From Greg's Head

New Year’s Eve offers a period of both reflection on the year behind us and a look ahead to the year to come. 

How did this last year go? What are you going to change in the new year? What do you want to accomplish? These are questions you can apply to both your personal and professional life. 

Good things are coming in 2008 for the blog. The publishing platform we use now allows us to post images, so keep an eye out for pictures from events I attend like the Aggie 100 and FastTech 50.

The guest spotlight column with become a more regular feature. There has been a positive reaction each time a guest author blogs for us. Let me know if there are topics you would like to see featured.

Thanks to everyone who read and commented on the blog this year, it’s been a great year and I’m looking forward to 2008. Happy New Year!

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

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More news about the Envision08 conference.

There is now a friends and family discount that the readers of the blog can take advantage of. 

The regular price of the conference is $1,195, but with the discount the price will be $1,095. It’s a great deal!

When registering, use the code champion to receive the promotional price. You will then be asked who referred you, type PKF Texas. That’s all you have to do!

Click here [link http://www.envision08.com/registration.html] to register.

This discount is only good until January 31^st, so make sure you don’t wait until the last minute! To find out the latest information about the conference visit www.envision08.com.

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Merry Christmas to all of my readers! I hope today finds you healthy, happy and with loved ones. 

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

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This year Inc. Magazine named Elon Musk, co-founder of PayPal, its Entrepreneur of the Year.

Musk has also founded several other companies including SpaceX, an aerospace start-up that planes to take astronauts to the International Space Station by 2010. That’s pretty cool!

To look at these two companies, they seem miles apart in purpose and function. How can the same guy be responsible for such different companies? The answer is simple. Vision.

All of the entrepreneurs I meet through the Rice Business Plan Competition, Aggie 100 and the FastTech 50 share that trait. They have a vision and work hard to see that vision become a reality. Sure there are bumps along the way, but as the article says, small ideas can grow into Google.

What small ideas do you have? How can your small idea grow into Google? What advice to you have for other entrepreneurs who are trying to make their vision a reality?

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

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One of my colleagues, Mark Daugherty passed along this interesting article from CIOInsight.com about how the different generations perceive technology.

The reporter, Eric Chabrow, made an interesting point that the younger generation rarely notices the technology in the devices they use and that they use technology differently than my generation of Baby Boomers.

I definitely see this everyday, both in the office working with the twentysomethings, and at home with my kids. To them technology just is. It’s always been there. They don’t remember computers that took up whole rooms and had less memory than the smallest iPod. They’ve always known a world with the internet and they are constantly connected and plugged in. From texting on their cell phone, to instant messaging and postig on facebook/myspace, they are in constant communication. 

To an extent, my generation is too. We are glued to our cell phones and Crackberries, but there isn’t necessarily the constant need to put our whole life out there all the time. The way we communicate is different. Texting still is not a primary form of communication for me and my peers. I do text people other than my children, but it’s not with any great frequency.

It makes me wonder if the next generation is losing the personal touch by using the newest technologies. They communicate more, but whereas 20 years ago parents would have been concerned with their teenagers tying up the phone line after school, they are concerned with how much time their children are spending online and how much texting they are doing. 

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In last week’s PKF Texas – The Entrepreneur’s Playbook, we ran the first of our series of New Year’s resolution for your business. They are excerpted from an article written by Maggie Fleming, CPA, a senior manager in our Entrepreneurial Advisory Services department. 

Here are a few more resolutions for you to think about for your business in 2008. 

