... Read this article to find out who makes a better entrepreneur http://www.slate.com/id/2278383/
All of which leads to the question: Should we be encouraging older entrepreneurs rather than younger ones? It may be a false choice. At the end of the day, the United States needs more entrepreneurs, period. But the research does show that maybe, instead of focusing so much on the kids, some wealthy philanthropist can fund a fancy entrepreneurship initiative or two exclusively for AARP members.
I'm an old(er) entrepreneur. What about you?
Saturday, December 18, 2010
Thursday, May 14, 2009
Lessons I have Learned from Games Part 2
by Wendy Byford
In Part 1 of this series, I talked about learning to Let Go. That was my first experience of learning from a game. This lesson applies to all parts of my life, not just business. Take my bedroom carpet, for example. When we moved into our current home, this carpet was a beautiful shade of off-white. Now, five years later, it is an intriguing shade of spotted banana.
You see, somewhere along the way I decided to pull up the carpet we had installed in the bedrooms and replace it with the same hardwood flooring we have in the rest of the house.
Having made that decision, it made no sense to me to have the carpet cleaned, because, after all, it was going to be replaced. So I waited for the right time to pull the funds from other projects, staunchly refusing to give in as the months ticked on. I knew that as soon as I had the carpet cleaned, the Universe would hand me the funds. So what you may ask? Well, it was the principle of the thing. Waste not and all those other lessons learned from parents who had been through the Great Depression. Now I am having my carpet cleaned; and I am diligently looking for other areas where my principles are getting in the way.
Last week, I told you I would talk about Farm Town, the second game I play. Farm Town is a game accessed through Facebook. You start with a small plot of land and a few coins, and you build your farm into a mega-combine employing others to harvest for you while you run along behind them plowing and reseeding. It is an ingenious game that starts by taking a few minutes here and there and rapidly grows to an hour or so a day. Oops, did I say that out loud?
The first lesson I learned in Farm Town wasn’t so much a first time lesson as it was a confirmation of something I knew but needed to internalize everywhere, not just at my desk. Cash flow is King. You see, at the end of the day, if you don’t have enough coins to buy seed, you can’t plant. And if you can’t plant, you will have nothing to harvest and therefore nothing to sell for more coins. So my strategy was simple – plow and reseed before buying anything – even fences for the animals. Yes, you guessed it; this game has a lot of moving parts. Spare cash went into buying more land to expand the farm and make more coins from growing more crops. This, of course, meant that every reseeding took more and more coins. But I stuck to my strategy and today I have a 300,000 coin farm house and a fully planted mega-farm. Loral Langemeier would be proud.
So what does this have to do with real life? Everything. Money that could go into new flooring, for example, sits in a reserve set aside for our rental real estate. Good thing because the air conditioning just went out in one of the units. Impulse purchases are a thing of the past. Excess funds have to be reinvested to earn more coins. And one day the Universe will bring me the deal I envision, enabling me to replace the carpet in the bedroom; but only after the plowing and reseeding are done.
So how does cash flow work for you? Next lesson, Farm Town and competition.
In Part 1 of this series, I talked about learning to Let Go. That was my first experience of learning from a game. This lesson applies to all parts of my life, not just business. Take my bedroom carpet, for example. When we moved into our current home, this carpet was a beautiful shade of off-white. Now, five years later, it is an intriguing shade of spotted banana.
You see, somewhere along the way I decided to pull up the carpet we had installed in the bedrooms and replace it with the same hardwood flooring we have in the rest of the house.
Having made that decision, it made no sense to me to have the carpet cleaned, because, after all, it was going to be replaced. So I waited for the right time to pull the funds from other projects, staunchly refusing to give in as the months ticked on. I knew that as soon as I had the carpet cleaned, the Universe would hand me the funds. So what you may ask? Well, it was the principle of the thing. Waste not and all those other lessons learned from parents who had been through the Great Depression. Now I am having my carpet cleaned; and I am diligently looking for other areas where my principles are getting in the way.
Last week, I told you I would talk about Farm Town, the second game I play. Farm Town is a game accessed through Facebook. You start with a small plot of land and a few coins, and you build your farm into a mega-combine employing others to harvest for you while you run along behind them plowing and reseeding. It is an ingenious game that starts by taking a few minutes here and there and rapidly grows to an hour or so a day. Oops, did I say that out loud?
