MommyMillionaire

The Story Of Tyler Perry--How Far Would You Go For A Dream?

Mommy Millionaire asks “How Far Will You Go For a Dream?”

Visit www.mommymillionaire.com to learn more about Kim.

Tyler Perry is a star, with a hot new movie (Why Did I Get Married?), a series on TV (House of  Payne), and a line-up of successful theater productions. But it wasn’t too long ago that his life could have been qualified as a complete failure by most people. His story is the testimony to how powerful a dream can be, and what kind of  heroic journey dreams can lead us on in an effort to realize them. Besides being an artistic hero, Tyler Perry is also a testimony to the power of recognizing an underserved niche in the marketplace, and going after that niche, regardless of how much opposition you can encounter. There are countless underserved niches in the market ready to
be exploited, and only those who are visionary enough to see them, and courageous enough to follow their dreams to reach them, can lead us on to a wider understanding and greater opportunity. But getting there is no easy process for the leader who pushes us to that new frontier. As you’ll see from Tyler Perry’s story, being a leader often requires enduring hardship, risk and sacrifice beyond what any of us could anticipate. But as I like to say, there is no reward without risk, and the greater the risk, the greater the reward.

I remember the first time I heard of Tyler Perry. It was in 2002 and I was staying with family in Atlanta, where a very rough video was stuck into the VCR of a theater production Perry had recently staged in Atlanta, titled Medea Goes to Jail. I had never heard of Perry before, and looking at the almost amateur quality of the video I was watching I thought ‘who really cares!’ That is, until I started laughing hysterically. Perry was taking aim at his own social community and delivering biting commentary and politically-incorrect humor that was both shocking and hilarious. I couldn’t believe what I was seeing and I instantly thought this guy was a genius with brass balls who had the guts to say things no traditional studio or theater company would touch. The only city ready for this message at the time was Atlanta, which is increasingly becoming what I like to euphemistically refer to as “The Black New York,” where music moguls and creative artists come together to form a melting-pot of defining black culture. Even at this time, Perry’s personal story was legendary, even to the suburban white folk who were sitting around laughing hysterically at this grainy video. And everybody there regarded him with respect.

Perry was raised dirt-poor in New Orleans, where he was reportedly physically abused as a child. He undertook the exercise of writing letters to himself about the anger and pain he suffered as a child as a means to exorcise himself of these negative influences. These letters turned into his first play “I Know I’ve Been Saved.” After saving $12,000, he moved to Atlanta for the purpose of  staging it. But this isn’t a
story of overnight success. Perry spent 6 full years in Atlanta, writing and staging productions, which all failed, leaving him homeless and penniless.

At the beginning, unable to afford traditional theaters, Perry staged his productions in unconventional venues that were linked to the black community, referred to as the “chitlin’ circuit,” and these people, outside of any traditional Hollywood or NY demographic, are what made him. His dedication to this core constituency has not wavered even today. Even though he’s become a Hollywood darling, Perry refuses to
relinquish one iota of creative control over any of his projects, insuring that his vision of humorously commenting on
this overlooked cultural niche remains true and unwatered down. It’s safe to bet that five years ago, nobody in Hollywood or NY could have been convinced of the financial viability of a homeless man staging acerbic plays about the foibles of  a marginalized black community in “chitlin’ circuit” venues. Since then, as of March 2005, Perry’s work has been reported to have earned him over $75 million. (Today’s most marginalized community—one falsely considered to be divested of power or
influence—is moms. I’m on my own journey to fix that.)

Which brings me to another artist I think is in the midst of this same journey, literally on “The Road” to who his own new success and doing whatever it takes along the way to get there, despite the sorry state of today’s music market: Brian Vander Ark http://www.myspace.com/brianvanderark. I know that I--as a consumer—am frustrated with the lack of quality music variety available in traditional media sources. MTV has essentially stopped playing videos except for the usual suspects, or those new artists with a quirky video concept that makes for better TV than just good music. Finding new voices outside of the standard products that mainstream radio is used to selling is getting harder every day. As an entrepreneur, I look at the mainstream music industry as a market ready to be transformed by a few inspired dreamers on their own quest to write great songs for vast audiences that have been marginalized, without being forced to compromise their vision to do it.

