By Brier Dudley
The Seattle Times
(MCT)

SEATTLE—Here’s a way to start leveraging your social network.

FriendlyFavor, a Seattle “social-media utility” that launched this month, offers a system for tapping into your network of friends, family and acquaintances. It’s designed to complement social-networking services such as Facebook, MySpace and LinkedIn.

Started by Seattle-area tech veterans Scott Larson and Jeff Patton, FriendlyFavor calls itself an “all-purpose request tool” designed to help people “more efficiently leverage their trusted networks of friends, family, and colleagues for help with referrals, recommendations, advice and other favors or requests.”

The service delivers, archives and manages requests for registered users. It can also be used to build tailored contact lists, including lists where sensitive favors—such as requests for a baby-sitter—can be handled and narrowly targeted.

FriendlyFavor can also be used to broadcast “favors” being offered by users, such as extra tickets to an event or services.

The five-person company was started in 2007 and raised $500,000 from angel investors affiliated with companies including Microsoft, Google and Amazon.com.

It’s expecting to make money from targeted ads, licensing its platform and commissions on “thank you gifts” purchased at Amazon.com and other sites.
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© 2009, The Seattle Times.
Visit The Seattle Times Extra on the World Wide Web at http://www.seattletimes.com/
Distributed by McClatchy-Tribune Information Services (www.mctcampus.com).

There’s a new excerpt up today from Robert Kiyosaki, self-help author, businessman and motivational speaker, in our Entrepreneur Advice section.  It’s from his new book Rich Brother Rich Sister: Two Different Paths to God, Money and Happiness, co-written with Emi Kiyosaki.

In this excerpt he discusses selfish and unselfish goals, and how to start looking for happiness.  While he does not offer any actual concrete examples or advice, his writing allows readers to think about money and perhaps learn from his personal examples and anecdotes.  And it’s free advice since we’re posting it here.

We know many people have some strong opinions about him.  A few years ago we posted Is Robert Kiyosaki a Fraud? Our readers had many comments, both in favor and against. We are not offering an opinion one way or another, simply offering up the topic for conversation. With that said, we will be starting a new series about “frauds” on Young Money Talks that will give you the opportunity to see both sides of the story and contribute your opinion.  If you have someone you would like us to look into for our new “Fraud or Not” category comment after this post and let us know.

Read the new Kiyosaki excerpt and the old blog posts and comments and tell us what you think.

In its second annual survey, the Entrepreneurs’ Organization (EO) – a global network of more than 7,000 successful entrepreneurs – sought to gauge business owners’ outlook and assemble an entrepreneurial forecast for 2009.

Nearly 900 members representing EO’s global membership completed the survey, providing an analysis of the most significant business issues for the 2009 calendar year.

Major findings of the survey include:

* Nearly nine out of ten global entrepreneurs are concerned about the current economic climate

* More than half of all entrepreneurs are very concerned or concerned about obtaining funding

*70% of U.S.-based entrepreneurs are concerned or very concerned about the rising cost of providing healthcare in 2009

*70% of surveyed entrepreneurs are highly confident or confident about surviving the economic crisis

* More than 80% of those surveyed believe that entrepreneurs will play a significant role in economic recovery

* One in five entrepreneurs is more likely to start a business now than they were last year, and more than half are equally as likely

* Almost half of respondents anticipate an increase in revenues in 2009, and a quarter expect revenue levels to remain the same as 2008

* Globally, more than a third of entrepreneurs surveyed will increase “green” initiatives, while 45% will maintain their current commitment level

* Nearly 60% of entrepreneurs surveyed will maintain their current commitment level and nearly a quarter will increase the priority of corporate social responsibility

* 45% of global respondents anticipated that the Obama administration would have a positive effect on their businesses

* U.S.-based entrepreneurs are split regarding the new administration¹s impact on their business: 39% expect a positive impact and 40% expect a negative impact

The Entrepreneurs¹ Organization survey included 894 respondents who completed the questionnaire in December 2008. Respondents were from all major U.S. geographic areas, as well as Canada, Europe, Asia, Australia and Latin America. To download the full survey report, visit http://www.eonetwork.org/Downloads/2009%20Global%20Economic%20Forecast%20Survey%20Summary%20Report.pdf.