The first lesson I learned in Farm Town wasn’t so much a first time lesson as it was a confirmation of something I knew but needed to internalize everywhere, not just at my desk. Cash flow is King. You see, at the end of the day, if you don’t have enough coins to buy seed, you can’t plant. And if you can’t plant, you will have nothing to harvest and therefore nothing to sell for more coins. So my strategy was simple – plow and reseed before buying anything – even fences for the animals. Yes, you guessed it; this game has a lot of moving parts. Spare cash went into buying more land to expand the farm and make more coins from growing more crops. This, of course, meant that every reseeding took more and more coins. But I stuck to my strategy and today I have a 300,000 coin farm house and a fully planted mega-farm. Loral Langemeier would be proud.
So what does this have to do with real life? Everything. Money that could go into new flooring, for example, sits in a reserve set aside for our rental real estate. Good thing because the air conditioning just went out in one of the units. Impulse purchases are a thing of the past. Excess funds have to be reinvested to earn more coins. And one day the Universe will bring me the deal I envision, enabling me to replace the carpet in the bedroom; but only after the plowing and reseeding are done.
So how does cash flow work for you? Next lesson, Farm Town and competition.
Monday, May 11, 2009
Lessons I have Learned from Games - Part 1
by Wendy Byford
There are two games I play when I am not working, reading, or listening to the airline hostess tell me that I am sitting in the emergency row. While they started as a way to entertain myself when I was too tired to work – late night flights from here to there come to mind – I grew to respect the lessons I learned from playing them.
The first game is called Jewel Quest II. It sits on my cell phone. For all of you from the IRS, it doesn’t cost me any minutes. The objective of the game is to line up 3 pieces in a row so their game squares turn to gold. It doesn’t take a rocket scientist to play; which is good, because, as I recall, I didn’t take that class. The lesson this game taught me is easy to describe but took quite awhile to sink in – Let Go. Now for all of you who are spiritually minded, you probably got this lesson a long time ago. I applaud you. However, in my case, the Universe decided I needed remedial training. In my mind’s eye I can see my mentors, Bob Proctor and John Assaraf, cringing in the background. “We thought you had this one nailed.” Well, apparently not. So the Universe chose a unique way of showing me.
When I first started playing Jewel, I would try to hang onto positions so I could maneuver the pieces into just the right configuration. Of course – yes, I can hear all of you game players laughing into your PCs – the board had other ideas. Determined not to be out-strategized by a piece of electronics, I tried harder. The positions, points and time slipped away. Finally one day, in absolute frustration, I just let a position go and all the game pieces fell neatly into place – better than my original strategy. Huh. I tried it again, and again it worked. Now I am not saying I do not have to play the game; but the lesson I learned is that after I have done the best I can to line things up, I have to let the positions go and see what happens. Most of the time the outcome is in my favor. The Universe is on my side.
So how do I translate this lesson into everyday living? After all, running a business or two is not a game. Or is it? What I learned is to do the best I can with each strategy, each project, and then let go to see what happens. The results can be amazing. When things appear not to go my way, I ask the best question I know – What’s the lesson here? I always get an answer, and it is usually that a better configuration is right around the corner. So get ready.
Where do your lessons come from? In Part 2 I’ll talk about Farm Town.
There are two games I play when I am not working, reading, or listening to the airline hostess tell me that I am sitting in the emergency row. While they started as a way to entertain myself when I was too tired to work – late night flights from here to there come to mind – I grew to respect the lessons I learned from playing them.
The first game is called Jewel Quest II. It sits on my cell phone. For all of you from the IRS, it doesn’t cost me any minutes. The objective of the game is to line up 3 pieces in a row so their game squares turn to gold. It doesn’t take a rocket scientist to play; which is good, because, as I recall, I didn’t take that class. The lesson this game taught me is easy to describe but took quite awhile to sink in – Let Go. Now for all of you who are spiritually minded, you probably got this lesson a long time ago. I applaud you. However, in my case, the Universe decided I needed remedial training. In my mind’s eye I can see my mentors, Bob Proctor and John Assaraf, cringing in the background. “We thought you had this one nailed.” Well, apparently not. So the Universe chose a unique way of showing me.
