I will tell you that it won't be easy, but the more prepared you are will help you through the peaks and valleys as you embark on an incredible journey of business ownership. Preparation is the key to a lot of challenges you tackle in life and starting, running and owning a business is no different. You must be ready when business is slow, and be prepared to expand when business is great. So what are these sources that can help you get started?

1] The Library - Or more specifically your local library. With the popularity of the internet for doing research many people have forgotten about this valuable source. Not only does it contain millions of books, magazine articles and tools to help you succeed, but the people that work there are invaluable to you. My library has a person that works there for the sole purpose of helping to fine tune and polish your business plan. I am sure yours has one also.

2] SBA (Small Business Administration) - The government would love nothing more than to help you not only start a business but succeed at it. When you succeed you create jobs which create wealth. They can help you with managing your business, expanding it, increasing sales with some helpful advice, financing through guaranteed loans and of course ongoing support. You can visit their website by typing Small Business Administration into Google. Get to know that website and what the SBA can do for you.

3] S.C.O.R.E. (Counselors to America's Small Business) - This organization is made up of thousands of volunteers (10,500 to be exact) who are still in business, retired or worked as professionals in specific areas. You more than likely have a few dozen counselors within a few miles of your home right now. I personally have worked with 13 different counselors in fine tuning my own business plan. These counselors are a great source of knowledge and experience.

Don't forget about your own local municipal, county and state government offices. They also want to see your business succeed. Growing businesses help create jobs which in turn increases the value of the municipality and of the state in which it resides. So for your local and state government offices not to help you would be foolish.

Get to know these sources and get to know them well. They will be your guiding force on your journey towards your entrepreneurial dreams.

1. Follow-ups. This should be one of the first functions performed when the Assistant Case Manager arrives each morning. Log in to the VAM database and open up all follow-ups for that day. Each follow-up is usually set about a week out and are designed to track every individual case through the entire underwriting process until the insurance policy has been issued. Follow-ups are set once a completed application is received in house from a client and entered into the VAM and Agent database, then forwarded overnight to the carrier. These Follow-ups are designed to update insurance carriers with new information regarding clients, to contact client's regarding incomplete or additional information based on the carrier and product applied for, and assist in making the underwriting process more efficient, while also reducing the time it takes to have a policy issued.
2. Final Policy Status. Once a policy has been issued or declined, as a general rule, it is the responsibility of the Assistant Case Manager to update VAM with the appropriate information, per the carrier website, from carrier's response to an email submitted by the Assistant Case Manager, or phone conversation with the carrier. Once VAM has been updated, the Case Manager and Agent must be notified in a timely manner so the appropriate action can be taken.
3. Scrubbing Applications. When new applications are received, it is the responsibility of the Assistant Case Manger to perform the following task, first review every page of the application to confirm that the client has completed every box on the application based on the product type they are applying for. Second make sure all appropriate requirements accompany the application, such as checks, bank draft forms, supplemental rider forms, medical authorization forms, paramedical exam, etc., then review each page to ensure that all necessary pages have been signed and dated by the client, after all the client's information is completed, review the Agent Page to make sure that agent's signature, address, company code, license, phone number, fax number, etc., have been completed. After a file has been created in the Agent Database and the receipt of the application has been updated in VAM, scanned and/or copied, filed, and the original placed in the overnight mailbox to be mailed out overnight via DHL. Then status is set for a week out to confirm that the carrier has received the application and has had an opportunity to post the client's information on their website. As a general rule, it is also the responsibility of the Assistant Case Manager to contact the client to inform them that we have received their application and will be contacting them periodically to give them a current status of where their application is in the underwriting process.
4. Additional Duties. Where necessary, the Assistant Case Manager will also assist the Case Manager in scheduling paramedical exams wit Portamedic or Exam One, answering phone calls on a daily basis to assist client's with questions in regards to their application and the underwriting process and forwarding calls to the Case Manager or Agent, creating files for new applications, filing, applying commission splits, faxing, copying, assisting the New Business person with entering and processing applications when a large volume of mail has been received, and any other area's in which the Assistant Case Manager may be cross-trained and gains additional expertise.

It seems to me that corporate training and the leadership of the company should have had a means of upward feedback to put in place the correct way to do things. In other words, it's a top-down matter of strategic management, feedback and control.