Brian is one of those people. After having enjoyed mega-success as the lead singer and principal songwriter for The Verve Pipe, which, thanks to the band’s big hit “The Freshmen” ended up selling more than 3 million albums worldwide, he’s back on a
mission to write great music that is an inspiration to me and should be millions of others. His songwriting skills are better than ever, focusing his inspired gifts for storytelling on life’s successes and failures, relationships and faith, shining light into the corners of real personal experience with his poignant and transforming lyrics and melodies, that can’t help but lift me up every time I hear them.

In 2005, Brian, determined to make music on his own terms, sold all his possessions and hit the road to play wherever anybody would pay him, from traditional music venues to people’s living rooms—all in attempt to fund his next album’s production and release. His latest CD, Angel, Put Your Face On, delivers just that: great songwriting combined with incredible musical production, earning my 10 year old son’s “favorite artist” status. The road trip has been successful enough that Brian is
getting ready to go into the studio to record his newest album in November. But you’ll probably never hear Brian on MTV, just like I never saw Tyler Perry in traditional media. I redisovered Brian in my church on a Sunday, where he came to play three songs acoustically solo, just like I had to discover Perry on grainy video tape, a play produced by a penniless artist who was singularly committed to producing art that was true to his own vision—no matter the cost. Just like Perry, you probably won't see Brian in traditional music channels of distribution for another couple of years, when he imposes his talent and vision on the rest of us, dragging the music industry along by the strength of his dream to produce real music that matters for the rest of us. Only then, unfortunately, after suffering financially like Perry and every one else before him, will his dream and singular talent be recognized and vindicated.

How far would you go for a dream? Would you spend your last dime and suffer homelessness? Join the discussion on the www.mommymillionaire.com message board. Do you have to lose everything in order to succeed? Do you know people who have given up on the brink of success because they gave into pressures from people and society that told them they were failures?

You can also check out there my recent answers to questions from readers about trademarks, patents and profit margins.

Copyright 2007, Kim Lavine. This article can not be reproduced on the web or otherwise without the written permission of Kim Lavine.

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire.
http://www.mommymillionaire.com   

Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage
women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping
to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.”

"Everything begins with a search for something better--a dream,
an idea, the courage to face a challenge, and the passion to get it done.
You can do it.
Believe in yourself.
Change the rules.
Join the revolution."
From MOMMY MILLIONAIRE, by Kim Lavine

Calculating Profit Margins

Today I'm answering a question off the www.mommymillionaire.com Message Board. If you want to ask me your own question, visit www.mommymillionaire.com and post it.

Kim, I am going to sell my product wholesale to retailers.  I need to know what is a reasonable profit percent for me. 56%  77% or 108%
example: my cost $3.00,  wholesale $ 5.75, profit $ 2.75,  profit %=91.
I don't want to work this hard for no profit but I also don't want to make the wholesale so high that the retailer can't get their keystone.
What % should I expect to work for?
Thanks, your message board has been a big help as well as the book.

Hi June,

This is a great question and I do answer it in detail in my book MOMMY MILLIONAIRE.

To be honest, your profit margin seems really slim. I don't know if you've adequately evaluated your COGS or Cost of Goods Sold to include miscellaneous costs like EDI or Electronic Data Interchange or even the cost of carrying any loans you may have taken out to fund your business. I'm not sure if you're selling to small retail or big retail, but other costs you may or may not have anticipated include advertising co-op (this is money big retailers ask you to contribute to feature your product in their sales circulars), Point-of-Purchase displays, damages (every big retailer will try and negotiate a percentage from 1% to 5% off wholesale cost for the inevitable damaged merchandise) or even shipping costs, which can be very significant.

There is no standard mark-up or profit margin percentage. It varies widely by industry and product. Some plastic injection molding companies are making single digit profit margins, while I know of some small electronic manufacturers who are working on 1000% margins. However, what will ultimately determine your profit margin is this: What is the consumer willing to pay for your product. Too many people start with their costs and add on percentages to arrive at what they need to make, regardless of whether anybody is willing to buy the product at that price.

My advice is, sharpen your pencil, look at your COGS sold again, adding on every possible charge you can think of, and see if you can make money selling it at a price a consumer is willing to pay. Remember, as your product goes into wider distribution your COGS goes down because of Economy of Scale, so you may have to be satisfied with making less than you want at the beginning in exchange for getting your product out there.

