Charisma – a special magnetic charm or appeal. That is the definition as stated by the Webster online dictionary. Many of us know this person. Some of us may be this person. This person can be both an asset and a liability.

Charismatic people are those that people gravitate towards. They are fun to be around, easy to talk to, and generally make you feel at ease around them. They tend to be the type that others listen to and often times can be the center of attention. In a business with the proper focus and motivation, this person can earn you significant revenue as well as win over your clientele.

As you noticed from the previous paragraph, I stated “proper focus and motivation.” It takes more than charisma for an individual to be an asset to your team. A charismatic person without focus or proper motivation can be a serious drain on you and your company. These types of people are the ones that tell you great stories of how they are going to do this for the company and that for the company when they ultimately actually do nothing. They talk a very good talk. But when it comes time to walk the walk they can’t even crawl.

You need to beware of this person. They will weave you a tale of grandiose promises. And you will want to believe them every time they tell the tale. As Webster stated, they have a magnetic charm or appeal. Everything about them and their stories makes you want to believe. Often times, they believe that they are going to accomplish what it is that they are telling you. The proof is in the results. After everything is said and done, a business must produce results in order to continue to be in business. You may want to save the world and help mankind, but you must produce results that will produce income to perpetuate your business.

So, what do you do if you run into this person in the business world? I always advocate giving someone a chance. The adage “Don’t judge a book by its cover” has rang true in my life and surprised me many times. So, with that in mind, I would give the person a chance. I even advocate believing in them. I am not a cynic, nor do I advocate cynical behavior. But watch for repetitious behavior that results in no net gain. If you are told story upon grandiose story and never progress in the business relationship, it is time to stop trying to do business with this person. It may be difficult because they are so personable. If you truly like them, befriend them. Just stop doing business with them.

Now, what happens if you took this person onto your team and did not realize it? First thing to do is to have a one on one talk with them about results. Give them support and clearly define the objective you wish to achieve with every task assigned. If you have to repeat this process over and over and they do not seem to be making progress, you can put up a task board. Put up a dry erase board with your objectives on it. List your various team members on it and define the objectives you want each of them to achieve on a weekly basis. The charismatic people love to look good in front of others. Conversely, they will normally try harder when their inadequacies are displayed by them not reaching their objectives. If your charismatic person still does not fall into line, time to let them go. by this time you have personally tried to help and everyone in the office clearly sees that this person is not achieving what is expected. This way the charismatic team member cannot easily turn anyone against you as they leave.

Charismatic people are great to have as long as they have proper focus and motivation. But do not be swayed by their personality if their process produces no results. They need more than charisma.

Many of you reading the title are probably thinking, “I can identify with that” or “He’s talking about me.” On this one I am using myself as the example.

Often times entrepreneurs get pulled into situations either by their own curiosity, motivation, and drive or from others. Tell the truth, how many of you have been progressing just fine in your primary entity and one day something pops up. It seems like an easy opportunity to take advantage of. You lunge, get involved, and there was more to it than originally seemed. So now you are involved in your primary entity and a side entity. Next a friend or family member comes along and brings something to your attention, “Hey, I think you should look at this.” And before you know it, you are pulled into another sideline business or partnership.

Does any of this sound familiar? I’m sure it does. Entrepreneurs are natural seekers of opportunity and it goes against our very nature to turn down, what appear to be, great opportunities that could enrich our lives monetarily or otherwise. I fell victim to this fever and it took me about a year to get a handle on things. If this sounds like you, then STOP!!! And do it now.

At the end of 2007 I was an active partner or vested in the following:

• Barfield Management – Entrepreneurial consulting
  • Barfield Travel – Online travel agency
• NorthStar Global, Inc – Technology solution provider
• Java Bytes, LLC – Web site hosting and development
• Logic Wear, LLC – Clothing with entrepreneurial expression
• Barfield Properties, LLC – Real estate investing
  • Jefferson & Market, LLC – Joint venture real estate investing
• Secure U, LLC – IP video and biometric security
• Bi-Polar Energy, Inc. – Alternative energy solutions

As you can all clearly see, I had so many irons in the fire that there was no room left for the flame. Although I had partners in each endeavor, it was difficult just to manage my partners, the subsequent meetings and all the associated email. They were all great ideas and if I had 10 of me, there would be no problems: 9 for the entities and 1 to spend time with my family. But, there is only one of me so I had some tough decisions to make. So, what did I do? I chose to keep the one that would reap me the most monetary benefit and a few that either worked synergistically with my primary entity or could run mostly on automatic pilot.

I shut down Bi-Polar Energy, Inc. Although this entity stood to make tremendous revenue, it was also going to take a substantial investment in time and money. If our prototypes did not perform to par, it would be years before we could potentially earn any revenue. I sold off Secure U, LLC to an associate of mine. He was looking for a new niche and this company’s mission was perfect for him. In addition, I have created a symbiotic relationship between that company and one that I still operate. I placed Barfield Properties, LLC in an inactive status. I incurred expense to form the entity but incur nor recurring expense for it to be in an inactive status. With the move of Barfield Properties, LLC into an inactive status, so did the share of ownership in Jefferson & Market, LLC.

