The redesign was an all consuming effort involving many people. Thank you to Lauren Krzyzynski (project manager), Ariel Lepor (designer and coder), Ellen Arndt (content writer), Liz Buelow (content writer), Jamey DeOrio (copy editor) and Finn Media Company (logo rebranding).  Without all of these wonderful, talented devoted people it wouldn’t have been possible.

I am very proud of the outcome and invite critique. There is no such thing as “perfect” only constant improvement so I look forward to the feedback.

The month of August also brought Ethos 360 two new employees to participate in our growth. The first is Doug Johnston, VP of Business Development. Doug is a successful entrepreneur is his own right and has decades of experience in business development. Next is Brooke Strickland, writer and researcher extraordinaire. Brooke is a published author of note in regional magazines and has several hundred business plans under her belt.

Ethos 360 is growing because entrepreneurism is flourishing during this economy. Entrepreneurs are finding unique solutions to problems, creating new business models and taking advantage of opportunities. As they should because that’s what they do.

*Remember- Fortunes are created during the bad times and cashed in during the good.

Only 400 out of 40.000 new ventures are funded by venture capitalists (VCs).
Only about 4.000 ideas reach the pre-business plan stage.
Only 400 entrepreneurs have available some kind of business plan.
Only 40 out of them receive some funding by business angels or any other sources.

Statistics also tell us that there is more money looking for good projects than vice versa. Why then is it so difficult to raise money?

It is all about investing on a qualified business plan.
This is a methodical first step that leads to the anticipated Fundings.

Your business plan is your “road map” of your enterprise and shows you where you want to go. It is to become your checking list to follow up, the same way an orderly routined pilot does, before taking off his plane.
As Henry Kissinger remarkably said: “If you do not know where you are going, every road will get you nowhere

Why let professionals prepare a business plan for you?

• They have the skills to detect the investors’ preferences.
• Have the experience to eliminate mistakes.
• Define and focus your objectives.
• Can uncover overlooks and weaknesses in your planning process. This will help you to build up an overview of your business idea. They also prepare you to give a thought to the potential investor’s unexpected questions.
• Guide you to avoid common mistakes.
• Create a meaningful content which is expected by professional investors who recognize generic phrases, created from business plan software. They compile for you a convincing content that covers from hard to find market research to articulating the value of your message.
• They free up your valuable time. Instead of collecting material, gathering market research, writing creating drafts and revising, it would be better used working on your business.

Professionals model your business:

• They teach you how to both create and communicate true value to potential customers, suppliers, employees and even investors.
• They formulate a start up strategy which will minimize the capital needed to launch your company.
• You have only one chance with many investors. They help you make it count and stand out.

Who qualifies for venture capital today?

Ask yourself the hard question if you have what it takes to turn your vision to reality. Your business idea, as good as it may be, will mean nothing if it is not backed up by your entrepreneurial skills. For venture capitalists are like winning horse track gamblers, they bet on the jockey not on the horse.

Summarized glossary of terms:

Annual Report:
This is a report that lists the directors and officers of a corporation. It is required to be filed with the division of corporations every year so as to maintain the corporation’s “good standing” status. This Report may either be mailed or completed online.

Corporation:
A corporation is a legal business entity that is established for a company with perpetual duration. The corporation is allowed to borrow money and to enter into contracts that are separate and independent of its owners (stockholders). Owners receive profits and elect the directors who run the company through officers that conduct the day-to-day activities. Owners are protected by a “corporate veil” which prevents debts against the company from being held against the owners.

Good Standing:
This term describes a company that has performed certain required tasks, including: filing all necessary reports and documents, having a registered agent (a.k.a. resident agent) and being current in terms of all penalties and fees owed to the state.

Limited Liability Company (LLC):
An L.L.C. is a type of entity that is owned by members, operated by managers and run by an L.L.C. operating agreement. The LLC has the status of a Pass-Through Tax Entity and defaults to a partnership. It is especially suitable for holding investment assets like real estate.

Operating Agreement:
This is a partnership agreement that establishes the rules and regulations of an LLC (Limited Liability Company). The operating agreement is similar to the bylaws of a corporation, but also includes some provisions that are found in Shareholder Agreements.