I've noticed that a lot of times, new theories come out and are the vanguard and cutting edge of new technologies in fields like, perhaps, medicine. But you have to get the new ideas past the old power structure that's in place before it can take root and be useful as an actually used idea in practice.

The universities are wrestling with this problem all the time as old tried and true ideas are constantly being reevaluated by newer ones that if proven correct will replace the old ideas as obsolete. The university world is a very progressive one; it's the “real world” that has most of the problems dealing with new ideas and procedures.

The corporate world stresses “tried an true” ideas. What about using a priori logic to come to some state of the art conclusions as to how to run their companies?

One of the problems that I had when I was at AT&T was that I got caught in between the new standards being dictated from the corporate leaders on down to the management in the company. First of all, we down graded a computer code called Job Card Language from JES3 to its predecessor JES2. I had a real problem with installing newer features of JES2 that came out because I had a very big learning curve and I wasn't totally functional for about 1 year and ½ which is about 3 times as long as most people need to adjust from training to the shop floor. So I wasn't so effective in using my knowledge for a while.

All of the above is the reason why AT&T downsized so many people. One superior I had said that they “had to go through some Lord High Mucky Muck [to get something done].” AT&T's President at the time, Robert Allen, said he did all the down sizings to enable the company to move easier without having to go through all those layers of management.

And a friend of mine told me “he couldn't get anything done because he had to go through his boss who was a manager. The manager couldn't in turn get anything done because she had to go through her boss the District Manager. The District Manager had to go through his boss the Division Manager and the Division Manager in turn as you guessed by now, had to go through his boss the Directorate Manager and that final manager couldn't do any thing. See what I mean here?

I had the same problem with my MSM degree. In the University world I learned the newest theories and in the real world I was so far ahead of my time that the Israeli's didn't know what the degree was all about. My father kept telling me to take my Master's degree to the headhunting firms and to let them handle it but the problem was that those kind of firms only deal with experienced workers and I think that is to their detriment. The so-called “real world” really should be open to the newer ideas and to people with newer types of education.

That's even one of the things that one of my dearest friends and mentors, Rabbi Shlomo Carlebach of Blessed Memory, said on his recording, The Gift of Shabbos (“Sabbath”). He lamented, “The way we do everything is old. The way we keep the Sabbath is old, [etc]” The world needs to be open to new ideas and not just new fun devices like IPods and IPhones. That's why I go to a church and follow the New Testament's way of doing business these days. New, New, New, that's what the world needs constant innovation is the remedy the ills of the Old World.

In the world of technology, we see new and tangible results in innovation. Year ago, they invented the compact cassette, which is a sequential access device, then the eight track tape and then they came up with CDs and DVDs, the latter two are direct access devices. Now we have improved on all of this.

The world of computers, IPods (both music and video files can be played) and other similar direct access, digital devices, is evolving constantly and at an exponential pace. The world of hi tech is the most innovative arena in the public eye. And the results are tangible.

Supposedly there is a law that the number of circuits that can be put on an IC chip doubles every two years. I read about it in the paper a while ago. In the future, I think the world will see that rate escalating at an increasing rate.

I'd really like to be here for at least the next 25 years to see what new ideas are going to come down the pike and take root. I think the world is going to become very interesting and it's going to be vastly different in a few years, when it comes to technological goods, than it is today.

Years ago, the Dick Tracy comic strip used to talk about Dick's two-way wrist radio but now we have video phones, etc. Apple has come out with the IPhone, which will outdo its IPods and cell phones currently in use.

Science fiction of yesterday is science of today. Same thing with the laser, which was on Buck Rogers. Lasers have been around for many years now.

I'm waiting for Star Trek style Borg implants to improve memory to be implanted in human brains. I plan on signing up for the very first ones, G-d willing.

We have barely begun to crack the code for the way the brain actually works but I know from corresponding with the Christopher Reeve Foundation that the absolute best minds are working on solving the issues. And I do have faith that one day all the mysteries will be solved.

One of the great mysteries is how to use brain scans to enable artificial limbs to move in a complex and not just uniform direction. In other words, currently we can make artificial limbs to move in one arc only but we need to be able to make such devices to move in a natural way, say the way the shoulder's rotator cuff operates. The best minds are working on this issue too.

