Good News For Business Credit Cardholders

For those of you who use business credit cards to finance your companies when your cash flow is low, there may be some good news ahead. Tamara E. Holmes, a writer for Black Enterprise Magazine, discusses the Credit Cardholders’ Bill of Rights Act that was recently passed by the House of Representatives. Here are some snippets:

The Credit Cardholders’ Bill of Rights Act, passed in September by the House of Representatives, would restrict certain practices by credit card issuers. Among them, it would prohibit interest rate hikes on existing balances under certain conditions, restrict card issuers from applying credit card payments to debts with the lowest interest rates first, and require banks to mail bills 25 days before the due date.

“Credit cards are now the largest source of financing for small business owners,” says Kyle W. Kempf, senior director of government affairs for the National Small Business Association (NSBA), a Washington, D.C.-based advocate for small businesses. “With business lending drying up, small business owners are going to increasingly turn to their credit cards. It’s important that this vital capital avenue be regulated with some sensibility.”

"The bill must still go before the Senate, but with a new Congress convening in January, it is unlikely to be passed before then unless it’s added to the proposed second stimulus bill," Kempf says. "If that doesn’t happen, Congress will have to start all over again next year."

Under the legislation, card issuers would not be able to raise interest rates unless a promotional rate expires, an index that the rate is based on changes, or if a minimum payment on an existing balance is more than 30 days late. Card issuers would also have to provide written notice of a rate increase at least 45 days before the change goes into effect. "Business owners who depend upon credit would be better able to control their finances without the fear of a sudden payment increase looming," Kempf says. “Having $25,000 [with an interest rate of] 10% go to $25,000 at 30% is significant. It makes it difficult to have a sound business plan.”

The bill’s passage could also help offset another recent practice by the credit card industry that has hurt small businesses. With the credit market tightening, some cardholders have begun reducing the credit limits of customers who they perceive to be at risk of default. “If your credit limit is $10,000 on a small business account and they cut your credit limit in half, what do you do?” says Bill Hardekopf, founder of LowCards.com, a Birmingham, Alabama-based company that tracks credit card rates and practices. “You might need that extra $5,000 that they cut to order inventory or pay your bills while you wait for your cash flow to come in. It can have a devastating effect.”

Kempf is confident that the legislation will pass, either this year or after being re-introduced next year, particularly in light of the current state of the economy. “Small businesses are the only part of the economy that is still actually creating jobs unlike everyone else who is shedding them,” he says. The House passed the bill 312-112.

For the full article, visit:
www.blackenterprise.com/entrepreneurs/entrepreneurs-news/2008/11/10/credit-cardholders-bill-may-lighten-load-for-businesses/

Dante Lee Featured on Tavis Smiley Radio Show

I was recently featured on the Tavis Smiley Show on PRI (Public Radio International), live from his studio headquarters in Los Angeles.

During the interview, I spoke about the African American web properties that my partner Will Moss and I have housed under our recently formed Lee Moss Media brand. These include BlackNews.com, BlackHistory.com, HBCUconnect.com, BlackWomenConnect.com, BlackInAmerica.com, and many others.

I elaborated on our mission to create the most relevant and resourceful online experience for African Americans, and our goal to own the largest network of premium African American web properties. I also spoke of ConnectPlatform.com - a new tool that Moss developed to allow African American individuals, groups, and organizations to create their own social networks for free.

To listen to the full interview, visit:
www.tavissmileyradio.com/zen/TSR/guests08/111408/DanteLee_FREEprev.php


About The Tavis Smiley Show
The Tavis Smiley Show is a high-energy exchange of views, information, and insight hosted by Tavis Smiley. The two-hour weekly show offers a unique blend of news and newsmakers in expanded conversations, along with feature reports and regular commentators Cornel West, Connie Rice, J.C. Watts, Omar Wasow, Dr. Ian Smith, Kimberle Williams Crenshaw, Michael Eric Dyson, Antonio Gonzalez and George Johnson. For more details, visit www.tavissmileyradio.com

Dr. Seuss Sold 222 Million Books

Theodor Seuss Geisel (aka Dr. Seuss) had his first book rejected 27 times from publishers. Finally in 1937, Vanguard Press gave him a chance. Wikipedia reports that he went on to sell over 222 million books, in 15 different languages. Spirit Magazine claims he sold 600 million books.