Registered Agent:
This is the person designated to receive a company’s Series of Process on behalf of a company. The registered agent must be located and available at their provided address (in that state of business). A registered agent is required if a company is to remain in existence.

Overview of the incorporation process:

There are three basic steps to incorporating online:

1. Get the info. This is possible the greatest skill a business person can acquire – getting the information he or she needs. Using search engines such as Google or Yahoo is a great first step in this process, and can be further helped by combining that information with information obtained from reliable sources – government officials, registered agents (un-biased ones), and from others. Only after all of the information is obtained, is the next step possible.

2. Make the corporate decisions for the future – Once you have the information, you can decide what type of formation is best – an L.L.C., a corporation, a partnership, etc. You can also then pick the state that best suits your tax and other needs. If you don’t feel you can make all of these decisions yet, perhaps you should think about going back to step 1.

3. Make the corporate decisions for the present – Much like step 2, in step 3 you must make some decisions based on the information you gathered. Unlike the all-important step 2, however, step 3 involves picking the agent and package that are the best for your budget. Now here’s the key – the one that is best for your budget is not necessarily the cheapest package. In fact, it is usually one of the expensive packages. The reason for this is that many packages leave out some essential, and often required, pieces of the corporate puzzle which you will have to make up for later on. Instead of going through this hassle, pick the most complete package, which will undoubtedly turn out to be the cheapest for you overall.

Warnings:

There are two warnings (or you could say two pieces of advice) that you should be aware of before you venture out into the world of incorporation.

1. Never underestimate the power of Step 1 (above). Now matter how much it is stressed, the importance of step 1 (getting the info) will always be understated. You will never be taken advantage of or make the wrong decision if you are able to get all the information you need.

2. You are the best thing for your business. Only trust yourself – everyone else will be biased in one way or another. Only you truly know what you want in a package, in an agent, in the future, etc.

With all this information now stuffed into your cranium, I will close this post and bid you farewell. Good luck on your corporate journey.

The five cornerstones of successful negotiation skills are placing emphasis on common points; presenting clear arguments; being innovative and open to several options; focusing on the problem being dealt with; looking for a clear solution. The key is to be clear about your preferred outcome. However in the back of your mind you must be willing to compromise to some extent.

A good negotiator is an excellent communicator and understands how human beings think, feel, and function. You must be able to befriend the people seated on the other side of the negotiating table. You must know when to push hard, when to accept a compromise, and when to walk away. A negotiator is in many ways an artist he needs a great amount of creativity to steer the negotiations to a successful completion. A negotiator must keep in mind the 3Fs: fair, fast, and firm.

According to the gurus there are tactics to be used for negotiating:

1. Be focused on the problem or issue. Logical arguments are the key to smooth negotiations.

2. It is important to be firm yet polite when making a stand or presenting a point.

3. Clearly emphasize the advantages and disadvantages.

4. Be patient and let the process of negotiation take its course.

5. Put ego aside and concentrate on the matter at hand. It is finding an amiable solution that’s important not self worth or position.

6. Never threaten or manipulate the opposite party-it is completely unethical and unfair.

7. Aim for solutions that are interest based and not what individual desires or aims are. It is best to consider any situation as a whole rather than from a personal view point.

8. Avoid psychological traps and have the magnanimity to admit when you are wrong. Be open minded.

9. Don’t accept weak solutions and try and negotiate a plausible settlement. Temporary measures are not what you need. A permanent solution must be sought.

10. Value time, schedules, and deadlines. A good negotiator will not beat around the bush or adopt delay tactics or waste time talking about mundane matters. It is professional to immediately get down to the business at hand.

Most human beings are born negotiators. From the first breath a baby takes it makes all around him dance to his tunes. Most of us consciously or unconsciously do what we have to do to get our own way in life. And, if we look closely it is just mastering the art of negotiation.

The Wall Street Journal says that corporations and nonprofits are now using startup contests to help give promising new companies a way to grow and expand.

