Download My New E-Book "500 Black Business Secrets"

I've finally finished my new e-book whereas I reveal everything I know about business - all my secrets. Most of you know that I've been in business for about 10 years now, but few know that I started my company in college and since then have generated nearly $3 million in revenue.

My e-book entitled Black Business Secrets: 500 Tips, Strategies and Resources For African American Entrepreneurs documents every step that I've taken over the past decade.

In the book, I reveal secrets and tips for authors, public speakers, bloggers, local businesses, national businesses, and more.

Topics covered include:

Marketing Secrets, Resourceful People To Know, Customers Service Ideas, Best Conferences To Attend, Twitter Tips, Search Engine Optimization, Web Site Tips, Sales Tools, Networking Tips, Press Release Tips, Hiring Tips, Booth/Exhibit Tips, Negotiating Tips, Best Mobile Apps For Business, Best Organizations To Join, Best Books To Read, Best Blogs To Subscribe To...and my personal favorite - Free Stuff For Your Business.

The book is 123-pages long, but its an easy read - and is available for immediate download.

For more details, visit:
www.500BlackBusinessSecrets.com

Book Review: "Peaks and Valleys"

I recently read a great book called Peaks and Valleys by international best-selling author Spencer Johnson. Johnson is best known as the author of Who Moved My Cheese? and The One Minute Manager - which are also great books to read.

This book, while not his best work, is still worth reading. It's essentially a fictional story about an unsatisfied young man who lives in the valley who meets a very satisfied old man who lives on the peak. Through principles and practical advice, the old man helps the young man adjust his thinking - convincing him that he too can live on the peak.

I like the book because it's short and to-the-point, but also because it easily allows you to apply the principles to your own personal situation. Johnson is a genius at telling a story in a way that makes you think about YOU.

My favorite part of the book is when the old man is helping the young man to see that life is naturally full of ups and downs for everyone. The old man explains that every valley is between peaks - meaning that when you are in a valley, you just came from a peak and are headed to another one.

The key, he says, is to adjust your attitude and change your way of thinking. He also says that by carefully managing resources and having a giving spirit - one can maximize their time on a peak, and minimize their time in a valley.

I highly recommend that you read this book. It's perfect for entrepreneurs who may be experiencing a slow down in business.

The book is available for 10% off at http://tinyurl.com/n5lx7s

Never Too Late to Be An Entrepreneur

I was recently reading an article on BusinessWeek.com, and found it very interesting that there are of tons of "older" people who are entrepreneurs.

According to economists and small business observers, the number of individuals starting their own companies during what is usually considered the "retirement years" has been rising.

According to the nonprofit AARP Public Policy Institute, in 2008, 21% of the self-employed were between 55 and 64, while 10% were 65 and older.

A 2005 study by the Center on Aging & Work/Workplace Flexibility at Boston College found that workers 50 and older are more likely than younger folks to own their own businesses.

This should be very motivational for those who are of age. Whether you're approaching 40, 50, 60, or 70 - it's never too late to pull up a chair to the table of business. It's wide open to anyone who has a passion for their ideas.

A thousand mile journey starts with the first step.

Colleges Aim To Stay Profitable

In case you didn't know, colleges and universities operate like companies. They have to make money, and they have to be profitable. Thus, in a bad economy, they suffer. Obviously, if people are losing jobs and getting their salaries cut - they can't afford to pay for their kids to go to college.

However, many institutions have a unique plan. The Washington Post reports that "some U.S. schools are looking anew at an old idea: slicing a year off their undergraduate programs to save families time and money." That's right; They are introducing the three-year undergraduate degree.

This is actually a pretty big deal because "the four-year bachelor's degree has been the model in the United States since the first universities began operating before the American Revolution." But during a bad economy, sometimes you have to break tradition if you want to stay afloat.

I think its a great idea. Even though they will make less money off each student, they will be enrolling more students who can now afford to attend.

In my opinion that's what entrepreneurship is all about: Breaking tradition, bending the rules, thinking outside the box, and doing what's ethically necessary to stay in business.

The Rise and Fall of Warm Spirit

Warm Spirit was a national health and beauty empire based in Exeter, New Hampshire. Generating nearly $2 million a month in sales, they sold products that "heal, nourish, nurture, and restore balance - to mind, body, and spirit."