Good Luck & God Bless,

Kim Lavine

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.”

"Everything begins with a search for something better--a dream, an idea, the
courage to face a challenge, and the passion to get it done.
You can do it.
Believe in yourself.
Change the rules.
Join the revolution."
From MOMMY MILLIONAIRE, by Kim Lavine

The Mommy Millionaire Virus

I heard a comment this month that entrepreneurialism is a viral condition. The idea is that all you need to do is come in contact with someone who’s mind has opened up to entrepreneurial opportunity, to catch that virus—which I’ll define here as the condition of seeing opportunity all around you. I know this is true in my life. Just knowing that my Millionaire Mentors took an idea from start-up to a successful exit strategy in nine years seemed to give me insight, or maybe the permission, into believing that I could do it too. It was as if a door had opened in a room that I had become accustomed to living in my whole life—get a job, a career, buy the big house and SUV—to reveal a whole other part of a house that I had never seen before, with bigger rooms and lots more light. Suddenly I saw the possibility of so much more freedom and satisfaction in my life by becoming an entrepreneur.

I saw an example of this at my speaking engagement this week at a conference on entrepreneurship at E2Detroit www.e2Detroit.com. A male student was there as an employee of Barnes & Noble for the purpose of selling my book during my book signing. He was a physics major, with a heady interest in theoretical physics as it related to time, yet after hearing my speech, he came up to me to tell me two ideas he had for products, one which could possibly revolutionize the way we look at and use energy in our own homes. After hearing his second great idea, I had to stop him and ask him if had seriously evaluated the opportunity. Example, what was the cost for creating his revolutionary home energy-generating system, what was the Return on Investment (ROI) for the homeowner, meaning how long would it take to recover the cost of installing the system in through energy savings. Essentially, I was asking him, have you evaluated the opportunity completely by writing a business plan?

If entrepreneurialism is a virus, then the cure has got to be in a Business Plan.

Getting the virus comes from seeing opportunity in an idea. Curing the virus requires writing a Business Plan and forcing yourself to answer all the questions that go along with turning that great idea into a reality.

Which brings me to a question posted on the www.MommyMillionaire.com Message Board this week about Business Plans and prototypes. Christine wrote to me to ask about the best way to write a business plan. There are lots of different business plan templates out there, but you can visit www.mommymillionaire.com where you can download my preferred version for starting out on the Templates page. When you’re writing your Business Plan, the message is “don’t get overwhelmed.” This is not going to happen overnight. It can take you weeks to complete the research necessary just to adequately evaluate your COGS or Cost of Goods Sold. Building a Cash Flow Spreadsheet, and providing the rest of the required financial documents for obtaining funding, can take you additional weeks. I go into this in detail in my book MOMMY MILLIONAIRE, so if you need additional guidance on writing your business plan and obtaining funding, pick up a copy today and read it.

Christine was primarily concerned about writing a business plan that would satisfy a potential angel investor. Angel investors are sophisticated investors licensed by the SEC or Securities and Exchange Commission to make investments in small to mid-size companies for the purpose of capturing returns of typically 30% on their investment, as well as to stimulate economic growth in their communities. Writing a business plan that will satisfy sophisticated private equity investors is going to require help from additional sources, particularly your local Small Business Development Center. I tell you how to locate your local office of the SBDC in my book, and online at www.mommymillionaire.com on the Templates Page. The question, as brought to my attention today by a friend who emailed me an article in the NY Times on raising capital for women-owned businesses is this: Would you really be willing to trade control of your company for money to fund its growth from angel investors?

Besides Christine struggling with her Business Plan, she admitted being stuck on creating a prototype, which is a dilemma a lot of entrepreneurs encounter. I address the prototype question in a separate topic on the www.mommymillionaire.com Forum, so log on today if you want to read it. However what needs to be emphasized here again is the necessity for at least a Nondisclosure Agreement, or a Provisional Patent Application while you talk to various individuals in your beginning stages of creating your prototype or taking it to market. Christine talks about her dealing with an individual who refuses to sign one, and asks for advice. My advice would be this: don’t ever give anyone proprietary information about your great idea or product without them first signing an NDA, unless you’ve got a Provisional Patent Application in place. A PPA costs under $100, is only 3 pages long, and gives you patent-pending protection in the marketplace for a year while you investigate these prototype issues. I know it’s hard to hold your line—even I’ve trusted people with confidential or proprietary information, when I thought there was serious opportunity with a good-faith intent to move forward. Not one of these opportunities has delivered any results—all the good-faith intent disappeared the minute I gave them my information--and I’ve learned to regret each instance.

