Good News for Samantha~ E.C. Forgot an Asset!

Let's expand that asset list from yesterday, kids.

Assets:
(1) Businesses
(2) Real Estate
(3) Investments
(4) Intellectual Property

According to Wikipedia:

"Intellectual property (IP) is a number of distinct types of legal monopolies over creations of the mind, both artistic and commercial, and the corresponding fields of law.[1] Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; ideas, discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions."

Why is this good news for Samantha? Yesterday she asked me, essentailly, how can I build my asset base? What can I do?

Having read her blog for a bit now- I can tell you Samantha is a creative individual. Her most natural asset base would spring out of, I think, intellectual property. She can write!

Entrepreneur Chick's best advice to Sam? Keep doing what you love. Learn to leverage it. Learn to sell it. BUT, have a hook. It does not have to be a "hook" that's never been done before- because every thing's been written about before; however, the "hook" must be compelling enough to draw your work(s) to stand out in the marketplace.

Let's take Tom Clancy. I know, not much of a true literary talent. (Mc Donalds in not the best hamburger you've ever had; but you'll still eat there in a pinch.) Clancy has a formula. Harry Potter has a formula. Those formulas are hooks.

Let's take Entrepreneur Chick's ridiculously smart brother in law. Robert. Robert invents a design that when one has a trailer, such as a fifth wheel or what have you, when, after installation, you're driving down the road- what do you think? Smooth as silk! No "fishtailing", no unsettling bumps.

Roger's Stabilizer Bar. Pretty cool, huh?

Tomorrow I'm going to tell you about a stripper who took her talent and made it big!

What intellectual property do you have?

Two Secrets of Business Success, Part II

My friend, mystified, asked me - "But, what is an asset?" And frankly, I can tell she does not know. (Not Chloe.)

How can I tell she does not know? Because she is still trading her personal time for dollars. That's how I can tell. Additionally, she has no plans not to trade her personal time for dollars.

The irony here is, that this woman works a LOT harder than I do- but I make a LOT more than she does- in my pajamas.

I am not being arrogant. I have simply educated myself on what the right things to know are; and did more of that- and what the bad things are- and did less of that!

"Assets": Assets pay you. They always pay you. You can tell if you have an asset because money is right behind one of those.

Example: Say, for instance, you buy a home entertainment system- a surround sound system. What is that? Is that an asset or a liability?

Well, it's a liability. Why? Because no one is going to pay you to have it in your possession.

BUT, let's say you charged all your neighbors to come over and see some NFL games- your neighbors paid a fee to sit in your cushy stadium seats, have a beer or two and enjoy the game?

Now what do you have?

You have an asset.

What if you like snow cones?

You go to the snow cone shop and say, "I'd like Tutti-Fruiti, please." What's your snow cone? Is it an asset or a liability?

A liability. No one paid you to get it, or to eat it.

BUT, what if you bought one of those snow cone, cute little houses that sit in front of other stores- usually in parking lots?

NOW, what do you have?

An asset. People are going to pay YOU to eat snow cones!

I look at every single thing I do through the lense of "is it an asset or a liability"?

So, Entrepreneur Chick's wealthy friend, "M" is talking to another wealthy friend and "M" asks, "What kind of stuff are you investing in these days?"

Friend says- "Well, you won't believe it. You know those snow cone houses?"
"Yeah."
"Those daggummed things make 100K a year a piece! Did you know that? I have a slew of those things."

SnowconeDUDE knows what an asset is; even it it's not too glamorous.

(More tomorrow about types of assets.)

Chloe Wants to Know the Two Secrets of Business Success

In a post last week, I had mentioned that life is "ridiculously easier" when you know the right things.

I had compared how learning ballroom dance, is merely a matter of knowing four things- and it's how we combine those four things that result in the ability to Tango or Cha Cha.. or whatever you please. (Except hip-hop; which is entirely different.)

Nonetheless; the two things that anyone needs either in business, or simply to insure a certain amount of personal success- monetary success- are these two principles. And, as Chloe asked in a comment- "What are those two things? I want to know!" it's really the least I can do seeing that that Aubery guy appears to be taken.

Now, before I tell you what they are; let me build a small amount of time qualifying what I am about to say.

Any good business book will tell the the exact thing I'm about to share with you.

Once I tell you- you're going to say~

That's SO easy! I KNOW! It is. It's taken me almost eight years to see extremely good success doing these two things- if you have a better business idea and plan than I did or do; and if your credit is better than mine was- maybe it won't take you eight years. I don't know. But I do know this; irrespective as to where you are now- start now! (If you haven't already.) And you too, in eight years or less, will be sittin' pretty as ya please. (Pass the mint tea, darlin'.)

Drum roll please...

Assets. (Yeah, get those.)

Liabilities. (Keep 'em at a minimum.)

This is the whole, entire, can not be expounded upon secret to business success.

But of course, you know me- tomorrow I'm going to expound. Stay tuned~