Category: Business & Entrepreneurship (Page 1 of 2)
by Jay Abraham
Orderlies buying a hospital?
I do need to tell you they were actually two gentlemen going through med school who intended to become doctors and during the time that they were in that process, they worked at a hospital as orderlies to pay for school.
Here’s what they did.
This is an old recording, however, it’s a good one. I have been following Dan Peña for about 20 years. Last year, I was thinking about him as I walked through the lobby of the Beverly Wilshire Hotel in Beverly Hills. You can guess what comes next? Yup, I ran into Dan hosting a meeting in the sitting area next to the front desk.
In keeping with our theme of Financial Leadership, this video is a very good primer for a discussion on leverage, vehicles, ROI, and how these basics apply to you. This video is targetted at retail investors who as he puts it “are doctors or lawyers who follow that career over their lifetime and plan to retire.
If you are pursuing a life of passion and investing in yourself, and a business that is aligned with your passion, the game is slightly different from what he suggests. The lemonade stand is a well used and very good way to describe how basic accounting works, however in this example, what about the owner’s salary? What about marketing? Nonetheless, it is a very good example to use for educational purposes.
Since more than 3/4 of the top-developed nation’s working population are engaged in the service sectors, the intellectual capital and varying levels of development of these people are a major factor in a nation’s competitiveness.
And so it is among competing firms. They do similar things, with the same people, for similar clients, using similar technology at more or less the same prices. However, data shows that there are wide differences in performance between competing firms. Why is this? What is the key factor that is different?
A business is comprised of a group of people who have come together to play a specific role in the success of the business. If the business is to grow, then its people must grow. If the people are small-minded, unmotivated and not very creative – then the business will reflect this.
On the other hand, if the team members see themselves as vital, contributing, and able to excel, then the business will reflect this also. Many organizations invest time and money in the professional development of their people; however, they neglect their team’s personal development.
Investing in the ongoing personal development and training of your team is one of the best investments you can make. If someone makes $50,000 a year and can generate you $500,000 in value, why not take this person and increase their skill, ability, talent, attitude, and education, so that they can add a million dollars in value?
A $50,000 investment that brings a $1 million return is a very, very valuable asset. There is no better investment that companies can make than in the education and development of their own people.
Areas of personal development include:
- Relationship skills
- Interpersonal communication skills
- Emotional health and self-esteem
- Personal responsibility
- Financial Intelligence
- Personal Leadership
A dramatic change in the structure of modern organizations is transforming the very nature of work. The traditional position descriptions that are part of a formal, rigid, hierarchical organizational structure are changing into loosely structured, multifunctional virtual project teams.
These virtual project teams work across time zones and borders as part of multiple project teams. They can be easily assembled and dissembled at the completion of the project.
The purpose of this article is to go over a few key points that are important if you are serious about adding new sources of income.
This information is an EXTRACT from the content of the Optima Business Archives from 2002. Still relevant today!
IF YOU ARE A BUSINESS OWNER, you need to add new sources of income personally — and also within your business. We have found that most businesses rely on one primary source of revenue, and if you look across your industry, you will find that most businesses within the same industry follow the same pattern.
HOT TIP: Look at the ways other businesses from different industries find new customers and sources of revenue. Ask yourself this question: “How could I apply the same method to my business?” Don’t say to yourself (like most people do) “that will never work for me, my business is different.” You would be surprised at how this one thought, can get in the way of new money-making ideas!
If you keep an open mind, you will discover new ways of marketing, and new sources of income that you had previously never considered before. And here is the best part — most other businesses within your industry won’t be doing it that way! So you will gain an instant advantage.
“It is unwise to pay too much, but it is unwise to pay too little. When you pay too much, you loose a little money; that is all.
When you pay too little, you sometimes lose everything. Because the thing you bought was incapable of doing the thing you bought it to do.
The common law of business balance prohibits paying a little and getting a lot. It cannot be done.
If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that, you will have enough to pay for something better.”
– John Ruskin 1819-1900
It is interesting that the world’s largest beverage company is still producing cans with Bisphenol-A. Commonly known as BPA, the chemical is used in many plastics that have been found to leach into the liquid contents. The FDA discovered it could cause many medical problems including cardiovascular disease, liver disease and diabetes.
Many organizations have recalled products using BPA – but not Coca-Cola. Don’t get me wrong – I am not anti-Coke per se.
What interests me is that it’s taking the shareholders pushing a resolution to encourage the company to remove BPA from Coke cans. There can be only one conclusion as to why Coke is lagging the industry with regard to BPA…
If you are interested in this subject, check out this site for a list of 2010 Shareholder Proxy Resolutions, where the shareholders are promoting changes in various companies via resolutions >>> and also a short description of Shareholder Activism >>>