Tag Archives: Business

Building a Successful Business

Reasons Why You Will Never Build a Successful Business

This article title above might sound provocative or offensive but if you can keep an open mind, you will come to appreciate my point of view. Sorry if the truth that you will never build a successful business hurts; but i just want to be straight and clear, no sentiments.

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Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it’s either you quit or you swim back to shore, build a new ship and sail again.” – Ajaero Tony Martins

I believe you have heard several times that entrepreneurship is a process; a journey, not a destination. In an article i wrote on this blog, i explained the step by step phases of the entrepreneurial process; a process through which every entrepreneur must undergo to build a successful business.

Unfortunately, I stressed in that article that not all who begin the entrepreneurial process will see the end and that’s a harsh truth. What this implies is that not every entrepreneur who starts a business will end up with a successful business; many will end up with trash and most will have nothing. Now what makes me so confident of the fact that you will never build a successful business? You will find out below.

Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.” – Rich Dad

Building a successful business from scratch is definitely not an easy task. Everyday, I come across highly motivated aspiring entrepreneurs who have been stirred by the entrepreneurial spirit and they are rushing out to start their own businesses. These new entrepreneurs possess the needed passion; they have the fire of enthusiasm emitting from their eyes and with this iron clad enthusiasm, they start their own business.

But despite the passion and enthusiasm, these new entrepreneurs usually follow a similar path; a path trodden by so many entrepreneurs. A path that makes true the statistics that 99% of all businesses started usually fail in their first five to ten years. Meeting these entrepreneurs and studying their entrepreneurial pattern made me come up with ten strong reasons why I believe you will never build a successful business.

In the process of reading this article, you are bound to either criticize me or analyze my points and see reasons with me. Either way, you are entitled to your own opinion but I will advice you keep an open mind and reflect on my point of view.

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Before I proceed, I want to state clearly that building a successful business is not an impossibility. Rather, it is you the entrepreneur that makes it either a possibility or impossibility. This brings me to a quote from my most respected mentor:

There are no bad business and investment opportunities; we only have bad entrepreneurs and investors.” – Robert Kiyosaki

So if you are ready to learn something new today, then let’s set the ball rolling. Below are 10 reasons why i believe you will never start and build a successful business.

 10 Reasons Why You Will Never Build a Successful Business

Most people are waiting for the perfect time to start a business; they are waiting for all stars to line up and all lights to go green. Unfortunately, that perfect time will never come. To be an entrepreneur, you must start with what you have on ground and pick up the rest along the way.” – Robert Kiyosaki

 

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1. You are afraid of failing

Restlessness is discontent and discontent is the first necessity of progress. Show me a thoroughly satisfied man and I will show you a failure.” – Thomas Edison

Whenever I discuss the subject of entrepreneurship and business development with my protégés; I often mention the fear of failure as the utmost reason why most entrepreneurs will never start a business. Immediately I bring up the issue of fear; I am often met with stiff oppositions and statements such as:

  • “I am not afraid of failing; I am only waiting for the right time.”
  • “Why should I fear failure?

While I do not doubt such statements, I want you to know that the fear of failure is a silent reason why many entrepreneurs shy away from undergoing the entrepreneurial process; and invariably avoid building a business. Being afraid or doubtful is not a sin; it is natural to express fear but the wrong comes when your fear overpowers your faith.

Fear is faith that it won’t work.” – Mary Kay Ash

If we try and fail, we have temporary disappointments. But if we do not try at all, we have permanent regrets.” – Bern Williams

I have seen individuals with the right opportunity, the right plan, tools and everything they need to get started but they just don’t want to start. Why? The reason they don’t start is because they are afraid of making mistakes and failing. They keep procrastinating because the fear of failure in them is stronger than their faith.

Show me a failure and I will show you a man, who does today, what he should have done yesterday.” – Ajaero Tony Martins

Don’t fear failure so much that you refuse to try new things.” – Louis Boone

Now how do you know you are afraid of failing? You will know you are afraid of failure if you have attended some seminars, read a lot of books on business and entrepreneurship and you have even taken a bold step to draw a plan of the business you intend starting. Deep down in you, you know you are fully prepared to launch your business, but for some reasons best known to you, you just don’t want to take the leap. And by avoiding taking that leap of faith into the world of business; a world of challenges and uncertainty, you are invariably denying yourself a once in a lifetime opportunity.

To avoid failure is to limit accomplishment.” – Will Rogers“

Defeat is not the worst of failures. Not to have tried is the true failure.” – George Edward Woodberry

If the situation explained above best describes you, then know that you are being held back by the fear of failure. My advice to you is this; don’t ever start a business if you are afraid of failing, even if it’s the world’s most profitable business idea because you will definitely fail. Statistics reveal that nine out of every ten businesses started fail in their first five years. This simply means the odd that you might fail is high and I bet you, you can never beat this odd with fear in your eyes. So until you change your mindset and develop some winning attitudes, forget about building a business.

Like success, failure is many things to many people. With positive mental attitude, failure is a learning experience, a rung on the ladder, and a plateau at which to get your thoughts in order to prepare to try again.” – W. Clement Stone

I have taken more than 9000 shots in my career. I have lost almost 300 games. Twenty six times I have been trusted to take the game winning shot and missed. I have failed over and over again in my life; and that is why I succeed.” – Michael Jordan

2.  You want to “Get Rich Quick.”

successful business

What is your major motivation for starting a business? Why do you want to build a business? These two questions may sound casual to your ears but their answers make big differences in the life of every entrepreneur. These questions are so important that I had to write an article on my blog simply to stress their importance. I have observed that 90% of entrepreneurs start their own business just to make money and get rich quick.

I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

Your desire to get rich will not take you far enough in business. If building a successful business is your priority, then will you need a stronger fuel to power you towards your desired destination. I can’t tell you what that fuel is because you have to find yours. Everybody’s fuel, passion, motivation or source of inspiration can never be the same. But I advice you, that fuel or source of motivation should never be money; It has to be something higher than money.

You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

So if you are going to start and build a successful business, you must abandon the get rich quick concept and focus on value creation. If you can solve a problem, create value and fill a need, solution seekers or customers will find you and when they do, the money will follow.

