One of the things that I have noticed over the years is that sometimes the best people with the best ideas are absolutely terrified that they are wrong and that their business idea will be a flop. This can be dangerous for a variety of reasons, but from an entrepreneurial perspective it often leads to them getting less than the value of their idea when entering negotiations to sell their product or business (although to be fair, I do run into the people that wildly overvalue their idea to the point where it is impossible to negotiate, but that is a whole other problem).
The first piece of advice that I give people who are feeling that they aren't getting fair value in negotiations is to stop and consider how much of their personal stake in the business is driving their thinking. If it is the sweat and tears that you have put into something that is motivating you, understand that it is possible that a potential buyer won't see or understand that investment. They may only be seeing profits and potential, and may not understand where you are coming from. Think about this, and decide if the offer is fair. If it still isn't, be prepared to walk.
The second piece of advice that I give people is to listen to their intuition. If something feels wrong, it could be that it actually is. If you find yourself lying in bed at night and thinking about the numbers, or find yourself getting angry and irritable about the offer when you aren't in the negotiation process, ask yourself if the offer is actually unfair. Think about the profits and the product, and if it doesn't make sense, then perhaps it is time to walk away. If the numbers are close, it may just be the stress, so really check your emotional state.
My last piece of advice is to consult a lawyer. I do not care how small the deal is, it is worth the investment. If the lawyer warns you or tells you that the deal isn't in your best interest, heed the advice and be prepared to walk away.
It is okay to walk away from a deal, and if the business or product is truly a good one, you can be assured that someone out there will be interested. Don't take the first nibble as a sign that there is only one fish - if you want to land the whopper, you have to be prepared to cast more than once.
Sunday, October 30, 2011
Wednesday, October 26, 2011
What Do We Teach Children In School?
Today I found myself wondering if the education system in the United States truly prepares children to accomplish their adult dreams, or if instead it merely prompts them to follow in the footsteps of whatever it is that they saw their parents do.
I will give you a prime example. If you think about any millionaire that did not inherit their money, you will likely find that the person had an idea, concept, or dream that they put into action in some way. They decided to accomplish, and they worked hard to make something of themselves.
However, if you stop and think about it, your average American is never exposed to the kind of education that will allow them to become a millionaire. If you think about high school, you took the basics, but you probably did not take a class on entrepreneurship, idea development, business finance, the stock market, mortgages, deals, or even personal finance. Physical education and art might be traditional, but they are not going to help you become successful in life.
It seems to me that if we truly want to teach Americans to be successful, we have to teach them more than the rudimentary basics. We have to provide them the tools to learn on their own, in order to allow them to educate themselves to succeed. After all, it isn't what they learn in high school, but what they learn in the real world that will make them a success.
I will give you a prime example. If you think about any millionaire that did not inherit their money, you will likely find that the person had an idea, concept, or dream that they put into action in some way. They decided to accomplish, and they worked hard to make something of themselves.
However, if you stop and think about it, your average American is never exposed to the kind of education that will allow them to become a millionaire. If you think about high school, you took the basics, but you probably did not take a class on entrepreneurship, idea development, business finance, the stock market, mortgages, deals, or even personal finance. Physical education and art might be traditional, but they are not going to help you become successful in life.
It seems to me that if we truly want to teach Americans to be successful, we have to teach them more than the rudimentary basics. We have to provide them the tools to learn on their own, in order to allow them to educate themselves to succeed. After all, it isn't what they learn in high school, but what they learn in the real world that will make them a success.
Friday, October 21, 2011
New Halloween Website
So, in line with our plans for 2011, we launched a new NYC Halloween website this week. It wasn't exactly what we wanted to do, and we have bigger plans in the future, but this is a nice stopgap to take care of 2011 and also to use as a platform to springboard some ideas off of for 2012.
This got me to thinking about what it means to accomplish. Sometimes, people think that if they do not do exactly what they want, or achieve a goal exactly has they dreamed, that in the end what they really have done is fail. However, that kind of thinking and attitude is what psychologist refer to as "all-or-nothing" or "black-and-white" thinking, and it can be quite dangerous and really hold you back in life. If you only see things as success or failure, you will miss out on all of the little accomplishments and success that you achieve, and you will also fail to learn from your "mistakes" or missteps when you fall short of achieving your goals.
For example, even though this website is not exactly what we had in mind, it is a positive step in the right direction, and it will definitely help us in many ways as we work towards a better future. That, I think, is the secret of life - always strive to move forward, and even if you stumble, are forced to take a sidestep, or get pushed back a few, if you keep on attempting to reach your goals you will get there. And, surprisingly, you may also encounter some surprising success and milestones along the way.
Work hard, and you will accomplish.
This got me to thinking about what it means to accomplish. Sometimes, people think that if they do not do exactly what they want, or achieve a goal exactly has they dreamed, that in the end what they really have done is fail. However, that kind of thinking and attitude is what psychologist refer to as "all-or-nothing" or "black-and-white" thinking, and it can be quite dangerous and really hold you back in life. If you only see things as success or failure, you will miss out on all of the little accomplishments and success that you achieve, and you will also fail to learn from your "mistakes" or missteps when you fall short of achieving your goals.
For example, even though this website is not exactly what we had in mind, it is a positive step in the right direction, and it will definitely help us in many ways as we work towards a better future. That, I think, is the secret of life - always strive to move forward, and even if you stumble, are forced to take a sidestep, or get pushed back a few, if you keep on attempting to reach your goals you will get there. And, surprisingly, you may also encounter some surprising success and milestones along the way.
Work hard, and you will accomplish.
Thursday, October 20, 2011
Dare you Dream?
