Early to Rise Saturday August 21, 2004 By Michael Masterson Today . . .
*** 6 signs that a small business (maybe yours?) is headed for trouble *** What NOT to put on your to-do list *** A redefinition of the term "weapons of mass destruction" *** This Week's Most Compelling "Speak Out" Topic *** This Week in Early to Rise *** This Week's Pop Quiz *** Answers to This Week's Pop Quiz *Advertisement* R alph's Cancer was the worst case the Mayo Clinic had seen in 20 years? Eight years ago, Ralph's cancer was so bad… they'd given him Last Rites. But a little known, non-drug therapy brought him back from the brink of death. Today, his doctors call him… The Miracle Man. Learn the natural secret that saved Ralph's life after drugs, chemotherapy, and everything else in conventional medicine's "bag of tricks" Couldn't. http://www.agora-inc.com/reports/HSI/W6HSE812 ***6 Signs That a Small Business (Maybe Yours?) Is Headed for Trouble Watch out if a small business exhibits these six signs of potential trouble, warns the National Federation of Independent Business: 1. Checking and savings balances have dipped below normal averages. 2. The sales "pipeline" is slowing and sales staff is reporting fewer productive sales calls than in the past. 3. "Bread-and-butter" articles of inventory have remained unsold for longer-than-expected periods. 4. Payments to suppliers are continually delayed or put off altogether. 5. Upper management retracts set plans for all types of growth and development requiring additional funding. 6. Banks and other loan providers ask for additional information on financial statements and loan requests. *Advertisement* "Is It Possible to Become a Multimillionaire in 3 Days?" That's the challenge we've set for ourselves... Michael Masterson and about a dozen of his multimillionaire colleagues have agreed to put their heads together to create a wealth building seminar more powerful than any that's ever been done before... http://www.agora-inc.com/reports/700SETRBC/W700E559/ *** What NOT to Put on Your To-Do List John Sarver pleaded guilty in April to robbing six Kansas banks in 2002 and 2003. The last robbery took place just before Christmas, and he was arrested January 2nd. When police searched Sarver's home, they found a to-do list, including a reminder to "rob bank." Despite his admirable habit of setting goals and writing them down, Sarver drew a prison sentence of 10 years and five months, plus two years under supervision after he gets out. He was also ordered to make restitution in the amount of $13,834. (Source: Associated Press) *** A Redefinition of the Term "Weapons of Mass Destruction" Some surprising facts from Laura Lee's book "100 Most Dangerous Things in Everyday Life and What You Can Do About Them": * Each year, 12,779 people in the U.S. are injured by washing machines. * More people are killed annually by teddy bears (choking hazard) than by grizzly bears. * Each year, thousands of couch potatoes are admitted to emergency rooms for television-related injuries. * There are more germs on your desk than there are on your toilet. * More than 133,000 people each year are injured by doors. * More than 400,000 Americans suffer injuries every year while relaxing or sleeping in bed. The point of her book, Lee says, is "not to increase the general paranoia but to diminish it. If you can look such deadly items as kitchen knives, bedding, vegetables, and teddy bears in the face each day without fear, you should be able to stare down the much more statistically unlikely threats that now haunt our collective consciousness." *Advertisement* ***Exposed: Get 164 Times Richer on Bush's Secret Revenge. If you act now, a one-time investment of $10,000 in a select group of stocks could grow to $1.6 million over the next 12 to 36 months - a multiple of 164. Read the Bonus Report for details: http://www.agora-inc.com/reports/TRZ/WTRZE732/ *** This Week's Most Compelling "Speak Out" Topic In the General Discussion forum of "Speak Out," there's a good thread that demonstrates how a hobby or profession can be changed into a new business. Check out "I would like some opinions, please" (http://speakoutforum.com/forum/viewtopic.php?t=256). Do you have a comment or question on this -- or any other topic that would be of interest to your fellow ETR readers? Post it on "Speak Out" by clicking on: http://speakoutforum.com/forum/ *** This Week in Early to Rise 8-16-04 In Business, to Whom Do You Owe Your Loyalty? If you want people to be loyal to you -- to support your goals and stay with you when you falter -- you need to give them a good reason to be loyal. The best reason I know is to give your loyalty in return. 8-17-04 Are You Exercising Your Risk Threshold . . . or Getting Financially Flabby? How did Frank McKinney go from being a 21-year-old kid buying, renovating, and selling foreclosures and fixer-uppers in the poor parts of town to becoming the most renowned creator of oceanfront homes in the world? And what can you learn from his success? That's the subject of Justin Ford's essay today. 8-18-04 The Myth of the Power of Teamwork In Message #1001, I took issue with an idea that has gotten a lot of ink in recent years. The advice goes something like this: "You and your employees are a team. On a team, everyone is equally important. The secret to making a team work (i.e., making your business work) is to treat everyone in the business equally, for everyone's contribution is essential." As I explained then, I don't think that works most of the time for most businesses. Today, Bruce Midgett has more to say on the same subject. 8-19-04 Do You Trust Your Employees? Why … or Why Not? The world today is filled with bad ideas -- stupid, silly, or downright destructive notions that impede progress. And some of them come from the world of academia. 