I get a lot of emails and letters from aspiring entrepreneurs and intrapreneurs (just like you) with questions on various subjects regarding the startup of a business. And some of them are REALLY good.

So I’ve decided to pull out a few of the more interesting topics and answer them on my blog every now and then. Who knows? Maybe it’s something you had wondered about as well.

This week’s question reads, “Your companies were all so different in nature and market. For those entrepreneurs who are launching their first companies, they might feel safer in an area they have had some exposure to or previous experience with. What do you think? Is this contrary to the definition of a true entrepreneur?”

That’s a great question, and the answer is NO. Building a company in an area that fascinates you or where you have a tremendous amount of experience not only goes right along with the definition of a true entrepreneur, but it’s HIGHLY recommended.

Look at it this way…if you have a deep interest in antiques and have spent a large portion of your life collecting them, does it make sense to open a Thai restaurant? Sure, your area may need a good place for Thai food and maybe it’s a slam-dunk to make money, but are you really going to be happy spending 18 hours a day there?  In fact, if you’re spending that many hours at your business, it’s quite likely that it owns YOU, instead of the other way around. My Business Acceleration Intensive weekend is where I work with only a HANDFULL of CEOs to flip THAT story around. 

When choosing what kind of business you’d like to start, go with something you have a tremendous amount of expertise in or feel extremely passionate about. Make sure it’s so
interesting that you’ll want to devour every tidbit of information on it. Because if it’s not, it’ll get really old, really fast.

Now, sometimes I followed this rule and sometimes I didn’t. When I started Corporate Computing, it was an area I knew a lot about. When I started planetU (in line at Starbucks in Chicago), I had only half the expertise and half the solution to the problem–my partner had the other half. And when I started Artemis Ventures, I had a passion to help startups, but I didn’t know how to be a venture capitalist.

But I’m a bigger risk taker than others. You may not be. That’s why I suggest going into an area that you really enjoy. Think about your hobbies, your passions, the things you like to read about, talk about, and search for on the internet. Find something you love, dig for a problem, come up with a solution, and you’re in business.  And the best part? Going to work every day won’t be like “going to work” at all!

To your amazing and IMMEDIATE 7 Figure Success,
Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

 PS: To find out more about my Business Acceleration Program (BAI) and to work with me PERSONALL and get one of the LAST spots left for June, go to http://www.bit.ly/ComafordBAI

Thanks for the AMAZING testimonial from Kieron Sweeney (Peak Potentials!!!).  The 7 Figure Business Summit 2010 was a ROCKIN’ Success and Kieron Sweeney from Peak Potentials was a GREAT speaker!

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

Many of us tend to look at a job or opportunity that isn’t quite ideal and think “Oh, that’s  beneath me. I can’t take that job.” But don’t discount those opportunities, because they can often be life-changing experiences.

When I first tried to get a job at Microsoft, I went in the front door like everyone else. And guess what? It didn’t work. They wouldn’t hire me because I didn’t have a high school diploma or a college degree.

But as it is with most large corporations, there’s always a side door and a back door. So I tried them both and eventually landed a temporary contract position as a tester. Now, at Microsoft, being a tester is a very low level position with no glamour. And I was waaaay more qualified for bigger and better things. But I wasn’t worried about that–all I wanted to do was GET MY FOOT IN THE DOOR. I knew that another opportunity would come soon.

And it did. Soon after I was hired, Microsoft got in trouble with the IRS because they had hundreds of contractors who, by the IRS definition, looked just like employees in terms of status  and the nature of their work. Here was my opportunity! I stood up and offered employment to my fellow contract workers at a rate that undercut the agency that  Microsoft wanted us to use. Literally overnight, I hired 35 employees and started my first company. And that same company made me my first million.

But here’s the key–if I hadn’t taken that lowly, ego-crunching testing position I wouldn’t have been in the position to offer a solution to Microsoft’s problem.

What about you? Are you in a position where you feel you’re surrounded by stumbling blocks? Hey, we all run into those from time to time. Nobody knows that better than me. But stumbling blocks are actually stepping stones. And once you change your perspective and see them in this way, you can use them to your advantage.

So this week, make a list of those things which are standing in your way of success. Look them over carefully, then strategize about how you can turn each one of those stumbling blocks into stepping stones. And share some of those stumbling blocks with me, here on my blog.  Finally, remember what the Tibetans say “What you focus on, you become.” In other words, don’t focus on the hurdle, focus on your goal!

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

1. Create A Capital Acquisition Strategy.

2. Contact The Targeted Investors: Try to do this through a personal introduction if possible–this will move you to the top of the stack.

3. Have The Initial Meeting: Don’t break out the business plan yet–use the financing pitch presentation: If the investors are interested and request it, give them the executive summary. But don’t set a price for your company. Keep it quiet.