It is amazing how the power of your expectations and imagination can actually influence the type of success that you achieve. Most people never even think, "What if?" and thus they never take the time to consider what it would take to change their circumstances. If they did, they would likely be surprised by what is actually available for them in their lives, and how easily some of their goals and dreams would be to accomplish.
This especially comes to mind during this time of "The 99%" who are protesting all around New York City. All of these people want someone to do something to help them, for some external agent to make a change that will lead to a change in their circumstances, and are protesting those who have already achieved so much. This is all well and good, and certainly their right, but I cannot help thinking about all that these people could do if they put the same kind of energy into their daily lives. What if instead of asking for something to be given to them, they actually spent time attempting to accomplish their goals and achieve their desires?
In the end, even if they got everything that they wanted, most of them would be right back in trouble or complaining again in the very near future. It reminds me of a game of monopoly - you can sit there and complain about what the other person has, but it doesn't really do you any good. Instead, you have to roll the dice and try to make things happen for yourself. The best part of it all is, life is not a game of Monopoly, so even if you don't have "Boardwalk" there are a lot of opportunities for your to take a "Chance." Don't ask for handouts from the "community chest", and you'll be better off in the end. Dream and accomplish.
This especially comes to mind during this time of "The 99%" who are protesting all around New York City. All of these people want someone to do something to help them, for some external agent to make a change that will lead to a change in their circumstances, and are protesting those who have already achieved so much. This is all well and good, and certainly their right, but I cannot help thinking about all that these people could do if they put the same kind of energy into their daily lives. What if instead of asking for something to be given to them, they actually spent time attempting to accomplish their goals and achieve their desires?
In the end, even if they got everything that they wanted, most of them would be right back in trouble or complaining again in the very near future. It reminds me of a game of monopoly - you can sit there and complain about what the other person has, but it doesn't really do you any good. Instead, you have to roll the dice and try to make things happen for yourself. The best part of it all is, life is not a game of Monopoly, so even if you don't have "Boardwalk" there are a lot of opportunities for your to take a "Chance." Don't ask for handouts from the "community chest", and you'll be better off in the end. Dream and accomplish.
Tuesday, October 11, 2011
What Keeps You From Accomplishing Your Goals?
Have you ever thought about what holds you back from your achieving your goals? I have the answer, and it might surprise you.
Go look in the mirror, and you will see the only thing that stands in your way - you.
What you accomplish is only limited by your imagination and your commitment to accomplishing your dreams. Nothing else stands in your way. If you think that other things are holding you back, then you are absolutely wrong. It doesn't matter how old you are, where you live, how much money you have, or where you are starting - it only matters where you want to be and how hard you are willing to work to get there.
Try this - write down what your heart's desire. Think about what it is that you want, and just write it down. Now, I want you to take a piece of paper and write down everything that stands between you and what it is that you want. Look at that list when you are finished. Now, realize that everything you wrote down came from within. There is nothing on that list that you cannot overcome and do something about - but you have to be willing accept responsibility for the things that hold you back. You wrote them down, you created them, and that means that they all come from inside you.
Stop holding yourself back, and get ready to accomplish.
Go look in the mirror, and you will see the only thing that stands in your way - you.
What you accomplish is only limited by your imagination and your commitment to accomplishing your dreams. Nothing else stands in your way. If you think that other things are holding you back, then you are absolutely wrong. It doesn't matter how old you are, where you live, how much money you have, or where you are starting - it only matters where you want to be and how hard you are willing to work to get there.
Try this - write down what your heart's desire. Think about what it is that you want, and just write it down. Now, I want you to take a piece of paper and write down everything that stands between you and what it is that you want. Look at that list when you are finished. Now, realize that everything you wrote down came from within. There is nothing on that list that you cannot overcome and do something about - but you have to be willing accept responsibility for the things that hold you back. You wrote them down, you created them, and that means that they all come from inside you.
Stop holding yourself back, and get ready to accomplish.
Saturday, October 1, 2011
Quote of the Day
Francis Bacon once said, "A wise man will make more opportunities than he finds." These words, although spoken long ago, still hold very true today.
In these uncertain economic times, it seems that many people want to wait for an opportunity to come to them. If you think about it, I am sure that you can easily think of several people that you have heard complain about their financial woes. However, how many of those people have followed up that complaint with a plan of action for change, versus going back to doing the same old thing that had put them in the place to make those complaints to start with? If you are not happy with where you are in life, do not wait for opportunity to come to you! Instead, go out and create your own opportunities, and make your own luck.
Although I do not know who to attribute this quote to, I think Francis Bacon would agree that it goes right along with his: "If you aren't the lead dog, the scenery never changes." My friends, if you are not happy with where you are in life, and do not like what you are seeing around you, create opportunities for yourself and take some initiative. If you are not happy with the current scenery, do not just sit there and complain about it, but instead get out and make something happen for yourself. If you want to accomplish, you can!
In these uncertain economic times, it seems that many people want to wait for an opportunity to come to them. If you think about it, I am sure that you can easily think of several people that you have heard complain about their financial woes. However, how many of those people have followed up that complaint with a plan of action for change, versus going back to doing the same old thing that had put them in the place to make those complaints to start with? If you are not happy with where you are in life, do not wait for opportunity to come to you! Instead, go out and create your own opportunities, and make your own luck.
Although I do not know who to attribute this quote to, I think Francis Bacon would agree that it goes right along with his: "If you aren't the lead dog, the scenery never changes." My friends, if you are not happy with where you are in life, and do not like what you are seeing around you, create opportunities for yourself and take some initiative. If you are not happy with the current scenery, do not just sit there and complain about it, but instead get out and make something happen for yourself. If you want to accomplish, you can!
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