Build wealth as a by product of your business success. If wealth is your only objective in business, you will probably fail.” – J. Paul Getty

3. You Lack Experience

Experience taught me a few things. One is to listen to your gut no matter how good something sounds on paper. The second is that you are generally better off sticking with what you know and the third is that sometimes, your best investments are the ones you don’t make.” – Donald Trump

Most new entrepreneurs basically lack experience. When it comes to running a business; competence matters a lot and competence is a product of experience. After getting the right education, the next thing is to get some real life experience. Why am I emphasizing the importance of experience? I am emphasizing the importance of experience because building a business is a game of experience.

A business idea will always look exciting and positive on paper but bringing such idea into manifestation is a game of ups and downs. Even if your business collapses and you lose everything, your greatest asset in starting a new business is going to be your experience from the past business failure. It’s priceless.

Good judgment comes from experience and experience comes from bad judgment.” – Dr Wayne Dyer

When trying to raise capital for your business, investors will ask you this question;
What experience do you have running a business?
When you intend to raise capital by taking your company public, you will be asked by investors;
How much have you raised previously and how many companies have you taken public?

All these illustrations and questions boils down to the word “Experience.” Experience in business is measured by the number of years spent running a business; the business challenges you have met and surmounted, grounds you have gained and achievements you have made. Experience entails making business mistakes and learning quickly from them. It is all about knowing what works and what doesn’t. For instance, I can never compare myself with entrepreneurs like Bill Gates and Steve Jobs because they have been in the game for years and have results to prove it.

So if you really want to start and build a successful business, then you must be willing to learn and gain some real life experience. When I say learn, I don’t mean going to a seminar or buying a book; it’s beyond that. What I mean is you have to learn quickly from your real life mistakes. You have to start small; make every mistake possible, gain some experience, increase your business skills and confidence. If you learn from your business mistakes, you won’t repeat them and these mistakes will become priceless lessons and ultimately; you will end up gaining some experience.

In times of rapid change, experience could be your worst enemy.” – J. Paul Getty

4. You are using the wrong marketing tool.

Another reason why you will never build a successful business is because you are using the wrong marketing tool. I have seen entrepreneurs use their limited business capital to buy useless advertising slots from advertising agencies. Big time advert slots from advertising agencies are for big corporations with millions of dollars to spend; not for entrepreneurs with limited budget. Moreover, advertising agencies don’t guarantee results, all they do is use your business capital to win themselves awards for creativity.

Real guerrilla marketing should reflect in the books. Successful marketing campaigns are measured by an increase in sales and brand loyalty.

Successful Marketing = Increase In Sales
Increase in Sales = Increase In Income
Increase in Income = Increase In Profit

If you want to succeed in business, you must know the difference between mass marketing and niche marketing. You must also strive to make sure that your marketing strategy produces result.

5. You give up too easily

A principle of life I have come to observe is this;

In every profitable venture you engage yourself in, the pains will always come before the gains.

That’s why I said earlier that a business idea on paper is different from executing the business idea. A business idea will always look exciting and promising on paper but when you launch it, you will begin to see business challenges and critical problems you never expected.

Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

This is the reason why I asked earlier in this article about your reason for starting a business. If your “why” for starting a business is not strong enough, you will back down and quit along the way. In the process of starting and building a successful business, perseverance and persistence is very crucial. Every journey has a process; a beginning and an end. If you want to build a great business that will outlive you, then you must be willing to stick to the process.

In the game of building a success business and attaining financial freedom, the process is more important than the goal and this process surely has an end. If you stick to the process, you will hit the pot of gold.” – Robert Kiyosaki

Reasons Why You Will Never Build a Successful Business

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6.  You lack focus

The sun rays do not burn until brought to a focus.” – Anonymous

I can’t remember who made this statement or where I came across it but I really think it’s the truth. Focus is fundamental to success in business. If you lack focus, then forget about starting and building a business. I have seen new entrepreneurs dream of owning multiple businesses. Now let me ask; how can you own multiple businesses when you have not been able to run one competently.

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The men who have succeeded are men who have chosen one line and stuck to it.” – Andrew Carnegie

I have also seen some entrepreneurs start a business and quit after some years. Before you know it, they have started another business. These set of entrepreneurs are always looking for the new hot business opportunity of the month. The sad fact is that these entrepreneurs will spend their entire life building castles in the air. Instead of jumping from one business to another, why don’t you simply focus and bring out the best in that single company of yours. After all, Bill Gates did not become rich by building multiple businesses; he became rich by building Microsoft. Michael Dell did not build multiple businesses; he focused on Dell Computer Corporation, so why shouldn’t you focus.

Concentrate your energy, your thoughts and your capital.” – Andrew Carnegie

7.  You have no plan and strategy

“My most important word in business is ‘Strategy’ and the reason is this: The speed at which your business grows is directly proportional to the overall strategy deployed on that business and the team behind the creation of that strategy.” – Ajaero Tony Martins

Sometimes, I am approached by highly motivated aspiring entrepreneurs who are getting ready to start their own business. “I am about quitting my job to start my own business, what advice do you have for me? This is often the question asked by these aspiring entrepreneurs and my reply to them is always this; “Do you have a plan?

A plan is a bridge to your dreams. Your job is to make the plan or bridge real, so that your dreams will become real. If all you do is stand on the side of the bank and dream of the other side, your dreams will forever be just dreams. First make your plans real and then your dreams will come true.” – Rich Dad

Now I am throwing the same question at you: “do you have a plan? Before ever starting a business, it is advisable you create a business plan, marketing plan and an overall strategy.

A successful business is created before there is a business.” – Rich Dad

A poorly designed business will fail even if the business is profitable.” – Robert Kiyosaki

Success in business starts with a strong plan and a well laid out strategy. Your plan and strategy must thoroughly cover three things;

  • How to start the business
  • How to survive
  • How to grow or expand the business

Plans are only good intentions unless they immediately degenerate into hard work.” – Peter F. Drucker

8.  You have no set goals

Aim for the moon. If you miss it, you may hit a star.” – W. Clement Stone

This is another reason why you will never start and build a successful business. I hope you know that starting a business without a goal is like embarking on a journey without a destination. Why is a goal important? A goal is important because it is going to be your ultimate source of motivation and a check point for you; a benchmark on which to access your level of progress.