8-20-04 *** This Week's Pop Quiz How much do you remember about some of the things you learned this week in ETR? The answers to this week's Pop Quiz are at the end of today's message. Part I: 1. In my experience, the best way to get your employees to be loyal to you is to (a) pay them more than they're worth, (b) ignore it when they make mistakes or goof off, or (c) give them your loyalty in return. (Message #1193) 2. In Message #1194, Justin Ford told us a little bit about how Frank McKinney went from being a 21-year-old kid buying, renovating, and selling foreclosures and fixer-uppers in the poor parts of town to becoming the most renowned creator of oceanfront homes in the world. One of the guiding principles that Frank has used over the years is that to be successful in life -- no matter what you choose to do -- you have to "gently yet often exercise your risk threshold like a muscle." This is NOT the same thing as being reckless. Why? 3. The best way to manage an important project is with a team approach, every member of the team making an equal contribution. True or False? (Message #1195) 4. Even if you trust your employees individually, unless you take precautions, some of them WILL steal from you. What preventive steps should you take? (Message #1196) 5. Starting Monday, what big change are you going to see in ETR? (Message #1197) Part II: Quick Tips/It's Good to Know 6. In Message #1193, Graham McGregor talked about the "Wow!" factor -- small details that a business pays attention to that make their customers want to come back again and again (and convince their friends to go there too). One example that Graham gave has to do with the Disney theme parks. What is it? 7. A growing number of wine producers are starting to bottle their wine with screw caps instead of corks, because (a) screw caps are cheaper, (b) the world's supply of natural cork has practically been depleted, or (c) using a screw cap eliminates the possibility that the wine will be damaged by oxidation or by TCA, a chemical contaminant that's nurtured by cork. (Message #1194) 8. When it comes to health insurance, the plan your employer offers is always your best deal. True or False? (Message #1195) 9. The first Olympic games can be traced back to 776 B.C., and they have been held continuously ever since. True or False? (Message #1196) 10. In Jolly Old England, toastmasters would often raise a glass with these words: "Gentlemen, no daylights nor heeltaps." What does that mean? (Message #1197) Part III: Word to the Wise 11. Something that is "anachronistic" is (a) irritating, (b) out of its chronological place, or (c) extremely stable. (Message #1193) 12. A "tenable" idea is (a) based on sound reasoning or evidence, (b) unbalanced, or (c) insignificant. (Message #1194) 13. "Defenestration" is (a) an excuse, (b) a rebuttal, or (c) the act of throwing a person or thing out of a window. (Message #1195) 14. If I describe you as being "sedentary," I mean that you are (a) miserly, (b) physically inactive, or (c) rebellious. (Message #1196) 15. You might see a "meniscus" in a wineglass. True or False? (Message #1197) *** Answers to This Week's Pop Quiz 1. c - To me, loyalty is the foundation of all good, long-term business relationships. Work hard, don't steal, and support my goals. In return, I'll pay you fairly, take care of you when you get in trouble, and keep you employed even when you've passed your prime. 2. McKinney is willing to take a chance ("exercise his risk threshold"), but not unless he has first done his homework. He knows his niche in the real-estate market cold . . . he's plugged into land deals before they hit the market . . . he knows when he has found an excellent value . . . he's keenly aware of the costs of his projects… and he has never lost money on a real-estate deal in his life! 3. False - Somebody needs to be in charge, and the division of labor has to be based on each individual's talent and experience. 4. Make a list of all the ways your employees could steal from you. Think about the transportation of cash especially: how it comes in, who handles it, etc. Consider also your bookkeeping. Make sure that all invoices are tracked, all dispersals checked, and all accounts balanced. Try to imagine how you could be taken advantage of in your operations, fulfillment, and customer service departments too. Find out where you are vulnerable. Make a commitment to install safeguards. 5. Starting Monday, ETR will have a new, improved format. We will continue to give you advice to make you healthier, wealthier, and wiser . . . but now you will learn something new and interesting and useful in all three of these key areas every day. 6. One of the first things you notice if you go to Disneyland or Disney World is the incredible cleanliness of the place. There is no rubbish on the ground, and everything looks spotless. People go home and tell their friends how different it is from other amusement parks they've visited -- and make them want to go there too. 7. c 8. False - Don't assume that those one-size-fits-all plans are right for you. Employee plans used to be comprehensive and inexpensive. But no longer. Shop around. You may find an individual plan that is less expensive and/or more appropriate for your needs. 9. False - The Olympic games began in 776 B.C., but came to a halt in A.D. 393, when Emperor Theodosius decreed that all such "pagan cults" be banned. The first modern Olympics were held in 1896 in Athens, the same city that's hosting this year's summer games. 10. Brewer's Dictionary of Phrase and Fable tells us that old English toasting traditions called for glasses to be filled to the brim ("bumper") and every drop had to be drunk. A glass had "daylight" if it wasn't quite filled during the pouring -- and if the drinker left anything in the bottom of the glass, it was called a "heeltap." 11. b 12. a 13. c 14. b 15. True - A "meniscus" is the crescent shape that forms on the upper surface of a liquid against the wall of its container. Michael Masterson Copyright ETR, LLC, 2004 ALL CONTENTS OF THIS E-MAIL ARE COPYRIGHT 2004 BY ETR, LLC. 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