For more about the Entrepreneurs’ Organization visit www.eonetwork.org.

Check out Blogging for Money.

I’ve wrote way too much on blogging and making money online, as I’m making my transition into real life marketing wtih Gurilla, I’m using alot of tactics I picked up through the last 2 or so years I’ve been making money online. To be honest an entreprenuer is someone who can establish him/herself on their own and how I explain entrepreneurs is someone who has earned their right to be called a certain someone in their own industry without it being handed to them.

This is Entrepreneurship 101 – The very basics (Kinda like my handbook)
Confidence in what you do.
If you’re not confident in what you’re doing there is no way anyone will take you seriously, to be a leader you need to follow your own passion.

No bullshit.

I’ve seen a lot of people lie to themselves about the “potential” of their project, but that’s where it gets ugly, if you start anything with a lie it won’t end pretty, know the pros but believe in the cons of your project, that’s what you need to focus on.

Do it yourself. Help is your last option.
If you do everything with help from someone, then you’re not really an independent entity of your business, I know for a fact that you need to be resourceful and to know people in places where you can call for favors or whatever but that doesn’t mean you should depend on them.

In my opinion (this is how I judge myself), If I get help from someone, that’s a sign of weakness, I’d rather learn it my damn self then go around asking for help and be seen as some helpless kid. So far, I have earned everything I have and who I am today, I’ve never asked for help from anyone and I pretty much never will, as far as I know at least.

While I’m at this point, I’d like to say that so called “partners” are just another way to say, “Hey, let’s work together, it’s much better! How about you work today I got something to do, yea, we’ll still split the money and fame over the project, see ya.”

No sucking up to sponsors or advertisers.
I’ve been on both sides of the marketing business—an advertiser and a publisher—and I know suck ups when I see them.

If you want to get sponsored, that’s great, it’s one of the easiest ways to come up—but if you suck up to the first sponsor that comes your way, you’ll never get anywhere. I’ve been approached at least 10 times for sponsorships for a lot of my projects and I’m not talking about just advertising, this is some real money that they’ll be providing me with to take my projects to another level in return for whatever they ask for, that’s where it goes wrong, usually sponsors want a lot more from you then they are willing to give you, that’s where I state a plain NO, with a valid reason that I’m being ripped off in this deal and that I can do better on my own.

Don’t take a NO or never leave with a bullshit reason.
If you are approaching a client or a company to work out a deal to work with them and they just keep bringing out new reasons not to work with you then you definitely deserve the right to say, “What’s going on here?”

If you want something really bad then do not leave with a “no,” persuade them with your strategies/tactics and if you still can’t do it, never ever leave with a bullshit reason that would make you feel better. Like I said, there is no room for lies when you want to make it on your own, go ahead and ask them as bluntly as you can, why wouldn’t they work with you, what’s going on there?

Unless you know your flaws you’ll never get ahead.

Money should not be a hurdle.
I’ve learned to work my way around hurdles that require me investing a lot of money, whenever I start a project I have at least 30 free solutions with 2 to 4 paid solutions as a backup and yes, I do use the same tactic with every project, usually people end up blaming their failures on money, that really gets annoying. I know I can do 100 times more things if I had an unlimited budget but I don’t so I’m working my way around it. On the other hand, if I had that kinda budget I wouldn’t blow it all away just because I’m too lazy to work out a strategy.

Giving up is not an option.
If you want to be an entrepreneur, then giving up is not an option on your list, it shouldn’t be there in any case anyway.

I flip a lot of sites and yes, I do call them my projects but the sole purpose for those sites is just to fuel my own expenses and personal financial status in the first place so when they get sold I consider it mission accomplished.

If you give up way too easily then maybe you’re not meant to be an entrepreneur.

No dead end jobs. No employment. No excuse.
If people have jobs and a project on their hand their excuse is: I don’t have enough time or I’m too tired after work or whatever.

The way I see it, I don’t work for anyone, I work for my self, I’ve always been a service provider with my own business model providing whatever services that are being considered at hand, I’m dedicated to what I do but there’s no one looking over my shoulder, that gives me a lot of creative freedom and it always has been like that since I started out online.