No matter how carefully you plan your goals, they will never be more than pipe dreams unless you pursue them with gusto.” – W. Clement Stone

Most people are lazy when it comes to goal setting and without goals, you will just be beating about the bush. If you study the life of great entrepreneurs, you will observe they are goal getters.

I intend to be, the richest man in the world.” – Howard Hughes

9. You want to do build a business alone.

Individuals don’t win in business, teams do.” – Sam Walton

If you are ever going to build a great business, then you must drop the “do it yourself” mentality. Whenever successful entrepreneurs are being interviewed, I always watch or listen with keen interest. While most individuals talk about doing things themselves, these great entrepreneurs always attribute their achievements and success to their business team; they also emphasize the need to delegate duties to people smarter than you.

Successful businessmen share the ability to hire people smarter than they are.” – Dillard Munford

If you are self centered or “I” conscious, then you will never go far in the business world. I have heard of self made millionaires but I don’t think there is anything like a self made, stand alone multi billionaire. Just as Andrew Carnegie says:

You cannot become super rich without first enriching others.” – Andrew Carnegie

One secret to the success of most great entrepreneur is their ability to hire smart people and delegate certain tasks to these smart people. When you think of hiring smart people, think of Bill Gates and his Micro Kids.

Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

10.  You lack the required business skills

Skills make you rich, not theories.” – Rich Dad

This is another glaring reason why I said you will never build a successful business. Before I go further, let me as you the following questions.

  • Are you a good communicator?
  • Do you love selling?
  • Can you lead people or undertake projects?
  • Can you balance your check book and interpret a financial statement?
  • Are you brave, daring and ambitious?
  • Can you handle or work under pressure?

If your answer to the questions above is no, then I am sorry you will never succeed in business because business is a game of skills and strategy. Before ever starting a business, I will advice you spend some time developing the required entrepreneurial skills. You can do that by attending seminars and reading some books. Not withstanding, developing your entrepreneurial skills is a continuous process; as long as you are in the game of entrepreneurship, you must keep improving your skills.

The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

To succeed in business, you will need to develop your communication skills; accounting skills, sales skill, negotiation skills, leadership skills and your personal skills. If you can’t develop all of these, then build a business team that will complement your weakness or you will fail.

In the course of building a business; leadership skill is not an option. It’s a must.” – Rich Dad

11. You are not willing to pay the price

Every goal has a process and every process has a price.” – Robert Kiyosaki

Finally, I don’t need to write much on this because it is self explanatory. What is the price you pay to be the best student in school? My answer is long hours of study. What is the price you pay to be the best in sports? My answer is hard preparation and constant practice. What is the price you pay to start and build a successful business from scratch? My answer is “I don’t know.

In the process of building a business, there is definitely a huge price to pay. What this price is; I don’t know. One unique thing about the business world is that the price for building a successful business never seems to be the same. The price for success paid by Bill Gates is definitely different from the price paid by Ray Kroc or Steve Jobs.

All I can say is this; you will definitely not go far if you are not prepared to pay the price for success in business. Though everyone will not pay the same price, always bear in mind that you must pay a price and “with every price comes a great reward.”

As a final note, the most important fact i want you to always remember is that starting and building a successful business is not an impossibility. Rather, it is you, the entrepreneur that makes it either a possibility or impossibility. If you succeed, it’s your fault. If you fail, it’s still your fault. You are the architect of your own fate

So why not start today?
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Lincoln on Dealing with People

The Big Secret Of Dealing With People

There is only one way under high heaven to get anybody to do anything. Did you ever stop to think of that? Yes, just one way. And that is by making the other person want to do it. Remember, there is no other way. Of course, you can make someone want to give you his watch by sticking a revolver in his ribs. YOU can make your employees give you cooperation – until your back is turned – by threatening to fire them. You can make a child do what you want it to do by a whip or a threat. But these crude methods have sharply undesirable repercussions.The only way I can get you to do anything is by giving you what you want.

How Good Are You Dealing With People ?

Sigmund Freud said that everything you and I do springs from two motives: the sex urge and the desire to be great.

John Dewey, one of America’s most profound philosophers, phrased it a bit differently. Dr. Dewey said that the deepest urge in human nature is “the desire to be important.” Remember that phrase: “the desire to be important.” It is significant.  What do you want? Not many things, but the few that you do wish for, you crave with an insistence that will not be denied.

Some of the things most people want include:

1. Health and the preservation of life.

2. Food.

3. Sleep.

4. Money and the things money will buy.

5. Life in the hereafter.

6. Sexual gratification.

7. The well-being of our children.

8. A feeling of importance.

DEALING WITH PEOPLE IS PARAMOUNT

Almost all these wants are usually gratified-all except one. But there is one longing – almost as deep, almost as imperious, as the desire for food or sleep – which is seldom gratified. It is what Freud calls “the desire to be great.” It is what Dewey calls the “desire to be important.” Anthony Robbins calls it “significance”

lincoln

Lincoln once began a letter saying: “Everybody likes a compliment.”

William James said: “The deepest principle in human nature is the craving to be appreciated.” He didn’t speak, mind you, of the “wish” or the “desire” or the “longing” to be appreciated. He said the “craving” to be appreciated. Here is a gnawing and unfaltering human hunger, and the rare individual who honestly satisfies this heart hunger will hold people in the palm of his or her hand and “even the undertaker will be sorry when he dies.”

