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- Types of Assets

Getting right to it, because Entrepreneur Chick is blowin' this pop stand in a moment- the four types of assets are as follows:

(1) Businesses
(2) Real Estate
(3) Investments
(4) Bootleg whiskey- Just making sure you're paying attention.

Actually, and I won't name names, but bootleg whiskey proved to be quite a profitable venture for a certain well known family in America; however, the whiskey would still fall under the category of "business".

As for me, I gravitate to business because I understand it better, can control it more, can do what I want with it, and because I love to promote and sell- it's a better fit for me personally.

That's not to say I should be off the hook regarding investing. Right now, a good deal of my cash flow goes not into investments, but into my companies- as, again, I understand it better and I also know where my rate of return is far more predictably.

But, as I said- that's just me. Real estate might completely float your boat. My father owned some real estate. He had a good plan, but not a large vision with his real estate investing. I believe he could have done better and I wish he was around today so we could discuss all this.

What type of assets do you like?

(For some stupid reason I can hear Ludacris and T-Pain going.. "What kinda asses do we like?" And then, of course, Sir Mixalot chimes in... "I like big butts and I can not lie..." and then Ludacris and T-Pain, thoroughly annoyed say, "Yo, dawg. SHUT UP! This ain't the 90's up in here.")

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~

What Would Happen If...

It's a good thing Fortune Cookies and Men's author lives in NYC.

I live in the great state of Texas; which, when visiting, Chloe made the observation how wonderful it is that everyone seems to have bike racks on the back of their pick up trucks.

Her uncle could have let that slide- we need all the damage control and better reputation we can get down here- ever since that *thing* from the 60's. "Chloe, those are GUN RACKS!"

So, the above picture is me and Chloe after a big night on the town.

(I am the black cat. Who's last words before the kind officer said, "Watch your head", were, I think- "No, Chloe. Just poke the guy- I'm telling you he's not dead." )

Two Expirations.What Should You Do? Part II

I could have done a better job of explaining the "coupon".

Actually, I had donated to a fundraiser and it was part of a silent auction. It was a certificate, now that I think about it; that entitled the bearer to one free service provided by our company.

But, as I described, the coupon had expired on the very day she called. That being said... here's the deal.

Let's say you called me up, and you said something to the effect of:

"Entrepreneur Chick, I am just so upset! My car's always breaking down, I don't know what's wrong with it, it's been in the shop three times now. Also, my kids keep leaving huge messes all over the house; I've asked them repeatedly NOT to eat in the family room and now there's pizza stains on the carpet and peanut butter and jelly droppings on the sofa. And my husband! He doesn't do anything to help out around here! You should see this laundry!"

I'd listen, and then when she's good and finished I'd say:

"So. You feel frustrated?"

"That's IT! I feel frustrated!"

It's kinda crazy that when I mirror back some one's feelings, more often than not, you'd think I was some sort of powerful mind reader. Because they all say, "That's IT!," amazed I understand so perfectly.

I try to listen to not only what people are saying, but the underlying emotion behind the words.

Applying that to our "certificate bearer" who said, "There's been a death in the family, could you extend the coupon?" This is what I heard she was saying,:

"I want to use guilt to manipulate you to do it my way. I want you to feel sorry for me so you will do it my way." ("Even though I've had half a year to call you up.")

Entrepreneur Chick does not respond well to guilt. You're going to have a hard time "guilting" me into anything, or "shaming" me into anything.

Additionally, a contract is a contract. And an expiration date is an expiration date. It ain't personal, it's business. Trying to make it personal tells me you don't understand much about business.

No, I didn't honor it and I didn't call her back. I think she gets my drift.

Two Expirations- What Should You Do?

This person had six months to use one of our coupons. That's half a year.

Called our office yesterday on the very expiration date and asked, "There's been death in my family. Can you extend the coupon?"

What do you think Entrepreneur Chick's reaction was?

Let me be clear. There's things I think, which I do not say- because it's highly inappropriate and non-professional.

But when I'm here, and I'm E.C.; I'm going to let it rip. I'm assuming you read me because you'd like to learn something about business and you understand I'm not some chick over here playing nicey-nice and let's make a pie, have a cup of coffee, and all get along.

Woman goes to the store. She buys a gallon of milk.

She hands the cashier an expired coupon. Cashier says, "This coupon has expired", and hands it back.

Woman says, "But there was a death in my family, can you still honor it?"

What does the cashier do?

You tell me what you think- and then tomorrow, I'll tell you what happened.