Either way, Dr. Seuss is a huge international success story for all entrepreneurs to take note of. To date, of the 100 best-selling books of all time for children, 16 were written by Dr. Seuss.

Again, he was rejected repeatedly by major book publishers who supposedly were the industry experts. They were dead wrong, and lost billions because of it.

What's the lesson for us? Never give up on your ideas or your goals, and never be intimidated by big companies who turn you down. Be persistent and bold, and believe in yourself no matter what. If you get negative feedback, consider it and tweak your ideas as you see fit - but don't ever back down.

Jay-Z's Rocawear Earns Huge Profit Despite Tough Economy

Though the economy is bad, its still very possible for Black-owned companies to be profitable. The hip-hop industry, for example, continues to flourish.

Bloggers at LiveSteez.com report:

In the midst of an economic turmoil, fashion lovers are still making their way into the stores to purchase some fly gear.

Hip-Hop apparel brand Rocawear has earned over $18.3 million dollars for the third quarter of 2008. The clothing line helped its parent company Iconix Brand Group post a better-than-expected quarterly profit, despite a sluggish economy and a tough U.S. retailing market.

Iconix bought Rocawear from Jay-Z in 2007 for $204 million dollars. According to Iconix CEO Neil Cole, Jay-Z’s direct involvement with Rocawear helped boost the company’s earnings, as did growing sales from the company’s London Fog brand of clothing.

Iconix also owns brands like Candie's, Joe Boxer, Starter and OP, and Rocawear. Rocawear also recently debuted its first fragrance, 9IX Rocawear, as reported by AllHipHop.com.

Enter To Win The "What Works For Business" Contest

The "What Works for Business" Contest is all about shifting business focus from what’s wrong with the economy to what businesses can actually do to survive and thrive in 2009.

Today’s challenging business climate calls for innovative problem solving. Have you solved a tough business challenge? All you have to do is tell your story to win.

How does the contest work?
Simply submit a short description of a challenge your business has faced and how the issue was solved. It's that simple.

An expert panel of judges will narrow down the field to 50 finalists. They will evaluate submissions based on:

(1) degree of business challenge;
(2) creativity of the solution; and
(3) practicality/broad applicability of solution to pick the top five finalists in each contest category.

Winners across 10 categories will be determined by popular vote in December 2008.

Who can enter?
If your business is located in the U.S. or Canada, you are eligible to win. Enter by December 3 for a chance to help your bottom line and help others struggling to find business solutions that work!

What are the prizes?
One business will win the grand prize of $10,000 and nine other category winners will receive $2,000 each. All winning businesses will be featured in a national, year-long publicity campaign related to the contest on Business.com and partner sites.

For more details, visit:
http://offers.business.com/content/whatworks?WWContest=105

The Business of Pimping Obama

By now, you've seen plenty of vendors selling Obama buttons, Obama t-shirts, Obama action figures and yes - even Obama waffles. I've heard that there is an Obama video game coming out, and a site being developed called ObamaLoans.com - "Loans that Obama would approve of."

Isn't it unethical to be pimping his name for profit? Well, it depends on who you talk to. Some will say it is. Others will say that if Obama himself doesn't mind it, then who cares?

Truth be told, Obama doesn't seem to mind. If he did, as a former lawyer, he could have easily taken the necessary legal actions. After the election though, whether he wins or loses, he will still be a huge brand and may just require vendors to buy a license to sell products with his name and face on it.

Many other celebrities including Oprah Winfrey, Michael Jordan, and even Tiger Woods have taken such actions - and rightfully so.

Using Obama's name however, even if you have to pay a licensing fee, may not be a bad idea though. People love his character, and most will buy anything with his name attached to it.

Think about how many Obama shoes you could sell. Or even Obama watches - "Time For Change". Or even Obama piggybanks to keep your "change" in. The list could go on forever.