In the end, there are no easy answers to difficult problems. Just take your time and do the work that is necessary to evaluate the opportunity before you give it away. There is just no short-cut around writing the business plan.

What do you think about the question of the day? Would you really be willing to trade control of your company for money to fund its growth from angel investors? Join the www.mommymillionaire.com forum on the Message Board and let me know.

Copyright 2007: Kim Lavine

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.” 

"Everything begins with a search for something better--a dream, an idea, the
courage to face a challenge, and the passion to get it done.
You can do it.
Believe in yourself.
Change the rules.
Join the revolution."
From MOMMY MILLIONAIRE, by Kim Lavine

WWMMD? How Do I Register to Attend A Tradeshow?

Today I'm answering a question from the www.mommymillionaire.com Message Board, from a reader who wants to know the best way to prepare for and attend her first tradeshow. To learn more, pick up my book MOMMY MILLIONAIRE http://www.amazon.com/Mommy-Millionaire-Kitchen-Million-Dollars/dp/0312354576, where I discuss the tradeshow process in detail, including how to create the perfect booth display, how to get the most publicity, and how to create order forms.

Hey Kim,

    I would like to go to a trade show and get the "lay of the land" so to speak. You must be a "business" to register as a guest. What is the easiest route to take for this? Should I get a business name and Tax ID #? Talked to a girl at AmericasMart and she said I could get a guest pass, just to email my business info and the names of myself and partner. Didn't want to look stupid and ask exactly what info she needed. If there is some way I'll need to register as an official business...I guess now may be a good time. Have a prototype, filing a provisional patent, in process of looking for a manufacturer. Also,  Isn't there a website that lists all the trade shows, places held, venues etc... I'd like to go to one by the end of the year. Thanks for all you do sister!!!
Sharon

Hi Sharon,

If you're thinking of starting a business and you're at a prototype process, I would recommend you go ahead and make the leap and get your State Tax ID number. This is very easy to get. Go to your state's website and click around until you find the Dept of Revenue, where you will no doubt find a link to filing this form online. (All states are slightly different.) Your State Tax Id--sometimes called a Reseller's Certificate--is like a Social Security number for your business, and the state will track your revenues and the amount of sales tax you will owe on those revenues with your State Tax ID, under which you will also file an annual or quarterly tax return. You will also be required to get a Federal Tax ID number as well, or EIN. (I would recommend you pick up my book MOMMY MILLIONAIRE to read in detail the requirements of taxes, local, state and federal registrations, and business entities.)

To attend AmericasMart—the nation’s largest tradeshow venue www.americasmart.com --as a Buyer, you typically need to provide a copy of your State Tax ID, a business card, and a copy of a check from your business's checking account. AmericasMart is the absolute best market to attend, so if you can make it there, do it. Otherwise visit http://www.tradeshowweek.com to find a listing of all tradeshows.

Good Luck & God Bless

Kim Lavine

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.”

How To Get on Donny Deutsch "The Big Idea"

I answered this question in the Mommy Millionaire Forum Message Board at www.mommymillionaire.com for our member Phylana. To ask me your own question, visit the forum and post your question.

Hi Phylana,

Some of the 1000's of subscribers to my blogletter are the producers at Donny Deutsch. These Producers are always looking for new guests to feature, in fact, it's their job to find them. The first way to get on the show is to send an email to them at donny@cnbc.com. If you want, put in the message line "Mommy MIillionaire Sent Me."

But make sure your pitch is good. I'll be writing soon on how to write the perfect Press Release, but in your case Phylana, you may have buried the lead of your story--your product was featured on Doctor Phil! That's a huge accomplishment that should lead off any PR you do. Example: "Featured on TV on Dr. Phil, the Stower Swaddler is the answer millions of sleep-deprived moms have been praying for."

Also, focus on one product for the pitch. Your handmade cards are great, but it's a specialized business and you're not going to reach mass distribution on a handmade product.

