If there ever was a living, breathing version of the American Dream, it would be Farrah Gray.

A self-made millionaire by age 14, Gray is now an internationally known and respected entrepreneur and business leader who addresses more than half a million people per year on topics such as leadership, personal development, diversity, business development and financial management.

His newest venture, with First Premier Bank and Diamond Financial Products, is the “goFarr” card, a prepaid MasterCard featuring his likeness. The card is designed to increase financial literacy and freedom for those without a credit history or who are unable to get access to a line of credit.

Because the card is prepaid, there are no interest payments, credit checks or employment requirements, and unlike most prepaid cards, the goFarr card has no monthly fees. It can be used anywhere debit MasterCard is accepted, including ATMs, and cardholders can use the card to pay bills online or get employers to do a direct deposit onto the card.

Cardholders can monitor when, where and how much they spend 24 hours a day through Web and telephone access to account information. They soon will also get financial tips from Gray through live chats, podcasts and e-mail discussions.

“When I look at the fact that one-quarter of 18- to 24-year-olds are ‘un-banked,’ I see that it is also a problem that plagues low-income people of all ages,” Gray said. “This card can be an empowering tool that will instill valuable budgeting habits and responsible money-management skills.”

Gray became an entrepreneur at age 6, selling body lotion door-to-door. At age 7, he carried a business card that read “21st Century CEO.” At 13, he started Farr-Out Foods, a specialty foods company in New York. He became a published author at 19 with his financial self-help book “Reallionaire.”

“Farrah Gray is one of the great business minds and icons of his generation,” said Keith Byrd, chief operating officer of Diamond Financial Products. “At the age of 21, he has achieved more than many achieve in a lifetime. To those who become cardholders and are able to access financial advice from Farrah Gray, you too have the possibility to ‘goFarr.’”

To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates’ first company, Traf-O-Data, was a failure. Michael Jordan was once quoted as saying: “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot; And missed. I’ve failed over and over again in my life. And that is why I succeed.”

In my short stint as an entrepreneur I’ve failed more times than I can count. I have also had my share of success, but its not even close to equal. The failures far outweigh the successes, and Im sure I have a lot more failure ahead of me. Im OK with that because I know that as soon as I stop failing, I have stopped trying to innovate. It’s the nature of the business of being an entrepreneur, and of success in general.

If it were easy, everyone would do it. It is naive to think that every good idea that you have will result in a successful business venture. I have yet to hear an entrepreneur say “every single idea I come up with seems to work.” More likely, you hear something like “I failed at my first five businesses before this one took off.”

Think about that for a second. Five businesses. Sometimes the number is three, sometimes it’s 20, but the important point is that most entrepreneurs don’t hit a home-run with their first company. It really does amaze me – how many people have the stones to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven.

In my opinion, the most important thing is how you deal with failure. Once you accept that it’s inevitable, you are able to learn from your mistakes and move on. It’s easy to let the failure consume you – not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future.

Failure isn’t easy and is extremely frustrating, but it’s a necessary part of success. Don’t believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea

What is the most effective way to deal with the anxiety that a home-based business entrepreneur experiences? The quick answer is to realize that this is part of being a business owner and to learn to live with it. The anxiety will not go away over night and you may be experiencing it for many years as you look at the profitloss margins that occur with starting a business and moving to a place where it is stable and successful.

Many people are drawn to the idea of being self-employed,and not having to work for a boss and also because they think that there are many freedoms with this type of business. They soon find out; however, that this is not the case and they will actually be working long, hard hours for a few years as they try to get their business on its feet. The difference in being self-employed is that everything rests on your shoulders. When you were working for someone else, you had to deal with things you probably did not want to but the entire weight of the financial success of the company was not your concern now it is. You are now concerned if there will be enough profit to pay your employees, your vendors, and your bills.

Remember that simply because you are feeling pressure does not mean your business is going to fail. It simply means you are now in business for yourself and are facing the same pressures that all business owners experience at some time or another. Anxiety is a great motivator. You may wake up and not want to do any work, you would prefer to make an early round of golf, instead you realize that if you choose this option you will only be making it more difficult for yourself and you will lose money as opposed to making money. I would actually be concerned if you started a new business and had absolutely no fears at all, that is being arrogant and has a great chance of leading to failure.

There is a difference in being confident about your business venture and arrogant. Arrogant is thinking nothing will go wrong and you do not have to make an effort or sweat over the financial affairs of your new business. So how do you deal with the pressure? Make sure you have a financial plan. Talk to those who are involved in your business and make sure everyone knows their goals. Talk about the risks and whether-or-not, they are worth taking. Do not stick your head in the sand and pretend they do not exist they do and you need to face them head on and when you do,you will be successful and your anxiety will lessen and will eventually go away.

