The Entrepreneurs Club

Wandering into the San Jose, California Chamber of Commerce one wonders what sorts of local businesses are members. After all, San Jose is Silicon Valley Central and the home to many of the world's best known companies.

As one glances at the list of members what is conspicuous is the absence of the heavy hitters. What is also conspicuous is that of the tens of thousands of businesses in San Jose only a very small percentage bothers to join the San Jose Chamber of Commerce.

In the old days local C of Cs were places to advertise and promote your local business. Somehow being a member and paying your $150 yearly fee would put you among the local elite and raise the credibility of your company.

But as in the San Jose Chamber of Commerce most local businesses are not members as well as the "bigger and more important" local businesses.

But it's not just San Jose. Go to any local C of C and more than likely you will find the same thing. Why?

A big picture analysis shows that the concept of "local" has changed. Technology and specifically search technology has opened the world to the local consumer with more than just local options.

In the old days one did business with those that one knew or knew of locally; now the local consumer can do business with any company they find searching the Internet.

The "Buy Local" programs have simply become obsolete as the concept of local has lost its meaning.

The inference once was that local consumers were looking for businesses and a good way to find reliable businesses was through the local Chamber of Commerce member list. Actually this idea died in the 1970's and 1980's and was in reality not a member benefit by 2000.

In the past a new business would join hoping to gain local exposure and maybe get some extra business. The badly maligned Mixers would help serve this function.

New members were told to bring their "pitches" and stack of business cards and hand them out at the mixers. So in effect the mixer became a big "let's sell to ourselves" exercise, as rarely do non-Chamber members attend the mixers.

Local collective ads were once another way the local Chamber could promote its members; through brochures, local newspaper and magazine ads, an occasional TV or radio spot. As mass media has gotten more expensive, the collective ads have gone by the wayside.

And like many organizations, the local C of Cs have been hit hard financially in the recent economic downturn. As their cash flows have diminished, the Chambers' ability to hire and retain good staff had diminished as well.

Hence, all the ubiquitous job postings for Chamber Executive Directors. Part of the "executive package" is that the executive director must raise money to pay for herself.

This means that the primary function of the executive director is not promoting local business but raising enough money to keep the Chamber above water.

But in all fairness, it's not just the executive director's fault; what can a group do locally to promote themselves?

The biggest complaint today is that the Chamber does little or nothing for its members so it has become harder and harder to justify the time and $150 fee. The first question a new prospect asks is 'what is in it for my business?'

If the expectation is increased business, as many new members hope, then the expectation turns to disappointment over time. That's too bad.

Communities need a strong business community to thrive and communities with a weak business community have problems.

The simple fact is that the local C of Cs are delivering less and less value to their members. Unless the local Chambers are able to redefine their mission and find ways to bring greater value, the Chambers will simply go the obsolete route of newspaper advertising.

Jack Deal owns JD Deal Local Search Marketing and Deal Business Consulting, Santa Cruz and Salinas, California 95076 831-457-8806. Related articles, ideas, strategies, tactics and tips can be found at and .

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• Benefits of Refinancing your Mortgage

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# posted by Smart Man @ 2:12 AM

When you refinance a mortgage, you are converting the mortgage you already have into a new loan. The new loan usually has more favorable terms, such as a lower interest rate, that make refinancing worthwhile. Refinancing can have several important benefits, most of which add up to money saved over the life of the loan.

Refinancing helps you save money

Most people who refinance do so because the new mortgage will save money, usually because refinancing will allow them to lock in a lower interest rate than the one they currently have. Refinancing can help you save a significant amount of money over the life of the loan, even if the interest rate reduction is small. If you have a mortgage of several hundred thousand dollars, even a small interest rate reduction can save you thousands of dollars in interest. In fact, reducing your interest rate by just one point could save you around $5,000 on a fifteen year mortgage.

Refinancing can save you money in other ways, too, even if you are not able to lock in a lower interest rate. If your current mortgage is sub-prime because your credit rating was poor when you took out the loan, for example, refinancing could save a considerable amount of money if you’ve built up a better credit rating.

