1. If you really believe that you can do something better than someone else, do it.

Vicki worked for a government contractor before she started her own business providing services -- primarily technology support -- to an array of government agencies. Most government contractors win a contract because they can save the government money. This was the case with Vicki. She provided the same service her employer provided, but for less money.

Topic for discussion: Was price the only consideration of Vicki's customer? (No. Vicki started her business competing on price, but, she still had to deliver high quality service and meet deadlines in order to win the next piece of business.)

2. Your personal disadvantages can be your company's greatest advantages.

Vicki's blindness gives her a creative advantage -- she doesn't see the world like the rest of us. She can convince her customers to try new ideas by explaining to them that they need a new set of glasses to "see" a problem in a new way. Many companies have been started because a product was invented to solve a problem facing the founder. For example, Gerber was started when the Gerbers had babies and tired of cooking and straining food three times a day. Take Out Taxi, a feature story in program 9 of this series, was started when the founder's wife had a baby. As a couple, they were used to going out to dinner but with the baby it was impossible. Vicki's disadvantage or "problem" has created much of her success.

Topic for Discussion: What kind of disadvantages can keep you from owning your own business? (Emotional disabilities may be more debilitating than physical disabilities. For example, a lack of belief in your ideas can paralyze you so that you never "take the leap.")

3. All of life is a risk.

Vicki was 25 years old when she started Gemini. Her level of risk was minimal because she kept overhead low and performed all of the work herself in the beginning so she had no employees to pay. She spent less than $1,000 to begin and officed at home until she needed employees. In her mind, if she failed at her own venture, she could always go get another job.

Topic for discussion: By going into business for herself, was Vicki risking lost opportunity? (Yes, whatever we choose to do keeps us from doing something else. So, even though she had little financial risk, she still risked the use of her time.) Did Vicki have a good chance to succeed? (Yes. She has a great education, parents who taught her the value of hard work, and experience working for a business doing exactly what she wanted to do. Aetna reports that highly skilled professionals have a 94% success ratio when they become self-employed.) Was Vicki risking her life-style when she started her own business? (Yes. First of all she might not earn any profits for a few years and secondly, the hours she worked might have forced her to restrict her social life.)

Quote 38% of all small businesses are owned by women.
-- Small Business Administration

LawTalk with John Patrick Dolan Minutes 9:42-10:57

John explains why, if your business is organized as a partnership, your bank account should not be a simple "joint" account.

You're Wired with Dan Schulman Minutes 10:57-13:42

As a small business owner you must have a site on the World Wide Web. No site is like no phone. In 1994 small business owners did over $200 million in sales on the Internet; they did over $3 billion in 1998 and over a $1 trillion in 2004.

SmartPractice with Jim Rhode Minutes 14:05-16:05

To keep a customer you must keep your name in front of him or her regularly. Send gifts, postcards, letters, thank-you notes -- anything to keep the customer thinking and talking about you.

Deliver Your Message with John Wargo Minutes 16:09-17:07

The single most important thing you can do to build your business is to develop a database of customers. A customer's name, title, complete address and phone number in a computerized file is essential. You should keep records of who buys what and when. With this information you can better offer your customers what they need when they need it.

Business Basic

Topic: Should You Buy A Franchise? Minutes 17:08-23

Key Ideas.

1. Buy a franchise if you want to be in business for yourself, but not by yourself.

Owning your own business can be lonely. Even when you are surrounded by employees you may feel alone because you shoulder the weight of the business by yourself. If you own a franchise, you have access to other owners. You can contact people across the country who share and understand your business problems. There is always "a shoulder to cry on." And of course, the corporate staff is there for you. The franchise system provides psychological support which can be very comforting.

Topic for discussion: What is the difference between being "alone" in business and being "lonely" in your own business? (Being alone does not necessarily mean you are "lonely." Being "alone" is being by yourself. Being "lonely" is being by yourself and feeling a sense of "incompleteness" that feels like it can only be remedied by a partner. To be a leader and make the best decisions for your business, you must be willing to stand alone. Other people can support you, but they cannot complete you.)

2. Say "Yes" to these questions before you buy a franchise.

• Do you want to be part of something big?
• Can you afford the price?
• Are you teachable?
• Do you want access to advice?
• Is a proven system important?

Topic for discussion: What value does associating with a franchiser whose name is recognized by much of the marketplace offer you? (Tapping into the advertising and marketing of the franchiser's name is a big bonus. Business will probably come your way more easily, as least in the beginning. For example, at first people may be more likely to list their house with you if you are part of "Century 21 Real Estate" than they will if you are with "Bob Jones Realty." )

3. To find the right franchise, first select the type of business you want to be in, then do your due diligence.

Don't just buy a franchise to own your own business, find the right one for you. Find a business in the industry that appeals to you. There are franchises offered for just about any industry you can think of. Contact those companies and ask for financial information. They are required by the Federal Trade Commission to disclose a large body of information to a potential franchisee. Visit the corporate headquarters, understand the company's philosophy, mission statement and long-range goals. Then, visit other franchisees.

Topic for discussion: Do you have a greater chance to succeed as a franchisee than you would as a start-up business owner? (Yes. Many fail in business because they fail to put systems in place, they have a bad idea, they don't know how to sell, and they give up too quickly. A good franchiser offers a proven system to solve these problems. In fact, the main reason a good franchise fails is because the franchisee doesn't work the system properly.)

Street Fighter Marketing with Jeff Slutsky Minutes 23:25-25:17

The Street Fighter philosophy is "don't outspend your competition, out think them!"Jeff gives five techniques to help you get to the person who can sign the check.