The McPalin Small Business Plan

Once again, I'm not endorsing candidates and am not making this a political blog. However, if you wake up Wednesday morning to find that John McCain and Sarah Palin are the new president and vice president of the United States, here's what you can expect for small businesses as reported on JohnMcCain.com:


Lower Energy Costs

John McCain's Lexington Project will address the rising costs of energy that are hurting small businesses. He strongly supports increased domestic exploration of oil and natural gas. This will send a strong signal to oil markets that future supplies will be more plentiful, countering the rise in oil prices. The market for natural gas is less internationally integrated than that of oil - increased domestic production will lower the cost of this key energy source.

The Project will transform electricity generation. John McCain has set the goal of building 45 new nuclear power plants by 2030 - creating 700,000 jobs and providing cheap electricity. It will provide incentives for the production of electricity from renewable sources. Finally, the Lexington Project will devote $2 billion annually to research that will allow the clean use of our most plentiful and low-cost energy source: coal.

Controlling Health Care Costs

John McCain has a comprehensive health care reform plan that will reduce the spiraling cost of health care - a major burden for those small businesses that offer health insurance and a major impediment for those who cannot. He will provide $5,000 for health insurance to every American family - supporting small businesses that seek to offer insurance. John McCain opposes costly mandates or "pay or play" requirements that would raise the financial burden on small business, cut the ability to hire, expand, or raise payrolls.

Taxes: Simpler, Fair, Pro-Growth, And Competitive

Keep Tax Rates Low: Entrepreneurs are at the heart of American innovation, growth and prosperity. Entrepreneurs create the ultimate job security - a new, better opportunity if your current job goes away. Entrepreneurs should not be taxed into submission. John McCain will keep the top tax rate at 35 percent, maintain the 15 percent rates on dividends and capital gains, and phase-out the Alternative Minimum Tax. Small businesses are the heart of job growth; raising taxes on them hurts every worker.

Cut The Corporate Tax Rate From 35 To 25 Percent: A lower corporate tax rate is essential to keeping good jobs in the United States. America was once a low-tax business environment, but as our trade partners lowered their rates, America failed to keep pace. American workers deserve the chance to make fine products here and sell them around the globe.

Allow First-Year Deduction, Or "Expensing", Of Equipment And Technology Investments: American workers need the finest technologies to compete. Expensing of equipment and technology will provide an immediate boost to capital expenditures and reward investments in cutting-edge technologies.

Establish A Permanent Tax Credit Equal To 10 Percent Of Wages Spent On R&D: This reform will greatly simplify the tax code, reward activity in the United States, and make us more competitive with other countries. A permanent credit will provide an incentive to innovate and remove uncertainty. At a time when our companies need to be more competitive, we need to provide a permanent incentive to innovate, and remove the uncertainty now hanging over businesses as they make R&D investment decisions.

Allow Families To Keep Their Businesses: John McCain proposes reducing the Estate Tax rate to 15 percent and permit a generous $10 million exemption.

Opening New Markets

John McCain believes that globalization is an opportunity for American workers today and in the future. Ninety-five percent of the world's customers lie outside our borders and we need to be at the table when the rules for access to those markets are written. To do so, the U.S. should engage in multilateral, regional and bilateral efforts to reduce barriers to trade, level the global playing field and build effective enforcement of global trading rules.


For more details, visit:
www.johnmccain.com/Issues/JobsforAmerica/smallbusiness.htm

How Do People See You?

People should see you as a helpful resource, not an aggressive salesman. Instead of being a walking billboard, you should be a walking encyclopedia.

Once you figure this concept out, you will see your sales skyrocket because consumers are motivated to buy from people who know (or seem to know) what they are talking about.

For instance, if you are selling insurance, you should be writing weekly columns and blogs to educate people about financial literacy, wealth, and other related issues.

You should regularly have free seminars for people to attend, and/or free teleseminars for people to call in to.

You should be sitting on a Board of Advisors that is related to your industry, you should be producing free audio/video content on BlogTalkRadio or YouTube, and you should offer some type of free consultation.

Most importantly, you should be the author of at least one book that's related to your expertise. And, you should be writing e-books and giving them away for free.