1. Analyze your competition. Prepare a listing of competitors, the products they sell, and note their strengths and weaknesses. Compare this information with your own company’s data. This step should enable you to develop ways to maximize your competitive advantage in the marketplace.
2. Update your marketing plan. Where would any company be without customers? Success comes from being able to attract and retain satisfied customers. It’s important to evaluate products and services, and determine which are the most profitable. Is a change in your product mix warranted? Should one product be promoted more than another? Be sure to evaluate your current customers: Consider weeding out those that are unprofitable or disruptive to your business. Remember: “Profitable sales” add dollars to the bottom line.
3. Plan for capital expenditures. Consider the future capital needs of the company. Prepare a statement of capital needs, including a projected timeframe for implementation, and incorporate these costs into your budget. Schedule a meeting with your banker to discuss your business and obtain the criteria that will be used to evaluate financing needs.
4. Schedule a tax planning appointment with your accountant. Inquire about tax law changes that could affect your business, and tax strategies to minimize taxes, such as establishing a Section 125 Plan for you and your employees. Set strategies in place early in the year in order to maximize your tax savings.
5. Evaluate your employees. Consider the strengths and weaknesses of each, and use each employee’s skills to develop a strong team. Consider a New Year planning workshop for key employees: develop strategies, set goals and hold your team members accountable.
6. Read at least one management book. Check the Internet or go to your favorite bookstore to search for a topic of interest. Don’t overlook books on leadership; being a strong leader is one of the keys to building a profitable business and one of the most effective ways to influence people. Read trade magazines and industry-related data to keep abreast on trends within your industry. Attempt to identify synergies that could help you expand your business.
7. Develop an exit strategy. It’s never too early to start planning. Whether considering a liquidation, passing your business to the next generation, selling or being part of an acquisition, the better your plan, the more profitable the outcome.

What do you think about these resolutions? What are we missing? What are your resolutions for your business?

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

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The dates for the Rice Alliance Business Plan Competition have been announced! As many of you know I am one of the judges for the competition and have live blogged from the event the past two years. Below is the email I received providing all the details for the 2008 competition. Note the intent to compete deadline is Friday February 1, 2008.

2008 Rice Business Plan Competition  
Thursday – Saturday, April 3-5, 2008
Rice University, McNair Hall, Jones Graduate School of Management – Houston, Texas

The Rice Business Plan Competition is one of the largest and richest intercollegiate new venture competitions in the world.  Thirty-six of the top MBA and Graduate Schools from around the world will compete for over $345,000 in prizes at Rice University in Houston.  The event is judged by over 150 venture capitalists, angel investors, entrepreneurs, and leaders from the technology entrepreneurship community.    

The competition is open to all graduate level teams from any university.  Both U.S. and international teams can apply to compete.  EVERY team that is accepted is guaranteed to win a cash prize.  All applicants will receive a copy of Business Plan Pro - Premier Edition software.

If you know of a graduate team or university that should compete, please encourage them to apply.  ALL university teams that submit an intent to compete will receive a free copy of Business Plan Pro - Premier Edition software from Palo Alto Software.  More information click here.

    - Intent to Compete Deadline:  Friday, February 1, 2008
    - Executive Summary is Friday, February 22, 2008, 5:00 PM (Houston Time)

Competition Prizes -Over $345,000 in total prizes

• $175,00 Grand Prize – including $100,000 equity investment + $20,000 cash + $55,000 in services
• Over $240,000 in total cash prizes, plus over $100,000 in services awarded
• EVERY team accepted into the Rice competition is guaranteed to win at least e cash prize

Special Cash Prize Categories include:

• $20,000 – Dow Sustainability Award – sustainability & clean technology cash award
• Life Sciences Cash Award
• Energy Cash Award
• Information Technology Cash Award
• Intellectual Property Cash Award
• Hispanic Business Plan Cash Award

Other Benefits include:

• Multiple opportunities to receive individual feedback & mentoring
• Largest, most-experienced judging panel
• Over 150 VC’s, early-stage investors, entrepreneurs and business leaders
  • More leaders from the entrepreneurship community than any other competition
• Multiple Presentation Opportunities
  • All teams are guaranteed to have at least four presentation opportunities
• Best facilities and hosting of any competition
  • World-class Jones Graduate School of Management building at Rice
  • Over 100 Rice student volunteers will act as hosts and guides
• Low-cost travel, centrally located
  • Houston is serves as hubs for Continental & Southwest Airlines with 2 major airports
  • Discounted hotel rates & all meals provided for competitors  

Who Is Eligible

• Full- or part-time graduate students: includes MBA, Masters, PhD, and MD candidates from all disciplines
• Teams with 2-5 team members  (at least 1 team member must be a graduate student)
• Ventures must be "for profit" entities seeking outside equity capital
• Teams must be university-affiliated and have endorsement of a faculty member
• Ventures must have no revenues or outside equity capital PRIOR to the start of current academic year

We received 100+ testimonials from Competitors at the 2007 RBPC, including:

“Based on our experience and that of other teams from our school at other competitions, Rice is clearly positioning itself as the premium competition.”

