Entrepreneur

21st century is internet and information technology time where innovation is at the core of human activities. Information technology is taking effect on all dimensions of life. In the business industry, entrepreneurship has changed its course with e-commerce as the method of various transactions. This has helped to dispose the traditional means of transacting which was time consuming, tedious and localized. In addition, this results in profit making and of markets with increased virtual commerce over the past physical commerce.

Business sector is also undergoing intensive competition with every company running after maximizing profits. This has led to increased innovation to gain competition advantage and lead the market. However, innovation leads to creative decision making which helps in economic growth. Innovation can only be successful through adoption and creative destruction helps to harness the innovation and creativity and promote economic growth even more. Introduction During the past decade, information technology has become core in the business sector with intensive use of .

This has led to the expansion of commerce, (e-commerce) in various business transactions as well as the exchange of information through the internet. A number of transactions are therefore taking place through the presence of internet related transactions. As a result, the business relationships have revolved from the traditional form of relationship to the electronic form of business transactions. This has led to different form of business models with reference to methods for various services (Niles 2008).

Internet related commerce is however fast in transaction but the transactions are based on traditional methods models. The study illustrates the e-commerce and traditional transactions with modern globalization. The paper covers transactions between various businesses as well as those of business with its end users. Transaction between businesses As Niles (2008) overstates, a business model is “a of the relationship between a business and the markets. ” Various businesses conduct transactions quite often once a relationship with related consumers is established.

Electronic commerce between businesses has increased mainly in information technology industry. The following is the difference in transaction procedure between the traditional and 21st century business (Niles 2008). Traditionally, the steps for the purchase of a product between businesses involved this procedure. First, the business had had to make contacts through use of telephone of other communication procedure and a product catalog is sent to the buyer. The two parties had to meet and make required relationships where the seller would propose the total cost of the products.

After an agreement is reached, the proposal is forwarded to the approval by both executive level mangers and signing for transactions is completed (Niles 2008). The supply of service or goods is then done physically. For e-commerce, the process starts with the procurement office for purchasers by reviewing various catalogs over the internet. After choosing the goods required, an order form is sent through faxing or email and confirmed by the buyer. The transaction and necessary payments is done using Paypal or money transfer and the goods shipped. In this case, no physical contact is required.

The traditional form of process is time consuming and this reduces profits. In addition, e-commerce increases the marketing area where global marketing is taking place as opposed to traditional marketing (Wolcott 2008). Transaction between business and consumer Consumers usually purchase goods for individual use. These form transactions have also change from the traditional processes of transactions. Whereas the traditional form of consumer purchase involved the physical search of products in the catalog, e-commerce does not require the physical visit to the retail point (McCraw 2008).

The consumer use websites and purchase the products online. This also takes place in provision of various services including hotel and freight booking. In the process of purchasing a product traditionally, the consumer require intensive physical effort and especially when there is return of low quality products. This is, however, nullified in electronic shopping where websites is used in purchasing and the products delivered to the consumer thus increased customer satisfaction (Niles 2008). Innovation and global economy growth

Innovation is quite significant especially for organizations which are experiencing negative growth rates. As Schumpeter stated production, process and behavioral innovation become the ample way of reforming the affected organization. An evolutionary approach to economic change allows for improvements in some systems which are already in existence while a revolutionary approach involves a complete overhaul of failed systems (Wolcott 2008). Both approaches will encourage innovation and incremental growth leading to effective production, processing and human resources management which leads to economic growth.

The change model is one which includes phases for need analysis, planning for the changes, implementing them and thereafter integrating them into the organization. Innovation discards the existing old economic structure and employs new strategies a technique he termed as creative destruction (McCraw 2008). However, innovation is not consistent but works on an irregular trend. Competition is one of the factors influencing innovation hence business Schumpeter indicated the various a complex way by which business undergoes significant cycles.

However, this is full of uncertainties since no specific conclusion could be achieved due to irregularities of the waves. As a result, innovation is the driving force for capitalism (Wolcott 2008). For example, in the past, price indexes were evaluated using the fluctuations of the prices of raw materials making the product without respect to the value of the new product produced and customer satisfaction. This is very different from what is used today. With respect to the use of the internet, this led to reduction of commodity prices due to time saving and increased efficiency (Grand & MacLean 2008).

The benefit of consumers with the online marketing of products can be evaluated through the increase increased demand. This shows that above increased innovation, there is more customer satisfaction and reduced prices. As a result innovation has also led to production of new products as well as services in the market which results into economy growth (McCraw 2008). Creative destruction and economy growth (2008) states creative destruction as the practice of discarding existing processes and products and adopting more innovative ways.

At the individual level, creative destruction can be used to strengthen innovation and foster economy growth. The rate of innovation depends on the rate of creative destruction. This makes creative destruction as the key process to capitalism as it was evident in the twentieth century in America. However, as Diamond (2008) overstates, “small is better” form of destruction works best for long term sustainability. Through creative destruction, finances are drawn out from the failing innovations and utilized in innovations that are progressive.

This has been evidenced in various companies where company like Apple has surpassed others due to creative destruction (Diamond 2008). Creative destruction acts as the focal point for capitalism and economy. Companies have been losing ground with a fortnight due to lack proper utilization of information technology. Schumpeter clearly indicated the argument and his theory still applies where he studied competition with its relation to economy growth (Grand & MacLean 2008). Without destruction the generation is stagnant and the only competition is through technical advancement.

For example, in Manhattan creative destruction took place in the 20th century to create room for modernization. This led to increased capitalism economy and social advancement in the city and improved both the landscape as well as the thinking capacity of the residents. Creative possibilities and this process are widely used in various urban cities development. Creative destruction at the microeconomic level requires the replacement of existing processes. This is dependent on the managerial strategies and level of adoption of technology or else this may affect the macroeconomics negatively.

Economy growth is related to the employment rate resulting from supply and demand for labor. With adoption of new technologies, cyclical issues like unemployment are avoided. This will lead to creation both at the production of and application level. Research in the United States indicate that jobs in the application sector take about 50 percent of the growth in production owing that every year there is either employment creation or loss (Grand & MacLean 2008). References Niles, N. J. (2008). A New Definition of a Business Model: Journal of Business & Economics Research. Volume 6, Number 12. Lander University. USA Wolcott, R. C. , Sawhney, M. Arroniz, I. (2006).

The 12 different ways for companies to innovate: Journal on Organization Science Vol. 19, No. 1, January–February 2008, pp. 69– 89. ISSN 1047-7039 _eissn 1526-5455 _08 _1901 _0069 McCraw, K. T. (2008). Prophet of innovation: Joseph Schumpeter and Creative Destruction: Cambridge. University Press. Diamond Jr, M. A. (2008). Creative Destruction: The Essential Fact about Capitalism. George Mason University. Grand, S. , MacLean, D. (2003). Creative Destruction and Creative Action: Path Dependence and Path Creation in Innovation and Change. Institute of management, University of Glasgow.