If people see you as an informational asset, and not just a pushy salesman, they will buy into everything that you're selling. Even more, they'll refer you to all their friends and family members.

Obama's Small Business Rescue Plan

I'm completely neutral to politics, and certainly don't want to turn this into a political blog. However, I thought it was very necessary to report on the proposed small business rescue plan that may affect you if Barack Obama is elected into the white house.

The Washington Post reports:

Barack Obama has proposed a plan of tax cuts and loans for small businesses hurt by the current credit crisis, a temporary program he said is needed to help Main Street and complement what has already been done for Wall Street.

He said the $5 billion Small Business Rescue Plan would be similar to one implemented after the terrorist attacks of Sept. 11, 2001, and would be run through the Small Business Administration.

He told a courthouse crowd that the program would be a way of "extending our hand to the shops and restaurants, the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now."

He said the plan would make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program and eliminating fees for borrowers and lenders.

Obama has previously called for eliminating capital gains taxes on investments in small businesses and start-ups and today proposed an additional temporary business tax incentive through next year to encourage new investments.

For the full article, visit:
http://voices.washingtonpost.com/the-trail/2008/10/10/obama_proposes_small_business.html?hpid=topnews

Black Business Women Vs. Black Business Women

I find it very interesting and disturbing that African American women are starting successful small businesses at a faster rate than most other demographics, but have the least amount of representation in corporate boardrooms.

Author and radio show host Wendy Johnson's comments, "Have you ever seen a biography or a feature article about a black woman who leads a major corporation? My guess is that you probably haven't, because besides Oprah, who created her own dynasty, do any come readily to mind? Despite the progress of the last 50 years, capable black women continue to be hampered in their career paths."

Johnson's new book, Missing in Action: Black Women in the Boardroom (endorsed by Dr. Cornel West), examines the historical and other influences that have hindered the advancement of black women. The perceptions of a broad cross section of professionals in a variety of organizational settings are examined, and from research and personal experience, Johnson analyzes the factors that continue to prevent black women from rising to the top. The book also offers practical advice to black women who want to break the glass ceiling.

To learn more about Johnson or to purchase her book online, visit www.askdr-wendy.com

Why Long-Form Sales Letters Work

Have you ever gone to a web site and realized that its nothing more than a one page sales letter? You scroll down only to see about 50 paragraphs full of rhetorical questions, descriptions, testimonials, subheaders, and postscripts. You may ask yourself - "Why in the world would someone develop their web page like this?"

Joel Comm, an online marketing expert, recently wrote the following article about Internet sales letters in the October 2008 issue of Feed Front Magazine:

For years now, the standard sales tool for Internet marketers has been the long-form sales letter. These can go on for thousands of words, offer testimonial after testimonial, sub-heading after sub-heading and postscript after postscript.

They’re enormous, often repetitive and it’s unlikely that anybody has ever read one all the way through to the end. So why do marketers still use them? The answer is simple: they work.

In one test conducted by the Marketing Experiments Journal in 2004, longform sales letters consistently outperformed short copy, sometimes by as much as 400 percent. In my own experience, I’ve seen upsells and one-time offers produce conversion rates as high as 70 percent.

That doesn’t happen often – but I’ve never had it happen with any other sales technique. The reason they work is that a well-written, long-form sales letter will do two things.

First, it will push every sales point and answer every objection from every member of the audience. That’s something that’s always going to take up a great deal of space. But it’s also why marketers don’t expect the audience to read all of the copy.

The sub-headings are meant to provide easy entry and exit points for readers. Different readers will have different objections and they’ll be persuaded to buy because of different benefits. As readers scan a sales letter, the format of the page will naturally help them to notice the points and arguments that are most likely to persuade them.

Of course, they’ll also miss a lot but that’s important too. The Internet is the ultimate comparison shopping tool. More information about a product and more products that do the same thing are never more than a click or two away.

By providing readers with an overdose of information, marketers keep truly interested buyers on the page. If they can’t even finish reading the information in front of them, they’re less likely to feel a need to look for more information elsewhere.