My main focus on a daily basis is NorthStar Global, Inc. It was a solid entity returning recurring revenues and it has some promising technology that is currently in the patent process. This entity stands to return the highest monetary benefit and it is on track to make me a  proud executive. I kept Barfield Management, LLC because it returns the best internal value. It allows me to network with vastly different individuals doing what I love to do, building symbiotic relationships and consulting other entrepreneurs. Barfield Management operates Barfield Travel, the online travel agency. I kept it because it is on automatic pilot and pays for itself every month. The monthly maintenance fees are small and the site generates enough revenue to cover them. An added benefit is that I can deduct my vacations due to the fact that I am a travel agent and learning about new places is part of my “job.” Java Bytes, LLC is another entity that I kept because it works symbiotically with NorthStar Global. Web hosting and technology solutions are an easy mix. I wrote of their synergies previously. Java Bytes is almost automatic and it will be by the end of 2009. Lastly, I kept Logic Wear, LLC operational. It was a true testament to a system I call the distributed office. We have no central hub but the entire process runs smoothly and automatically. I have very little intervention and the site practically runs itself.

A little more than a year later and I have cut my entity inventory almost in half. I am on track to try and fulfil my New Year’s Commitment. I spend more time with my family and less time running around throwing little pieces of myself at each entity. I am a happy concurrent serial entrepreneur with an enhanced focus and new perception of multitasking, symbiosis, and diversification. Your case may not be as extreme as mine. But if it is happening to you, stop and focus. Here are a few signs that you are spread too thin:

1. You seem to work more and more but do not seem to make any progress.
2. You have less and less free time available to you consistently.
3. Those closest to you begin to make mention of how many different things you have going.
4. Your primary entity does not receive enough of your attention and subsequently revenue falls.
5. When someone asks you what you do, you cannot answer with one title (other than entrepreneur).

So, what do you do to rectify your situation? Focus. It all starts with focus. First, determine what your “why” is. Why are you in business? What is it that you seek? Money? Happiness? Fame? Security? Whatever the case may be, chose the one entity that gives you the best chance of obtaining what you seek and focus on it. Place on autopilot, sell off, or deactivate all other opportunities and entities that you are currently involved with. Autopilot does not mean it is producing big profits. But simply that it does not incur any loss. If you can place an entity on autopilot, it will be there when you have converted your primary entity into a passive income machine or decide to sell it. What you cannot place on autopilot, sell off, deactivate, or give away. Yes, I said give away. If you give away an entity, the person(s) to whom you gave the entity will most certainly grant you special pricing on goods and/or services. This process is not an easy one and it you may feel like there is an emptiness. Fill that emptiness with attention to your family, primary entity, friends, hobby, or what ever brings your joy.

Above all, you must learn from this day forward to say NO! Pass the opportunity on to a friend or colleague that may be able to take advantage of the situation. By opportunity, I refer to actively engaging in or starting another business. I would not advocate for you to pass up opportunities to further your primary entity. Practice saying NO and sharpen your focus. Keep that focus until your primary entity is a passive income machine or you sell it off. The rinse and repeat with your next entity. It is very easy to slip back into the multi entity habit. But keep your focus. You are an entrepreneur and entrepreneurs have unwavering determination. So, set your path to prosperity and develop your focus. I’ll leave you with a quote I am borrowing from a good friend of mine, Paul Long, that seems to fit the theme, “Plan your work and work your plan.”

Losing focus. It happens to the best of us. We start a business with a vigor. We have a set of ideals that we adhere to. We pour our soul into our companies and collaborate on a Mission. The team gathers and momentum builds. The company begins to earn revenue. We think clearly, strategically, and intelligently. The company grows in revenue and expenses are kept at acceptable levels. Things are going well and you decide to let up. You have worked hard and deserve some down time right? Yes and no.

Yes you deserve to relax. No you shouldn’t do it daily. You worked hard. Take a vacation. Depending upon the intensity and frequency of your work, you should vacation up to 4 times a year. You may even vacation 4 times a year and cut your work hours. But, do not take it easy or slack of at work. And, whatever you do, do not lose sight of your mission.

Many small business owners do not even have a mission statement or they do not see the value in one. They believe it is some corporate motivational thing and a waste of time. I am speaking from experience because I was one such person. My perspective was skewed. From the sole proprietor to the multi-national corporation, all businesses should have a mission statement.

A mission statement is the reason you are in business. From Rich Dad coaching and the Rich Dad Poor Dad series of books, I learned that a mission state should embody your professional and your spiritual reasons for operating that entity. Your professional reason being the one that generates your revenue and the spiritual one being the one that defines how you help others in the process.