Refinancing can reduce the term of your mortgage

The potential to save a significant amount of money is the most obvious advantage of refinancing, but there is another important benefit that is often overlooked. This is the ability to refinance to a mortgage with reduced terms. For example, if you are able to refinance from a 30 year to a 20 or even 15 year mortgage, you’ll own your home outright in much less time.

Don’t forget, however, that reducing the terms of your mortgage mean your monthly payments increase. If you’re refinancing for this reason, it is important that you know your finances will remain secure enough that you can continue to meet the higher monthly repayments. The good news is refinancing for this reason is actually another way you can save money on your mortgage. Even though your monthly repayments are higher, reducing the term means you’ll pay significantly less money in interest over the life of the loan.

Refinancing lets you switch mortgage types

One of the main reasons many people refinance is to switch to a different mortgage type, for example from an adjustable rate mortgage to a fixed rate mortgage. Taking out an adjustable rate mortgage is an attractive option, especially for first time home buyers, since securing a low interest rate means lower repayments. However, many homeowners later feel that they would prefer the security of a fixed rate mortgage. Refinancing means that it’s possible to switch from an adjustable to a fixed interest rate, or vice versa, to ensure you have the mortgage that most benefits you. When is a good time to switch? It depends on many things, including your current financial situation, the state of the economy, and how long you plan to live in the home.

Refinancing can free up equity in your home

As you make mortgage payments over the months and years of the loan, you build up equity in your home. Every payment you make means you own a little bit more of the equity, and sometimes, it can be financially beneficial to tap into that equity. If you want to make improvements to increase the value of your home, fund college for your kids, or consolidate debts, for example, equity release can provide the necessary cash.

If you can get a lower interest rate when you are accessing the equity, so much the better – this will help compensate for the fact that removing some of the equity extends the life of the loan.

Time to Refinance?

Most homeowners will refinance a mortgage at least once, and statistics say that the average homeowner refinances their home every four years. That might seem a little high, but given that refinancing has so many benefits, it’s not difficult to see why refinancing is a popular option.

So when is refinancing a good idea? Look to the above list to determine when is the right time to refinance. If you can benefit by lowering your interest rate, reducing the terms of your mortgage, or switching to a more favorable mortgage type, or if you need to access some of the equity you’ve built up in your home, refinancing could be a good option.

These are not the only points to consider, of course, but they are a good starting point to think about if you are wondering whether refinancing will work for you.

Rachel Jackson is a freelance writer who writes about financial products pertaining to the mortgage industry such as the lowest mortgage rates.

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# posted by Smart Man @ 2:22 AM

My first business school course was in marketing management. The professor told us that most marketing problems occurred because those in charge of marketing failed to do their homework about what customers wanted and needed.

We were curious about that observation and asked him why this was the case, and the professor said he had no certain answer. His best guess was that people became comfortable with what they were doing and didn't want to travel much or meet many new people.

Since then, I've counseled thousands of entrepreneurs about starting new businesses and even more business people about changing jobs. From what these people have told me, the marketing professor was too narrow in his observation that marketing problems are due to managers not doing the necessary homework. Entrepreneurs and those looking for jobs usually don't do their homework either, often leading to disastrous consequences.

Whenever I check on former students of my small-business classes, I am struck that their problems could have been avoided if the students had done homework that they skipped. As a result of operating in ignorance, the small business owners either find it too difficult to find customers, spend more money than they can afford to attract customers, or make expensive operating mistakes in providing what isn't wanted instead of what is desired.

Here's an example of useful homework that a small-business owner can use to avoid such problems. For most small businesses, there are only a few thousand potential customers. Starting with a random sample of those potential customers, those starting up small businesses can gain highly accurate perspectives of what they will face by first interviewing and observing 300 people.

Every problem identified during the interviews and observations will save those starting up small businesses thousands of dollars annually. As a result, the value of such investigations can be hundreds of thousands of dollars over just a few years. I carefully explain that point to every person I meet who is interested in establishing a new small business.