The desire for a feeling of importance is one of the chief distinguishing differences between mankind and the animals. To illustrate: When I was a farm boy out in Missouri, my father bred fine Duroc-Jersey hogs and . pedigreed white – faced cattle. We used to exhibit our hogs and white-faced cattle at the country fairs and livestock shows throughout the Middle West. We won first prizes by the score. My father pinned his blue ribbons on a sheet of white muslin,and when friends or visitors came to the house, he would get out the long sheet of muslin. He would hold one end and I would hold the other while he exhibited the blue ribbons.The hogs didn’t care about the ribbons they had won. But Father did. These prizes gave him a feeling of importance.If our ancestors hadn’t had this flaming urge for a feeling of importance, civilization would have been impossible. Without it, we should have been just about like animals. It was this desire for a feeling of importance that led an uneducated, poverty-stricken grocery clerk to study some law books he found in the bottom of a barrel of household plunder that he had bought for fifty cents. You have probably heard of this grocery clerk. His name was Abraham Lincoln.

Join Us on The Prosperity Team

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Here Are Just A Few Of Our Prosperity Team Benefits that help people stick with us!

  • Daily “Think & Grow Rich” Mindset Calls – Monday-Friday (Morning)…
  • Daily Internet Marketing Webinars – Monday-Friday (Noon)…
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  • Facebook Group Mastermind…
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Entrepreneur Blogs To Succeed With

Entrepreneur Blogs That Will Change Your Life

As a blogger today you have to build your blog like a business if you want to have real long-term success. So that will make you an entrepreneur, a blogging entrepreneur :)

It doesn’t matter what type of entrepreneur you are, we all need places we can go to get great info, resources and support on our entrepreneurial journey.

I wanted to share the entrepreneur blogs that I visit regularly to keep me learning, motivated and moving forward.

First you need to have the right motivation to be an entrepreneur, then you need resources to help you on your way.

My Top Entrepreneur Blogs To Help You…

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workhappy

WorkHappy.net is written by Carson McComas and has great resources for entrepreneurs. Carson provides information about using technology to improve your business, but he also covers info about marketing, SEO, and productivity.

Follow On Twitter  – @Carson

startup nation

Startup Nation is written by a large group of writers and is a free service founded by entrepreneurs for entrepreneurs. We created this site to be your one-stop shop for entrepreneurial success, and we’re thrilled that StartupNation has grown to be the leading online content and community resource for entrepreneurs.

escapefromcubiclenation

Escape from Cubicle Nation is written by Pamela Slim, she is a seasoned coach and writer who helps frustrated employees in corporate jobs break out and start their own business. Her blog, is one of the top career and marketing blogs on the web.

Follow On Twitter  – @pamslim

ittybiz

IttyBiz is written by Naomi Dunford, her blog is a place to get tips, advice, motivation, and support for your very small business. If you’re working from home or just thinking about it, come and hang out here for some great ideas and bad jokes.

Follow On Twitter – @NaomiDunford

sethgodin

Seth Godin is a business genius, so you NEED to read his blog. All I need to say.

Follow On Twitter  – @thisissethsblog

theclosetentrepreneur

The Closet Entrepreneur is written by Tomas, he is a freelance consultant to the home office warriors, cube dwellers, and business owners of the world.

Follow On Twitter – @tomascarillo

entrepreneurs-journey

Entrepreneurs-Journey is written by Yaro Starak, his blog is aimed at those interested in Entrepreneurship, Internet Marketing, Selling Information Online, Blogging and Personal Development.

Follow On Twitter – @yarostarak

toiletpaperentrepreneur

The Toilet Paper Entrepreneur is written by Michael Michalowicz, he started his first business at the age of 24, moving his young family to the only safe place he could afford – a retirement village. With limited resources and no experience, he systematically bootstrapped a multi-million dollar technology business, sleeping in conference rooms to avoid hotel costs

Follow On Twitter – @@tpentrepreneur

ducttapemarketing

Duct Tape Marketing is written by John Jantsch who is a marketing consultant, award winning social media publisher. He is the creator of the Duct Tape Marketing System and Duct Tape Marketing Consulting Network that trains and licenses small business marketing consultants around the world.

Follow On Twitter  – @ducttape

onstartups

On Startups is written by Dharmesh Shah, a professional geek I used to work in a reasonably fun job doing what I liked to do (write code).  Eventually, I got a little frustrated with it all so at the ripe old age of 24, I started my first software company.

Follow On Twitter – @dharmesh

youngentrepreneur

Young Entrepreneur Blog YE has become a “must visit” resource for start-up CEOs, founders, aspiring entrepreneurs, mentors and investors worldwide, reaching an audience that very few can match.

Follow On Twitter – @thebizguy

smallbiztrends

Small Business Trends is written by Anita Campbell, she has been an entrepreneur at heart her entire life. A lawyer by training, she has a wide range of interests, as reflected in her varied background in banking, information technology, human resources, marketing and eCommerce.

Follow On Twitter – @smallbiztrends

under30ceo

Under30CEO is written by Matt Wilson and Jared O’Toole,  their blog is great for “Leading Gen Y to stop doing sh*t they hate.”  Read start-up advice, start-up profiles, interviews with entrepreneurs and more.

Follow On Twitter – @@under30ceo

quicksprout

Quick Sprout is written by Neil Patel,  he is the co-founder of 2 Internet companies: Crazy Egg and KISSmetrics. Through his entrepreneurial career Neil has helped large corporations such as Amazon, AOL, GM, HP and Viacom make more money from the web.

Follow On Twitter – @neilpatel

blogtrepreneur

Blogtrepreneur is written by Matthew Toren & Adam Toren, they truly epitomize the entrepreneurial spirit. They have many teaching and research interests including Marketing, Business development, Entrepreneurial emergence, Entrepreneurial strategy management, Business growth techniques, Innovation and new venture creation.

Follow On Twitter  @@thebizguy

thrillingheroics

Thrilling  Heroics is written by Cody McKibben, he started Thrilling Heroics in 2006 to encourage other young professionals to take risks, to accept the challenge that life puts in front of you—not to settle and work in a cubicle and vegetate in front of the TV and be mediocre, but to pursue an unorthodox, exciting lifestyle, to strive for excellence in a career that you’re passionate about.

Follow On Twitter  – @codymckibb

guykawasaki

How to Change the World is written by Guy Kawasaki, who is a former Apple evangelist and venture capitalist. Having launched multiple online ventures personally, and funded even more than that through his VC firm, he’s definitely worth listening to.