When I first started playing Jewel, I would try to hang onto positions so I could maneuver the pieces into just the right configuration. Of course – yes, I can hear all of you game players laughing into your PCs – the board had other ideas. Determined not to be out-strategized by a piece of electronics, I tried harder. The positions, points and time slipped away. Finally one day, in absolute frustration, I just let a position go and all the game pieces fell neatly into place – better than my original strategy. Huh. I tried it again, and again it worked. Now I am not saying I do not have to play the game; but the lesson I learned is that after I have done the best I can to line things up, I have to let the positions go and see what happens. Most of the time the outcome is in my favor. The Universe is on my side.
So how do I translate this lesson into everyday living? After all, running a business or two is not a game. Or is it? What I learned is to do the best I can with each strategy, each project, and then let go to see what happens. The results can be amazing. When things appear not to go my way, I ask the best question I know – What’s the lesson here? I always get an answer, and it is usually that a better configuration is right around the corner. So get ready.
Where do your lessons come from? In Part 2 I’ll talk about Farm Town.
Monday, May 04, 2009
How to GROW your Business
Were you on our amazing and gratis webinar the other night with Dr. Anil Agarwal? We told you he would shift your thinking. We’ve been getting nothing but emails today telling us what a job he did in rearranging brains and showing businesses ways they can succeed.
We've uploaded the webinar and you can watch it here. Scroll down and click on his picture to launch the video.
Enjoy.
We've uploaded the webinar and you can watch it here. Scroll down and click on his picture to launch the video.
Enjoy.
Monday, March 09, 2009
What Happened to My Profit?
March and April are normally difficult months for many people. It takes at least two bags of potato chips and a House marathon to avoid spending the weekend looking for receipts, 1099 slips and all the other paraphernalia our CPAs need. When the task takes on all the elements of climbing Mount Everest, we finally get the papers together, then go through a couple of bottles of wine or a six pack waiting for the verdict – do I owe or don’t I owe? And if I owe, how much? Of course if you have a good bookkeeper on your team, you can skip the chips and go directly to wine.
This year there seems to be a lot more stress. Many small businesses that would otherwise fly through tax prep are faced with an undeniable fact – profits have vanished. It has been a struggle in much of 2008 and now in 2009 to pay the bills, pay employees, and finally pay ourselves – or not. Profits are thin to nonexistent so none of us can afford to throw away a single dollar, especially on taxes.
Why is it, then, that so many people earning $50,000 or more after expenses and before paying themselves are still sole proprietors? The main reason is that no one told them they were overpaying their taxes. Depending upon how much revenue you bring in and how much money you pay yourself, this overpayment can represent thousands of dollars. Yes, you could be paying thousands of dollars in self-employment taxes that you do not need to pay.
The cure for this ailment is quick, easy and perfectly legal. Really. I do it for clients all day long. All you need to do is put your business into the right entity with the right tax election; then follow some simple rules that we teach you. So what would you do with a few thousand dollars more? Buy a new computer? Invest in some marketing? Pay yourself? Give to charity?
Whatever your reasons for wanting to put more in your pocket than you give to the government, come talk to us. Just email us at info@yourentitysolution.com or call 702 506 0190. You don’t get the benefits until the entity is set up, so don’t procrastinate. House – or any other favorite TV show - can wait.
This year there seems to be a lot more stress. Many small businesses that would otherwise fly through tax prep are faced with an undeniable fact – profits have vanished. It has been a struggle in much of 2008 and now in 2009 to pay the bills, pay employees, and finally pay ourselves – or not. Profits are thin to nonexistent so none of us can afford to throw away a single dollar, especially on taxes.
Why is it, then, that so many people earning $50,000 or more after expenses and before paying themselves are still sole proprietors? The main reason is that no one told them they were overpaying their taxes. Depending upon how much revenue you bring in and how much money you pay yourself, this overpayment can represent thousands of dollars. Yes, you could be paying thousands of dollars in self-employment taxes that you do not need to pay.
The cure for this ailment is quick, easy and perfectly legal. Really. I do it for clients all day long. All you need to do is put your business into the right entity with the right tax election; then follow some simple rules that we teach you. So what would you do with a few thousand dollars more? Buy a new computer? Invest in some marketing? Pay yourself? Give to charity?