It’s why a common reaction to a long-form sales letter is “Okay, I get it. How much is it already?” When you can make a lead ask that question, you really should be able to turn them into a buyer.

Long-form sales letters need top quality copy. They need careful testing and tweaking. But when the information and the words are right, they’re also surprisingly effective.

To subscribe FREE to Feed Front Magazine, visit:
www.feedfront.com

Negotiate a Win-Win

I was skimming through some Donald Trump blog archives, and found this interesting one about negotiation. He writes:

My most successful negotiations have come from bridging the gap of misinformation and miscommunication between buyer and seller. Once I can get to the truth about what the parties are truly motivated by, I can then structure a deal that makes everyone happy. It’s a universal principle that holds true in business, marriage, friendships etc.

If as a businessperson, we would shut our collective mouths for a moment and listen to the other side’s position, we will gain the understanding of what they are thinking and needing to be able to accept our proposal /offer (or whatever). We can then incorporate and address those needs in our offer and thereby eliminate any objections they are having.

The hard part about invoking this strategy is that you have to know what questions to ask and be able to give the other party a comfortable way to express their side openly and honestly. This only works if you truly DO CARE about creating the WIN-WIN. The moment the other party suspects you are using their information to manipulate them, prepare for the negotiations to go cold.

Author Stephen Covey cites this principle as one of the 7 Habits of Highly Successful People - "Seek first to understand and then be understood." Try applying this to all of your relational dealings and see how much more effective you are at getting what you want in life.

Economic Forecast From One Black Entrepreneur

For over 2 years, Bro. Bedford, founder of HowToBeABlackEntrepreneur.com and author of Conversations With Black Millionaire Entrepreneurs has been warning of an impending financial collapse of the U.S. Economy.

With the collapse of the real estate market, the vanishing of some of the largest banks and businesses in the history of the United States, bailouts totaling over $1 trillion, the unemployment rate rising, as well as the price of food and gas being at record highs it is clear that his words were not empty.

When asked if this is the end of the economic slump, Bedford says, "The opposite is true, this is just the beginning of a long and painful transition from an economy that was once dominated by America to a global economy that is dominated by billions of people."

When asked, what he thought Black people should do to navigate this terrible economic environment. He comments, "We must become more entrepreneurial, and I'm not talking about implementing the business models that we see failing. I'm talking about learning how to market products or services directly to customers worldwide, affiliating yourself with similar entrepreneurs and doing joint ventures to cross sell and market products. These models are what is working and will continue to work in the future."

"From an investment standpoint I suggest buying silver and gold," he adds. Bedford has a Free Report discussing the fall of the U.S. Dollar and Black people being prepared located online at www.fallofthedollar.com

To gain immediate access to an audio-MP3 and PDF transcript of the training of How To Buy Silver & Gold: To Protect Your Wealth and Savings, visit: www.howtobuysilverandgold.com

2008 Booker T. Washington Economic Development Summit

Booker T. Washington, (first President) of Tuskegee Institute (University) was a staunch supporter of entrepreneurship and other economic growth among African-Americans. He was founder of the National Negro Business League in 1900 after seeing a need for African-Americans to build an economic network and allow that to be a catalyst for change and social improvement.

Today, the Summit, adheres to the historical and philosophical perspectives of Washington and focuses on entrepreneurship and business development as a means for African-Americans and other people of color to obtain economic and political parity. It targets individuals, organizations and institutions for empowerment through knowledge acquisition and networking for entrepreneurship as key ingredients to a whole-community approach to economic development.

The 13th annual summit will take place November 19-21, 2008 in Tuskegee, Alabama. Speakers include Dr. Farrah Gray, Dr. Randal Pinkett, Dante Lee, and others.

Who should attend?

* Collegiate entrepreneurs and advisors
* Community development corporations
* Small business owners
* High school students and advisers
* Youth services agencies
* Youth development personnel
* Entrepreneur training developers

For more information and/or to register, visit:
www.tuskegee.edu/btwsummit

Internet Guerilla Marketing 101

Guerilla marketing consists of a series of highly aggressive marketing practices using unconventional methods. It works wonders for those who have very little time and money to invest in their marketing agendas.