Follow On Twitter  – @guykawasaki

drjeffcornwall

The Entrepreneurial Mind is written by Dr. Jeff Cornwall, his interest in entrepreneurship came early in life. I grew-up with entrepreneurship and small business as topics around the dinner table at night. My family was involved in many ventures. I was fortunate to be able to be involved in many of my father’s entrepreneurial endeavors from an early age. That is where I caught the entrepreneurial bug.

Follow On Twitter – @cornwallj

smartpassiveincome

Smart Passive Income is written by Pat Flynn, his blog is a transparent look at everything he does online. My businesses, my strategies and my income – it’s all out there for you to see. I’m not trying to show off my success. In fact, that’s exactly the opposite of my purpose here.

Follow On Twitter – @patflynn

GUEST BLOGGERPIC

make money blogging, make money with a blog

That entrepreneur blogs list should keep you busy for a while and get you on track or back on track to being a blogging entrepreneur.

It doesn’t matter where you are with your blog or what your blog is about..this list will help you as much as they have and continue to help me.

The other things we read is in our training we provide you when you join our Prosperity Team here registerno100% prosTRIANGLE

         Do you have other entrepreneur blogs that you like?

We encourage you to share with us below.

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By the way…..this is the same “Blog” that you will get

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Dream BIG Dreams!

DREAM BIG DREAMS

I love the New Year as it provides us the space to reflect, assess and sketch the blueprints to make our New Year dreams come true.

As you do, I’d like to encourage you to dream bigger dreams and adopt the unstoppable achiever’s mindset.
To help you, let me tell you the story of a young boy starting out with a lot less than you have going for you right now.
You wouldn’t think this is the kind of upbringing, nurturing, training and development that would produce one of the most creative minds in history–winning 22 Oscars and 7 Emmy awards from 59 nominations (more than any individual in history) and being honored with the highest civilian award the United States government bestows—the Medal of Freedom.
I think these not only eliminate any excuses you might have, but it will inspire you to consider your own greater potential and go after your dreams.

Let’s call this young boy with the dreams Walter.

Walter was born in Chicago in 1901 to a large Irish immigrant family. His father struggled at work and took out his anger on his wife and children.
At only 8 years old, Walter went to work delivering letters. In any weather, early morning or late at night, he ran through the streets in his worn-out shoes, hurrying to deliver the mail on time. Any money Walter earned was then seized by his father.
At age 16 Walter attempted to enlist in the army to participate in the first World War. He was refused for being too young so he volunteered in the Red Cross and was sent overseas, where he worked as an ambulance driver.
Walter kept the troops in good spirits by decorating his ambulance with amusing drawings. Walter learned he liked to draw.
When Walter returned home from the war, he worked various jobs in creative fields. He worked as a night watchman, which particularly suited him because it gave him an opportunity to study and practice his art. Later, he got a job at a small studio working on an advertising campaign, where he was paid a meager $40 a month but soon unemployed.
Walter wanted to work for a newspaper as an editorial cartoonist but lacked the satire to do so.

Concept art of Mickey from early 1928; the ske...
Concept art of Mickey from early 1928; the sketches are the earliest known drawings of the character. From the collection of The Walt Disney Family Museum (Photo credit: Wikipedia)

 Walter decided to start his own commercial art company, but it was short lived and ultimately failed to sustain. Still not deterred he decided to start yet another company, which this time was met with some success and he was soon hiring a vast number of his friends.
Unfortunately the profits were not enough to cover the high cost of salaries and he mismanaged the money straddling the business with loads of debt, ultimately ending in bankruptcy.
Even his success ended in failure. Certainly this should be a final lesson for him.
But not for Walter.
He recruited his brother to pool some more finances together and they started another business. They didn’t have enough money between them, so they brought on an investor named Mary.
Once again Walter found success and he rehired many of his friends back. One year later, Mary married a man named Charles, who came in and strong-armed Walter. He told Walter if he didn’t comply to budget restraints he would lose his funding for all his now successful productions and all his employees.
Walter refused to be controlled and was once again on his own.

The Walt Disney Studios, the headquarters of T...
The Walt Disney Studios, the headquarters of The Walt Disney Company (Photo credit: Wikipedia)

By now you’ve got to be thinking, just hang it up Walter and get a job, entrepreneurship doesn’t seem to be in your cards, right?
Walter would refuse that thought as well. This time Walter decided he would start a Mickey Mouse sort of business. Literally. Walter drew, animated and became the voice of Mickey Mouse.
Walt founded the Walt Disney Company and went on to produce additional characters that have been loved and squeezed by hundreds of millions of children such as Donald Duck, Goofy, Pluto, Snow White and the Seven Dwarfs, Alice in Wonderland, Popeye the Sailor, Pinocchio, Dumbo, Bambi and many more.
Walt’s achiever mindset doesn’t stop there, of course.


On a flight to Chicago in the late 40s he sketched ideas for an amusement park where he envisioned his employees spending time with their children.
Even Walt’s brother Roy thought it was a terrible idea and convinced the Board to disapprove of the funding to build it.
What does Walt do now?

 His own company won’t go along with building his dream?

Well, Walt has a ceaseless achievers mindset.
Walt went out on his own and raised the money by himself. Walt also inspired a dedicated team called Imagineers… something we all should aspire to be… and together they created and opened The Happiest Place on Earth on Sunday, July 17, 1955.
He built it on ground where only an orange grove existed before. Disneyland is now visited by more than 5 million people every year.

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Okay, you create the happiest place on earth, that should be enough right?
Not for the achiever.
In early 1960 Walt conceives of Disney World and EPCOT, this time on top of where only alligators go—in the swamplands of Orlando, Florida.
You have to remember, in the 60s, where the Magical Kingdom resides today, there was nothing there, I mean nothing. The World of Disney, the Experimental Prototype Community of Tomorrow, known as EPCOT was imagined and built on a full-fledged swamp.
While Walt Disney’s life journey ended on December 15, 1966, when he was 65, the power of his achiever’s mindset lives on to this day.

 According to statistics, annual cash flow from Disney films (not including sales and rental of videos) exceeds more than $1 billion dollars. The Disney conglomerate includes amusement parks in California, Florida, Tokyo and Paris, 535 international Disney stores, hockey and baseball teams, a number of newspapers and magazines and a cable television network.