Ask the INVESTOR what they think it’s worth.

4. Meet With The Investment Group: If the investors review the summary and request another meeting, it means they’re very interested–and want more of their group to come in. If all goes well, go ahead and hand over your business plan.

5. Secure A Lead Investor. This person does most or all of the due diligence, and helps bring other investors into the deal. The lead drives the process, so get one PRONTO.

6. Set The Price. Preferred stock often starts out at $1.00 per share, where common stock will be about 10% of this price. Founders stock (or sweat equity) is often a penny or so per share. Get help from your startup-savvy attorney in setting the stock price,  negotiating the employment agreement and vesting schedule, etc.

That’s it–that’s my main checklists. Print this email out and stick it up on your wall or fridge.T Then, as you finish each step, cross it off and move on to the next one. You’ll be surprised how motivated you’ll be to get to that last step!

If you’re REALLY ready to meet investors and build a rockin’ financial pitch, come to my 7 Figure Business Summit – where there will be amazing angel investors to meet and listen to.  The Summit is only DAYS away now (4/30-5/2) – so hurry! Get your seats before they’re gone. (As I write this, there’s only 30 seats left – and you can STILL bring a friend for half price. (My personal recession buster) – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Hi gang!  My 7 Figure Business Summit is less than FOURTEEN days away.  For those of you who are coming, I wanted to spend a few days talking about what you should do to maximize YOUR 7 Figure Summit experience.

#1. Be Prepared to LEARN. You are going to be learning from me — and I’m one of the TOP business building mentors out there.  So come ready to learn.  Since one of the primary focuses is defining your needle movers – have an idea of what they are ahead of time.  What are your top 3 – 5 goals?   How do you plan to make them happen.  If you’d like some idea of what needle movers are and how to define them, just search the term here on my blog.

#2. Be Prepared to ASK. This event not only has me at the head of the room, sharing all of my know how and solutions that have helped to build over 150 seven-figure businesses, I’ve also gathered some of the best coaches out there to help guide you through your OWN process.  USE this event.  USE those coaches, ASK your questions.  And remember, if you stand up to ask a question during the event itself, share your NAME and your business’s NAME.  We want you to make the most of every opportunity.

#3. Be Prepared to NETWORK.  You are going to be in a room FULL of like-minded CEO’s and entrepreneurs – not to mention about a dozen of the most amazing angel investors out there.  Have your materials READY.  Have amazing business cards that brand back to you, your business, your social media sites, your products – as much as you can comfortably fit on there!  Have a one page write up about your company and products.  Have your elevator pitch NAILED.  If it takes more than sixty seconds, CUT IT.  And remember to start with palm UP networking. Ask the other guy what business they are in, what their ideal customer is, and ask thoughtful questions/offer connections before you launch into your bit. Ask them what they are looking for so YOU can help THEM.  This is how relationships are built.

#4 Be Prepared to WORK. You’ll be developing or refining your Business Model. This will include:  Your Staffing Plan, Advisory Board Plan, Financing Strategy and Sales Strategy.

You’ll also define your 90-Day Plan and repeatable processes. AND you’ll Meet over a dozen Active Angel Investors!

#5 Be prepared to MASTERMIND. As you develop the items above, you’ll be working with your new Mastermind of 7 Figure Business Builders that we’ll assign you to — plus you’ll work with our group of amazing Expert Coaches. Come with the intention to support others in building their businesses, and letting others help you. This is a safe biz-building haven. Everyone will sign confidentiality and release forms so we’ll all be safe to be open, give and get support, roll up our sleeves together.

Finally, you’ll have access to America’s 7 Figure Business Builder for 3 whole days. So BRING IT!  This is your optimal time to work ON not IN your business for 3 days—3 days which will change EVERYTHING for you.

The Summit is only  away now 4/30-5/2.  So hurry! Get your seats before they’re gone. (As I write this, there’s only 30 seats left – and you can STILL bring a friend for half price. (My personal recession buster) – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Excuse me if I rant a little bit today… I wish I had a dollar for every person who’s come up to me and said, “I just can’t think of an idea for a business. All the good ones are already taken.”

It’s amazing how close-minded we can be. We actually believe there’s a scarcity of killer  business ideas, that there’s nothing new under the sun to cash in on.

What a crock.

Scarcity is a lie. Many of us are raised with the idea that there is never enough. Why? Because most people want the easy way out. They want to look around and agree to just follow the party line. They think, “Oh that person had a great idea for a company, but I couldn’t do that”.

Well, guess what? That’s your inner critic talking… and it’s feeding you the biggest line of crapola you can fathom.