The company was one of the only Black-owned network marketing companies out there with more than 30,000 independent sales consultants. They sold more than 200 different products, and had a huge nationally-recognized brand. They received tons of publicity from local and national media, and were even a recent recipient of the 2008 Black Enterprise Emerging Company of the Year award.

Unfortunately, Warm Spirit no longer exists.

Rumors are that founder Nadine Thompson was forced out of her company - the same company she started by herself in her home basement. Things got complicated as she sought after capital to grow the company, and gave her business partner Daniel Wolf majority of the shares.

On her blog at NadineThompson.com, she writes: "It was my fault to believe in friendship and not force the equity to be put in writing. I tried but I was not forceful enough. That was my failing as a CEO. I should never have believed in combining friendship with business. I gambled on friendship and trust and lost 12 years of sweat and sacrifice."

Let this be a lesson for us all to always get things in writing, and always have a contract in place. People are greedy and selfish, and will do anything to destroy you.

Fortunately, Nadine Thompson has moved on and started a new company called Soul Purpose (www.SoulPurpose.com). This company, similar to Warm Spirit, is a network marketing company that sells unique health and personal care products.

According to a recent press release, the company is doing extremely well and has already sold over $1 million dollars in products in less than 12 months.

Congratulations and best wishes Nadine! We all know that you will make a triumphant comeback.

20 Billion Hot Dogs

According to Southwest Magazine and the National Hot Dog and Sausage Council, Americans eat 20 billion hot dogs each year. That means we eat about 633 hot dogs per second.

Those astronomical numbers don't even include hot dog sales from Wal-Mart, sporting events, or street vendors - all of which do not disclose sales data.

What does this mean for me and you? Well, its means different things to different people. But one thing is for sure: Despite a recession, people are still eating, they are still spending money on food, and they are making food companies filthy rich.

If people are buying this many hot dogs, imagine how many hamburgers, loaves of bread, and cartons of milk are being sold. Imagine how many bags of chips, bags of candy, and bags of sugar are being sold.

As entrepreneurs, maybe we should consider getting into the food industry. Or maybe this just means that we should explore more simple ideas.

Whatever it means to you, it will vary - but it does mean something.

From Office Space To PO Box

Are you one of the many entrepreneurs being forced to move out of their office spaces and back into their homes? Or have you always worked from home? Doing so almost always requires you to have a PO Box as your mailing address.

Believe it or not, but most entrepreneurs run their companies from home. Even before the recession, it was estimated that more than 50% of all small businesses did not occupy commercial office or retail space.

Despite this, small businesses collectively generate billions of dollars in annual revenue and are the driving force of the U.S. economy.

So, don't feel bad if you are forced to run your business from home and list your company address as a PO Box. It's perfectly normal, you're saving tons of money, and it may very well make good sense in a economy like this one.

The only complication is when you have a staff. But this too can be addressed by either downsizing into a smaller cheaper office space, or allowing your employees to work at home.

Whatever happens, just know that you can run a profitable business from home. It's not something that you want to broadcast to your clients, however. Keep it to yourself. When they ask for your mailing address to mail a check, just tell them that you accept all mail through your PO Box. You don't have to mention that you don't have office space. You could even invest in a service that allows you to accept credit cards and checks over the phone.

Either way, you'll be fine. I've found that most clients could care less about whether or not you have office space. They're much more interested in whether or not you're providing good quality services.

The Weekend Entrepreneur

Believe it or not, but most entrepreneurs also have secular jobs. They're business owners, but they don't quite make enough revenue to live off. Many will devote a few hours each evening to their business, but the bulk of their time is spent during the weekend.

Are you a weekend entrepreneur? If so, don't feel discouraged. This is completely normal. This is part of the process. Nearly every successful entrepreneur you can think of had to do this at one point, including myself. Keep at it, and don't give up.

Before you know it, you'll be a full-time entrepreneur generating enough revenue to live off of. Just remember to make the most of your time. Recreation is okay, but don't spend too much time hanging out and watching TV.

Develop a "work now, play later" attitude, and your business goals will be reached sooner than you think.

Tyler Perry Is My Hero

I'm not a huge fan of Tyler Perry's movies, but I went to see "Madea Goes To Jail" this past weekend - and it was pretty funny. Millions of others thought so too because the film topped box offices generating over $40 million in just three days.

What's impressive is that this is Perry's 7th studio film, and he's still packing the house. The theater I went to in Columbus, Ohio was filled wall-to-wall with people (Black and white) who were dressed up as if they were going to a club.