Annual turnover of the consortium is $21 billion and stock market capitalization is $42 billion.
Not bad for a poor Chicago kid from an immigrant family equipped with only one thing, but as you can see, the most important thing—the dream big dreams, achiever’s mindset.
As Walt said himself, “All our dreams can come true, if we have the courage to pursue them.”
That’s what I want to help you do, find the courage to pursue your dreams, your BIG dreams.
Share your big dream with us in comments below. Share this post with others to encourage them to dream big too.

We are committed to your success and invite
you to team up with us in the Empower Network!

I’m Dennis and I’d love the opportunity to help you grow your internet marketing and Empower business with my group. We are growing daily, learning from our mistakes and others too! Experience & Education & Enthusiasm is HOW we grow.

 Taking Massive Action is WHY we grow!!!

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By the way…..this is the same “Blog” that you will get
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a blog like this would cost THOUSANDS.

But for you, it only costs $25 and it comes with all the
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Traffic, Leads & make Sales!

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…On our “Prosperity Team” we are focused and dedicated to help you succeed!

Here Are Just A Few Of Our Prosperity Team Benefits that help people stick with us!

Daily “Think & Grow Rich” Mindset Calls – Monday-Friday (Morning)…

Daily Internet Marketing Webinars – Monday-Friday (Noon)…

Daily Action Assignments & Accountability

Facebook Group Mastermind…

Training Site (All Recordings & Tutorial Trainings)…

Marketing System & Pages That Do All The Heavy Lifting For You…

And Most Importantly A Partnership Top Internet Marketers, Offline Marketers, 6 & 7 Figure Income Earners!

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INTERNET MARKETINGPart 7

 

MORE INTERNET MARKETING

 

Internet marketing is a good way to grow any business. One of the biggest benefits of Internet marketing is the potential to attract customers from around the world. It is important to use effective strategies for Internet marketing, and you can learn them easily. What follows are ways to maximize the effectiveness of your Internet marketing strategy.

 

Provide a button that allows others to quickly and easily links back to your site. An advertising badge or a linking badge lets people know that it’s fairly easy to work with you or to link with you. This is something that’s mutually beneficial for you and anyone else out there with a website.

 

 

The most successful way to bring in sales is to use real time leads. Obtaining leads in real-time is useful, as it allows you to respond to interested customers immediately. With a real-time lead, you get a potential customer’s information the moment they inquire about your products.

 

If your company site isn’t often changed, you should add a blog. New content gets the attention of the search engines which will increase your ranking in their listings and lead to more traffic for your site. Writing a blog can allow you to consistently add fresh content.

 

Include excellent graphics on your website to showcase the products you are selling. This gives the customer peace of mind, as they get to see a detailed photograph of what they are ordering. Allow customers to post their own images of your products to show how they use them. Depending on the type of products you sell, you may also want to include “before and after” pictures.

 

INTERNET MARKETING E-MAILS

 

If you are using emails regularly then always strive to include useful links and information, instead of sending the same type of email over and over. A block of links that remain the same with every email your customers receive is easy to start ignoring. Just providing some variety in the links may help keep the reader’s attention.

 

 

If you are seeking additional web traffic, look to improve on optimizing your site for the search engines by having a unique and original content. Online retailers with common products should especially note this, as there is more competition in the search engine. Providing your own unique descriptions of products and using rich, descripyive adjectives will help your site stand out and be recognizable.

 

A small company that is internet based still needs a logo and slogan. Customers will remember you and your brand if you use marketing tools like this. Catchy slogans have a way of staying in the mind of consumers for long periods of time. When a potential customer is looking to purchase your product, your slogan may come to mind, and bring you a new sale.

 

Wealth can be a wonderful motivator, but keep your eyes focused squarely on the goals of your business to attain it. Aspiring to lofty goals is important for helping you to keep up the momentum to grow your business, and the advice shared here can help you attain those goals.

 

 

Benefits of Our Empower Network “Prosperity Team”

 

I have over 3 years full time experience in Internet Marketing.

 

Here are some of our team only bonuses:

 

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INTERNET MARKETING III

Marketing Is A Numbers Game

The first thing you need to know about marketing  is it’s a numbers game. You’d be surprised how many people really don’t know what I mean by that. Let’s look at your local car dealer for a good example: Your local auto dealer sends out thousands of mailers, flyers, and coupons not to mention television and radio advertisements to attract customers to their lot. All of these methods are marketing, and all of these techniques have funding allotted to them. The first thing the marketing director knows is that not every flyer will bring in a customer. They realize that not every commercial will cause someone to jump in their car and race down to the dealership to buy another car, whether they need it or not. They know only a percentage of people will ever receive their advertisements, and only a percentage of those people will read or pay attention to the coupons or commercials, and only a percentage of those people will ever go to their dealership and buy a new car. Does this discourage them? No. They do a weekly, bi-weekly, and monthly marketing blitz and realize that they will reap a percentage of what they sow. So it always amazes me when Internet Marketers barely try to market their product and get discouraged when only a trickle, or no traffic, comes their way. It’s a numbers game. This means you have to do the NUMBERS! You have to advertise (marketing) your product or opportunity in every single fashion you can possibly think of both on and off the Internet in order to bring in customers/associates in ratio to the amount of advertising you produce.

Make sense? It is the same thing whether we are talking about cars or groceries or pizza pies or…well I think you get the picture. It’s remarkable how many people become despondent and quit because they placed ten ads on a free classified site, and nobody got into their business. They throw their hands up and claim; “I knew it wouldn’t work” after they post their opportunity an additional three times on Facebook and nothing happens.

Online Pizza Marketing

Marketing PizzaCan you imagine how many flyers your local supermarket sends out on a weekly basis to people who have no intention on shopping there? Do they throw their hands up and claim; “What’s the use, they won’t buy anything”. No! They flood the mailboxes and airwaves across the city/town and take what they can get. That’s effective MARKETING, and it’s exactly what YOU need to do when advertising online. Flood the internet with your opportunity (and no, I don’t mean spam, there are many ways to do it without going there) and a percentage of the traffic you generate will either buy or get in business with you. It’s that simple! No need to complicate it. No need to get all caught up in the “but what if they don’t join” or “what if I advertise and no one buys?”