“We will strongly encourage our school to send teams in the future. We had an outstanding experience.”

“It is the most complete and well organized competition I have attended.”

“It was by far the best competition we had been to.”

“It was just a wonderful experience! Very well organized, the materials were professionally done,” 

“The exposure to contacts was AMAZING, the feedback was very valuable, and the facilities are beautiful.”

“One of the highest caliber competitions within the country!”

“Overall organization was superb, best I have experienced.”

“Really an amazing event at all levels. Congratulations!!”

We believe the RBPC provides an unparalleled experience for participants by providing a diverse program over three days, with significant time allotted for feedback and interaction with the judging panel. 

For information about the Competition, sponsorship opportunities, or awards banquet information, please contact Philana Diaz, the Competition Director, at: rbpc@rice.edu or 713-348-3190.
  
Online information: www.alliance.rice.edu/rbpc

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Last month I promised you more details about Envision 08. It’s shaping up to be one of the hottest conferences of the year. 

It’s being hosted by Texas A&M University’s Center for New Ventures and Entrepreneurship, of which I’m on the member advisory committee. This conference isn’t just for Aggies! It’s for all entrepreneurial business owners with vision.

There is a stellar line up of speakers which will continue to grow as we get closer to the event in April. Here’s who has been confirmed so far:

Marcus Buckingham helped lead research into the world’s best leaders, managers, and workplaces. He drew on this research and used it as the basis for two bestselling books: First, Break All the Rules: What the World’s Best Managers Do Differently (coauthored with Curt Coffman) and Now, Discover Your Strengths (coauthored with Donald O. Clifton). His new book, The One Thing You Need to Know (The Free Press) was released in March 2005.

Guy Kawasaki is a managing director of Garage Technology Ventures, an early-stage venture capital firm, and is a columnist for Entrepreneur Magazine. He is also ranked as one of the top 100 bloggers in the world. Previously, he was an Apple Fellow at Apple Computer, Inc. where he was one of the individuals responsible for the success of the Macintosh computer. Mr. Kawasaki’s eight books include The Art of the Start, Rules for Revolutionaries, How to Drive Your Competition Crazy, Selling the Dream, and The Macintosh Way.

Brian Lanahan is the President of Align, a Portland OR-based company that connects story and strategy for new brands. Prior to starting Align in 2007, Brian was Managing Director and a founding partner of Character LLC, a firm that creates story frameworks for brands at companies such as Pepsi, Frito-Lay, Procter & Gamble, General Mills, Pepperidge Farms, and Unilever. Brian has been featured in major publications including The New York Times, The Wall Street Journal, Fast Company, Brandweek, and Fortune Small Business.

Peter W. Schutz and Sheila Harris-Schutz operate their own company, Harris and Schutz Inc. Peter has lectured on leadership and business management techniques in the U.S.A., Europe, Australia and Asia. This includes over 800 presentations to Vistage (a worldwide organization of CEOs), as well as sales meetings for a number of corporations, convention keynotes, business conferences, strategic planning meetings to varied organizations on various topics. Schutz is the author of a book, The Driving Force, Extraordinary Results with Ordinary People, published by Leadership Publishing Company and available in bookstores or on Amazon.com.

Check out the website, www.envision08.com for more complete bios on each of the speakers. The website is chock full of new information and you can even sign up for email updates so you don’t miss out on any breaking news about the conference. 

The conference will be held April 23 -25, 2008 at the Marriott River Center in San Antonio, Texas. 

Make sure you register early, you don’t want to be left out of the conference of the year!

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