“The best time to plant a tree was 20 years ago. The second best time is now.” - Chinese Proverb

Commentary: Yes, someone may have beat you to the punch for that great new product or service. But the key is getting the next new product or service out there. The market tends to favor first-movers.

Even if you are not creating something new, getting started on it today is going to almost always be better than waiting until tomorrow.

Start a company, create a new product, work on your book — now!

I was contacted by Matt Alderton of The Nielsen Small Business Resource Center for input on surviving network outages. Please read the article and let me know what you think. We have a great internal management system for preventing and handling “disasters” and I think that is reflected in the article.

The IRS has improved the procedure for electing S-Corporation status after the filing date for the S-Corporation Election Form (Form 2553) has passed.  If you can show reasonable cause for why the election is late it is now easier to obtain S-Corporation Status after the deadline.  Information on the change can be found here.

For more information on how an S-Corporation is organized and the differences between entity types see our page on choosing an entity.

“Progress isn’t made by early risers. It’s made by lazy men trying to find easier ways to do something.”  - Robert Heinlein

Commentary: This is a recurring theme in business - many lazy people have had great impact on progress because they were simply, well, lazy. They didn’t like the old way of doing things so they made it easier, faster, cheaper. This is nearly the definition of an entrepreneur.

Note there is a big difference between laziness and apathy. The latter will get you nowhere and the former will only get you somewhere if you have the will to implement your ideas.

On a similar note is the story of the lazy officer:

There are only four types of officer. First, there are the lazy, stupid ones. Leave them alone, they do no harm…Second, there are the hard- working, intelligent ones. They make excellent staff officers, ensuring that every detail is properly considered. Third, there are the hard- working, stupid ones. These people are a menace and must be fired at once. They create irrelevant work for everybody. Finally, there are the intelligent, lazy ones. They are suited for the highest office.

 - General Erich Von Manstein (1887-1973) on the German Officer Corps

Dane Carlson’s blog has a piece on choosing the right legal structure for your new company.

 Of course, MyNewCompany.com’s clients already have access to excellent information on choosing their structure.  We set out the Pros and cons of each type on our Which Entity page.

“It’s not that I’m so smart, it’s just that I stay with problems longer.” - Albert Einstein

Commentary: There is something to be said about sustained thinking and obsessing over a problem. Einstein spent years thinking about some of his theories and problems. Others usually give up after their problems seem insurmountable.

I don’t think years are required to solve most problems, you just have to do the thinking and stick with it until the solution presents itself.

Here’s a bonus quote along the same lines:

“No problem can stand the assault of sustained thinking” - Voltaire

There’s a famous story of one of Thomas Edison’s clients who had purchased a very expensive machine that Edison had invented. The machine had broken and Edison was called to make the repair.

It’s said that Edison looked around the machine, hit it a few times with a hammer and this fixed the machine.

The client was then outraged to receive a $1,000 bill - he demanded Edison itemize the invoice. Edison itemized it like so:

Hammering: $1.00
Knowing Where to Hammer: $999.00
TOTAL: $1,000.00

This is why we pay for expertise and skill. We pay for people who “know where to hammer”.