From spending One Million in 30 minutes to Dr. Shaquille O’neal

10336753_10152195164013089_3933881692426228525_nWhen Shaquille O’neal was drafted into the NBA, he spent the first million that he earned within 30 minutes. O’neal then received a phone call from his banker, who scolded him, and told him that he would end up joining the list of former athletes who ended up broke if the current trend continued.

O’neal decided to sharpen up his education on business and finance. He returned to college, completing his Bachelor’s degree, followed by his M.B.A, and lastly, his Ed.D. That’s right, he is now Dr. Shaquille O’neal.

As of today, Shaq is the joint owner of 155 Five Guys Burgers restaurants, 17 Auntie Annie’s Pretzels restaurants, 150 car washes, 40 24-hour fitness centers, a shopping center, a movie theater, and several Las Vegas nightclubs.

In addition to his business holdings, O’neal still earns $22 million per year (roughly $423,000 per week) from his endorsement deals with Arizona Creme soda, Icy Hot, Gold Bond, Buick, Zales, and at least a half dozen additional corporate sponsors. He is also a studio analyst for TNT.

In Shaq’s own words, “It is not about how much money you make. The question is are you educated enough to KEEP it.”

5 Must-Read Books For Every Entrepreneur

Originally posted on Entrepreneur.com by 

Malcolm X once said, “My alma mater was books at a good library…I could spend the rest of my life reading, just satisfying my curiosity.” And he is right. There is no better way to continue your education and enhance your life than to begin in the pages of a great book.

Even entrepreneurs starting on a shoestring budget can have access to some of the greatest teachers and leaders of today, as well as lessons from the past, by simply picking a book. No formal education required.

Related: 4 Books Every Entrepreneur Must Read

That said, the whole process can be overwhelming. If you look in the business section of your local library, bookstore or the Amazon storefront it can feel a bit much and can be difficult to sort through all the clutter in order to get to the heart of texts that will truly impact your life.

From classics to new releases, here are five great additions to any entrepreneur’s reading list.

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21 Inspirational Movies For Young Entrepreneurs

From the Big Screen to Your Living Room – These 21 Movies Will Inspire Many Young Entrepreneurs…

Entrepreneurs with that creative genius will find inspiration anywhere and everywhere they look. Book may be the fuel behind every entrepreneur, but it shouldn’t stop there. Sometimes we just need to kick back on a Saturday night and enjoy ourselves. Many turn to the television only to be disappointed with all the useless garbage that broadcast. You now have a guide to quench your thirst for inspiration!This is a list of 21 films created over the past 25 years that will not only entertain you, but have the capability to impact you with the powerful messages behind them. The majority these films have personally inspired me along my journey including a few nominations from other friends and entrepreneurs in my social network.

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Holiday Parties: 7 Ways to Network Like a Pro

Even if you’ve had a bad year, don’t skip the holiday party scene. With the right approach, you can always turn a get-together into a great opportunity.

Originally Posted in Inc.com by Minda Zetlin

When holiday party invitations land in your inbox, do you see them as a waste of time? Or do you recognize them for what they are: a great opportunity to expand your network?

There’s no better time of year for networking–if you know how to make the most ofholiday parties, according to Kathleen Brady, career coach and founder of Brady and Associates Career Planners. Here are her tips:

1. Don’t stay home.

If you haven’t had a stellar year it may be oh-so-tempting to skip the holiday party scene, especially if you feel intimidated at the thought of meeting more successful people there. Go anyway, Brady advises, and bring the right attitude with you. “You gotta show up like you belong.”

2. Plan what you’ll say.

Before you leave for the party, plan exactly what you’ll say to describe your business or job. It should be something short that projects a positive outlook.

“If you say, ‘I’m working from home and trying to get this new company going,'” people will perceive you as unsuccessful,” Brady says. Instead try something like, “I’m an entrepreneur, I’m working on this great new product and we expect to launch in the spring.”

3. But first, focus on others.

Now that you know what you’re going to say, don’t say it. At least not until you’ve asked the people you’re talking with about their own careers and passions. “Start by showing interest in other people,” Brady advises.