Entrepreneurs and intrapreneurs look at the world from a different point of view. They see something and say, “That’s inefficient” or “That’s broken” and “Hey, I could do that better” or “Why don’t we have a such and such?” Then they come up with ideas to address those issues directly.

And I’ve got great news for you–the pie is enormous, and it’s getting bigger every day. There are so many ideas and so much money–the Department of the Treasury is printing more every day. There’s a lot out there to be had, and don’t let anyone make you believe otherwise.

So, this week, make a point to look around and ask yourself “What’s broken here?” Make a list of 20 ideas. They don’t have to be long, drawn out business plans — just a thought. Then bounce your ideas off some people and gauge their reaction. But be forewarned — more than one of you may have the same idea. And that’s okay. It’s the follow-through and the execution that will set your idea apart from theirs.

And if you’re tired of being dragged down by OTHER people, come to my 7 Figure Business Summit and work with a room FULL of like-minded business builders.

The Summit is only TWO weeks away now 4/30-5/2.  So hurry! Get your seats before they’re gone. (As I write this, there’s only 30 seats left – and you can STILL bring a friend for half price. (My personal recession buster) – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Today is the second part of my blog on what makes your team members feel a sense of ownership.  Remember, there’s a lot more to be said about team BUILDING and ownership, and I go into tons more detail about this at my 7 Figure Business Summit on 4/30-5/2.  The event is only TWO weeks away now, and there are less than 30 spots left.  You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster — 7 Figure Business Summit.)

Reminder: Your comments and feedback on this blog are always welcome.

If you want more accountability, more initiative, more caring and concern for your business, you’ll want to crank up the aspects of ownership that a team member feels.

5. Authority.  This is the degree of autonomy the person has to make decisions without you.  Remember, a group of partners has limits on individual authority, so saying “owner” or not does not answer this question, it’s independent, but more authority does make someone feel like they have more power over their environment and life and thus feel more like an owner. Your team members need to “own” their areas completely without your micro-managing them, and likewise, major corporate decisions are yours, the CEO’s, and these must be respected too. It’s fine and even good to be questioned. If the emperor has no clothes, speak up for goodness sake. We all have reality distortion fields. The question is, is someone’s about to damage the company? If so, speak up, if not, let them thrive and control their area of responsibility.

6. Consultation.  People like (and want and need) to have their advice solicited, to be listened to, to be consulted on major decisions. This does not imply you have to do what they say, but does commit you to ask their opinion and listen. And heck, if you don’t want to consult your team members, then you have the wrong team. Remember how I say it’s crucial to hire people who are smarter than you? This is one of the many reasons why. You’ll want to tap into their smarts. Appreciation and acknowledgement are conveyed when you ask someone’s advice, when you respectfully listen to it and consider it.

7. “Marriage.”  This is the psychological aspect of feeling a sense of mutual commitment.  It is in some ways the aggregate of the other rights, but in my experience is more about the manner in which you deal with the person, the way you introduce them to the world externally and internally, and whether you act like the senior partner or the boss. For instance, I have an agreement with my team members that we’re in this together, and neither one of us will bail on the other without voicing our concerns and trying to remedy the situation. Sounds like a marriage doesn’t it? It sort of is, and when you have this degree of mutual commitment, it makes the hard days easier, the burdens lighter, the trust level higher, the road smoother. Because you’re not alone, as so many entrepreneurs feel they are.

8. Time.  All of these rights can increase or decrease over time (vesting).  No one but a founder (and often not a founder) gets everything irrevocably all at once.  Trust is earned. It’s a cycle of testing, and trusting, then testing some more, then trusting some more.

A sense of ownership is a beautiful thing. What are you doing to foster this within your team?

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

What is it that makes a team member feel a sense of ownership? Is it autonomy? Money? Advancement? What really engages people to rise up, to act like owners, to take your business personally?

I was pondering this with my friend Adam recently, and we came up with 8 vital keys to ownership. I’m sure we missed a few aspects, but consider how you’re engaging your team members with the first four ingredients of ownership.  I’ll post the rest of the list on Tuesday – so definitely schedule five minutes to read the rest of the list then.

Reminder: Your comments and feedback are always welcome.

If you want more accountability, more initiative, more caring and concern for your business, you’ll want to crank up the aspects of ownership that a team member feels.

Title/prestige (e.g. a title that conveys you are a shareholder, partner, principal, member, etc.   There is some legal risk here that if you call someone a shareholder but they aren’t, they will later claim they are.  Therefore this should be accompanied with an employment agreement or signed side letter that says that title is X but regardless of title they are not a shareholder (if they are not) and have no ownership interest in the company). Now, that said, I am all for incenting team members with shares of company stock once certain objectives have been achieved. The point is to state these clearly.