These contests can cover any number of categories – from women-owned business to technology companies or even entrepreneurs under 40. While prize money is often the major lure for business owners, the paper says that even those who don’t win earn exposure and potentially helpful advice from judges – good news for small business owners who enter.

Most contests, the paper says, involve both a written application and an oral presentation. The written application gives entrepreneurs a chance to describe how their product sets them apart from the rest of the world, while the speech gives them a chance to give judges their pitch and show their enthusiasm.

“There’s a certain amount of theater involved,” says Jonathan Rosen, executive director of the entrepreneurship program at Boston University. “How well can you get people excited about whether this is an idea worth pursuing?”

Many companies have used contests in a different way – to get entrepreneurs to improve their existing products. Netflix recently offered a $1-million prize to anyone who could improve their movie prediction algorithm by 10 percent. The Huffington Post reports that the company later estimated all the work they received was worth more than ten times that amount.

Written by Resources for Entrepreneurs Staff

The start-up costs are part of the arguments against buying into a franchise business opportunity. Other cons include the monthly payments to the main franchisor of the business as well as marketing costs. If you want to use the corporate headquarters clever marketing campaigns, you have to pay for the privilege. Then there are the restrictions on suppliers and such. Usually the corporate headquarters of your franchise business opportunity has a network or pre-approved vendors, suppliers and contractors that you must use. There is also the contract that you have to sign with the corporate headquarters for the right to use the franchise name. It is very tough to break and could have you locked in for years.

How do you evaluate the various franchise opportunities that are out there to find the best fit for you? The first step is to know what you want to do. What resources and skills can you bring to your new business? What kind of business will you enjoy? Keep in mind that the best franchise opportunity is one that will offer you full support, including training in all the business skills that you’ll need to be successful. After all, your success adds to their value.

Once you know what you want to do, it’s time to get down to the serious work of choosing the best franchise opportunity for you. Here are some key points to consider:

1. Choose a product that you love.
Not just like, but love. It’s possible to sell something you don’t care about, but the more you believe in your product, the more successful you’ll be at selling it.

2. Research the industry.
Once you’ve chosen a product that you like, take a long, hard look at the industry of which it’s a part. Sit down and study the brochures and information from the franchisor. Are you interested enough in the business to put in the required time to succeed?

3. Talk to others who already own franchises.
Take a field trip to others who are already involved in the network. Most owners will be happy to talk to you about their business. Ask about their normal day, the obstacles they had to overcome, the parts that were easier than they thought. Ask if the business lives up to their expectation, and ask point-blank if they’d do it again.

4. Get the answers you need from the franchisor’s representative.
Once you’ve expressed an interest by submitting an application, feel free to call the franchise representative with your questions. He’ll be happy to give you the answers you need to make your decision about whether this is the best franchise opportunity for your investment.

5. Meet the franchisor face to face.
Get to know the person you’re going to do business with. They have their own interests at heart, of course, but how sincere are they about helping you make YOUR business a success? Is the training they offer sufficient? Do they respect you as a partner?

The answers to those questions will help you evaluate each business and find the best franchise opportunity for you.

Just make sure before taking the plunge with a promising small business franchise opportunity that you do your research. Make sure you have enough money, not only for investing in the new business, but also for living expenses while your build up your clientele.

According to Bloomberg Businessweek and Nikkei English News, Zynga and Softbank have joined forces to spread Zynga’s wildly successful suite of social games throughout Asia. The company will focus on mobile devices — a smart move, considering that many Japanese consumers use their mobile phones as their primary access point to the web.

Just six months ago, Zynga raised an impressive $180 million from Russia’s Digital Sky Technologies, the same firm that invested $200 million in Facebook. Since then, Zynga has been rapidly rising in value; its most recently valuation placed it at over $4 billion. Zynga has raised a total of around $366 million in an angel and four subsequent rounds of funding.

Softbank has been making some high-profile investments into U.S. companies over the last year. In November 2008, Softbank invested millions in RockYou, another social application developer. More recently, live video platform Ustream raised $75 million in a round led by Softbank in order to expand its Asia operations.

Zynga will likely use the funds to accelerate its hiring spree and make acquisitions as it moves into Asia. Two weeks ago, the company acquired Challenge Games and its 35 employees for around $20 million.