4. Talk to the loners.

At every party, you’ll see at least one person standing alone. Walk up to one of these folks, and start a conversation, preferably with an upbeat comment of some sort. Chit-chat for a little while, and then introduce yourself.

5. Find a graceful exit.

Once you’ve talked to someone for a while, it’s polite to move on so you don’t monopolize all of that person’s time. And you don’t want to limit your own networking to one person, either. But don’t commit the faux pas of looking over someone’s shoulder to see who else is there. Instead, be straightforward and say that you want to go say hello to some other colleague or talk to others at the party.

Brady recommends against the commonly-used tactic of excusing yourself to get a drink. “Good manners dictate that you offer to also get a drink for the other person,” she notes.

6. Stand at the edge of a group.

What if someone you really want to meet is already in a conversation or surrounded by a group? Unless it looks like a serious or private discussion, go over and stand quietly at the edge of the group. Wait for an opportunity to gracefully join in the conversation. And, Brady suggests, pay it forward: If you’re in a group conversation and you see someone standing at the edge of it, make it a point to include that person.

7. Set appropriate goals.

Don’t seek to leave the party with investors already committed to your project, Brady advises. And don’t try and collect the largest possible stack of business cards either. Your goal should be to connect with a small number of valuable contacts whom you may work with later on. “You’re trying to create on-ramps to build new relationships,” she says.

Why Taking Time Off Is Good for Your Brain

It’s Sunday evening but instead of relaxing with your family, you’re sitting in front of your home computer. There are just a few emails you have to send out before the week starts, a couple of projects you want to complete in the quiet before the phone calls and urgent emails begin arriving the next morning. You’re tired, and vaguely cranky to find yourself working on what’s supposed to be a day of rest. But it needs to get done, so you push through.

If you’re anything like me, this will sound all too familiar. The thing is, it’s bad for your brain. A growing body of scientific evidence explains what many of us have learned from unpleasant experience: Push yourself through too many hours or days of work and your brain starts to push back. Ideas that once flowed easily dry up, and tasks that you should be able to perform quickly become excruciatingly difficult. If you’re like me, at that point, you feel tempted to scold yourself to buckle down and work harder. That’s completely counterproductive–you need to give your brain, and yourself, some rest.

In fact, scientists say you almost certainly need more rest than you’re getting. Here’s how to start fixing that:

1. Take short play breaks.

Reading about this research, I finally understand why it often feels necessary to me to pause in the middle of writing something, sometimes in mid-sentence, and play a computer game for a few minutes. Turns out that switching our attention to a simple task like a game (in the study it was some anagrams) gives a different part of our brain the opportunity to step in and problem solve.

Of course, playing video games is infinitely more fun than working so sometimes it can be hard to switch back. I find the Pomodoro Technique approach of using 25 minutes of work alternated with five minutes of recreation works well. Give it a try: You’ll find you work better and more efficiently if you let your subconscious handle part of the load.

2. Take more frequent vacations.

Americans are allotted an average of 10 days vacation time each year. That’s not enough according to brain researchers–and many of us don’t even take all of it. A Harris survey found Americans ended 2012 with an average of nine unused vacation days.

That’s a shame because research shows that taking vacations, especially if you travel to a different environment, has solid brain benefits but that these benefits dissipate quickly and ideally should be replenished often.

3. Take one day–or at least one evening–off every week.

In one experiment, members of a five-person consultant team were instructed to take one day off every week. In another, executives accustomed to working every evening were told to keep one evening work-free. Though they were reluctant to try it, fearing work would pile up during the breaks, participants actually loved the schedule. Months later they reported better work-life balance, which is hardly surprising. More interestingly, they also reported being more productive and prouder of their accomplishments. Clearly, more hours spent working does not equal better work.

4. Consider a mid-day nap.

I know, it’s a radical suggestion and not practical in every job or workplace. But there’s a body of evidence that shows people who take naps are more alert, more productive, and less prone to mistakes than those who don’t. And one reason so many people feel sleepy in the late afternoon may be that napping is hard-wired into our systems, something even the ancient Romans did.

If napping is completely out of the question, you can also help yourself with a brief daily meditation break–even as little as five or 10 minutes. That will help your brain by releasing more alpha waves and it will make you happier for the rest of the day.