If that’s the case, you need MORE MARKETING!

Work harder! Think of more and effective ways to get your opportunity or product in front of the masses until you get the results you are looking for! If you practice this, your momentum will be such that customers and associates will be running to catch up with you! Remember, no one wants to get on a train that isn’t going anywhere, they only want to get on board when you’re moving SO GET MOVING AND KEEP MOVING! This leads to yet another problem I see far too often in Internet Marketing people not getting the results they want because they have not put in the time and effort to do so, and then they become desperate to market their opportunities (through spam methods etc.). This is a near epidemic in social media sites such as Facebook. Nobody likes desperation. Moreover, people can smell it! If you give the slightest hint of being desperate (desperate for new customers, desperate to recruit, desperate to make money etc.) no one will follow you. No one will join you, even if the opportunity you are promoting is amazing ! You MUST give off an aura of expertise and confidence, even when you’re not confident, and don’t know what the heck you’re doing! This is critical! Nothing will kill your business and your spirits quicker than desperation! How do you deliver such a presence? You focus on your “why”, listen to motivational material, read positive affirmation books, and WORK, WORK, WORK! See how it all ties together? When your mind starts to slip back into; “I guess my job isn’t that bad” remember this formula. Make it a habit to improve yourself daily and you will begin to see the results you are looking for.

Never forget success in Marketing is all about numbers, numbers, NUMBERS

Marketing is about numbers

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THERE ARE MANY CHOICES FOR YOU BUT DON’T THINK THERE IS NO WORK INVOLVED IN MARKETING. BUT YOU CAN DO IT WHEN YOU WANT & WHERE YOU WANT & HOW YOU WANT.OPPORTUNITIES ARE ENDLESS

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4 Ways You Can Trade Weekly Options

In addition to the variety of monthly contracts available, many underlying stocks are beginning to offer weekly options. These weekly options can be employed in various trading strategies to manage both the theta and delta risk associated with options expiration. Overall, the growth in weekly options can provide a richer strategy platform that should not be overlooked.

Weekly Options

Differences Between Weekly & Monthly Options

Before discussing the various trading strategies that can be build with weekly options, it is important to go back and review some of the more important trading terms. Remember that weekly options are different in that they have a much shorter lifespan. Most of these weekly options start trading on Thursday and expire the following Friday. This provides uniformity and also allows traders to easily “roll” weekly options from one expiration to another.

Four Strategies You Can Use

1) An investor can use weeklies as a pure play. Because they do not remain open as long, the may involve somewhat less risk, but it is important to consider liquidity constraints, as many weeklies have smaller markets. The lower risk of a shorter holding period is lost if the instrument is illiquid and the investor cannot trade the position when needed.

2) Offsetting positions can be taken at certain times during the month between weeklies and monthlies. When the options expiration of the monthly contract is nearly identical to the expiration of the weekly option, there may be a price difference that can be captured between the two.

3) You could take a position in the monthly contract and take rolling positions in the weekly contract in the opposite direction. The idea is to establish a consistent hedge against short term market volatility but make sure that you factor in the higher transaction costs for getting in and out of the market more often.

4) The last approach to using weekly options is to use them to supplement income from an underlying position. This is often called a call writing strategy because the investor who owns the underlying instrument writes calls on that position and collects the premium. If the underlying remains static or falls, the investors makes a profit or mitigates losses. If the underlying rises, he or she may miss some of the profit, but the downside protection is used to justify this risk.

What About Trading Daily Options?

Rumors have been floating around the web about the possibility of daily options as the next logical product for traders. We already had monthly options and weekly option popularity is growing fast. Add your comments below and let me know if you would ever trade a daily option that started trading in the morning and expired that same afternoon.

4 Principles To Profitable Option Trading

Want to know what I think are the four cornerstones of sound options investing? They aren’t complicated, yet they seem to be elusive too much of the time. They are…

discipline

  1. Invest in options that respond well to the underlying stock’s movement (high delta)
  2. Minimize time decay (the natural erosion of an option’s value over time)
  3. Buy enough time to capitalize on major moves (you don’t have to hold it the whole time)
  4. Minimize volatility (since volatility can shake up your confidence and your account balance)

Don’t worry – you won’t need a PhD in mathematics, nor will you need to be a seasoned options trading veteran, to apply these four principles. All you need is a little willingness.

1) Invest in options that move well with the underlying stock.

If you’ve ever heard the term ‘delta’ as it pertains to options trading, this is what they’re talking about. Delta is the degree to which each individual option changes with respect to every $1 change in the underlying stock’s price.

For instance, a call option with a delta of 0.30 (30 cents) would increase in value by 30 cents for every dollar’s worth of gain for the stock. That would be a relatively low delta. A relatively high-delta call option might move by 90 cents (a delta of 0.90) when the underlying stock gained a buck.

Obviously high-delta options are more desirable if you’re making a directional forecast for a stock.

(Note that the delta can change as an option moves deeper in the money or deeper out of the money, and as time passes. For our purposes though, you just need to understand the concept.)

2) Minimize your time decay right off the bat.

Have you ever noticed you pay a little more for options than they’re mathematically worth? For instance, a call option with a strike price of $30 on a stock that’s trading at $35 is intrinsically worth $5. However, you may have to pay $7 to own the call option.

That additional $2 is considered to be ‘time premium’. As time passes – even if the underlying stock’s price doesn’t change by a penny – an option’s time premium will sink. As expiration approaches, the time premium will eventually be whittled away to zero…meaning the option will eventually only have intrinsic value (or what the option is mathematically worth).

Option traders call this time decay ‘theta’. Needless to say, keeping theta to a minimum is critical to your long-term profitability.

3) Give yourself enough time to take advantage of a big, drawn-out move.

A quick rhetorical question – Realistically, can a stock move farther in a month, or in six months? Certainly there are overnight-sensation stocks, but those one-day surges are few and far between. By and large, the more time you give a stock to move, the further it can travel up or down a chart.