They came in smiling and ready to get the party started. During the movie, they laughed, they teared up, they got mad, and some were even talking to the screen. When the movie was over, people were satisfied. They walked off talking and laughing and reminiscing about scenes that they just saw a few minutes ago.

I've never seen people behave this way over a movie.

Tyler Perry is a genius. His movies, in my opinion, could be so much better - but he has perfected a formula that works and has built an empire that will live on for a very long time.

Note To Self: Don't Do Anything Stupid If You Ever Get An Endorsement Deal

First it was baseball star Barry Bonds. Then, football star Michael Vick. Now, Olympic swimming star Michael Phelps has lost a major endorsement deal for doing something stupid.

USA Today reports that cereal and snack maker Kellogg Co. will not renew its sponsorship contract with Michael Phelps because of a recent photo circulating that shows him inhaling from a marijuana pipe.

Kellogg had been featuring Phelps on the front of their Frosted Flakes and Corn Flakes cereal boxes.

The deal was reportedly worth millions, but apparently these lucrative once-in-a-lifetime contracts are hard opportunities to maintain.

Because it seems like such an easy thing to forget, I'm writing a personal note to myself. I'm going to post it on my bulletin board, add it to my iPhone calendar, and then send an email to myself. My note reads: "Don't do anything stupid if you ever get a million-dollar endorsement deal. Or at least don't get caught."

Would You Turn Down Bailout Money?

Many entrepreneurs would love to be contacted by the federal government and hear the following words: "We have bailout money for you." This could potentially rescue them from the very real and threatening effects of a down economy.

Some, however, are getting that call - and are turning it down. Why?

Well, accepting bailout money from the federal government is almost like accepting grant money: There are certain conditions you have to follow. You don't just get the money, and do as you please. The government regulates your activity.

According to Business Week, about 50 small banks are saying "no thanks" to bailout money because the government wants to "dictate how they structure dividends, compensate managers, or make acquisitions." They even want to tell them who and who not to lend money too.

I can just imagine the government giving bailout money to a soul food restaurant, and regulating by telling them they need to cut back on the chicken and waffles.

Or even giving money to a bakery and telling them to ease up on the icing for cakes.

That's crazy. I'm not sure I'm interested in getting bailout money anymore, but at the same time - I don't think I'll ever get that call anyways.

Are You A Serial Entrepreneur?

There are two types of entrepreneurs. Both are risk-takers, and both are driven. One, however, will start a business and quit if it fails. The other one will start business after business, until he finds one that works. The latter is called a serial entrepreneur. Does this describe you?

Consider this recent article from Entrepreneur magazine:

Clemson University professor Wayne Stewart has taken a close look at how serial entrepreneurs differ from their more novice counterparts. In one study, Stewart and his colleagues concluded that serial entrepreneurs were bigger risk-takers, more achievement-oriented, and had a higher preference for innovation. "The results," he says, "suggest that there is a psychological profile that drives serial entrepreneurs, predisposing them to multiple venturing."

As for whether serial entrepreneurs are born or made, Stewart tends toward the former. While environmental influences such as parenting, education and culture do affect behavior, innate characteristics like leadership and intelligence manifest themselves very early on in life, he explains.

But what is certain is that serial entrepreneurship is an extremely important economic and social phenomenon. "Estimates are that about one-third of new ventures are initiated by serial entrepreneurs, and their firms tend to be larger," Stewart says, noting that higher business success rates may be attributable to prior experience and the resulting ability to leverage a wider network of key customers, suppliers, partners and financiers--all crucial to business creation. The subject, he concludes, "deserves more research in order to provide better prescriptions for practice, and to facilitate policy that encourages entrepreneurial activity."

For the full article, visit:
www.entrepreneur.com/startingabusiness/successstories/article199436.html

Sasha and Malia Dolls - A Good Business Idea?

I'm sure by now that you've heard of the Sasha and Malia dolls that are being sold by Ty Inc., the company that makes Beanie Babies. The dolls were made as replicas of President Obama's daughters.

First Lady Michelle Obama recently expressed her discontent about this by releasing a statement saying: "We believe it is inappropriate to use young private citizens for marketing purposes."

In response, a spokesman from Ty Inc., released a statement saying that "the dolls are not modeled on the first daughters."

Obviously though, we know that they are lying.

Prior to this, plenty of companies have been profiting off of various forms of Obama paraphernalia - cookies, waffles, t-shirts, hats, watches, gold coins, etc.