How often do these entrepreneurs conduct the necessary interviews and observations before starting their businesses? Less than one percent of small-business entrepreneurs I meet ever take this essential step.

Instead, I've seen entrepreneurs spend their last nickel (often wasting as much as hundreds of thousands of dollars) to develop products and services few people want . . . a lesson which could have been discovered at little cost through interviews and observations.

Job seekers often aren't any better about doing their homework before taking a job. Rarely does someone learn enough about a position that is being considered to know what the work is like, how to work smoothly with their potential boss, what knowledge and experience are required to succeed, and the personal benefits and costs of such work. Not surprisingly, many people don't like their jobs and start looking for new ones after only six months.

Consider, by contrast, what a trial lawyer does. One of the cardinal rules of courtroom effectiveness is never to ask a question for which the attorney doesn't know the answer. Just to meet that test often requires hundreds of hours asking questions of potential witnesses and reviewing documents. The trial lawyer may also employ investigators, experts, and jury consultants to fine-tune the information to gain more insight and to make it more useful for the client's benefit.

As you can imagine, a conscientious trial lawyer might learn from the importance of being thorough to do a lot more homework in developing a new business or looking into a new job than even conscientious business people do. My expectation on this point was validated recently when I met Professor Andrew Goodman of Rushmore University (an online school), a well-respected barrister (trial lawyer) in England.

Professor Goodman deeply impressed me with how much homework he is willing to do before starting a new job or business. After he approached Rushmore about teaching conflict management and dispute resolution on a part-time basis, he decided that he needed proper preparation to teach the courses and requested that the dean allow him to be the first student to earn an MBA degree in the program he had designed. Why did he make this decision? He felt that he should experience the program from the graduate business student's perspective before teaching it to anyone. The school's dean accepted that proposal and served as Professor Goodman's academic advisor and tutor.

From his MBA studies, Professor Goodman reports that he gained important skills in disciplining his time and being flexible in his study methods. More importantly, he gained a better ability to connect with and empathize with students studying for graduate business degrees while holding down full-time jobs. His students have appreciated that part of his learning the most.

The benefits for Professor Goodman didn't stop there. Developing the curriculum, earning an MBA degree, and beginning to teach business students were just the beginning of a major new business he later launched. Here's how he did it:

First, he reshaped the course material he had prepared into four books and approximately 20 published articles that explain his views on conflict management and dispute resolution.

Second, he revised the course material to make it appropriate for training non-lawyers outside of a university setting and began a new business offering training in conflict management and dispute resolution.

Third, earning an MBA helped him realize how lawyers could be more effective in managing their activities. As a result, he developed a training program to share that learning as another offering for his new training business.

Here is some essential homework you should prepare before starting a new business.

1. Interview a statistically significant, random sample of potential customers who don't know you to find out what they buy now, where they buy, what they like and don't like about what they buy, what needs they have that no one is serving, and what it would take to make them curious about your offerings.

2. Observe a substantial number of purchasers and users of these offerings to see what problems they have that weren't mentioned in the interviews. Ask the people who are observed about those problems and discuss how they would like the problems to be solved.

3. Read at least five books containing business plans that were written by people who have started reasonably similar businesses which describe the results they experienced.

4. Work in different kinds of positions at least three similar businesses for at least two weeks to find out how the businesses operate and what the key challenges are.

5. Learn about business model innovation and develop an improved business model that will attract and serve customers better than competitors.

Here are some job-related homework assignments to do before you take a new position.

1. Ask people with varying lengths of experience in this type of work how long most people stay in this position and why they leave it.

2. Find at least three people who used to do this kind of work and don't ever want to do it again. Ask them why they feel that way.

3. Locate the most successful three people you can who have done this job and find out what these persons' views are on how to be highly successful in the position and to gain satisfaction from the work.

4. Talk to as many people as you can who have been laid off or fired by your potential boss to find out how they view working for the boss.

5. Talk to as many people as you can who have received promotions after working for your potential boss to find out how they describe working for the boss.

Naturally, if you want to do even more homework, you can also add some relevant education to your preparations. If you do, study what you can use every day in the new business or job.