Usually when you first hear about a entrepreneur it’s for what their company has done. When I first heard about , it wasn’t about his business savvy or what he had done; it was about his love for cookies.

More specifically, the #cookielife, an oddball movement where people from all over the world send him cookies. The start of #cookielife began as a neat way to deepen his connections. As a entrepreneur, Sol realized he needed a way for people to easily remember him. What started as a cookie competition with five people, quickly grew across his network. As of this writing, more than 60 people this year alone have sent Sol cookies in the mail.

What makes this really intriguing is what Sol has been able to accomplish. Having started his first online business in 1999, he’s been able to create three seven-figure businesses, all in completely different industries (online gaming, local search and nutrition). His most recent, , which garners more than 2 million visitors a month, is considered the trusted and unbiased source for nutrition and supplements. It has even got him on board as a digital adviser to Arnold Schwarzenegger.

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Learning more about the #cookielife movement, I realized it lends itself to four important business lessons:

1. Enjoy yourself.

Too many entrepreneurs forget that running a business, while definitely involving hustle and grit, is not meant to wear you down to a breaking point. The entire reason #cookielife started was simply because Sol loved chocolate chip cookies. As he hustled his way to the top, he wanted a enjoyable way to interact with new connections. Take your business seriously, but don’t forget to enjoy the entire journey.

2. Build your reputation.

A strong reputation makes it incredibly easy to sell. For better or worse, there’s a reason why celebrities are paid large amounts of money to endorse products. When I first heard about Sol, it was about the #cookielife. People associated him with cookies. Though he isn’t paid by any cookie companies just yet, when you hear about his love for cookies you also find out about his business successes.

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It was this strong reputation that got him on board the Schwarzenegger team. Similarly, at a recent event where Sol was a speaker alongside Tim Ferriss and Noah Kagan, Sol at a purchase price of $5,000 a ticket simply by telling his audience.

Your reputation is built up over time. Once it’s established, you can use it to offer something of value and your audience will pick it up.

3. Focus.

Entrepreneurs often try to do too many things at once. Not only that, they focus on too many market segments, making themselves to be a generic company that works in multiple niches, instead of being the dominant company in one niche.

When Sol originally started the #cookielife, it was just about chocolate chip cookies. After a while, people started sending him all kinds of cookies. Since then, he now receives in the mail.

Examine.com was built up in a similar vein. Originally it covered body building supplements. Then fitness supplements. Then all supplements. And finally nutrition. By focusing on dominating each niche bit by bit, Examine.com was able to build itself as the trusted source.

Focus on your niche so that you become so good people can’t ignore, and then worry about expanding

4. Ask.

The biggest mistake entrepreneurs usually make is that they do not go for the ask. Too many people feel shy or sleazy about asking for the sale, but without revenue, your business will fail! If you provide something of value, people will pay.

Originally, Sol helped host a . After posting it on Facebook, people in his network started saying how they could make better cookies. With most people, the story would end there. But Sol went for the ask and told them to prove it by shipping their cookies to him.

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You won’t make sales unless you ask for someone to pay you.

Though Sol’s #cookielife story is unusual, examples from it relate directly to key business tactics to become a success. As an entrepreneur, you always need to find ways to stick out in your network and be remembered. If you’re looking to build a reputation, enjoy yourself as an entrepreneur and focus. It’s time to find a creative way to do so.

Many people define their burning ambitions in what’s termed as a “bucket list,” which is basically a wish list of milestone achievements to accomplish before they “kick the bucket” (or, if we are going to be direct here, before they die).

Now these lifetime goals can consist of anything, from travelling to some extremely exotic location to skydiving to performing opera on stage in front of a large audience– you name it.

But beyond those personal life bucket list ambitions, what about the business side of things? Surely every company owner should have a “business bucket list” of extraordinary accomplishments to be achieved in the course of his or her entrepreneurial journey?

We certainly believe so. And so in this article we create a sample bucket list that should serve as a definitive list of achievements to tick off as you .

1. Meet a business giant

Today, there is a bracket of businesspeople that are more like rockstars. They are cool, inspirational, constantly in the spotlight. Men such as Richard Branson, Bill Gates, Elon Musk; and women like Indra Nooyi, Sheryl Sandberg and Ginni Rometty. These people know how to steer a business empire– and to do so with style.

So to the point: for item one on this bucket list, we want you to go out and meet a business hero. Of course it does not have to be someone as famous as the likes of a Zuckerberg or a Brin. There are plenty of powerful business magnates in your backyard who may not be world famous but have certainly achieved massive things.

But why would want to try and run into such types? Different reasons, really. It is helpful, for example, to hear that they were just like you once, armed with an idea and no money, full of hope and insecurity, ambition and fear. And who knows what kind of gems they might pass on to you in terms of business advice that might help you see things in a whole new light?

As for how you do it, that is up to you, but the schedules of the business giants are often made public. They may be appearing at this or that conference, having a charity lunch, attending the opening of a new business, and so on. It shouldn’t be too difficult for you to eventually cross paths with just about anyone you wish to run into.

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2. Sell your company

While the daily focus is to keep building your company into something bigger and bigger– there is always that ultimate idea among most entrepreneurs of perhaps one day selling that company for a substantial life-changing sum. Let’s face it, many of us are driven by the attractive idea of never having to worry about money again– and never having to work again if we choose not to. So item two on our entrepreneur bucket list: .

But be warned that the stats show this won’t be easy. Only around 20% of businesses actually manage to close a sale. Of course, that makes the dream all the more aspirational, and let’s keep in mind that a bucket list task is not meant to be something easy to achieve.

As for what does it feel like if you do end up being one of the 20%: one entrepreneur, Guillaume Decugis, who sold his business Musiwave, said it was a “life-changing moment” and “one of the best acknowledgements of the value (he) created”. And of course, said Decugis, “there’s the money.”

There is also this– which is very common for those who achieve this particular bucket list task: they usually just take the payoff and use part of it to launch the next business. Ah, for the true entrepreneur, business is indeed in the blood.

3. Write your autobiography

Richard Branson, Michael Dell, Sheryl Sandberg –in fact, most of the business greats– have written written about them. There are different reasons for wanting to do this: it could be they simply want to share their journey to success; or perhaps they want to make their mark official and leave a clear and detailed legacy of their achievements.

Now I know what you are thinking: what if I never become famous? Why would anyone care to read anything about me? Well, everyone has plenty of interesting things to say, and anyone who has spent years at building a business or businesses –whether they got big or not– will have an incredible amount of insight to pass on.

And then there’s the doing it for you. Writing an autobiography can be deeply satisfying, cathartic and can help you learn about yourself. You don’t even have to publish it. It can be something you keep hidden away, or share with friends and family only.