Like this post? Sign up here for Minda’s weekly email and you’ll never miss her columns.

 

Originally Posted on Inc.com by Minda Zetlin

New Study: America Needs More Entrepreneurial Role Models

New research out of the Kauffman Foundation reveals shocking numbers of Americans have never heard of your entrepreneurial heroes.

Given just how obsessed the media is with Silicon Valley titans, you could be forgiven for thinking that entrepreneurship is plenty glamorized at the moment. Surveys show young people aspire to start their own thing and just everyone thinks being a founder beats being an executive.

But according to a new study out from the Kauffman Foundation, startup mania actually hasn’t spread that broadly in the population. Sure kids in Mountain View and New York may worship Steve Jobs for his entrepreneurial accomplishments, but take a wider sample of Americans and something surprising happens, nearly half haven’t even heard of the guy, Kauffman reports:

The poll asked 1,000 Americans aged 18 and older if they have heard of five extremely prominent entrepreneurs. The results are likely to shock you:

The findings reveal not only moderate to low awareness of entrepreneurial figures, but in some cases differing perceptions of who is an entrepreneur to begin with.

Among survey respondents, Steve Jobs was the most recognized, with 52.8 percent overall awareness; Oprah Winfrey was next at 38.9 percent, followed by Walmart founder Sam Walton (38.1 percent) and Thomas Edison (33.3 percent).

Elon Musk, CEO of growth companies SpaceX and Tesla Motors, was recognized by only 12.9 percent of respondents – less than the 24.7 percent who had heard of “none of the above.”

For comparison, 96 percent know who Marilyn Monroe is. Given the outsized impact of these people on the U.S. economy, this relative lack of awareness is troubling, according to Paul Kedrosky, Kauffman Foundation senior fellow. “Because entrepreneurs in general, and particularly ‘growth’ entrepreneurs whose ventures create the most jobs, are so important to the economy, these findings point to a need for role models that encourage entrepreneurship among both genders,” he said.

What else can the readership of Inc.com take away from this research? Perhaps the findings should serve as a healthy reminder of just how easy it is to work within an echo chamber. If you’re an entrepreneur who often socializes with fellow founders and reads regularly on business issues, of course you’re going to have business ownership on the brain. But that doesn’t mean most people out there have the same obsessions. Entrepreneurs have to be more thoughtful about promoting their work — and their products — and not get lulled by the hype in their immediate circles.

Did these findings surprise you?

Originally posted on Inc.com by  JESSICA STILLMAN, a freelance writer based in London with interests in unconventional career paths, generational differences, and the future of work. She has blogged for CBS MoneyWatch, GigaOM, and Brazen Careerist. @EntryLevelRebel

How the Rich Got Rich

Like to emulate the success of others? If wealth is what you’re after, look to an unconventional source for tips: the IRS.

John D. Rockefeller, America’s first billionaire, said, “If your only goal is to become rich, you’ll never achieve it.”

Easy for him to say, but his point is well taken: If the only thing you care about is making money, no matter how much money you make it will never be enough.

Still, even though we all define and calculate success differently, most of us would like wealth to factor into our equations.

To find out how, check out the 400 Individual Tax Returns Reporting the Largest Adjusted Gross Incomes, an annual report issued by the IRS. Granted the IRS Statistics of Income division must be where fun goes to die, as my CPA friend Bill Zumwalt (who forwarded me the report) says. But if you want to get rich, there’s interesting data buried in all the charts and tables.

(The latest report is for 2009, which to you and me was a long time ago but to the government is really, really up to date.)

In 2009 it took $77.4 million in adjusted gross income to make the top 400. That might sound like a lot, but it’s down from $109.7 million in 2008 and significantly down from a record high of $138.8 million in 2007.

A mere $77.4 million only got you in, though; the average earnings were $202.4 million, a lot of money but well down from the $334.8 million average in 2007.

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Is Multi Level Marketing a Money Making Machine?

With the uncertainty of our current economy, many people are looking for a way to create an additional revenue stream. With this fact in mind, I’ve had a number of requests for more information on Network Marketing organizations, also known as Multi-Level Marketing.