Whatever your reasons for wanting to put more in your pocket than you give to the government, come talk to us. Just email us at info@yourentitysolution.com or call 702 506 0190. You don’t get the benefits until the entity is set up, so don’t procrastinate. House – or any other favorite TV show - can wait.
IS $100,000 A MAGIC NUMBER?
At every event we attend someone always stops me to say that their tax professional told them not to incorporate until they are making $100,000. This figure is quoted so frequently you might think it is some kind of magic number; however, there is a simple explanation for this amount.
Tax professionals think in terms of tax. They see owning an entity as another layer of hassle that you can avoid until there is a tax benefit – generally when you are earning $45,000 to $50,000 after expenses, or approximately $100,000 gross revenue. This is the point where you will save more in taxes than you will spend on your team if you have your business in an S-corporation or LLC-S. What team? The payroll company that will issue the W2 paycheck to pay you as an employee in your own company, the bookkeeper who will track your distributions of profit to the owner, and the CPA who will file the company tax return.
If you have read the Primer on our website, purchased Your First Entity Solution, or heard me speak, you know there are many more reasons for incorporating than just tax benefits. Think about liability protection, asset protection, credibility, privacy, and the psychological benefits and smooth flow that come from building your business inside an entity from the start. You get these benefits in a flow through LLC. When you are ready for the benefits that come with an S tax election, all you do is create a resolution to vote on the change of status, amend your operating agreement and file the appropriate IRS form on time. Easy – with none of the hassles of having to change your business from a sole proprietorship to an entity. Of course, if you already meet the criteria for an S tax election and are not a highly paid W2 employee as well, we can start you as an S-corporation from the beginning. To your success, Wendy. info@yourentitysolution.com
Tax professionals think in terms of tax. They see owning an entity as another layer of hassle that you can avoid until there is a tax benefit – generally when you are earning $45,000 to $50,000 after expenses, or approximately $100,000 gross revenue. This is the point where you will save more in taxes than you will spend on your team if you have your business in an S-corporation or LLC-S. What team? The payroll company that will issue the W2 paycheck to pay you as an employee in your own company, the bookkeeper who will track your distributions of profit to the owner, and the CPA who will file the company tax return.
If you have read the Primer on our website, purchased Your First Entity Solution, or heard me speak, you know there are many more reasons for incorporating than just tax benefits. Think about liability protection, asset protection, credibility, privacy, and the psychological benefits and smooth flow that come from building your business inside an entity from the start. You get these benefits in a flow through LLC. When you are ready for the benefits that come with an S tax election, all you do is create a resolution to vote on the change of status, amend your operating agreement and file the appropriate IRS form on time. Easy – with none of the hassles of having to change your business from a sole proprietorship to an entity. Of course, if you already meet the criteria for an S tax election and are not a highly paid W2 employee as well, we can start you as an S-corporation from the beginning. To your success, Wendy. info@yourentitysolution.com
Why Won’t They Hire Me?
You are an excellent consultant. You are professional. You know your topic. You have great people skills. You deliver on your commitments on time and on budget. Your client has the money and they are looking for someone to help with their project – someone just like you – no, someone who is you. So why won’t they hire you?
When you try to find out, the Project Manager mumbles something about rules. All they are allowed to hire are other companies. Frustrated and sad, you walk back to your car. How can they possibly have a rule like that? Not everyone is IBM.
You became a sole proprietor so you could work your own hours on the projects you like for a fair price and put the money into your pocket, not the corporation’s. Now you’re finding it hard getting the projects you really want. Do you need to work for a management agency to get the work you love? Absolutely not!
Several years ago a very large corporation ended up in trouble for hiring certain people as independent contractors when in almost every respect they were really employees. It cost the corporation a small fortune to fix. When something like this happens, word gets around fast; and even years later no other business wants to find itself in the same position.
The Internal Revenue Service has strict rules on who qualifies as an independent contractor; and if you, the business, get it wrong, you could be liable for paying that hire’s payroll taxes and benefits on top of the contract price.