Jay Conrad Levinson, the father of guerrilla marketing, has authored several books on the subject - showing people how to survive the advertising jungle on a shoestring budget.

Recently, Levinson and online marketing masters Mitch Meyerson and Mary Eule Scarborough have released their newest book entitled Guerilla Marketing on the Internet that shows you how to successfully enhance your initiatives on the web.

The book reveals:

* The 10 most effective Guerrilla strategies
* Case studies of the five greatest online Guerrilla Marketing campaigns
* How to create a high-impact website on a budget
* Low-cost tactics for maximizing traffic
* The 12 biggest internet marketing mistakes and how to avoid them
* Creative tactics and cutting-edge tools that inspire customers to take action
* Essential information on cutting-edge technology

I highly recommend getting this book!

How The Wall Street Collapse Affects Black Businesses

Here are some main points from a recent article written by Cliff Hocke of Black Enterprise Magazine on how Black businesses are feeling the crunch of the Wall Street collapse:

With a $700 Wall Street bailout deal rejected in the House, one of the largest bank failures in the seizure of Washington Mutual, and an economic fate that is uncertain, African American entrepreneurs who were already feeling the squeeze are facing an even more stringent credit system.

"There is only a narrow vein of opportunity for blacks to obtain credit in even the most vigorous economic environment. This financial crisis worsens the plight of African American entrepreneurs as they seek to get credit," says Illinois Congressman Bobby L. Rush. Chairman of the House Energy and Commerce Committee's Subcommittee on Commerce, Trade, and Consumer Protection, Rush believes a bailout of Wall Street banks is required to stop further blockage of black businesses' access to capital.

A wrecked financial services industry could conceivably be rebuilt in a way to benefit black businesses. "It might be the opportunity for us to really recalibrate our American economy to include not only minorities, but also more women-owned businesses, which get little attention, little reward and very little resources," says Congressman Rush. "That might be the silver lining in this cloud. But we have to have a president who is committed to expanding the minority business community and who understands that access to capital is the main culprit in the denial of minority entrepreneurs the opportunity to be successful."

So what survival strategies can black-owned businesses pursue now? "For small or minority business owners, everything must center on preserving and building working capital, i.e., cash and liquidity," Boston says. "Business owners should generate reports on their cash position several times a week and forecast it realistically into the future. It doesn't matter how much receivables you have or how much revenue you are currently generating. The only thing that matters is whether or not you can pay your current bills. In the current environment, it is unlikely that you will be extended credit unless you have a very stellar record. So the wise strategy is to build and preserve cash to weather the hard times ahead."

For the full article, visit:
www.blackenterprise.com/cms/exclusivesopen.aspx/id/5064

Top 7 Hiring Mistakes for Startups

If you don't have a staff already, one day you likely will. According to Brad Sugars of Entrepreneur Magazine, here's what you don't do when hiring people:

1. Hire someone just because you know them. This means friends, former co-workers, family members or your own children. For a husband, this means hiring your wife. For a wife, this means hiring your husband. Even part-time. There needs to be a certain sense of objectivity and accountability in the workplace. Friends and family expect to be treated to a different standard--and they should. Away from your business, but never in it.

2. Hire someone to "help them out." Some owners have loads of empathy for workers on the rebound, or people in trouble. Being a "savior" to help someone may not help your business. Instead, hire someone who can add value to the company and its operations. Those are people who are eager and willing to go the extra mile. They also won't be in trouble or looking to take advantage of what always turns into a bad situation.

3. Take someone on as a partner because you can't afford to hire him. Business can be hard enough as a sole proprietor, but don't think it's an advantage to bring on a partner, especially if you can't afford to hire him as an employee.

If you do, you give up 50 percent of your company to someone who may or may not thrive in an entrepreneurial setting. An alternative is to outsource projects or work on a fee basis. Better yet, work out an arrangement at an advisory or coaching level. Then 100 percent of your company remains yours. Plus, it's easier to walk away if something goes wrong.

4. Hire someone to do a bit of everything. A "jack of all trades" approach is fine--for the owner. But the specific functions of a business need to be staffed with people who are specialists.