Stem cell research is one field that's controversial but a lot of benefit can come from using tissues from embryos. And you should know that Orthodox Judaism allows abortion before a certain period of time because they believe that the soul doesn't enter the body until after a certain period of time (I think it's the first trimester but I have to research this). So even abortion isn't illegal in some religious circles.

Fundamentalist Christians also fought against heart transplants and other organ transplants originally, but later on, even they accepted all of this. I'm expecting the same thing will happen to stem cell research.

We may never know how life actually began or how the universe was created, but we will have answers and solutions to many riddles that face man today. The mind is a powerful tool.

In order to understand what isn't known, we have to look at what's known, and we can proceed from there. Using deductive and inductive logic we can solve the mysteries of life and better our lives. Extrapolation is also a powerful tool.

As the Bible says, man is made in the image of God and man's primary tool is his mind with which he can probe the great mysteries of life. One day, we will know much more about the universe than we do now and I hope to be there to see it.

Your Personal Finances

Personal Credit

Regardless if you are a Sole Proprietor, Corporation, LLC, etc, the bank will want to look at your personal credit. Pull your credit report and order your credit scores as well. If your credit scores are 650 or under, then it may be best to do some clean-up of your personal credit before continuing. Or, you may include a letter explaining why these occurrences happened and why it won't happen again.

Personal Income

The lenders will want to know where your personal income will come from while you're operating your business. Will your sole income come from the new business or will you work full or part-time while starting your business? The lenders will also want to know how you plan to transition from working for someone else to being self-employed, if that is your plan.

Personal Assets

The assets you own are very important as they may be looked at as potential collateral for the loan. Some companies can provide a business equity line of credit, which will use equity in your home as collateral, while establishing credit in the business name. The lenders also see assets as potential sources of cash to cover you in rough times.

Personal Liabilities

This is how much debt you owe, including mortgages, credit cards, loans, etc. Get your debt level down. In regards to credit card debt, a good rule of thumb is to have no more than one-third of your available credit outstanding.

The Business Plan

This is the time to really sell yourself and your business. Your plan must be complete and presented very professionally. The executive summary should comprise the first few pages and should be very professional. Recruit someone to help you if you need to. The Small Business Administration (SBA) has some sample business plans that are very helpful.

Be sure to detail what product or service the business will provide and what sets your business apart from competing businesses, how will the business make a profit and how much profit is expected per transaction, how many transactions do you expect per month. Show any demographic information you may have about the area you'll be providing services to. (How much traffic will pass by your location? How much demand is there for your product/service? What is your target audience and what percentage of the population will your business serve?)

When projecting the revenue, profits and costs for the company, you'll want to think at least 24 to 36 months ahead and break everything down on a monthly basis. Include your payment schedules for your lease, utility costs, loan repayment, etc. Also include a contingency plan detailing how you will handle any shortfalls that may occur for a month or longer.

Experience

Another piece of your business plan should include your experience level. How familiar are you with the industry you've chosen? Do you have previous ownership or management experience? Your chances are better if you have some experience working the industry you've chosen. If you have no related experience, add working skills that you have gained that apply to the business.

SBA Myths

The SBA provides loans to small businesses: False.

The SBA works as a guarantor of loans made by other banking institutions. If you contact their offices, they will simply offer advice on finding a lender.

Here is an example of one way they will help a small business: If you go to a bank requesting $25,000, the bank will see if they can approve the full loan amount for you. If not, they will seek to qualify you for SBA backing. One possible scenario is that the bank will cover 50% of the loan, while the SBA acts as guarantor on 40% of the loan, and you will be responsible for coming up with 10%.

The SBA will help if you have bad credit: False.

The credit requirements for SBA eligibility are the same as most banking institutions. The SBA is simply there to assist with new businesses or young businesses with very little time established.

Other Loan Options

If you are unable to obtain a business loan, be sure to ask why they declined you. Their response may provide hints to changes that can be made to your business plan. Take a step back and see what adjustments you can make, and then try another lender. Try applying at large banks and at small community banks.

If you are unable to get approved for a business loan after several attempts, you may wish to consider other loan options. Using a personal loan, such as a home equity line or loan may be helpful to get you started. Once your business is more established, then return to the lenders and show them what your business is doing.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well-thought-out business plan that will help you reach these goals.

The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.

