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

Budding entrepreneurs and intrapreneurs ask me more questions about pricing than anything else. When do you charge full price? When should you low-ball against a competitor? How do you determine the right price point? How should you position yourself relative to price?

So this week, I’m going to touch on a few of these frequently asked questions… Be sure to stay tuned to my blog to get all of my business acceleration tips and million-dollar advice.

–FAQ #1: When Should You Low-Ball? Let me make this very simple…if you have a tangible differentiator, then NEVER!  When I was selling services head-to-head against the Big 6 accounting firms, we were competing to provide expertise in converting corporate information systems to Microsoft Windows. I had four years of Windows engineering expertise, and I was even on the Windows team at Microsoft. My team was equally as strong as the Big 6, if not more so. On the other hand, we were only bringing 6 months of Windows experience to the table. Know what? I never low-balled. There was no need to – we had the expertise advantage.

However, when you’re equal to the competition, but have a perceived disadvantage in the commodity business, then low-balling may be the best choice. When I was competing with a large job shop to hire highly skilled freelance programmers, I did low-ball. The programmers were the decision makers. They didn’t care who paid their paychecks — they just wanted to keep working at Microsoft. So I paid the contractors a piece of my profit (more than the large job shop would) because I had no differentiator. And it worked out great.

Of course, there’s a lot more to be said about pricing strategies, and I go into more detail about each one of these questions, as well as a host of others, at my 7 Figure Business Summit.  Worried that you don’t qualify because you’re NOT a 7 Figure Business yet?  Well, that’s the point, of course!  If YOU are ready to work with me, I still have a few seats left!

THIS event is happening in only FOUR WEEKS.  4/30-5/2.  So hurry! 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

One thing you ALL know about me — I want your business to be successful. To help, I’d like you attend a *free* tele-class with me on how to build a 7-figure business. http://bit.ly/CallWithChristine

On this call you’ll learn:

* A crystal clear solution to the 3 things you are doing RIGHT NOW that keep you overworked, underpaid, and feeling consumed by your business

* The KEY Question to Ask Yourself to Focus ONLY on the Needle-Moving Activities that will generate Forward Momentum and Big Results Quickly!

* Simple Strategies to build a Support System that gives you Complete Control and Ultimate Freedom over Your Business & Lifestyle

* The #1 Obstacle preventing You from Achieving Your Business Vision… and How to Break Through To New Levels of Success!

* The 6 step 7 Figure Business Formula that has enabled thousands of CEOs to build 7 figure businesses WITHOUT burn-out!

* 1 surefire way to get your team to become self-managed, highly accountable owners of their areas.

http://bit.ly/CallWithChristine

I don’t want you to THINK about attending this tele-class, WANTrepreneurs need to stop and think about every small aspect of their business and over-analyze opportunities.

True entrepreneurs TAKE ACTION when an opportunity comes their way. So I want to you COMMIT to being there for one of the upcoming dates.

http://bit.ly/CallWithChristine

Christine Comaford, 7 Figure Business Builder
Founder & CEO: Mighty Ventures LLC
NY Times Bestselling Author of Rules for Renegades

PS: Do this now!!! Don’t put it off until later or chances are you’ll never come back to it. I want to help, but you have to SHOW UP. http://bit.ly/CallWithChristine

I don’t want to claim that I’m a great example of spirituality, because I’m not. But I think I’m a decent example of the value of a quest. Having a spiritual practice (I was a Buddhist monk for 7 years and still practice Buddhism today) has helped me articulate my core values: a commitment to compassion and community as a fundamental part of any business plan.

In addition, my spiritual practice has helped me embrace another powerful core belief: People are fundamentally good. It’s true. I believe that everyone is basically a good person when you get down to it; some of us just get confused along the way.

The fact of the matter is, people are either coming from love or coming from fear. If  someone’s coming from love, I know they’ll want to help me and be supportive. If they’re coming from fear, a lot of funky emotions enter into the picture.

But when I hold onto the belief that people are fundamentally good, it’s easier to deal with them in a more compassionate, less reactive way. Remembering this helps me avoid taking everything personally when someone is unkind to me.  And in business, like in life, that’s just part of the deal sometimes.