When things start going into disarray at your company, chances are you are not following your mission statement. Your mission statement is your war cry, your guiding light, your reason that is bigger than yourself (as it pertains to your company). When your cash reserves are built and you are considering expansion in area, product, or service, ask yourself “Is this within the parameters of my mission?” If it is not, do not do it. When presented with, what appears to be a great deal, ask yourself “Is this in accordance with my mission statement?” If it is not, do not do it. You have developed a formula that works by concentrating on your mission statement. Keep your company profitable and your team members happy and continue to concentrate on your mission while improving upon your processes.

I am not implying that you should throw away opportunity. On the contrary, I never pass up an opportunity that fits my personality and style of business. However, if it does not fit the mission statement of one of my current entities, I form a new entity around that mission statement. If the expansion for one of my companies is outside the scope of the mission statement, I create another entity to continue in that direction or find another entrepreneur that I can form a symbiotic relationship to accomplish the same goal.

I have found that when you lose focus, your company suffers. When you become distracted from the basics of what made your company great, your company will inform you through loss of revenue. But this can be avoided when you create a mission statement from the beginning. Create the mission statement and make sure that every person you add to your team reads it, agrees with it, and can perform in accordance with it prior to hiring them on. Build systems that support the mission statement and train team members to focus on it. This way, when you want to take a vacation or decide to slack a little, your company will continue to cruise on and revenue will follow its habit of increasing your cash reserves.

Remember, if you don’t already have one, create that mission statement. Do it now. The only person that you are hurting by not creating one is yourself and your company.

This week’s motivational quote is rather simple. However, I view it to be a powerful motivator when you understand the meaning rather than just repeating the words.

Focus = Reality

What you truly focus on becomes your reality. This means you have the control of your own reality. So be mindful of what you focus on and make sure it is something positive that helps to propel you forward rather than negative causing you to regress backward.

Do you want to be poor? Of course not, or you wouldn’t take the time to read this. What about comfortable? Comfortable is doing just enough to get by but not enough to get ahead. Comfortable doesn’t sit well with me either. That leaves us with one choice – RICH. I want to be rich and I am not ashamed of it. Rich people are kind and generous with their time and money. They do what they want when they want. Anyone who does not want to be rich, does not have enough education on what rich actually is.

How do you define rich? If the term ‘lots of money’ comes to mind, we need to broaden your horizon and increase your financial IQ. Financially rich to me does carry the definition of ‘lots of money’. But my definition of rich is abundance. My family is rich with love. The soil in my garden is rich with minerals. The city is rich with culture. You get the idea. For the purpose of this post, we’ll concentrate on the riches of time. After all, we want money so we can buy time don’t we? When you ask people what they would do if they had all the money they needed, the top two answers are travel and spend more time with their families. Having money means we can buy more time in our lives.

First thing you need to learn is that money is a tool. If you want to drive a nail in the wall, you use a hammer. If you want to cut a board, you use a saw. If you want to buy something, you use money. Money is simply a tool to facilitate in the acquisition of things we desire. Once you look at money as a tool, it doesn’t have as significant of an impact on your life. Please do not misunderstand this point. I want money and plenty of it. But I want the money for what it does for me, not for the simple fact of having it to hold. What I meant was that once you view money as a tool you need to acquire what you desire, it is not as important and your focus can be on what you truly want. The pursuit of money will not cloud your vision and induce stress. What I actually want is financial freedom to do what I want when I want. Becoming financially free is my goal and my focus, not money. Money is the tool I will use to acquire my goal. If you had the ability to snap you fingers and have what you wanted when you wanted it, how important would money be to you? Are things beginning to clear up for you?

That brings me straight into my second point. Focus on the important things you want out of life. You will acquire what you truly focus on. Don’t believe me? Have you ever been dealt a situation where you had tom come up with money for an emergency? Or you had a project that had to be completed on time. If it was important to you, you found the money somehow, somewhere and your project was completed on time. Why? Because you focused on it. Focus each day on what you truly want. Although I do advocate the law of attraction, I do not believe that concentrating on a Gulfstream private jet will make it magically appear in your driveway. However, if you focus on it day in and day out, your life will align around the acquisition of that Gulfstream and begin to arrange things to make acquisition easier. But you must focus on it as intently as you would to complete that project. And you must think positively about it so that you do not sabotage your own efforts. What you focus on expands in your life. Remember, the rich will focus on what they want whereas the poor will focus on what they do not want.

In conclusion, remember the two simple, yet powerful, concepts: Money is a tool and focus on what you actually want in life. It’s not the money we want in life, but the things money can buy. Money can not buy you happiness. You can not go to the store and purchase a box of happiness. However money can buy things that bring you happiness and joy. So when someone repeats that worn out old phrase, “Money can’t buy you happiness.” Smile. Nod. And reply, “But it can buy the things that make me happy.”