Did Ty Inc. go too far by throwing the Obama girls in the mix? Or was this a great business idea?

My personal answer to these questions is: Hmm...I don't know.

Almost Doesn't Count

Either you're going to see this thing through, or you're not. There are no in-betweens. If you quit and never make it, you may as well never mention that you were an entrepreneur.

Think of it this way:

* Does a high school student who drops out before graduation get credit for attending 9th, 10th, and 11th grade?

* Do people talk for long about the candidate who was running for office and lost by one vote?

* Years later, do basketball fans remember the point guard who almost made the last-minute shot?

* Years later, do football fans remember the wide receiver who almost caught the touchdown pass with no time left on the clock?


In all of these scenarios, the individual almost made it. However, the reality is that "almost" doesn't count. Likewise, you can spend as much money and time as you want on starting a business - but if you quit before you reach success, it doesn't count.

People don't walk around saying "I almost was a successful entrepreneur" because they know that no one wants to hear that.

Always remember that it's okay to give up on a business idea, but never give up in business.

Does Money Equal Power?

This question can be argued by many different people from many different angles, and each time you'd get a different answer. My answer would be "no".

I don't believe that money gives you power. Having a lot of money just gives you freedom. Freedom from working, and freedom to go where ever you want to go, and do whatever you want to do.

Power is different. Power is when you are influential. People follow you. People respect you. People listen to what you have to say, and they take action.

As an entrepreneur, don't focus so much on making a lot of money; The money will come in due time. Rather, focus on being powerful and influential. Make people view you as a resource that they can't do without. Make them follow you. They should follow you on Twitter. They should subscribe to your blog. They should read all your books, and they should call in to all your tele-seminars.

In time, these followers will become your clients, and these clients will refer you to more followers. Before you know it, you are considered a mogul - an expert, a guru.

Consider Martin Luther King, Jr. He was not a rich man, but he was a very powerful man. Can you imagine how many books he would have sold, if he were still alive today? Can you imagine how many people would attend his conferences? Can you imagine how many subscribers he would have to his blog?

That, my friend, is the power of power.

5 Things You Don't Know About Magic Johnson

Not too long ago, I posted a blog about Magic Johnson's new book. Since then, I've become aware of some very interesting facts about his successful career as an entrepreneur. Here they are:

1) He was the first NBA player ever to have an exclusive licensing deal from the league to sell his own t-shirts.

2) Despite the fact that Starbucks doesn't do franchises, he convinced the CEO to make an exception for him. Now, his Starbucks franchises are the most successful ventures in his portfolio.

3) In 1990, he opened a sports paraphernalia shop called Magic 32 that immediately flopped. He lost hundreds of thousands of dollars.

4) Wanting to rebuild an old run-down movie theater in Los Angeles, he partnered with AMC Theaters and opened the Magic Johnson Theater in 1995 which went on to become one of the top-grossing theaters in the country. Now, he owns a dozen successful theaters.

5) He is worth an estimated $700 million - nearly ten times as much as when he was playing for the NBA.


Just like any other entrepreneur, Magic has seen ups and downs. However, he's weathered the storms and has ended up on top. You can do the same.

Federal Bailout Money For...The Porn Industry?

I was hoping this was a joke, but it seems to be very real. CNN is reporting that the porn industry is asking for bailout money from the federal government.

It's specifically Hustler Magazine publisher Larry Flynt and Girls Gone Wild CEO Joe Francis that are requesting that Congress allocate $5 billion for a bailout to the adult entertainment industry.

Francis said in a statement that "the US government should actively support the adult industry's survival and growth, just as it feels the need to support any other industry cherished by the American people."

Okay, this sounds really silly to me - but apparently its serious enough where as its making national headlines. If Congress approves this and bypasses more small business owners like me and you who could allocate such funds to something a lot more meaningful, that would be a sad day in American history.

In my opinion, the porn industry stimulates everything - except the economy.

For more details about this, visit:
http://politicalticker.blogs.cnn.com/2009/01/07/porn-industry-seeks-federal-bailout/

"I See Your Name Everywhere"

There's nothing more satisfying to an entrepreneur than to hear someone say those words to you. It's a dream come true.

I've had it said to me on a couple of occasions by some very notable people, and it definitely makes you feel like you are doing your job. That's when you realize that all those PR strategies you've been working on over the past few months or years, have been working.