Most corporations avoid this issue altogether by hiring only companies to supply independent contractors. Are all these companies the size of IBM? Of course not. Here’s the solution to your dilemma – you can be your own company. Yes, John Smith can be an employee of Advanced Project Management, Inc. or Smith Enterprises, LLC. Your client would contract with your corporation or limited liability company for your services. You would be unable to take them court, claiming you are really an employee of their corporation, because the corporation did not hire you – it hired your company. Problem solved. While you will still be working to put money in the company’s pocket rather than yours, you will at least own the company and can get the money out.
Want to find out more? Email us at info@yourentitysolution.com or call 702 506 0190. We specialize in helping new entrepreneurs get started.
When you try to find out, the Project Manager mumbles something about rules. All they are allowed to hire are other companies. Frustrated and sad, you walk back to your car. How can they possibly have a rule like that? Not everyone is IBM.
You became a sole proprietor so you could work your own hours on the projects you like for a fair price and put the money into your pocket, not the corporation’s. Now you’re finding it hard getting the projects you really want. Do you need to work for a management agency to get the work you love? Absolutely not!
Several years ago a very large corporation ended up in trouble for hiring certain people as independent contractors when in almost every respect they were really employees. It cost the corporation a small fortune to fix. When something like this happens, word gets around fast; and even years later no other business wants to find itself in the same position.
The Internal Revenue Service has strict rules on who qualifies as an independent contractor; and if you, the business, get it wrong, you could be liable for paying that hire’s payroll taxes and benefits on top of the contract price.
Most corporations avoid this issue altogether by hiring only companies to supply independent contractors. Are all these companies the size of IBM? Of course not. Here’s the solution to your dilemma – you can be your own company. Yes, John Smith can be an employee of Advanced Project Management, Inc. or Smith Enterprises, LLC. Your client would contract with your corporation or limited liability company for your services. You would be unable to take them court, claiming you are really an employee of their corporation, because the corporation did not hire you – it hired your company. Problem solved. While you will still be working to put money in the company’s pocket rather than yours, you will at least own the company and can get the money out.
Want to find out more? Email us at info@yourentitysolution.com or call 702 506 0190. We specialize in helping new entrepreneurs get started.
Saturday, February 14, 2009
Autism Spectrum Testimonial 1
This post from a mother. "I am a special education teacher and an independent consultant through the state of NJ’s early intervention system. I have had the opportunity to work with children on the spectrum for quite some time. However, I have a much more prominent desire to help this population.
My son started to show signs of classic autism before the age of 2. My son has been on isotonix vitamins since he was 2 ½ years old. Simultaneously, he was intensively involved in the most cutting edge therapy for those on the spectrum. I began to get my lost little boy back. Although the improvements were remarkable, he still demonstrated symptoms of autism. Will has always had a ring-worm looking rash that never goes away, even with the isotonix. His anxiety levels were heightened and his eye-contact was poor.
Will has been on the spectrum isotonix since it came out. He is now 4 ½ years old. Two months of spectrum supplements and the rash he has had all his life went away. His eye contact has improved. I am getting positive letters from his teacher on a regular basis. I have gone back to work full-time and he is handling it. Most importantly, as a mom, he is connecting and communicating and enjoying the time he spends with people. I use to be wary of speaking out loud my greatest wish… to completely recover my sweet little boy from autism. I now have no doubt. He will recover. In my heart of hearts, I know that the spectrum supplements play a crucial role in his astounding progress.
Will’s regimen: 1 cap- spectrum digestives, spectrum opc, spectrum multi
½ cap- vitamin c, calcium, b-complex
with exactly 9 oz. of water and before he eats or drinks in the morning.
My nephew Lewis is 9 years old and severly autistic. He was completely non-verbal until my sister put him on a gluten-free diet at 7 years old. He began to acquire echolaic speech at that time. After seeing my son’s improvements, my sister put Lewis on the spectrum supplements. He is only getting half of what he should for his size and does not take it on an empty stomach. However, in just 1 month’s time he has had even more amazing results. Lewis’s speech is becoming meaningful and he is demonstrating a desire to communicate and learn from his environment. My sister calls me at least twice a week to tell me something new and amazing he is doing. Here are some examples: He told her he loved her for the first that was not echolaic. He jumped to the ground and said “Oh… Are you OK?!” when his older brother hit his head. He was pointing at pictures and independently initiating labeling them. There are many more. It is the buzz in my very large extended family… “Have you seen Lewis?!”