A Secret Technique that Entrepreneurs Can Use to Almost Guarantee Success!

If you were to walk up and ask successful and unsuccessful entrepreneurs what they did to succeed or fail, most of them would cite some mentor or lack of trait… Blame genetics or outside influence. But if you were to ask the exact same group if they used this secret, 99% of successful entrepreneurs would say yes – and almost all of the unsuccessful entrepreneurs would ask what you were talking about…

The secret to being a successful entrepreneur is very, very simple. It is called “Quantifiable Goals”. It might sound complicated, but when you have finished reading this article you will completely understand what it means – and why it is so important.

Lets say, for example, that you walk into a room full of entrepreneurs, and ask them to state their goals. To state why they are ultimately in business for themselves. Most of them will respond something along the lines of time or money. But watch them puzzle when you ask them WHY they want to earn money or have that extra time. This is the most essential part of Quantifiable Goals. Any John Doe can say he wants to make money, but why? Is there something in particular he wants to buy? Something he wants to do with that time?

Once you establish WHY you want that extra time or money, you have just taken a big step towards success. You now have a goal. For example, you want that extra money to buy a house. Buying a house is your goal. Now comes the Quantifiable part.

How much are you going to spend on this house? 250,000? 1 million? You need to come up with a pound amount or time amount, something of quantity, to properly set your goals. That way, once you earn that 250,000 or gain those 3 hours, you have essentially attained your goal.

But waking up one morning and deciding to earn 250,000 doesn’t make it happen. So how do you achieve your long-term Quantifiable Goal? By breaking it up into smaller, medium term quantifiable goals.

For the example we have been using, buying a house for 250,000, your medium-term goals would most likely be monetary. You could set goals to complete two projects that would each bring you 125,000, or even 10 projects that would bring you 25,000, or break it down even further.

But what good are these goals anyway? They are still difficult to achieve, and how do you know what to do to achieve these goals?

Well, you break each of your medium-term quantifiable goals into short term goals. For example, if you chose to get two projects with a price tag of 125,000 each, your first goal might be to think of what kinds of projects you can do that would bring that kind of money in for you. Your next goal would be to close the sale on such a project, and then to complete the project, and finally to collect payment. That way, each medium-term goal is broken down into manageable tasks.

At this point, you want to break everything down into a flow chart to help establish your goals. Put your life quantifiable goal at the top on its own piece of paper. Then, put each of your medium-term goals on their own paper in a horizontal line directly beneath your life goal. Then directly below each medium goal, fill a sheet with the short term goals that it will take to achieve each medium term goal.

This method will help you visualize what you are working towards, and how each step is necessary to achieve your dream.

Now you’ll want to check off each short term goal as you complete it, completing one sheet at a time. By doing this, you will be able to visually SEE your results progress quickly. Each time you complete a short-term goal, you are one step closer to completing a medium-term goal, which brings you one step closer to completing your life goal.

Now that you know the secret, what are you going to do about it? I suggest following the visualization techniques given, and build yourself a “life pyramid” on a wall that is visible while you are working. Glance at it every so often, and it will keep you on track. Reward yourself when you complete your goals – from the smallest achievement to completing the entire pyramid. It will most likely be the most positive experience in your life to see that pyramid completed – and the construction process of the pyramid itself will set you on the right path.

5 Things to Consider Before You Hire a Virtual Assistant:

Understanding What a Virtual Assistant Can Do

I hear the term “Virtual Assistant” more and more in business. Did you know that you could possibly hire someone from another continent that works while you sleep and maybe for 8 – 12 pounds. Mos t of the VAs I work with have degrees and one an MBA in Business Admin. I pay her a pautry 15.00 per hour and what a bargain that is.

With the growth of virtual assistants has also been a change in what it means to be a virtual assistant. The leaders and founders of this particular entrepreneurial job have made distinctions between what it means to be a virtual assistant, and what it doesnt mean. When you are explaining your business to others, you want to make sure to keep this standard.

Being a virtual assistant is becoming a distinct definition of a specific home owned business. It is expected that the standards will be upheld of a virtual assistant for all others who are working in this profession. This means that a virtual assistant is someone who provides a variety of services to businesses and individuals following the standard that has become formalized in the past decade.

The first angle that is taken towards approaching what a virtual assistant is includes the idea of being virtual. If you are not working out of your home, or remotely, then you are not considered a virtual assistant. Instead, it is considered to be a temporary job or a telecommuting job. One of the standards for being a virtual assistant is having the freedom to work where you want.

The second part to being a virtual assistant is the distinction that is made in the job description. Most virtual assistants will cringe at the idea of being called a secretary or freelance worker. Technically, a freelance worker is one who only does the job for extra income. At the same time, a secretary is one who doesnt do the work continuously with only one client. A virtual assistant is provided in order to create a substantial and long term relationship with a business.