Be prepared to succeed!

Donald W. Mitchell is a professor at Rushmore University, an online school. For more information about ways to engage in fruitful lifelong learning at Rushmore to increase your success, visit

http://www.rushmore.edu

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• Quick And Easy OASIS Documentation Tips

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# posted by Smart Man @ 6:06 PM

To carry out an accurate assessment, you need to understand the OASIS questions and use appropriate strategies. Read the OASIS Implementation Manual, Attachment B, which gives you item-by-item tips for each OASIS question.

MO230 Primary Diagnosis. Choose the diagnosis that reflects the chief reason for home care. This diagnosis must match the primary diagnosis listed on the POT.

MO240 Other Diagnoses. If the primary reason for home care is a manifestation code, use this code in the first slot of MO240 and list the etiology code in MO230.

MO250 Therapies the patient receives at home. Only include those therapies the patient is receiving or will receive as a result of this assessment at home.

MO390 Vision. Assess the patient's vision with corrective lenses if the patient normally wears them.

MO420 Frequency of pain interfering with patient's activity or movement. Identify frequency of pain interfering with activity with treatment if prescribed.

MO440 Does this patient have a skin lesion or open wound? A skin lesion is an alteration in skin integrity. It does not include: anything ending with 'ostomy' or peripheral IV sites. It does include: central lines, PICC lines, implanted infusion devices, venous access devices, bruises, age spots, sores, skin tears, burns, ulcers, rashes, surgical incisions with sutures or staples, pin sites, crusts, persistent redness without a break in the skin, etc.

MO450 Current # of pressure ulcers at each stage. The bed of the ulcer must be visible to stage the ulcer. If the ulcer is covered with eschar, necrotic tissue or a non-removable dressing, it cannot be staged. Do not reverse stage 3 or 4 granulating pressure ulcers.

MO482 Does this patient have a surgical wound? A surgical wound includes: orthopedic pin sites, central line sites, stapled or sutured incisions, incisions with approximated edges and a scab, debrided graft sites, wounds with drains, Mediport sites and other implanted infusion or venous access devices.

MO520 Urinary incontinence or presence of urinary catheter. If patient has anuria or an ostomy for urinary drainage, mark response #0. If patient is incontinent AT ALL, mark response #1. If patient requires the use of a urinary catheter, mark response #2. If patient is both incontinent and requires the use of a urinary catheter, mark response #2 and follow the skip pattern.

MO530 When does urinary incontinence occur? Any incontinence that occurs during the day should be marked with response #2.

MO640 - MO820 ADLs and IADLs. To assess the patient's ADL and IADL status, use direct observation supplemented by interview.

MO650 - MO660 Ability to dress upper and lower body. If patient uses dressing aids, assess ability using aids. If patient requires standby assistance for safety or verbal cueing, mark response #2. Consider physical limitations at the time of assessment and pain as well as clothing routinely worn.

MO670 Bathing. Assess the patient's ability to bathe the entire body and possible assistance to safely bathe. Use response #2 or #3 for patients requiring standby assistance or verbal cueing. If patient cannot use the bath or shower because they are restricted by an MD order or unable to access second floor tub or shower due to restriction from stair climbing, use response #4 or #5.

MO680 Toileting. Assess the patient's ability to safely get to and from the toilet or beside commode. This does not include ability to perform personal hygiene.

MO690 Transferring. Assess the patient's ability to transfer safely for the three transfers indicated. Only use the response #2 if the patient can both bear weight and pivot.

MO700 Ambulation/Locomotion. Assess ability to walk safely once in a standing position, or use a wheelchair, once in a seated position, on a variety of surfaces. If the patient requires standby assistance or verbal cuing, use response #1 or #2. A patient who is able to take one or two steps to transfer but is otherwise unable to ambulate, should be considered chair-fast, so choose #3 or #4.

MO826 For all Medicare fee-for-service patients. The total of all physical, occupational, and speech-language pathology combined visits must be reasonably estimated.

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# posted by Smart Man @ 6:09 PM