All entrepreneurs make mistakes. Thrilled with a fledgling business, they might choose a name that they THINK evokes thoughts of coming into their own company, training their sales team to be the best, ensuring that every venture turns out to be amazingly successful, and makes them sound so good that you just can’t wait to hire them.  With poor planning, they might inadvertently pick a name that DOESN’T say any of those things to any of their potential customers.

It’s important to pick a name that allows a potential customer to go by name alone to determine at least some bit of information about the company or the services it offers. If the name says nothing then it will do nothing for you.

How do you come up with an effective name? Consider these six elements:

An Effective Name:

1. Tells Who You Are: Your name should reflect your identity. This is an essential aspect of branding. You’ll be promoting this name, getting it in front of as many eyes as possible as often as possible. How do you want the public to think of you?

Sometimes that can mean integrating your personal name into the name of your business. This is very common in professions such as legal, medical, and accounting.

Others prefer a more descriptive name. One successful small baker runs her business under the name “The Cookie Lady” because that’s how her first customers identified her.  Thus her business name was born.

2. Tells What You Do: It’s incredible how many company names give little, if any indication of what type of work the organization actually does. Take the following examples:

• Smith and Sons
• Hulbert Brothers
• Only One

Can you tell me what any of these companies does? Of course you can’t. They’re relying on customers already knowing who they are which can be a tricky proposition for new businesses. The only way this can work is if they’re going to rely on having their name found in ‘context’, such as a yellow pages or on-line business directory.  Not a good assumption to have.

3. Tells How You Do It: Words are very powerful. By carefully selecting what words you use in your name, you can convey a great deal about your company’s image. Consider the names of three different massage and bodywork centers:

• Champlain Valley Therapeutic Massage
• Clouds Above Massage
• Speedy Spa

All three companies are providing the same service: massage therapy. Yet the first appears to favor a more medical approach, the second, a dreamy, luxury approach, and the third focuses on fast service.  Their atmosphere and attitude towards their service is how they’re choosing to name their business.  Keep that in mind for your business should you choose this route.

4. Differentiates You From Your Peers: Your company name is the first opportunity to tell customers how you differ from the competition. This can be done by emphasizing what makes you unique, pinpointing what aspect of your products and services can’t be found anywhere else — or that you do better than anyone else.

Consider the massage therapy example we looked at in number three. Each organization clearly has a different focus and approach to their customer base. They’re attracting different types of clients, who are seeking fundamentally different approaches. All of which is conveyed in less than five words.

5. Piques Customer Interest: Creating customer interest is an art and a science. Think carefully about your target audience. What qualities of your services are of the greatest import to your customers? What kind of words are likely to appeal to them?

Emphasize the important qualities in your name. For example, busy homeowners are drawn to the inherent promise of speed offered by “Bob’s Instant Plumbing” while a reader in search of a good mystery will gravitate toward “Crime Pays Books”.

Word choice is also important. Two yarn shops can both specialize in specialty fibers, but the one who labels themselves “All Hemp All the Time” will draw in a decidedly different crowd than the one named “Natural Beauty: Organic Yarns”.

6. Invites Further Investigation: Customers are funny creatures. What one group finds to be funny and engaging turns another group off. You want your name to be inviting and approachable — as those qualities are perceived by your target audience.
Make sure you’re not limiting yourself to one segment of your target audience.  If your product or service appeals to both the young and the old, be aware of your name not just being appealing to one segment by not letting your name intimidate customers. Some industries are more formal than others, but adopt pretension at your peril.

These are just six steps that can help you name your company and set you off on the road to getting started with your new venture.  Once you establish an identity, it’s always easier to take the next step to moving your business forward.

Sutherland’s company, Peninsula Shops, promoted local businesses by offering users gift certificates to these businesses in exchange for answering daily trivia questions about them.  These questions were designed to lead traffic to these businesses websites at times quadrupling web traffic, while offering users the thrill of the hunt and a chance to win prizes.

Many of these users stuck around to shop after finding necessary trivia information and many businesses saw boosts in sales.  Social networking done right can be an effective advertising tool.