Inspiration

What do you do and where do you go for inspiration for your small business or project?

For each of us, the answers to these questions are bound to be different. Some people might smoke a cigarette or something more illicit. Others may go surfing on a cyber wave or off the Malibu coast for that matter. Still others may sit and journal quietly till they hit upon that "thing" by free associating. I like to walk myself. Tonight, I walked all the way to Times Square from Downtown Brooklyn, from the court-house at 360 Adams Street, across the Brooklyn Bridge to City Hall, through Chinatown and Soho, past Union Square and Grand Central, to Times Square. It is not a long walk as far as long walks go, but it is enough of a walk that I can do a lot of thinking about what I was doing and what I wanted to do, and to find inspiration in all the things that abound around me. I took in the sounds of the traffic, the honking taxi cabs, and the incessant chatter of New York folks going about their Friday night. I took in the heady combination of smells of roasting nuts, street-side hot dogs with relish (and that red meat on the stick), smoke, and perfume. And I relished the sights of the city, from the skyline ahead--Metlife, the Chrysler Builging, to the bright neon jumbotrons in Times Square (from Nasdaq, The Lion King and Toshiba.) And of course, there were all the people, so thickly packed on the city streets, I could barely get by on my way to my inspiration. Where was I going? I was not sure. I had not mapped a destination. I had not set my GPS. I was just walking, just searching for that natural high note that always comes to me in the form of an idea, thought or observation when I take long walks in NYC. By the time, I head back South, to Brooklyn (by subway), I was so incredibly refreshed and full of new ideas and motivations. I was newly and freshly inspired.

How do you find inspiration?

Influence

People with influence are people who have the ability to change things, and to find solutions where others are unable to do so. You might think that only people with money have influence. But you are wrong. Not that money doesn't make a big difference in a disproportionate number of times. Because money does talk and often, it is difficult to wield any influence without it.

But everyday people, including small business owners, can have a lot of influence in their world and space just by coming up with ideas and coming up with solutions to problems that others can't solve. For example, your business idea may come from a solution you have devised for a problem that everybody else either thought was unfixable, or were too busy putting band aids on to find a true solution.

And influence also means being willing to be unpopular, and called crazy in order to bring about change. But influence can't occur in a vacuum. You do need people to sign up for and to your idea. It is not enough to influence just oneself. One must be able to influence others - their behavior, thought processes, mind set and preconceived ideas.

As a small business person, success could come down to your ability to influence others.

Vegas

Running a small business? You might want to move to Vegas. I heard that it is the place to be during a recession. It was one of the few industries that made money during the Great Depression. It sure made something of Steve Wynn and Kirk Kerkorian. I mean, Kirk's having some trouble with some bad investments in the auto industry, but the former owner of MGM is still a billionaire, and he started out poor, and has only an 8th grade education. Well, I should say, I read that he only has an 8th grade education, but I am not certain that this is true.

Whatever the case may be, the man grew himself from poverty to filthy rich. Same with Wynn, although, Wynn was never poor. Wyn has built so many hotels in Vegas including the Bellagio, Wynn Las Vegas and Treasure Island.

I am not saying you should go to Vegas and start building hotels. Believe me one of those babies will probably run you a billion dollars. No. What I am saying is that there is bound to be some derivative business you can run down there, something you can offer the established industry, as a small business person, that could net you some cash. Because, look around you. There is a real blood bath across the globe right now. People need to feel happy again. I think the most profitable businesses will be those that make people forget their problems. If you can't build the hotels and the casinos, find some product or service you can offer them.

Vegas seems a good place to start. What do you think?

I should disclose that I'm up to page 40 of Winner Takes All by Christina Binkley so I've got Vegas on the cerebral cortex!

Taxes

The tax man cometh. Where shall he find you? At the front door welcoming him in? In the kitchen drinking Chevas Regal from the bottle? Under the bed? I know where I'll be but what about you?

Small businesses may get a good break this year from the tax man. Actually, if president Elect Barack Obama's stimulus plan (reportedly in the trillions) passes, then maybe it's safe to say that everyone, including rich Americans, will get some help and breaks from the tax man this year. For sure, it's not as if anybody, except maybe for personal injury lawyers, psychiatrists and heart surgeons made any money this year. Billionaires around the world are literally killing themselves. I worry sometimes about people like the Trumpster. But he's the ultimate comeback kid. And ultimately, I think he understand it's just money. A thing. A commodity. It's not your life. It is not you....same goes for us little small folks, by the way.

Doing the taxes should be fun this year. Many small business will have massive losses so that means no taxes. There are bound to be a lot of expenses, exemptions and credits that will even make this more fun. So fear not. Do you do the taxes yourself or do you get an accountant? I'm thinking that no matter what you've done in the past, this is a good year to hire an accountant.

Resolutions

It's New Year's Eve and I am certain that you have tons of resolutions that you are going to make or have made. Some of these resolutions likely involve your small business. After a particularly rocky year, I am sure that one of those resolutions is: make more money. I don't know of anyone, even the very wealthy, who had a bonanza year financially. Even the richest of the rich, guys like Kirk Kerkorian, Robert Tchenguiz and Adolf Merckl are practically going broke, losing billions of dollars of value in their portfolios by the day.

I could be wrong, but the battle cries of the recession has been universal - except maybe for hospitals, shrinks and people who work with the dead - they have really capitalized on the consequences of excess stress and financial shock, I would imagine. Yes, all indicators are the the country is in a recession (as are many countries across the globe) and 2009, according to the economists, pundits and their statistics, is not going to be a heck of a lot better - it may even get worse before it gets better. (Be still your heart!)