That’s probably not news to anyone, but it’s a point we want to make since it’s easy to forget…particularly for options traders.

Our longer-term services like SMARToptions and ETF Options Traderare looking for major, macro moves from our universe of optionable stocks and ETFs. That’s where the real power is – a company works its way into a profitable situation, and stays there for quite a while….perhaps month or years. (Or, we can buy bearish put options on companies that can’t find their bearings and are seeing their stock sink.)

With this in mind, we’ve found owning options with plenty of time gives us an opportunity for enormous gains. Here’s the best part of all though – we don’t necessarily have to use that time. If we do get a nice short-term burst and decide to take profits well before the option expires, we always have that choice. You don’t have that flexibility if your option expired before a major move.

4) You don’t get paid any extra for surviving volatility.

It’s a generally accepted idea in the trading world that higher returns are probably going to be accompanied by greatervolatility. We don’t disagree with the notion – to a point. In our observation though, there does come a time where you do stop getting paid for extra risk and extra volatility you’re assuming.

Though we’re striving to maximize gains in our more conservative options services, we also seek to minimize swings in a portfolio’s value. Part of that effort has to do with remaining psychologically comfortable; another part of it has to do with sheer capital preservation – not losing is more important than a string of monster-sized winning trades. You can always look to the future if you have enough capital. If you wipe all or most of it out though, then you’re out of the game.

Final Thoughts

Nothing earth-shattering, but the more I do this, the more attracted I become to simple ideas and strategies.

In many ways, all of the ideas above are centered around one basic concept – value. All options have risk, but the risk has to make sense compared to the reward. Just like stocks, options can be overvalued or fairly valued. It’s all about balancing the risk and reward. Getting a handle on delta, theta, and time can help you do just that.

Diving into Delta (and Gamma): Understanding Option Greeks

Option Greeks: Diving into Delta

Options can be terribly confusing for the trader first encountering them.  One of the most confusing concepts to understand is the interplay of the three primal forces of options- price of the underlying asset, time to expiration, and implied volatility.

The impact of each of these three factors on any given option position can be measured by its corresponding “Greek”.  The “Greeks” corresponding to each of these factors are:  delta-price, theta-time, and vega-implied volatility.

A fourth major Greek is gamma and represents the change in delta as price of the underlying changes.  Math majors among readers will recognize that gamma is the second derivative of delta.

The number of data points available to the options trader can be overwhelming, especially for the new trader first becoming familiar with these derivatives.  It is important not to get lost in the data available and to focus on the decisions at hand.  Consider the tremendous amount of information available on the following small portion of the options montage for Apple (AAPL).  For this article I want to focus on delta and gamma exclusively.

AAPL Options Matrix

https://i1.wp.com/www.bigtrends.com/wp-content/uploads/2012/07/Chart1-56.jpg

Delta is a measure of the correlation of price change of an option relative to the price change of the underlying.  It is a very dynamic attribute and can potentially range from 0 to 1 for individual calls and 0 to -1 for individual puts.  Delta is always a positive number for calls and a negative number for puts.

A call option with a delta of 0.5 would move up 50c for the first dollar increase in the price of the underlying.  As an example, consider AAPL which is trading at $605 / share.

The August 605 call has a delta of 53.2 and would increase in value 53.2c as the price of AAPL traded up to $606.  To provide a point of reference for the stock trader, each individual share of stock can be thought of to have a delta of one.

Remember that the delta of any individual option is not a constant value but increases and decreases as price of the underlying changes.  Gamma represents the rate of change of delta as the strike price of an option moves closer to or farther from the current market price of the underlying.  The dynamic nature of delta is a critical point of understanding for the successful options trader.

Gamma values for both puts and calls are positive. As an example, our August 605 AAPL call has a gamma of 0.93.  As price moves from 605 to 606, delta will increase from 53.2 to (53.2+0.93) = 54.13.

This dynamic nature of delta has the net result of a positive gamma position becoming increasingly long or short as price moves in the predicted direction. Conversely, the trader holding a negative gamma position becomes increasingly long or short inverse to the market’s direction.

In practical use, delta has some exceedingly helpful characteristics and provides several useful benchmarks for the trader.  One particularly interesting characteristic of delta is its relationship to our recent probability discussion.  The delta of any given option is a rough approximation of the probability that it will expire in-the-money.  Therefore, our August AAPL 605 call with a delta of 53.2 has around a 53.2% probability of being in the money at expiration.

This correlation of the delta with the probability of expiring in the money has great utility in selecting trades.  For example, knowing this probability relationship, the iron condor trader can easily select the strike with the probability of success appropriate for his risk tolerance.

Another helpful and consistent observation is that the at-the-money strike always has a delta of around 50 for calls and -50 for puts.  In-the-money strikes always have deltas with an absolute value greater than 50 and out of the money strikes have deltas with absolute values less than 50.

An infrequently discussed characteristic of delta is its behavior in relation to time to expiration.  Immediately before the moment of expiration, an individual option must have a delta of either 0 or 100, and as it approaches its point of expiration, the delta begins to rise or fall to meet that value.

At this point suffice it to say that an intimate familiarity with the behavior of option positions predicted by the metrics reflected in the Greeks will give you a significant advantage in managing your option positions now and in the future.

This Past Week in the Trading Room

This past week was a rather profitable one I’m happy to report.

Having tech issue with interactive charts, this will have to do til this weekend.

We hung on to our NFLX through the first 2 targets and now we are being a bit piggish as I let the last of my (3) $65 call options run a bit more. There is really no strong resistance if  NFLX hits the magical magnet of $90, it makes sense that it will try to fill the gap to $100 (if a stock is in a bullish trend and hits 90, 100 is a given;JimCramer)

 

The other winner the past few days has been SHLD

Major Pivot was at 62

 

Looked for an entry at 58 with a $4 tgt to 54

2nd tgt was 52

Last tgt with all the $$$ is to 46 with REAL tight stops

Monthly Chart

I see all the Indicies are spiking today but this is just too bearish.

 

Good Luck and good trading, see ya in Power Trader