Instead of hiring one person to do the accounting and administrative work, think of this as two jobs for two different people.

The reality is most people simply don't have the skills or expertise to do a variety of jobs. The key is to find people with skills that complement your own, and put those people in specific jobs with specific roles.

5. Top-down hiring vs. bottom-up hiring. This method of hiring also leads to getting people on the team who are generalists vs. someone who's the right fit for a single job.

Hiring from the bottom up means filling specific roles with specific skill sets with people who will be doing jobs that are typically lower paying but take up large amounts of time. This frees you from having to do time-consuming tasks. It also gives people an opportunity to add value and expand their roles, which ultimately helps grow the company.

6. Not knowing what job you want to hire for. Just hiring for the sake of hiring, or hiring a generalist to bring some order to your internal chaos, is not a hiring strategy--it's just more chaos.

Clearly define roles for any new hires. Not only will you avoid hiring a non-productive person in an ill-defined role, you'll start attracting people who'll add real value to their role and your operation.

7. Hire for the job you hate. Earlier I said you should hire people with complementary skills. This doesn't mean you should hire someone to avoid doing what you may do best. In short, don't hire a bookkeeper when you know how to do the numbers--especially when your top line sales may be suffering.

For the full article, visit:
www.entrepreneur.com/hiringcenter/index195252.html

Not All Lawyers Are Good Lawyers

Most people would agree that not all doctors are good doctors. Many complain about medical doctors who don't care about their patients, and who just randomly prescribe medicine.

Likewise, not all lawyers are good lawyers either. Many will put minimal effort into your case, and are really just out to get your money. I've heard countless experiences from entrepreneurs who have been misguided by lawyers and their so-called advice.

Remember that anyone can be a lawyer. All you have to do is pass the bar test. This, however, does not ensure that the person is actually good at practicing law - let alone, an honest person.

Here are some tips from the Microsoft Small Business Center:

1) Do some legwork. Simply put, don't let your fingers do the walking when it comes to tracking down competent legal advice. Ask your lawyer for a referral. Get references and do background checks. The more time you put into your search, the better your chances of getting a competent lawyer who's also suited to your business.

2) Be comfortable. Don't sign up unless you're completely comfortable with the fee arrangement and relationship. Make sure an attorney is worth what you're spending — agree only to a fee structure that suits you. Small-business owners are often asked to sign blank checks or retainer fees. Avoid doing this if at all possible.

3) Understand what an attorney is doing for you. The last thing you want is for a legal problem to bite you later because your lawyer neglected to file the documents with the right government department -- or, just as bad, did not let you know what the documents meant. To keep your relationship running smoothly, keep a written account of all interactions that you have with your attorney.

4) Insist on a good system of communication. Insist in advance on how and how often you should communicate. If you have to wait days or weeks to hear back from your lawyer, either you didn't relate your expectations well enough, or you have a lawyer too busy to take on your business. Give some thought to finding a new one as soon as you can.

Franchise Your Way To Freedom

Opening a franchise is probably one of the most effective methods of starting a business. The start up costs are fair, and everything needed to run the business is already in place.

Many entrepreneurs want something that will give them stability, but find the research and work needed to get started is so overwhelming, that they often abandon their ventures even before they’ve started.

One valuable resource for not only finding the franchise for you, but for helping you get the preliminary information you need to begin your venture is MinorityFranchising.com. This site provides a near exhaustive list of franchises for every kind of entrepreneur.

In this vacillating economy, a franchise that has proven to be financially viable is the best bet. Finding the best investment for your money is a sure way to secure your financial future.

Start a franchise and allow those who came before you and worked hard to build the business make you successful. Step into financial freedom!

Interview With Black Social Networking Pioneer, William Moss

Social networking is one of the most popular activities online, next to emailing and blogging. It has the unique ability of allowing users to interact with others as if they were in the same room. Just how big is it? On a daily basis, an estimated 300 million people worldwide log into a social network.