Of course if you are a good writer and present your entrepreneurial journey in the right way, it is certainly realistic to one day imagine your name on the cover of a hardback sitting in that bookstore window, or on that downloadable e-book.

4. Do something substantial for the less fortunate

Some of the most memorable business news headlines have to do with the super wealthy deciding to give away massive proportions of their fortune to charitable causes. We have seen this many times: Facebook’s Mark Zuckerberg famously announced on his website at the end of 2015 that he was donating 99% of his tens of billions of dollars in Facebook shares to various causes; and the Bill & Melinda Gates Foundation is helping to allocate most of Bill Gates fortune, also in the tens of billions of dollars, to educational and healthcare related projects for underprivileged communities around the world.

It might be a case of getting things into perspective, finding a balance between the gritty, cold world of growing profit margins and making sure some good comes out of the mountain of cash that has amassed. Or it might just be a case of wanting to be a part of building a better world, and being in the fortunate position to do so.

And so now to our fourth businessperson’s bucket list entry: giving back. And let’s not pretend we have to be on the “super wealthy” list to do this. If you have a business and you are turning any kind of profit, of that away each year to help others in need.

Remember that you would have had help along the way on the road to your success, so this is a powerful way for you to give something back to “the system.” And if you really are hesitant to part with some of your funds, keep in mind that you cannot take money with you when you die.

For all entries, this is a goal that will really make a difference, not just to those you help with the money, but ultimately to you as a human being. As they say, giving is good for the soul.

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5. Become a great industry speaker

Industry events that gather together everyone who is “someone” usually line up a few key speakers. And while you can wait to get the invite to speak, you may want to force the issue a bit and demand to get up on that stage– and then continue refining your art as a speaker until they beg you to headline every time.

Why is this one on the bucket list? Simply put, it sits you at the center of your industry, which can end up having untold benefits. On the one hand, you will be required to think carefully through all that you want to say, and that in turn will help you stay on the cutting edge of the industry. Another way to put it is that it will almost force you to , which will help enhance your reputation, and in turn your company brand, and in turn your top and bottom line.

Plenty of benefits here. The only thing required is a bit of upfront bravery to help you take the leap.

Why the bucket list?

Think of it as just another way of listing some important goals to aspire towards. And also think of it as a way to bring a little bit of perspective to what will likely be a long journey of entrepreneurialism. On that journey you don’t only need to be thinking about how to feed your business, but also about how to – one that extends beyond your office walls, to other entrepreneurs, to your personal life, to your community, and so on.

To that end, your bucket list should be a good mix of potential achievements that will help bring you more than just money. In fact, the pursuit of money, while an important part of the business world, is in itself not all that rewarding, and in some ways if that is your only goal you are likely to end up feeling a bit empty at some point.

So the bottom line is that you should use your bucket list to help you work towards business success, sure, but also to help you keep a healthy mindset and outlook throughout. So with that in mind, sit down and take some time to think about what needs to go on your bucket list, and see what you come up with. You’ll know when it feels right, and when it does, set it aside somewhere private or hang it from your office wall, and see where it all takes you.

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“I’m glad I’ve been handsomely paid for my efforts but I truly would’ve done it for free,” rocker Bruce Springsteen writes in his new memoir and bestseller 

Springsteen, one of rock’s brightest stars for 41 years (and still going strong), is obviously referring here to his love of the music he and his E Street Band have provided fans worldwide for decades: Born to Run, The River, Greetings from Asbury Park and Wrecking Ball are among the artist’s 18 studio albums (and there are more to come).

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En route, Springsteen has garnered 20 Grammys; two Golden Globes; an Oscar (for the song Streets of Philadelphia, which accompanied the film); the ; induction, in 2014, into the Rock and Roll Hall of Fame; and more. Not to mention the many, many 80,000-seat stadiums he’s filled to capacity. (His Oct. 7 book-tour appearance at New York’s 1,500-seat Town Hall sold out in six seconds).

But the kind of financial success Springsteen has attained ( sold to date and concert tours and licensing agreements that ) has carried with it business responsibilities. And that has meant business lessons, both good and bad, along the way, which he details in his book.

In short, Springsteen is not just “the Boss” — a moniker conferred in the ’70s when he nightly collected and doled out his bandmates’ pittance wages following appearances at Jersey Shore clubs. He’s also an entrepreneur.

Certainly, the New Jersey native would likely characterize himself only as a singer-songwriter: “Entrepreneur” probably wouldn’t even figure in, given that his manager, Jon Landau, and staff oversee his seven E Street bandmates (and 12 fellow musicians), plus stagehands, sound people, instrument technicians, publicists, deals and more.

But go ahead: check out Born to Run, the memoir. Not only is it a good read, but entrepreneur-fans will find plenty of indications there that like any startup king, Bruce Springsteen has learned a lot along the way about negotiation, leadership and company promotion.

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1. Be who you are.

As a teenager haunting the tiny, down-and-out rock clubs of the Shore, the-then high-schooler Bruce summoned the nerve one night to wander up to his long-haired “guitar hero” Walter Chichon (of The Motifs) to mumble his admiration. But there was something more: “[Chichon] was living proof that the real thing could exist right there in Central New Jersey,” Springsteen writes. “If you were powerful enough, you could be different, your own man. The nine-to-fivers, the straights, the high-on-Mama’s-and-Papa’s money frat boys would just have to eat it.”

2. Embrace your modest beginnings.

In 1975, heading to Britain, “the isle of our heroes” — The Beatles and Stones, whose members he’d later play beside — Springsteen reflects on the hard work and dismal settings that preceded that moment: “all those unfriendly gigs and rough houses, a decade’s worth of firemen’s fairs, carnivals, drive-ins, supermarket openings and hole-in-the-walls where nobody gave a s— about you.”

He mentions, too, playing at a trailer park, even a mental hospital, all in preparation for that moment of proof, at London’s Hammersmith Odeon, the band’s first stop in Europe. He and his E Streeters had finally made it.

3. Don’t second-guess your role as leader.

Once his early bands, The Castilles and Steel Mill, evolved into The Bruce Springsteen Band, Springsteen made peace with his decision not to share power. “If I was going to carry the workload and responsibility, I might as well assume the power,” he writes. “I didn’t want to get into any more decision-making squabbles or have any confusion about who set the creative direction of my music.” He calls this “one of the smartest decisions of my young life,” because boundaries were set down at the start.

Bandmates weren’t always happy — in later years Springsteen would have clashes with his guitarist and lifelong best friend, Steven Van Zandt, who subsequently left the band for some years, and the late saxophonist Clarence Clemons. Springsteen also ruffled feathers when he decided, in 1999, to be inducted into the Rock and Roll Hall of Fame as a solo artist. But his E-Street bandmates showed up, nonetheless, to support him and cheer him on. (.)

