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
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
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
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