Once you write a good press release, with a perfect one paragraph pitch, which could also be recited in 30 seconds as an Elevator Pitch, you should send it on to every media outlet there is--not just Donny--and post it on PRWeb. One of my releases on PRWeb got 60,000 hits the first week, landing me media across the country. (I'll explain how to do this with How to Write a Winning Press Release.)

Like sales, publicity is a numbers game. The more exposure you get, the more likely your chances for success are. Don't stop trying to make something exciting happen every day, even if it is one email of your perfected to press release to a local newspaper or radio show.

Your Friend In the Business,

Kim Lavine

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.”

Mommy Millionaire Forum: Is It True That--For Women, When It Comes To Money--Less Is More?

Business as Lifestyle?

Do women start businesses as a lifestyle choice over a desire to make a million dollars? Why is it that only a tiny fraction of the 11 million women-owned businesses in the US have receipts over a million dollars annually? Is it just a lack of confidence that keeps us from formulating five million dollar business plans, like the founders of Crocs? Is it because there is still a attitude of male chauvinism in the business world? Or is it that we haven’t given ourselves the permission to dream this big, and the tools to go after it? Join the discussion on the MommyMillionaire.com message board www.mommymillionaire.com . Read what other women have to say about it, and let us know your thoughts. Is the recent pressure to drive our businesses on to sales of a million dollars annually even a good thing? Is it true that—for women, when it comes to money—less is more?

What do you think?

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, NPR, Oprah & Friends Radio Network, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, and American Baby to name a few. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Kim’s book has been called by Publisher’s Weekly in a Starred Review: “A top-notch, how-to guide on launching a business. Lavine’s human and authoritative story make this one of the most engaging and useful resources available for readers hoping to convert their passion into a healthy company…a rare gem.” USA Today says ““Mommy Millionaire is loaded with resources for a fledgling business person…armed with a good idea and boundless energy.” Barbara De Angelis, PH.D.—#1 New York Times Bestselling Author says, “Mommy Millionaire is an inspiring gift and road map to success for anyone who’s ever had a dream.” 

The Crocs Patent--The Stuff Legends Are Made Of

Visit www.mommymillionaire.com to learn more and join the Message Board there! This material is copyrighted by Kim Lavine and can not be reproduced or posted elsewhere on the web without written permission.

Just what exactly is a patent worth? How Crocs shoes anticipated competition and created a strategy to head it off, is the stuff that legends are made of! I explain how in response to a question today from one of my readers Michelle, who asks:

“Many companies like Crocs Shoes come up with an idea and put it on the market like you did, well what about the Crocs knockoffs? My question is how can a company that does the Crocs knockoffs get away with it? Do they have to pay the founding company? I would be one of those people who would be afraid of being sued. I could go on and on comparing items that we use everyday and that can be a long list.”

I remember when I was just starting out, perhaps the scariest moments for me involved putting my ideas out there in the marketplace, worrying about somebody knocking them off. Since then I’ve learned that the idea is only 5% of a product’s success—and this may include the patent! The other 95% is sales and marketing. You can find a whole section in my book MOMMY MILLIONAIRE on patents, and I would suggest everyone read it to find out the absolute basics for going forward, including when to pay and attorney, and when not to.

When it comes to patents, some of the best advice I’ve ever been given was that “Martha Stewart doesn’t own the patent on sheets and towels,” which is evidence that trademarks and brands, in my experience, can be more valuable than patents. In theory, a patent is only as valuable as your capacity to defend it in the marketplace, which usually means a lot of money spent paying lawyers. Unfortunately, you don’t usually have the revenues to support paying an attorney to defend your patent when you’re starting out, so it’s always been my advice to take your idea to the marketplace as hard and as fast as possible, so you can generate the revenues necessary to defend your patent. The United States Patent and Trademark Office anticipated this problem, allowing inventors to sue patent infringers for triple damages, which goes a long way to keep people from wanting to steal your idea, if they have to pay three times the money they make off of it to you in damages. www.USPTO.gov Despite this, patents typically defend a narrow technical parameter, which a lot of competitors usually manage to find a way to get around.