Joining an MLM initiative can, indeed, generate revenue for your household. But don’t invest until you put plenty of time and research into your choices. Also know that it’s highly unlikely that you will recoup your investment of time and money very quickly. Starting your own network marketing business is like any other business venture, it doesn’t pay off overnight.

With that said, there are people all over the world enjoying many benefits and rewards for their efforts in network marketing. If you jump in with two well-informed feet, remain patient, and consider some of the points in this article, you could be one of them!

– First, realize that to make a living-wage you must treat this venture like a true business. You won’t get very far devoting 5-10 hours a week to it, in spite of what they inspire you to believe in conference calls, presentations, meetings or conventions. The money does not come easily or overnight.

– Choose a product line that you are passionate about, otherwise you not feel good about yourself as you attempt to sell to and/or recruit people. It’s important to believe in what you’re doing.

– Carefully look at, and compare, bonus and commission plans. They differ greatly and you might prefer the small upfront investment that some companies require. Watch out for companies that ask for more than $350 in upfront investment money. That investment should also include quite a bit of product, not just sales and marketing tools.

– IMPORTANT: Make sure that your upline (the person who recruits you) is already very successful in the company. Also look for signs of leadership ability in your upline and talk to them about how the time and resources they plan on investing to help you become successful. Interview them — get to know them. Ask them outright about how much money they make in the organization and how long it has taken them. Having a bad upline is the kiss of death unless you know absolutely everything you need to know already. If your direct upline is not achieving a high level of success, ask to meet their upline and discuss these same issues with them.

– Look at the support and tools that the company offers. Do they offer reasonably priced websites, marketing supplies, conferences, etc. Are the sales tools friendly and designed in a way that will empower you to teach others about your product and opportunity?

– Ask about your obligation to spend a certain amount of money on a monthly basis in order to collect your commissions. Most companies have a monthly “auto-ship” program and you are required to join to receive full benefit. Make sure the product line is something that is very useful to you and won’t hurt the pocket book if you have to place orders for yourself each month.

If you have time, determination, relationship skills, and you’ve done your homework, you might just love the endless possibilities found in the world of Network Marketing. The greatest benefit, in my opinion, is that once you’ve invested your years in building a strong company, the financial rewards keep on giving. I have a dear friend who, after 20+ years of business building, is quickly approaching a 6-figure income and works only about 20 hours/week on an average. Her income will continue to flow during her retirement years and she certainly won’t have to bank on social security!

 Originally posted Feb 27, 2009 on Inc.com by MARLA TABAKA; a small-business adviser who helps entrepreneurs around the globe grow their businesses well into the millions. She speaks widely on combining strategic and creative thinking for optimum success and happiness. @MarlaTabaka

The Entrepreneur’s Gratitude Prayer

Originally posted in INC by Dave Kerpen

I am grateful for my customers, who give me feedback to build a better company.
I am grateful for my prospects, who ask smart questions to make my sales team  get better.
I am grateful for my vendors and partners, who help our company do things we couldn’t do well on our own.
I am grateful for my management team, who leads the company through good times and bad.
I am grateful for all of our employees, who work hard everyday to accomplish our mission.
I am grateful for our advisors and investors, who give me the guidance and cash necessary to grow.
I am grateful for the media, both the kind that still prints on paper and the kind that has has a lot of Twitter followers, for helping get the word out about what we do.
I am grateful for my fellow entrepreneurs, who teach me though their experiences and insights.
I am grateful for my friends, who understand the sacrifices I make with my time.
I am grateful for my family, who loves me and supports me unconditionally.
I am grateful for God, or whatever higher power exists, for guiding me on the right path.
Today, and every day, I am a grateful entrepreneur.

20 Things the Rich Do Every Day

Tom Corley, on his website RichHabits.net, outlines a few of the differences between the habits of the rich and the poor:

1. 70% of wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day. 23% of wealthy gamble. 52% of poor people gamble.

2. 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.

3. 76% of wealthy exercise aerobically 4 days a week. 23% of poor do this.

4. 63% of wealthy listen to audio books during commute to work vs. 5% for poor people.

5. 81% of wealthy maintain a to-do list vs. 19% for poor. Continue reading