4. Do what makes you unique.

“My voice was never going to win any prizes,” Springsteen writes of his early years. “My guitar accompaniment on acoustic was rudimentary, so that left the songs. The songs would have to be fireworks … the world was filled with plenty of good guitar players, many of them my match or better, but how many good songwriters were there?”

5. Don’t be afraid to fail.

 At his audition with legendary record producer John Hammond, who’d “discovered” Bob Dylan, Aretha Franklin and Billie Holliday, Springsteen lowered his expectations. “I would have been in a state of complete panic, except on the way up in the elevator I’d performed a little mental jujitsu on myself,” he writes. “I thought, ‘I’ve got nothing so I’ve got nothing to lose. I can only gain should this work out. If it don’t, I still got what I came in with.'”

Hammond listened to just one song (Saint in the City) and announced that he would sign Springsteen to Columbia Records.

6. Protect yourself.

Springsteen writes at length about the contract dispute he had — with first manager Mike Appel — which kept him from recording for two long years. He’d signed what a lawyer would later call a deal even worse than the infamous one the Lenape Indians got for selling Manhattan. “I was totally ignorant in the ways of the law, musical or any other kind,” Springsteen writes. “I knew no lawyers; I’d been paid in only cash my entire life and had never paid a cent of income tax, signed an apartment lease nor filled out any form that might bind me in any way. I had no credit card, no checkbook, just what was jingling in my pocket.

“In the end,” he writes, “I would’ve signed Mike’s jockey shorts, if he’d presented them to me, to get my foot in the door.” But when the first million bucks came in, he watched the entire sum go straight into Appel’s bank account. He then reconsidered his lack of business acumen.

Eventually, he split with Appel — while remaining friends. He then hired Landau and signed agreements with his E Street bandmates. He was smart enough, along the way, to buy all his music back from Appel before it became truly valuable.

Meanwhile, on the down side, all his proceeds from the Darkness on the Edge of Town tour went to pay his considerable tax debt to Uncle Sam.

7. Hold on to what makes you, you.

Springsteen is hardly shy about the surfeit of ego that has made him, him. “When you’re on tour, you’re king,” he writes (adding, “and when you’re home, you’re not“). He also writes about those hundreds of hours he spent in the studio mixing band members’ contributions, back in the days before sophisticated mixing equipment.

“We needed to ruminate, contemplate, intellectualize and mentally masturbate ourselves into a paralytic frenzy,” Springsteen writes. “We had to punish ourselves until we’d done it … OUR WAY! … Like Smith Barney, we made our money the old-fashioned way; we earned it.”

8. Stay on top of your people.

Springsteen and the band were performing at Pittsburgh’s Three Rivers Stadium before a crowd of 60,000 when the singer began his usual countdown to Born in the USA and Max Weinberg fired up his drum set. But where was the band? Turned out Roy Bittan and Nils Lofgren were locked in a deadly Ping-Pong battle backstage. Those two realized their error only when they heard Springsteen’s reaction reverberating around the stadium stands: “Your ass is in a sling and I’m going to burn that f—–g Ping-Pong table DOWN!”

The musicians high-tailed it to the stage as anxious moments ticked by. “I stood, not too happy, pants metaphorically around my ankles,” Springsteen remembers, “experiencing one of the greatest weenie-shrinkers of all time. Ping-Pong tables were banned for years. Heads rolled.”

9. Evolve

After 16 years of togetherness, Springsteen parted ways with his E Street bandmates to work with other musicians. To raise the bar on harmony, he even brought a woman into the band: Patti Scialfa, whom he would marry years later. He experimented with a horns section, sang Pete Seeger’s folksy/political music and more. He then reunited with E Street, with whom he still plays today.

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“People always asked me how the band played like it did night after night, almost murderously consistent, NEVER stagnant and always full balls to the wall,” Springsteen writes. “There are two answers. One is they loved and respected their jobs, one another, their leader and the audience. The other is … because I MADE them!”

So, yes, Springsteen is an entrepreneur and one of the great songwriters of our time. But he’s never let anyone doubt that he’s also “the Boss.”

As an entrepreneur, or even an aspiring entrepreneur, you’ve always felt that it’s your calling to make an impact. But taking that first step can be daunting. You have so many questions about how to do it on a budget and what it takes to be successful.

John Spence and Kim Linster know the joys and hardships of owning a business firsthand. Over the past 13 years, Spence has opened 22 gyms in Indiana and Ohio, and was named . Linster, a dietician by trade, owns a studio in Fargo, N.D.

Here, Linster and Spence talk about how they got started, the challenges they’ve encountered through their journey and the advice they have for those just starting to pursue their dreams as business owners:

1. Do something you’re passionate about.

As a dietician, Linster always enjoyed helping people live better lives. When she opened her Waxing The City studio, she had the opportunity to expand that passion to a lot more people—both her customers and her team members.

Sometimes, the two groups intersected. A couple of the people on Linster’s team came into Waxing The City while attending esthetics school. They loved the service so much that when they finished their degrees, they joined the staff. Another employee, a stay-at-home mom, was so inspired by the service she received that she went into esthetic school to become a waxer and work for Linster after finishing her degree.

“My goal is to run a business where people can have fun and make money, but where they can also make a difference and be a day-maker for others,” Linster says. “You want it to be a place where people feel like it’s a home and a family.”

2. Everything is better with a support system.

If you ask Linster, one of the best things about joining a franchise system is there is already a structure in place. “The people behind Anytime Fitness and Waxing The City have been doing this for 14 years, so they’re experts at it,” she says. “This makes getting started that much easier because they already have teams in place that you just kind of plug-in. They have resources and processes you follow and connect the dots.”

Getting your foot in the door in the community and attracting your first customers is typically easier with an established brand. Additionally, having that corporate support system means never having to solve problems alone.

But even more valuable for many franchisees is the network of other franchisees. “You’re in business for yourself, but you’re not by yourself,” Linster says. “We tap into this network of owners and it’s helped us solve problems and grow faster. Time and money are precious and if you can conserve both, then your business is likely to succeed more rapidly.”

3. Have a vision and keep pushing forward.

Spence may own 22 gyms today, but of course he didn’t start with that many. With just enough capital to open one gym, he and his partner worked their way up and grew organically.

At first, Spence planned to own only five Anytime Fitness locations. “We figured we’d be happy there and that would be the end,” Spence says. “When we hit five gyms, my partner and I looked at each other and knew we just had to keep going.”

Throughout the process, they’ve kept their goal of creating exceptional customer experiences front-of-mind. Preventing themselves from getting sidetracked has kept them resilient. No matter what happened, they knew they were working to help people get to a better place in their lives, and they were always making progress on that.

4. Never stop learning.

While you don’t need to be an expert in every aspect of your business, you need to know them well enough to manage the people that you’ve hired to run each part of the company. And always be ready for change.

“Your company is changing so rapidly and you need to make sure you can keep up,” Spence says. Making sure you can help your managers succeed will, in turn, help your business be successful as a whole.