Crocs journey began in 2002 in a Canadian plastics company, when a Crocs founder discovered a version of the funny-looking shoes being used in day spas. In 2003, the founders of Crocs, after seeing initial success selling their unique and admittedly ugly shoes at boat shows—and after being rejected by venture capitalists in their attempts to raise start-up capital to take their idea big time—raised $5.2 million dollars from friends to fund their company! The first thing they did with that money was to buy up its suppliers and manufacturers of the unique resin that Croc shoes are made of, called Croslite. This same supplier also owned the design patent on the resin. Crocs began selling first to small shoe stores, then went into national distribution at Nordstrom and Dillards. To meet the need, Crocs founders employed contract manufacturers in China, Italy and Romania. In 2006, Crocs expanded overseas from Singapore to Austia.

The people who founded Crocs had serious business backgrounds, including a President at a national branding company, an exec at a national sandwich chain, a hardware sales executive and a President of an electronics manufacturer. With a motto of “Think Huge,” and after selling only 1,000’s of pairs in 2002, they pooled extraordinary management talents to write a business plan that raised them $5 million for launch from friends and business associates alone. In Feb of  2006, Crocs raised an additional $239 million in the largest footwear IPO (Initial Public Offering) ever, valuing their market share at $1.09 billion. Yes, there are competitors nipping on their heals now, no doubt with some slightly different resin formulation for their shoes on which their patent is based, but they are the innovators with all of the market share and they have the resources to keep their competitors at a permanent disadvantage.

There are a couple of lessons here: 1. Why aren’t women’s companies getting this kind of money to fund start ups? Why do only a tiny percentage of women-owned companies generate revenues of  a million dollars or more annually? Why, though there is $20 Billion in Angel Capital every year for start-up businesses, does only 4% of it go to women-owned businesses, when 40% of all businesses in the US are owned by women?

Is it just a lack of confidence that keeps us from formulating five million dollar business plans? Is it because there is still a attitude of male chauvinism in the business world that won’t see beyond our sexuality? Or is it that we haven’t given ourselves the permission to dream this big, and the tools to go after it? As a very inspiring woman I met this week told me, Molly McDonald of The Pink Fund, www.thepinkfund.org which provides financial aid to those suffering with breast cancer: “We don’t need brass balls, we need brass boobs.”

Brass Balls? Or Brass Boobs? Log on to www.mommymillionaire.com and visit our Message Board and click on that subject, where you can tell us why you think women haven’t pushed their companies ahead into the million dollar zone.

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, American Baby and on NPR and Oprah & Friends Radio Network. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

"Everything begins with a search for something better--a dream, an idea, the
courage to face a challenge, and the passion to get it done.
You can do it.
Believe in yourself.
Change the rules.
Join the revolution."
From MOMMY MILLIONAIRE, by Kim Lavine

For all my Mommy Millionaire Sistahs!

Visit www.mommymillionaire.com to learn more and join the Message Board there! This material is copyrighted by Kim Lavine and may not be reproduced or posted without written permission.

I asked my ten year old son the other day if he knew what an entrepreneur was. He answered: “Somebody who follows their dreams.” I asked him who his hero was. He said it was me. I asked him why. He said it was because I follow my dreams.

If you look up the word in the dictionary, the definition of entrepreneur is simply “one who organizes, manages and assumes the risks of a business or enterprise.” Funny, it doesn’t

say “hero” anywhere. I don’t see the word “dream” either, but I think the definition would be just as true if you replaced the words “business” or “enterprise” with “dream.”

All great journeys are begun on the strength of just one individual and their dream. I’ve met a couple of women this week who have reminded me of the incredible transforming power of dreams. One, like all of us, has a more personal dream, the other has picked up where perhaps one of the greatest dreamers of the 20th century has left off.

For all of you who haven’t read my book, you might be surprised to know that I get discouraged just like you. No matter where you are in your journey, every day will surely bring new challenges to your dream that only faith, hard work and an unremitting belief in yourself will get you through. In the end, everything beautiful, strong, and worthwhile comes out of intense work, patience, time, sometimes even suffering. You only need to look at your children to see that that’s true. Remember to enjoy the journey, because in the end, the journey is the reward. Treat your dream the same as you treat your kids, laughing, crying, getting mad, showing patience—taking it one day at a time instead of waiting for the day they leave for college or the day you bank a million dollars—and you’ll do just fine.

