13th March 2008

15 members and 2 visitors today.
Speakers Mary and Janeece.
Mary talked about the book The EMyth Revisited by Michael Gerbel.
Some statistics re business failures:
1st year 40%
5 years 80%
10 years 80% of those left.
Why so many failures?
Because don't have a system.
There are 3 types of business people- Entreprenuers, Managers and Technicians.
Turnkey revolution- Systems run the business eg MacDonalds.
Question to ask yourself- Are you in business or are you buying yourself a job?
Janeece talked about the changes to superannuation.
Super funds can now borrow but must hold asset in trust.
They can purchase any type of property so long as the transaction is at arms length.
Borrowings must be by way of a non recourse loan. Servicability will come from contributions to the fund going forward and lenders may want guarantees but this will not be from the super fund.
Happy birthday to Julia for 14th March.
Leads 14 internal and 6 external total 20.