1. Getting started: Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:
   • You want to be your own boss.
     • You want financial independence.
     • You want creative freedom.
     • You want to fully use your skills and knowledge.
2. Next you need to determine what business is "right for you." Ask yourself these questions:
   • What do I like to do with my time?
     • What technical skills have I learned or developed?
     • What do others say I am good at?
     • Will I have the support of my family?
     • How much time do I have to run a successful business?
     • Do I have any hobbies or interests that are marketable?
3. Then you should identify the niche your business will fill. Conduct the necessary research to answer these questions:
   • What business am I interested in starting?
     • What services or products will I sell?
     • Is my idea practical, and will it fill a need?
     • What is my competition?
     • What is my business's advantage over existing firms?
     • Can I deliver a better quality service?
     • Can I create a demand for my business?
4. The final step before developing your plan is the pre-business checklist. You should answer these questions:
   • What skills and experience do I bring to the business?
     • What will be my legal structure?
     • How will my company's business records be maintained?
     • What insurance coverage will be needed?
     • What equipment or supplies will I need?
     • How will I compensate myself?
     • What are my resources?
     • What financing will I need?
     • Where will my business be located?
     • What will I name my business?

Your answers will help you create a focused, well-researched business plan. That should serve as a blueprint. It should detail how the business will be operated, managed and capitalized.

One of the most important cornerstones of starting a business is the business plan. The Small Business Association offers you a tutorial on preparing a solid plan with all its essential ingredients. Be sure to review and peruse this website.

Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your banker. The business plan is a flexible document that should change as your business grows.

Fayol thought that his principles would be useful to all types of managers. He truly advocated the notion that if a manager wants to be successful, he only needs a certain set of management principles. If a manager climbed the corporate ladder and reached higher positions, this manager would depend less on technical knowledge and more knowledge of administration. When Fayol worked on his principles in France, Taylor's scientific management was developing "independently" in the USA. Although he was trained as an engineer, he brilliantly realized that management of an enterprise required skills other than those he had studied.

He emphasized the role of administrative management and concluded that all activities that occur in business organizations could be divided into six main groups.

1. Technical (production, manufacturing);
2. Commercial (buying, selling, exchange);
3. Financial (obtaining and using capital);
4. Security (protection of property and persons);
5. Accounting (balance sheet, stocktaking, statistics, costing);
6. Managerial (planning, organizing, commanding, coordinating, controlling).

He concluded that the six groups of activities are interdependent and that it is the role of management to ensure all six activities work smoothly to achieve the goals of an enterprise.

Fayol's 14 principles of management

1. Division of labor: work must be subdivided to facilitate specialization;
2. Authority: authority and responsibility should go hand in hand;
3. Discipline; discipline is important to develop obedience, diligence, energy and respect;
4. Unity of command: subordinates must report to one superior;
5. Unity of direction: all operations with the same objective must have one manager and one plan;
6. Subordination of individual interest to general interest: the interest of one individual or group should not dominate the interest of the enterprise as a whole;
7. Remuneration: remuneration and all other methods of payment should be fair;
8. Centralization: managers always hold final responsibility but should delegate certain authority to subordinates;
9. Scalar chain: a clear line of authority or chain of command should extend from the highest to the lowest level of an enterprise. This helps to ensure an orderly flow of information and complements the principle of unity of command;
10. Order: there is a place for everything and everything in its place. Proper scheduling of work and timetables to complete work is important. This can facilitate the channeling of materials to the right place at the right time;
11. Equity: employees should be treated with kindness and justice;
12. Stability of tenure of personnel: management should work towards obtaining long-term commitments from staff and avoid unnecessary turnover of staff which is costly and works against overall goal accomplishment;
13. Initiative: workers should feel like an active part of the organization through conceiving and executing plans in order to develop their capacity to the fullest;
14. Esprit de corps: harmony and union help to build the strength of an enterprise. It is an extension of the principle of unity of command, emphasizing the need for teamwork and the importance of communication .

Some of these ideas may seem self-evident today, but can be seen as being revolutionary in Fayol's time. Until today, his principles remain important as they continue to have a significant impact on current managerial thinking. Fayol's main contribution was the idea that management was not a talent related to genetic hereditary, but a skill that could be taught. He created a system of ideas that could be applied to many areas of management and laid down basic rules for managing large organizations.