Part of training management means understanding how your business is going to scale. You have to ask yourself if what you’re doing is going to work when you start growing.

“Know what your business looks like today and picture what it will look like when you have 20 locations,” Spence says. “We’ve got our 23rd gym under construction right now and our next threshold is to operate 30 gyms. Take your vision and make that into a plan. That’s how we keep growing and pushing our thresholds.”

By evolving as you go, you’ll be able to achieve more difficult and ambitious goals. After all, isn’t that what every entrepreneur dreams of?

For information about Anytime Fitness franchise opportunities, visit . 

It is unlikely that not too many have heard of Angel investing in India. For starters, the monies involved are nowhere near as large as in VC or PE invests. Nor are the companies themselves large. And most angels are individual entrepreneurs themselves who have made it good. Individual private investors who invest in entrepreneurial companies are commonly and affectionately known as “angel investors”.Generally, entrepreneurs have a plethora of choice when they want to raise capital, including – Personal savings, Friends and family, mortgages, Government grants, Asset based loans, factoring, banks, Institutional investors (arranged through investment banks), leasing, VCs, IPOs, but here is a new way out to the entrepreneurs to get financed, that is Angel Investment.

Projects that are refused by VCs as being too small for their portfolio would be better off getting Angel funding and reaching the right size to approach VC, as these days VCs are ready to finance business when it reaches the stage of at least „prototype? aking. This research paper throws light on a very recent phenomenon in India, called Angel investing which is generally confused with VC funding, Angels are individuals or groups who not only invest but also mentor entrepreneurs. This paper also covers the preparation by the entrepreneur to get the funding, gives ideas about terms on which to deal and also means to meet the angels. But entrepreneurs have to note that, only 1% to 2% of all business plans presented to either angels or VCs receive funding.Entrepreneurs need to read the necessary books and speak to individuals with financing expertise so when the opportunity arises, they are fully prepared to present their concept to investors. Incomplete business plans are unacceptable in today? s competitive environment. But it should also be noted that angels always appreciate initiative.

1 What is Angel Investing? “I think you can do business without a VC but you cannot without an Angel,” avowed Amit Agarwala, founder and CEO of Amdale Software Technologies, who raised Angel funds in 2003 in India. What are Angels and why are they so important?Angels, at least in the secular sense, are individuals who invest time and money in very young companies. In fact, they often invest in an entrepreneur at a point when the business exists only as a good idea. Angels are individuals who invest their own money into start up companies. Usually angels also mentor the entrepreneurs in whose companies they are invested. They use their own cash to invest in early stage companies, and they prefer to take an equity position in the company either directly through the issuance of shares or indirectly through other instruments that are convertible into shares.Angel investors are so named because in the early 1900s wealthy individuals provided capital to help launch new theatrical productions.

As patrons of the arts, these investors were considered by theater professionals as “Angels. ” During the initial conversations with an angel group and during the presentation to the angels, it confuses the entrepreneur to find out which of the members are the real decision makers. This is difficult to ascertain but can be very valuable information because angels are human and they feel safety in numbers.The entrepreneur should focus on the more experienced angels and the managing directors of the angel group. If groups of investors are interested, it is far better for them to invest as an LLC (limited liability Company) than as individuals. VCs are weary of complex capitalization structures and an entrepreneur risks losing access to larger amounts of capital. In addition, major company decision making can become unwieldy if large numbers of investor/owners need to be consulting.

Finding an angel investor is like finding a spouse Personal chemistry is critical because it is a long term relationship.This chemistry may take time to build so invest quality time in getting to know the angel. If you are dealing with a group of angels, it is the lead angel that will be on your board or that will manage the investment on behalf of others that should be your focus. It is far better in the long run for an entrepreneur to turn down an angel investment because of lack of chemistry and wait for a better match. How do angels value start ups? As they say, beauty is in the eye of the beholder,” Pradeep Gupta, Co-founder of Indian Angel Network, describes the value of a startup.Valuing a non-existent company is difficult, if not impossible. However, there are some approaches for determining ownership percentage that seem common across Angels; milestones that Angels regard as valuable; and certain considerations taken into account when negotiating.

Combined, these provide a starting point for the new entrepreneur to understand how much of her company she may have to sell to raise Angel funds. Angels usually look at these aspects: ? How much value has been created to date? How large can the company grow, and how much additional capital will it take to get there? ? Most importantly the entrepreneur and his team 2 Post-investment Involvement: Angels usually provide guidance on business strategy and models; connect entrepreneurs to experts and potential customers; and help raise other funds as required. Angels have a variety of individual and professional backgrounds Angels can add tremendous value to startups. On the other hand, angels are humans and are subject to their personal idiosyncrasies.One or more of these characterizations may apply to an angel: Guardian angel- This type of investor has relevant industry expertise and will be actively involved in helping the startup achieve success Operational angel- This angel has significant experience as a senior executive in major corporations. For an entrepreneur, this type of investor can add much value because he or she knows what the company needs to do in order to scale up operations. Entrepreneur angel-An investor that has “been there, done that” is very valuable to a novice entrepreneur.

For example, an entrepreneur can add perspective to the founders on what to expect from investors and how to effectively negotiate financing terms. Hands-off angel-A wealthy doctor, attorney or similar professional must focus on his or her day-to-day career. This type of investor is willing to invest but usually does not have the time or specific expertise to be of much help to the startup. Control freak- Some investors either believe they have all the answers because they have achieved certain wealth or they have the personality to convince themselves they know “everything. Caveat emptor. Why angel investor? Generally entrepreneurs have a plethora of choice when they want to raise capital, including Personal savings, Friends and family, mortgages, Government grants, Asset based loans, factoring, banks, Institutional investors (arranged through investment banks), leasing, VCs, IPOs, but as a superior choice amongst all, especially for a budding entrepreneur, angels in India are playing the priority role. Triple Digit Crores PE Funds Double Digit Crores VC funds Few Crores Angel Investors Few Lakhs Friends & FamilySome studies suggest that angels spread out their investments into many avenues and companies when compared to that of VCs and their volume of investments also sums up to 10 to 20 times more than latter.

