Favorite Tibet Trip Photos

To view a Google earth version of the entire trip of which this journey is a part, visit acerminaro - ChinaTibetNepalThailandTrip2007

Lhasa, Tibet, Misty Street Scene

Potala Palace, Lhasa, Tibet

Buddha Eyes, Kunbum, Gyantse, Tibet

Tibet Mountain Pass Prayer Flags

Long Winding Road, Tibet

Tibet Mountain Village

Mount Everest, Shrouded in Clouds

Rainbow, Himalayas, Tibet

Himalayas, Tibet

Mountain Valley, Tibet

More photos taken by me and my daughter on our recent trip are available in this AOL Pictures gallery or Tibet 2007 - a photoset on Flickr

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The Last Lecture

"46-year-old Carnegie-Mellon professor Randy Pausch delivered his final lecture, entitled 'How to Live Your Dreams' on Tuesday. Paush has terminal pancreatic cancer. The lecture is powerful and uplifting.

"'What we’re not going to talk about today,' he continued, 'is cancer, because I’ve spent a lot of time talking about that … and we’re not going to talk about things that are even more important, like my wife and [three preschool] kids, because I’m good, but I’m not good enough to talk about that without tearing up.'

"What he was there to discuss was how to fulfill your childhood dreams, and the lessons he had learned on his life’s journey. "

Link to story. Link to video. Link to full lecture (opens in new player). Link to Pausch’s website. -via Reddit and Fark and this Neatorama post from which the foregoing was quoted.

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Control is an Illusion

"Leadership is about influence not control... I often hear leaders, particularly younger ones, complaining about their lack of control in various situations...What they are really saying is, 'If I could control these people, I could guarantee the results.' The truth is that control is an illusion. You can’t control anyone, even the people that report to you.

"However, while you can’t control anyone (except perhaps yourself), you can influence nearly everyone. This is the essence of true leadership. By this definition, Jesus, Mahatma Gandhi, and Martin Luther King were great leaders. They had control of virtually no one, yet their influence changed the course of history.

"Aspiring leaders would do well to stop focusing on control and figure out how to expand their influence..."

Refer to this post From Where I Sit for four ways you can become a person of influence, no matter where you are in the organization.

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What's a Reasonable Royalty Rate?

"Among the most frequently asked questions I get from start-up companies is: How much should I pay for licensing in a technology? Answer: As little as possible. Kidding aside, this is really a very complicated question that cannot be answered without a lot of homework. While most companies seem to use a valuation method I like to call “pulling a number out of the air,” there are three primary methods used by licensing professionals to assess the value of IP assets. These are the Cost Method, Market Method and Income Method. With all of these methods, good data and data projection are critical in determining the appropriate numbers.

"In the Cost Method, the value is the cost incurred in developing or purchasing the relevant technology or intellectual property. But what if, as a result of changing markets or new information, you determine that the present value of the total revenues/return expected from this technology is less that the cost?

"In the Market Method, the method for determining value is to learn what comparable technologies have licensed for recently. Of course, to do this you’ll need to (a) determine what transactions are comparable and (b) obtain current, reliable data. Usually, this is through compiled data reports.

"In the Income Method, value is the estimated revenues the technology is likely to produce (and savings it is likely to generate) and comparing this to the estimated cost to generate the same revenues or savings from other sources, that is, total annual returns. Basically, it’s a method of determining what you can afford (or not afford) to pay in the end..."

Read more in this informative post from Patent Baristas

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Photos from China Trip

To view a Google earth version of the entire trip of which this journey is a part, visit acerminaro - ChinaTibetNepalThailandTrip2007

<Great Wall of China, Jinshanling to Simitai section 

Great Wall, Mutianyu 

Locked Door, Summer Palace, Beijing 

Beijing skyline from Summer Palace 

Summer Palace, Beijing 

St. Joseph Church, Beijing 

Xian China temple garden

Terracotta Warriors, Xian China 

Terracotta Warriors, Xian 

Panda, Chengdu Breeding and Research Center 

More photos of China from the Asia journey I completed with my daughter in July and August are available in this China Trip 2007 photoset on Flickr

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What's in a Business Name? A lot

photo by John Davies

Nolo.com advises that as you hunt for the perfect name for your business, keep three main legal issues in mind:

Will your business name receive trademark protection?
Is your proposed business name available?
If your business will have a website, is a similar domain name available?

Adding that, if you're starting a corporation, LLC, or limited partnership, you must comply with a few state rules for naming your business.

The same resource offers a good summary of the legal issues involved by presenting answers to the following commonly asked questions about choosing and registering a successful business name:

What's the best type of name for my business?
What issues should I keep in mind when picking a name for my business?
How do I find out if the business name I want is available?
What is a trademark?
What is the "legal name" of my business?
What is a fictitious business name?
Do I have to register my business name?
Can I change my business name to include "Inc." or "LLC"?

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Greetings from China

Blogging will be light for a while. I am traveling with my daughter in Asia. We are in Xi'an China currently.

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Leadership Quotations

The task of leadership is not to put greatness into people, but to elicit it, for the greatness is there already.
--John Buchan

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!
--Lao-Tsu

Do not follow where the path may lead.
Go instead where there is no path and leave a trail.
--Harold R. McAlindon

If your actions inspire others to dream more, learn more, do more and become more, you are a leader.
--John Quincy Adams

Our chief want is someone who will inspire us to be what we know we could be.
--Ralph Waldo Emerson

Never doubt that a small group of thoughtful, concerned citizens can change world. Indeed it is the only thing that ever has.
--Margaret Mead

From this collection of Great Quotes on Leadership

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Take Charge of Your Life

"Consciously following a path towards your goals instead of blindly drifting through life really is the secret to success..." So concludes this
post from Matt Inglot that explains how an entrepreneurial wake up call rescued him from a career of "writing boring code for stuffy monolithic corporations..." More of the post follows:

"I had a[n]...experience several years ago which completely derailed me from my current path, which at that point was simply going in the direction life took me in. Sure I was making “choices”, such as planning on going ahead with a degree that I deep down knew wouldn’t be right for me, and planning to somehow be happy working in a cubicle the rest of my life (despite having had a chance to briefly try it and strongly hating the idea of being in front of a computer all day doing someone else’s work).

After all programming was my talent, so why on earth would I want to be anything other than a programmer graduating with a computer science degree? I had goals too, or so I thought. Surely a Ferrari was a goal? I mean it wasn’t humanly affordable on the salary of a corporate computer drone, and I had no plan to attain it otherwise, but yes that was my “goal”. I completely didn’t understand that where I was letting myself drift in life had nothing to do with what I actually wanted. To make things worst this direction was highly encouraged through high grades in “smart people” courses and congratulations from others on making such a great and rewarding choice.

Luckily the entrepreneurial bone in me activated and... I was exposed... to a strange freedom that was offered nowhere else. I read some extremely positive literature from people that seemed...happy. This was a world that my programming books had never exposed me to. Never before had I seriously read about ideas like goals, personal development, financial planning, and the idea that becoming truly successfully was something other than luck or born talent...

It’s not that I disliked programming - I’m having an absolute blast putting my skills to use with my website development company - it’s that I enjoyed working on projects of my own devising and not some insigificant cog in an obese software application. I took a year and a half off instead of going straight into university during which I awakened consciously further and further.

In the end I chose to enter a business program and because I had the opportunity I chose to go the double degree route and end up with a computer science one as well. My end choice in degrees is not important however, what is important is that for the first time in my life I had honestly been able to step off the beaten path, consciously examine my surroundings, figure out where I actually wanted to go, and then go in the direction that would actually take me there.

It’s possible and relatively easy to get to where you want to be in life if you stop long enough to start moving in the right direction..."

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Ten Score and Eleven Years Ago...

Our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal. The Declaration of Independence was ratified on this date 211 years ago. For much more on this document, visit Declaration of Independence, from ushistory.org.

"This site provides a wealth of information about the signers of the Declaration, the history of the Declaration, and an online version of the Declaration for you to read.

"The site also provides links to other Declaration-related biographies and histories and a guestbook where you are invited to add comments and ideas. This site is a good resource for anyone curious about the Declaration and its history, or for the student who needs resources for his or her research paper.

"The original Declaration is now exhibited in the Rotunda for the Charters of Freedom in Washington, DC. It has faded badly, largely because of poor preservation techniques during the 19th century. The document measures 29-3/4 inches by 24-1/2 inches. See picture.

"What's on the Back?
"People who watched the popular movie "National Treasure" want to know. On the back, at the bottom, upside-down is simply written: "Original Declaration of Independence / dated 4th July 1776." Regarding the message on the back, according to the National Archives, "While no one knows for certain who wrote it, it is known that early in its life, the large parchment document was rolled up for storage. So, it is likely that the notation was added simply as a label." There are no hidden messages.

"You will find the following resources on this site:

The Declaration of IndependenceThe text and image of the Declaration.
The Signers of the Declaration of IndependenceThis section gives a profile of every delegate who signed the Declaration in 1776. You will find factual information such as birth-death dates, occupation, education, etc. Each signer also has a short story of their life. A good resource for students.
Related InformationThis section provides a listing of people (George III, Patrick Henry, etc.), Events and Things (Boston Massacre, a Tax Stamp, etc.), and Laws and Resolutions (Sugar Act, Quartering Act, etc.).
Thomas Jefferson's Account of the DeclarationRead the lengthy excerpt from Thomas Jefferson's autobiography that talks about the days leading up to the signing of the Declaration of Independence, the history of the document, and various other factors which involved the authoring of the Declaration.
The Declaration HouseHere is where Thomas Jefferson wrote the Declaration. The house has been reconstructed and is now part of Independence National Historical Park. The Independence Hall Association, host of these web pages, led the efforts to have the Graff House reconstructed in 1975, in time for the Bicentennial.
LinksThis excellent collection of links provides other online resources about the Declaration of Independence. Such sites include analyses of the style of language in the Declaration, the story of the drafting of the document, and the relationship the Declaration has to other historic documents.
TimelineA Chronology of Events, June 7, 1776 to January 18, 1777.

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Legal Issues in Internet Contracting

"Online contracting raises novel legal issues that any business attempting to set up an online contracting site should consider. However, most legal hurdles can readily be overcome by appropriately structuring the web site, entering into an electronic trading agreement, or (in the rare case) performing one or more steps of the transaction off line.

"Clients frequently wonder what legal pitfalls they may encounter in setting up a web page for online contracting. In fact, contract law principles such as offer and acceptance, or the requirement of a signed writing, can generally be accommodated on the Internet.

"In some ways the Internet is the ideal environment for entering into contracts, as many companies are discovering. However, certain practical differences between online and offline contracting should be kept in mind.

Read more in this article from Thelen Reid & Priest, that includes the following subtopics:

Issues Regarding Formation
Requirement of Writing on Paper and Providing a Signature
Legal Requirement of a Writing and Signature
Digital Signature Legislation
Utah's Digital Signature Legislation
California's Digital Signature Legislation
Illinois' Digital Signature Legislation
Other States' Digital Signature Legislation
The Mailbox Rule
Determining the Terms of a Contract
Special Issues Regarding Handling Money Over the Internet

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Tips to Become a Better Writer

"1. Read great writers...Pay close attention to style and mechanics in addition to content...
"2. Write a lot...
"3. Write down ideas, all the time...
"4. Create a writing ritual. Find a certain time of day when you can write without interruptions, and make it a routine...
"5. Just write...
"6. Eliminate distractions...
"7. Plan, then write. This may sound contradictory to the above “just write” tip, but it’s not really...
"8. Experiment...
"9. Revise...
"10. Be concise...
"11. Use powerful sentences. Aim for shorter sentences with strong verbs...
"12. Get feedback...
"13. Put yourself out there. At some point, you’ll need to let others read your writing. Not just the person who you’re allowing to read it, but the general public...
"14. Learn to be conversational...
"15. Start and end strong..."

Read more in this lifehack post.

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Change Ahead of the Curve

"Many companies wait too long to attempt transformations, doing so only when the signs of trouble have become obvious. But that's almost inevitably too late. High performers, by contrast, change before they must, knowing that the best way to transform is from a position of strength."

Read more in this article from accenture

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Employment Confidentiality Provision Unenforceable

"Many schools [and companies] have provisions in their employee handbooks or employment contracts that make clear that an employee's salary and other compensation elements are to be kept confidential...A little known provision of federal law makes such confidentiality statements unlawful."

Read more in this Fisher & Phillips article found via the newsletter of Employment Law Information Network.

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Inc. Magazine Seeks Your Feedback

Inc. magazine is asking for your feedback and vote on your favorite of four startups recently profiled by the Magazine. You can join entrepreneurs--Tim Gill of Quark, Paul Orfalea of Kinko's (NYSE:FDX), Roxanne Quimby of Burt's Bees, and Gordon Segal of Crate and Barrel--to provide the founders (and the rest of us) with your feedback. The four companies:

- A product design start-up (their first hit is a rolling runaway alarm clock) started by Gauri Nanda, our cover subject, a woman from Detroit who just completed her master’s at MIT

- TechShop, a geek’s paradise in Silicon Valley, where you can go to learn how to use welding equipment or a lathe or whatever crazy machinery you want

- Zsweet, a new sugar substitute (forget Splenda) that’s sold through Whole Foods

- A new software company in Oregon called GreenPrint, that cuts down on printer waste

You can find the links to the main feature’s page, as well as individual links to each fresh new founder, below.

How to Launch a Cool, Profitable, Worth-All-The-Risk, Kick-Ass Start-Up (And Live To Brag About It)

Case Study #1: The Reluctant Entrepreneur
Case Study #2: The Inventor's Best Friend
Case Study #3: The Taste Maker
Case Study #4: The Enlightened M.B.A.

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Tips to Encourage Others

Dave Cheong offers the following 8 simple things you can do to encourage others:

Show genuine interest...Let them know you care. Express genuine interest by asking questions. Get them talking...

Acknowledge what’s important to them...affirmation and validation is like nitro for their confidence and self-esteem.

Say “Well done”. ...These magical Words of Encouragement at the right time can make all the difference between “keep going” and “give up”.

Say “Thank you”. Common courtesy. Good manners... A simple thank you lets others know what they have done is worthwhile and meaningful to you.

Reciprocate the favor...Think of this as a pendulum. They do something nice for you. You do something nice for them. They do something nice for you. You do something nice for them. And so on…

Respond with something unexpected...

Ask for advice or confide in them...

Offer to lend a hand...If that person sees that you are willing to commit your own time and energy in their interests, they will be more committed to seeing it through and less likely to give up...

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The VC Method of Startup Valuation

"How should one value a startup? It’s obviously a difficult question because the company typically has no revenues, few assets (apart from people and some IP), and cannot be traded in a market with enough participants (and enough information) to accurately determine a price."

This post from Ryan Junee describes is one of the most widely used (often called the ‘VC method’) using a simple scenario of a company that takes only one round of venture financing, and then show how this method can be expanded to handle multi-stage financing, stating:

"The first thing we need to calculate is a ‘terminal value’ for the company. That is, a value at some point (say 5 years) in the future. This point may be an expected liquidity event (IPO or acquisition), or failing that should be a point where the company is at least earning a profit...

Lets make this clearer with an example. Our company, Infelidoo, is expected to earn a $3M profit in year 5. Comparable companies in Infelidoo’s industry are trading at PE ratios of around 15. This means Infelidoo’s expected terminal value is $3M x 15 = $45M...

The Venture Capitalist’s Required ROI
Lets say our VC is ready to invest in Infelidoo and needs to value the company. The company needs $2M to get started - and in this simplified example will need no more cash over the next 5 years to reach its goal. Given the risk of this project, the VC decides she needs a 50% annual rate of return on her investment (more on determining the rate of return later).

This means in year 5 the VC’s investment must be worth (1 + 0.50)5 x $2M = $15.2M. [That’s just (1 + IRR)years x Investment] So, in year 5 the VC expects the company to be worth $45M. Her share of the company must be worth $15.2M. Thus her ownership stake in the company must be 15.2/45 = 34%.

Note: by taking a 34% stake in the company now, in exchange for $2M, the VC is valuing the company at $6M.

The Discount Rate
Above we used a discount rate (rate of return) of 50%, which may have seemed somewhat arbitrary. The discount rate reflects the level of risk in the company (the higher the chance of failure, the higher the discount rate should be)...Figuring out the exact discount rate to use is more art than science. Some approximate guidelines for discount rates based on the stage of the company are:

Seed stage: 80%+
Startup: 50-70%
First-Stage: 40-60%
Second-Stage: 30-50%
Bridge/Mezzanine: 20-35%
Public Expectations: 15-25%...

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Forms for Solos

Carol Elefant at MyShingle.com, announced the launch of her new feature, SOLOFORMANIA - "a cornucopia of forms for the busy solo - ranging from FREE sample practice guides, fee agreements and retainer letters, to court forms for all 50 states (some free, some fee) to general form files on the Internet."

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Sorry Gotta Go

The Web site SorryGottaGo.com offers a collection of audio clips to help people get off the phone with telemarketers. Hilarious. Thanks to Jim Calloway's Law Practice Tips Blog for the link to the site, which you will find on his blog.

This gives me an idea for how to deal with a perennial question I receive, "Can you spell your last name?" Of course I can. With a click on my computer linking to a recording of the spelling, you will also be able to.

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Venture Capital Alternatives

"If you’re struggling to find success in your quest for venture capital, maybe you’re looking in the wrong place. Venture capital is not for everybody... there are plenty of other options available when it comes to finding capital. From angels to credit cards, here are 25 alternatives to consider when it comes to funding your business.

1. Angels
2. Private Placement
3. Initial Public Offering
4. Bootstrap Financing
5. Fund From Operations
6. Licensing
7. Launch Customers
8. Vendor Financing
9. Sweat Equity
10. Self Funding
11. SBA Loans
12. SBIR and STTR Programs
13. State Funding
14. Home Equity Loans
15. Community Banks
16. Microloans
17. Finance Debt
18. Silent Partner
19. Friends
20. Family
21. Form A Strategic Alliance
22. Sell Some Assets
23. Business Lines of Credit
24. Personal Credit Cards
25. Business Credit Cards..."

Read more in this article from Business Fund.com.

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