When I get down, I plug into music. Nothing picks me up and inspires me faster than experiencing the immediate, palpable dream of another dreamer—music. I, like a lot of successful driven people I know, have a special collection of “dream music” that I use just for this purpose. I added another to my collection recently and her name is Sofia from NYC. You can check out her dream at http://www.sofiajmusic.com or http://www.myspace.com/sofiajmusic.com I’m so proud that Sofia is an aspiring Mommy Millionaire. After listening to her brand of “positive pop,” I would like to nominate her song “Gotta Believe” as the official Mommy Millionaire anthem. Check it out at her Myspace page, where you can listen to it for free and download it for $.99. Sofia is chasing her dream as a mother of two in an industry where you definitely don’t talk about having kids. It wasn’t until last week’s MTV VMA awards that I actually found out that superstar Nelly Furtado had kids, after iconoclast Perez Hilton called her out on it.

Then there’s those individuals who dream a dream so big it leads the whole world on the dreamer’s own personal journey. This dreamer gave his own life to follow a dream of making the world a better place for all of us, suffering every kind of abuse possible to later be celebrated as a hero. That person was Martin Luther King Jr.. The other woman I want to recognize today is K.C. Cristian, CEO of Cristian Multimedia Matrix (CMM) http://www.imsointoyou.com . Besides being a writer and also offering you an inspiring and original musical anthem to listen to and download for free called “It’s My Party Now!” on her website, K.C. has taken up the important cause of remembering Martin Luther King Jr. with her efforts to help raise funds to build the Dr. King memorial in Washington D.C. I can’t say it any better than K.C.: "Like his predecessors--Lincoln and Jefferson, Dr. King's body of work helped America inch closer

to a sweet land of liberty. When I go to a restaurant in the South, where Whites and Blacks congregate peacefully, I smile and thank Dr. King for enduring the beatdowns, the bombing of

his home, and the brutal realities of his time," says K.C. Cristian, CEO of CMM. Log on to her website today to find out how you can support this important dream.

Remember Martin Luther King in Washington D.C. and in your hearts. Follow your dreams. Be a hero.

To learn more about Kim or to subscribe to her blogletter, visit http://www.mommymillionaire.com and click on “Join the Revloution.” To post a comment to this, or any of Kim’s blog entries, click on “Message Boards” at

http://www.mommymillionaire.com and add your thoughts.

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on

The Today Show, Rachel Ray, NBC & ABC news, CNN, CNBC's "The Big Idea" with Donny Deutsch, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, American Baby and on NPR and Oprah & Friends Radio Network. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

"Everything begins with a search for something better--a dream, an idea, the courage to face a challenge, and the passion to get it done.

You can do it.

Believe in yourself.

Change the rules.

Join the revolution."

From MOMMY MILLIONAIRE, by Kim Lavine

Entrepreneurs Aren't Born--They're Made

Visit www.mommymillionaire.com to learn more about Kim, or post in the Message Boards there.

It’s been a busy week for me. I spent a good portion of Wednesday listening to the best and brightest from the highest levels of local government, business and academia, trying to figure out how to turn people into entrepreneurs, because the Michigan economy is desperately in need of risk-taking idealists who have some irrational passion coupled with a visionary idea that could just as easily be qualified as crazy—to start new businesses.

The opinion of all these very smart people was that being an entrepreneur has more to do with growing up in affluent homes, with access to lots of information and resources coupled with great private education, than not. If that’s true, why are 70% of the people who are starting businesses in Michigan born in countries other than the US? Nobody’s living large like Americans!

The truth is, entrepreneurs aren’t born—or born into conditions that make you entrepreneurial. Entrepreneurs aren’t born—they’re made. And it’s really simple.

Entrepreneurs are optimistic—but we’re born into a pessimistic world. Being optimistic is not natural in this world, it’s a learned response. Teach yourself to be optimistic! That’s the secret of The Secret in a nutshell. It’s a lesson straight out of Mommy Millionaire: “A person will achieve success in direct proportion to his ability to let go of negativity in favor of all that is positive. Being negative is easy; being positive is what’s hard. Be a positive, big picture person, always striving to work for the highest good of all parties involved, and you can’t help but succeed.”

Entrepreneurs are risk takers—but nobody is born wanting to take risks! Risk-taking is a learned response. The only way you can evaluate risk is to evaluate reward. Teach yourself to see reward. See it in the morning when you get up, and in the evening when you go to bed. See it when you look in your kids faces at 2pm on a school day for a school party, see it in your business plan’s exit strategy, see it as the hope, dream or aspiration that reward is for you—not just money—every minute of your work day

.

