Before you go looking for capital to pour into your business, you MUST have the 5 C’s FIRMLY under your belt…

Capacity
Capital
Collateral
Conditions
Character

1. Capacity: The very first thing any investor will want to know, whether it’s a personal friend or colleague or a Wall Street bank, is your ability to repay the debt.  Have your income projections, tax statements, credit reports and a few letters of recommendation firmly in hand before you even start the process.

2. Capital: Amount personally invested by the owner. How much have you, yourself, put into your business.  Remember that this isn’t just about money – it’s also inventory, expertise, time – what we call “skin” in the deal. But a financial investment definitely works FOR you in this case.

3. Collateral: Assets that are pledged for the credit. Definitely have a great business advisor before you go handing over your worldly possessions or equity shares to investors.  There’s NOTHING more important than an executive coach when you reach this point.  That person should also be able to help you get your pitch and your pitch documents ready – and perhaps even have great contacts and possible investors to connect you with.  If you’re at this point, you can reach out to me at http://ChristineComaford.com/contact.

4. Conditions: Intended purpose of the credit. Nobody just hands over their purse strings. Telling your potential investors WHAT you’re going to do and roughly HOW you’re going to do it will go very far toward getting them mentally and emotionally invested in your vision.  After THAT, the pocket will follow.

5. Character: Background and experience of the owner.  If you’re the leader in your industry or have 20 years of experience, you’re definitely on your way to having the kind of character that investors want more of.  This is not the place to be humble – get out there and toot your own horn.  Testimonials and definitive success stories are also key.

Let’s face it, having enough capital is KEY to business acceleration and success. If you’re NOT at this point in your business (which basically means having a 7 figure business) but would like to be (who wouldn’t?), you can attend one of my Business Acceleration weekends.  You can find these events all over the country – the schedule is up at http://BusinessAccelerationIntensive.com

Christine Comaford, The Executive Coach
CEO of Mighty Ventures, Inc. and Business Accelerator
http://www.BusinessAccelerationIntensive.com

PS:  Are you ready for November 8^th?  Tune in for my presentation with TED http://www.tedx-sandiego.com/speakers

IRS = ROI

Today I want to write you guys just a few sentences on team building.  HOW do we keep our team motivated?  Recognition is a HUGE piece of that puzzle.  In fact, even when team members hear us praise someone ELSE on the team, it’s a proven fact that they’re all inspired to try harder.  So this week, keep in mind the two IRS factors:

1. Initiative – Responsibility – Speed. When you have a team member who takes the initiative to always move you and your business forward in creative, effective ways, and they take responsibility for projects and new endeavors, and on top of it all, they understand the URGENCY of SPEED and always being focused on the end game, THAT is a team member to work with as closely as you can and to praise publicly.

2. And remember when praising to use the other IRS: Identify – Recognize – Seize the Opportunity!

Identify specifically what they did for you / your company.

Recognize their efforts with some sort of reward – your words are great, but a tangible thank you rocks the house, even if it’s just a wonderful meal with you to celebrate.

Seize the opportunity! Great team members don’t come along every day.  Find out what inspires this person about working with you and your business and put them in charge of it!  If it’s sales, give them a great product to launch, if it’s marketing, ask them for a new look at your old list or marketing plan.

You get the picture.  Whatever you do with your team, just don’t do NOTHING.  Remember, your biggest competitor is INERTIA.

Next Wednesday, I’m going to hold an incredibly focused Q&A call with some mind-blowing training around how to build a 7-figure business and create huge ROI on everything you do for your company.  I’ll send you all an event invite – it’s not a free event, but it is affordable – and a GREAT investment to get my personal coaching on your toughest questions.

I’ll send you the details by the end of Tuesday, and I want each and every one of you to know that YOUR success matters.  It matters to me, to the people you will touch in your life, an it matters to our NATION.  That is not a joke.  So take your next steps seriously and practice IRS on yourself!  Have initiative, 100% responsibility, and speed in all you do.

Until next week’s call,

Christine Comaford, Executive Coach

CEO of Mighty Ventures, Inc. and Business Accelerator

http://www.BusinessAccelerationIntensive.com

As you guys are probably well aware, last week was my 3rd annual Summit – and first 7 Figure Business Summit. For 3 days I stood on stage in front of 200 amazing and inspiring business builders, and with my guidance and expertise at the helm, each of those entrepreneurs charted a course toward their 7-figure future. Like any great ship, the captain is certainly not alone. Whether it’s charting the course (in this case, developing the program and materials), steering the ship, or helping the passengers, it takes a GREAT team of dedicated shipmates to make it all come together.

In the case of my 7 Figure Business Summit, this team included 10 of the most incredible expert coaches I’ve ever seen. And for those of you who were there and got to work with them, you’ll be amazed to find out that each of them came as a VOLUNTEER. In most cases, they even paid their own way to come and work their butts off. Why? Well, that would be the ABC’s of People, and A is definitely Appreciation.

I started showering that team with appreciation from the first moment they were chosen and invited to participate. First, I assigned a member of my Mighty Ventures gang to be a liaison and make sure that they were WELL taken care of. (Remember, you MUST delegate! To think I would have time to take care of the team properly as I planned the event would have been pure folly.) Next, I sent each of them a personal thank you, and then thanked them all from the stage at the beginning and at the end of the event. For good measure, I also gave them myBusiness Growth Blueprint program to help them ROCK their own businesses – because helping to create success stories is what moves my life.

The B in the ABC’s is simply BE. Be present. Be available. Be PART of that team, not a diva / guru. More than likely that team volunteered because of you. In my case I made sure to spend time with them, both as a group and individually. I made time AT the event (and on my calendar after the event) to write and film amazing testimonials. I signed books, took pics, offered hugs, and in a couple of cases called them onto the stage individually for solo recognition in front of the crowd.

Finally, the C in the ABC’s of people is CELEBRATION. Do everything you can to make your team enjoy the party! Sure, they’re going to work their buns off – but there’s no reason you can’t make it a rockin’ celebration. #1 Remember that your team needs to be properly fueled!  Have a catering area set up and sustained JUST for them. That means beverages, healthy quick snacks, and definitely a catered lunch of sandwiches and salads. #2 Be sure to start and end your day with a quick pow-wow where you POW and WOW them with your gratitude and excitement that they’re there. #3 Enjoy them! In our case we had three team-building events where everyone could kick back, share ideas and feedback and laugh and swap stories.

While there may not be enough ways to thank your peeps, remember to TRY to hit all the marks every opportunity you get. 

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’ve followed my company, Mighty Ventures, for a while, you know that Business Growth Blueprint is one of the rockin’ ways we help build massive success with entrepreneurs and small businesses.  If you want more info about the BGB program, visit http://bit.ly/ComafordBGB

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.