Autism is a devastating experience for any family. I have watched numerous families under-go the torment of watching their perfectly healthy and developing child suddenly or gradually slip away. It is a death of the soul. And sadly leads to the death of the family many times. Watching my little boy awaken from autism has given me and my family a new lease on life. Our greatest joy is only as fulfilling as our deepest sorrow. The loss of a child is the deepest of sorrows. If I can do anything to awaken more children and families from choke hold of autism, I will do it. I believe in these supplements and the power of the human spirit."
My son started to show signs of classic autism before the age of 2. My son has been on isotonix vitamins since he was 2 ½ years old. Simultaneously, he was intensively involved in the most cutting edge therapy for those on the spectrum. I began to get my lost little boy back. Although the improvements were remarkable, he still demonstrated symptoms of autism. Will has always had a ring-worm looking rash that never goes away, even with the isotonix. His anxiety levels were heightened and his eye-contact was poor.
Will has been on the spectrum isotonix since it came out. He is now 4 ½ years old. Two months of spectrum supplements and the rash he has had all his life went away. His eye contact has improved. I am getting positive letters from his teacher on a regular basis. I have gone back to work full-time and he is handling it. Most importantly, as a mom, he is connecting and communicating and enjoying the time he spends with people. I use to be wary of speaking out loud my greatest wish… to completely recover my sweet little boy from autism. I now have no doubt. He will recover. In my heart of hearts, I know that the spectrum supplements play a crucial role in his astounding progress.
Will’s regimen: 1 cap- spectrum digestives, spectrum opc, spectrum multi
½ cap- vitamin c, calcium, b-complex
with exactly 9 oz. of water and before he eats or drinks in the morning.
My nephew Lewis is 9 years old and severly autistic. He was completely non-verbal until my sister put him on a gluten-free diet at 7 years old. He began to acquire echolaic speech at that time. After seeing my son’s improvements, my sister put Lewis on the spectrum supplements. He is only getting half of what he should for his size and does not take it on an empty stomach. However, in just 1 month’s time he has had even more amazing results. Lewis’s speech is becoming meaningful and he is demonstrating a desire to communicate and learn from his environment. My sister calls me at least twice a week to tell me something new and amazing he is doing. Here are some examples: He told her he loved her for the first that was not echolaic. He jumped to the ground and said “Oh… Are you OK?!” when his older brother hit his head. He was pointing at pictures and independently initiating labeling them. There are many more. It is the buzz in my very large extended family… “Have you seen Lewis?!”
Autism is a devastating experience for any family. I have watched numerous families under-go the torment of watching their perfectly healthy and developing child suddenly or gradually slip away. It is a death of the soul. And sadly leads to the death of the family many times. Watching my little boy awaken from autism has given me and my family a new lease on life. Our greatest joy is only as fulfilling as our deepest sorrow. The loss of a child is the deepest of sorrows. If I can do anything to awaken more children and families from choke hold of autism, I will do it. I believe in these supplements and the power of the human spirit."
Sunday, February 08, 2009
The problem with sunscreen
We all know by now (or at least should know) that exposure to the sun (UV rays) damages our skin and encourages skin cancer formation. So we use products with SPF 10, 25, 90 or higher and wear long sleeved tops and hats. Great!!
Unfortunately, this has resulted in a dramatic decrease in the amount of Vitamin D that our bodies produce. Now, we don’t need to have vitamin D just to eliminate rickets, it turns out that vitamin D is used by the body for lots of other critical functions.
Studies have produced evidence that low levels of vitamin D make:
Unfortunately, this has resulted in a dramatic decrease in the amount of Vitamin D that our bodies produce. Now, we don’t need to have vitamin D just to eliminate rickets, it turns out that vitamin D is used by the body for lots of other critical functions.
Studies have produced evidence that low levels of vitamin D make:
- Men more likely to have heart attacks.
- Breast and colon cancer victims less likely to survive.
- Kidney disease victims more likely to die.
- Children more likely to develop diabetes.
Two other studies suggested that higher vitamin D levels reduce the risk of dying prematurely from any cause.
What to do? We’ll discuss how to address this problem effectively in a day or so.
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