Angels fill a critical capital gap, between “friends and family” and VCs. When a startup requires more than 25 Lakhs but less than about 5 crore, angels are a viable source of capital. This level of funding is below the radar screen of most venture capitalists, although some VCs will occasionally fund a seed round of as little 5 crore. Here is a comparative study of Angels and VCs Funding amounts Motivation to invest Angels Rs. 25 lakh to 5 Crore Not just return driven, strong emotional component (“bragging rights”, psychological benefits of coaching, rush from being involved in fast paced startups) Prefer anonymity, reachable via referrals or through angel groups VCs Rs. 5 Crore and above Mostly return-driven with adjustments for relationships with other VCs and reputation among entrepreneurs Accessibility Geographical focus Key reasons to investRegional Personal chemistry with entrepreneur, detailed market analysis, sustainable competitive advantages Less than VC firms because have the luxury of being selective Relatively fast (one day to three weeks), terms are somewhat negotiable (more than with VCs) Common or preferred stock, occasionally convertible debt (debt convertible to equity shares) 10% – 50% Relatively fast and light Lump sum or milestone Operational experience, common sense advice, specific industry expertise Number of investments Term sheet issuance Investment vehicleHighly visible, usually will only look at business plans referred by their network of contacts (attorneys, etc. ) Regional, national or international, depending on the firm Nearly developed product, operating history, strong and experienced team, sustainable competitive advantages More than angels because need to make a minimum number of investments in a given year Can be fast, but usually is at a moderate pace (several weeks), terms are fairly standard and not very negotiable Preferred stock (convertible to common) Equity percentage Due diligence Funding process Long term value added Reaction to bad newsTarget exit time Target IRR returns 20% or more Relatively slow and methodical Lump sum or milestone Experience in managing growth, deep pockets, networks of additional sources of capital, rolodex, experience in managing IPOs and sale exits Roll up the sleeves and help Intense communication and solve the problem, open up coaching; open up rolodex; help rolodex structure joint ventures, new financing rounds or mergers; fire management 5 to 7 years 3 to 5 years 15% to 25% 20% to 40% 4 How to meet an Angel? Angels are individuals investing on their own behalf – they are not acting as part of investment companies, and they don’t advertise.

It’s fairly rare, for instance, to go to a meeting, and have someone stand up and shout, “Over here! I’m an Angel! ” Not only that, but Angel investing is a new phenomenon in India, so there simply aren’t as many Angels around as in Silicon Valley, for example. This poses a challenge for new entrepreneurs: how does one find and meet a potential Angel investor? Is it luck? It may seem like a happy accident, when one hears the stories. Sridar Iyengar, an active Angel in both the US and India, sat next to Vani Kola at a dinner, just when she was starting „RightWorks? based on that chance of meeting, he became one of her Angel investor. Tripat Preet Singh, a young Angel of five companies, and now at NEA Indo-US Partners, happened to meet one of his entrepreneurs in a friend’s office. 3 ways to find an Angel ? Ask everyone you know ? Research – and then cold call. It does work. ? Make use of existing forums What’s the best preparation to attract Angels? Once you have identified your Angel, how should you prepare to have the best chance of interesting him or her? Still an idea is ok Angels, by definition, invest at the earliest stage.

They do not expect running businesses, full business plans, or even set business models. In fact, for an entrepreneur, working with an Angel to shape the business can be part of the investment process. Sridar Iyengar, an active Angel investor in both Silicon Valley and India shared his perspective, “If I have been part of that process, then actually I have some skin in the game. I want it to succeed. And it’s easier to put the money in. ” According to Angels, some basic questions that entrepreneurs need to have thought through include: ?What is the problem, the ‘pain point’ you are addressing? ? Who and where are the target customers and how do you reach them? ? At what price point would someone be willing to use this product or service? ? Why do you think your team will succeed – particularly if there is no prior entrepreneurial or industry experience? ? Who is the competition, and why do you have an advantage? External validation If you want to convince an Angel, it helps to have convinced other people along the way. Obtaining external validation – building believers – is a key to proving the idea has merit.

The first thing is to try to get somebody who has creditability in that area, to believe in the idea,” says an angel investor The ultimate validation, of course, comes from having a customer – someone actually willing to pay for your product or service. At such an early stage, however, that may not be possible. In which case, there is value in having a customer become a believer in your efforts. Evaluation of business plans uses several parameters Too many entrepreneurs limit their opportunities by writing weak business plans.Great ideas are common; much rarer are businesses with the people and products to enter a market and 5 take share or dominate. Only 1 % to 2% of all business plans presented to angels or VCs receive funding. Investors refer to the valuation of a company prior to receiving a round of investment as “premoney.

” Once funding occurs, at that instant, the value of the company rises by the amount of funding and the “post-money” value is determined If a startup has no revenues, then valuation is subject to much negotiation and relies more on common practices of angel and venture capital investors.A “hot” company with patents or competitive advantages and potential for hundreds of millions of dollars in sales will certainly command a larger value than one with tens of millions in potential sales, but hard rules are difficult to establish in the investing industry Exits Angels need to exhibit a level of patience with their investments and understand that they will not likely recognize a return for a number of years. Angel investments are usually illiquid until some form of an exit strategy is employed.The founders should include their exit strategy in the company? s business plan, and it should be agreed upon between the entrepreneurs and the investors. Although market conditions may cause the exit strategy to change, investors want to know the plan as well as the time frame for harvesting their investment. The following list details some of the most common harvesting methods: ? Strategic Sale: The company is sold, often to another industry player. ? Initial Public Offering: While this method can be lucrative, it can be a very difficult exit method to execute.

There are numerous rules and requirements involved with an IPO, and it is very time-consuming. ? Partial Sale: The investor sells his stake in the company back to management or to another willing buyer. ? Bankruptcy: If the company is not successful, it can declare bankruptcy, either restructuring its operations or going out of business completely. Angel investment gets a leg up in India Indian Angels Network A formal association of individuals who will screen deals together, and may co-invest in a company.Not all Angels in a network will invest in a deal – it’s an individual decision. Indian Angel Network and Mumbai Angels, two groups of early stage investors, are on a mission to bring angel fund culture – the process of nurturing new companies to the next level, where they could easily attract venture capital investments – in India. The two groups based in Delhi and Mumbai, respectively, hope to make angel funding more active here in coming years, riding on their successful investments in the past, albeit in their individual capacity.

For instance, Infinity Ventures, an early stage venture capital fund promoted by investors such as Saurabh Srivastava (who is now with Indian Angel Network), had invested in some of today’s successful companies such as Avendus Advisors, an investment bank offering private equity syndication, M&A, fixed income, structured finance, special situations and strategic advisory services to corporate houses and investors. Indiabulls, a leading financial services and real estate development company and India Games, one of the major gaming companies in India.So far, IAN has invested in seven companies which includes San Shadow Consultants, a firm that helps companies create intellectual property rights or a patent portfolio, Knowcross, an IT consulting firm and Authorgen, a firm that provides e-learning software products and services. It has also made one exit along with Mumbai Angels in Madhouse, a DVD rental company, which was later acquired by Seventymm. 6 IAN’s network has grown to 60 members and now includes institutions such asGoogle, IBM, Punjab Venture Capital, Sidbi Venture Capital, Naukri. com and Greylock Partners. Mumbai Angels also plans to expand its 25 member team to 100 members in the next 2 years.

IAN has operations in Delhi, Bangalore and Mumbai whereas Mumbai Angels are just operational in Mumbai itself. Indian Innovators association The ideal angel is someone who is a generation ahead in creating value in the industry. They’ll provide financial capital as well as intellectual capital, which could be even more important than the money.The picture in India is different – Angels are hard to find. To bring Angel Investors and Innovators together, Indian Innovators Association made arrangements with selected Angels to examine the Business Plans of Indian Innovators. Innovators looking for angel investment may contact the association with an executive summary of their business plan. Detailed plans can be submitted to the interested Angel after the preliminary examination.

Band of Angels in Delhi Band Of Angels opened shop in Delhi.Started in April 2006, the Band of Angels is a unique concept which brings together highly successful entrepreneurs and CEOs from India and around the world who are interested in investing in start up / early stage ventures which have the potential of creating disproportionate value. The Band looks at a broad spectrum for investments : ? IT products & services – High end BPO / KPO ? Retail – Biotech & Pharma ? Internet – Media & Entertainment ?Leading edge technology in telecom & embedded domains The Band looks at investing typically up to USD 100,000 to USD 1 million and exiting over a 3 to 5 year period through an IPO, M&A or strategic sale. The Band may consider investments over a million dollars but is likely to do so through syndication. web page : http://www. boaindia. com/ A few other angel investors in India ? ? ? ? Chennai Fund www.

chennai. tie. org Indian Angels Network New Delhi 110 065 info@indianangelnetwork. com Mumbai Angels Vimmla, www. mumbaiangels. com TiE Entrepreneurship http://www. bangalore.

tie. rg source: www. nenonline. org Conclusion You Too Can Find an Angel – Build Your Pipeline The best way to source an investor angel is through referrals. You need to be introduced by a credible source. Networking is a tradition which works and is especially important when you seek an angel investor. Networking is hard work; it requires time, energy and follow up.

Do not expect networking to pay dividends immediately. It is a long haul so be prepared. It is not easy to find angels. Most of them value their privacy and do not want to be approached by every person who is looking for funds.Knowing the right person is the key to getting an introduction to an angel investor. 7 You should try to meet as many business owners as possible. Many of these business owners may be or may want to be angel investors.

Alternatively, these business owners may be willing to refer you to investors who they know. Another way to get an introduction is to connect with your accountant, lawyer, banker, customers, employees, doctor, dentist, consultants, or your professor at a local university, especially one that specializes in entrepreneurship.In order to find money you may need to be aggressive; for example, consider calling the CEO of a company that is similar to yours, but not a competitor, and see if you can get the CEO to introduce you to a potential angel or someone who might know angels. If you meet any venture capitalists, keep in touch with them even if they are unable to invest in the company. Some of them have contacts with angels. By the same token, you should cultivate contacts with investment bankers and other intermediaries as they also often have contacts with angels. There is Hope It is tough finding angel investors.

There is a strong perception that there is angel money waiting to be invested but the conduit is not as developed in India as it should be in order to match entrepreneurs with angels. The good news is that it looks like more local resources will be developed in the future to help bring entrepreneurs and angels together. 8 Appendices: ? Bibliography ? Typical angel questionnaire ? Reading/sufing Appendix 1 – Bibliography ? ? ? ? ? ? ? Winning Angels: David Amis and Howard Stevenson, Prentice Hall, 2001 Business week-Dec ‘07 DARE-Entrepreneurship magazine-Dec07,Jan 08. http://www. smallbusinessnotes. com http://www. indianangelnetwork.

om http://www. nenonline. org http://www. boaindia. com http://www. indianinnovatorsforum. org ? Appendix 2 – Reading/Surfing List ? Benjamin, Gerald A.

and Margulis, Joel B. , The Angel Investor’s Handbook: How to Profit from Early-Stage ? ? ? ? ? ? ? ? ? ? Investing, New York: Bloomberg, 2001. Hill, Brian E. and Power, Dee, Attracting Capital From Angels: How Their Money and Their Experience Can Help You Build a Successful Company, New York, John Wiley ; Sons, 2002 Simmons, Cal and May, John, Every Business Needs an Angel: Getting the Money You Need to Make Your Company Grow, Washington DC: Crown Business, 2001.Williams, Kelly, Working with Angel Investors for Community Development, New York: Community Development Venture Capital Alliance, 2003. http://www. infinityventure.

com http://www. strategicinvestment. blogspot. com http://www. podtech. com http://www. thealarmclock.

com http://www. fundingpost. com http://www. angel-investor-guide. com http://www. inc. com Appendix 3 – Typical Preliminary Questionnaire From Angel Groups To Entrepreneurs • Name of company • Year founded and legal structure (“C” Corp, “S” Corp, LLC, etc.

) • Who referred you to this angel group? Summary of business (in 3 sentences or less) • What problem is your product or service solving? • What is the size of the market, how much has it grown in the past few years, and what is its projected growth? • Describe the competition (companies as well as substitute products) • What are your company? s competitive advantages? • Why will your company succeed in the long run? • Does the company or its founders have any relevant patents or proprietary technologies? (please do not reveal specific proprietary information) • What is the relevant experience of each member of the management team?Please enclose a one page resume of the CEO. • What is the company? s sales and marketing strategy? • If you have a website, what is the URL? • What are the major short, medium and long range operational milestones you intend to achieve? • Please complete the table below: • Are 50% or more of revenues generated from one or two customers? • What are the 3 greatest risks of this venture? • What is your capitalization structure? (How many shares are currently owned by founders and investors? How much capital has been invested so far, and by whom? • How much capital are you seeking, and how will this capital be used? • How many rounds of investment and what amounts do you expect to need in total? • What is your exit strategy? • Please list the name and company of your professional advisors (attorney, CPA, and/or consultant): • Who is the main contact person at the company? Please provide address, telephone, mobile phone, and fax

So you want to write a book. Maybe you’re looking for a new revenue stream. Maybe you have a that you think others should adopt to make their days more efficient. Maybe you’ve had a lot of interesting conversations online lately and want to summarize the ideas you’ve generated from those talks.

Whatever the case, packaging and distributing your expertise has never been easier. In fact, some authors have turned down offers from publishing houses in favor of the self-publishing model. If you’re considering this independent route, recognize that its advantages go beyond giving yourself the green light to produce your written work. You also have the freedom to create your own schedule and involve whomever you want in the process.

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Still, self-publishing can be intimidating. Even if you’re not a first-timer, it’s still a process that requires a tremendous amount of discipline, as several established authors can attest. At a roundtable hosted by yesterday morning, authors James Altucher, Honorée Corder, Hal Elrod, Pat Flynn and Guy Kawasaki shared their tips for successfully writing and promoting a self-published book.

1. Know why you want to write a book in the first place.

Is a book a means to an end, or an end in and of itself?

“Your agenda might be not to sell a million copies, but to get speaking gigs, or to get consulting work, or to build a bigger email list or to sell other books based on this one book that you’re self-publishing,” said Altucher, an entrepreneur, podcaster, trader, investor and author.

Business coach Corder, author of , shared a similar view about the power of being published and the doors it opens.

“A book replaces a brochure. It’s better than a degree,” Corder said. “The only thing I figured out that a book is not better than is a gold medal.”

Kawasaki, describing his view as “slightly contrarian,” emphasizes the importance of having a passion for the information you’re sharing and the value it adds.

“Whenever people ask me about writing a book, I always tell them, ‘Well, do you have something to say?’” Kawasaki said. “I think the real test for a book is, you would write the book even if it doesn’t sell.”

Before you write, determine where your motivation lies so that you can position yourself to get what you intend out of the publishing process. Also note that some of the opportunities that arise from being an author, such as the ability to raise your speaking fees, may come as a byproduct of putting forth your ideas.

2. Figure out your timeline and schedule.

Block out time, whether it’s a couple of hours every day or a period of days or weeks.

“I know that when I say yes to something, I’m saying no to something else,” said Flynn, author and creator of the . “If it doesn’t get scheduled, it doesn’t get done, and that includes time with family.”

When he set out to write , he made an effort to get ahead on his other projects, such as his blog and podcast. Then, he wrote the book exclusively between 5:30 and 7:30 a.m.

“My deadline for every day was whenever my kids got up,” Flynn said. “That’s when I was done writing.”

This time limit led Flynn to think about productivity and efficiency in his writing. He hired a coach to help him overcome roadblocks such as self-doubt and to increase his speed. He dictated his entire first draft through an app called Rev, which records audio and then exports it for human transcription. Through stream of consciousness, he completed a first draft at 300 words per minute that contained far richer, honest ideas than that he likely would have filtered out before writing them down.

Elrod, who proudly wakes up at 3:30 a.m. every day as part of his regimen, has also done some writing in the wee hours. But over the years, he’s taken various approaches, such as when he wrote his first book in 2006 while working in sales.

“I would lock myself in a room and drink coffee, and I would write for 12, 14 hours a day for a week and get a third of the book done,” Elrod said.

3. Adopt an “It takes a village” mentality.

Just because you’re self-publishing doesn’t mean you have to be a jack of all trades. You can hire an editor, a proofreader, a graphic designer and a marketing agency so that you can focus on the writing itself.

“Make sure that you’re making it as traditionally published looking and sounding and feeling as you possibly can,” said Corder, who is also Elrod’s business partner on the Miracle Morning series.

You can also recruit volunteers.

“I take my book, and I write in Word, and when I think it’s about to go to copy edit, I post on all of my social media about the fact that it’s in beta, and I’m looking for testers,” Kawasaki said. “Then I send everybody a copy of the manuscript. Literally thousands of people. And of the thousands, I would say 20 percent actually send corrections back.”

Kawasaki says he doesn’t worry about this large-scale digital distribution jeopardizing his sales.

“What I’ve seen is, the people who give me feedback make tremendous improvements in my book,” Kawasaki said. “Not just at the ‘You’re missing a serial comma’ level, but at the content level.”

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He repeats this process once the book is about to be published, sending PDFs to volunteer reviewers. Then, hours before the book goes live, he sends an email to everyone who has read it, asking them to write an Amazon review at midnight Pacific time.

“In the first 48 hours, you need to get 40 or 50 reviews that average five stars,” Kawasaki said, explaining that this is a key way to give your book momentum. His method allows him to get honest reviews from people who have actually read his book — the first time he did it, he even called Amazon to reassure the company that he was not gaming the system.

Corder and Elrod said they have what’s called an “Advanced Reader Team” for The Miracle Morning series. They too send books to hundreds of people ahead of publication to collect feedback and inspire reviews.

4. Offer peeks behind the scenes as you work.

Flynn suggested another strategy for generating feedback and drumming up excitement before a book launches — and sometimes even before he’s started writing.

He has posted with callouts to viewers, asking them to help him brainstorm for his book and hone its focus. He also posted one video in which he demonstrated the aforementioned Rev dictation app.

“They feel like they’re a part of the process,” Flynn said. “That way, when it comes out, they almost feel like it’s partly their own, too.”

Another great way to engage potential readers early on is to poll them on various cover design options via social media. Elrod said that he received 2,300 Facebook comments when he did this.

5. Balance storytelling with actionable advice.

If you consider the advice you might give someone, chances are there’s a story behind each lesson. Even though you’re not writing a novel, you can leverage storytelling to drive your message.

“What’s so important that people forget in the nonfiction space is writing a great story,” Altucher said. “For 40,000 years, people tell stories. They don’t tell facts. The brain’s not programmed to remember a list of facts.”

A story evokes emotion, Elrod explained, quoting Maya Angelou: “People will forget what you said and what you did, but they’ll never forget how you made them feel.” He said he strives to make his books fun and entertaining, but also suspenseful like a movie. That way, people won’t want to put the book down. But entertainment shouldn’t come at the expense of helping readers with their own self-improvement.

“If you don’t change behavior, then all they are is inspired and entertained while they read your book,” Elrod said.

When you tell your own stories, be authentic. Corder admitted that when she wrote , she didn’t think anyone would read it. Her writing was candid, and readers appreciated it. “People said, ‘I feel like I’m having a conversation with you,’” Corder said. “We find ourselves in other people’s stories. People want to feel like they can relate to the author.”

6. Consider recording an audiobook.

If you think that not many people listen to audiobooks, you’ll be surprised to learn that both Altucher and Flynn said that’s how they make most of their money from their books.

You might be uncomfortable reading your own book aloud, but you can always hire a narrator, as Corder does. Or, you can record an “abridged version,” as Altucher did with .

“I went into the studio, and I said, I can’t just read off this book, it feels really fake,” Altucher said. So instead, he didn’t read the book verbatim. The distributed recording even includes him asking the audio engineer questions. He said that because it’s not identical to the book, people buy both, which earns him more money.

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Flynn decided to record an audiobook because he already records a popular podcast. He and Altucher both emphasized the importance of going into a professional studio to record, even if you have equipment at home. You’ll get finished faster without say, kids to distract you, and the product will be of higher quality.

“I will say, because it does take like two or three days, six to eight hours each day, it really hurts your throat,” Altucher said. “So you can’t do anything the day before, and you have to bring like, warm towels to put around your throat.”

7. “Promote until you die.”

The typical trajectory for self-published book sales is that they peak within the first month, then drop off, according to Elrod. That was the case with The Miracle Morning.

To pull his sales out of that post-first-month slump, Elrod promoted the book relentlessly. “It took a year and a half of doing over 100 podcast interviews for the sales to get back to where they were,” he said. Eventually, if you get invited to promote your work on a prominent platform, you’ll see the return on all of your investment.

The reality for self-publishers, Elrod said, is that you have to “promote until you die.” (Traditional publishers, Kawasaki noted, will give up on your book after five weeks if it doesn’t take off.)

But if you believe in the words you’ve written, he said, you’ll be more apt to persevere.