As the founder of http://millionairemoms.com it is part of my job description to get up in front of people to speak, educate & inspire. I love this yet it’s a new world to me.
I spent several days listening to a speaker who was a mix between Jim Carey & Tony Robbins. He was a bit over the top for the more conservative folks but I found him endearing, funny & smart. I realized after hearing the positive and negative comments on this speaker that you can’t please everyone.
I have decided I will be “uniquely” me in all aspects of millionairemoms.com. As such, this blog will evolve to show the silly side of Joyce as well as the seasoned entrepreneur. If I am going to work as hard as I do then I want to be surrounded by dynamic, fun loving entrepreneurs that love to laugh and get “me”!
If you know any good jokes then be sure to post it! I’m sure the community will appreciate some humor in there day.
Here’s a video that makes me laugh. These guys are from ATL. It hits close to home in my world. I hope you like it too!
“How can an entrepreneur starting out in business expect to raise capital in today’s down market when the banks aren’t lending?” This was a question posed to me recently. First, expect is a passive and weak word. It’s important to choose our words wisely and train ourselves to be solution based rather than problem focused.
Here’s the down low from my experience raising $68 million dollars for my business ventures in three distinct industries. The short answer is there is always money available for the right idea at the right time.
The trick is getting in front of the right people and not getting discouraged when you hear “no” a bunch of times. Raising capital is a sales function which means it’s a numbers game.
It’s also easier to close deals with people who know your intelligence level, character and work ethic. By the way, make sure you have these before trying to convince others to invest in your company. You typically don’t get a second bite at the apple. If you lose someone’s money they might forgive but they definitely won’t forget!
Another tip is to share your milestones with those that can help you. If an investor sees you making progress over time the odds of investing in your company increase. Remember, it’s the jockey people bet on not the horse.
I’ve always preferred talking with investors within the industry I am operating in. The battle is half won already. They get it. I just have to be convincing on the business plan, the management team and what’s in it for them.
I have always raised funds in a way that flows with the current economic cycle rather than against it. When IPO’s were hot I structured my business model from the start to take advantage of the trend. When I was active in real estate I leveraged OPM (other people’s money). In today’s marketplace I am experimenting with creative financing methods.
I believe in leading by example so I am showing my millionaire moms members that you use creativity, leverage and knowledge to raise funds. I once bought an investment house for $10.00 in earnest money and turned it into $10,000 in one month. This is just a small example.
Those who succeed are not always the smartest. For instance, school was the backdrop to my social career. Certainly many were smarter than me but few were as motivated or resourceful in accomplishing goals. To quote Cynthia Good from Pink Magazine, “The triumphant are those who don’t give up!”
My current venture www.millionairemoms.com is a wealth of information. I have asked dozens and dozens of ultra successful moms how they raised their funds? The answers have been fascinating. Women typically take a different approach towards raising money. They tend to want to self fund more then men and don’t typically consider venture capital funding at all.
Here are two examples of creative financing I’ve run across. One mom sent her business plan package to 30 CPA’s. She figured they’d know which of their clients would have an appetite for her type investment. She sent a letter asking they review the plan and submit it to clients that might have an interest. She followed up and got funded. A member of millionairemoms.com heard the idea and did the same thing. She got funded as well.
Another successful mom told me how she enlisted her local University to help her write her business plan. I thought this was a good idea. I tried it and it worked. The MBA students took on my project. I am now competing in business plan competitions with the school. The cash prizes range from $10k-$100k per competition. This will be seed money to grow my business. Venture capitalists will be in the audience. This will be a great networking opportunity. From this experience I will also be polished in pitching my plan should I ever seek outside funding.
Today, I read about how Tech billionaire Mark Cuban is offering “open source funding” for all entrepreneurs. He details it on his blog www.blogmaverick.com. You post your business plan on his website and get comments and possibly funding. This isn’t for everyone but the point is, think outside the “have to get a bank loan” box. There is more than one way to skin a cat!
If you want additional insider secrets like how one of our millionaire moms invented over 100 products without spending money up front then sign up for my free weekly eZine at www.millionairemomssecrets.com for a free audio and written transcript detailing her journey. She even landed a contract with K-mart for $1 million dollars without an appointment!
Always keep your ears open for opportunity and go with the trends, not against them. (Hint…I just offered you one!).
I have been very busy writing my book due out in Spring 2009. Today as I typed away I added some thoughts from millionaire mom, Nancy Bogart from www.jordanessentials.com. She is an incredible mom and business woman.