African-Americans are heavy social networkers and possibly the fastest growing group in this segment. Many spend a lot of time on Myspace.com, Facebook.com and Linkedin.com - as well as the Black social networks such as BlackPlanet.com and HBCUconnect.com

William Moss, the 34-year old CEO and founder of HBCU Connect, launched the first social network for African Americans in 1999 - just a few months before BlackPlanet.com came along. To date, HBCUconnect.com is the largest online destination for Black college students and alumni.

Q: William, what is your professional background?

A: I’m a graduate of Hampton University, where I earned my Bachelors degree in software development. I’ve been programming since I was 13 years old.

Q: Where is your company based, and how big is it?

A: We are based in Columbus, Ohio with a staff of 12 people. We are located in the same building as our strategic partner Diversity City Media.

Q: Is it true that you created the first social network for African Americans?

A: Well, in the late 90’s, the only mainstream social network that anyone knew of was Classmates.com. There also was AsianAvenue.com, the only ethnic-specific one - which was launched even earlier. There were no others until we officially launched HBCUconnect.com (formerly HBCU-Central.com) in June of 1999. According to Community Connect's web site, they launched BlackPlanet.com in September of 1999.

Q: How big is HBCUconnect.com?

A: We have 1.2 million registered members with over 15-20 million page views a month. This makes us the largest online destination for Black college students and alumni, hands down.

Q: What makes you the king of Black social networking?

A: Well, I’m modest – I don’t actually go around calling myself that. However, I’ve done several speaking engagements, and during a Q&A someone labeled me “a king of social networking” after I answered a series of technical questions and related my experience.

I do feel that I’m a leader in the industry because I’ve been developing and programming social networks for nearly 10 years. I’ve done the technical work, the marketing, and I was able to reach profitability to survive the dot com burst. I understand social networks inside out; I was into this stuff before the term “social networks” was even coined. They used to just be called community-based sites.

Q: So, what are you working on now?

A: Right now, I’m building a white label social networking platform that will be the best in the business. It’s called Connect Platform (www.connectplatform.com), and for now we’re targeting Black entrepreneurs, organizations, and businesses to help them create their very revenue-generating social networks.

To prove that it works, we just recently launched several more social networks in-house.

Q: What other social networks have you launched?

A: In partnership with Diversity City Media, we’ve already launched over 15 different sites. The big ones are BlackHistory.com – an online encyclopedia and social network for African American history and culture, BlackWomenConnect.com – the first ever social network for African American women, and BlackInAmerica.com – the first ever social network for socially-conscious African Americans. All of them are growing exponentially with thousands of active members signing up daily.

We’ve also been tapped to do social networks for TV One, Real Men Cook, October Gallery, Janet Jackson, Patti Labelle, Juanita Bynum, Pepa from Salt-N-Pepa, and other bigger brands that I’m not yet at liberty to discuss.

Q: Some say that social networking is a waste of time. Is this true?

A: Absolutely not. Every social network has a purpose. Professional social networks help people advance their careers, and build client relationships for their businesses. Other niche social networks allow people with similar mindsets and interests to connect and build relationships that make life online more fun. Social networking has the same benefits that offline networking has.

Q: What's the future for social networking?

A: The future includes a smaller number of super-large social networks like Facebook and Myspace. I believe there will be a major consolidation of these. However, I also believe that there will be an ever-growing number of smaller but powerful niche social networks. Users are more attracted to networks for individuals that share the same mind frame, background, and/or interests.

Q: There's a rumor that you and Dante Lee of Diversity City Media are getting ready to launch a Black dating site. Will this be a social network too?

A: This site, which I won’t name just yet, will be unlike any other dating site on the Internet period. Not only will it be one of the few that are Black-owned, but it will also be the first to include the functionality of a social network. Look for this site to launch in late 2008.

Q: Are you in discussions with bigger companies to get bought out?

A: Yes, we are approached all the time by major Black and non-Black owned companies. However, none have been smart enough to make a quick acquisition of our technology, experience, and brands. But we're not too excited about selling now because the best is yet to come.

Q: How can people contact you for business purposes?

A: They can contact my business partner and publicist Dante Lee at 614-595-6063 or dante@diversitycity.com