Money. Someone can have their compensation tied to the performance of the company without being a shareholder.  This is “profit sharing” and can be complex because expenses, and thus profit, can vary widely, and although you want your team to be frugal, you also don’t want to have to step through your books with them. Again there are legal implications of promising a share of profits so you want to be careful to expressly limit rights.  Also it is important in explaining to a non-entrepreneur with experience only as an employee that one of the wonderful things about tying your compensation to profits is that it can go way up AND WAY DOWN.  If you want to be an owner, you go to the end of the line after everyone else is paid.  If things turn south and we have to cut outflows, you and I are the first ones to be cut, and the last ones to be restored.  Still loving the idea of being an owner?  Great!

Upside. This is benefiting from the value increase of the company from today through exit, but it is ONLY relevant upon exit.  If no exit is contemplated or occurs, upside is not real. This is why I like all entrepreneurs to have a clear End Game, of Freedom Finish Line. If you know when you want to sell your company, for ideally how much, to whom, and what assets will be most compelling, then fine—it is fair to set the Upside Expectation with your team members. If exit is contemplated, there can still be a “trust me” approach. Now if the End Game is a certain ideal annual revenue level for a lifestyle business, the Upside for team members could be bonuses tied to revenue or some other incentive.

Job Security. An owner can’t be fired unless you have a board of directors that can vote you out (this is one of the many reasons why you need to learn to manage your board, and of course have the right blend of people you trust on it, outnumbering any challenging personalities. You’ll also want a founder agreement to state appropriate protections for termination (e.g. severance).

Remember, there’s a lot more to be said about team BUILDING and ownership, and I go into tons more detail about this at my 7 Figure Business Summit on 4/30-5/2.  The event is only TWO weeks away now, and there are less than 30 spots left.  You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster — 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

I received a blog comment from an amazing woman recently. She was all about supporting a friend who had fallen short of funds necessary to take the next step in her life. The note was as beautiful an example of loyalty as one could imagine. In fact, when the comment didn’t make its way to me fast enough, the author was indignant in the way that only a best friend can be.

I’ve been that best friend more than once in my early life, watching those I loved struggle to move forward (or pay bills… or afford medication… etc.). It’s not a good feeling to be powerless to help those you love. So I want to do two things today. One, I want to offer a few solutions for small loans – because I know that a lot of you are NOT near that 7 Figure Business mark yet. (But you could be IF you make the right decisions and follow the FORMULA to get there.)

And two, I want to talk to you about the formula. Because let’s face it. Success is not a new idea. It’s not “eureka” I’ve got it. (Okay, it CAN be, but hey, why not follow the path instead of beating your own through the jungle.)

* Okay, one last note. I am going to list two specific places to find small loans. I do not endorse either. Do your homework on these AND search the internet for “micro loans” and other avenues, such as angel investors and small business loans. Don’t forget that your own bank is often a great source for funding – don’t discount that idea. AND finally, if you can find a zero interest credit card, and you only need a short-term loan, that is another option. But have a GREAT repayment plan and a rock solid formula in place for success.

#1. Small Loans: An unsecured loan requires no collateral (a home or other asset) to secure it. So if you’re in the market for a loan under $25,000, check out http://www.prosper.com. If you demonstrate good will with prompt payments, you’ll be eligible for another, often larger, loan in time.  You can also check out http://www.microloan.com/. Remember, do your HOMEWORK. You don’t want to give away your soul OR YOUR BUSINESS. You want a good loan with good terms.

#2. MOVING YOUR OWN BUSINESS and FINANCES FORWARD. Okay, here’s what I want to say to ALL of you. I personally hit a place where I never, NEVER wanted to have to say no to the people I loved again. I decided that I was going to amass a bank account big enough to support my loved ones (and the charities I adore) in any way I could. Now let’s face it, as I’ve written before, support is NOT all about money, but dang, it sure helps.

SO I WANT EVERY ONE OF YOU who has that same drive to succeed to stop standing on the fence and grab one of the 36 seats left at my 7 Figure Business Summit. If you’re not sure why you need to be there, you can come to a totally free preview call – where you’ll also get a TON of amazing business building info from me.

What I want for ALL of you is FREEDOM – and having a 7 Figure Business creates big choices and BIG freedom, believe me. THIS event is happening in only 3 WEEKS. 4/30-5/2. So get  your seats RIGHT NOW. You can still come for the early-bird price of $997 AND bring a friend for half price. (That’s MY PERSONAL business acceleration recession buster – 7 Figure Business Summit.)

To your amazing and IMMEDIATE 7 Figure Success,

Christine Comaford, 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

PS: IF you cannot attend my Summit for any reason, then by all means, grab my Results Now Webinar and get started – but I think you should ALL be at that Summit and give me a chance to see you and hear the extraordinary life that YOU want to build.

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar