Welcome to the Planning for Practice Success Newsletter

  Practice Startup Success

Information Advice Encouragement

August 13, 2007                                                         ISSN 1934-3248

Ronald Reagan had a plaque in the Oval Office that said, “There is no limit to what a person can accomplish if he doesn’t care who gets the credit.” 

In this issue:

Who Gets the Credit?:  In the comments of successful startup companies (Entrepreneur, August 2007), one common theme was to “hire talented people and let them do their work.”  The best leaders are those who don’t worry about being right.  Lao Tzu said,

To lead people, walk beside them ...
As for the best leaders, the people do not notice their existence.
The next best, the people honor and praise.
The next, the people fear;
and the next, the people hate ...
When the best leader's work is done the people say,
"We did it ourselves!"

A Humor Resource:  Using humor in your presentations is an excellent way to get your audience connected to you and to get them to listen.   John Kinde has a website called HumorPower.com (www.humorpower.com) and he has an e-newsletter with lots of tips on public speaking and using humor.  Check out his information to improve your public speaking skills.

FICO Score information:  Here’s a good website that gives lots of information about FICO Scores:  http://www.myfico.com/CreditEducation/

Sallie Mae Tuition Answer Loan:  Several soon-to-be grads have told me they’re looking into getting a Sallie Mae Tuition Answer loan and using the proceeds for collateral for startup.  First, the Sallie Mae website (www.salliemae.com/content/tuitionanswer/index.htm ) states that these loans are only to be used “to pay for a student's qualified higher education expenses at an eligible educational institution.”  I suppose you could justify this loan at the end of your education by saying it’s for “educational expenses,” but consider a couple of things:

1.      Banks tend to frown on using borrowed money as collateral. They prefer cash that you have obtained through other means (like saving money). 

2.      This loan may also affect your credit rating, which might affect your ability to get a business loan.

3.      You will still have to pay back this money, and it probably won’t be able to be consolidated with your other student loan debt (I know that PLUS loans, for example, can’t be consolidated).  So you’re still adding to your student loan debt.  This means higher monthly payments that you must pay.  If you don’t have any other sources of income, you’ll have to take a bigger draw from your practice to get this money.

 Ask Dr. Jean Murray a question (email jean@dcpracticesuccess.com )
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