Entrepreneurs are passionate—but you’re not born passionate. Being passionate is a learned response. This world is jealous of passionate people. We’re taught early to go to school, get good grades, get a good degree then a good job with a good title in a good career track. Becoming an entrepreneur means learning to value ideas and passion over degrees and job titles. It means stepping out of everything you were taught and redefining success in your own terms. It means boasting unapologetically about your ideas, about your kids, and it means not being afraid to be enthusiastic when the whole world is telling you you’re crazy

.

Don’t only be these things—Teach these things! Teach them to your kids. Show them you’re a Future Mommy Millionaire. Future Mommy Millionaires are optimistic, passionate, risk takers who are teaching their kids to be positive, big-picture people who are smart and confident enough to redefine success on their own terms. Future Mommy Millionaires are funny and loving and give praise more than they take it away to their kids and everybody else’s kids they come in contact with. Future Mommy Millionaires see opportunity all around them to make the world a better, or prettier, or kinder, or easier place and have the courage and the passion to face the challenge and get it done. Future Mommy Millionaires are human—not superhuman—and they need love and encouragement and affirmation too. So the next time you’re feeling down in your daily battle to pick yourself up, ask your kids—the nearest, dearest source of all positive affirmation and love in your life: “Who’s the best mom in the world?” If you taught them right, they’ll answer you: “You’re the best mom in the world!”

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, CNN, Rachel Ray, CNBC's "The Big Idea" with Donny Deutsch, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, American Baby and on NPR and Oprah & Friends Radio Network. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

Everything begins with a search for something better--a dream, an idea, the
courage to face a challenge, and the passion to get it done.
You can do it.
Believe in yourself.
Change the rules.
Join the revolution."
From MOMMY MILLIONAIRE, by Kim Lavine

Question on Doing Business on the Internet

Visit www.mommymillionaire.com to learn more and join the Message Board there!

Question

Kim,

I will be trying to get my juvenile product into the retail market.  I had been planning on selling as well thru the internet.  A retailer in another product line told me last night that stores would not take my line if they knew I was selling the product myself on the internet. 

I know that you are very successful selling both ways.  Did you find that it is hard to get retailers to carry your product if you sell it retail also?

I have been using your book as a roadmap since I saw you on TV.  Thanks for all the advice.

June Johnson

Mommie Ideas, Inc.

Answer

Dear June,

This is a good question that I’m sure a lot of other people need answered as well.

The internet is relatively new invention which is revolutionizing the way people do business—and live their lives—around the world. Essentially, the internet has leveled the playing field between small entrepreneurs and big businesses, giving both an equal opportunity to speak to consumers directly and sell products without a middleman, whether it’s in Detroit or Dubai. I believe this is essentially giving rise to an exploding new “cottage industry” era, where women can find the means and opportunity to supplement their family’s income and fill their entrepreneurial and creative ambitions, without compromising their need to be great moms.

Just a few short years ago, retailers were demanding that you not sell the same product on the internet as you do to them for sale in their stores. However, this has just become an impossible demand for them to make. Now the only rule is that you DON’T UNDERSELL your retailers on the internet. Your product may be listed at the same price as the retailer’s, as long as the person purchasing it on the internet needs to pay additional shipping and handling costs, the retailer can’t object. In addition, always make sure you put your website address on every product tag you put in the marketplace.

Good Luck & God Bless,

Kim Lavine

President

Green Daisy, Inc.

www.greendaisy.com 

www.mommymillionaire.com

Kim is the President and Founder of Green Daisy, Inc—a lifestyle brand focused on balancing life with love ™--and the best selling author of Mommy Millionaire. Kim has appeared on The Today Show, CNN, Rachel Ray, CNBC's "The Big Idea" with Donny Deutsch, LifetimeTV.com, and has been featured in USA Today, Country Living, Guideposts, Women's World, American Baby and on NPR and Oprah & Friends Radio Network. Kim is on a mission to encourage women to follow their dreams, inspiring them with hope, honesty and faith.

"Everything begins with a search for something better--a dream, an idea, the

courage to face a challenge, and the passion to get it done.

You can do it.

Believe in yourself.

Change the rules.

Join the revolution."

From MOMMY MILLIONAIRE, by Kim Lavine