Financial Management

A beggar to another beggar: I had a grand dinner at Taj yesterday.

How? The other beggar asked.

First beggar: Some one gave me a Rs 100/- note yesterday.

I went to Taj and ordered dinner worth Rs 1,000/-,

And enjoyed the dinner. When the bill came, I said, I had no money.

The Taj manager called the policeman, and handed me over to him.

I gave the Rs 100/- note to the police fellow, and he set me free. 

A wonderful example of financial management indeed

10 Crazy Business Ideas That Made Someone Rich

How to get rich the smart way? Read what some creative people did:

1. Million Dollar Homepage
1000000 pixels, charge a dollar per pixel – that’s perhaps the dumbest idea for online business anyone could have possible come up with. Still, Alex Tew, a 21-year-old who came up with the idea, is now a millionaire.

2. SantaMail
Ok, how’s that for a brilliant idea. Get a postal address at North Pole, Alaska, pretend you are Santa Claus and charge parents 10 bucks for every letter you send to their kids? Well, Byron Reese sent over 200000 letters since the start of the business in 2001, which makes him a couple million dollars richer.

3. Doggles
Create goggles for dogs and sell them online? Boy, this IS the dumbest idea for a business. How in the world did they manage to become millionaires and have shops all over the world with that one? Beyond me.

4. LaserMonks
LaserMonks.com is a for-profit subsidiary of the Cistercian Abbey of Our Lady of Spring Bank, an eight-monk monastery in the hills of Monroe County, 90 miles northwest of Madison. Yeah, real monks refilling your cartridges. Hallelujah! Their 2005 sales were $2.5 million! Praise the Lord.

5. AntennaBalls
You can’t sell antenna ball online. There is no way. And surely it wouldn’t make you rich. But this is exactly what Jason Wall did, and now he is now a millionaire.

6. FitDeck
Create a deck of cards featuring exercise routines, and sell it online for $18.95. Sounds like a disaster idea to me. But former Navy SEAL and fitness instructor Phil Black reported last year sales of $4.7 million. Surely beats what military pays.

7. PositivesDating.Com
How would you like to go on a date with an HIV positive person? Paul Graves and Brandon Koechlin thought that someone would, so they created a dating site for HIV positive folks last year. Projected 2006 sales are $110,000, and the two hope to have 50,000 members by their two-year mark.

8. Designer Diaper Bags
Christie Rein was tired of carrying diapers around in a freezer bag. The 34-year-old mother of three found herself constantly stuffing diapers for her infant son into freezer bags to keep them from getting scrunched up in her purse. Rein wanted something that was compact, sleek and stylish, so in November 2004, she sat down with her husband, Marcus, who helped her design a custom diaper bag that’s big enough to hold a travel pack of wipes and two to four diapers. With more than $180,000 in sales for 2005, Christie’s company, Diapees & Wipees, has bags in 22 different styles, available online and in 120 boutiques across the globe for $14.99.

9. PickyDomains
Hire another person to think of a cool domain name for you? No way people would pay for this. Actually, naming domain names for others turned out a thriving business, especially, when you make the entire process risk free. PickyDomains currently has a waiting list of people who want to PAY the service to come up with a snappy memorable domain name. PickyDomains is expected to hit six figures this year.

10. Lucky Wishbone Co.
Fake wishbones. Now, this stupid idea is just destined to flop. Who in the world needs FAKE PLASTIC wishbones? A lot of people, it turns out. Now producing 30,000 wishbones daily (they retail for 3 bucks a pop) Ken Ahroni, the company founder, expects 2006 sales to reach $1 million.

Really Crazy Business Cards

The 10 Commandments of a Great Business Name

What's in a business name? Everything and nothing. The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you, and aid in the branding of your company. A business name won't make up for serious deficiency in your business operations or help you avoid selling. Apply these 10 commandments when choosing a name for your business. 

1. Take Naming Seriously: Naming your business or products is a serious matter. The name you choose can play an integral part in the marketing of your company. Your name projects your image, brand, and position in the marketplace.

2. Avoid Word Play Dangers: Taking the word play strategy will add to the difficulty in having customers remember and find you. Being cute can backfire. Funnynames.com lists the following actual "businesses to avoid:"

Ear-Resistible Designs Plus

Dirty Ernies Paragon Hotel

Fireball Oven Co

Mess Graphics Inc

Ralph Rotten's Nut Pound

X-Ray Sweaters

3. Don't be an IBM: It's tempting to abbreviate your business name to make communications and correspondence easier. However, as a small business owner you don't have the resources and marketing muscle to educate your market on what your acronym means.

4. Be Focused: Forget tagging your business name with the moniker such as global or enterprise. Any start-up founder has big visions for their company. You might one day envision marketing to diverse markets and having a wide range of products. Successful start-ups have limited time and money; it's more likely your success in the world of commerce will come from being highly focused in one narrow area. A small company is a specialist; it's why your customer wants you.

5. Stay Out of Court: Don't use, borrow, or modify an existing famous brand name. In Elizabethtown, Kentucky, Victor Moseley used the name Victor's Secret when he opened his adult gift and lingerie shop. Victor's Secret did not remain secret when the legal department of Victoria's Secret sent a letter to Moseley claiming trademark infringement. In haste, the name was changed to Victor's Little Secret, but the change was not enough for Victoria's Secret who then filed a lawsuit.

6. Think Beyond Local: The bulk of small businesses operate in local markets. This doesn't mean your name should be geographically based. If you are marketing to customers in a local market, they'll know you operate locally. Adding your town name to your business name just ensures you will be stuck in a long directory list of other local companies with similar names. If you want a local name, add it to your marketing such as "Exclusively Serving the (town) Area."

7. Avoid ME Inc: It's a common tendency for a business to be named after the original founder. If you are planning to one day sell your company, a company owner named business is less attractive to a perspective buyer's than a brand built on a company.

8. Ask Others to Spell it: When I started one of my companies and named it Insightica, it was unique enough but it drove me crazy the number of times I was asked to spell it. The word could be spelled with site or sight. Put your business name through the spelling test and ask others to spell it. Yourdictionary.com lists experience, intelligence, jewelry, millennium, and personnel as a few of the top 100 most misspelled words.

9. Be Web Friendly: Consumers are bombarded with business names and advertising on a daily basis. Your job as a successful small business is to make customers remember you. Your website web address should be the same as your business name. Avoid the hyphenated web address names. It's hard enough to remember a web site address without the hyphens.

10. Check Availability: When you have developed a great business name, spend the time to determine if another business isn't using it. You can use a similar name for your business if another company uses it in an unrelated market or industry. Once you have your name, protect it by registering the business name with your county or State office.

Your business name should be easy to remember and memorable. Apply the 10 commandments when naming your business and in the end you'll avoid a marketing disaster.