Ahson Rafiq

This is part one of a multi-part series where I provide tips, advice, and opinions on starting and operating a technology related business. You can read about me and my background in my bio.

So, you think you want to stop “working for the man” and start working for yourself. There are many benefits to being self employed, but it isn’t necessarily everything you think it will be. In fact, it is likely much more. Take it from me, I have been running my own business and surviving for five years.

Running a business and being your own boss can be one of the most rewarding things you can do in your life. It can also be one of the most difficult endeavors you can undertake.

Everyone likes to imagine the freedom of working your own hours, arriving to work in shorts, and collecting huge pay checks. Not everyone considers the more likely reality of working endless hours, having to dress to impress, and struggling to pay bills and expenses. After all, the statistic is something like eight out of ten businesses fail in the first year.

Scary talk aside, you still want to try. Well, before you go and tell your boss what you really think of his management abilities, here are a few things you need to consider.

How long can you survive without making any money?
If you haven’t already figured out where your first check is coming from, then stop! Unless you are independently wealthy or want to work for free, you need a real source of income. If you have existing clients or a guaranteed client and are not bound by a non-compete agreement, then you are in good shape. If however, you are starting from scratch, you need to assume you will not make a penny for a couple of months at the least. It will take time to setup your business, pitch to potential clients, and submit and invoice for that first check. If your business is service based, keep in mind not everyone is willing to pay anything up front. I suggest making sure you have enough to float your business for at least four months.

How much do you need to start your business?
Everyone wants to buy new office furniture, equipment, clothes, and all sorts of other unnecessary stuff to make them feel like they are in business, but the truth is you don’t need any of it. Remember, first and foremost you need to survive. Focus on the essentials. Legal fees for starting your business will be at least $200 and can be much higher depending on the complexity of your product or service.

Do you really need an office to start? Can you work out of your home or share space with anyone else? A lease will bind you for at least a year and even if you were to find something for $500/month. That is $6,000 you are obligated to pay in the first year, plus a security deposit.

Start with just the essentials.

How much money does your business need to run each month?
Before we talk about projections and business plans, I just want to say you should consider what you need to live each month. This should include your personal and business expenses. They will initially be paid from the same source. Remember, you wont be getting a paycheck every other Friday anymore.

Do a personal budget and figure out the bare minimum you need to survive. I am talking rent/mortgage, car payment/insurance, gas, food, utilities, and a wee amount of play money. No vacation trips to Miami beach for a while.

How much are you willing to work?
It isn’t going to be 9-5 anymore. You don’t have a team of co-workers to share the load. You don’t have subordinates to delegate to. It’s likely just going to be you. Anything and everything that needs to be done will need to be done or initiated by you. Customers are less tolerant of deadlines being pushed back then your old boss was. Think of it this way, when you are waiting for your car to be fixed and they say “another few hours,” how happy are you?

You may start your day at 10am, but most likely you will be ending it at 10pm. Be prepared to work all the time.

So, you still want it? You still ready to take the plunge?

Good! It is the experience of a lifetime and you won’t regret it.

Check back next Tuesday for Part Two which will focus on roughing out an initial spreadsheet to figure out how much money you can make and how high your expenses will be.

John Glorioso

I remember when I was in B-School we had a business plan competition in class. Five or six venture capitalists came in to listen to group presentations. One student asked the VCs to sign a Non Disclosure Agreement (NDA). He was practically laughed out of the room. He thought his idea was so good and so unique that he had to protect it.

Whether his idea was good or bad, (in this case bad according to the VCs) was irrelevant.  VCs typically do not sign NDAs for non-operational businesses. If it’s in the business plan stage, while it is vulnerable, it also has much less value. Here are a few ways to protect your idea:

1.    Trademark your name and register the domain name to match (if available). Trade marking protects the brand you are trying to build and is a good first step when you are in the early stages of your business.
2.    Patent your product or service. In the past, protection was available via the patent process and still is in some cases. But recently this option narrowed by a court opinion which stated that abstract processes, often involving thoughts only, may not be patentable. Depending on your idea, this could be more important. Be sure to speak to your lawyer.
3.    Start operating. The best thing to possibly do is just start operating. Take the risks. Form relationships with clients, vendors and any other groups you will need. Many people have had the same idea or a similar idea. The sooner you are able to begin to build barriers to entry, the better off your company will be.