I think that one of the ways a small business owner can assure that 2009 is worse than 2008 is to adopt a doomsday attitude and to believe that it will get worse. Negative thinking is singularly the worse thing that can happen to a challenge. In order to succeed, one has to remain certain that one can overcome the core challenges that one faces. One has to stay positive. And focused. One has to resolve to master the challenges, to get on top of them, rather than have the challenges get on top of one.

As a small business person, one of my resolutions this year, 2009, is to remain optimistic. And like president-elect Barack Obama always says, I will adopt the mantra, "yes, I can."

What about you? What are your resolutions for your small business?

Thrift

In his book, SuperClass, The Global Power Elite and the world they are making, David Rothkopf describes Nelson D. Rockefeller thus: "More than anyone else, Rockefeller incarnated the capitalist revolution that followed the Civil War and transformed American life. He embodied all its virtues of thrift, self-reliance, hard work, and unflagging enterprise."

Rockefeller was also the richest American business man who ever lived. He begain in business around age 24 and through a series of inspired moves, transformed himself into a force for the federal government to be reckoned with with his creation of Standard Oil - a monster corporation that so monopolized the oil business, the Supreme Court had to step in and break the company into parts: Exxon, Mobile, Sun, Chevron and a few others.

What has this to do with small business owners? Well, it's just to remind ourselves that one of the ways Rockefeller rose so high and furiously, is through thrift. As Mao did in China, he "lived close to the land." He also believed in business - creating them and growing them into successes, in hard work and in self-reliance. What is a small business if not the enterprise of a self-reliant person who works hard? But maybe, in these days in particular, more small business owners ought to think more about their overall thriftiness.

Sure, cash is king these days. But I think Rockefeller would probably say, only spend when you absolutely have to. The economist will not agree with this approach, obviously. Because in order to get the economy going, consumers have to start spending and stop hoarding all their cash. And believe me, I am not an economist, so I am not delving too much into that. I am just talking about the idea of thrift and drawing on Rockefeller as a reference. Because, look where it got him?

Consequences

If nothing else, the recent upheavals on Wall Street have taught us that every act, even those done in secret and by really important people who are used to "getting away with murder" has consequences. And that eventually, the chickens will come home to roost.

I am certain that at least once since the story blew up around December 11, or so, that Bernie Madoff and his wife and sons have wished that they had not participated in that ponzi scheme. Now, they will lose everything. Including their freedom.

As a small business person, you may not have to worry about the consequences of ponzi schemes. But there are bound to be other ways in which you cut corners, cheat a little bit, try to get over from time to time. It is human nature to try to find the easiest and quickest way to get to a destination - especially when one is looking for money and profit.

But, when temptation knocks, just think of Mr. Madoff, and take the scenic route instead. You're a lot more likely to end up in a place where you can enjoy the fruits of your labor, rather than having breakfast meetings with law enforcement and the Federal Bureau of Investigation - or the like - as they hint at a lifetime behind bars in some federal prison somewhere.

As tough as it might be to get your show profitable, try to always "do the right thing."

Reorganization

When you hear the word "reorganization" you probably rightfully think of Chapter 11 bankruptcy, which is a section of the Federal Bankruptcy Code that usually pertains to businesss (although individuals can also file chapter 11).

But when I use the word "reorganization" I am speaking of something else. It is related, but it is not quite the same, because I am definitely not talking about you invoking any section of the bankruptcy code - unless you must.

But to reorganize means to basically start over, to try something different, for try a new way or idea with your business.

Sometimes that is not only a desirable thing, it is a necessary thing. Look at what Bernie Madoff did to all those big companies (and maybe some small ones too) on Wall Street. He basically bilked investors out of over $70 billion dollars of their hard earned money, through the use of a ponzi scheme.

You better believe that a lot of those people are going to have to reorganize. Many are left destitute with nothing and they are going to have to start from scratch - if they can. If they can't, they are finished. Life is over for them.

As a small business owner, there may be all sorts of reasons why you may find yourself having to start over. It could be an act of God, but it could be an act of man. It could even be from your own mistakes and missteps. It doesn't matter.

The trick is to recognize when you are at the point that reorganization is required. And act in a focused, controlled but expedient way, to make the necessary changes to get you from wherever you find yourself to where you need to be.

Power

What does "power" have to do with a small business owner? When one thinks of power, one thinks of multinational corporations and the men who head them. One thinks of political leaders, Terrorist leaders, International banking professionals and maybe even the Pope. But one does not necessarily think of a small business owner.

It is true that the average small business owner does not have the kind of clout that would get him a front seat at Davos next to, say, the chairman of the IMF, Bill Clinton, or even Angelina Jolie.

But I am willing to bet that within his own community, a small business owner does wield some power, perhaps a bit more than he or she even suspects.

What is power? Power is the ability to affect what happens to somebody else. If that is the simple definition, then I would argue that all small business owners have some degree of power.

But if you don't own it, what good is it to you? My advice is that all small business owners should think about what is the source of the power they wield. They should tap into it, use it when necessary. But never abuse it as, unlike greater institutions than yourselves, small businesses have such a high degree of replaceability and turnover.

lawsuits

Small businesses the world over are susceptible to lawsuits. But they can also be the plaintiffs who brings suits against others. For some people, lawsuits are a legitimate way to raise capital. For others, lawsuits buys time. And still others use the lawsuit as a PR strategy.

Getting sued also has its perks. When a small company in the Indian Ocean was recently sued by the first lady of France, they got millions of dollars worth of free publicity. And you know what they say about publicity.

What about you? Why do you sue?