If you have never had that phrase said to you, here are some things to do:

1) Recognize that public relations is very key in your marketing agenda. Yes, people should know about your brand, but they should also know about the person behind the brand - you.

In many cases, consumers are more apt to buy into what your company is selling if they know and respect the face of the company. This is also why celebrity endorsements work so well. People recognize a face, and gain confidence in the product.

2) Include your name and face in all of your marketing efforts. A professional head shot and profile of you should be on your web site, you should be quoted and referenced in your press releases, and a brief mention of you should be on your marketing materials (brochures, media kits, etc.)

Be careful though, you don't want to over saturate yourself. Nor do you want to discredit yourself with annoying self-promotion strategies. The key is to find a balanced way to skillfully incorporate yourself into your company's image.

3) Order the new book by Pam Lontos entitled I See Your Name Everywhere. The book has a perfect title, and was authored by the perfect person. Lontos is an industry veteran who runs a very successful public relations firm in Orlando. Her book is filled with tons of useful PR tips and secrets.

Stop Worrying About The Economy and Start Focusing on Sales

Retail sales tumbled again in October, posting a record dive as consumers cut back spending on a wide variety of goods ranging from cars to furniture to electronics. Should you be worried as an entrepreneur? Not at all.

Here are some snippets from a column written by Elly Valas, a retail consultant, sales expert, and contributor at DealerScope.com:

Stop worrying about the economy and start focusing on things you can control. If business is flat or down, you’ll have to steal market share from your competitors to stay even or grow. In order to that, you’ll have to be faster, smarter, more creative, and offer better customer service.

A recent study, the Retail Consumer Dissatisfaction Survey, showed the top reasons why customers don’t buy. One third reported they couldn’t find a sales associate; 25 percent were completely ignored by a sales associate, and six said they left because associates were poorly trained.

According to a study conducted by Bain & Company, 80 percent of companies believed they delivered a “superior experience” to their customers. Customers of those companies, however, only felt that 8 percent delivered an exceptional experience. Ouch.

Act like a job applicant. After all, you’re trying to get “hired” as your client’s trusted advisor-and create a resume to convince prospects why they should buy from you.

...List the ways your company differentiates your customer’s buying experience. Don’t forget to tout your [perks]. For example: extended credit terms; delivery, repair, service and installation departments; experienced sales staff; extensive displays; brand-name product selection, [and even free shipping]. You can even list your no lemon policy and your price guarantee.

Don’t hesitate to sell [yourself and/or] your staff as career professionals. Publicize awards you’ve won from trade associations, industry groups or magazines. You only get to be retailer of the year if you know your stuff.

Monitor your customer satisfaction to ensure outstanding service. Tell your clients you’ll be in touch with them to answer any questions that may come up after they’ve used their products for a week or so. Call customers to ensure they are satisfied with the purchase experience. Field any questions they have and ask if they’d buy from you again. Finally, ask them to refer friends.

Customer dissatisfaction happens when there is a disconnect in the experience customers think they’re going to get and what is actually delivered. Warehouse clubs are successful because they deliver on their no-frills, low-price promise. If you’re claiming to be the best, then your [business] needs to shine and your team needs to dress and act like professionals.

Valas also writes that if you own a gas station, remember that when gas is over $4 a gallon, people still buy gas. Your job is to make sure they buy from you and not from your competitors.

For the complete article, visit:
www.dealerscope.com/article/retailers-can-find-good-news-during-bad-economic-times-higher-food-gas-prices-low-consumer-confidence-110840_1.html

Dr. Seuss Sold 222 Million Books

Theodor Seuss Geisel (aka Dr. Seuss) had his first book rejected 27 times from publishers. Finally in 1937, Vanguard Press gave him a chance. Wikipedia reports that he went on to sell over 222 million books, in 15 different languages. Spirit Magazine claims he sold 600 million books.

Either way, Dr. Seuss is a huge international success story for all entrepreneurs to take note of. To date, of the 100 best-selling books of all time for children, 16 were written by Dr. Seuss.

Again, he was rejected repeatedly by major book publishers who supposedly were the industry experts. They were dead wrong, and lost billions because of it.

What's the lesson for us? Never give up on your ideas or your goals, and never be intimidated by big companies who turn you down. Be persistent and bold, and believe in yourself no matter what. If you get negative feedback, consider it and tweak your ideas as you see fit - but don't ever back down.