No matter how great your idea is, you shouldn’t be too afraid to get it out there. Chances are you aren’t the first one to have this idea, so don’t let the fear that someone might steal it hold you back.

In YMT’s weekly So Money feature, we frequently highlight the successes of young entrepreneurs in the business and entertainment sectors, but today I want to talk about a young writer who hit it big by getting creative. If you’re a head-in-the-clouds type thinker, read on. You just might be inspired by his story.

If you’re an older sibling, a nanny, or just a fan of kid-lit, then you’ve probably heard of a collection of books about a dragon rider named Eragon. A few years ago, the first in the series was even turned into a Harry Potter-esque movie. Like the Harry Potter books, the Inheritance series stars a young boy who flies around in a mythical land defeating evil sorcerers and fighting for the greater good. But, unlike Harry Potter, Eragon wasn’t written by a middle aged British woman. It was conceived by a then 15-year-old boy from Paradise Valley, Montana, who never intended to publish it at all. In 2001, Paolini and his family released a self-published edition, which was soon noticed by a children’s author, who passed it along to his editor at A. Knopf Books for Young Readers. Not long after, Paolini was offered a book deal and over the years, Eragon has sold more than 15 million copies worldwide. By 2006, Fox had even made his first book into a movie. Then, just last month, he released the third book in the series, Brisingr, which is enjoying steady sales.
Now 24, the author has worked and earned enough to take a lengthy break from writing after the completion of his fourth and final book.

So, Christopher Paolini, you might be an oddball who is obsessed with dragons, but for earning your keep by following your dreams, I think you’re so money.

Remember when Ashton Kutcher was just some no-name doofus starring in a movie called, “Dude, Where’s My Car?”

I owe this week’s So Money Woman of the Week a debt of gratitude and not just because she’s helped me look hot in a clingy cocktail dress. Thanks to Sara Blakely, the highly successful woman entrepreneur and inventor of Spanx, I became a top seller while working in a high end department store. Her product, which I usually refer to as “industrial strength undergarments”, was always my easiest sell. Essentially, the “you want fries with that?” of Women’s Dressware.

Now the head of a multimillion dollar company, Sara Blakely’s path to retail domination began with her 1998 invention of footless pantyhose and a lot of hard work. After having her product manufactured in China, she inked her first deal with Saks thanks to a gutsy self-demonstration of the product. The buyers were sold and soon, so were everyone else. Since then, she’s created a top-selling, Oprah-approved line of products, won the Ernst and Young Entrepreneur of the Year Award, and even introduced a lower-priced brand sold exclusively in Target Stores. Quite an impressive feat for the one-time twenty-something law school hopeful with only $5,000 to invest.

That’s why Sara Blakely, I think you’re so money.

You know we had to do this eventually, so I figured I would just get it out of the way now. This week, I’m declaring Lil Wayne the YMT “So Money” person of the week.

Why, you ask, would I name a Dirty South rapper to be the man of the week? Well, for several reasons. First, his most recent release, Tha Carter III, managed to sell a million copies in its first week. Quite a feat in the age of torrents and illegal downloads. Second, if you listen to said multi-platinum album, you’ll notice that he shouts out “Young Money” over many of his dope beats. Naturally, I thought he might be repping our magazine, but it turns out that Young Money happens to be the name of the record label he founded under parent company Universal Music Group in 2005. Turns out Lil Weezy, as he is also known, happens to be a bit of an entrepreneur. The label has yet to release an album from an artist other than Lil’ Wayne, but they have signed several up-and-coming MC’s, including the Harlem based rapper, Jae Millz.

As for Mr. Carter’s other noteworthy accomplishments? Well, let’s just say he coined one of the most enduring expressions of the past few decades, “bling-bling,” which even my mom now says. So, DeWayne Carter, Lil Wayne, Weezy F., whatever you want to be called, you’re so money.