A little disclaimer here: I’m not advocating that you follow my spiritual path, or any spiritual path, for that matter. But I do recommend embracing self-discovery. Find out  that matters most to you, then gather the tools that will help you check in with yourself when you’ve drifted away from your unshakeable core and lost sight of your most important goals.

So today, I want you to focus on connecting to your spiritual side. A fun and easy way to do this is by listening to your intuition. Intuition is about paying attention. And paying attention to that small, still voice within will lead you down the right path more times than not. So have fun with it!

This week, I spoke at Guerilla Business School, and over SIXTY business builders signed up for my 7 Figure Business Summit.  And while I AM an amazing business builder, I’m always a little suspicious that the connection is more than business – (no kidding, right).  Yes, it’s about the 145+ 7 figure businesses I’ve helped to build – but it’s ALSO about the spirituality that I KNOW and ACKNOWLEDGE is part of our life’s path, and thus, part of how (and why) we build our own businesses.

For myself, of course, I simply don’t believe you CAN rock your business unless you learn how to rock your life!

* If YOU are ready to work with me, I still have a little room at my 7 Figure Business Summit.  THIS event is happening in only FOUR WEEKS.  4/30-5/2.  So hurry! 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 recession buster.)

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.

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

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

Okay! Get a cup of jo, because this is a good one!

If we’re going to REALLY get down-and-dirty about building and funding a 7 Figure Business, let’s consider equity financing first. Each round of financing should be large enough to last you 12 months or so. Most companies do 3-5 financing rounds prior to exit (IPO or acquisition). The first financing round should be a smaller one – a few hundred thousand dollars usually from friends, family, or angel investors. The goal is to get a product in beta test form and prove your idea.

Next is a more formal financing round, often multi-millions, with institutional investors (such as venture capitalists) coming into the picture. Then comes round three, sometimes with corporate investors and more institutional investors. At the third round, the exit or liquidity event should be planned.

The other source is similar, except your financiers are angel investors instead of institutions. You still need to have the right corporate structure and you’ll have the ups and downs that come with someone else owning a sizable chunk of your company. Remember–the goal of any investor is to make money as soon as they can and at the highest value they can. This changes the course of a company’s business acceleration — a LOT!

Regardless of which equity-based approach you take, you’re selling a piece of your company, so you’ll be losing some control. You’ll now have partners who can vote on company decisions you want to make, and sometimes your plans will be shot down. That said, this may be a better approach than dangling alone on the financial hook. With equity, the company’s assets are at stake; with a loan, your personal ones are. Either way, though, your business acceleration and 7 figure success almost demand that financing is part of the deal.

This week, jot down 5 people who you could target as investors in your company. Think about how you can approach them, and how you can sell your business idea. If you’re ready to get your pitch in order, then you’re probably ready to work with me. How? Well, I mentor one-on-one and in small groups, through my Business Acceleration Mastermind program, and also with my Business Acceleration Intensive weekends.  I also mentor at live events, like my 7 Figure Business Summit.  THIS event is happening in only FOUR WEEKS.  4/30-5/2.  So hurry!

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.

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

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

I’ve definitely worked to get where I am in life – I’ve built business after business (of my own), sold them for millions of dollars, AND I’ve mentored and advised HUNDREDS of businesses as they built 7 figure success stories.

When I think about what makes an extraordinary life, though, the ingredients are bigger than that.  The ingredients to a ROCKIN’ life are compassion, tenacity, perseverance, gratitude, love, AND dedicating my life and achievements to something bigger than myself.  Some of that is the $4 million that I’ve given away to charity – but the larger part of what make a rockin’ life is when I get to give those things one-on-one to others.

Sometimes that means supporting friends or the great people who make up my team.  Some days it means helping a stranger on the street.  But other days (and these are my FAVORITE extraordinary life days) I get to help CEOs and entrepreneurs build THEIR extraordinary lives – whatever that means to them.