At the beginning of her journey running her bath, body and spa business she found herself surprised whenever someone in her company left. She explained to me, “Not everyone will love your dream like you do. If you are the owner, you really do care more than anyone else. It never occurred to me people who were with me in the beginning would ever leave. I had to learn to get over how I felt when this happened. ”
She went on to say, “There are seasons in life and ways of life. A season of life is temporary and short term. A way of life is confidence, strength, purpose and vision. Seasons come and go, be sure to keep the main thing, the main thing, and that is Love. Nothing is greater and strive to be loving to someone as they end a season with you. You never know what will happen in the future. A good friend once told me to have a revolving door on your business and life. Let people come and go as long as it is healthy. Living life with this mentality will lead to an abundance of people in your life.”
I love the concept of a revolving door with relationships. Instead of burning bridges or passing judgement let’s strive to understand everyone has different needs, wants and desires. This does not make them “wrong” for not seeing things your way. This is a beautiful metaphor. I hope you recall the next time you feel the sting of someone exiting your life whether in business or personally. Love abundantly and create rather than react. These are two things at the top of my to do list for 2009!
“The struggle bus”. I heard that term recently and it made me laugh. Can you relate? We all know people that seem to have a permanent seat on it! Let’s admit it, sometimes we ourselves are on it. Why? Well some people are just not that bright. The same mistake is repeated over and over. When I encounter people in this category it reminds me of watching a fly bounce off a window pane trying desperately to get outside. It seems to think if they try just one more time the end result will change which of course, it doesn’t. I’m not thinking you fall into that category since you are smart enough to seek insight from blogs like this one.
For go-getter’s like us the struggle bus can present itself in a variety of ways: procrastination, lost documents because the power went off and you forgot to save it along the way, a CPA who won’t call you back, kids not co-operating. You get the idea! If you can identify areas in which you consistently struggle you can create and place systems in your life to overcome them. For example, I have a bookkeeper coming in to help me get better organized with all the financial details. I hate that stuff. However, its a fact of life the government wants their money. I am going to create a system to overcome my reluctance to deal with this aspect of business.
What areas do you struggle with that can benefit from a system? If you are a clutter bug head over to my friend Lorie Marerro’s site www.clutterdiet.com. She is a master organizer and can help you out big time! If its staying on a diet or eating right you can head over to www.caloriecheckbook.com. I use that site whenever I feel “puffy” (whenever an extra couple of pounds trying to sneak up on me) and track myself for a week until I feel fit and strong again. You get the idea! Otherwise, you will be getting on the bus and paying the fare my friend!
As a mom and entrepreneur we must consistently exhibit laser focus to achieve work goals. After all, work at home moms are typically limited to the hours our children are napping or are at school. You must learn to focus on the 3 activities each day that hands down move your business ahead the furthest. Busy work does not count. We all have busy work. The successful among overcome this and stay focused on growth. If you aren’t sure what those tasks are here is a hint: whatever makes the cash register ring!
Flexibility is another key trait for the working mom. This can apply to your home life as much as your work life. I was looking forward to a three mile run the other day. I headed out the door and my five year old trailed me saying he wanted to go jogging with me. Frankly, I wanted the time alone. He seemed so earnest though so I said, “ok, but its three miles, no stopping”. His attitude was “game on”. He made it to the end of the street and started walking but by then he had wormed his way into my heart like he always does. Do you know people like that? No matter what they do they always seem to wiggle back in to good graces? I do! Anyway, it turned into a 1.5 mile walk holding hands and chatting. I got a big “I love you so much mom” mid-way through the walk. By remaining flexible I had an even better end result than a jog: a happy moment with my youngest son. The point is life throws curve balls constantly. We can be rigid and stick to our agenda. This typically causes unhappiness and stress. Alternatively, we can learn to be like water flowing in a creek constantly moving around whatever objects it encounters. Let’s experience the unexpected and find the good in it. Let’s be water!
I have been thrown several curve balls since starting my websites. I’ve had to employ sugar, spice referenced in the last blog post, flexibility and focus to make progress. I have had setbacks, obstacles and challenges just like you. For me, flexibility, focus and faith will pull you through any tough times you may encounter juggling family and business. If you keep the reasons why you started your business in the forefront of your mind you will find all the focus and flexibility you need to make it a success!
Posted by joycebone 
Posted by joycebone 
Posted by joycebone 
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