership position. People bought Chryslers because they were an affordable style, not because they lasted forever. So what was left when there were no new models?
Protect Your Brands
While some may question Chrysler's brand value no one can seriously question Jeep's value. Jeep was very close to the Marlboro Man in American mystique. Yet Daimler let Hummer take Jeeps prized position as the "American Badlands 4 Wheel Drive Experience." Daimler, in 2007, finally brought out a Hummer competitor - right in time for a spike in gas prices. Always protect your brands and the value inherent in them.
Chrysler invented the minivan. Chrysler still has some very nice minivans. Yet in the day of the "crossover" or mix of SUV and Minivan, where is Chrysler's entry? What happened to the design studio again?
Keep Your Talent, They Are Your Business
In the name of efficiency Daimler didn't let Chrysler keep dancing the dance that got it to the ball. In a merger originally billed as a marriage of equals it very quickly became clear that the superior equal was Daimler. After all, they were the purchaser. But why chase off the talent you paid dearly for? Always keep your key people on the team if you want to maximize your sales or merger value even if you must share some of the rewards with them. Based on Chrysler's revival from death in the 1990's, someone there clearly knew what they were doing. It is a fatal mistake to lose your best people or worse yet force them to turn to your competitors.
Final Thoughts On Business Value
With the advantages of hindsight, it is clear that Daimler has made about every mistake possible thereby destroying the value of the Chrysler subsidiary. Chrysler lost profitability because it stopped being Chrysler. Chrysler lost its affordable style position when it lost its design edge and design speed. It lost much of the value in its key Jeep brand by not staying up with changing trends. These and many other mistakes took Chrysler from record profits to huge losses. Daimler bought in an up market cycle and sold in a down cycle. As a final insult, Daimler did not even allow a reasonable time on the market for the transaction to be negotiated. Avoid making these mistakes when looking to sell or merge your private business.
In order to earn the greatest return when you sell or merge your business, make sure your profits are increasing, you are running with the business cycle and you follow a proper merger and sales process.
Saturday, August 11, 2007
The Secret to Becoming Rich
Napoleon Hill, the author of Think and Grow Rich, believes that a person does not have to be a genius to become rich. Any person can become wealthy if he thinks positively and has a deep desire to achieve his goal.
Positive Thinking: You must see your financial dreams and know that you will be able to attain them. You must already own them.
If you begin making up every rationalization under the sun why you can't succeed, pinch yourself. You have to discipline your body and mind to think positive thoughts. Teach yourself that those kind of thought patterns are unacceptable. You can obtain greatness, even if you are not the smartest, most talented, or best looking person in the world. Success is your if you'll just allow it to come into your life. Don't underestimate the power of your thoughts.
Burning Desire: Hill tells a true tale of a man named Edwin Barnes who desired to become Thomas Edison's partner. Most of us would have scoffed at him had we lived back then. Edwin Barnes was a nobody. Nevertheless, he had a deep desire, a life dream, and he was determined. He went to Thomas Edison and convinced him to hire him. He did not instantly achieve his dream, but he worked hard and ultimately became Thomas Edison's partner. This was a feat everyone thought was impossible.
Edwin Barnes followed these 7 steps to gain this great success:
1. Choose a definite dream.
2. Put all your energy into that dream.
3. Be willing to do menial work at first.
4. Visualize your dream.
5. Form a strategy.
6. Endure through the hard times.
7. Eliminate any way to retreat.
As you focus on obtaining your goals, answer these questions: What is the exact amount of money I want? What am I willing to sacrifice for it? What exact date do I want this money by? What is my strategy?
Don't forget, to successful people, there is no such thing as "defeat." What looks like defeat is no more than a great opportunity. Start creating opportunities out of failures and being successful today!
Freelancing as A Career Option
Home bound workers can either consider telecommuting or freelancing. While telecommuting may keep you out of your home for some hours a week, online freelancing is a good way to make money if you are forced to stay at home. For example, homemakers, part-time students, retired folk, or others who wish to supplement their income from jobs or businesses can all consider freelancing.
Freelance Skill Sets
You can start earning as a freelancer as long as you have skills that someone is willing to pay for. For example, writers, web designers, photographers, and programmers can earn a substantial income by creating articles, websites, portfolios and software from home. The Internet is a hot and viable source of income for freelancers from around the world. Your target customers can be webmasters, online business owners, blog owners etc. For example, blogs and wikis are hot sources of income for freelance writers nowadays, and there's no reason why you can't tap into this market if you possess good writing skills.
Freelance Income
On the flip, your income may fluctuate from one month to another. As with all businesses, freelancing does not guarantee a stable paycheck at the end of the month. So keep a small kitty reserve for dry days or have another source of income for which you can work part-time. Be prepared to accept boring, low-level work initially just to keep the cash flow strong. Once you get a good reputation for providing original, high-quality work at reasonable price, then clients will flock to you.
Freelance Advantages
Probably the best thing about freelancing is that you get to work at your pace, in your own hours, from home, and be your own boss. That means, your shop is open 24x7. And as long as you provide good quality work and meet deadlines, your clients will remain happy with you.
In order to be visible, you also need to be seen and heard in the right places, like forums, blogs, online groups, etc. Spend time everyday to visit such sites because they are invaluable repository of freelance gigs and email addresses of prospects. Alternatively you can sign up with freelance sites like Elance.com, GetAFreelancer.com and Scriptlance.com where you can start bidding on projects and snag a few as early as today!
To conclude, a freelance business is one of the best ways to earn money from home and to work for your own self. If you've got a fair amount of time on your hands, maybe you too should consider freelancing as your full-time career alternative or supplementary income source.
(Hint: While you can find plenty of lucrative freelance assignments on Elance, the other sites mentioned above generally tend to feature lesser-paid projects. However, if you're just starting out as a freelancer, the competition on Elance can prove to be really tough. So you might want to first try GAF and Scriptlance to build up your portfolio, and then go for Elance.)
