How to Start a Business pt 1

Some of the people that know me and read this blog know that I am passionate about the need for black folks to get a financial education and to NOT depend on anyone else to build their financial future and that passion had led me to helping people understand the need to create their own future.

I haven’t written much about myself but I am an experienced business person and have experienced tremendous success. I have also experienced failure but with each failure or success there have been lessons and the reality is that the failures have been more valuable than the successes.

For example, I bought a franchise. For many years I read Black Enterprise Magazine and Entrepreneur Magazine carefully reviewing potential franchise opportunities and finally, finally I after I sold another business I bought a franchise.

But what I found over time is that what I really bought is a fulltime job. I hated being a franchise, I hated not having control over the marketing, I hated not being able to grow the business in a way I felt was right and I fought with the franchisor over damn near everything.

Less that 2 years after buying the franchise I sold it at a loss and have never been happier.

The point of this post is that any entrepreneur needs to understand themselves BEFORE they start a business. An entrepreneur needs to understand the type of business they want to start and if they are really creating a glorified job.

That was my lesson, that franchise was a job and I didn’t want a job.

Here is the bottomline. If you can’t create a business that runs profitably without you being around every day you own a job. The only purpose for owning a business is to create wealth for the owners with minimal effort. So when you create your business, think thru carefully if you are really creating another job

Be well

Secrets to Finding Customers by David Bullock

This month I am offering an introductory interview with David Bullock. David is a highly paid and sought after business consultant and strategist and an expert at finding customers and keeping them.

In this interview, David talks specfically about how to find customers to START a business even if you work for someone else. He talks about how to keep customers, what a business owner absolutely MUSt focus on and how to grow your business.

Register for this introductory interview TODAY

http://blackgeniusnetwork.com/DaveLandingpage.html

Why You Need to Start a Business and Get a Financial Education Part 2`

Today is Sunday March 4, 2007 and I was really looking for a topic that would drive home my previous post when Sixty Minutes broadcast a report about how the US will fare economically when baby boomers retire in a few years. The gist of the TV segment is how the US faces certain economic collapse because of the impact of baby boomers retirement starting in a few years according to David Walker, U.S. Comptroller General. Mr Walker has been traveling around the country telling voters that without without a change to policies like health care, social security, Medicare, the U.S faces certain economic doom. According to Mr Walker the current policies are more dangerous to the United States than Al Queda.

The same night, I decide to do a Google search on African American Wealth and here is a list of some of the search results:

The Black Commentator - Cover Story: Wealth of a (White) Nation … - 9:54pm

The median net worth of an African American household is about $6000, while white households wield 14 times as much wealth: more than $88000.

Consumer Federation of America : Press Release - 9:59pm

This wealth gap is much greater than the median income gap between black American

African Americans lower Wealth - 9:57pm

African American salaries are 60% of white American salaries. … impaired the ability of many black Americans to accumulate wealth and a better life. …

This was just a few of the results and while there where a few results that offered encouragement the majority where very very negative.

So Look at some of the evidence. During Katrina we where left out to dry, what would happen to us if there was a major economic collapse like the one projected by a highly respected guy like David Walker.

What would happen to us when Social Security, Medicare and other entitlements are revised or completely dropped. Will we continue to depend on others to care for us and our families or do we need to start doing something for ourselves.

I think the time is now to start creating our own economic future, the time is now to declare our financial freedom act now.

www.blackgeniusnetwork.com

I’m interested in your comments so lets start the dialog and past his post along to your friends

Why You Need to Start a Business and Get a Financial Education

I get magazines from everywhere and read many of them and I recently received a magazine from a network marketing company I belong too. So at the back of the magazine they list all the people that have been successful in the business.

Interestingly almost everyone was an Asian and as I looked at the pictures of Chang Kim, Kim Il Sung, Kim Jong my thoughts turned to what these people see that African Americans don’t see. Why are more and more Asians joining and becoming successful at network marketing and creating financial independence.

Why is it that everyone in the world understands that creating their own financial plan is more important than anything and that depending on the government, a corporation or anyone is financial and social suicide.

Who will take care of us, will we need to depend on the government or a corporation or somebody else.

So here is my list of why YOU need to start a business now REGARDLESS of you current situation. I act as a investing mentor and two of my students are on the verge of pocketing a $30,000 check on one transaction. My point in disclosing this is that they are going to make more money (one time) than 1/2 year salary for most people. Now, my goal in disclosing this is to make a point. That living on a one-legged stool called a job is a huge mistake. If someone kicks out the stool your entire financial life is completly ruined.

Thats why learning from successful people is important. Why take the long road to success. My mentor often talks about how to short cut success and to shortcut the road to success, the easy way is to learn from successful people. Thats what this program is about, we are about learning from successful people and learning from their success.

So, the first version of the Black Genius Network Conference Call, Newsletter and CD is being scheduled for May 1, 2007 and there is a limited number of charter memberships. at a reduced price.

http://www.blackgeniusnetwork.com/