How do I do this? I get them OUT of their day-to-day 24/7 business treadmill and back into the REST of it.  I teach them and mentor them about building a 7 Figure businesses.  I use MY best extraordinary days to teach others about Motivation, Momentum, Model, MVPs, Money, Mentor.

And if you work with me, either at live events or online, you KNOW that I do this in a variety of ways.  I mentor one-on-one.  I mentor small groups through my Business Acceleration Mastermind program and my Business Acceleration Intensive weekends.  AND I mentor at live events, like my 7 Figure Business Summit.  THIS event is designed to bring CEOs and business building entrepreneurs into the freedom that happens when your Motivation, Momentum, Model, MVPs, Money, Mentor are solidly in place.

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.

To your amazing and IMMEDIATE success,

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

Hi gang. We’re going to pick up where we left off last week regarding how to obtain financing for your own mighty venture. Rememeber though, if you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

We talked about getting investors to put money into your business, but if your company  is on the smaller side with fewer (initial) lofty goals and a more organic growth curve, a loan can be a good financing method.  Loans come in three tasty flavors:

–Secured Small Business Administration (SBA)
–Secured Small business bank loans
–Unsecured loans over the net

SBA loans are easier to get if you have assets to secure the loan with, a solid pre-existing banking relationship, and a high tolerance for bureaucracy. The process can be excruciatingly slow, but if you make it through, you can get a six-digit loan on pretty favorable terms.

A small business bank loan also requires a pre-existing banking relationship and high tolerance for bureaucracy, but you’ll get okay-to-pricey terms based on your credit rating.

An unsecured loan requires no collateral (a home or other asset) to secure it. Check out www.prosper.com (their current max $25k). If you demonstrate good will with prompt payments, you’ll be eligible for another, often larger, loan in time.

Now, the first secret about succeeding in the financing process…

Raise money BEFORE you need it, because the financing process always takes longer than anticipated. For institutional investors a realistic expectation is three to six months from the first meeting to the wire-transferred funds. Financings sometimes occur in far less time, but you must be prepared for the long haul.

Start raising money six to nine months before you’re due to run out of cash. Have a strong banking relationship already established in the event that you need a bridge loan to tide you over during an extended financing process.

This week, think about whether a loan is best for your business or if finding investors would be more to your advantage. Begin to outline a business plan that centers around your choice. If you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

You can also find much more information on this – and all of my business acceleration tips, including needle movers, business model, mentorship, board of advisors, etc., at http://www.ResultsNowWebinar.com – it’s a GREAT opportunity to MOVE your biz (and get my personal mentoring).

To your success and your winning relationships!

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

PS:  This is the ONE event you must be at this year: http://www.7FigureBusinessSummit.com

Recently at a party, another entrepreneur asked me, “What’s your biggest investment right now?”  I’m sure he meant financially, but when I REALLY think of what I invest most carefully, I think of my TIME.

So when I invite you all to take three days away from your business and travel to San Francisco to work with me, I KNOW what I’m asking.  But let’s get clear about one thing.  Freedom isn’t free.  It’s got a straight line connection to one thing — and one thing only: RESULTS. And you CANNOT build those results without investing your time with a mentor.

Get this you guys.  You can’t go into a store and buy success. You can’t visualize it in your morning meditation.  You won’t find it under your pillow.  SUCCESS isn’t soft and mushy.  Success is a tangible reality and it comes from ROCKIN your results and bringing them to a 7-Figure Level of Success.

Mentoring you to 7 Figure Results is my mission.  I have 28 YEARS of building businesses, business acceleration and creating REAL results.  Without that piece of the puzzle, I hate to say it, but you can forget about success — even if you “make it” — you’ll be tied to your company 24-7-365.  That’s where a MENTOR comes in.

Once you learn the path to building REAL results, it’s like breaking out of that prison.  Your company becomes your freedom, instead of your sentence.  If you’re ready to work with me, I’ve got an invitation for you!  And if you’re not 100% sure of your investment and how the 7 Figure Business Summit fits into YOUR success plan, you can click the button at the top of the page and request a “Summit Strategy Session” with one of my team.

http://www.7FigureBusinessSummit.com

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

PS:  http://www.7FigureBusinessSummit.com