Here are 5 things you should consider in a Virtual Assistant?

1. Professionalism. Does the VA answer her or his emails, voicemails and other correspondence in a timely and professional manner? It is important if this person is to work for you has the right skills to not keep you or a deadline waitng. Make sure you give a covert task to her or him to pass that shows comittment to deadlines.

2. Project Management. Juggling tasks nowadays is vital. We now tap out feet in front of the microwave so things need to get done. If a person cannot work with a few projects on the go you might want to move on. I guarantee you will only find out that they have a project management problem when you lose “the big deal”.

3. Availability. Many of these people work for several people at the same time. It is not uncommon for you as an employer to be in a funnel system for the VA. You slowly move down the funnel as they take on better contracts from new virtual employers. Be aware that you and your project will get dropped at the most time you least need it. You also need to be lining up new VA’s. Try to split your work between 2 or more VA’s to combat this problem.

4. Test. Give the VA a mini project before going ahead with a contract. I also give a minimum of 2 tasks that cost no more than 30 -40 to complete. I need them done correctly and to my total satisfaction before I even consider this person. It is simple to hire one of the first few people to come along but please shortlist at least 10 and give the tasks to 2 of the 10 you shortlisted. Obviously make sure these tasks are something you actually want doe, dont waste any money.

5. Get References. Can the VA give you a list of people whom you can contact who will tell you about working with her or him?

The main distinction that most virtual assistants will work towards creating is the idea of being in a relationship with a business, and making this their business. This goes beyond the Expectations of any temporary work or telecommuting job. It also means that the services a virtual assistant can provide will go outside of job descriptions that are made in the office. By understanding the standards for being a virtual assistant, you can best approach this in your own relationships with businesses.

4 Rules For New Entrepreneurs – Practical Tips For Starting Right

Its a great time to be an entrepreneurin the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that youre lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.

But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:

1.Dont Quit Your Day Job.
Consider starting your business part-time, especially if its online, while youre working and have a steady income. It usually takes six months to a year to get a business going and you dont want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.

2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a needsomething a specific group of people want, but cant get at the big chain storesand fill it. Advises Lesonsky, You cant compete with the big guys, so you have to find where the big guys arent and go into your niches.

3.Have an Online Presence.
Even if youre not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. Its also a great tool for promoting yourself and letting people, even in your own area, know that youre there, and what youre doing.

4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which floppedbut he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, Arm yourself with optimism to get beyond the No or the trouble. Theres nothing wrong in failurejust dont repeat the same mistake!

Nothing happens in business until a sale is made. Marketing is simply about getting new customers and keeping them. If youre not doing something everyday to market and promote your business, your competitors are. Here are ten easy-to-implement tips to effectively market and grow your business:

1. Partner with large email database list owners and offer to cross promote each oher. The list owner will advertise your event, product, or service to their email database and youll offer to do the same to your list.

2. Create your own blog which is an online journal with frequently updated posts to entertain and excite existing and potential customers. Its more personal and immediate then a website and keeps people engaged and hopefully coming back for more. You can even create one for free at http:www.blogger.com.

3. If you want to increase word-of-mouth fast, do something beyond normal industry expectations. For example, Mr. Lube offers fast and affordable tune-up service to customers right on the spot, without having to leave the car, while offering coffee, cappuccino, and a fresh newspaper.

4. Always ask happy clients for endorsements or testimonials and put them on your website and other marketing collateral. Theyre worth their weight in gold. Try to get some recognizable names in your community for additional cachet.

5. Put a special offer or product advertorial on every invoice and statement you send out. Likewise, you can also negotiate a deal with another company to advertise your product or service on all their invoices for a percentage of revenues from placed orders.

6. Make your business cards stand out and be natural keepers. Offer important information on the back such as emergency phone numbers, a map, or special dates to remember. Have a slogan that offers a powerful benefit statement to your prospective customer.

7. Offer special bonus packages with your product or service offering. Get corporate sponsors to give away products as part of the bonus package in exchange for free exposure.

8. Align your business with a cause or charity. Give back to your community. Customers appreciate doing business with companies that are bettering their communities and the environment and being good corporate citizens.

9. Find an angle that makes your work controversial. The banning of Mark Twain’s “The Adventures of Huckleberry Finn, reviewed as “trashy and vicious,” was a blessing in disguise. Twain made a poster advertising the ban, which significantly increased sales.

10. Post frequently in online message boardsforums relevant to your business or expertise. Include your signature and offer tips and valuable advice. Eventually you will begin gaining word-of-mouth exposure as a leader in your field. Posting messages with your company information also helps to increase your search engine rankings and drive traffic to your site.

[Excerpted from Sharif Khans new ebooklet: "101 Ways to Market Your Business," http:tinyurl.comm2nsf ].