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Ron Morris' The American Entrepreneur FREE Newsletter
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May 30, 2008                                  Issue 365

** TO VIEW THIS NEWSLETTER WITH IMAGES, PLEASE VISIT: **
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Ron Morris' Article: 
A BOARD MUST BE APPRISED....NOT SURPRISED
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Perhaps one of a business's most overlooked assets is its Board of 
Directors. I say this because a well-conceived and well-represented 
board can provide invaluable assistance to any company; either start-up 
or mature.

For purposes of this column, however, let me talk about the value of a
start-up's Board of Directors.

As is often the case these days, a Board of Directors cannot be chosen 
casually. I've seen boards selected right before my eyes, in a matter 
of minutes. (Example: "Well, Tom ... you've been a great attorney in 
terms of helping us get organized and set up as a corporation ... so 
how's about you joining our board? Oh, and you, too Mike ... after all,
you really know your accounting.")

I call this, "Boards by Proximity" --- whoever happens to be hanging 
around when the company is being formed oftentimes finds himself also 
on the Board!

Huge mistake.

Read on by visiting http://www.taeradio.com/newsletter-articles/.

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This Week on The American Entrepreneur
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    * Accounts and lawyers are essential to any start-up. But most of 
      the time, these essential components violate the rule of a 
      start-up to never spend a dime on anything that isn't product 
      related. While many entrepreneurs may look at these services as 
      overhead, they are vital. Dave Wilke returns to further discuss 
      this topic and why paying off in equity can be a double-edged 
      sword.
    * Then, Tony Moses (owner of Shouf's) joins Ron to tell his rags-
      to-riches story of how with no connections or silver spoon, he 
      ended up being the primary and sole contractor to Home Depot.
    * And finally Arnie Gefsky (of Strassburger, McKenna, Gutnick, 
      and Gefsky) will be stopping by. There are two kinds of lawyers 
      in this world: those who trade dollars for hours and those who 
      put deals together. To be a good deal laywer, you need to be a 
      silver-tongued devil and know tax law, tax law, and even more 
      tax law. It's not an easy job, but in Ron's 30+ years in 
      business, Arnie is the best there is.

As always, your dreams are 100% in your hands. See you Saturday.
   
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"A good plan, violently executed now, is better than a perfect plan 
next week."

"I don't measure a man's success by how high he climbs, but how high 
he bounces when he hits bottom."

"The quality of a person's life is in direct proportion to their 
commitment to excellence, regardless of their chosen field of 
endeavor."
~ Vince Lombardi


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